Showing 1 - 10 of 69
Prices of repudiated bonds are insightful but scarcely observed. Based on an original daily database, this paper compares the price evolution from January 6, 1916 to August 31, 1919 of a cross-listed (Paris and London) Tsarist bond repudiated by the Soviets on February 8, 1918. After its...
Persistent link: https://www.econbiz.de/10005076557
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using … different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange … rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia …
Persistent link: https://www.econbiz.de/10005076844
The setting of user prices for enterprises with large fixed costs and marginal costs below average costs – “natural monopolies” – raises important policy questions regarding both efficiency and equity. It has become well accepted among economists that, in a variety of settings, welfare...
Persistent link: https://www.econbiz.de/10005076868
This empirical note uses publicly available Goskomstat data to investigate income growth and convergence across Russian regions. Using data for 1992-2001, we find strong sigma divergence simultaneously with beta convergence. he results indicate that per capita income in Russian regions may be...
Persistent link: https://www.econbiz.de/10005125010
In this paper we looked at the changes in correlations between the Russian an U.S. equity market returns from September 1995 to October 2003. The correlations were estimated using the “Dynamic Conditional Correlation Model.” We further investigated the economic factors that cause the changes...
Persistent link: https://www.econbiz.de/10005125510
The research presented in this paper is undertaken in response to the debate on capital flight from Russia. This debate … purpose of the paper is to examine capital flight from Russia within the institutional environment in which it occurs and to … argue that in Russia’s case capital flight might be considered not just a consequence, as some researchers have argued …
Persistent link: https://www.econbiz.de/10005125555
This paper studies the impact of federal state shareholdings on the performance of Russian companies. It differs from most similar studies in two respects. Firstly, it focuses on mixed ownership companies rather than conventional state enterprises. Secondly, it distinguishes between several...
Persistent link: https://www.econbiz.de/10005126260
unemployed workers in transitional Russia. We use pooled data from rounds 5-9 of the Russia Longitudinal Monitoring Survey (RLMS … metropolitan areas of Moscow and St. Petersburg differs substantially from the behavior of workers living elsewhere in Russia. The … most frequently used search strategy in Russia, as in other countries, is contacting friends and relatives for job leads. …
Persistent link: https://www.econbiz.de/10005126391
The transition from a planned to a market oriented economy requires a complex amalgam of stabilization, liberalization and privatization policies. This paper outlines a combination of policies believed to be necessary, if not sufficient to enlist the efficiency of market mechanisms along with a...
Persistent link: https://www.econbiz.de/10005062463
Fundamental sources of the Russian financial crisis in 1998 are discussed. Focus is made on the time horizon of judgements concerning sustainability of the economic policy. It is argued that the macroeconomic policy pursued by the monetary authorities was not robust in a medium run, but, in the...
Persistent link: https://www.econbiz.de/10005062619