Using a database from post-communist, pre-deposit-insurance Russia, we demonstrate the presence of quantity …

in explaining Russia’s economic history in the period 1995-2002. We then use the model to simulate two sets of scenarios … hand has relatively mild effects on real GDP. All in all, it is suggested that Russia should reduce its vulnerability to …

. We study the licensing policy of the Central Bank of Russia (CBR) in 1999-2002. Banks in poorly banked regions, banks …