emphasis on two case studies (Azerbaijan and Ukraine). The paper''s policy conclusions point to the need to increase energy …

We build and estimate open economy two-bloc DSGE models to study the transmission and impact of shocks in Russia, Saudi …: Russia would benefit from a smaller state foot-print, while in Saudi Arabia, unless this is accompanied by structural reforms …

Though many aspects of Russia''s fiscal policy framework are close to best practice on paper, actual practice in recent …

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a … variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the …

Russia''s regions are heavily exposed to regional income shocks because of an uneven distribution of natural resources … and a Soviet legacy of heavily skewed regional specialization. Also, Russia has a limited mobility of labor and lacks …

Azerbaijan. The standard “Dutch disease” model is modified to capture the special conditions of transition economies, with … problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the … 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues …

This paper analyzes developments in non-oil tax policy, administration, and revenues in Azerbaijan, and suggests … measures for further improvement. The main finding is that Azerbaijan''s non-oil tax revenues increased significantly as a …

rapid scaling-down in the context of Azerbaijan''s current temporary oil production boom. To this end, it relies on a review …