The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

Political economy literature acknowledges the importance of democratic learning and of fiscal rules in preventing politically driven deficits. This paper investigates the role of these factors for the Political Budget Cycles in the ten Central and East European (CEE) countries from 1990 to 2010....

This paper examines the J-curve for the bilateral trade between Croatia, the Czech Republic, Hungary, Poland, Slovakia, or Slovenia and the USA. This paper finds that the J-curve is not empirically confirmed for any of these six countries. Instead, after a shock to real depreciation, the trade...

Our paper comes in the course of the New Institutional Economics which emphasises the supremacy of institutional reforms on the economic framework. Recently, measures and proxies notions of 'governance' and 'institutions' have stimulated empirical research in economics and political science. The...

The geographical situation of the Russian enclave led to its strong exposure to the destabilising effects of post-communist economic transformation. A dramatic trade opening has occurred, and regional trade and production has undergone profound changes. The major phenomenon relative to the...

The paper provides a scenario exercise for Russian economic development until 2017. Russia will continue to grow for several years at least, as an emerging middle class drives consumption growth and structural change, though not in exports. Import propensity grows fast, and the recent current...

This paper examines persistent concerns that trade openness in South-East Europe is much less advanced than it was for the former CEECs in the mid to late 1990s. Using econometric tests, we find that trade patterns appear to remain problematic. Second, partial equilibrium simulations are used to...

Globalisation in the recent times has resulted in increased interdependence between the countries. While the process of globalisation holds the promise of development for all, it has been argued by various researchers that situation on ground is otherwise. There is considerable disagreement...

This paper applies the Austrian perspective of human agency to model a 'learning government'. It portrays the government as an actor who makes decision under uncertainty. Public agents, like private enterprises, formulate expectations and plans based on their experiences. Assimilating new...