The paper focuses on empirical analysis of major factors that determine innovation activities of Russian manufacturing firms during the crisis. We presume that the crisis has ambiguous effects on firms' behaviour, on one hand limiting their financial capabilities to invest into new products...

Currency crises, generally defined as rapid depreciation of a local currency or loss of foreign exchange reserves, are common incidents in modern monetary systems. Due to their repeated occurrence and severity, they have earned wide coverage by both theoretical and empirical literature. However,...

This paper investigates the dynamic implications of Krugman’s (1999) model of financial crises with balance-sheet effects, which has a considerable impact on the literature as well as the teaching of international financial crisis. By explicitly taking account of wealth accumulation and...

Iceland experienced a significant financial meltdown and subsequent economic downturn after the 2008/2009 financial crisis struck the country. It had been the worst crisis ever experienced by a small country from the late 20th century onwards. Since 1980s, Iceland's macroeconomic stability had...

In this paper we try to describe the main feature of Russian civic culture that could influence the outcome of the reform, initiated in 1992, and discuss channels through which the influence was realized. We begin with consideration of paternalism and what we call “habitual deviationism”,...

In recent years the Russian innovation policy has made a significant progress that manifests in developing its ‘tool kit', increasing resource base, etc. However it has not yet succeeded in improving business innovation activities that remain local thus not giving prerequisites to transform...

The study is focused on the cooperation of Russian companies with research organizations in implementing R&D projects during technological innovation. Taking into account behavioral changes, authors carry out a micro-level analysis based on empirical data of executive survey of over 600 Russian...

Focused on the efficiency of the Russian innovation-fostering policy, the research is based on an empirical analysis of how policy instruments impact firms' behavior. The data is obtained from two surveys of more than 600 Russian industrial companies in 2011-2012. The analysis shows that tax...