Peace in the South Caucasus will improve the region's economies in different ways. How much they will benefit depends on the strength of their supply response to demand in opening markets. The poor business environment and incomplete industrial restructuring act as constraints on export performance

"While there is extensive knowledge about how to design fiscal decentralization policies, considerably less is understood about how a decentralization program should be sequenced and implemented. Countries embarking on decentralization often struggle with decisions about the essential components...

"A resurgence of recent interest in fiscal federalism has been a source of concern among macroeconomic stabilization experts. They argue that a decentralized fiscal system poses a threat to macroeconomic stability as it is incompatible with prudent monetary and fiscal management. The author...