The relative roles of factor inputs and productivity are estimated in explaining the level of economic development. For a large sample of countries, it is shown that international differences in factor inputs account for between two thirds and three quarters of international differences in...

The ride of the ruble has been nothing if not exciting. After a near meltdown of the ruble on Black Tuesday (Octorber 11, 1994) and further tremors in early 1995, the ruble has staged a remarkable comeback. It appreciated by some 7 percent in nominal terms and by more than 25 percent in real...