We consider a setting where a decision-maker has to resolve a dispute between two parties. On demand of the losing party, the decision may be subject to review by an appellate body. The decision-maker has discretionary power and may be opportunistic. Depending on the institution design,...

In January 2015, the Russian Government approved a plan providing for 10% budget spending cuts (except defense, social benefi ts, agriculture costs and external debt repayment) and extensive fi nancial aid to the banking sector. Most of the proposals on supporting small businesses and lowering...

We examine how partners in vertical exchange relationships actually resolve disputes that are sufficiently serious to get lawyers involved. Reaching beyond the usual domain of organizational and management research we leverage findings from law and economics to offer a novel organizational...

In December 2014, Russia’s authorities faced a severe foreign exchange crisis, which forced them to increase the CBR key interest rate to 17% and to order a number of major state-owned companies, including Gazprom and Rosneft , that their foreign exchange reserves should be brought back to the...

Основные новости марта 2015 г. происходили в экономической сфере, – а именно, в дискуссиях вокруг нового проекта бюджета на 2015–2017 гг. и направлениях экономической...

In March 2015, the topmost headline-makers were various economic issues, including the ongoing discussion on the new draft budget for 2015–2017 and on the future course of Russia’s economic policy. However, the beginning of March was also marked by two very serious and purely political...

A new truce was arranged in Ukraine in February 2015, following a meeting involving the leaders of Russia, France and the German Chancellor. However, the very context of Minsk II Agreements repeats the numerous understatements of Minsk I Agreements and can be broken any time unless solid...