We examine macroeconomic developments in Russia in the latter half of the 1990s and the beginning of the 21st century. In this context we discuss the exchange rate of the rouble, the world market price of oil and the significance of reforms. Then we analyse Russia’s growth prospects by...

Im letzten Bericht der Institute vom Frühjahr 1996 wurde darauf verwiesen, daß sich erste Erfolge bei der geld- und fiskalpolitischen Stabilisierung noch nicht in realwirtschaftlichen Impulsen niedergeschlagen hatten. Die Institute hatten insbesondere auf die ausgeprägte Investitionsschwäche...

We develop a dynamic model of strategic investment in a transnational pipeline system. In the absence of international contract enforcement, countries may distort investment in order to increase their bargaining power, resulting in overinvestment in expensive and underinvestment in cheap...

We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be...