Since the breakup of the Soviet Union, the North Caucasus is known as a politically unstable region and as a melting pot for terrorism and all kinds of criminal activity, reaching from drugtrafficking and illegal arms trade to hijacking and extortion. Furthermore, the North Caucasus is one of...

The paper emphasizes the transition in Russia and the role institutions played before and during the process. In Russia, a big bang approach was applied. That is to say, transition was conducted all of a sudden, omitting important underlying reforms. This practice should function as a shock...

This paper compares trends in key economic, political and social development outcomes in the Philippines with those of Latin America, particularly since the 1990s. To do so, it uses standard indicators of development, including measures of institutional quality and good governance. The paper...

Most studies on the relationship between public debt and economic growth implicity assume homegenous debt effects across their samples. We - in accordance with recent literature - challenge this view and state that there likely is a great deal of cross-country heterogeneity in that relationship....

This study investigates the role of government activity in economic growth, arguing that economic systems are important and that, therefore, one size of government does not fit all countries. Taking a panel of 111 countries over the years from 1971 to 2010, we consider clusters of economic...

Der Beitrag zeichnet die zentralen Entwicklungs- und Wachstumslinien der chinesischen Volkswirtschaft seit Gründung der VR China nach und stellt die in verschiedenen Perioden verfolgten ordnungspolitisch-institutionellen Leitbilder dar. Die Darstellung geht explizit auf die entsprechenden...

In our study, we consider a new approach to quantify the effects of economic shocks on monetary transmission. We analyse the widely known phenomenon of price puzzle in a time-varying environment using the frequency decomposition. We use the frequency response function to measure the power of...

Competing definitions of justice in Plato's Republic and Aristotle's Politics indicate the existence of two distinct economic systems with different normative priorities. The three-class society of the Platonic economy (guardians, auxiliaries, producers) gives rise to guardians who by virtue are...