The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the...

This report surveys the state and structure of the Russian economy at the beginning of the 21st century. The nature of the economic system is characterized in terms of the inherited structural and institutional legacies and the efforts to overcome these since 1991. Despite the vast changes that...

This article studies the welfare effect of exogenous country spread shocks and policy implications. First, country spread shocks are welfare-improving, a finding holding for three widely used preference representations over a wide range of structural parameter values, both in a two-period model...

This book argues that the capacity of a country to develop, and the levels of economic and social development achieved, depend more on the institutional parameters within which the development policies are implemented than on the policies themselves. It contends that forces of globalisation...

Below I will outline the traditional Soviet economic system, developing its logic of institutions and interactions, and pointing out their natural economic consequences. This will lead me to a list of defining characteristics of that system, characteristics that are mutually dependent and...

This paper outlines a simple neoclassical model of the investment decision of the firm in the volatile environment of the post-Soviet transition. Conditions favoring and limiting investment in fundamental restructuring are explored, where successful restructuring leads to a substantial increase...