The article presents an empirical investigation of the impact of the Balassa—Samuelson effect on the real ruble appreciation in 1999—2007. We consider long-run, supply-side determinants of the real ruble exchange rate, such as changes in terms of trade and labor productivity. Using Russian...

An important condition for the transition to the free float and inflation targeting regime is the ability of the Russian Central Bank to pursue an active independent policy of interest rate adjustment. The purpose of this investigation is to analyze the effect produced by the exchange rate...

We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...

The article presents the main stages and ongoing results in the Republic of Kyrgyzstan in 1990-2008. Basic directions of reforms in agriculture, industry, and the financial sector as well as the establishment of market-oriented democratic institutions are analyzed.

The article represents the main stages and ongoing results of economic reforms in the Republic of Kyrgyzstan in 1990—2008. Basic directions of reforms in agriculture, industry and financial sector, establishment of market-oriented democratic institutions are analyzed. Issues of sustainability...

There are fundamental changes in the functions of the state and its methods of influencing the economy with the transition from a centrally planned economy to a market economy: the transition from direct to predominantly indirect forms of influence. A considerable role in indirect methods...