The macro economic stabilisation in Azerbaijan has been successful. Following cessation of conflict with Armenia, and decline of GDP by 60 per cent from 1990 to 1995, the government in effect implemented a big-bang reform process in 1995. The inflation rate has now declined to the lowest rate of...

This paper evaluates critically the neo-liberal perspective which contends that informal employment results from high taxes, public sector corruption and too much state interference in the free market and that the consequent remedy is to reduce taxes, public sector corruption and the regulatory...

Just when China's leaders receive conflicting signals of "overheating" and "below-potential growth", they encounter tremendous external pressure to revalue the Renminbi (RMB) substantially. Our conclusion is that the major macroeconomic challenges have their roots in China's inadequate...

Belarusian economy has been stagnating in 2011-2015 after 15 years of a high annual average growth rate. In 2015, after four years of stagnation, the Belarusian economy slid into a recession, its first since 1996, and experienced both cyclical and structural recessions. Since 2015, the...

For nearly three decades, China has achieved an economic miracle. China's official GDP per capita increased almost tenfold, from about US$150 in 1978 to US$1,449 in 2005. China's growth measured by the purchasing power parity (PPP) has been even more impressive. The GDP per capita in terms of...

This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes,...

This paper surveys (1)the reasons for economic reform in China to be introduced in 1978, (2)the major components of economic reform, (3) the characteristics of the reform process, (4) why reform was successful, (5) the shortcomings of China¡¯s economic institutions, (6) the factors...

In the aftermath of sovereign default of August 1998, the hypothesis of virtual economy in Russia developed by Gaddy and Ickes has gained popularity. The hypothesis states that the country has not moved towards free-market economy but developed a system of implicit price subsidization similar to...

The aim of this paper is to evaluate critically the extent to which the conventional eradication approach towards undeclared work has been transcended and replaced by an approach which seeks to shift undeclared work into the declared economy. Reporting the results of a 2010 survey of 104 senior...