In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed—in particular, the new financial regulations (which led to a deep decline in the money multiplier)....

In this paper we examine four main kinds of reason for Gaidar's team failure in Russia: 1) problems arising from the process of designing the programme; 2) failures of implementation; 3) problems arising from Russia's economic structure; 4) problems arising from Russia's political structure

The Orange Revolution in the fall of 2004 built great hopes for a better future for Ukraine. However, three years later those hopes have been replaced by disappointment, frustration and confusion. Although progress in the areas of political freedom, pluralism, civil rights and freedom in the...

The purpose of this study is to explain the main sources of continued inflationary pressure in Russia and propose a policy remedy to this situation. In the transition period Russia has gone through different monetary and exchange rate regimes. The disinflation process has been marked by several...

In the 1990s, the CIS region experienced a painful transformation following the collapse of the USSR and the command economy. For the less developed republics of the former USSR, this process was even more dramatic as they lost subsidies from the Union's budget and some of them suffered...

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...