At the period-end of Q1 2020, the federal budget ran a slight surplus, however it was a temporary result because oil and gas revenues go into the budget in a timely manner and they record a downturn against Q1 2019. Non-oil and gas revenues although went up but that was due to the fact that they...

This paper investigates the role of executive compensation in the transmission of monetary shocks to corporate investments. We find that a managerial compensation structure that facilitates risk-taking (high Vega) is a positive and significant contributor to the translation of monetary shocks...

In this paper, we explore the interest rate setting behavior of newly appointed central bank governors. We use the Kuttner and Posen (2010) sample, which covers 15 OECD countries, and estimate an augmented Taylor (1993) rule for the period 1974–2008. We find, first, that newly appointed...

In this paper, we explore the interest rate setting behavior of newly appointed central bank governors. We use the Kuttner and Posen (2010) sample, which covers 15 OECD countries, and estimate an augmented Taylor (1993) rule for the period 1974-2008. We find, first, that newly appointed...

In Q1 2019, the federal budget revenues moved up by 0.3 p.p. of GDP against the same period of 2018 due to the rise of oil and gas revenues. Budget surplus constituted 2.2% of GDP. Overall, the dynamic of the main parameters of the federal budget is positive, despite the debt growth, risks of...

According to the results of H1 2021, the federal budget revenues exceeded the level of 2019, hitting 20.9% of GDP. The main contribution to this outcome was made by an increase in VAT receipts, primarily due to an increase in the consumption of nonfood products with a slight increase in the...

Coronavirus pandemic, collapse of the OPEC+ deal and subsequent world crude oil plummet adversely affected the real oil and gas revenue of the federal budget in March 2020. The economy has slipped into recession, which can result in a reduction of oil and gas revenue for the federal budget. The...

This essay reviews Bebchuk and Fried's "Pay without Performance: The Unfulfilled Promise of Executive Compensation". Bebchuk and Fried criticize the standard view of executive compensation, in which executives negotiate contracts with shareholders that provide incentives that motivate them to...

Consequent to the subtle and dynamic business environment and recent corporate failures, the focus shifts towards the emerging challenges for the social, moral and ethical objectives of corporate governance around the world. Executive compensation has emerged as the most contentious issue during...