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Handling Banking Crises - The Case of Russia
Heinrich, Ralph P.; Buch, Claudia M. - 1999
Since August 1998, Russia has been suffering from a severe banking crisis. In finding a solution, two peculiarities of the Russian economy need to be taken into account: the substantial foreign liabilities of commercial banks and the failure of the government to service its liabilities. Apart...
Persistent link: https://www.econbiz.de/10010260518
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Russia's debt crisis and the unofficial economy
Schrooten, Mechthild; Lusinyan, Lusine; Heinrich, Ralph P. - 2000
Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the government in servicing foreign debt and promoting institution building by showing how foreign debt influences the choice between official and unofficial taxation....
Persistent link: https://www.econbiz.de/10010260724
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Equilibrium Wage Arrears: A Theoretical and Empirical Analysis of Institutional Lock-In
Earle, John S.; Sabirianova, Klara Z. - 2000
We present a model of wage contract violation that implies a possibility of multiple equilibria in the level of arrears. Positive feedback arises because each employer's arrears affect the costs of late payment faced by other employers operating in the same labor market, resulting in a network...
Persistent link: https://www.econbiz.de/10010262404
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Is man doomed to progress?
Senik-Leygonie, Claudia - 2006
This paper is dedicated to the empirical exploration of the welfare effect of expectations and progress per se. Using ten waves of the Russian Longitudinal Monitoring Survey, a panel household survey rich in subjective variables, the analysis suggests that for a given total stock of...
Persistent link: https://www.econbiz.de/10010267749
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The value of waiting: Russia's integration into the international capital markets
Buch, Claudia M.; Heinrich, Ralph P.; Pierdzioch, Christian - 1998
Capital flight has characterized the transformation process in Russia. Inflows of foreign direct investment have been minor and have been preceeded by inflows of portfolio capital. The paper shows that uncertainty about macroeconomic stabilization exhibits a strong negative effect on the volume...
Persistent link: https://www.econbiz.de/10010275634
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Sovereign risk in a structural approach: Evaluating sovereign ability-to-pay and probability of default
Karmann, Alexander; Maltritz, Dominik - 2003
We quantify the probability that a sovereign defaults on repayment obligations in foreign currency. Adopting the structural approach as first introduced by Merton, we consider the sovereigns ability-to-pay, characterised by the sum of discounted future payment surpluses, as the underlying...
Persistent link: https://www.econbiz.de/10010305443
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Poverty and welfare measurement on the basis of prospect theory
Jäntti, Markus; Kanbur, Ravi; Nyyssölä, Milla; … - 2012
This paper examines the measurement of social welfare, poverty and inequality taking into account features that have been found to be important welfare determinants in behavioural economics. Most notably, we incorporate reference-dependence, loss aversion and diminishing sensitivity - aspects...
Persistent link: https://www.econbiz.de/10010319772
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Banking crises in transition countries - theory and empirical evidence: the case of Russia
Thießen, Ulrich - 2000
Das Papier gibt zunächst einen Überblick über die Ursachen und ökonomischen Kosten der Bankenkrise in Rußland, die im … Finanzintermediation in Rußland eventuell gefördert werden kann. Diese Betrachtung ergibt jedoch kein neues Ergebnis, sondern lediglich … erläutert, daß Rußland die westliche Bankenregulierung modifizieren sollte. Bei dieser Diskussion werden die jüngsten …
Persistent link: https://www.econbiz.de/10010276794
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Poverty in the Russian Federation
Ferrer-i-Carbonell, Ada; van Praag, Bernard M. S. - 2001
This paper is intended to shed light on the extent of poverty in the Russian Federation. We present estimates of poverty lines and poverty ratios derived from subjective questions used in a during data collection for a large household panel (RUSSET). We estimate poverty using a subjective...
Persistent link: https://www.econbiz.de/10010276957