This chapter focuses on the foreign exchange constraint and capital markets across eight countries in the Caucasus and Central Asia region. Domestic macroeconomic idiosyncrasies and a host of external factors of capital flows volatility and currency pressures characterize much of the recent...

We examine the growth promoting roles of R&D, international R&D spillovers, and trade in a world econometric model. A country can raise its total factor productivity by investing in R&D. But countries can also boost their productivity by trading with other countries that have large stocks of...

We examine the growth promoting roles of R&D, international R&D spillovers, and trade in a world econometric model. A country can raise its total factor productivity by investing in R&D. But countries can also boost their productivity by trading with other countries that have large stocks of...