In the aftermath of sovereign default of August 1998, the hypothesis of virtual economy in Russia developed by Gaddy … their tax liabilities. We test the proposition that the distribution of the value-added across sectors is biased because of …

about Russia's economy. Circulated at the highest levels of the Russian and U.S. governments and reported in leading … publications worldwide, their thesis--that Russia's economy is based on illusion or pretense about nearly every important economic … reform policies in Russia. More important, their work has provided a coherent framework for understanding how and why so much …

capital flights, less investments and growth. Based on the tax reforms introduced between 2008 and 2010, the paper explores … significantly restrained the policy choices available to governments. -- Crisis ; fiscal stress ; economic growth ; tax policy …