This is the second part of the work on how economic policy of a developing country should change as it approaches the level of developed economies in terms of welfare (GDP per capita) and the quality of institutions. We focus on the impact of several policies to promote the catch up development:...

This paper compares various mechanisms of resource curse leading to a potentially inefficient use of resources; it is demonstrated that each of these mechanisms is associated with market imperfections and can be «corrected» with appropriate government policies. Empirical evidence seems to...

The paper argues that introduction of сontractual savings for housing (CSH) - bausparkassen and building and loan cooperatives - is an essential institutional stage in the process of mass mortgage market formation. An attempt to skip over it is a costly mistake and almost doomed to failure....

Efficiency of privatization depends on the transformation cost and the quality of the state as well as the quality of the market. An analysis of these and some other factors allows to explain diversity of privatization outcomes in different countries and to formulate general principles of the...