This article studies the welfare effect of exogenous country spread shocks and policy implications. First, country spread shocks are welfare-improving, a finding holding for three widely used preference representations over a wide range of structural parameter values, both in a two-period model...

This book argues that the capacity of a country to develop, and the levels of economic and social development achieved, depend more on the institutional parameters within which the development policies are implemented than on the policies themselves. It contends that forces of globalisation...

Below I will outline the traditional Soviet economic system, developing its logic of institutions and interactions, and pointing out their natural economic consequences. This will lead me to a list of defining characteristics of that system, characteristics that are mutually dependent and...

This paper outlines a simple neoclassical model of the investment decision of the firm in the volatile environment of the post-Soviet transition. Conditions favoring and limiting investment in fundamental restructuring are explored, where successful restructuring leads to a substantial increase...

A 20. század végének orosz gazdaságát elemezve, a szerző ipari feudalizmusnaknevezi ezt a rendszert, amely alapjaiban tér el a világon megfigyelhető modern piaci rendszerektől. Az eddigi átalakítások lerombolták a szovjet parancsgazdaságot, s a kialakuló intézményi vákuumban a...

Compared with other transition countries Russia faces the burden of extreme cold. This is not, however, strictly a function of geography. Soviet location policy directly affected the average (population weighted) temperature of the Russian economy. Soviet policy moved industry and population...

This study shows that despite the shortness of time-series and significant structural change the economies of three transition countries Russia, Armenia, and the Czech Republic have started to demonstrate regularities that can be used in some types of econometric forecasting. The high-frequency...

CHAPTER 1: Discrete Choice Models With Local Interactions: A Game Theoretical ApproachConsider observations from a single equilibrium of a local interaction game in which each player, a firm, has a finite number of actions (discrete choice) and is subject to interactions that are localfor...