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...

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...

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...

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...

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...

The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the...