Currency substitution, the use of foreign money to finance transactions between domestic residents, is a common feature of emerging market economies.Currency substitution reduces the stability of money demand functions in ways that can seriously undermine central bank credibility and its efforts...

A Common Economic Area (CEA) formed by Russia, Kazakhstan and Belarus since January 1st 2012, following creation of the Customs Union between these countries in 2007 (and in operation since mid-2010), raises a number of topical questions on whether it can be sustainable, trade-stimulating,...

This paper suggests a number of changes needed in the economics curriculum from a Russian perspective. These changes are required not only because of the recent crisis and the problems in the economic profession that it revealed, but also because of changes in society, major societal educational...