The hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups is tested. Our findings indicate that even if the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather...

Following methodological approach proposed by Edwards, the paper estimates empirically Russia's equilibrium real exchange rate (ERER) for the period 1995–2003. ERER is defined as the relative price of non-tradables to tradables consistent with the simultaneous achievement of internal and...

Numerous evidence demonstrate that firms affiliated with business groups in emerging markets outperform their independent counterparts. One of the proposed explanations for such a phenomenon is the more advanced groups’ internal markets structure compared to the rest of the economy. In this...

Transition economies like Russia lack properly functioning financial markets and institu-tions, which results in severe agency and information problems. Business groups in such markets have the potential to offer benefits to member firms, but they also may destroy value. Using a unique database...

Transition economies like Russia lack properly functioning financial markets and institutions, which results in severe agency and information problems. Business groups in such markets have the potential to offer benefits to member firms, but they also may destroy value. Using a unique database...

Russian Abstract: В работе исследуется вопрос использования моделей панельных данных для прогнозирования роста производства отраслей российской обрабатывающей...