In Russia the chain-stores gained a considerable market power. Our model combines a Dixit-Stiglitz industry with a monopolistic retailer. The questions addressed are: Does the retailer always deteriorate welfare, prices and variety of goods? Which market structure is worse: Nash or Stackelberg...

This study analyzes the effects of directed lending upon total factor productivity and GDP growth in Belarus over the period of 2000–2012. In theory, directed lending can enhance physical capital accumulation and make the access to credit easier, but empirical studies often show that it leads...

Using a large proprietary dataset provided by the tenth largest Ukrainian banking institution, we posit reasons for loan defaults within two major groups of retail borrowers; car loans and mortgages. Two model types were used, namely logistic regression and neural networks. The results of our...

The study investigates the causal impact of trade openness and technology transfers on productivity growth in developing countries. We introduce the concept of technologically intensive trade openness (TITO) that can be measured by country approach as imports from highly innovative countries to...

This paper applies an empirical framework, combining the use of ordered probit approach, novel real-time data set and decision-making meetings of monetary authority as a unit of observation, to estimate highly systematic reaction patterns between policy rate decisions of the National Bank of...

This paper develops a small open economy model with remittances. The model features short-run nominal price rigidity generated by monopolistic competition and staggered re-optimization in output and import markets. The model structure is closely related to similar models described in Svensson...

Since independence the countries of Central Asia embarked upon liberal reforms in their economic policies, including trade. However, persistence of formal and informal barriers to trade in general, and to services in particular, impedes further liberalization and development of the service...

This paper estimates the influence of the service sector’s liberalization on service flows in transition economies and on productivity of the Russian industry that uses these services as intermediate consumption. Empirical analysis of the international statistics shows that service trade...

In this paper we revealed the factors determining the attractiveness of national higher education systems and then estimated their influence on the foreign students’ flows between 129 countries for period 1998-2005. We found that among the education policy-making determinants “Number of...

In this paper, we investigate the evolution of office market risks and property prices in Central and Eastern European (CEE) cities. We developed a methodology assessing if office property markets have been accurately valuated in CEE cities, using as a benchmark the past evolution of office...