This paper starts by separating the transformational recession (reduction of output in most transition economies in the first half of the 1990s) from the process of economic growth (recovery from the transformational recession) in 28 transition economies (including China,Vietnam and Mongolia)....

It is well known that under di¤erentiated product monopolistic competition any merger always increases the total pro…t of the merged entity. Because of this one might expect complete monopolization of a price competing industry provided that there are no (legal) barriers to acquisition...

Behavior of apartment prices in the Russian cities following the ruble devaluation in August 1998 dffered markedly in different cities. In cities, where prices were denominated in dollars, they fell slowly over time. In cities, where apartments were priced in rubles, the dollarequivalents fell...

The computable general equilibrium model was used in assessing different Russia’s trade policy options. The base experiment lying in the core of our investigation is simulation of the EU eastward enlargement. According to our calculations Russia does not loose in the resulting equilibrium....

What determines the enforcement of deregulation reform of business activities? What are the outcomes of deregulation? We address these questions using an episode of a drastic reform in Russia between 2001 and 2004 which liberalized registration, licensing, and inspections. Based on the analysis...

One of the challenges facing the prior literature when examining the link between macroeconomic risks and the size (SMB), value (HML) and momentum (WML) factors is the difficulty of obtaining direct measures of macroeconomic expectations. We re-examine these relations using direct measures of...

We examine the impact of product market competition on quantity-of-capital constraints in 58 countries. Prior work shows that competition increases the costs of debt and equity, which reduce the economic profit from investment. Capital constraints, however, may prevent firms from exploiting all...

The paper demonstrates the adverse effects of degressive rates, dependent on the percentiles of length of stay, in a prospective payment system with per diem payments. Using the dynamic panel data estimates with a recent nationwide administrative database for major diagnostic categories in 697...