indicate that declines in factor inputs and productivity were both important determinants of the output fall. The contribution … of the productivity drop was critical, but smaller than previously reported. Possible causes of the reduction in … productivity are assessed using data on sub-national regions within Russia. Privatization and entry of private firms are found to …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We …

This chapter analyses the link between interest rates and consumption in the UK and will allow better understanding of … observations and the most significant discovery was the way consumption responds to interest rates changed over time. In the first …, consumption and interest rates do have an inverse relationship, as in both periods the interest rate experienced a negative …