The study analyzed whether there are any symptoms of Dutch Disease in Azerbaijani economy during 2001-2007by employing testable hypotheses while carefully checks alternative explanations of observed consequences. The study concluded that there has not been “absolute de-industrialization”,...

The following study develops a dynamic credit risk model for the Georgian banking portfolio and investigates the effects that macroeconomic (systemic) factors have on credit risk. A SUR model is estimated for the Non-Performing Loan ratio in seven sectors as a function of a lagged dependent...

This paper studies the e®ect of forced labor relocation in GULAG, and the losses during the WWII on the long-term dynamics of city growth in the USSR. The main goal is to test whether the impact of Stalinist policies and the WWII on economic geography of the USSR persists in long run, and...

A simplified structural model of Belarusian economy is employed to study the relation between monetary and exchange rate policy in Belarus. It is confirmed that in the long run monetary policy and exchange rate policy can not be used independently. In the short-run monetary and exchange rate...

To the best of our knowledge, the influence of the minimum wage on poverty in Russia has never before been investigated. Russian data provide a unique opportunity for studying the poverty effects related to the minimum wage due to the significant increases of the minimum wage in recent years,...

Return migration is an important channel through which international labor migration can have a direct positive effect on development of the sending country. Using the unique individual-level data set, this study identifies the main characteristics of return labor migration to Ukraine and...

Three alternative forms of relation between the interest rates and the exchange rate implied by the speculative behavior are tested. The uncovered interest parity, implying equal return of assets in home and foreign currency, is shown not to hold in Belarus. The uncovered interest parity with...

In this paper the impact of various types of state aid on aggregate productivity growth in Belarusian manufacturing is investigated by combining the data on government support with firm-level accounting data for period 1998-2007. Obtained results indicate that the state aid provided for...

This paper studies the sources of current account fluctuations in Ukraine. We apply astructural VAR approach to estimate the effects of the following shocks: supply anddemand shocks, nominal shocks and terms-of-trade shocks. For identificationpurposes we impose sign restrictions on the impulse...

This paper brings new evidence on the impact of services sector liberalization on performance of manufacturing firms. Using a unique database of Ukrainian firms in 2001-2007, we look at the effect of an external push for liberalization in the services sector as a source of an exogenous variation...