Georgian monetary relations have a centuries-old history. Credit associations were first founded in 11-13th centuries. Network of credit institutions became larger in the 19th century – independent commercial banks were established in the second half of the 19th century. Central State Bank of...

Poorly organized VAT refund system represents operational (Failure in fulfilling all claims within defined deadlines) as well as fiscal risk (accumulation of large stock of overpaid amounts in the long run subject to refund immediately or at a later period and theoretically claimable within the...

The 25 year period of transition in newly independent post-USSR states did not bring either of them to a desired target – mid-European level of economy. Against this sad background China represents a unique example of successful economic reforms, which lead to rapid economic development and...

Central Caucasus is an important transit place for the "Great Silk Road"; an important role in it is assigned to the Baku-Tbilisi-Supsa and Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzurum gas pipeline and the Baku-Tbilisi-Kars railway line which is at finishing stage of its construction,...

After the collapse of the former Soviet Union and restoration of independence of Georgia, the economy faced numerous problems and without settling those problems it was impossible to build a market economy in the country. Before, we could hardly imagine that we would be challenged to create an...