Russia is in the midst of a severe economic depression. Its recovery potential depends on the properties of the new economic system, foreign assistance, and the residual production potential of the capital stock inherited from the Soviet Union. This paper demonstrates that the production...

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) the credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves' meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...

The OECD proposes to kill two birds with one stone in Russia by simultaneously improving fiscal federalism, and using the financial reform process to press for full market liberalisation. This paper scrutinises the initiative and finds it wanting because the consensus reforms advocated conflate...

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...