This paper applies the Austrian perspective of human agency to model a 'learning government'. It portrays the government as an actor who makes decision under uncertainty. Public agents, like private enterprises, formulate expectations and plans based on their experiences. Assimilating new...

The geographical situation of the Russian enclave led to its strong exposure to the destabilising effects of post-communist economic transformation. A dramatic trade opening has occurred, and regional trade and production has undergone profound changes. The major phenomenon relative to the...

While Serbia had initiated the establishment of the two-tier banking system earlier than most of the South East European (SEE) countries (in 1965), the banking reform actually began later than these countries (after 1999). The main reasons to account for that were: 1) very adverse initial...

This study is a synthesis of the authors' research on the application of the Investment Development Path (IDP) concept to Poland. The IDP is investigated from the point of view of its general trajectory as well as its geographic and industry/sector idiosyncrasies. Collected data cover a time...

It was not possible to test the neoclassical convergence theory on communist countries until the collapse of communism. The method of beta convergence indicates divergence among the liberated countries of Southeast Europe from 1980-2006. A more advanced quantile regression also indicates...

This paper is presenting the overview of theoretic approach to Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) indicators calculation for Bosnia and Herzegovina. Special attention is dedicated to statistical difficulties in calculation and still limited...

This paper investigates the strategic role of Kazakhstan's development institutions in programmes for economic diversification, based on the state target of strengthening national competitiveness. The author analyses the primary challenge for the state from the long-term perspective: mechanisms...

Using a model of a small open economy operating under dual foreign exchange markets, free exchange rate for financial transactions and quasi-fixed exchange rate for commercial transactions, this paper analyses the dynamic adjustment of the foreign exchange rates, when terms of trade, and...

We develop a two-country stochastic growth model with production, relative price and sovereign default risks. Domestic production and relative price volatilities cause more fluctuations in the agents' portfolio decisions than the volatility of Foreign Direct Investment (FDI) production does....

This paper examines the J-curve for the bilateral trade between Croatia, the Czech Republic, Hungary, Poland, Slovakia, or Slovenia and the USA. This paper finds that the J-curve is not empirically confirmed for any of these six countries. Instead, after a shock to real depreciation, the trade...