This paper predicts phases of the financial cycle by combining a continuous financial stress measure in a Markov switching framework. The debt service ratio and property market variables signal a transition to a high financial stress regime, while economic sentiment indicators provide signals...

This paper predicts phases of the financial cycle by combining a continuous financial stress measure in a Markov switching framework. The debt service ratio and property market variables signal a transition to a high financial stress regime, while economic sentiment indicators provide signals...

The introduction of market mechanisms regulating the economy in the Russian Federation has led to change of spatial distribution of economic activity and further increase of regional economic development disparities. All the approaches to the regional policy declared by the Government in the...