The analysis of Russia's external economic relations reveals a paradox: while Europe is its main trade and direct investment partner, its currency's role in the Russian financial sphere is lower then that of the US $. This paper analyses this phenomenon by separating the currencies' use for...

Spontaneous adoption of cleaner technologies can be slowed down by various sources of inertia. Investment irreversibility, uncertainty about the actual private benefits, and the expectation of declining adoption costs due to the diffusion of environmental innovation, may involve a timing of...