A great number of recent researches have found importance of country specific shocks for optimal monetary policy construction in the context of a currency union. This however has been almost completely overlooked by the analysis of optimal monetary policy under model uncertainty. The main...

Two principal directions of state regional policy adoption have been considered: «equalization» and support of the «engine» constituent entities. Drawbacks of the priority support policy of the most developed entities have been singled out. Recommendations have been formulated;...

This paper explores the role of uncertain government preferences for fiscal and monetary policy interaction. Our analysis shows that the uncertainty about government preferences does not affect the macroeconomic equilibrium if the fiscal multiplier is known. In the case of multiplicative...

We establish a link between inefficient enforcement and the emergence of compensating institutional arrangements on the one side and the unusually broad implementation of flexible working time and flexible pay on the other as a crucial factor that made the stabilisation of employment in Russia...

Effective property rights protection plays a fundamental role in promoting economic performance. Yet measurement problems make the relationship between property rights and entrepreneurship an ambiguous issue. As an advancement on previous research in this paper we propose a new approach to the...

Understanding what constitutes the perceived value of foreign education to international business students is critical for business schools in order to achieve their recruitment targets. One established method relies on a financial interpretation of the costs and benefits of business education....

The paper explores conceptually the implications of a major alteration in the institutional settings that have caused a radical change in the knowledge paradigm as new mostly “imported” knowledge replaces the “old” knowledge base. We focus on the process of relevance discovery. The aim...

This paper seeks to reveal the potential of the concept of national competitiveness as a practical analytical tool. The paper offers suggestions on how research on national competitiveness can contribute to setting targets for socio-economic agenda in transition economies with special focus on...

From a modest start almost 20 years ago the Russian financial market has emerged as a major force in Eastern Europe and Central Asia. This paper offers a retrospective account of the two decades of the development of the financial sector in Russia with an emphasis on the securities market,...

Large and medium companies have failed to acquire legitimacy and respectability within the vast strata of the society in Russia. This resulting crisis of confidence may have serious consequences, including increasing intervention by the state. The study, which is based on the survey of 129 firms...