An important condition for the transition to the free float and inflation targeting regime is the ability of the Russian Central Bank to pursue an active independent policy of interest rate adjustment. The purpose of this investigation is to analyze the effect produced by the exchange rate...

The paper evaluates short-term implications of pension reforms made in 2010, and long-term scenarios of pension system development. We find that if size of pension transfer is fixed, prolonged fall of the replacement rate is expected, which makes situation politically unsustainable. Keeping flat...

The factors that determined substantial cross-country variation of output decline during the recent recession are discussed. The regression analysis is performed for the sample of 172 economies, as well as for the sub-samples of developing and oil-exporting economies. Regression results indicate...