This is the second part of the work on how economic policy of a developing country should change as it approaches the level of developed economies in terms of welfare (GDP per capita) and the quality of institutions. We focus on the impact of several policies to promote the catch up development:...

This paper compares various mechanisms of resource curse leading to a potentially inefficient use of resources; it is demonstrated that each of these mechanisms is associated with market imperfections and can be «corrected» with appropriate government policies. Empirical evidence seems to...

The paper argues that introduction of сontractual savings for housing (CSH) - bausparkassen and building and loan cooperatives - is an essential institutional stage in the process of mass mortgage market formation. An attempt to skip over it is a costly mistake and almost doomed to failure....

Maintaining today’s global imbalances would help overcome the major disproportion of our times — income gap between developed and developing countries. This gap was widening for 500 years, since the XVI century, and only now, in recent 60 years, there are some signs that this gap is starting...

Why have many transition economies succeeded by pursuing policies which are so different from the radical economic liberalization (shock therapy) that is normally credited for the economic success of countries of Central Europe? First, optimal policies are context dependent, they are specific...

The specifics of private education is considered in the article. The author points out that the most relevant characteristic of this system in post-industrial society is its independence. Only independent private education can offer a non-standard approach allowing to individualize the process...

This paper starts by separating the transformational recession from the process of economic growth (recovery from the transformational recession) in 28 transition economies (including China, Vietnam and Mongolia). It is argued that the collapse of output during transition can be best explained...