We hypothesize that the intrinsic benefit required to trigger a refinancing has become smaller due to a combination of technological, regulatory, and structural changes that have made mortgage origination more competitive and more efficient. To test this hypothesis, we estimate an empirical...

Russia belongs to the energy superpowers. It is a country rich on raw materials and selfsufficient state that possesses the largest gas reserves, second largest coal reserves and seventh largest oil reserves in the world. Raw materials and energy sources still form so-called backbone of the...