Only a successful implementation of an overall reform program will enable Russian banks to provide financial intermediation and assist in the country's development from a nascent market economy to a mature financial system. The chances for reform are better now than at any time during the last...

The paper examines the impact of terms of trade shocks on private savings in the transition economies after accounting for the effect of other determinants. Economic agents in the transition economies are subject to tight credit constraints which are more pronounced during bad state of nature....

The purpose of this article is to investigate the causal relationship between economic growth and defense spending in fifty-five developing countries. Granger-causality tests are employed to analyze the presence and direction of causality between these two variables. Moreover, the study focuses...