This paper seeks to explain, why Russian (and CIS) economic transformation was neither a shock therapy nor a gradual transition case, but instead followed a sort of middle-ground inconsistent shock therapy path.

Uzbekistan is not usually considered an economic success story, but in fact it is: its GDP increased since 1989 more than in any other post-communist country, except for China, Vietnam and Turkmenistan. The success of Uzbekistan is very much similar to the Chinese - gradual economic reforms with...

Sometimes industrial police is a success story, but sometimes it is a total failure. It seems like the best results are achieved in countries that (1) support industries oriented not only towards import substitution, but also towards export, at least in the longer run, and (2) support not all...

If there is a negative terms of trade or financial shock leading to the deterioration in the balance of payments, there are two basic options for a country that has limited foreign exchange reserves. First, a country can maintain a fixed exchange rate (or even a currency board) and wait until...

The goal of this paper is to offer a non-technical interpretation of the "Great Divergence" and "Great Convergence" stories. After reviewing existing explanations in the literature, I propose a different interpretation. Western countries exited the Malthusian trap by destroying traditional...

The quality of pellets is directly related to their physical, chemical, and mechanical properties. It affects the emissions resulting from their combustion and also their use in stoves and boilers. Certain European countries have developed standards specifying control parameters and guidelines...

Biomass is an abundant renewable energy source; however, because of its characteristics it is not easily used in its original form. Pelletization technology represents mass and energy densification that provides easier biomass fuel handling and feeding. A privately owned pelletization industrial...

This paper investigates individual pensions and long-term financial sustainability of the pension system in the face of the current pension legislation from 2002 to 2015 and under the new pension formula , which comes into force in 2015, according to the Federal Law "On Insurance Pensions". The...