International trade is one of the main channels through which the global financial crisis hits developing countries. The recession in the ‘global North’ triggered by the financial crisis and the resulting slowdown of growth in other major emerging economies will generate declines in demand...

One of the advantages to analyze the economic links between two countries on the basis of stock market data, rather than aggregate economic data published by national statistical offices, is that stock market data are readily available, allowing analysis in almost real time. We consider a...

The past two decades have witnessed many episodes of economic reform across the developing world. Although initiated with popular enthusiasm, sustaining and completing these reform packages has turned out to be much more difficult, with policymakers having to `walk the line' between success and...

Most of the currently existing endogenous growth models were developed within and for industrial countries, i.e. for a well endowed world. Most developing countries, especially in Africa, however, have low capital endowments, low rates of capital accumulation and low technological capabilities....

Using a unique dataset comprising information for over 900 firms in the machine building sector in Belarus, we investigate the determinants of firm growth for an economy where state ownership of enterprises is widespread. We use panel data models based on generalizations of Gibrat's law, total...

For oil producing countries it is important to share rationally oil revenues between current expenditure and savings. The purpose of this paper is to study what impact will have change of the oil revenues accumulation on the dynamics of macroeconomic indicators.Modeling of dynamic stochastic...