During the last decade we witnessed huge wave of reorganizations in Russian industrial sector: split-ups, spin-offs, mergers and acquisitions. Firms adjusted their boundaries according to the new economic conditions. Little is known however about this process and its determinants. The first goal...

The study is aimed to investigate the convergence to equilibrium of trajectories generated by contractual processes. “Contractual process” is a view on economy’s self-regulation, describing any state of exchange economy as a set of barter contracts among agents/coalitions. It is assumed...

This study focuses on the 'hostage effect,' which enables a government to share the burden of crisis prevention with the private sector. In the most severe situations this mechanism turns out to be the only way for the government to mitigate the crisis. It is demonstrated that the crisis model...

This paper examines the Bank of Russia behaviour in post crisis period. Special attention is devoted to econometric modelling of monetary policy rules of various types. Standard model is modified in a number of ways and estimated with the use of alternative econometric techniques (GMM, OLS and...

This paper investigates how the possibility of government subsidies to firms affects lending and managerial incentives. We develop a model that shows that government support can perform as implicit insurer of firms, which leads to two main effects: lowering incen-tives of managers and increase...

Based on the panel data of the Russian Longitudinal Monitoring Survey (RLMS) for years 1994–2000 the factors determining men's and women's labor supply at the primary job have been identified. A theoretical model of labor supply for two-sector economy (primary job sector and moonlighting...

The project examines the performance of the external management procedure on the data set from the arbitration court of the Udmurt Republic and the unique data set of politically connected firms that went bankrupt 1995–2004 in Russia. We use a narrow definition of political connections: a CEO...

Based on unique data set on Russian city budgets, this paper shows that revenue sharing between regional and local governments provides local governments with no incentive to increase tax base or provide public goods. Any change in local government’s own revenues is almost entirely offset by...

The paper aims to study the impact of export operations of firms with foreign participation on the export activities of domestic enterprises. Analysis of panel data covers firm-level exports as well as firm export performance on the level of individual commodity. Our research tests for the...

This project addresses the channels through which monetary policy may have produced the decline of output in Russia. In particular, it considers the role of interenterprise arrears in the transmission process, as well as the question of whether monetary impulses affected the sectoral pattern of...