This is a new aproach for faster development of Montenegro.

This paper seeks to provide a balanced perspective on the role that benchmarks play in the setting of investment policy, the degree to which asset managers deviate from these benchmarks in pursuit of adding value and the degree to which value is added. The findings of this occasional paper are...

The challenges in the market economy in China for economic theory touch on four topics: private versus public ownership of assets, Western legal systems versus Eastern European semiformal legal systems, individualism versus the collective good, and multiparty versus one party political systems....

The Asian financial crisis broke out in Thailand in July 1997, and rapidly spread throughout the neighboring countries. An important question then arises? Is it possible to predict next financial crisis? If yes, then what are the predictors? The answer lies in combined usage of economic theory...

The richer a country, the higher its expenditure on health care. The increase in health spending which compared to the overall growth had taken place at a rather rapid pace experienced a worldwide slow-down during the 90s. In relation to overall economic growth and the expansion of other...

There are both positive and negative aspects to liberalisation policies.Liberalisation policies are no less important than any other kind of economic policies, and so it can only be healthy that what was formerly an obscure and technocratic process has moved to centre-stage politically. What’s...

The central purpose of this paper is to examine vertical integration as an equilibrium phenomenon. We model it as integration between Cournot oligopolists in both the upstream and the downstream stages. We consider the issue of private profitability versus collective profitability and show that...

On the basis of models I developed to simulate mathematical relationships between external debt and fiscal and balance of payments variables my thesis evaluates whether debt cancellation will overcome the debt overhang and crowding out effects of external debt and allow Severely Indebted Low...

The composition of the public expenditure affects the long-run growth rate (Barro, 1990, Devarajan, Swaroop and Zou, 1996). This paper has explored the existence of convergence in the structure of government expenditure by functions in the OECD countries for the period 1970-1998 and the...

This paper reviews policies for the control of mobile source pollution and their potential application in China. The first section of the paper reviews the U.S. experience with mobile source pollution control since regulations were first established in the Clean Air Act of 1970. Highlights in...