This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy responses. The paper concludes that, while real exchange rates of central Asian national...

This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy responses. The paper concludes that, while real exchange rates of central Asian national...

Many sticky-price models suggest that relative price distortion is one of the major costs of inflation. We show that this resource misallocation is costly even at quite low rates of inflation. This is because inflation strongly affects price dispersion which in turn has an impact on the economy...

The aim of this paper is twofold. First, it provides a simple framework for the analyses of the transitions between two steady states with different fiscal policies. This allows us to clarify the existing results on the possibility of Pareto-improving transitions from pay-as-you-go to fully...

This article provides a proof of Lorenz dominance criterion for two increasing income transformations. The criterion is extended on the most general case, without any restriction on the form of initial income distribution or the properties of the income transformations. The simplicity of the...

This paper investigates the relationship between tax base distribution and tax collection rate. We approach the tax collection problem using traditional industrial organization tools. Thus, we model the tax optimization industry and investigate the impact of the change in aggregate demand on the...