Three alternative forms of relation between the interest rates and the exchange rate implied by the speculative behavior are tested. The uncovered interest parity, implying equal return of assets in home and foreign currency, is shown not to hold in Belarus. The uncovered interest parity with...

The author models the interaction between the “Center”, represented by inspectors, and free riders in local trains (“hares” in the Russian slang). In order to characterize the optimal deterring strategy of the Center, one must look into the nature the interaction among parties in this...

A long-term analysis of the economic development of a resource-exporting country is presented. Two kinds of models have been used: single-sector and two-to-three sector models. Within the single-sector model, the effects of the uncertainty of world resource prices, of the constraints of natural...

The purpose of the study is to clarify a few possible causes for the delay in new investment projects. It is well known that anticipation of future economic environment and prices affects the current investment decisions of a firm. Gaussian processes are typically used to model returns or...

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 goal of the project is to explore main determinants of transaction governance mode between manufacturer and distributor firms. The model proposed in this paper integrates the concept of trust with main transaction cost economics’ dimensions and is formulated in the form of multinomial...

The project addresses the discrepancies between recognized disability status and actual health condition of Russians, evaluates the targeting efficiency of disability benefits, and investigates the factors that determine individual behavior leading to inconsistency between the degree of incurred...

What were the causes of the criminal waves that have accompanied the transition in Russia during the 90s? The usual suspects are poverty, income inequality, unemployment, in particular among young people, excessive alcohol consumption, inconsistency in reform and the inability of the authorities...

This paper investigates if there is market discipline in the Russian deposit market, i.e. do depositors react to changes in fundamentals, characterizing banks’ riskiness. Another aim is to test whether depositor discipline disappeared with banks’ admission to deposit insurance system. I use...

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...