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Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.
This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.
Written by Andrew Jack, the Moscow Bureau Chief of the Financial Times, here is a revealing look at the meteoric rise of Vladimir Putin and his first term as president of Russia. Drawing on interviews with Putin himself, and with a number of the country's leading figures, as well as many ordinary Russians, Jack describes how the former KGB official emerged from the shadows of the Soviet secret police and lowly government jobs to become the most powerful man in Russia. The author shows how Putin has defied domestic and foreign expectations, presiding over a period of strong economic growth, significant restructuring, and rising international prestige. Yet Putin himself remains a man of myster...
Written by a former World Bank economist, How Does My Country Grow? distils growth policy lessons from the author's first-hand experience in Poland, Kenya, India, and Russia, and his contributions to the economic policy debates that followed the emerging market crises of 1997 to 2001, extending up to the global financial crisis of 2008-09. Based on living and working in the trenches, the author argues that country economic analysis is in effect a separate, integrative branch of economics that draws upon but is distinct from academic economics. The country stories recounted, reinforced by the emerging market experience since the 1980s, point to a canonical growth policy package built around t...
Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.
This book presents research into various types of professional discourse through the prism of the functional linguistics approach. Focusing mainly on practical aspects of speech, the book discusses various topics, such as structural, semantic, cognitive and pragmatic characteristics of professional discourse, argumentation strategies, humour in professional discourse, and word-building processes. It also highlights communicative effectiveness methods in professional discourse. Offering new ideas and discussing the latest findings, the book is intended for researchers, lecturers and professionals in the field.
An accessible and nuanced introduction to contemporary Russian politics using the theme of stability versus fragility as its overarching framework. This innovative textbook explores core themes as well as path-breaking insights into the politics of race, class, gender, sexuality, and the environment.
Providing an in-depth review of Russia's key economic policies, this book is the first systematic study of the political economy of oil windfalls in Putin's Russia.
Bringing together scholars of human geography, environmental sociology, law, economics and international policy from Finland, Russia, Sweden and Germany, this book examines how local communities and enterprises adjust to transition and institutional changes in Northwest Russia. A unique and important facet of the book is that it analyzes the law and legal institutions, focusing on how those involved in law use or abuse it, in relation to unofficial institutions and the interplay of different interest groups in governing forest and fishery resources. The local view is approached empirically with data gathered through interviews, which is then compared against institutional change at national level and in the global arena. Multidisciplinary in nature, the book demonstrates innovative ways of adjusting to change, combining old and new, local and global and providing a holistic view of the Russian economy and a society in transition.
In Lonely Power, adapted from the Russian version, Lilia Shevtsova questions the veracity of clichTs about Russiauby both insiders and outsidersuand analyzes Russia's trajectory and how the West influences the country's modernization.