This paper examines whether expansionary credit policy can help sustain output growth in transition economies, with particular reference to Ukraine’s experien
Ukraine has made impressive progress in restructuring and stabilizing its economy over the past two years, and yet much remains to be done to revive output and
This paper presents a detailed analysis of the output decline in Kazakhstan in the early years of the transition. The decline is documented at the aggregate and
What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the
This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the vol