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Publications (2)
Working Paper
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– The Chinese Experience
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We empirically examine the relationship between financial...
Working Paper
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– A Comparative View
The paper compares the Russian transition with the Chinese reforms. The concept and implications of 'transition' differ from those of 'reform'. Transition in its systemic understanding is considered as a change of the system, a shift to a new one. Reform, on the other hand, is a process which takes...
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