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Analysis and Commentary

Russia Abolishes Inheritance Tax

by Alvin Rabushkavia
Monday, June 20, 2005

A comprehensive flat tax, which strives to tax income only once, would exclude inheritance from taxation on the ground that inherited money was taxed at the time of its earning and that taxing bequests amounts to double taxation.

Analysis and Commentary

Cambodia joins the WTO

by Alvin Rabushka, Michael S. Bernstamvia
Tuesday, September 7, 2004

A recent announcement that Cambodia joins the WTO, on the heels of China's accession in November 2001 and bypassing the disqualified Russia, makes abundantly clear who is what.

Analysis and Commentary

Beijing Consensus for Russia?

by Michael S. Bernstam, Alvin Rabushkavia
Wednesday, June 2, 2004

Hong Kong's economic writers believe that Russia is beginning to adopt the Beijing consensus, China's pragmatic approach to economic policy.

Analysis and Commentary

Shorting Russia's Banks

by Alvin Rabushka, Michael S. Bernstamvia
Thursday, January 22, 2004

Like all business decisions, the wisdom or miscalculation of the purchase of Bank One by J.P. Morgan Chase will be evaluated by future returns and share prices. How does this story compare with Russia?

Analysis and Commentary

Goldilocks and the Three [Russian] Bears

by Alvin Rabushka, Michael S. Bernstamvia
Wednesday, January 22, 2003

Goldilocks has entered the Russian bears' house. High oil prices will harm growth. Low oil prices will harm growth. Only the right oil prices will foster growth.

Analysis and Commentary

Financial Sector Reform in Russia: DÉjÀ Vu All Over Again

by Alvin Rabushka, Michael S. Bernstamvia
Tuesday, January 21, 2003

To this day, neither the IMF or other transition scholars have yet proposed any real reform of Russia's banks. Rather, they, as exemplified in this most recent IMF paper, choose to reiterate shopworn cliches, and then wonder why Russia's banks, and its economy in general, remain in need of reform.

Analysis and Commentary

Russia on Auto-Pilot

by Alvin Rabushka, Michael S. Bernstamvia
Monday, January 6, 2003

Since last summer, the Russian economy has been largely on auto-pilot. Economic policy discussion has virtually ground to a halt.

Analysis and Commentary

A Tale of Two Countries

by Alvin Rabushka, Michael S. Bernstamvia
Monday, November 18, 2002

China grows at 8% a year, while the IMF tells Russia, which cannot even recover from the Great Contraction of the 1990s, to reduce inflation by a few percentage points.

Analysis and Commentary

Market, Shmarket, WTO

by Alvin Rabushka, Michael S. Bernstamvia
Wednesday, November 13, 2002

In 2002, Western governments unleashed an inconceivable attack on the idea of the market economy.

Analysis and Commentary

What Real Appreciation of the Ruble? A Postscript: Is Real Depreciation Setting in?

by Alvin Rabushka, Michael S. Bernstamvia
Monday, August 12, 2002

Data published by the Central Bank of Russia showed that the real effective exchange rate (the real trade-weighted exchange rate) of the ruble had only modestly increased 4.9% during the first half (H1) of 2002 compared with H1 of 2001 and a smaller 1.2% compared with H2 of 2001. The data are suggestive of a possible shift in direction, from real appreciation of the ruble to real depreciation of the ruble.