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After a long period of steep decline which followed the breakup of the Soviet Union, Ukraine's economy rebounded in 2000, and the recovery accelerated in 2001. The paper examines the timing and the nature of the recovery from a number of different perspectives such as the presence of idle but productive capital, the stance of domestic policies, real wage developments, learning, and foreign factors. The final chapter presents tentative conclusions, which point to an eclectic explanation involving a range of factors rather then any single major cause of the recovery, as well as an agenda for further research.

Exports and Imports --- Foreign Exchange --- Labor --- Socialist Systems and Transitional Economies: General --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Studies of Particular Policy Episodes --- Trade: General --- Wages, Compensation, and Labor Costs: General --- International economics --- Currency --- Foreign exchange --- Labour --- income economics --- Exports --- Real exchange rates --- Export performance --- Real wages --- Labor costs --- International trade --- Wages --- Ukraine --- Income economics

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In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.

Macroeconomics --- Public Finance --- Fiscal Policy --- Studies of Particular Policy Episodes --- National Deficit Surplus --- International Fiscal Issues --- International Public Goods --- National Government Expenditures and Related Policies: General --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Public finance & taxation --- Fiscal consolidation --- Fiscal stance --- Fiscal policy --- Expenditure --- Fiscal stabilization --- Expenditures, Public --- Mongolia

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This paper reviews the economic conditions in central Asia at the time of the Russian financial crisis of August 1998; the channels by which the crisis was transmitted to the central Asian region; and the policy responses. The paper concludes that, while real exchange rates of central Asian national currencies vis-à-vis the Russian ruble have returned to their pre-crisis levels following the nominal devaluations that ensued, other indicators of external competitiveness, such as unit labor cost indices, suggest the need for further surveillance in this area. Also, it is not yet clear if full exchange rate flexibility has been established in central Asia despite the protracted and costly exits from the nominal exchange rates in place at the time of the crisis. Finally, the debt-to-GDP ratios in central Asia, which grew rapidly between 1998 and 1999 in the context of large exchange rate adjustments, remain a challenge for the Tajik and Kyrgyz authorities, in particular.

Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Monetary Policy --- Central Banks and Their Policies --- Studies of Particular Policy Episodes --- Financial Crises --- Trade: General --- International Lending and Debt Problems --- Currency --- Foreign exchange --- International economics --- Economic & financial crises & disasters --- Exchange rates --- Financial crises --- Exports --- External debt --- Exchange rate arrangements --- International trade --- Debts, External --- Kyrgyz Republic

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This paper examines the role of exchange rate appreciation and the minimum wage in the relative decline of traditional sectors in Israel. It finds little evidence to indicate that real exchange rate appreciation is primarily responsible for this decline. Rather, the evidence indicates that slower productivity growth in traditional sectors has led to relatively larger increases in unit labor costs compared with high-tech sectors. Although the links are only indicative, the evidence also suggests that the minimum wage has played a role in the relatively faster growth in unit labor costs.

Labor --- Production and Operations Management --- Studies of Particular Policy Episodes --- Wages, Compensation, and Labor Costs: General --- Industry Studies: Manufacturing: General --- Wages, Compensation, and Labor Costs: Public Policy --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labour --- income economics --- Macroeconomics --- Minimum wages --- Wages --- Wage adjustments --- Labor productivity --- Labor costs --- Production --- Minimum wage --- Israel --- Income economics

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Based on a simple model, the paper provides an explanation for illegal oil trade between Nigeria and its neighboring countries. The analysis focuses on the linkages between the level of smuggling and changes in the Government’s fiscal, monetary, and domestic pricing policies. It is shown that smuggling has implications for inflation and currency depreciation. A vicious circle emerges when financial policies are expansionary and policy makers attempt to hold the domestic sale price of oil constant. Macroeconomic indicators of Nigeria over the period 1986-1993 appear to support the predictions of the model. Policy implications of the analysis are also noted.

Anti-smuggling --- Commodities --- Currency --- Economywide Country Studies: Africa --- Energy industries & utilities --- Energy subsidies --- Energy: Demand and Supply --- Energy: General --- Exchange rates --- Expenditure --- Expenditures, Public --- Foreign Exchange --- Foreign exchange --- International Trade Organizations --- Investment & securities --- Investments: Energy --- Macroeconomics --- Oil prices --- Oil --- Open Economy Macroeconomics --- Petroleum industry and trade --- Prices --- Public finance & taxation --- Public Finance --- Revenue administration --- Smuggling --- Studies of Particular Policy Episodes --- Trade Policy --- Nigeria