nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2005‒04‒24
two papers chosen by
Anna Y. Borodina
Perm State University

  1. Fiscal Consequences of Monetary Integration within the Common Economic Area: the Case of Belarus, Kazakhstan and Russia By Ainura Uzagalieva
  2. Railroad Restructuring in Russia and Central and Eastern Europe: One Solution for All Problems?* By Russell Pittman; Sergei Guriev; Guido Friebel; Anna Tomova; Elizaveta Cheviakhova

  1. By: Ainura Uzagalieva
    Abstract: The aim of this paper is to analyze the possible impact of planned monetary integration on public sector revenues from seigniorage in three countries: Belarus, Kazakhstan and Russia. Using the concept of total gross seigniorage, we investigate the main sources and uses of the central bank revenues in these countries. Special attention is given to the role of seigniorage revenues in financing public sector expenditures. Amounts of yearly transfers from central banks to the state budget in Belarus, Kazakhstan and Russia are evaluated, and the size of potential gains and looses in seigniorage revenues under different scenarios of monetary integration are estimated.
    Keywords: Seigniorage, Monetary integration, Transition economies.
    JEL: E
    Date: 2005–04
  2. By: Russell Pittman (Antitrust Division, US Department of Justice); Sergei Guriev (New Economic School); Guido Friebel (University of Toulouse); Anna Tomova (University of Zilina); Elizaveta Cheviakhova (Boston College)
    Abstract: Railways restructuring takes place under very different circumstances and with very different goals in Western Europe, Central and Eastern Europe, and Russia. Observed improvements in productivity associated with vertical access and vertical separation in Western Europe are not certain to be replicated following similar restructuring in transition economies, especially if one takes account of the much higher shadow price on government subsidies in the latter. This paper describes in detail the current and proposed reforms in the railways of Central and Eastern Europe and Russia, analyzes the likely outcomes of reforms in the special economic, regulatory, and legal environments of these countries, and presents an alternative proposal for restructuring in Russia.
    Keywords: railway, restructuring, Russia, Central and Eastern Europe, transition, vertical separation
    JEL: L
    Date: 2005–04–20

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