Vahram Stepanyan

TL;DR: In this article, the authors examined changes in bank credit across a wide range of emerging market economies during the last decade and found that domestic and foreign funding contribute positively and symmetrically to credit growth.

TL;DR: In this article, the authors examined changes in bank credit across a wide range of emerging market economies during the last decade and found that domestic and foreign funding contribute positively and symmetrically to credit growth.

TL;DR: In this article, the authors reviewed country experiences and suggested that there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rate is unlikely to lead to a notable expansion of economic activity.

TL;DR: In this paper, the authors analyzed the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries and found that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not formed in the FSU countries.

TL;DR: In this article, the authors reviewed country experiences and suggested that there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rate is unlikely to lead to a notable expansion of economic activity.