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Russia: After shrinking 3.7 % last year, BOFIT projects Russian GDP contracting 3 % this year if the oil price averages slightly above $40 a barrel (about 60 % below the average price in 2014).
(3) Jouko Raotava, "The Role of Oil Prices and the Real Exchange Rate in Russia's Economy", BOFIT Discussions Papers, No 3, 2002, s.7.
This work was supported by the Bank of Finland's Institute for Economies in Transition (BOFIT) and the Grant Agency of the Czech Republic within project No.
Considerations, BOFIT ONLINE, at 5 (2001), available at
(12.) Weill, Laurent (2008), "How Corruption Affects Bank Lending in Russia," BOFIT Discussion Paper 18: 6.
"Organized Business, Political Regimes and Property Rights across the Russian Federation." BOFIT Discussion Paper No.
(2009), "Financial Vulnerabilities in Emerging Europe: An Overview", BOFIT Online, No.
(3) Juhani Laurila and Rupinder Singh, Sequential Reform Strategy: The Case of Azerbaijan (Bank of Finland, Institute for Economies in Transition BOFIT, No.
Korhonen (2004), "A Meta Analysis of Business Cycle Correlations Between the Euro area, CEEC's and SEEC's: What do we Know?", BOFIT Discussion Papers, Bank of Finland, Helsinki.
Koivu, Tuuli, 2002, "Do Efficient Banking Sectors Accelerate Economic Growth in Transition Countries?" BOFIT Discussion Paper, No.14, Bank of Finland.
Institute for Economies in Transition (BOFIT), Bank of Finland, Kluuvikatu 7, P.O.
See Mau Vladimir, "Russian Economic Reforms as Perceived by Western Critics", Bank of Finland, Institute of Economies in Transition, BOFIT Online, no.