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High Wages not Walls
25 June 2016

People who decide to leave their country and test their luck elsewhere are usually no random sample of a population. In his 1987 paper “Self-Selection and the Earnings of Immigrants” (American Economic Review 77, pp. 531-553), Harvard Political Scientist George J. Borjas discusses the so-called self-selection of migrants. As of 1987, the standard view among migration economists was that migrants, at least those who came to the United States, belonged to the “upper tails” of the income distributions in their home countries.

Deposit Insurance – a New Reality for Georgia
15 May 2016

More than three years ago the ISET Economist blog discussed the idea of deposit insurance and how this idea may apply to Georgia. Today, the deposit insurance scheme is not merely an abstract idea, but a fast-approaching reality. Recently, the Ministry of Finance of Georgia discussed a draft law on implementing the deposit insurance system in the country.

No Price Caps in the Electricity Wholesale Market!
08 May 2016

This article is about a highly technical matter. To avoid losing all our readers in the very beginning, let us start with a famous doctrine by Montesquieu: Les lois inutiles affaiblissent les lois nécessaires. This principle, literally meaning “useless laws weaken the necessary laws”, should always be kept in mind by lawmakers and politicians. If a regulation is not beneficial, then it is almost surely beneficial to get rid of the regulation. Some great Georgians endorsed this principle, like Kakha Bendukidze, who is widely praised for having erased many unnecessary rules from Georgia’s legal codes.

A successful ISET Alumnus: Ivane Pirveli
29 March 2016

We continue to track the success of our graduates and would like to congratulate Ivane Pirveli from ISET class 2011 on his latest achievement. Currently serving as Deputy Head of the Gas Department at the Georgian National Energy and Water Supply Regulatory Commission (GNERC), Ivane had been recently offered a prestigious position of a Seconded National Expert on Georgian energy law with the Austria-based Energy Community Secretariat.

Avoiding the insolvency of Georgia`s Insolvency Law
16 March 2016

Georgia’s Insolvency law of 2007 is primarily oriented towards a rapid liquidation of insolvent corporate entities and private entrepreneurs’ businesses with subsequent distribution of remaining assets amongst the creditors. The number of insolvency cases dealt with by the local courts of Tbilisi and Kutaisi is fairly limited most probably due to insufficient assets in the insolvent entities to cover the costs of the insolvency procedure.

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