Similarly to other post-Communist countries Georgia also embarked transition from a command economy to a market economy. The Georgian experience of reforming its economy should be considered interesting as the country succeeded in overcoming the hyperinflation and the economic downturn was followed with the economic growth. Successes in economic reforms were followed by stagnation, which was particularly exacerbated by the increased scale of corruption. The economic reforms, which were carried out after the "Rose Revolution," are especially interesting. Along with successful reforms of neo-liberal nature, neo-Bolshevik actions became apparent as the Government started openly infringing property rights.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2291142_code1192908.pdf?abstractid=2291142&mirid=4

Reforming of the Post-Soviet Georgia's Economy in 1991-2011

Implications of the global financial crisis

In post-Soviet economies, the decrease in the share of industry was not due to the growth of high-quality innovative services but, rather, an immediate decline in industrial production. The reason for this was the phenomenon of “necroeconomy” which combines so-called dead enterprises (because of the inability to produce competitive goods) and is the result of the negation of competition in a command economy. It has been shown that both in Georgia and Russia, essentially identical consumer models of development of poor countries have established.

/pdf/necroeconomics-of-post-soviet-post-industrialism-and-the-m8zzowg51p.pdf

Necroeconomics of Post-Soviet Post-Industrialism and the Model of Economic Development of Georgia and Russia

Worldwide discussion on the sustainability of pension systems remains a core agenda of debate. Factors such as aging, rising longevity, declining fertility rate, reducing the active population, labor migration caused financial difficulties in Southern Caucasian (SC) countries. A 1994 World Bank report classifies pension systems as mainly defined by three pillars: pay-as-you-go (PAYG) pension plan, which is a publicly managed system; a privately managed mandatory savings system (fully funded); and voluntary savings’. The financial unsustainability of old PAYG systems has led many countries to re-think their pension systems.
This paper reviews the pension systems of SC countries’ and tries to show the main features and trajectories of the development of pension systems in three countries that are dealing with the challenges of these systems. 
Since 2006, Armenia is changing its existing pay-as-you-go (PAYG) pension system to the multi-pillar, accumulation system. Azerbaijan reforming of old pension system began in 2014, the aim of which was to transfer to the mixed model (PAYG and fully funded pension schemes). Georgia is the only country in the Caucasus region where the old PAYG pension system still operates. Starting in January of 2018, the government of Georgia proposes to shift to a hybrid (mixed) pension model.
As noted, the countries of the South Caucasus, like other countries, are trying to change PAYG pension system on the mixed (hybrid) pension system. This is due to the fact that solidarity (PAYG) pension system plays an important role in poverty reduction and serves a valuable welfare distribution function, so its disappearance would have many undesired social consequences. Therefore, it is advisable to introduce a more sustainable pension system. One possible solution is the introduction of mixed (hybrid) model (PAYG and the accumulated Fully Funded). Any decision about a possible reforms should be based on comprehensive analysis and a study of international experience.

Pension System in South Caucasus: Challenges and Reform Options

The paper studies the main features of the economic crisis which is the result of the COVID-19 pandemic It is justified that this crisis did not originate in the economy itself but that it is the result of the inability of modern medicine to cope with the coronavirus Therefore, in this case, the economy is a hostage to medicine It is shown that the coronomic crisis differs from those economic crises that also occurred in the twentieth century for non-economic reasons In the post-crisis period, the problem of reducing the budget deficit will be especially acute for almost all countries Apparently, central banks, especially in import-dependent countries, will have to abandon the inflation targeting regime Particular attention is paid to the problem of the zombie-ing of the economy with anti-crisis methods of supporting companies that had to reduce or completely suspend their economic activity One of the challenges of the post-crisis period will be such a change in bankruptcy legislation that will help to get rid of the economy of zombie-firms and zombie-banks © 2020 Bull Georg Natl Acad Sci

Features of the economic crisis under the covid-19 pandemic and the threat of the zombie-ing of the economy

Purpose – The purpose of this paper is to distinguish the economic foundations of post‐Communist capitalism and to examine the key economic problems of this type of society in the context of the modern financial crisis.Design/methodology/approach – This question is approached by studying the “necroeconomy” as a phenomenon of post‐Communist capitalism and the international experience of the dead firms, so‐called “zombie‐firms”, which do exist and “successfully” function in the most developed of economies as well with Japan being the most obvious example. Unlike developed economies, which are exposed to the threat of the zombie‐ing of the economy under the conditions of a financial crisis, this threat is even greater for the countries of post‐Communist capitalism owing also to their exposure to necroeconomy.Findings – It is found that the financial crisis creates the favourable conditions for the zombie‐ing of a necroeconomy. If in Japan, for example, the zombie‐economy never touched the processing industri...

Economy of post‐Communist capitalism under the financial crisis

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Economy of post‐Communist capitalism under the financial crisis