bluuebunny/crossref_metadata_2025 huggingface dataset:
Mishustin M. V. Informational and Technological Grounds of Property Taxes Administration
Authors: Mau V.
Published: March 2019

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Inflation and Price Setting in the Agroindustrial Complex of RF: The Influence of the State, Business, Cooperation (The Round Table at the Institute of Economics of RAS)
Authors: Popova L.
Published: March 2019

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The Development of Russian Private Entrepreneurship in Cross-country Comparison
Authors: Obraztsova O. , Chepurenko A.
Published: March 2019

The article summarizes the first results of the participation of the Russian research team in the international comparative project "Global Entrepreneurship Monitor" (GEM) in 2006-2007. The most important parameters and stages of early entrepreneurial activity and established business in Russia and the group of other participating GEM-countries are described. Some findings concerning the relationship between the population’s entrepreneurial activity and the level of national economic development are formulated.
The Transformation Problem: A Comparative Historical Analysis of Approaches and Solutions (Classical Perspectives)
Authors: Levina I.
Published: March 2019

The article focuses on the analysis of approaches to the transformation problem. The author examines the place and role of the transformation problem in Marx’s theory and methodology, as well as provides a critical analysis of solutions to this problem that emerged during the earlier stage of the debates in the Western literature. They include the approaches within the so-called "dual-system" interpretation developed by the proponents of the neoclassical theory and Marxists (those aiming at preserving Marxian theory without his labor theory of value, as well as those trying to retain Marx’s major conclusions but to correct his mistakes and make his theory consistent).
Is There a Need for Elimination of the VAT in Russia? (Problem Analysis Subject to Long-term Forecast of Tax System Stability)
Authors: Trunun I.
Published: March 2019

The role of the value-added tax in Russia, reduction of the tax rate in order to minimize its distortionary effects on economic development and even its possible replacement with the retail sales tax are one of the most popular discussion topics among decision-makers through the last 2-3 years. The paper is focused on the analysis of the VAT in Russia, its revenue-raising function as well as its role in tax policy and tax system of Russia. The conclusions are based on alternative options of economic policy that include elimination of the VAT in Russia.
Russian Federalism at the Critical Stage of Development
Authors: Bukhvald E.
Published: March 2019

Transformations in the sphere of federal relations concern the most important directions of the reforming processes in the country. However, not all proposed and actually developing components of the federal reform seem well-argued and corresponding to long-term, strategic interests of the Russian statehood. The basic course of reform should meet the objective requirements of further decentralization of governing economic and social processes and the need to ensure strengthening the responsibility of RF subjects’ executive bodies and local self-management for steady social and economic development of their territories. The solution of these problems calls for a new model of federal policy of regional development, specification of some important components of the municipal reform as well as inserting certain amendments into the system of intergovernmental fiscal relations in order to stir up their stimulating function.
Leksin V. N. Federative Russia and Its Regional Policy
Authors: Mil'ner B.
Published: March 2019

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Agreements and Coordinated Activities (The Round Table at the Institute of Contemporary Development. Moscow, Oct. 1, 2008)
Authors: Yusupova G.
Published: March 2019

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New Theory of International Trade and New Economic Geography (Nobel Prize in Economics 2008)
Authors: Volchkova N.
Published: March 2019

The paper reviews Paul Krugman’s contributions that earned him Nobel Prize in Economics of 2008 and grounded two fields of economic theory — new theory of international trade and new economic geography. The paper shows how the assumption of internal increasing returns to scale and monopolistic competition borrowed by Krugman from the industrial organization theory changed the conclusions of standard models and enriched our understanding of international trade and spatial distribution of economic activity.
Probability and Uncertainty in Economic Modeling
Authors: Gilboa I. , Postlewaite W. A. , Schmeidler D.
Published: March 2019

The article considers the paradigm of subjective probability and expected utility theory with respect to their applications in the theory of decision-making. Advantages and shortcomings of Savage’s axiomatic in the subjective probability theory are analyzed, the models of beliefs formation are considered. The authors propose a new approach to the analysis of decision-making — a multiple priors model, where an agent attributes to each event not a single probability, but a range of probabilities.
Competitive Interactions in the IT Industry: World Practice and Russia
Authors: Rozanova N.
Published: March 2019

The article analyzes a model of vertical product differentiation applied to IT area which demonstrates that IT market is a natural oligopoly, the number of applications, the degree of compatibility in basic IT product modifications, the level of network effect being the main criteria of vertical product differentiation. Characteristics of IT products and types of competition in IT sphere are analyzed as well as the situation on the Russian IT market.
Global Economic Crisis of 2008-2009: Sources and Roots
Authors: Rapoport G. , Guerts A.
Published: March 2019

In the article the global crisis of 2008-2009 is considered as superposition of a few regional crises that occurred simultaneously but for different reasons. However, they have something in common: developed countries tend to maintain a strong level of social security without increasing the real production output. On the one hand, this policy has resulted in trade deficit and partial destruction of market mechanisms. On the other hand, it has clashed with the desire of several oil and gas exporting countries to receive an exclusive price for their energy resources.
Institutional and Cultural Limitations of Catching-up Countries
Authors: Yasin E. , Snegovaya M.
Published: March 2019

Following the issue of innovational potential of catching-up countries the authors consider the peculiarities of China, India and Brazil’s institutions and culture. According to their opinion, these peculiarities can limit innovational development of the said countries. For each of them the limitations have their specifics, but when positive factors are exhausted they can become the brake to development. This issue is also important for Russia because it has its own limitations.
The Nature and Future of Econophysics
Authors: Rosser-Jr. J. B.
Published: March 2019

The article presents an overview of econophysics, its main issues, history and possible paths of future development. Descriptions of the subject, problems and methodology are provided. The questions are raised such as what the contribution of the new discipline to the core issues in economics is and whether the new methods and approaches could be applied in physics. The role of the interdisciplinary research which tends to become the main engine of development in econophysics is discussed in detail.
Turbulence of Economic Processes: Theoretical Aspects
Authors: Burlachkov V.
Published: March 2019

The article discusses turbulence of economic processes as a result of relative velocities of economic system elements. It is underlined that turbulence is the property of macroeconomic dynamics. The main reason of turbulence in economic system is the discrepancy between the velocity of deals contracting and the velocity of obligations executing. The process approach to the analysis of economic system as a set of processes is proposed. Using Lorentz transformations for turbulence analysis is discussed.
Meritorics and Economic Sociodynamics: Debates with R. Musgrave
Authors: Rubinstein A.
Published: March 2019

The article is a part of a new book by the author — "The Birth of the Theory. Conversations with Prominent Economists" and is devoted to the polemics with R. Musgrave. The main topics of the discussion are public goods theory, irreducible needs of society, methodological individualism and the role of the state in the modern market economy.
Ownership Structure of Manufacturing Companies and Its Dynamics: Research Based on Monitoring Data
Authors: Dolgopyatova T.
Published: March 2019

The paper describes dynamics of ownership structure in Russian manufacturing industry with particular attention to its concentration and the stock of main groups of shareholders including foreign investors and Russian authorities. Special attention is paid to empirical analysis of determinants which decrease the level of ownership concentration during 2005-2009. Significant positive factors of this decrease are companies’ entry to securities markets, their work in competitive environment, and larger size of foreign investors stock. Negative influence of propensity to future investments has also been found out. Besides, correlations among ownership features, on one hand, and enterprises’ behavior and top-managers’ estimates of the current economic crisis, on the other hand, have been revealed and discussed. The research is based on the data of two rounds of monitoring of industrial enterprises competitiveness conducted by the State University - Higher School of Economics in 2005 and 2009 in 48 regions of Russia.
Industry Innovations: Development versus Adaptation
Authors: Gonchar K.
Published: March 2019

The paper addresses the problem of the technological standard and innovations in Russian manufacturing companies. It is based on the most recent firm level data. The analysis shows that the industry is seriously segmented in this respect. Empirical analysis proves that the technological standard and innovations are closely linked to productivity growth and competitive stand of enterprises. In turn they depend on company size, quality of management, finances of the firm. The innovation activity is higher than expected, though only a minor portion of firms targets international market, few innovate nation-wide. We discuss that opposing technological upgrade to product innovation and adapted products to originally designed ones is misleading. In real business these processes are interrelated, happen consistently, almost always require in house development. In the end some policy advice based on the results of the study are provided.
The Faces of Innovation (On the Book by Kelly T. with Littman J. "The Ten Faces of Innovation")
Authors: Suetin A.
Published: March 2019

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Essential Megapolis Economics / P. I. Burak (head of the composite author)
Authors: Ivanter V.
Published: March 2019

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Borders, Conflicts and Bargaining in Federations and Communities of Governments
Authors: Libman A.
Published: March 2019

Economic policy in the modern world can be treated as an outcome of interaction of multiple territorial centers of public authority: nation-states, subnational and supranational jurisdictions. In the last decades economics has increased its attention to the factors which influence the distribution of power among jurisdictions. The paper surveys two main research areas in this literature: economics of conflicts and theory of endogenous decentralization. It discusses the basic models of both approaches and their modifications applied in the literature as well as factors of conflict formation and bargaining over devolution.
"Rosy" Mistakes of the International Monetary Fund and the World Bank in Georgia
Authors: Papava V.
Published: March 2019

The paper is devoted to the analysis of failures, characteristic of the activities of Bretton-Woods institutions in Georgia after 2004. Their experts systematically overlooked the existence of non-budgetary accounts, violation of property rights, restriction of competition, manipulations with statistical data, weakening of the National Bank of Georgia, unnecessary issue of Eurobonds, poor tax policy etc. The case of Georgia may prove the necessity of reforming international financial institutions.
Smith V. Experimental Economics
Authors: Belyanin A.
Published: March 2019

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Psychological Aspects of the Current Economic Crisis
Authors: Olsevich Yu.
Published: March 2019

In this article the formation of new «market psychology» in the conditions of pyramidal globalization and liberalization, as a general precondition of the current crisis, is considered. Basic elements of this psychology - shift of US households from saving up behavior to credit-dependent consumption, transition of large American corporations under the control of financial hawks, creation of the system of global capital inflow to the USA. On this basis a quasi-keynesian model of unstable equilibrium at the stage of growth generated by external credits is put forward. The conclusion is made that psychological disbalance of ruling elites of the USA, on the one hand, and Western Europe and Japan - on another interferes with maintaining global economy stability.
Competition Policy under Economic Crisis
Authors: Shastitko A. , Avdasheva S. , Golovanova S.
Published: March 2019

The analysis of competition policy under economic crisis is motivated by the fact that competition is a key factor for the level of productivity. The latter, in its turn, influences the scope and length of economic recession. In many Russian markets buyers' gains decline because of the weakness of competition, since suppliers are reluctant to cut prices in spite of the decreasing demand. Data on prices in Russia and abroad in the second half of 2008 show asymmetric price rigidity. At least two questions are important under economic crisis: the 'division of labor' between pro-active and protective tools of competition policy and the impact of anti-crisis policy on competition. Protective competition policy is insufficient in transition economy, especially in the days of crisis it should be supplemented with the well-designed industrial policy measures which do not contradict the goals of competition. The preferable tools of anti-crisis policy are also those that do not restrain competition.
What the Seller Wont Tell You: Persuasion and Disclosure in Markets
Authors: Milgrom P.
Published: March 2019

Thе paper presents the microeconomic theoretical arguments about how sellers disclose information in an attempt to encourage buyers, and the potential role for regulation in encouraging efficient disclosure of information. The author seeks to understand, when should one expect all the relevant information to be reported. If testing and reporting by the seller are costly, the question is whether too little or too much testing and reporting will be done. The article also studies the types of information withheld by the seller and the corresponding reactions of rational buyers. The problems of social welfare and the government regulations to improve the functioning of markets are also addressed. The theoretical tool proposed by the author is the theory of persuasion games - games in which one or more sellers provide verifiable information to buyers to influence the actions they take.
On the Nature of Current Crisis
Authors: Lavrovsky B.
Published: March 2019

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Companies' Profits and Debts
Authors: Ulyanov I.
Published: March 2019

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The Downfall Is over, the Crisis Continues
Authors: Aleksashenko S.
Published: March 2019

Being affected by the global economic crisis the Russian economy has become one of the most distressed. That means that it has very low resistance to external shocks. Within the nearest months Russia will face several very serious macroeconomic challenges. Its potential to overcome the crisis strongly depends on adequacy and timeliness of governments actions, on its ability to identify and implement correct solutions, on its readiness to launch sound incentives for the business.
The Crisis in Russia: Sources and Lessons
Authors: Dzarasov S.
Published: March 2019

The article criticizes neoclassical equilibrium theory which is, to the authors opinion, unable to explain crisis phenomena in the modern economy. The author also criticizes the policy of the Russian government and suggests using Keynesian ideas as a theoretical ground for economic policy as well as switching the attention from monetary issues to the problems of the real sector of economy.
The Macroeconomist as Scientist and Engineer
Authors: Mankiw N. G.
Published: March 2019

The article written by a prominent American expert analyzes the development of macroeconomic ideas. The author considers the history of macroeconomics as an interaction between applied ("engineer") and theoretical traditions. Although modern theoretical approaches, as he argues, didnt have a serious impact on economic policy, their emergence helped creating rigorous analytical tools used to develop a new generation of models ("New Neoclassical Synthesis"). The latter are to form the basis of new macroeconometric approaches and new macroeconomic engineering.
China and the Global Crisis
Authors: Karlusov V.
Published: March 2019

Based on the case of China, the article addresses the challenges posed by the current global crisis for national economies including Russia. In this context, the author analyzes the anti-crisis measures and factors, the evolution of Chinas socio-economic strategy and modernization of the real and financial sectors of the Chinese economy. The article also focuses on retrospective comparative assessment of economic dynamics, periodization, growth rates and future growth prospects of Chinas GDP. The final general conclusions are significant and relevant for China as well as for other economies in transition, catch-up and growing market economies including Russia.
The Influence of Border Trade on Economic Development of Russia and China
Authors: Ryzhova N.
Published: March 2019

National interests in developing border trade often contradict regional interests. Nevertheless if one examines border trade as a stimulus for developing border regions, the situation will be changed significantly. In this paper the author analyzes the case of Russian-Chinese border trade concerning social and economic development of the border regions of Russia and China.
The Innovation Pause Hypothesis and the Strategy of Modernization
Authors: Polterovich V.
Published: March 2019

The Innovation Pause Hypothesis is developed in the article. According to this hypothesis, the current crisis can be explained by the exhaustion of possibilities of existing general purpose technologies and by the delay of new ones in combination with overoptimistic expectations due to a long period of rapid economic expansion. If this hypothesis is correct, then it is quite plausible that a significant period of time will be required before fast growth is restored in Western economies. Russia gets an additional chance to decrease the gap between Russian and Western economic productivity provided that an efficient mechanism of technology borrowing is created. An appropriate strategy must include a set of measures aimed at: increasing the countrys adaptive capacity; designing an interactive planning system in order to develop large-scale modernization projects; increasing the capital accumulation rate by stimulating savings and improving the credit system.
Economic Possibilities for Our Grandchildren  (Afterword by D. Shestakov)
Authors: Keynes J. M.
Published: March 2019

The article written by the classic of economic science in the years of the Great Depression, which is published in Russian for the first time, contains an overview of economic growth through the history of mankind. Keynes points at the key factors of economic growth and argues that due to increase in the standard of life between four and eight times in the next 100 years the mankind will be able to escape from the necessity to work. He also speculates on the way moral norms will change in the future society.
Corporate Governance in Russian Companies: Globalization and Crisis Effects
Authors: Dolgopyatova T.
Published: March 2019

The paper studies the development of corporate governance in Russian companies both in economic growth and world crisis context. Interests of domestic or foreign shareholders and top-managers are working as incentives for improving corporate governance tools. These interests are determined by a number of economic and institutional conditions. In 2000s Russian businesses have entered world financial markets (including stock exchanges) and mergers and acquisitions markets. Participation of foreign shareholders in the equity and control over domestic companies has been spreading. These trends have resulted in intense use of corporate governance standards under the impact of stock market regulations and disciplined influence of foreign shareholders, managers, and non-executive (independent) directors. The crisis has brought dramatic reduction of decision-making horizon, discredit to IPO, violation of minor shareholders rights, rise in management opportunism and stockholders return to executive management.
The Evolution of Monetary Theories of Business Cycles
Authors: Stolbov M.
Published: March 2019

The article deals with the most influential monetary theories of business cycles, ranging from R. Hawtrey and F. Hayeks descriptive models based on credit cycles to the financial accelerator concept worked out by B. Bernanke. The prerequisites, methodology and conclusions of the theories are analyzed in the context of broad research programs of scientific schools and economists who elaborated these concepts. The competition and convergence between conflicting monetary theories of business cycles are also described.
Russian Banking Sector and Ways of Its Reforming
Authors: Andryushin S. , Kuznetsova V.
Published: March 2019

The article considers the key issues of current development of the Russian banking sector. It summaries the main achievements of the Russian government and Central Bank anti-crisis management and submits possible variants of solving the problem of Russian banks bad debts. The ways of transforming the Russian banking sector and sources of its development at the regional level are also discussed.
Principles of Evolutionary Modernization of Transition Economies
Authors: Rustamov E.
Published: March 2019

The article considers strategic issues of modernization of the transition economy. The analysis is based on the methodology of the World Economic Forum where special attention is paid to the sequence of the transformation stages. The main conclusion is that modernization should combine implementation of the governance mechanisms with the beneficial use of comparative advantages of the national culture. In fact, modernization of the transition economy should be evolutionary. It is precisely this course of development that is relevant for Azerbaijan which has successfully upgraded its economy in the recent years.
The Genesis of Bill of Credit: A Functional Aspect
Authors: Krinichansky K.
Published: March 2019

The paper considers the evolution of the bill of credit institution and changes of its functions. It is emphasized that bill of credit acquires the features of a formal abstract agreement and a turnaround document. It is shown that bill-of-credit-like institutions have a complicated path of development that includes important transformations. The latter facilitate the rise of these institutions functionality, the change in the composition of their functions, adaptation to the needs of economic agents. The transformation of bill of credit has led to lowering transaction costs of market interactions.
From Dawn till Bloom (On the Book "Light and Color in Economy and Society")
Authors: Kleiner G.
Published: March 2019

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Ambitious Books (On the Books by R. S. Grinberg and A. Ya. Rubinstein)
Authors: Yakobson L.
Published: March 2019

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The Problems of the American Economy Management in Paul Krugmans Works
Authors: Klinov V.
Published: March 2019

Basing on recent works by P. Krugman, the Nobel Prize winner in economics, the article considers the trends in the distribution of private incomes and factors of their formation. The key role is attributed to tax policy in governing macroeconomic processes through its influence on the distribution and final use of incomes. The occurrence of deep recessions in the U.S. economy as well as the success in overcoming acute problems in economic development depend to a great extent on the direction of tax policy.
Non-observed Economy in the CIS Countries
Authors: Ivanov Yu.
Published: March 2019

The article contains a review of underlying concepts and definitions of non-observed economy which are formulated in the international standards on this topic and used by the CIS countries for computation of GDP and other key indicators of the System of National Accounts. The article considers the methods used for measuring non-observed economy and some figures on the share of non-observed economy in GDP of the CIS countries and other selected countries of the world. Perfection of methods of measuring non-observed economy and raising reliability of its estimates requires improvement of general level of work on compilation of national accounts.
The Disintegration of the British Empire as a Restructuring of the Geoeconomic System (1947-1972)
Authors: Sokolov V.
Published: March 2019

The article considers Great Britain as a "country-system" which organizes global economic structures. The article shows how the United Kingdom was gradually losing its exclusive position in the world trade. The high growth rates in the countries of continental Europe enhanced their attractiveness as trading partners and eventually caused Britains reorientation from preferential links with the countries of the Commonwealth to the European economic integration. The article criticizes widespread opinion that the refusal from colonialism and imperial ambitions was the consequence of developing free trade. Using the heritage of the Empire the United Kingdom ensured more favorable position in the world economy than it could get according to the competitiveness of the mother country.
Coordination between Federal and Regional Governments While Conducting Anti-recession Policy: International Practice
Authors: Siluanov A. , Nazarov V.
Published: March 2019

In countries with multilevel budget system the efficiency of anti-recession policy largely depends on the coordination between federal, regional and municipal governments. It can be achieved by using various intergovernmental fiscal instruments such as reduction of federal taxes and tax redistribution between government levels, softening credit requirements for subnational governments, unconditional and block grants, federal investments in regional infrastructure and co-financing of regional programs affecting people with low and moderate income. Analysis of international practice helps to understand whether it is reasonable to use these instruments in Russia.
Capitalism Is Here to Stay (On the Book by V. Barnett "Marx")
Authors: Ivanov D.
Published: March 2019

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Modernization under Conditions of Political Stability (Reforms of the Second Half of XIX Century: Logic and Stages of Complex Modernization)
Authors: Mau V.
Published: March 2019

The paper discusses economic and political modernization under Alexander II and Alexander III. Special attention is paid to economic modernization under conservative political regime as well as to the influence of the 19th century economic policy and economic debates on the industrialization policy in the 20th century.
Russia’s Agrarian Tragedy
Authors: Abalkin L.
Published: March 2019

It is not correct to treat peasantry as a class. It belongs to those strata of society that provide its vital activity. Russia’s agrarian tragedy has a long history. Peasantry has always been the source of resources, but not the organic part of economy and society. In order to develop land it is necessary to change the demographic situation, attract millions of people to rural areas. Rural life should be comfortable and pleasant, but to achieve this goal the revival of agriculture must become not only an economic project, but a priority social one.
Russias Institutional Problems in the Global Context
Authors: Yasin E. , Snegovaya M
Published: March 2019

This third, last article observes the dynamics of the development of Russia, the fourth of the BRIC countries, which have been analyzed in the context of the formation of its institutions and culture. Main factors that create a potential barrier on the way of Russias democratization and its transition to the innovation phase are selected. On one side, this barrier is lower in Russia than in other BRIC countries: bureaucracy is weaker than the Chinese one and there is no institutional separation of the society, as in India and Brazil, levels of education are relatively high, while oil export could bring additional resources for the institutional reforms. On the other side, Russia doesnt have cheap labor force which permits other BRIC countries to postpone the transition to the innovation phase of development. Will Russia be able to overcome the barriers to its development in the nearest future, and what is necessary in order to achieve this? This article aims to answer this question.
Economics of Public Sector: A Textbook / P. V. Savchenko, I. A. Pogosov, E . N. Zhiltsova (eds.)
Authors: Sorokin D.
Published: March 2019

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On the Exchange Rate Policy
Authors: Yudaeva K.
Published: March 2019

The level of trust in the local currency in Russia is very low largely because of relatively high inflation. As a result, Bank of Russia during crisis times can not afford monetary policy loosening and has to fight devaluation expectations. To change the situation in the post-crisis period Russia needs to live through a continuous period of low inflation. Modified inflation targeting can help achieve such a result. However, it should be amended with institutional changes, particularly development of hedging instruments.
The Theory of Cycle under the Crisis Blow
Authors: Grigoriev L. , Ivashchenko A.
Published: March 2019

The modern theory of cyclical fluctuations and its relevancy to actual processes in the global economy are discussed in the article. It points to the limited applicability of the theory to practical needs of households, businesses and governments. Possible directions of the theory evolution are considered: more focus on financial shocks, strengthening microeconomic foundations, selection of more homogeneous periods with specific features and shocks for analysis. The breakdown of post-war period into three relatively homogeneous sub-periods named "stationary regimes" is proposed. These sub-periods are separated on the basis of quantitative and qualitative analysis of the group of economic indicators. The global crisis of 2008-2009 is defined as a turning point between the 3rd and the expected 4th "stationary regimes". Assumptions are suggested concerning possible features of economic growth in the next "stationary regime" as well as their reflection in the theory of cycle.
Real Business Cycle Models: Past, Present, and Future
Authors: Rebelo S.
Published: March 2019

This paper reviews contribution of real business cycle models to our understanding of economic fluctuations and consequences of economic policy. The author pays special attention to technological shocks, discusses open issues in business cycle studies both in retrospect and future research.
Modernization of Russian Economy: Radical Improvement of Investment Climate (The Economic Report of All-Russia Public Organization "Delovaya Rossiya")
Authors: Delovaya Rossiya (Business Russia) .
Published: March 2019

The repot considers the current state of the Russian economy, analyzes the drawbacks of the functioning export-raw materials model of its development. The necessity of its changing on the basis of improving the investment climate on the regional level is noted. Corresponding measures on behalf of federal and regional authorities are formulated as well as the directions of innovation policy aimed at modernizing the Russian economy. The conclusion is made that private non-raw materials business should become the main agent of modernization in our country.
Financial Results and Their Validity
Authors: Eliseeva I. , Sokolov Ya.
Published: March 2019

The article deals with discrepancies between theoretical accounts of the firms financial results and methods of their estimation. Various ways of calculating financial results lead to different, though logically equivalent, conclusions. The authors consider three forms of profit which may relate to each other in various ways. The ratios of financial results calculated on different grounds should be taken into account while making managerial decisions, primarily investment ones.
The Return of Political Econimy (On the Book by A. Buzgalin and A. Kolganov "The Limits of Capital. Methodology and Ontology")
Authors: Grinberg R.
Published: March 2019

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"Resource Blessing": R&D and Sweet Water Deficit
Authors: Levin M. , Shilova N.
Published: March 2019

Shortening of available volumes of a natural resource can become an engine for the development of new technologies, which could help using it more effectively. The article considers the case of Israel - the state that encounters sweet water deficit. Accessible average volume of this resource is in some sense random and hard to predict. Ordinary pricing mechanisms are difficult to implement due to political and social considerations. A range of measures has made private firms use an already existing intellectual resource to develop R&D aiming to make water use more effective. This can be viewed as a process of efficient substituting a deficit natural resource with a non-deficit intellectual one.
On the Role of Monetary and Fiscal Policies in Russia at the Crisis and Post-crisis periods
Authors: Manevich V.
Published: March 2019

In the paper the author examines the monetary policy, which was carried out at the acute stage of the crisis and during the years 2009-2010, as well as the forecasts of monetary and fiscal policies for 2011-2013. The author comes to the conclusion that decreasing banking credit activity during the 2nd-4th quarters of 2009 and the 1st quarter of 2010 was due to reduced lending of commercial banks by the Central Bank and the reversion of its monetary policy to floppy following the situation on the exchange market. According to the authors calculations the budget deficit financed by domestic lending may grow to 6-7% of GDP provided that capital export be limited, and the money supply expand mainly on the basis of increases in the net domestic assets.
Methodological Eclecticism of Transmission Mechanism of Monetary Policy
Authors: Ivanchenko I. , Maslov A.
Published: March 2019

The article analyzes theoretical and methodological features of the transmission mechanism of monetary policy and its channels of performance. The complex nature of this phenomenon is substantiated by a qualitative economic approach thus revealing its immanent theoretical contradictions, which cause a number of problems that monetary authorities face while conducting monetary policy. Possible ways of analysis aimed at resolving the mentioned issues are suggested.
Trust in Modern Russia (Comparative Approach to "Social Virtues")
Authors: Sasaki M. , Latov Yu. , Romashkina G. , Davidenko V.
Published: March 2019

This article offers economic and sociological theory of trust, embodying the idea of "social capital" by James Coleman. It also analyzes empirical data on personal and institutional trust obtained on the basis of nationwide opinion poll in the project "Comparative studies of trust in different countries during the period of globalization". The problem of trust is considered in the context of the international projects "World Values Survey" and "Trust Barometer" which made it possible to construct a mental world map of personal and institutional trust for various countries. It is shown that Russia has not a low, but a medium level of trust. In the mental world map some patterns were presented that reflect the basic trust as a form of social capital.
Dividend Policy of Russian Companies and the Investors Interests
Authors: Ruzhanskaya L. , Lukyanov S.
Published: March 2019

The paper concentrates on revealing basiс factors causing parameters of dividend policy. Analyzing practice of the Russian corporations, the authors conclude that, despite irregularity and in most cases refusal of payments by joint-stock companies, it is possible to determine similar features with the companies from the developed countries: concentration of dividends and circulation of the buy-back. Specific characteristics of dividend policy have become a consequence of poor quality of institutions leading to significant agency costs in firms: debt is not an essential restriction for payments of dividends; the effect of smoothing dividends is absent, the structure of ownership influences payments; large profitable companies pay dividends, also as a substitute for bad quality of corporate governance. Incentives of large shareholders reserving control over the companies are the main factor defining decisions on payment and the size of dividends.
Golubev A. V. Crisis and Russian Agriculture
Authors: Nazarenko V.
Published: March 2019

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Economics of Development Based on Commodity Revenues
Authors: Guriev S. , Plekhanov A. , Sonin K.
Published: March 2019

Commodity resources offer vast opportunities for development. In the long run, however, the performance of commodity-rich countries tends to fall short of expectations, as commodity rents induce macroeconomic volatility and undermine incentives to improve institutions. The paper looks at the strategies that countries can adopt to avoid the "resource trap". These strategies aim at diversifying the economy, promoting financial development, building up stabilization buffers that lower macroeconomic volatility, and reducing inequality. The resource-rich transition countries have embraced these strategies to varying degrees, and with varying success. Improving institutions remains the key challenge.
Reproduction of Fixed Capital and Economic Theory
Authors: Mayevsky V.
Published: March 2019

The paper presents a new version of reproduction theory which (unlike Marxs theory) allows the existence of fixed capital reproduction in value terms and the necessity of the current work time expenditure for the realization of this process. The new version permits to solve a well-known problem of the redundancy of the category of "value" and the related problem of the so-called dual system approach. The author managed to formalize Marxs law of value and to discover the circular flow process of "depreciation" money which serves reproduction of the fixed capital.
On the Economic Nature of Depreciation
Authors: Orlov A.
Published: March 2019

Economic theory considers depreciation as a part of value transferred from the fixed capital stock. But economic practice rejects this view. Economic performance is determined both by profit and depreciation. Their unity is to be found in capital investment and accelerated depreciation. Depreciation is not identical with direct costs, but is included in the cost price of products to ensure the renewal of fixed capital.
The Baltic States: In Search of the Way out of the Crisis
Authors: Grigoriev L. , Agibalov S.
Published: March 2019

Ambitious targets were set up at the start of independent development of the Baltic States. But they were met only partially. The Baltic recession which has been lasting for more than two years now and definitely will continue through this year has turned out to be the deepest in the EU. Reinforced by the global economic crisis this recession has put an end to their initial development model. Now all the three states need new ideas and a new growth strategy. Among other factors, the current crisis is rooted in active deindustrialization, politically-led privatization and politically-biased orientation only to the EU. Now it is clear that service, transit and tourism are not sufficient for sustainable growth. Closer cooperation with the East is part of the solution.
To the Unified Space of Russian Economic Science (An Interview with A. Ya. Rubinstein, the First Deputy Director, Institute of Economics, RAS)
Authors: Editorial Article
Published: March 2019

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Russian Economy in 2009: Break Neck Fall and Slow Restoration
Authors: Borisova I. , Zamaraev B. , Kiyutsevskaya A. , Nazarova A. , Sukhanov E.
Published: March 2019

The effect of the world financial crisis on the Russian economy in 2008-2009 is analyzed in the article. The external shock led to changes in the mechanism of monetary supply in the model of economic development based on exports of raw materials. The dynamics and parameters of production, gross fixed investment, internal consumer demand and external flows are considered.
Stress-testing Russian Banking System: Will Banks Need Government Assistance Again?
Authors: Solntsev O. , Pestova A. , Mamonov M.
Published: March 2019

The article analyzes factors that affect growth of the share of non-performing loans in the loan portfolio of Russian banks and proposes approaches for this share forecasting on the basis of dynamics of macroeconomic indicators. It also deals with methodological issues of remote stress-test of lending agencies. Using the results of conducted stress-test of Russian banks the authors assess their perspective capital needs in 2010 and estimate the share of government assistance in capital injections. Furthermore, the authors define the scale of vulnerable banks groups in the Russian banking sector.
Estimation of Implicit Pension Debt in Russia
Authors: Volkov Ya.
Published: March 2019

In the article the results of modeling the dynamics of insurance component of retirement pension in Russia are considered. The author outlines the current pension scheme and stresses the significance of implicit pension debt as an important tool for pension liabilities evaluation. Estimation results include computing the current value of pension liabilities in Russia, costs of pension reforms and dynamics of pension deficit for the future.
Investment Security as a Factor of Steady Economic Development
Authors: Naryshkin S.
Published: March 2019

The article argues for the growing role of economic security factors in the situation of post-crisis development. The paper is focused on the problem of investment security of the national economy. The article contains the definition of investment security and its basic criteria. The author designates major directions and tools of the state policy directed at maintenance of investment security requirements as a condition of stable development and modernization of the Russian economy.
The Jubilee of Maturity: Deeds and Plans
Authors: Grinberg R.
Published: March 2019

On the occasion of the 80th anniversary of the Institute of Economics, RAS its director R. Grinberg reflects on the difficult history of the Institute, its present and prospects of development. Among the key priorities of its scientific program the following ones can be named: fundamental research, social studies in broad sense, elaboration of long-term concepts of the countrys social and economic development accounting for its positioning in the global economy.
Rhetoric of the New Institutional Economics
Authors: Raskov D.
Published: March 2019

The article provides a rhetorical analysis of the New Institutional Economics based on the works of its main representatives - R. Coase, O. Williamson and D. North. The author exposes the specific features of scientific rhetoric characteristic for each of these scientists, reconstructs their biographies and shows, how and why their theories came to be integrated into mainstream economics.
The Financial Crisis and the Systemic Failure of Academic Economics
Authors: Colander D. , Follmer H. , Haas A. , Goldberg M. , Juselius K. , Kirman A. , Lux T. , Sloth B.
Published: March 2019

The authors of the article claim that the economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions. In their view, this lack of understanding is due to a misallocation of research efforts in economics. They trace the deeper roots of this failure to the professions insistence on constructing models that, by design, disregard the key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public. This state of affairs makes clear the need for a major reorientation of focus in economic research, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.
Public Procurement and Innovative Economy Forming
Authors: Smotritskaya I. , Chernykh S.
Published: March 2019

The article analyzes the conceptual framework of public procurement system as an integral part of public regulation to ensure effective management of public resources. The authors consider the problems of transition to a new "quality" of the procurement system, increasing its innovative activity. They put forward proposals for institutional framework and mechanisms of regulating procurement, meeting the needs in innovative upgrading and modernization of the Russian economy.
On the Timeliness of Modern Economics (On the Book by A. G. Khudokormov "Economics: The Newest Currents of the West")
Authors: Kirdina S.
Published: March 2019

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Olsevich Yu. Ya. Psychological Grounds of Economic Behavior
Authors: Gloveli G.
Published: March 2019

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Monetary Policy of Central Banks during Global Financial Crisis
Authors: Andryushin S. , Kuznetsova V.
Published: March 2019

The paper analyzes different regimes of monetary policy, which central banks realized in normal macroeconomic conditions, summarizes their pluses and minuses. During the global financial crisis central banks had to conduct unconventional measures of monetary policy. Their realization has changed the structure and values of central banks balance sheets that is shown on the example of statistical data of FRS, Bank of England, ECB, Bundesbank, Bank of Japan, Peoples Bank of China.
"The Man in the System of Production" in the Works by F. Fukuyama and A. Makarenko
Authors: Frolov A.
Published: March 2019

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Russian School of Social and Economic Thought: Sources, Principles, Prospects / Yu. V. Yakutin (ed.).
Authors: Olsevich Yu.
Published: March 2019

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Modernization and Transformation of Innovation Strategy of Russia: Problems and Solutions
Authors: Golichenko O.
Published: March 2019

Problems and tasks of Russian innovation strategy are considered from the point of view of the countrys passing certain stages of technological development. It is noted that during the period of rapid economic growth Russia did not manage to proceed from the resource stage to the investment one. Basing on Japan experience the paper demonstrates that the pure imitation way of technological development conceals the danger of falling into an "imitation trap". To avoid this it is necessary to create beforehand institutions and institutional tools of realization of the next stage based on national innovations. The effective innovation state policy should be aimed not only at solving the tasks of the investment stage but at building up certain preconditions for transition to the next stage of technological development.
Unequal Exchange and Properties of Space in Economic Theory
Authors: Orekhovsky P.
Published: March 2019

The author analyzes the notion of unequal exchange in modern economic theory and in the Russian economy. Drawing on the theory of uneven economic development (Yu. Yaremenko), he demonstrates how the Russian economy is segmented and becomes a set of scarcely interconnected local markets. The article analyzes forms of the problems caused by such a segmentation and proposes ways to cope with them.