bluuebunny/crossref_metadata_2025 huggingface dataset:
Stabilization Fund Generation and Use
Authors: Gurvich E.
Published: March 2019

Comprehensive analysis of stabilization fund design and management as a macroeconomic tool is suggested. Restrictions on the use of windfall revenues, stemming from fiscal and monetary sustainability conditions are presented. It is stressed that additional spending of windfall revenues inevitably results in real appreciation of the ruble. According to medium-term macroeconomic projections, if current high export prices sustain, the use of windfall revenues may be gradually raised, but still spending money from the Stabilization Fund of RF will remain quite limited through the year 2008.
The Economic History of "The Third Reich" (on the Book by G. Ali "People’s State of Hitler. Robbery, Racial War and National Socialism")
Authors: Madievsky S.
Published: March 2019

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Keynes as a Marshallian
Authors: Leijonhufvud A.
Published: March 2019

The article considers in detail those aspects of J. M. Keynes’ theory, which conform to A. Marshall’s approach. The author regards Marshall’s and Keynes’ tradition as distinct from modern neoclassical economics; advantages and disadvantages of both currents of economic thought are analyzed.
Evolution of Macroeconomic Theory after Keynes
Authors: Osadchaya I.
Published: March 2019

The author considers major problems of macroeconomic theory of the second half of the XX century, showing an intellectual continuity in the development of science from the works of J. M. Keynes to the current state of theory. The article also analyzes the main achievements of modern macroeconomics.
Non-Oil-and-Gas GDP as an Indicator of Economic Dynamics in Russia
Authors: Bashmakov I.
Published: March 2019

The paper argues for using non-oil-and-gas GDP as an indicator of economic dynamics in Russia. It also may be used for evaluating absorbtive capacity of the economy. The excess inflow of petro- and gas dollars has resulted in the investment boom accompanied by declining fixed capital effectiveness and escalating investment goods prices. The paper also addresses the perspectives of the Russian economy development prior and after 2008. Among other findings, the author has come to the conclusion that strengthening the Russian currency is fighting both inflation and economic growth. Such anti-inflation policy may be applied before 2008, while it is no longer needed afterwards under careful budget spending policy mainly due to a better balance between the monetary demand and actual supply of goods and services.
Unified Social Tax Reform and Shadow Sector in Healthcare and Education
Authors: Besstremyannaya G.
Published: March 2019

The paper studies the interdependence between unified social tax decrease and the evolution of shadow output and shadow prices in healthcare and education. The shadow economy is regarded as the combination of purely shadow activity as well as informal labor within official economy. The analysis shows that although in healthcare lowering of the unified social tax rate causes the decrease of shadow output, in education, on the contrary, the growth of shadow production is registered. If the decrease of unified social tax is accompanied by the rise in personal income tax rate, the economy faces considerable growth of shadow and market prices for educational and healthcare services.
Turning Points in Russian Retail Development
Authors: Khasis L.
Published: March 2019

The article analyses the development of Russian retail networks. Special attention is paid to key issues to win position on the local commercial market, where sales entities set up networks of various complexity. Generalizing the experience of performance of main sales networks on the Russian market, the article points out strengthening of the competitive activity and sets up key trends to improve their functioning. There is It gives trend forecast for expansion of sales networks in Russian regions.
The Efficiency of Economic Education
Authors: Porokhovsky A.
Published: March 2019

The main topic of the article is the global problem of the role of economic education in modern society. On the basis of the USA and EU countries experience the author demonstrates different ways of increasing the efficiency of economic training - program modification, changing of teaching methods, using contemporary technology and teacher positions as the main factor.
Educational Programs as the Element of Managing Corporate Knowledge
Authors: Golubkin V. , Kalendzhyan S. , Kleyeva L.
Published: March 2019

The modern approaches and mechanisms of managing the organization knowledge being now the main factor of innovation processes are observed in the article. Functioning of such mechanisms is not simple and needs outsourcers in education and consulting. In order to make the management effective the interaction of the company with the outsourcer should sustain the process of permanent knowledge circulation.
How to Sustain Growth in a Resource Based Economy (The Main Concepts and their Application to the Russian Case)
Authors: Ahrend R.
Published: March 2019

In recent years economists have come to see rich natural resource endowments as a "curse" that inevitably slows economic growth. Nonetheless, as the examples of a number of countries show, this situation is not fatal. The article argues that serious challenges posed by resource dependence can be overcome if accompanied by the right economic policies. The paper looks specifically at Russia as a prominent example of a resource-based economy and makes recommendations that would help it to sustain high growth.
"Regional Capitals" in Russian Economic and Social Life
Authors: Leksin V.
Published: March 2019

The author examines the phenomenon of the abnormal concentration of economic, financial, demographic, social, and infrastructural potential in administrative centers of Russian regions ("regional capitals") and in few large cities. The fact that regional governments and territorial agencies of federal institutions are located in the "regional capitals" contributes to growth of their competitiveness. The author considers the reasons for and consequences of this situation that should be taken into account when developing and implementing economic and social policy, as well as federal and regional programs and projects.
Economic Policy of Local Authorities in Reforming Russia
Authors: Zhikharevich B. , Zhunda N. , Rusetskaya O.
Published: March 2019

The article gives a review of national experience of development and implementation of local economic policy in 1995-2005, as well as brief analysis of the impact that the reform of local self-governance system imposes on priorities of and tools used for local economic policy after 2005. Research is based upon the survey of 70 municipalities from 32 Subjects of RF.
Institutions as the Ordering Factor and as the Destabilizing Force: New Institutional and Post Keynesian Perspectives
Authors: Skorobogatov A.
Published: March 2019

The paper is dedicated to the New Institutional and Post Keynesian perspectives on institutions and their relation to economic stability. Embeddedness, institutional environment, and institutional arrangements are considered. Within these institutions conventional expectations, the economic policy and forward contracts are analyzed. Upon these perspectives the author shows a contradictory relation between institutions and the order and develops an institutional theory of business cycles.
Modernization of the Public Finance in Russia
Authors: Afanasiev Mst. , Krivogov I.
Published: March 2019

Russian public finance reforming under conditions of substantial increase of budget expenditures is analyzed in the article. Basic directions of the budget reform are considered that are formulated in the variant of the Budget Code, which is currently still under discussion. The focus is made on results-based budgeting and federal investment programs management.
Contemporary Tendencies of Engineering Industries Development
Authors: Klinov V.
Published: March 2019

On the basis of broad use of information and communication technologies engineering industries play a crucial role in solving major problems of social and economic development. The system of taxation in the leading countries provides for maximum reserving of the natural rather than the technology rent. The problems of developing engineering industries in Russia and bridging the gap in efficiency with advanced countries can be solved by means of the state budget policy on the basis of heavy taxing of productive resources. At the same time lower tax rates should be established for enterprises in manufacturing and construction providing for tax exemptions of operating surplus used for gross fixed capital formation inside the country as well as for R&D and personal training.
How Accurate are Macroeconomic and Fiscal Forecasts?
Authors: Gurvich E.
Published: March 2019

The quality of fiscal forecasts in 1999-2005 is examined. Substantial and systematic error in the key macroeconomic and fiscal forecasts is found. Independent forecasts generally prove to be even less accurate. One can conclude that fiscal planning was not based on conservative approach, envisaging purposeful underestimation of budget revenues. Full effect of erroneous prediction of external variables is calculated, taking into account direct, indirect impact, and implicit influence of stabilization measures by the government and the Central Bank. We find that shifts in exchange rate and inflation in response to increase in oil and gas prices set limits to spending windfall gains, as either the budget looses revenues due to the ruble appreciation or outlays are deflated with price growth.
"Investor Myopia" in Post Keynesian Theory and in the Russian Economy
Authors: Rozmainsky I.
Published: March 2019

The article examines the issues concerning links between institutional economics, Post Keynesian economics, models of endogenous growth and transition economics. The author considers interrelations between ineffective institutional environment, too high degree of fundamental uncertainty, investor myopia and resulting decrease in investment and "negative" growth in Russia’s transitional economy.
Corruption in Russia: What Do We Know and What Can We Do?
Authors: Guriev S.
Published: March 2019

This articles surveys existing estimates of corruption in Russia and relevant quantitative cross-country research on this phenomenon. While it is not clear whether there has been a substantial growth of corruption, its current level is certainly too high. It may substantially slow down economic development and growth already in the near future. In order to fight corruption in Russia, one needs at least to promote media freedom and reverse the nationalization policies.
How to Measure and Control Corruption
Authors: Satarov G.
Published: March 2019

Two aspects of the problem of corruption are discussed in the article. The first one concerns the evaluation of the level of corruption. The method of measuring the size of business corruption market is described. The specifics of its estimation as well as its relation with the main macroeconomic indexes are discussed. The second aspect regards the strategies of corruption reduction. The importance of establishing external control over the bureaucracy is noted. The failure of institutions transplantation as the main method of economic transformations is pointed out. The gaps in social knowledge are discussed, which decrease effectiveness of institutional borrowings.
Evolutionary Models in the Theory of Economic Growth
Authors: Krasilnikov A.
Published: March 2019

The role of evolutionary economics in the development of economic growth theory is considered in the article. Different types of evolutionary models are distinguished, analyzed and compared with neoclassical models. Special attention is paid to the treatment of scientific and technological progress, particularly within the framework of the models of technological diffusion.
Russian Holding Company Groups: New Empirical Evidence
Authors: Avdasheva S.
Published: March 2019

The article is devoted to Russian holding company groups. New sample survey data allow discussing the scale of expansion and internal structure of these groups, incentives to create them, the patterns of corporate governance and decision-making, scale of their internal financial market. In spite of the fact that holding company groups are extremely heterogeneous, most of them constitute new companies, which overcome the weaknesses of insider ownership model, with converged ownership and management. Companies in the holdings retain certain degree of autonomy in decision-making, and at the same time this process is connected with corporate governance procedures. Still the trends in the development of corporate governance are controversial and it is too early to conclude that the model of ownership separated from management inside the holding company groups has definitely proved its viability.
Gold and Currency Reserves and Directions of Their Rational Usage
Authors: Belkin V. , Storozhenko V.
Published: March 2019

The article discusses the structure and functions of modern gold and currency reserves (GCR). It is shown that while managing GCR it is necessary to provide their most effective usage. Basic criteria of their sufficiency are considered. The superfluity of Russian GCR is noted and possible directions of their usage for the development of the national economy and social sphere are proposed.
Business Education at the Turn of the Century: Challenges and Tendencies
Authors: Mau V. , Seferyan A.
Published: March 2019

Problems of modern business education and its prospects for near-term decades are considered in the article. The relations of socioeconomic development and business demand for educational services are traced. The impact of different factors on business education development in Russia and in the world is estimated. Types of organizations offering educational services are classified. The paper presents various scenarios of business education development in the future.
Economics: Art and / or Science
Authors: Ananyin O.
Published: March 2019

The article provides methodological analysis of applied economic knowledge and its relationships with theoretical knowledge. Stages in the history of these relationships are identified. The article considers in detail methodological ideas of J. S. Mill and J. N. Keynes (who proposed the "art of economics" as a part of economic science). The paper also analyzes epistemological features of applied economics. The author states that economic science was from the beginning tightly connected with practice. In the analysis of applied economics the author emphasizes the art of economics as the faculty to select and combine scientific knowledge to solve concrete problems. This specific field of knowledge, according to the author, should play an important role not only within modern academic discourse in Russia, but also within the system of higher education.
Foreign Direct Investments: The Indirect Way to Economy
Authors: Navoi A.
Published: March 2019

The article analyzes the situation with attraction of foreign direct investments (FDI) into the Russian Federation. Sharply increased inflow of international financial resources into national economy has highlighted the problem of definitions, the reasons of this phenomenon and its economic contents. The article considers methodological aspects and economic essence of modern FDI. Special accent is made on the estimation of the situation with their attraction into Russia, FDI structure and effectiveness. The conclusions about basic directions of the increase of their effectiveness in the Russian economy are formulated.
Economic Science and Econophysics: Main Topics of Dialogue
Authors: Burlachkov V.
Published: March 2019

Application of methods, borrowed from physics, for economic research has not come to discovering scaling laws in economy and financial markets. The absence of such laws is conditioned by the specific character of energetic and information processes in economic system. The peculiarities of energetic and information interconnections should be the main topic of dialogue between economic science and theoretical physics. Econophysical models are based on the law of conservation of energy, whereas self-organization of economic system is provided by the effect of money multiplier. Money is simultaneously a set of interconnections and the most important resource, created by the system itself for its development. The analogue of such phenomenon can be found in quantum mechanics. The peculiarities of energetic and information interconnections in economic system determine fast crash of existing trends and formation of new ones. The economic system is objectively a poorly forecasted sphere of unstable regularities.
“Triple Helix” in Russia’s Innovation System
Authors: Dezhina I. , Kiseleva V.
Published: March 2019

The article analyzes modern theory that explains the specificity of relationships among government, science and business in innovation systems - the "triple helix" concept. Factors that determine the appearance of new theory are systematized. The peculiarities of formation of "triple helix" in Russia are described, including the development of science, business and the system of government regulation in innovation sphere. The conclusion is made that currently in Russia only double linkages are formed.
The Loan Interest in the Context of Religious and Ethical Economic Systems in the Past and in the Present
Authors: Bekkin R.
Published: March 2019

The article describes historical peculiarities in the attitude towards dealing with interest in various economic systems, where economic actors followed religious and ethical guidance when making decisions. The author focuses on the Islamic economic model as one of the most successful attempts to establish an alternative to the interest-bearing system of borrowing.
State Support of Industrial Export in Russia
Authors: Gavrilov N. , Belyakov I.
Published: March 2019

The article considers the features of the Russian economy that determine the role of export as a source of economic growth, which shows the necessity of national industrial export development. International comparisons of institutional models of state export support are made taking into account the place of Russia in international trade. Some quantitative estimates of probable effect of such support on economic growth in Russia are proposed.
Taxation Mechanisms of Export Promotion
Authors: Cherevan Yu.
Published: March 2019

The article considers internationally accepted mechanisms directed at promotion of export of national producers. Special attention is paid to the analysis of the systems of tax credit for exporters on VAT and VAT refund. Approaches for their perfection are formulated. The urgency of fighting corruption in the VAT refund sphere is noted and measures of its limitation are suggested.
World Economic Thought: Through the Prism of Ages. In 5 vol. / Co-chairmen of the Editorial Board G. G. Fetisov, A. G. Khudokormov
Authors: Chichkanov V.
Published: March 2019

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Timber Auctions in the Context of the Modern Auction Theory
Authors: Manakov A.
Published: March 2019

The article provides theoretical analysis and evaluation of the timber auctions reforms in Russia. The author shows that the mechanism of the "combined auctions", which functioned until recently, is more appropriate from the theoretical point of view (and from the point of view of the Russian practice) as compared to the officially approved format of the English auction.
On a Method of Statistical Business-Cycle Research. A Reply (With comment by J. M. Keynes)
Authors: Tinbergen J.
Published: March 2019

In his polemic reply Tinbergen defends the econometric method he applied. He reproaches Keynes for the inaccuracy of his argument and justifies the applicability of linear relationships in economic analysis and their existence in economic interactions. Tinbergen also provides a detailed account of some methodological (primarily addressing the problem of causality) and economic issues of his analysis. In a comment to the Tinbergen’s paper Keynes clarifies his point of view on some particular points as well as on econometrics as a whole.
On the Dependence of Economic Growth on Government Intervention and Social Inequality
Authors: Tsirel S.
Published: March 2019

On the basis of international statistics (WB, OECD, WEF) it is shown that the correlation between GDP per capita growth and government outlays is undergoing complex oscillations. The weak positive correlation of the 1970s gave way to a distinctly negative correlation of the 1980s. However, since the beginning of the 1990s the correlation has been subsiding. During the present decade the correlation has been at its lowest significance in the highly developed countries; in the countries similar to Russia it is, in fact, nil. The basic cause of it is the combination of the positive influence of the government support of R&D and the negative influence of high taxes together with financing non-effective enterprises. The correlation between economic growth and the degree of income discrepancy is also subject to the oscillations. At present the absence of correlation in highly developed countries and negative correlation in countries similar to Russia is noted. The decisive factor of correlation is the positive influence of human capital investment and, at the same time, differentiation of pay.
Revision of the Neo-Ricardian Theory of Value and Distribution: New Evidence and New Perspectives
Authors: Klyukin P.
Published: March 2019

The article is devoted to historical and theoretical analysis of origins and perspectives of the neo-Ricardian theory as a special scientific approach to economic analysis. The author considers the works of Russian economists such as M. I. Tugan-Baranovsky, V. K. Dmitriev, N. N. Shaposhnikov and V. I. Bortkiewicz. He analyzes the development of their views, their mutual influences and the role of Marxian political economy in the historical development of neo-Ricardianism. Drawing from the archival evidence the article shows that the Russian tradition in political economy is in many respects an anticipation of the works of P. Sraffa and neo-Ricardian theory as a whole.
On the Strategy of the Russian Economy Development
Authors: Glazyev S.
Published: March 2019

The paper analyzes the present conditions of the Russian economy, existing and possible directions of its evolution in the context of global long-term development tendencies. Proceeding from the regularities of contemporary economic growth, the main problems and threats to the Russian economy development as well as the consequences of continuing tendencies of its structural degradation are assessed. A set of proposals for the formation of economic growth policy is substantiated. These proposals take into account the need to overcome existing disproportions and problems, possibilities of the activation of the competitive advantages and sources of growth.
Modernization and Society
Authors: Yasin E.
Published: March 2019

The author argues that Russia needs modernization. Its essence is in the transition to the new economy. But the main factor which is necessary in this respect is modernization of social institutions. Russian society is not mature enough for the modernization. One needs to take measures in order to promote public confidence and social activity. The reforms require therefore a lot of investment, including public investment, into the transformation of social institutions.
Resource Constituent of Russian Regional Economy
Authors: Kimelman S. , Andyushin S.
Published: March 2019

The article basing upon estimation of the social and economic potential of Russian Federation subjects shows that the resource model of economic development is suitable for nearly half of them. The advantages of this model are described using the example of the Far Eastern Federal District subjects that could be the proof of the necessity of "resource correction" of regional economic policy in Russia.
Russian Financial Market under State Capitalism
Authors: Abramov A. , Radygin A.
Published: March 2019

This article is dedicated to the analysis of the current state and prospects of the financial market development in Russia in the context of formation of the state capitalism model. The authors consider both quantitative positive tendencies and long-term disproportions and risks which are connected with the strengthening of the state’s role in the economy. Special attention is paid to the issues of the quality of the institutional environment and evaluations of the speculative character of the market growth model.
Lavrovsky B. L. Economic Growth and Regional Asymmetry (Empirical Analysis)
Authors: Klimanov V.
Published: March 2019

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What Are Institutions?
Authors: Hodgson G.
Published: March 2019

A primary aim of this paper is to establish some workable meanings of key terms of institutional theory including institution, convention and organization, by drawing on insights from several academic disciplines. Institutions are defined broadly as systems of established and prevalent social rules that structure social interactions. This, in turn, prompts some examination of the concept of a rule, and why rules are followed. The author discusses some general issues concerning how institutions function and how they interact with individual agents, their habits, and their beliefs. The paper also addresses the controversial distinction between institutions and organizations. D. North’s influential formulations of these terms are criticized for being incomplete and misleading. The author examines this distinction and what may be meant by the term formal when applied to institutions or rules. Here an organization is treated as a type of institution involving membership and sovereignty. Further types of institution are also considered, including the difference between self-organizing and other institutions. The article identifies an excessive bias in the discussion of institutions toward those of the self-organizing type, showing theoretically that these are a special case. The author argues that institutions also differ with regard to their degree of sensitivity to changes in the personalities of the agents involved.
Economics of Leniency Program
Authors: Shastitko A.
Published: March 2019

The article is devoted to explaining economic background as well as evaluation of opportunities, risks and expected results for leniency program within the context of Russian antimonopoly law changes. It describes the main idea of the said program, the set of questions to be resolved in the process of designing and implementing the program of reducing punishment of cartel participants in exchange for cooperation with antimonopoly bodies.
Raiders Activity on the Market for Corporate Control as a Product of Coercive Entrepreneurship Evolution
Authors: Kireev A.
Published: March 2019

The paper studies the problem of raiders activity on the market for corporate control. This activity is considered as a product of coercive entrepreneurship evolution. Their similarities and sharp distinctions are shown. The article presents the classification of raiders activity, discribes its basic characteristics and tendencies, defines the role of government in the process of its transformation.
The Filth Element (On the book “Agents of Modernization” by A. Yakovlev)
Authors: Kleiner G.
Published: March 2019

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Non-standard Employment in the Russian Economy / V. E. Gimpelson, R. I. Kapeliushnikov (eds.)
Authors: Denisova I.
Published: March 2019

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Karl Marx and His “Capital”: From the 19th to the 21st Century
Authors: Ananyin O.
Published: March 2019

The article analyzes the destiny of Marx’s theoretical legacy as presented in his major work - "Capital". The author discusses the development of Marxist theory in the 20th century, shows the specific features of Marxist economic science today and explicates the influence of recent interpretations of Marx’s economics on the current state of Marxism. The paper describes the status of Marxist theory in the modern economic science. The author analyzes the forecasts of the transition from the industrial society to the post-industrial one which may be found in the works of Marx and argues for their relevance for the 21st century.
Karl Marx’s Legacy: The Historical Overview
Authors: Nureev R.
Published: March 2019

The article is devoted to the history of reception and interpretation of the ideas of Marx and Engels. The author considers the reasons for divergence between Marxist and neoclassical economic theories. He also analyzes the ways of vulgarization of Marx’s theory and the making of Marxist voluntarism. It is shown that the works of Marx and Engels had a certain potential for their over-simplified interpretations. The article also considers academic ("Western") Marxism and evaluates the prospects of Marxist theory in the future.
Prospects of the Initiation of Inflation Targeting in RF
Authors: Ulyukaev A. , Drobyshevsky S. , Trunin P.
Published: March 2019

Bank of Russia officials have recently declared the possibility of switching to the inflation targeting regime in the medium run. The article considers benefits and shortcomings of monetary policy regime as well as the economic performance of the inflation targeting countries. The authors conclude that Russia now starts meeting conditions crucial for the success of inflation targeting. In such circumstances Russian monetary authorities have an opportunity to weaken the exchange rate goal in favor of the inflation goal.
Modernization through Coalitions
Authors: Grigoriev L. , Tambovtsev V.
Published: March 2019

The paper cosiders the strategy of Russian society, government, and economy modernization, aimed at transformation of the state into one of the world intellectual and cultural leaders. The reasons of past modernization attempts failures are shortly analyzed. General restrictions of any development strategy as a requirement of preserving some critical parameters are described. The goals and restrictions of Russia’s modernization conditioned by the current state of its socio-economic system are detailed.
Agrarian Reform in Russia: Myths and Reality
Authors: Uzun V.
Published: March 2019

During perestroika period (1985-1991) and when the agrarian reform was planned and actually carried out in Russia (1992-2000) a lot of myths emerged about its targets, methods, and consequences. More than 20 years have passed, but many authors instead of analyzing real processes that take place in modern agriculture in Russia still repeat the old myths created before the reform period or in its first years. This paper attempts to compare the myths and reality and find out which of the fears have come true and which have not.
Corporate Governance and Economic Efficiency of Companies
Authors: Kleiner V.
Published: March 2019

The article shows that transformation from static to dynamic analysis of corporate governance problems requires the enhancement of "corporate governance" definition by including not only relationships between the company and shareholders, but also interactions with numerous other market participants. The impact of corporate governance level on economic efficiency of companies is investigated, three core corporate governance principles are proposed. Compliance with them ensures the realization of well known corporate governance directives. The conclusions are illustrated by case studies of Russian companies.
Credit Bubble and Percolation of Financial Markets
Authors: Smirnov A.
Published: March 2019

In the article a simple model of stochastic credit bubble is proposed that has been growing over the recent years as a result of the global excess liquidity. That has given rise to formation of a random sequence of debt buyers clusters due to widespread practice of loan repayments with new debt issuance. Greatly increased positive feedbacks in the global market speed up the debt growth via structured financial instruments, and the debt bubble bursts at the critical value of global liquidity. The percolation process demonstrates how asset securitization and financial innovations might direct global system towards collapse. The model makes it possible to estimate the power law probability and time to a global collapse.
Implements of Corporate Governance: Statute of Shareholders’ Agreements
Authors: Shastitko A. , Radchenko T.
Published: March 2019

The paper analyzes the reasons and conditions of concluding shareholders’ agreements, consequences of their use in specific areas, determines the factors which influence the terms of shareholders’ agreements and choice of enforcement on the basis of foreign experience. The method of survey makes possible to classify shareholders’ agreements by subject and formality, to conclude that one of the key factors influencing both the fact of concluding shareholders’ agreements and their terms is the type of legal system in a country. While comparing two institutional agreements (articles of association and shareholders’ agreement) the authors give their answer to the question of statute of shareholders’ agreements in corporate architecture.
Modern Civil Society
Authors: Pavlenko Yu.
Published: March 2019

The article is aimed at providing arguments in favor of the vital role of civil society in the institutional infrastructure of socio-economic development. Civil society is explored both as a social phenomenon and as a theoretical concept. Civilization-based and formation-based characteristics underlying forms and contents of civil society in different countries are highlighted. Some conclusions regarding the future prospects of civil society development in Russia and around the world are suggested.
Monetary Policy and Global Financial Crisis: Methodological Aspects and Lessons for Russia
Authors: Andryushin S. , Burlachkov V.
Published: March 2019

The article develops the integral approach to formulating and realizing modern monetary policy which is capable to replace the traditional one, characterized as fragmental and non-systematic. Global financial crisis has revealed the absence of sufficient instruments of monetary policy and led to transformation of central banking functions. Monetary authorities are now not just lenders of last resort, but actually sponsors of financial market of last resort. The efficiency of monetary policy in future must be formed by its integrity (interactions of its objects) and close connections with real economy as well.
Models Are Experiments, Experiments Are Models
Authors: Mäki U.
Published: March 2019

The article shows that a model is a representation of something beyond itself in the sense of being used as a representative of that something, and in prompting questions of resemblance between the model and that something. Models are substitute systems that are directly examined in order to indirectly acquire information about their target systems. An economic experiment is an arrangement seeking to isolate a fragment of the world by controlling for causally relevant things outside that fragment. It is suggested that many theoretical models are (‘thought’) experiments, and that many ordinary experiments are (‘material’) models. The major difference between the two is that the controls effecting the required isolation are based on material manipulations in one case, and on assumptions in the other.
Global Financial Crisis - An Opportunity to Repair Institutions?
Authors: Shastitko A.
Published: March 2019

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To New Social Imperatives of Russia
Authors: Ivanchenko V.
Published: March 2019

The author puts forward the issue of the criterion of socially structured society, qualitative changes in the spheres and forms of human life provision. The country’s modernization should be based on social dominant of economic development and innovation reproduction.
Scylla and Charibdis of Regional Policy
Authors: Grigoriev L. , Zubarevich N. , Urozhaeva Yu.
Published: March 2019

The article considers the key dilemma of regional economic policy - leveling versus development. The policy decisions should be undertaken under conditions of weak and imbalanced institutional infrastructure; the lack of sound institutions of development mounts the problem. The paper highlights the modern trends of regional policy, potentials and risks of different possibilities are placed in a special focus.
The Goals of Socio-economic Development of Russia in Four Strategies
Authors: Tambovtsev V.
Published: March 2019

The paper considers the role of goals in the strategies of socio-economic development. The problems of choice of goals’ indicators and their influence on government administration processes are discussed. The general framework is adapted to possible goals’ systems of four strategies: "Inertia", "Renter", "Mobilization", and "Modernization". The structure of supporting goals for the latter is detailed.
Price Movement and Anti-inflation Policy under Conditions of “Dutch Disease”
Authors: Fetisov G.
Published: March 2019

The article analyzes the mechanism of price change under conditions of "Dutch disease" using the model of centrally planned open economy - net exporter of raw materials. Characteristics of this mechanism are investigated when growth of raw material resources as well as external trade prices increases take place. If the three principles of monetary policy are fulfilled, then, firstly, growth of raw material resource causes increase in price and wage levels in case of zero output of tradable product, and, secondly, the growth of raw material prices leads to increase in price and wage levels in case of any output of tradable product. However, the inflation is caused not by "Dutch disease" itself, but by the rigidity of prices, wages and exchange. It is possible to reduce the inflation by lowering taxes on wages or subsidizing them from rental budget income. А non-monetary anti-inflation package for Russia is recommended.
On a New Concept of Long-term Strategy
Authors: Abalkin L.
Published: March 2019

The appeals to minimize state intervention in the Russian economy are counterproductive. However the excessive involvement of the state is fraught with the threat of building nomenclature capitalism. That is the main idea of the series of articles by prominent representatives of Russian economic thought who formulate their position on key elements of the long-term strategy of Russia’s development. The articles deal with such important issues as Russia’s economic policy, transition to knowledge-based economy, basic directions of monetary and structural policies, strengthening of property rights, development of human potential, foreign economic priorities of our state.
Labor Theory of Value: Problems and Historical Significance
Authors: Bodrikov M.
Published: March 2019

The article considers basic propositions of the labor theory of value and related discussions in modern economic literature. It also analyzes different approaches to the solution of the transformation problem. The author shows that the first and unique attempt to ground this theory was made by K. Marx. He also affirms that Marx’s proof has no logical contradictions, but is true only in the specific case of production with one initial resource. The hypothesis is introduced that the Marxist model of the value-price is the convenient basis for construction of the general theory of value.
Auctions for Concessions in Natural Monopoly Industries in the Context of Tariff Regulation
Authors: Martusevich R.
Published: March 2019

Tenders for infrastructure concessions are on the agenda in Russia. The theory of the competitive biddings for concessions originates from the idea of "competition for the field", further developed by H. Demsetz into the franchise bidding theory. But so far, tenders for concessions which took place in different infrastructure sectors have questioned whether the number of bidders was high enough to expect the results (tenders outcomes) predicted by Demsetz. In the article this question is answered basing on the theory of auctions with independent private values and with the price as a single selection criterion under different business strategies of the bidders. Some recommendations are proposed. The necessity as well as some limitations of usage of such tenders’ results for natural monopolists’ tariff regulation are shown.
On the Global International Comparison of GDP of 146 Countries of the World
Authors: Ivanov Yu.
Published: March 2019

The article considers major results of the global international comparison of GDP of 146 countries which was carried out by the World Bank. The results of the comparison provide a unique information on the world and regional economy, on the comparative level of individual countries’ economy. Special attention is paid to the indicators characterizing Russia’s role in the world and regional economy. The article also discusses main principles of the methodology of the comparison.
Strategy-2050: Can Russia Deal with Challenges of Globalization?
Authors: Yudaeva K. , Yasin E.
Published: March 2019

In the next 30-40 years Russia has a real chance to enter the club of the most developed countries in the world. But for this to happen Russia should implement a number of institutional reforms and make changes in its way of thinking and culture in order to move from catching up growth to growth on the technological frontier and to deal with challenges of globalization.
Global Imbalances in the World Economy
Authors: Apokin A.
Published: March 2019

The paper reviews an evolution of key political and economic hypotheses in the literature from 1993 to 2007 related to emergence, stability and correction mechanisms of the so-called "global imbalances" which are connected to the US trade deficit. The special "counterweighting" role of sovereign wealth funds in possible mechanisms of global imbalances’ correction in medium- and long-term perspective is considered.
Modern Western Economic Theory (The Survey of the Main Tendencies)
Authors: Khudokormov A.
Published: March 2019

The author considers modern economic theory from the point of view of crisis phenomena inherent to it. He recapitulates various aspects and positions of different authors and concludes that there is obvious presence of crisis tendencies in different fields of economic research. Nevertheless it is not worth talking about the crisis as there is no real alternative to neoclassical mainstream economics. Basing upon the detailed analysis of the state of modern economic science the article classifies its major schools and currents putting emphasis on the philosophical, political and ideological orientation of their main representatives.
Management of Intellectual Resources
Authors: Milner B.
Published: March 2019

The article considers notion, diversity and sources of knowledge, the new role of intangible assets in organization as competitive advantage, the importance of intellectual resources. The main attention is paid to knowledge management functions and structures, new forms of organizations which create, spread and use intellectual resources.
April Discussions in Higher School of Economics (IX International Scientific Conference of SU-HSE “Modernization of Economy and Globalization”. Moscow, April 1-3, 2008)
Authors: Evropin D. , Sinyavskaya S. , Sterligov I.
Published: March 2019

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Look Who Has Come!.. (On the Book by T. I. Zaslavskaya et al. “A New Generation of Russia's Businessmen”)
Authors: Kleiner G.
Published: March 2019

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Public-Private Partnership: Theory and Practice
Authors: Deryabina M.
Published: March 2019

The article considers public-private partnerships (PPP) as a variant of interaction between the state and private entrepreneurship. Special emphasis is placed on the problem of property rights redistribution that is aroused inevitably within a framework of the PPP projects. Some particular PPP forms are considered as the alternatives to full-scale privatization. Another aspect of the analysis concerns the redistribution of sovereign power functions of the state in some PPP models. The author assumes the principal difference between the public and civil functions of the state in the course of the economic turnover. The article deals with various models and concrete mechanisms of the PPP as well as with instruments for promotion of the partnerships projects.
Globalization and Infrastructure: New Trends in the State and Business Cooperation
Authors: Klinova M.
Published: March 2019

The study focuses on the contemporary features in the development of infrastructure networks. This field becomes attractive for public-private partnership (PPP), including those with foreign capital participation. A new form of the state and TNC cooperation is evolving as an indispensable factor of improving national economies efficiency in the global context. The economic role of the state is obviously growing even when its share in companies’ capital is reduced.
Russian Ruble as an International Reserve Currency
Authors: Moiseev S.
Published: March 2019

Can the Russian ruble become an international reserve currency? By identifying the key determinants of the international status of national currency this paper estimates possibilities of the ruble. The significant determinants include: the size of the home country, inflation rate, exchange rate volatility, the size of the relevant home financial market, and network externality. The author believes that several factors are in favor of the Russian currency, in particular the turnover and liquidity of foreign exchange market, the size of foreign trade, the development of international market of debt securities in Russian ruble. The paper discusses some important policy implications of internationalization of the ruble for the Bank of Russia and the Russian economy in general.
The Original Cause of World Crises
Authors: Yusim V.
Published: March 2019

The article outlines the emergence of crises, methods of their averting and the way of overcoming the crisis for Russia. Its line of reasoning makes it possible to draw a conclusion that so-called reflexive processes have always been the original cause of world crises, though their role in the economy has not practically been considered.
The Whys and Wherefores of the Current Financial Blow
Authors: Suetin A.
Published: March 2019

The article contains a thorough analysis of a variety of causes that have provoked the present financial crisis now spreading globally. Special attention is drawn to specific factors of the crisis origin and sudden expansion. The article emphasizes some peculiar features of the financial crisis progress in emerging economies. Underlined are particularities of concepts of and run through the financial markets adjustments. The author comes to the conclusion about assets overvaluing and extreme cyclical factors susceptibility in the majority of developing countries.
Global Financial Crisis and Its Impact on Russia
Authors: Kudrin A.
Published: March 2019

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.
Corporate Social Responsibility vs. Government Regulation: An Analysis of Institutional Choice
Authors: Polishchuk L.
Published: March 2019

The paper presents an economic theory of corporate social responsibility (CSR) based on the Coase theorem and analyzes economic, social, political and institutional factors that could affect comparative advantages of CSR over government regulation. Discussion of the Russian CSR model stresses the importance of protection of property rights and social capital for efficient implementation of the CSR idea and cautions against excessive involvement of government in CSR processes.