bluuebunny/crossref_metadata_2025 huggingface dataset:
Inflation And Bank Percentin Contemporary Russian Economy
Authors: Kolomiets A.
Published: March 2019

Considering statistical data which characterize dynamics of money supply, inflation and rates of bank percent in the Russian Federation, the author states the lack of expressed dependence of monthly indicators of change of inflation and bank percent on increase or decrease in growth rates of M2. According to the author, inflationary expectations of economic subjects and households are generated, first of all, by institutional uncertainty, characteristic for the system of economic and social relations, which has developed in the Russian Federation, and also by more rapid growth of production costs and prices of energy carriers. Institutional uncertainty and instability of financial position of borrowers compel banks to support the reached level of interest rates, including rates of investment credits. In turn, high rates of bank percent stimulate inflationary expectations.
What Economic Policy Does Russia Need Under Sanctions?
Authors: Ershov M.
Published: March 2019

The long-held problems of Russian economy (low economic growth, high inflation, etc.) are now coupled with a new set of issues - sanctions deployed against Russia by the leading Western countries. The new situation reinforces the need for alternative mechanisms which will allow to strengthen economic development in the new environment.
Financial Sanctions: Consequencesfor Russia’s Economy and Economic Policy
Authors: Orlova N.
Published: March 2019

The article considers the impact of international sanctions on the landscape of the Russian banking sector as well as on the economic policy framework. The author concludes that the effect of sanctions on bank lending and funding markets has been asymmetric: in particular, the increase of deposit interest rates has been considerably more moderate, resulting from substantial weakening in the retail funding base since 2013 as well as from the support provided by the Bank of Russia. The key consequence is the strengthening of state banks, which could generate risks for the quality of economic growth.
Scientific and Practical Efficiency of russian universities
Authors: Balatsky E. , Sergeeva V.
Published: March 2019

Russian universities are increasingly competing for additional sources of funding. This paper proposes a ranking of scientific and practical effectiveness of Russian universities, based on the account of the volume of funds obtained through research and development; the authors assess the sustainability of a built rating. The leaders of universities ranking are identified and “technological” model of their success is disclosed, their policy to diversify sources of funding is discussed. Typical examples of a new trend of the higher education market — “technologization” of leading social and humanitarian universities — are shown.
The Effects of Employment Protection legislationon Personnel Policies: A Review of Theoretical Modelsand Empirical results
Authors: Mironenko O.
Published: March 2019

Employers incur costs while fulfilling the requirements of employment protection legislation. The article contains a review of the core theoretical models and empirical results concerning the impact of these costs on firms’ practices in hiring, firing, training and remuneration. Overall, if wages are flexible or enforcement is weak, employment protection does not significantly influence employers’ behavior. Otherwise, stringent employment protection results in the reduction of hiring and firing rates, changes in personnel selection criteria, types of labour contracts and dismissal procedures, and, in some cases, it may lead to the growth of wages and firms’ investments to human capital.
Theoretical and ideological Principlesof the “New Industrialization” Doctrine
Authors: Korneichuk B.
Published: March 2019

The Russian doctrine of “new industrialization” that emerged during the global economic crisis is considered. The author concludes that the doctrine is based on orthodox Marxism and suggests revolutionary reforms similar to those carried out by Stalin.
Exchange rate Pass-through in russia
Authors: Ponomarev Y. , Trunin P. , Ulyukayev A.
Published: March 2019

The article provides estimates of short-run and medium-run exchange rate pass-through in Russia during the period of 2000-2012 using vector error correction model. Estimates of asymmetry of exchange rate pass-through, its assessments in different sub-periods and exchange rate volatility effect are also presented.
Labor Productivity versus Labor Compensation:Some Simple arithmetic
Authors: Kapeliushnikov R.
Published: March 2019

The paper explores the “race” between wages and labor productivity in the contemporary Russian economy. It continues the author’s previous research where the same problem was examined for the earlier period of 1997-2007. The analysis focuses on dynamics in labor productivity and labor compensation during the economic crisis of 2008-2009 and subsequent years. The author shows that conventional wisdom implying that in Russia wages persistently increase at much higher annual rates than productivity is wrong: over 1997-2012 there was no stable relationship and waves of faster wage growth alternated with waves of faster productivity growth. However in the long run productivity outpaced labor compensation. As a result in 2011-2012 real unit labor costs for Russian firms were even lower than in the mid of the 1990s or in the beginning of the 2000s.
Forming Sources of Long-run Growth: How to Understand Them?
Authors: Idrisov G. , Sinelnikov-Murylev S.
Published: March 2019

The paper analyzes the inconsequence and problems of Russian economic policy to accelerate economic growth. The authors consider three components of growth rate (potential, Russian business cycle and world business cycle components) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are government spending restructuring and budget institutions reform, labor and capital markets reforms, productivity growth.
The Rhythms of Evolutionary Economics
Authors: Kleiner G.
Published: March 2019

The article analyzes the results of the jubilee X International Symposium on Evolutionary Economics “The Evolution of Economic Theory: Reproduction, Technology, Institutions”. The main scientific and organizational challenges in the field of evolutionary economics are discussed, promising areas of development of the evolutionary paradigm and related institutional and system paradigms are determined.
Past and future of the chinese economy (on the book by j. y. lin “demystifying the chinese economy”)
Authors: Maltsev A.
Published: March 2019

The article is a review of the book “Demystifying the Chinese Economy” written by the famous Chinese economist J. Y. Lin. The book is about the China economic decline in the XVIII - beginning of the XX centuries; Lin also analyzes the country’s uneasy path towards market economy. Special attention according to the author should be paid to the success story of socio-economic modernization of People’s Republic of China in the last decades, which Lin explains using the comparative advantages concept.
Incorporating limited rationality into economics
Authors: Rabin M.
Published: March 2019

Harstad and Selten (this forum) raise interesting questions about the relative promise of optimization models and bounded-rationality models in making progress in economics. This article builds from their analysis by indicating the potential for using neoclassical (broadly defined) optimization models to integrate insights from psychology on the limits to rationality into economics. I lay out an approach to making (imperfect and incremental) improvements over previous economic theory by incorporating greater realism while attempting to maintain the breadth of application, the precision of predictions, and the insights of neoclassical theory. I then discuss how many human limits to full rationality are, in fact, well understood in terms of optimization.
The Public and Decision-making Process: Who and Why Needs Citizen Participation?
Authors: Bychkova O.
Published: March 2019

The participation of the public in the decision-making and policy discussion is expected to allow the officials to re-valuate the proposed decisions, save money on their implementation and restore public trust in government. However, from the point of view of bureaucrats, direct participation is often unproductive: you are required to spend work time and energy on discussions with non-experts and have no means to predict the effectiveness and efficiency of these debates. The article considers theories and empirical studies that can explain a new fashion trend of openness and transparency in world’s public policy and problems with its implementation. The article also evaluates the applicability of republican tradition to modern policy-making and analyzes alternative mode of public involvement. Keywords : public policy, rule-making, open government, transparency, public participation.
National Innovation Systems: From Conception toward the Methodology of Analysis
Authors: Golichenko O.
Published: March 2019

The seminal contributions of the neoclassical economic theory, the evolutionary and neo-Schumpeterian approaches in establishing the concept of national innovation system (NIS) are considered. The study is aimed to identify the challenges that the new concept has met. The advantages and bottlenecks of the emerging theory and practice are taken into account. In the study, an attempt is made to offset the shortcomings of the NIS approach and reveal its weaknesses. As a result, an approach to developing research methodology of NIS is proposed. The system structure-object and functional approaches give a basis of this concept.
Multiple approaches to the Typology of the Welfare State
Authors: Sidorina T.
Published: March 2019

This article aims at presenting a generalized picture of contemporary research in comparative analysis of the welfare state models. It also sketches the debates around the possible design of a unified comprehensive model of the welfare state and on the inclusion of new elements into the familiar typologies and classifications. The comparison of approaches to the welfare state modeling and the analysis of the combination of specific policy features in different countries provide an abundant material for advancing new programs and models of socio-economic development.
On Energy Status indicators and the role of renewableEnergy under Economic Crisis
Authors: Bezrukikh P. , Bezrukikh (Jr.) P.
Published: March 2019

The article analyzes the dynamics of consumption of primary energy and production of electrical energy in the world for 1973-2012 and the volume of renewable energy. It is shown that in the crisis year of 20 0 9 there was a significant reduction in primary energy consumption and production of electrical energy. At the same time, renewable energy has developed rapidly, well above the rate of the world economy growth. The development of renewable energy is one of the most effective ways out of the crisis, taking into account its production regime, energy, environmental, social and economic efficiency. The forecast for the development of renewable energy for the period up to 2020, compiled by the IEA, is analyzed. It is shown that its assessment rates are conservative; the authors justify higher rates of development of renewable energy.
The Return of “Patrimonial Capitalism”: A Reviewof Thomas Piketty’s Capital in the Twenty-First Century
Authors: Milanovic B.
Published: March 2019

Capital in the Twenty-First Century by Thomas Piketty - one of the most widely discussed economic books in the last decade - provides a unified theory of the functioning of the capitalist economy by linking theories of economic growth and functional and personal income distributions. It argues, based on the long-run historical data series, that the forces of economic divergence (including rising income inequality) tend to dominate in capitalism. It regards the twentieth century as an exception to this rule and proposes policies that would make capitalism sustainable in the twenty-first century.
Sanctions of the USA and the Policy of Bank of Russia:double Blow to the National Economy
Authors: Glazyev S.
Published: March 2019

This article examines fundamental questions of monetary policy in the context of challenges to the national security of Russia in connection with the imposition of economic sanctions by the US and the EU. It is proved that the policy of the Russian monetary authorities, particularly the Central Bank, artificially limiting the money supply in the domestic market and pandering to the export of capital, compounds the effects of economic sanctions and plunges the economy into depression. The article presents practical advice on the transition from external to domestic sources of long-term credit with the simultaneous adoption of measures to prevent capital flight.
On the Opportunities, Targets and Mechanisms of Monetary Policy under the Current Conditions
Authors: Yudaeva K.
Published: March 2019

The paper describes the operational mechanism of monetary policy of the Central Bank of Russian Federation under the inflation targeting regime. Special focus is made on interconnections between interest rates as operational targets, liquidity and foreign exchange interventions. The paper also discusses how monetary policy goals can be formulated in the current environment.
What Will the modern Russian Statistics have in Store for history?
Authors: Bessonov V.
Published: March 2019

Problems of transformation of modern Russian statistics in future historical statistics about our time are considered. Existence of serious obstacles on the way of this transformation is noted, their reasons are analyzed. Requirements to that part of historical statistics about our time which data are used for the analysis of economic dynamics are discussed. Measures for the situation improvement are offered, estimated consequences of their implementation or failure are analyzed.
When ideas trump interests: Preferences, Worldviews, and Policy innovations
Authors: Rodrik D.
Published: March 2019

The paper mapping from “interests” to outcomes in political economy depends on many unstated assumptions about the ideas that political agents have about: what they are maximizing; how the world works; and the set of tools they have at their disposal to further their interests. These ideas are subject to both manipulation and innovation, making them part of the political game. There is a direct parallel, as I will show, between inventive activity in technology and investment in persuasion and policy innovation in the political arena. I focus specifically on models professing to explain economic inefficiency.
State-owned company: Detection Zone of Government Failure or market Failure?
Authors: Radygin A. , Simachev Y. , Entov R.
Published: March 2019

This article analyzes state-owned companies and their place in the structure of market interactions in the context of modern approaches to the study of government failures and market failures, as well as the conditions of the system of private property rights rooting. Besides the general theoretical consideration of the costs of functioning of state-owned companies, the authors refer to the specific experience of the Russian economy, consistently analyzing the opportunities and palliatives of the current privatization policy, the experience of establishment and the risks of functioning of state corporations. Particular attention is paid to the problem of limited motivation to improve the institutional environment in general and, on the contrary, the expansion of the practice of direct government intervention in order to solve the problems of economic development. The authors also consider specific areas where there is a restriction of private property rights in connection with the expansion of the public sector, de jure and de facto.
Regional Protectionism in State Procurements
Authors: Gusev A. , Yurevich M.
Published: March 2019

The method for evaluating protectionism rate in regional public purchases is developed. It is tested with data for 2011-2013. The presented regional rankings of protectionism show that high-level protectionism covers a majority of regions accumulated steadily about 80% of total regional public purchases’ volume. The federal contract system is considered as an instrument of public regional policy that could contribute to the interregional trade and strengthen internal economic space. Main forms of allowable protectionism in regional public purchases are identified (regional list of protected products, territorial price preferences) and suggested to be legalized.
Hyman Minsky’s Financial Instability Hypothesis and Greece Debt Crisis
Authors: Beshenov S. , Rozmainsky I.
Published: March 2019

The paper analyzes Greece debt crisis by means of the Minsky’s financial instability hypothesis, which makes it possible to investigate the country’s endogenous transformation into the financially fragile position. Therefore, we can understand how the economy becomes vulnerable to crises. Using this hypothesis, it has been demonstrated how behavior of both public and private sectors of the Greek economy had generated the debt crisis. In particular, the authors use the sample including 36 Greek companies for the 2001-2014 period and show that the rising share of these firms moved to fragile financial structures. The paper also pays special attention to negative effects of austerity policies in Greece. The austerity doctrine is treated as the leading anti-recessionary mainstream conception.
Productivity Growth, Structural Change and Informality: The Case of Russia
Authors: Voskoboynikov I. , Gimpelson V.
Published: March 2019

This study considers the influence of structural change on aggregate labour productivity growth of the Russian economy. The term "structural change" refers to labour reallocation both between industries and between formal and informal segments within an industry. Using Russia KLEMS and official Rosstat data we decompose aggregate labour productivity growth into intra-industry (within) and between industry effects with four alternative methods of the shift-share analysis. All methods provide consistent results and demonstrate that total labour reallocation has been growth enhancing though the informality expansion has had a negative effect. As our study suggests, it is caused by growing variation in productivity levels across industries.
Modeling the Mechanisms of Russian Labour Market
Authors: Vakulenko E. , Gurvich E.
Published: March 2019

We investigate the relationship between the key labour market indicators: productivity, real wages, and unemployment rate. The analysis is based on quarterly data for the period Q1 1995 to Q3 2013. The period free of crises (early 1999 to mid-2008) is additionally considered to check the crisis effects. We estimate vector error correction model (VECM). Cointegration was found among the main labour market variables. The model coefficient signs fully corresponded to the economic logic, and their magnitudes were almost identical for both time spans. No significant asymmetry to positive and negative deviations from the long-term trend was revealed at the Russian labour market. The model has allowed to measure contribution of different channels to the wage growth. We find that productivity growth and decline in unemployment had similar impact on the wage change over the period under consideration. Our results explain thus the observed unusual trend of marked increase of the wage share in GDP. Contrary to standard beliefs, cross-country comparisons show neither an increased reaction of wages nor a weak reaction of employment to productivity or output shocks.
Does the Russian Government Pay a "Fair" Wage: Review of Studies
Authors: Zhuravleva T.
Published: March 2019

This paper surveys the literature on public-private sector wage differentials for Russian labor market. We give an overview of the main results and problems of the existing research. The authors unanimously confirm that in Russia private sector workers receive higher wages relative to their public sector counterparts. According to different estimates the "premium" varies between 7 and 40%. A correct evaluation of this "premium" is subject to debate and is a particular case of a more general econometric problem of wage differentials estimation. The main difficulties are related to data limitations, self-selection and omitted variables. Reasons for the existence of a stable private sector "premium" in Russia are not fully investigated.
Neurobiology and New Opportunities for Experimental Economics
Authors: Rakviashvili A.
Published: March 2019

The article appraises the first achievements of the new branch of interdisciplinary research in the intersection of neurobiology and economics. The analysis of the main results of the new studies and the key areas of criticism of neuroeconomics are presented. The author claims that despite a number of interesting results, neuroeconomics will not be able to radically change economics due to methodological limitations and because of significant differences in the research subjects in neurobiology and economics.
Russian Devaluation in 2014-2015: Falling into the Abyss or Window of Opportunities?
Authors: Mironov V.
Published: March 2019

The fall in the oil prices from mid-2014 is causing a decrease in domestic demand and a strong devaluation of the ruble, which in turn promotes the growth of the price competitiveness of Russian producers, stimulates the supply side of the economy (especially in foreign markets, where there is no recession), and thus creates the possibility of offsetting the fall in domestic demand due to the growth of net exports. However, as the analysis of the economic literature, the world experience and current Russian economic trends demonstrates, the joint impact of oil prices and ruble devaluation on the growth rates of the Russian economy, with all its structural problems, can lead to a much more severe recession than the majority of experts, if to judge by average consensus estimates, expect in their forecasts (as of the end of September 2015).
Markets of Joint Products: the oretical Model and Policy Implications
Authors: Shastitko A. , Shastitko A.
Published: March 2019

The article considers the phenomenon of price behavior on markets of joint products. It is shown that conclusions about the nature of economic entities’ behavior on this kind of markets could be inaccurate if their characteristics such as joint costs and correlation of demand conditions on markets mentioned are not taken into account. For this purpose a theoretical model, built according to basic microeconomic principles, is applied. It provides an opportunity to reveal - without further new institutional analysis - that the reason for price deviation from a competitive level does not always lie in actions restricting competition.
Transparency, Accountability, and Trust in Society
Authors: Volkova O.
Published: March 2019

The paper analyses the concepts of transparency and accountability, their correlation with other key concepts used in Russian social and economic discourses, and also the critique of the transparency and accountability practices. It is shown that the main effect of development of these technologies is the substitution of reality by the “picture” formed for external users, transformation of this “picture” into the self-purpose. The reason of this is the change of paradigms of trust. Society has passed from trust in authorities with their right to make decisions on the basis of professional judgment to trust in procedures and standards, trust in “picture”. We have changed trust in result to trust in processes of its receiving.
Measuring Institutions in russian regions: Methodology, Sources of data, Analysis
Authors: Baranov A. , Malkov E. , Polishchuk L. , Rochlitz M. , Syunyaev G.
Published: March 2019

The paper explores various measures of institutional quality in Russian regions, and compares those measures to each other. Such analysis leads to the conclusion that Russian regional institutions are essentially multidimensional, and therefore comparisons of Russian regions in terms of their overall institutional quality could be problematic. New institutional indexes are derived from Russian enterprise surveys held under the BEEPS project of the European Bank of Reconstruction and Development. Such indexes yield a typology of Russian regions in terms of efficacy of regional administrations’ control over economy and bureaucracy in their regions. Dynamics of regional institutional indexes is investigated against the backdrop of Russia-wide institutional trends.
G. Knapp’s state theory of money:history and current Perspectives
Authors: Dubyansky A.
Published: March 2019

The paper considers the historical contexts of Georg Knapp’s nominalistic theory of money, and reconstructs its basic arguments. The contemporaneous critical reactions to Knapp are analyzed, as well as some more recent versions of chartalism, and the strengths and weaknesses of the chartalist insights in monetary theory and policy.
The Relationship of GDP, Unemployment Rateand Employment: In-depth Analysis of Okun’s Law for Russia
Authors: Vakulenko E. , Gurvich E.
Published: March 2019

The authors estimate the short-term and long-term relationship GDP- unemployment (employment). These are the first reliable and robust confirmations of Okun’s law validity for Russia. It has been shown that the reaction of unemployment to output decline is much stronger than the response to output growth of the same size. Cross-country comparisons give evidence that Okun’s coefficient for Russia is slightly inferior to the same indicator for most developed countries, but is similar to coefficients found for other emerging markets.
Development of the Investor Institution in russia as a Basic Participant of securities market
Authors: Buvaltseva V. , Chechin V.
Published: March 2019

The article explains the concept of the investor as the main securities market participant. Depending on the goals and methods of investment the authors single out groups of investors. They conduct the analysis of each group of investors in the Russian securities market. On this basis the authors identify its main problems and suggest ways to address them.
Surrogate Investment System
Authors: Zubov V. , Inozemtsev V.
Published: March 2019

The article addresses the crucial patterns of redistribution of earnings from effective businesses to ineffective ones, first of all to those closely affiliated with the federal government. The authors concentrate on analysing of what they call a “surrogate (Ersatz) investment system” build up in between the federal budget and big corporations and composed of financial institutions, specialized agencies, free economic zones, and some other elements. They argue that a deep understanding of surrogate investment system’s essence and features is one of the main prerequisites for advancement of the overall effectiveness of Russia’s national economy.
Economic models as analogies
Authors: Gilboa I. , Postlewaite A. , Samuelson L. , Schmeidler D.
Published: March 2019

People often wonder why economists analyse models whose assumptions are known to be false, while economists feel that they learn a lot from such exercises. We suggest that part of the knowledge generated by academic economists is case-based rather than rule-based. That is, instead of offering general rules or theories that should be contrasted with data, economists often analyse modelsthat are ‘theoretical cases′, which help understand economic problems by drawinganalogies between the model and the problem. Thus, economic models, empiricaldata, experimental results and other sources of knowledge are all on equal footing, that is, they all provide cases to which a given problem can be compared. We offer complexity arguments that explain why case-based reasoning may sometimes be the method of choice and why economists prefer simple cases.
Regional Dimension of the New Russian Crisis
Authors: Zubarevich N.
Published: March 2019

The article is focused on the new crisis in Russia and its projection on the regions including the impact on regional economic development, labor markets and household money incomes in 2014. Factors and spatial features of the new crisis are compared with the previous crises of 1990-2000. Different territories prospects are analized as well as the state anti-crisis policy to support the regions
Islamic Finance: Opportunities for the Russian Economy
Authors: Chokaev B.
Published: March 2019

The article discusses the prospects for the development of the financial system and the economy, associated with the emergence of Islamic finance industry in the country. The author briefly describes the important features of Islamic finance, examines the main obstacles for functioning of Islamic financial institutions in the Russian legislation. Furthermore, the paper analyzes the economic benefits from the creation of economic infrastructure, which enables Islamic financial companies to operate on equal conditions with other subjects of the financial system in terms of financial, tax and administrative aspects.
Production capacity of Russian industry: Potential of import Substitution and economic Growth
Authors: Zamaraev B. , Marshova T.
Published: March 2019

The article examines the state of production capacity of Russian industry. It is shown that in spite of certain positive shifts, the rate of technological modernization in recent years has been insufficient for marked progressive changes in the capacity structure and quality. In contrast to the industrial growth after the crisis of 1998 that took place in the presence of significant reserves of capacity, the current level of idle capacity is much lower. The lack of mass input of modern and high-tech industries objectively limits the possibilities of import substitution and economic growth.
The Link Between the Probability of Having the Second or ThirD Child and Woman’s Employment Characteristics
Authors: Karabchuk T. , Mironova A. , Remezkova V.
Published: March 2019

The paper examines how female employment influences the women’s desire and probability to give birth to the second or third child. The research is based on the data of Russian Monitoring Longitudinal Survey of 2000-2009. The main conclusions stem from multinomial and probit regression analysis and show that having a job as well as high wage and a big number of working hours negatively associate with having two children for a female in Russia. However, for employed women the most important thing influencing childbirth decision is the wage size of both spouses/partners.
Effectiveness of Pension Saving Management: Theoretical and Empirical Aspects
Authors: Abramov A. , Radygin A. , Chernova M. , Akshentseva K.
Published: March 2019

The paper analyzes the impact of regulation and supervision on the effectiveness of investment of pension savings based on international practice. It examines the factors which can potentially affect the real return of pension portfolios in different countries. The authors study the impact of more liberal investment limits on the composition and structure of pension investment portfolio, as well as anti-inflationary policy, on raising the real return. They also examine the factors which predict the degree of severity of asset allocation requirements for pension portfolios in different countries, and estimate the likelihood of their relaxing for Russian pension funds and managing companies.
Financial literacy and financial capability: definitions, measurement methods, and analysis in the case of Russia
Authors: Kuzina O.
Published: March 2019

The main purpose of the study is to assess the level of financial capability of Russians by using the methodology of cross country comparison developed by the Russia Financial Literacy and Education Trust Fund. The paper gives a brief description of the methodology of financial literacy and financial capability measurements, as well as the results of the survey in Russia. From the analysis of the survey data, it is concluded that the weak areas of the financial capability of Russians concern issues related to planning of expenses and keeping these plans completed, creating reserves to pay for major planned or unexpected expenditures, lack of control over money spent using written records of incomes and expenses, developing regular saving habits, and lengthening time horizons.
Independent economic think tanks in Russia: evolution and developmental prospects
Authors: Yakovlev A. , Freinkman L. , Zolotov A.
Published: March 2019

The paper analyzes the current state and performance of Russia’s think tanks operating in the area of economic analysis. It identifies the main stages of development of this sector, which is new for the country, and the factors shaping its key characteristics. It is argued that overall economic think tanks in Russia have reached a stage of relative maturity, but at the same time the sector has been facing serious problems limiting its further development. The paper emphasizes that in the situation of economic crisis there should be a larger role for independent expertise in supporting development of new economic policies. However, the potential of Russian think tanks could be utilized effectively only if there is a change in the current composition of demand for expertise, to be driven by emergence of new stakeholders who are interested in quality policy research. To maintain professional standards and promote high quality of expertise, collective actions of think tanks themselves are equally important. The paper relies on the results of two surveys of Russian think tanks, undertaken in 2012-2013 and 2015, and also on the interviews with a group of their managers.
Russian Monetary Policy: Work on the Bugs
Authors: Apokin A. , Galimov D. , Goloshchapova I. , Salnikov V. , Solntsev O.
Published: March 2019

This paper reviews the consequences of monetary policy tightening by the Bank of Russia in 2014 for Russian ecomony in general, banking system and the real sector. Based on official statements, the new implied monetary policy principles for 2015 are outlined. The paper also proposes several policy measures to overcome the credit shock caused in part by over-tightening of monetary policy in 2014. It relies on Bank of Russia Monetary Policy reports and the article of Bank of Russia experts (Badasen et al., 2015) to illustrate the approach to economic analysis that led to a monetary policy-induced credit shock.
Re-industrialization of the Russian Economyand the Development of Military-industrial complex
Authors: Balashov A. , Martianova Y.
Published: March 2019

The article analyzes the effectiveness of the budget spending on the develop-ment of military-industrial complex in Russia. The authors assess the impact of re-industrialization policy on the competitiveness of the Russian economy. The research methodology is in the frames of the structural analysis. The Russian defense industry is investigated, basing on the statistics of the federal budget expenditures on national defense, as well as the expertise of government weapons programs. The authors conclude that the implementation of re-industrialization policy will support inefficient industries and sectors instead of eliminating the effect of factors that hinder economic development.
The outsourcing-based Model of organization of oil and Gas Industry in Russia: Problems and Ways of Solving
Authors: Kotliarov I.
Published: March 2019

The paper contains an analysis of advantages and disadvantages of oil service outsourcing for national oil and gas industry. It is demonstrated that the dependence on foreign oil service providers may lead to technological obsolescence of national oil and oil service industries and enables foreign operators to regulate implicitly the effectiveness of the national economy. It is shown that the dependence of Russian oil companies on foreign oil service providers in 2014 is not corporate, but sectoral. This fact, due to high importance of oil and gas industry, produces high risks for Russia’s economy in general. Main ways of development of the Russian oil service industry under sectoral sanctions are described.
Oil supercycle and fiscal policy
Authors: Gurvich E. , Belyakov I. , Prilepskiy I.
Published: March 2019

Long-term trends in oil price are discussed in the article. We find out that both short- and long-term projections mainly extrapolate into the future current developments in hydrocarbon prices. Meanwhile both historical data and analysis of fundamental economic mechanisms reveal supercycles - price waves with large amplitude and length amounting to several decades. Implications for fiscal policy from oil price swings are considered. We demonstrate in particular that these swings ensure high returns on the oil fund operations due to substantial gap between exchange rates at the periods of fund replenishment and withdrawal. This makes the oil Reserve fund mechanism by far more profitable for the government than other potential investment tools.
Reallocation Effects of Antimonopoly Policy
Authors: Radchenko T.
Published: March 2019

The article argues that application of antimonopoly remedies can reallocate costs and benefits between market participants. Efforts of competition authorities to implement “price cap” indicators on concentrated markets do not always lead to reallocation of recourses to more efficient market participants and value added. A static choice of indicator can set up new adaptational risks. Also macroeconomic instability and shifts of distribution channels bring more uncertainty for business. The paper shows how much application of different price indicators for internal markets of export-oriented goods may cost to suppliers and consumers.
Analysis of regional fiscal balance
Authors: Akindinova N. , Chernyavsky A. , Chepel A.
Published: March 2019

The authors examine the dynamics of regional budgets performance key indicators, including analysis of “May decrees” implementation effects. Interregional differentiation of budget deficit levels is regarded in details. The article contains estimation of the impact of various factors on regional budget performance, and the analysis of the relationship between budget balance and budget debt.
Social and economic development of Russia: finding new dynamics
Authors: Medvedev D.
Published: March 2019

The paper deals with Russian economic development and economic policy in2015-2016. The analysis is focused on external and domestic challenges as well as on anti-crisis policy of the Russian government. Special attention is paid to key elements of a new model of economic growth in Russia. The paper discusses priorities of economic policy of sustainable growth including: budget efficiency, structural reforms and import substitution, stimulation of entrepreneurship, efficiency of public administration, modernization of welfare state.
The paradigm changing of regional innovation policy in Russia: from equalization to smart specialization
Authors: Zemtsov S. , Barinova V.
Published: March 2019

The article substantiates the need for regionally differentiated innovation policy based on the principles of smart specialization. It provides an extensive review of international experience and literature and proposes guidelines for a new policy relating to the conservation of the human capital, the formation of innovative businesses and the intensification of horizontal connections. Using the cluster analysis, the authors develop a typology of regions and cities for innovation policy goals. The article suggests support tools for each type of regions, which are different in the potential of creation and implementation of new technologies, technological and industrial specialization.
Culture and institutions. Part I
Authors: Alesina A. , Giuliano P.
Published: March 2019

A growing body of empirical work measuring different types of cultural traits has shown that culture matters for a variety of economic outcomes. This paper focuses on one specific aspect of the relevance of culture: its relationship to institutions. We review work with a theoretical, empirical, and historical bent to assess the presence of a two-way causal effect between culture and institutions. The first part of the paper provides the main definitions and discusses the difficulties associated with the quantitative analysis of this effect. It also features a map of cultural traits used in economics and of their correlations.
Economic theory in IMEMO (The Soviet period)
Authors: Avtonomov V.
Published: March 2019

The article deals with the history of economic research at the Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences. This history is analyzed in the context of the Soviet and world economic science. The specific nature of Soviet economic theory is characterized as well as a special position of IMEMO, in its function of the leading thinktank in the field of world economy and international relations. Two main directions of theoretical work of IMEMO economists are identified: transition from the facts and statistical data towards a revision of dogmatic Marxism, and from Western theories to original ideas and practical recommendations. The connection of the theory and applied expertise is given a special attention.
Positive collaboration: Factors and mechanisms of evolution
Authors: Polterovich V.
Published: March 2019

T is proposed in the article to distinguish between two types of collaboration: a positive (not directed against third parties) and a negative one. I consider the hypothesis that in the process of social development, transaction costs ratio of the three main types of coordination - competition, power, and collaboration - is changing in favor of the latter. The mechanisms responsible for the implementation of this tendency are studied, and an attempt to explain its nonmonotonicity is made. It is shown that the strengthening role of positive collaboration is largely explained by cultural changes: the enhance of tolerance culture, the spread of cosmopolitanism and altruism, increasing planning horizon as well as trust radius. I demonstrate the importance of the institutions of positive collaboration in the process of catchingup development; it is shown that shock reforms could lead to the formation of negative collaboration mechanisms. For the further development of these ideas, a program of interdisciplinary researches is outlined.
On the limits of unsolvability of the “free rider problem”
Authors: Yudanov A. , Pyrkina O. , Bekker E.
Published: March 2019

The article reinterprets the classic «free rider problem» known as unsolvable from the position of how the free rider’s surrounding affects him. It introduces the concepts of public and private harm from the free rider’s activity. It also describes a wide variety of manifestations of the “free ridership” in which the private harm suffered by significant social groups is large enough to cause on their part an active opposition to free riders. According to the authors, under proper institutional conditions this opposition results in effective decision of the “free rider problem”. They offer a mathematical model of the process: the Markov chain with a single or multiple absorbing states.
Openness of the Russian economy as a source of economic growth
Authors: Kadochnikov P. , Knobel A. , Sinelnikov-Murylev S.
Published: March 2019

The paper considers measures on Russia’s integration into the global economy, aimed at the economic growth resumption. It analyzes conditions and mechanisms due to which the expanding trade and mutual investment with other countries contribute to economic growth in Russia. The paper provides policy recommendations for export support, regional economic integration agenda and the institutions reform.
Functioning of monetary and financial system and the depression of the Russian economy
Authors: Manevitch V.
Published: March 2019

The monetary and financial sphere of the Russian economy is considered in the article as an interconnected system, which involves cross-border movement of capital, the budget deficit formation and financing, the Central Bank monetary policy, the credit activity of banks. The article traces the changes in the functioning of the monetary and financial system of Russia in 2014-2015 under the influence of external shocks. The author challenges some of the accepted explanations of the dynamics of macroeconomic indicators, in particular, the automatic dependency in the short run of the exchange rate on the oil export prices, a critical dependence of the spectrum of interest rates on the Central Bank key rate. Thanks to the repatriation of foreign assets in the Russian economy there remains the possibility of appreciating the ruble and lowering interest rates, despite the decline in export prices and repayment of external liabilities.
Fiscal decentralization and regional economic growth: Theory, empirical studies, and Russian experience
Authors: Yushkov A.
Published: March 2019

The article deals with the theoretical and empirical relationship between fiscal decentralization and economic growth. Empirical analysis of Russian regions for 2005-2012 shows that excessive expenditure decentralization within the region, which is not accompanied by the respective level of revenue decentralization, is significantly and negatively related to regional economic growth. On the contrary, regional dependence on intergovernmental fiscal transfers from the federal center is positively associated with economic growth.
Lending to the non-financial sector: Opportunities and limitations
Authors: Berezinskaya O.
Published: March 2019

This paper analyzes borrowing by non-financial sector of the Russian economy. Its topicality is determined by the importance of credit for a successful implementation of the “window of opportunities”, a decrease in credit availability and high credit risks in a number of industries. The comprehensive analysis of lending to non-financial sector of the economy is based on financial statements of corporations and credit institutions as well as on evaluations of the Bank of Russia. The paper highlights performance dynamics of businesses in non-financial industries and their current indebtedness and the role of Russian banks in providing them with credit. Imbalances and risks for growth of lending to the non-financial sector of the economy are revealed.
Socio-economic effects of labor migration from small towns of Russia
Authors: Mkrtchyan N. , Florinskaya Y.
Published: March 2019

The article examines labor migration from small Russian towns: prevalence of the phenomenon, the direction and duration of trips, spheres of employment and earnings of migrants, social and economic benefits of migration for households. The representative surveys of households and migrant-workers by a standardized interview were conducted in four selected towns. Authors draw a conclusion about high labor spatial mobility of the population of small towns and existence of positive effects for migrant’s households and the economy of towns themselves.
Technical efficiency of the Russian agriculture
Authors: Korotchenya V.
Published: March 2019

Based on the data envelopment analysis methodology applied in the cross-country context with a metafrontier approach and window analysis, the article provides a technical efficiency estimate of the Russian agriculture. The group of countries included in the study comprises the CIS, BRIC, EU, and OECD members. The time interval is 1992-2007. The research has revealed low efficiency of the Russian agriculture among the CIS members and a relatively large technology gap with respect to advanced economies, but which tends to decline. The estimates also indicate growth of the Russian agricultural sector efficiency within the CIS beyond the time interval of the research.