bluuebunny/crossref_metadata_2025 huggingface dataset:
Economic Miracle: Market and Culture
Authors: Chirkunov O.
Published: March 2019

Basing on the characteristics of economic branches of one of the RF regions (Perm Krai), the author discusses the issue of inefficiency of the Russian market model. The article critically analyzes the inconsistency of governments actions toward the private sector as well as traditional cultural values that hinder successful development. The conclusion is made that the Russian economy has essentially remained the state one, and given the lack of stimuli (including cultural ones) to reduce the government sector, all hopes for an economic breakthrough remain groundless.
Taxation in Fishery: Results of Evolution, Directions of Perfection
Authors: Vasiliev A.
Published: March 2019

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Economic Institutionalism: An Evolutionary Perspective
Authors: Inshakov O. , Frolov D.
Published: March 2019

The authors join a new discussion about Russian economic institutionalism, commenced by A. Moskovsky and continued by E. Popov and A. Sergeev. In the article the necessity of differentiation of concepts "institute" and "institution" is demonstrated, and the version of the set of basic categories is provided (institution, organization, institute and organ) which could be fundamental for institutional economic theory. Promising directions of institutional research are also discussed.
Assessing Sustainability of Russia's Federal Budget in the Crisis Period
Authors: Timokhina E.
Published: March 2019

The article estimates the effectiveness and adequacy of existing instruments and measures to ensure fiscal sustainability in Russia. Major shocks to Russia's federal budget under conditions of the global crisis are indicated. The author recommends to return to the fiscal rules that promote fiscal sustainability.
Why Does Health Capital Increase in the Developed Countries and Decrease in Post-Soviet Russia? (An Attempt at Post Keynesian Explanation)
Authors: Rozmainsky I.
Published: March 2019

The article formulates the post Keynesian approach to dynamics of health capital. The author shows that this dynamics scarcely depends on rational calculation of expected benefits and costs because these are unknown. Investment in health capital is determined mainly by the degree of animal spirits, features of conventional judgment, habits, social norms and rules. In the developed countries these factors contribute to accumulation of health capital and, consequently, increasing life expectancy. In post-Soviet Russia health capital decreases - and life expectancy is low - first of all, due to investor myopia (unwillingness to take into account distant future) caused by higher uncertainty.
The Contradictions of the State Policy on Regulation of Prices on Medicines: Problems and Ways of Their Solving
Authors: Kotlyarov I. , Balashov A.
Published: March 2019

The article analyzes the existing model of regulation of prices on medicines in the Russian Federation. Problems of this model are described (especially the fact that it stimulates elimination of cheaper medicines from the product range of pharmacies and pharmaceutical distributors and hinders investments into local development of innovative medicines). Ways to solve these problems are proposed. It is demonstrated that all medicines should be divided into three groups according to their price, and for each group a special method of price regulation should be used. It is also proposed to implement a guaranteed level of profitability of local developers of innovative medicines.
Low-wage Workers on the Labor Market of the Russian Federation Regions: What Russian Statistics Does not Say
Authors: Efimova E.
Published: March 2019

Approaches to the definition of the number of low-wage workers, developed in the world practice, are investigated in the paper. Using Eurostat approach, the author defines decency wage threshold and the share of low-wage workers in the Russian Federation in 2007-2009. The reasons for low wages in the Russian regions are revealed, and recommendations to reduce the number of low-wage workers are offered.
Electronic Self-employment in Russia
Authors: Strebkov D. , Shevchuk A.
Published: March 2019

The paper is devoted to electronic self-employment as a new phenomenon of the labor market in the information society. The authors analyze the growing sector of self-employed professionals (freelancers) working remotely via Internet. Extensive quantitative data from online standardized surveys reveal the main demographic, social and professional characteristics of Russian-speaking e-lancers, as well as motivational, organizational and financial issues.
Providing Long-term Stability of Russia's Pension System
Authors: Omel'chuk T.
Published: March 2019

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Institutional Constraint of Modernization or Will the Democratization Do Well in Russia?
Authors: Yasin E.
Published: March 2019

The article deals with three possible scenarios of modernization - modernization from above, strong dash (modernization from below) and evolution (modernization from below but without a strong dash). The author points out that the last one is the most preferable for Russia, because step by step adaptation to new institutions mostly eliminates the possibility of a roll back. In the end the author suggests how could the economy develop in these diverse cases during the four ongoing decades.
Two Years after the Crisis: Do Risks of the Second Wave Become Stronger?
Authors: Ershov M.
Published: March 2019

With signs of normalization seemingly in place in the world economy, a number of problems show the possibility of aggravation in the future. The volume of derivatives in American banks grows significantly, high risk instruments are back in place and their use becomes more active, global imbalances increase. All of the above requires thorough approaches when creating mechanisms which can neutralize external shocks for the Russian economy and make it possible to develop in the new post-crisis environment.
Human Capital Accumulation and Resource Abundance
Authors: Vasilieva O.
Published: March 2019

Does resource abundance positively affect human capital accumulation? Or, alternatively, does it «crowd out» the human capital leading to the deterioration of economic growth? The paper gives an overview of the relevant literature and discusses both theoretical and empirical results obtained regarding the connection between human capital accumulation and resource abundance. It shows that despite some theoretical predictions about the harmful effect of resource abundance on human capital accumulation, unambiguous evidence of such impact that would be robust with respect to the change of resource abundance parameter has not been obtained yet.
How the New Rules of Exchange on Markets Are Justified
Authors: Radaev V.
Published: March 2019

Continuous relational conflicts between market sellers in Russian consumer markets are derived not only from redistribution of value added in the supply chain but also from a lack of legitimacy faced by the new rules of exchange. The paper explains the economic meaning of slotting allowances and other additional contract requirements as viewed by market sellers. A major source of data comes from a series of in-depth interview with retail managers and their suppliers.
Macroeconomic Aspect of the Evolution of Railway Transport
Authors: Lapidus B. , Macheret D.
Published: March 2019

The paper analyzes historical evolution of railway transport and its impact on economic development. The authors deal with the relation between railway building and economic growth. These effects are considered for various countries. The authors also characterize the current state of the industry and suggest economic criteria for innovative solutions in the field.
On the Measures of Sectors' Support in the Post-crisis Period (An Interview with V. A. Zubkov)
Authors: Editorial Article
Published: March 2019

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Will Russia Have Economic Growth in the Mid-XXI Century?
Authors: Bashmakov I.
Published: March 2019

Discussions on Russia´s modernization paths specify that conservation of existing institutions along with the raw materials export-based model of development cannot sustain high economic growth rates. The article spells out this statement by expanding the analysis horizon to 2050. The model runs demonstrate that modernization failure in the 2010s may stipulate the loss by Russia´s economy of the ability to expand or even transition to the shagreen-leather-like economy (a model of constantly declining GDP accompanied by reduced oil production) in the 2030s or 2040s. The analysis shows that without effective modernization aimed at enhancing productivity of all production factors there will be no economic growth in Russia in the middle of the XXI century.
Modernizing Financial Sphere
Authors: Senchagov V.
Published: March 2019

Basing on the analysis of the system of threshold levels of Russia´s economic security the author presents the mechanism of modernization of financial sphere, its main ingredients: strategic planning, sovereign funds, Pension fund, federal budget, depreciation charges, monetary instruments. The state should form a general plan of modernization, work out its philosophy, stages of the process and on this basis develop the strategy of modernization of economy for 10-15 years.
A Theory of Patronized Goods: Inefficient and Efficient Equilibria
Authors: Rubinstein A.
Published: March 2019

The article considers some aspects of the patronized goods theory with respect to efficient and inefficient equilibria. The author analyzes specific features of patronized goods as well as their connection with market failures, and conjectures that they are related to the emergence of Pareto-inefficient Nash equilibria. The key problem is the analysis of the opportunities for transforming inefficient Nash equilibrium into Pareto-optimal Nash equilibrium for patronized goods by modifying the institutional environment. The paper analyzes social motivation for institutional modernization and equilibrium conditions in the generalized Wicksell-Lindahl model for patronized goods. The author also considers some applications of patronized goods theory to social policy issues.
Humble Class: On Social Status and Economic Situation of Russian Peasantry
Authors: Buzdalov I.
Published: March 2019

The article considers historical destiny of Russian peasantry and modern realities of its economic and social situation. The inconsistency and moral perversity of abstract ideological schemes and "substantiations" of social inferiority of country estate are shown. Directions and mechanisms of overcoming social injustice in respect to peasantry as a condition of modernization of agriculture are grounded.
Anti-corruption Strategy for Business in Russia
Authors: Kleiner V.
Published: March 2019

The article provides a new definition of corruption; it also classifies its types that both domestic and foreign businesses are facing in Russia. The main elements of anti-corruption strategy are presented, which are based on the analysis of sources of corruption and the ways of its penetration into businesses. Practical recommendations are provided on building anti-corruption strategy for Russian and foreign companies.
A New Model of Man in Economics
Authors: Storchevoy M.
Published: March 2019

The paper draws on the most recent research in the field of behavioral economics, neuroscience, and other disciplines and shows how biological and social factors interact and co-determine real human behavior. The author considers in detail various affects and forms of non-rational behavior. He proposes a common framework for such analysis, where each of those forms of behavior becomes the result of conscious or evolutionary-driven choice.
Practice of Vertical Interactions Regulation: Analysis of Vertical Restraints through the Lens of "Coordination of Concerted Practices"
Authors: Dzagurova N.
Published: March 2019

The article discusses the recent practical results of vertical restraints regulation in Russia. Despite of the apparent similarity of Russian and EU vertical restraints regulation, the practical results of their application differ. The reason is the continuing confusion of horizontal and vertical agreements regulation and the prohibition of vertical restraints totally on the ground that they have anticompetitive consequences paying no attention to their positive effects. The antitrust regulation which prohibits «coordination of concerted practices» displaces other vertical restraints regulations. The article also argues against the growing practice of proscription of distribution systems through appointed dealers.
Modernization of Russian Economy and Revival of Domestic Machine Building
Authors: Tchepenko V. , Andreev V.
Published: March 2019

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On the Place of Russian Economy in the World (Basing on the New Data on International GDP Comparisons)
Authors: Aganbegyan A.
Published: March 2019

The article considers comparisons of Russias GDP with other countries basing on the new data recently presented by OECD-Eurostat. The economic potential of Russia is analyzed in retrospect of 20 years with forecast for mid- and long-term. Special attention is paid to new conditions of economic growth that have formed after the global crisis. The necessity of transition of our country to a new model of socio-economic development in order to accelerate it is grounded.
Maturity of Social Institutions and the Questionable Foundations of Public Choice Theory
Authors: Orekhovskiy P.
Published: March 2019

The last decade in Russia has been marked by an expansive growth of interest to measuring the level of institutional maturity and quality. These measurements are carried out through international comparisons, correlation coefficients between the quality of institutions and GDP are calculated. However, these estimations are mostly possible within the framework of assumptions of the public choice theory. The paper attempts to prove that this theory uses the same assumption of homo oeconomicus, as conventional microeconomics. Therefore, the public choice theory has the same shortcomings that may be attributed to the neoclassical paradigm as a whole.
Beyond the Minskyan Political Economy: Liquidity and Financial Innovation in the Global Credit Crunch
Authors: Nesvetailova A.
Published: March 2019

The credit crunch of 2007-2009 has been widely described as a Minsky moment in the world finance, and references to Ponzi schemes recur in the emergent theorizations of this crisis. However, the notion of Ponzi finance captures only one of the many disturbing elements in the complex set of causes of the crisis. Engaging with the emergent theories of the credit crunch, this paper argues that the main controversy of the global credit crunch centers on the role of financial innovation in the economic system. More specifically, it concerns the problem of liquidity and its metamorphoses in the modern financial system. Drawing on the scholarship of Hyman Minsky and heterodox political economy, this paper addresses the conceptual dilemma of the relationship between financial innovation and liquidity, in the light of the lessons of the global credit crunch.
Global Investment-Saving Balance
Authors: Grigoriev L. , Ivashchenko A.
Published: March 2019

The article analyzes the investment-saving balance in developed and developing countries and groups of countries. Main determinants of investment and saving decisions of different economic agents are derived from well-known theoretic papers. The analysis of pre-crisis investment-saving balance is performed with a focus on specific role of USA and China in the global financial intermediation system. A crisis shift in US households saving behavior is revealed, and it is treated as an additional source of financing American deficits. Maintenance of high personal saving rate of US households is considered to be the key factor to support post-crisis growth.
Monetary Policy's Priorities of Central Banks in New Conditions
Authors: Andryushin S. , Kuznetsova V.
Published: March 2019

The paper is devoted to the issues of central banks targets transformation in a situation of financial globalization and growing national financial markets integration. These processes greatly modify the traditional channels and instruments of monetary policy transmission mechanism.
Psychology and Economics: Evidence from the Field. Part III. Nonstandard Decision Making and Market Response
Authors: DellaVigna S.
Published: March 2019

This third, and the last, part of a larger work devoted to the modern behavioral economics considers nonstandard decision making that is influenced by inattention of economic agents, their preference toward familiar schemes of action, biases and confusion in the choice situations, outside (in particular, social) pressure. Besides, market response to nonstandard behavior in various economic contexts (industrial organization, labor market, financial market, voting) is analyzed. The author also speculates on the future of behavioral economics as a separate discipline.
Russian Fiscal Sustainability Analysis
Authors: Vlasov S.
Published: March 2019

This study examines the Russian fiscal sustainability under two possible socio-economic scenarios. It contains the calculations for the current fiscal strategy in the medium and long run under conditions of additional fiscal risks. The size of necessary fiscal consolidation under the current fiscal strategy is calculated, and the alternative strategy based on the "bird-in-the-hand" rule is investigated.
The Channels of Financial Crisis Transmission in Emerging Markets
Authors: Fedorova E. , Bezruk O.
Published: March 2019

This article describes general monitoring of the global economic system status as the initial stage of anti-crisis state policy. Evaluation results may be used by governments to identify crisis situations in the domestic economy and take prompt actions. We propose for the first time the estimation of crises transmission channels and indicators for the 2008-2009 crisis basing on the evidence from developed and developing countries, including the CIS countries. We also suggest using the index of pressure on the financial market concept (EMP) as an indicator of financial crisis and evaluation criterion of anti-crisis policy.
Input-Output Tables: New Options of Economic Analysis
Authors: Mikheeva N.
Published: March 2019

Problems of working out input-output tables and using them in economic analysis are considered. The experience of compilation of national and regional interindustry balances in the USSR and input-output tables in market economies is estimated. Features of compilation of input-output tables basing on the SNA methodology are specified. Examples of using input-output methods for analysis of actual economic problems are presented. Proposals on compilation of regional input-output tables are formulated.
A. Korsak as the First Russian Comparative Economist
Authors: Gloveli G.
Published: March 2019

The paper reconstructs the conception of the Russian industrial evolution proposed by A. Korsak (1832-1874) who was a founder of the historical tradition in Russian political economy and the first Russian scholar who used a category "industrial revolution". The author shows Korsak's contribution to the analysis of the distinguishing features and institutions of Russian agriculture and manufacturing originating from national geography and history. The paper emphasizes elements of Korsak's conception that predicted both Marx's generalization of the stages of capitalist mode of production and research of German "Young" Historical School of political economy. The author considers Korsak's heritage in a broad context of Russian intellectual history, including main political economy debates of the 19th century.
Institutional Turn in Microeconomics?
Authors: Raskov D.
Published: March 2019

The article that is devoted to the appearance of the Russian edition of Samuel Bowles "Microeconomics. Behavior, Institutions, and Evolution" considers possible changes that may be brought by the new research program outlined in the book. The author analyzes the main arguments and rhetorical strategies applied by Bowles and shows that the major shift that this book may entail can be the merger of microeconomics and institutional economics that may lead to vanishing of the latter as a distinct discipline and its integration into the vast field of microeconomic analysis.
Bulatov A. S. National Economy: Teaching Aid
Authors: Klinov V.
Published: March 2019

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From Redistributing Wealth to Creating Prosperity in the Russian Federation: Findings from the Global Competitiveness Index (The Russia Competiveness Report 2011. Ch. 1.1 / World Economic Forum, Eurasia Comtetiveness Institute)
Authors: Drzeniek-Hanouz M. , Prazdnichnykh A.
Published: March 2019

The journal version of Chapter 1.1 of "The Russia Competitiveness Report 2011: Laying the Foundation for Sustainable Prosperity" prepared by the World Economic Forum and Eurasia Competitiveness Institute analyzes major problems Russia is faced with in this field. Three advantages and five systemic weaknesses of the country are considered. The analysis on the basis of the Global Competitiveness Index shows that real improvements along these five directions could lead to significant increase in competitiveness and growth of welfare in Russia.
How Much Do Non-performing Institutions Cost?
Authors: Akindinova N. , Aleksashenko S. , Petronevich A. , Petronevich M.
Published: March 2019

The primary goal of this paper is to confirm the existence of the links and receive the quantitative measurement of the correlation between the quality of institutions and dynamics of their development, on the one hand, and GDP growth, on the other. For this analysis the extended database consisting of basic macroeconomic indicators and indices of quality of institutions for 51 countries for the period 2001-2009 was used. This study provides quantitative support to the common notion that economic growth in the long run is affected by the quality of institutions. Though this numeric effect may be viewed as relatively small, in the medium run the accumulated gap in the growth rate caused by permanently lower quality of institutions can be substantial. Moreover, the radical improvement in the quality of institutions provides more significant, though not lasting, addition to the growth rate.
Some Features of the Moneys Accelerator Performance
Authors: Maevsky V. , Zorin K.
Published: March 2019

Money supply can be divided into two components: the one serving nominal GDP production and the other serving stock market transactions. It is argued that weak fluctuations of money supply growth rates relative to nominal GDP growth rates provoke strong fluctuations of the money supply component serving stock market. This, in turn, leads to sharp fluctuations in the stock market conjuncture that implies not only financial turmoil but economic depression. The authors propose to manage this process through analyzing dynamics of the specially designed index.
What Mistakes Should Be Avoided under Evaluating Investment Projects with State Participation
Authors: Livshits V. , Shvetsov A.
Published: March 2019

Principle shortcomings of Russian and foreign practice of realizing large investment projects are analyzed in the article. The reasons for systematic underestimating risks and overestimating advantages of such projects that determine their inefficiency are revealed. The necessity of investment decisions project presentation and evaluation of their efficiency is proved. The state of Russian methodic base for evaluating investment efficiency is considered. Stereotype economic and methodic delusions of investment projecting practice that lead to serious mistakes are shown.
Vazhenin S. G., Bersenev V. L., Vazhenina I. S., Tatarkin A. I. Territorial Competition in Economic Space
Authors: Makarov L. , Sorokin D.
Published: March 2019

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Empirical Industrial Organization: A Progress Report
Authors: Levin J. , Einav L.
Published: March 2019

The article sketches how the field of industrial organization has evolved to its current state, in particular how the emphasis has shifted over time from attempts to relate aggregate measures across industries toward more focused studies of individual industries. The authors describe several active areas of inquiry, discuss some of the impacts of this research and specify topics where research efforts have been more or less successful. They also address some current debates about research emphasis in the field, and more broadly about empirical methods, and offer some ideas on where future research might go.
Antitrust Policy and Intellectual Property Rights Protection in Emerging Markets
Authors: Shastitko A. , Kurdin A.
Published: March 2019

The article considers the problem of correspondence between antitrust policy and intellectual property rights protection in terms of their goals, methods and mutual influence. This question provokes discussions: on the one hand, innovative development requires strong intellectual property rights protection to stimulate entrepreneurs, even if it leads to anti-competitive consequences. On the other hand, maintenance of market competition requires limiting property rights. The context of the problem changes significantly when emerging markets economies are concerned. Basing on the formal model, the authors analyze possible hostile effects of antitrust policies under the conditions of poor intellectual property rights protection, which is typical for some developing countries, and propose ways of overcoming the unfavorable situation. The research shows that antitrust policy needs careful consideration of the existing institutional environment.
Russian Protectionism: Problems of Institutional Heritage
Authors: Tsedilin L.
Published: March 2019

The article analyzes the pre-revolutionary and the Soviet experience of the protectionist policies. Special attention is paid to the external economic policy during the times of NEP (New Economic Policy), socialist industrialization and the years of 1970-1980s. The results of the state monopoly on foreign trade and currency transactions in the Soviet Union are summarized; the economic integration in the frames of Comecon is assessed.
Understanding Economics as a (Social) Science? (On the Book by M. Boumans, J. Davis “Economic Methodology. Understanding Economics as a Science”)
Authors: Boldyrev I.
Published: March 2019

This review discusses the latest textbook on economic methodology. It shows that its authors think of the philosophy of science as primarily the philosophy of “hard”, natural sciences and have not tried to interpret economic theory as a social science. At the same time the book is characterized by its attention towards more recent methodological approaches, in particular, to the rhetoric of economics, and this direction might be considered as promising.
Scanner of Our Capitalism (On the New Book by G. Tsagolov  “Why Everything Is not the Way It Should Be”)
Authors: Bunich A. ..
Published: March 2019

According to the opinion of the author of the book, in present Russia is at a deadlock of beaurocratic-oligarchic capitalism. Sustainable economic development can be maintained only on the basis of social-democratic principles. Deliberate construction of convergent society is necessary that would combine advantages of capitalism and socialism, market and plan.
Trust in the Police: Cross-country Comparisons
Authors: Gimpelson V. , Monusova G.
Published: March 2019

Using different cross-country data sets and simple econometric techniques we study public attitudes towards the police. More positive attitudes are more likely to emerge in the countries that have better functioning democratic institutions, less prone to corruption but enjoy more transparent and accountable police activity. This has a stronger impact on the public opinion (trust and attitudes) than objective crime rates or density of policemen. Citizens tend to trust more in those (policemen) with whom they share common values and can have some control over. The latter is a function of democracy. In authoritarian countries — “police states” — this tendency may not work directly. When we move from semi-authoritarian countries to openly authoritarian ones the trust in the police measured by surveys can also rise. As a result, the trust appears to be U-shaped along the quality of government axis. This phenomenon can be explained with two simple facts. First, publicly spread information concerning police activity in authoritarian countries is strongly controlled; second, the police itself is better controlled by authoritarian regimes which are afraid of dangerous (for them) erosion of this institution.
In Defense of the Euro: Austrian School Approach (Critics of ECB Errors and Brussel’s Interventionism)
Authors: Huerta De Soto J.
Published: March 2019

The mechanism of euro functioning is analyzed in the article from the standpoint of limiting the autonomy of monetary authorities of the European monetary union members, which precludes them from manipulating national currency for the short sighted political interests and postponing painful structural reforms under crises aimed at liberalizing the economy. In some aspects euro excels the classical gold standard, which fell under monetary nationalism attack in the 1930s. Motives and arguments of critics and adversaries are analyzed and the reasons for euro defense are exposed. Real economic and social problems of Europe and ECB errors are described.
Economic Coordination and Dynamics: Some Elements of an Alternative “Evolutionary” Paradigm
Authors: Dosi G.
Published: March 2019

According to the latest forecasts, it will take 10 years for the world economy to get back to “decent shape”. Some more critical estimates suggest that the whole western world will have a “colossal mess” within the next 5–10 years. Regulators of some major countries significantly and over a short time‑period changed their forecasts for the worse which means that uncertainty in the outlook for the future persists. Indeed, the intensive anti‑crisis measures have reduced the severity of the past problems, however the problems themselves have not disappeared. Moreover, some of them have become more intense — the eurocrisis, excessive debts, global liquidity glut against the backdrop of its deficit in some of market segments. As was the case prior to the crisis, derivatives and high‑risk operations with “junk” bonds grow; budget problems — “fiscal cliff” in the US — and other problems worsen. All of the above forces the regulators to take unprecedented (in their scope and nature) steps. Will they be able to tackle the problems which emerge?
World Economy: Prospects and Barriers for Recovery
Authors: Ershov M.
Published: March 2019

According to the latest forecasts, it will take 10 years for the world economy to get back to “decent shape”. Some more critical estimates suggest that the whole western world will have a “colossal mess” within the next 5–10 years. Regulators of some major countries significantly and over a short time‑period changed their forecasts for the worse which means that uncertainty in the outlook for the future persists. Indeed, the intensive anti‑crisis measures have reduced the severity of the past problems, however the problems themselves have not disappeared. Moreover, some of them have become more intense — the eurocrisis, excessive debts, global liquidity glut against the backdrop of its deficit in some of market segments. As was the case prior to the crisis, derivatives and high‑risk operations with “junk” bonds grow; budget problems — “fiscal cliff” in the US — and other problems worsen. All of the above forces the regulators to take unprecedented (in their scope and nature) steps. Will they be able to tackle the problems which emerge?
Causes and Consequences of the Crisis in the Eurozone
Authors: Narkevich S. , Trunin P.
Published: March 2019

In recent years the discussion of the role played by reserve currencies in the world economy has reached a new level. Problems caused by the domination of the single reserve currency have not yet been resolved and it remains unclear when and how they will be solved in the future. At the same time quite often the discussion doesn’t include theoretical foundations of different alternatives. In this article we try to develop a strict foundation of the regional reserve currency concept, present theoretical arguments for the factors of reserve currencies’ formation and estimate the potential of the Russian ruble as a regional reserve currency.
Taxation Trap in Development of Entrepreneurship in Russia
Authors: Zhuk A.
Published: March 2019

The paper considers the problem of improving the quality of taxation institution in Russia using institutional economic theory research tools. The taxation institution analysis reveals the institutional trap in its structure which distorts national taxation system functioning and leads to complete abandonment of tax payments by national economic agents. On the basis of the analysis of tax revenues and directions and quality of public expenditure the author grounds the necessity of modernization of the national system of public needs satisfaction in the direction of the actual public goods and services production.
Beyond GDP: The Quest for a Measure of Social Welfare. Part I
Authors: Fleurbaey M.
Published: March 2019

The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods of quantitative estimating the aggregate wealth and well-being are available in the modern economic theory apart from the traditional GDP measure. The limitations of the methods are also discussed. The author shows which measures of welfare are adequate in the dynamic context: he considers the problems of intertemporal welfare analysis using the Net National Product (NNP) for the sustainability policy and in the context of concern for well-being of the future generations.
Economics of Happiness as an Academic Research Discipline
Authors: Antipina O.
Published: March 2019

The article contains a review of the contemporary research in the field of economics of happiness. Economics of happiness deals with correlation between the subjective notion of well-being and happiness with ones life (happiness level) and economic indicators. The author considers the correlation of economic and noneconomic factors. The last ones —  such as education and health — also affect the level of happiness. The author dwells upon the following questions: research methodology in economics of happiness, correlation between subjective notion of well-being and happiness with ones life and economic performance on micro- and macrolevels.
Beyond GDP: The Quest for a Measure of Social Welfare. Part II
Authors: Fleurbaey M.
Published: March 2019

The second part of the paper is devoted to the non-monetary indicators of social welfare. Various approaches to the study of subjective well-being and happiness are described. The author shows what problems a researcher would encounter trying to analyze welfare on the micro-level and to take account of the cognitive and affective aspects of the individuals assessment of their well-being, as well as the relevance of social relations. The author also shows to what extent the alternative approaches, particularly the analysis of functionings and capabilities advanced by A. Sen are compatible to the modern welfare economics and what prospects the latter has.
In the Shadow of Violence: Lessons for Limited Access Societies
Authors: North D. , Wallis J. , Webb S. , Weingast B.
Published: March 2019

The paper presents a summary of the forthcoming book by the authors and discusses the sample study of the 9 developing countries. While admitting the non-linearity of economic development they claim that the developing countries make a transition from the limited access orders (where the coalition of powerful elite groups plays a major role, that is based on personal connections and hampers free political and economic competition) to the open access orders with democratic government and efficient decentralized economic system. The major conclusion of this article is that what the limited access societies should do is not simply introducing open access institutions, but reorganizing the incentives of the elites so that to limit violence, provide economic and political stability and make a gradual transition to the open access order beneficial for the elites.
Population Aging and Risks of Budget Crisis
Authors: Kudrin A. , Gurvich E.
Published: March 2019

The impact of global aging on fiscal expenditure and possible ways to address this challenge are considered in the article. The authors conclude that if ambitious reforms are not implemented, relative spending on public health and social security may double by mid-XXI century. Pension reform should aim not only at avoiding excessive financial commitments, but more generally at securing due interests of all generations. A new approach to defining optimal pension policy is suggested. It is specified as a policy that mimics choices on work duration and savings, made by a person with full knowledge and long horizon. The best reaction to aging from this viewpoint is an increase in retirement age keeping constant leisure/labor ratio. This strategy ensures the stability of replacement rates and does not affect intergeneration accounts. Longer employment is feasible, as higher life expectancy is accompanied with proportional increase in healthy life expectancy.
The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis
Authors: Kheifets B.
Published: March 2019

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.
Building a Balanced Industrial Policy: Issues of Structuring Goals, Tasks and Tools
Authors: Kalinin A.
Published: March 2019

Industrial policy, defined as state activity aimed at achieving structural changes in national industry, doesn't get a unanimous support from economists. The primary reason for criticism lays in insufficient efficiency of interventions. This inefficiency is mainly caused by lobbying and, thus, controversy of state policy. In this paper a possible way of reconciling the goals, objects and tools to create a harmonious and balanced industrial policy is proposed.
State Support of Modernization of Big Business Branches
Authors: Kiyutsina O.
Published: March 2019

The main measures and mechanisms of state support of large Russian business sectors with the purpose of their modernization are considered in the article.
Methodological Aspects of the Training Course "Modern Economic Conceptions"
Authors: Vasilenok V. , Shapiro N.
Published: March 2019

Methodological and methodological issues of the meaningful construction of a new training course for master's training "Modern Economic Concepts" are discussed in the article. A number of concrete proposals have been made to improve the teaching of the course.
Some Findings of the Empirical Analysis of the 2008—2009 Global Crisis Determinants
Authors: Stolbov M.
Published: March 2019

The paper synthesizes the results of the empirical research of the 2008—2009 global economic crisis determinants. Some of them are additionally tested and specified. In particular, the so called decoupling hypothesis is suggested to be split into weak and strong forms: the developing economies appear to have been vulnerable to the global crisis, but in a lesser degree than the OECD countries. Trade determinants of the crisis haven't proved their dominant significance over financial channel factors. Public debt relative to GDP is a new variable on the crisis determinants list, as it limited the scale of stabilizing policies during the crisis due to growing risks of violating public finance resilience. The paper also shows that the probability of a new crisis comparable to the 2008—2009 global recession has not reduced and poses a serious challenge to the world economy now.
Innovation and Dynamism. Interaction between Systems and Technical Progress
Authors: Kornai J.
Published: March 2019

Literature on post-socialist transformation usually deals with the political, economic and social sides of it. But the relative advantages of capitalist and socialist systems in terms of the incentives for entrepreneurship and innovation process attracted less attention. It is well known that every revolutionary new product (for civilian use) has been brought about by the capitalist system and that the socialist system was capable at most of developing new military products. Innovation has deeply transformed our daily lives but many people, while deeming all these changes favorable, seldom discern the causal relation between the capitalist system and rapid technical progress. The usual syllabus of microeconomics does not enlighten students on this important virtue of capitalism, neither is it adequately emphasized in the statements of leading politicians. The article analyzes how far the radical difference between socialist and capitalist innovation can be explained by the innate tendencies and basic attributes of the two systems and provides strong arguments in favor of capitalism.
Post-Crisis Development: Regional Aspects
Authors: Zubarevich N.
Published: March 2019

The article deals with post-crisis development in Russian regions. Dynamics of regional output, investments and employment in 2008—2011 was determined by objective factors (economic specialization, level of development and location) and specific government policy measures. The impact of objective factors was stronger for the most regions, and competitive regions overcame the crisis easier. For a number of underdeveloped territories federal aid again turned out to be the safety cushion. Top-priority government projects played the same role for some regions. The crisis hasn't affected their development as much as it could have.
The Impact of Commodities Export Prices on Perspectives of Russia's Economy Development
Authors: Shapot D. , Malakhov V.
Published: March 2019

The article gives quantitative assessments of macroeconomic consequences of the deviations of commodities export prices from the levels expected by the Ministry of Economic Development of Russia. A method for evaluation of key macroeconomic indicators sensitivity to commodities export prices changes is developed. A dynamic optimization model for ready analysis of the export prices impact on the Russian economy development is submitted.
The Role of the Double-Entry Bookkeeping in the Emergence of Capitalism
Authors: Tsygankov K.
Published: March 2019

The article describes the differences between the early capitalism and pre-capitalist modes of production. It also considers the thesis advanced by W. Sombart on the double-entry bookkeeping as a necessary prerequisite of the emergence of capitalism. The author suggests the definition of capitalism as a management system aimed at maximizing capital. He also develops a hypothesis that the double-entry bookkeeping and capitalism originated in the Roman Empire and were just resuscitated in the Middle-Ages Italy.
Abalkin Readings: Political Economy and Economic Policy
Authors: Gribanova O.
Published: March 2019

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Strategic Benchmarking of the Republic of Kazakhstan
Authors: Tambovtsev V. , Umbetaliev M.
Published: March 2019

The question of gaining strategic goals of the country's development during the process of economic modernization is studied in the article. To evaluate and proof the goals performability the benchmarking method is used. Being applied to Kazakhstan case, it demonstrates that for the midterm goals Oman and the United Arab Emirates can be stated as the benchmarks, and for the long-term goals — Norway, Australia and Canada. On the whole, the analysis shows the great potential of the strategic benchmarking method to work out the modernization policy for relevant countries.
Growing Russian Economy against Growing External Tension
Authors: Borisova I. , Zamaraev B. , Kiyutsevskaya A. , Nazarova A. , Sukhanov E.
Published: March 2019

Conditions and features of the Russian economy development in 2011 are considered in the article. Having caused unprecedented outflow of the capital abroad, rising tension and turbulence on the world financial and stock markets have not broken off recovery of the Russian economy. Crisis recession was overcome. Record-breaking low inflation, rapid credit restoration and active government adjustment neutralized negative effects of the external tension and supported economic growth, having encouraged consumer and investment demand.
Positive Reintegration as a Way of Small and Medium-Sized Business Development
Authors: Zolotov A. , Mukhanov M.
Published: March 2019

А new approach to policy-making in the field of economic reforms in modernizing countries (on the sample of SME promotion) is the subject of this article. Based on summarizing the ten-year experience of de-bureaucratization policy implementation to reduce the administrative pressure on SME, the conclusion of its insufficient efficiency and sustainability is made. The alternative possibility is the positive reintegration approach, which provides multiparty policy-making process, special compensation mechanisms for the losing sides, monitoring and enforcement operations. In conclusion matching between positive reintegration principles and socio-cultural factors inherent in modernization process is provided.
The Economic Theory of the Firm: A Generalization
Authors: Storchevoy M.
Published: March 2019

The paper deals with development of a general theory of the firm. It discusses the demand for such a theory, reviews existing approaches to its generalization, and offers a new variant of general theory of the firm based on the contract theory. The theory is based on minimization of opportunistic behaviour determined by the material structure of production (a classification of ten structural factors is offered). This framework is applied to the analysis of three boundaries problems (boundaries of the job, boundaries of the unit, boundaries of the firm) and five integration dilemmas (vertical, horizontal, functional, related, and conglomerate).
Economic Dynamics of the United States in 1990—2011: Keynesian Analysis
Authors: Akaev A. , Dzhamakeev U. , Korotayev A.
Published: March 2019

In this work a Keynesian analysis of economic development of the USA in 1990—2011 has been carried out. At the beginning, on the basis of the simple Harrod — Domar growth models, it has been shown that in this period the economic policy of the government did not provide balanced and sustainable economic growth. Then, in-depth analysis of economic growth with the use of Tobin’s monetary dynamic model has been carried out and it has been shown that recession in the U.S. economy, observed in 2007—2009, was the result of an explosive growth in the money supply caused by the need to finance the huge budget deficit. It has also been concluded that if the current trend of money emission persists, the implementation of the next quantitative easing program QE3 as early as in 2013 will lead to a new recession.
Talented Employees in Russian and Foreign Companies
Authors: Latukha M. , Tsukanova T.
Published: March 2019

The study investigates talent management practices in Russian and foreign companies. The inquiry of Russian and foreign companies (working in Russia) showed that perceived and dedicated talent management practices contribute to better companies performance. The study results can be used in talent management practice development.