bluuebunny/crossref_metadata_2025 huggingface dataset:
Institutional Aspects of the International Diamond Market’s Organization and Functioning
Authors: Levin М. , Sheveleva I.
Published: March 2019

The article analyzes the institutional and structural heterogeneity of international diamond market. Two market levels are considered: diamond primary supply (by mining companies) and the level of rough diamonds resales and polished diamonds manufacturing. It is shown that on the primary diamond market level the oligopoly structure has been established, and the secondary rough diamond market level is competitive. On the primary market level contractual commitments are enforced by "block booking sales"; on the level of rough diamonds resales and polished diamonds manufacturing — by social and ethnic homogeneous groups and networks as well as by reputation.
Russian Defense Enterprises and the State: In Search of Effective Interaction
Authors: Kolennikova O.
Published: March 2019

The article summarizes the results of twenty years’ reforming of the Russian defense-industrial complex. The analysis is based on the data of the monitoring of Russian defense enterprises, conducted in 1995—2007. The main output of reforms: the effective economic mechanism of the sector’s development has not been created, defense enterprises have remained not fully reformed. The state, as a basic owner, has hampered their inclusion in market processes. Real management has been passed into the hands of directors of the enterprises, but their possibilities are limited due to the absence of industrial policy and the accurate military doctrine. So they share the opinion that it is necessary to continue reforms in the sector.
Conformity Assessment in Technical Regulation: Market Features and Its Influence on Competitiveness of Russian Enterprises
Authors: Migin S.
Published: March 2019

Application of technical regulation measures frequently leads to excessive administrative pressure in the conformity assessment sphere. This pressure negatively affects economic agents’ activities and business environment which, in its turn, influences external and internal competitiveness of Russian enterprises. The article treats conformity assessment as one of major parameters that determine market entry barriers and company’s strategic behavior. The market of conformity assessment services itself and its entry barriers are also considered. The article highlights the market power of certification authorities and justifies the necessity to modernize the accreditation system.
The First Congress on Econophysics in Russia
Authors: Dubovikov M.
Published: March 2019

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Modeling Russian Economy in the Crisis Period
Authors: Pospelov I.
Published: March 2019

The article considers peculiarities of the current global economic crisis with respect to the principles of mathematical model-building. The formal structure and substantial features, preliminary results of calculations for the new model of Russian economy are described as well as its development in the period of 2004—2009. Special attention is paid to the meaning and role of the recently discovered strong turnpike effect: economic system tends to have "universally optimal" trajectories which reflect a reasonable result under different scenarios of distant future.
Ethics of Efficiency
Authors: Van Staveren I.
Published: March 2019

The article considers problems and contradictions arising from applications of the concept of Pareto-efficiency as the most widely used criterion for evaluating efficiency of economic outcomes. The author shows that this criterion is inadequate when applied to ethical issues. An accent on utility and strict adherence to the principles of freedom of choice are impediments to the correct evaluation of perverse needs, waste of resources or preferences which are potentially harmful for others. The article proposes another efficiency criterion based on minimizing resource waste. This criterion is better suited for following the principles of equity and justice than the Pareto-efficiency concept.
2008 Economy Results: The End of the "Fat" Years
Authors: Zamaraev B. , Kiyutsevskaya A. , Nazarova A. , Sukhanov E.
Published: March 2019

The article analyzes the current economic conditions in Russia. Succession, distribution and the transmission mechanism of the world financial and economic crisis to the Russian economy are considered in this article as well as the changes in the banking system, share and housing markets. Production, consumption and investment on the boundary of 2008-2009 are described. The conclusion about the basic change of conditions of national economy development is presented.
Behavioral Valuation: Behavioral Finance and Its Implications for Business Valuation
Authors: Fedotova M. , Pleskachevskiy V. , Rutgaizer V. , Buditskiy A.
Published: March 2019

In the article the contemporary ideology of behavioral finance is discussed. The authors consider the development of behavioral finance and formulate its key principles basing on the analysis of the research literature. The opportunity of using behavioral finance in the theory and practice of business valuation is investigated. Separate components of behavioral finance are suggested for application to business valuation in order to increase its efficiency. Future directions of the research in the field of behavioral finance and behavioral valuation are presented.
On the Role and Place of the Central Bank Money Emission in Reproduction Processes
Authors: Navoi A.
Published: March 2019

The article analyzes the political economy essence of the money emissive activity of central banks. On the basis of the loan funds genesis and the law of circulation of value the conclusion is made that the central bank cannot participate in the creation of value, it only redistributes surplus value through the mechanism of unsecured paper money emission. The interest rate for the central bank loans, unlike commercial interest rate, has no value basis. So, the interest rate is defined by the norm of surplus value. The central bank, via lending its resources with discount, forms steady demand for its money. This model of monetary policy contains crisis potential as it creates unsecured paper money which finds application in numerous bubbles of assets formed worldwide. The revision of the emission institute role in modern reproduction processes is required. The central bank should concentrate on the emission of sound money, sending correct economic signals to subjects of the economy.
The Book by the Scientist and Patriot  (On the Book by L. I. Abalkin "Essays on the History of Russian Socio-economic Thought")
Authors: Khudokormov A. , Pokidchenko M.
Published: March 2019

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Who Will Reckon in the End?  (On the Book by Ch. Dumas "China and America: A Time of Reckoning")
Authors: Suetin A.
Published: March 2019

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On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms
Authors: Fagiolo G. , Roventini A.
Published: March 2019

The article considers and compares two modern approaches to the scientific foundation of economic policy. The first one is a part of mainstream economics and involves developing dynamic stochastic general equilibrium models for analyzing business cycles and exogenous monetary shocks. The second one (which the authors prefer) is a creation of "agent-based models" with more realistic assumptions on the behavior and interactions of agents, absence of equilibrium and analytical solutions, but with computer simulations. The article criticizes an equilibrium approach, describes some results of application of agent-based computational economics to the analysis of economic policy and mentions some difficulties arising whenever this new theoretical paradigm is applied.
Uncertainty and Institutional Evolution in Complex Economic Systems: The Post Keynesian Approach
Authors: Rozmainsky I.
Published: March 2019

The paper is an attempt to develop the post Keynesian approach to comparative analysis of economic systems. The basic differences between economic systems are determined by the differences between institutions created for the sake of decreasing uncertainty. Uncertainty-reducing evolution of institutions can both stabilize and destroy economic system. The example of such destruction is the collapse of planned socialism. The author applies this approach to the analysis of economic system emerged in post-Soviet Russia which is "family-clannish capitalism". He tries to predict its institutional evolution.
A Political Economy Model of a Research University
Authors: Sonin K. , Khovanskaya I.
Published: March 2019

Hiring decisions are typically made by committees members of which have different capacity to estimate the quality of candidates. Organizational structure and voting rules in the committees determine the incentives and strategies of applicants; thus, construction of a modern university requires a political structure that provides committee members and applicants with optimal incentives. The existing political-economic model of informative voting typically lacks any degree of variance in the organizational structure, while political-economic models of organization typically assume a parsimonious information structure. In this paper, we propose a simple framework to analyze trade-offs in optimal subdivision of universities into departments and subdepartments, and allocation of political power.
Evstigneev V. R. Forecasting Yield on the Stock Market
Authors: Danilov Yu.
Published: March 2019

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Global Crisis as a Consequence of Structural Changes in Economy
Authors: Danilov-Danilyan V.
Published: March 2019

The paper analyzes changes in the structure of the real sector of world economy that have increased economic instability and made the Keynesian methods inapplicable for suppressing the oscillation amplitude in economic cycle. The abrupt expansion of two segments in the service sector is noted: the debt derivatives market and entertainment industry. The global financial-economic crisis that started in 2008 cannot be attributed to the processes in the financial sphere alone it serves as a manifestation of general civilization crisis. Measures, analogous to the internalization of external effects, are proposed to mitigate the adverse impact of the hypertrophic development of new segments in the service sector on the world economic system and the civilization as a whole.
Russian Banking System under Conditions of Global Crisis
Authors: Gref G. , Yudaeva K.
Published: March 2019

Problems in the financial sector were at the core of the current economic crisis. Therefore, economic recovery will only become sustainable after taking care of the major weaknesses in the financial sector. This conclusion is relevant both for the US and UK - the two countries where crisis has started, and for other economies which financial institutions turned out to be fragile in the face of the swings in the risk appetite. Russia is one of the countries where the crisis has revealed serious deficiency in the financial sector. Our study of 11 banking crises during the last 25-30 years shows that sustainable economic recovery and decrease in the dependence on commodity prices will be virtually impossible without cleaning of balance sheets and capitalization of the financial sector.
Training of Research Staff for Russian Science
Authors: Dezhina I. , Yegerev S.
Published: March 2019

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Whatever Happened to the Cambridge Capital Theory Controversies?  (With comments by L. Pasinetti, F. Fisher, J. Felipe and J. McCombie, R. Greenfield and reply by the authors)
Authors: Cohen A. , Harcourt G.
Published: March 2019

The article written by the well-known theorists and historians of economic thought contains a detailed overview of the Cambridge capital controversy, which had raged from the mid-1950-s through the mid-1970-s. The authors track the origins of the controversy and cover arguments of both sides in chronological order. From their point of view, the discussion hasnt been resolved, and its main underlying aspects were ideological beliefs and fundamental methodological controversies on the nature of equilibrium and on the role of time in economic theory. The article is published with comments written by other leading theoreticians.
A Critique of the New Comparative Economics
Authors: Rosser-Jr. J. B. , Rosser M.
Published: March 2019

The article critically examines the "new comparative economics" paradigm and its underlying model of the "institutional possibilities frontier" as an instrument of comparative efficiency analysis of economic systems. The model suggests a social costs minimization trade-off between economic disorder and dictatorship. But the alternative approach - that of the "new traditional economics" - is shown to be more adequate and promising. New traditional economics deals with the evolutionary analysis of institutions in the context of historical development of economic and non-economic norms and values.
Short-term Interest Rates and the State of Liquidity in the Russian Money Market under Conditions of the Global Financial Crisis
Authors: Vasilieva E. , Ponomarenko A. , Porshakov A.
Published: March 2019

During recent years the Russian money market has undergone substantial changes. The period of abundant liquidity was followed by temporary contraction in the end of 2007 and then by rapid deterioration of liquidity conditions in the second half of 2008. This paper provides the analysis of these developments, their causes and consequences. We then proceed by constructing a comprehensive model of the overnight rate on rubles on the Moscow interbank market (MIACR). We use martingale hypothesis to analyze the process of market interest rate determination and identify the liquidity effect. For this purpose we estimate the non-linear EGARCH model and calculate the contribution of different categories of explanatory variables to the interest rates dynamics and volatility. We find that, although volatile, the deviation of interbank overnight rate from BoRs policy rates can largely be explained by liquidity shocks. At the same we find the empirical confirmation of importance of exchange rate and foreign interest rates variables.
Bureaucratization of the State as Brake a Brake on Brake Socio-economic Development
Authors: Shvetsov Yu. , Bulash O.
Published: March 2019

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The Role of Innovations in the World Economic Development
Authors: Yasin E. , Snegovaya M.
Published: March 2019

The article considers the role of innovations in the history of the mankind. Three stages of development are pointed out: agrarian, industrial and post industrial (innovational). Specific institutions and types of culture correspond to each of them. Peculiarities of the innovational stage according to catching-up and developed countries are discussed. The former will begin to lose their competitive advantages while approaching technological frontier. Institutional and cultural modernization of developed countries should correspond to the requirements of innovational economy.
Economics of Criminal Sanctions on Antitrust Law Violation
Authors: Avdasheva S. , Shastitko A.
Published: March 2019

As of October 30, 2009 changes and amendments in the content of the article 178 of the Criminal Code of Russian Federation have been enacted. They allow to extend the use of criminal sanctions against violators of antitrust law in order to make the enforcement of legal rules supporting competition more effective. At the same time mistakes in the process of enforcement can decrease the efficiency of antitrust in the sense that under the given level of deterrence the burden of type I errors will be higher than the acceptable one. The goal of the article is to discuss the circumstances that can influence the effectiveness of criminal liability.
Theory, Innovations, and Features of New Economy in the Dialogue with K. Arrow
Authors: Grinberg R. , Rubinstein A.
Published: March 2019

In an interview with the Nobel prize winner K. Arrow the authors discuss social preferences and interests, mathematization of economics, development of innovations, economic forecasting, regulation of financial institutions, and energy policy. Future forms and features of economics and the consequences of the global economic crisis are also touched upon.
Managing Common Property in Russian Cities: An Economic Analysis of Homeowners Associations
Authors: Polishchuk L. , Borisova E. , Peresetsky A.
Published: March 2019

Performance of Russian homeowners associations (HOAs) could serve as a litmus test for the Russian societys capacity for self-organization. Efficiency of Russian HOAs is gauged in the paper by using the stochastic frontier technique. The variation of obtained performance indexes reflects observed HOA successes and failures. HOA are shown to be a superior alternative to municipal management of common property in residential housing only if there is a sufficient stock of a special kind of social capital - technical civic competence - in the community of tenants. Lack of social capital and insufficient competition between management companies prevent Russian HOAs from fully realizing their potential.
"The Antology of Economic Thought" Series and a New Edition of "Capital" by K. Marx
Authors: Klyukin P.
Published: March 2019

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Natural Rent in the Russian Oil and Gas Sector
Authors: Gurvich E.
Published: March 2019

Detailed estimates of the hydrocarbon rent for 1999-2009 are presented. Size, sources, and usage patterns of the hidden rent (which is not included into hydrocarbons prices, but provides the source of energy subsidies) are built for the first time. This part of the natural rent is estimated to vary from 8 to 17% of GDP. The largest losses in hydrocarbon rent were related, first, with subsidizing domestic users of natural gas, and second, with diminishing value added in the refinery sector. The obsolete refinery was implicitly supported with relatively low taxation regime. This support reflects overall soft budget constraint stance pursued by the government that constitutes an important impediment to the modernization of Russian economy.
Critical Success Factors in Russian R&D Projects in the Real Economy
Authors: Andreev V.
Published: March 2019

The article discusses the concept of "success" in relation to innovative business and its performance. The quantity of innovative projects that can consistently overcome the stages of the innovation process to achieve the desired result is defined. The author presents the results of empirical research of successful and unsuccessful projects of leading Russian innovative companies in various industries, identifies key factors of successful development of new industrial products.
Emergence of Institutions: Methodological Individualism Perspective
Authors: Tambovtsev V.
Published: March 2019

The problem of institutions emergence is studied in the paper from the methodological individualism perspective. Special attention is paid to spontaneous emergence of institutions, the model "expectation (forecast) - break of expectation - frustration - aggression (punishment)" is suggested. The situations of institutions emergence via voluntary agreement and via compulsory adoption are also analyzed. It is shown that in all the cases institutions emergence can be explained basing on the methodological individualism perspective.
Russian Model of Institutional Change: Empirical-Statistical Research
Authors: Kirdina S. , Kirilyuk I. , Rubinstein A. , Tolmacheva A.
Published: March 2019

The quantitative characteristics of the Russian model of institutional change and its dynamics from 1994 up to 2009 are considered in the paper. The model of institutional change is represented by a group of social actors with the right of legislative initiative (the president, the government, deputies of the Federal Assembly, regional legislative bodies, courts) and the parameters of transaction costs (the average term of enacting federal laws initiated by different actors). Research was based on the specially created database LAWSTREAM.RU.
The Lingering Puzzles of the Global Credit Crunch, or an Essay on the Liquidity Illusion
Authors: Nesvetailova A.
Published: March 2019

As lessons from the global financial crisis of 2007-2009 are being drawn, some rather uncomfortable questions about the political economy of the global credit crunch continue to linger. The most worrying of these include the presence of fraud and illicit practices at many levels of the financial practice during the credit boom, and the fact that a series of whistleblowers and warning signs of the coming crisis had been ignored on a systematic basis. Analyzing the evidence, the paper suggests that it is a pervasive illusion of wealth-creating capacity of the financial markets that explains the key causes of the credit crisis. This phenomenon can be understood as illusion of liquidity. Developing a theoretical framework for understanding this phenomenon, the author argues that it was the illusion of liquidity that helped conceal not only the true magnitude of risks in the system, but most controversially, the mounting signs of the coming meltdown.
Fear of Unemployment: Cross-Country Comparisons
Authors: Gimpelson V. , Monusova G.
Published: March 2019

The paper is based on representative population surveys conducted in various countries of Europe, Asia and North America and discusses cross-country variation in populations subjective perceptions of risk of unemployment. This risk is measured by directly asking respondents whether they fear losing their job and to what degree. The paper shows that the strength of the fear varies significantly across countries in the sample as well as across various subgroups of population within the countries. Higher unemployment strengthens the fear but country-specific behavioral reactions induced by the fear may differ. Population in the "old" capitalist countries seems to react differently than in the transition countries while in the former case the Anglo-Saxon and the Scandinavian countries also demonstrate different patterns.
Economic Policy in 2009: Between the Crisis and Modernization
Authors: Mau V.
Published: March 2019

The paper discusses Russian economic policy under the 2009 global crisis and traces lessons to be learned by Russian policy makers. Special attention is paid to the priorities of economic policy through 2010 as well as to important risks for sustainable development in the foreseeable future. The world has entered the "turbulent decade" when deep structural reforms are to be implemented.
Money Talks, but What Is It Saying? Semiotics of Money and Social Control
Authors: Wennerlind C.
Published: March 2019

The article with the help of semiotic methodology considers social functions of money. The author provides a brief overview of semiotics, and shows how to establish links between inquiry into meanings and contexts and study of money, putting accent on the analogy between money and language and discussing contributions from Austrian and institutionalist traditions. Marxist approach to the analysis of moneys symbolic meanings is used to show how money becomes discourse of power.
Portfolio Choice in the Russian Economy and Monetary Authorities Policy in 2007-2009
Authors: Manevich V.
Published: March 2019

The paper examines the composition and structure of private sector demand for alternative assets: real capital, high power money, government obligations. The private sector assets demand is limited by its resources: savings, foreign and domestic borrowing, and reshuffling of previously accumulated assets. The government assets demand in the Russian economy is a passive reflection of the private sector assets demand. This fact distorts the monetary policy, causes ineffective using of development resources. The government assets demand and its supply of financial assets to the private sector must play an active role, enlarging and correcting the private sector assets demand. The control over trans-border capital movement is the necessary condition for that end.
What Did The Study of The Soviet Economy Contribute to Mainstream Economics?
Authors: Ellman M.
Published: March 2019

This article is an overview of the contribution made by economic Sovietology to mainstream economics. The long debate about the universal applicability of mainstream economics is reconsidered in the light of the Soviet experience. Information is provided on the contribution of the study of the Soviet economy to fields as diverse as the measurement of economic growth, institutional economics, economic administration, the economics of property rights, the economics of the informal sector, the economics of famines, the Austrian critique of general equilibrium theory, and incentives.
Some Developments in Economic Theory Since 1940: An Eyewitness Account
Authors: Arrow K.
Published: March 2019

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.
Institutions and Innovations: A Cognitive Science View
Authors: Shironin V.
Published: March 2019

In the article social and economic institutions are considered from the point of view of the cognitive science as systems which produce, process and store information. Economic activities can thus be viewed upon as progress of ideas which have been turned into a "reality" of some kind. Such an approach leads to some conclusions about the fundamentals of "the Western" and present Russian social orders. The article also discusses further development of a toolkit for cognitive analysis of institutions.
The Role of the State in the Development of Russia Forestry Complex
Authors: Zubkov V.
Published: March 2019

The article considers in detail the present state of Russias forestry complex. The reasons of crisis phenomena in the sector are analyzed, a set of measures aimed at its modernization is proposed. Basic directions of the activity of the Council for Russias forestry complex development under the Government of RF are surveyed.
Nazarenko V. I. Theoretical Grounds of Agrarian Policy in the West and Russia
Authors: Suhanova I.
Published: March 2019

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Nash Equilibrium and the History of Economic Theory
Authors: Myerson R.
Published: March 2019

John Nashs formulation of noncooperative game theory was one of the great breakthroughs in the history of social science. Nashs work in this area is reviewed in its historical context to better understand how the fundamental ideas of noncooperative game theory have been developed and how they have changed the course of economic theory. It is shown in particular how the scope of economics has changed from production and allocation of material goods to the study of rational competitive behavior in any institution of society.
Institutions and Economics of Conventions
Authors: Bessy C. , Favereau O.
Published: March 2019

"Institutions", as a set of pre-existing and objective resources of justification, is the milieu where economic agents can find materials to solve their coordination problems and/or their conflicts of reproduction. "Conventions" are collective representations of "justified common worlds" that activate institutions and legitimize arrangements within "organizations", whose joint production of goods and rules will lead to the renewal - or the degeneracy - of prior institutional milieu. The plurality of justification orders postulated in the model takes account of the empirical diversity of institutions. The institutional dynamics is studied through the operations which do/undo the possibility of building "common worlds" from "plurality". Competition, as for the space of prices, should be combined with сritic, as for the space of values (norms).
Deformation of Institution of Ownership in Ukraine and Problems of Effective Owner Formation in Inefficient State
Authors: Kindzersky Yu.
Published: March 2019

The article analyzes changes in ownership relations in post-Soviet Ukraine from the point of view of their adequacy to the goals of the Ukrainian society and countrys economic system development. The author considers deformations in reforming the corresponding institution that impose restrictions on achieving desirable parameters of social and economic development and forming the effective owner. The attention is focused on the impossibility of overcoming deviations in ownership relations development without ousting structural, organizational and technological backwardness of the Ukrainian industry. Recommendations are given on further reforming ownership relations that are based on the idea of subordination of ownership institutions separate components to the tasks of modernization of the countrys economic basis.
Economics of Conventions, Economic Heterodoxy, and Social Ontology
Authors: Kirtchik O.
Published: March 2019

This comment on a paper by Ch. Bessy and O. Favereau ("Institutions and Economics of Conventions") discusses an interdisciplinary character of the theory of conventions and a potential fruitfulness of a dialogue between social sciences. In light of this dialogue, some particularities of the conventionalist use of a notion of "institution" are reviewed as well as the interpretation given by Bessy and Favereau to a relation between "institution" and "convention". Finally, a question is formulated concerning the consequences of the conventionalist analysis of institutions for social ontology and methodology of economic sciences.
Mining and Price Rent in the Modern Russian Economy
Authors: Kimelman S.
Published: March 2019

The article considers the economic essence and stages of formation of potential, tangible and real mining rent and price rent in the modern raw materials sector of the Russian economy. It determines the role of each participant in the multistage process of rent incoming into government revenues. Actual tax system is analyzed from the point of view of mining and price rent withdrawing issues, recommendations for its modernization are developed. It is demonstrated that a huge massive of mining rent in Russia is formed objectively, but distributed subjectively without taking into account interests of the civil society.
Shastitko A. E. New Institutional Economics. 4th ed.
Authors: Ruzhanskaya L.
Published: March 2019

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On the Strategy of Russias Development
Authors: Sorokin D.
Published: March 2019

The article considers the mechanism and moving forces of realization of the strategy aimed at the transition to a new (innovation) type of economic growth. According to the author, the main condition of such transition is overcoming socialization of economic life that has been historically formed in Russia. The developed institutions of the civil society that reflects the strategic economic interest of national entrepreneurship are the moving force of this overcoming.
Innovations, Institutions, and Evolution
Authors: Vishnevsky V. , Dementiev V.
Published: March 2019

The article examines the features of the economic order that has been established in the former Soviet republics and impedes their innovative development. It is shown that this order, based on the family and clan private economic power, rejects the cooperation of economic actors that produce, select and inherit the «short rules» of interaction. It is proved that, in order to change it, it is necessary to create conditions for restricting private economic power through co-opetition, formation of organizational identification and «long rules» of interaction among economic actors.
Peculiarities of Modern Dynamics of the Global Economy
Authors: Klinov V.
Published: March 2019

Rates and factors of modern world economic growth and the consequences of rapid expansion of the economies of China and India are analyzed in the article. Modification of business cycles and long waves of economic development are evaluated. The need of reforming business taxation is demonstrated.
In Search of a New Methodology: Comparative and Historical Institutional Analysis in the Work of Avner Greif
Authors: Drozdova N.
Published: March 2019

In the past 20 years the ideas of A. Greif have drawn much attention among the Western economists and economic historians. In Russia, this perspective is rarely discussed. This paper attempts to fill the gap and review the methodology, the basic concepts and findings of Greif, as well as their impact on development in the field of institutional economics and economic history. Advantages and drawbacks of Greifs approach to the historical analysis of institutions are considered.
Innovation Economy: Science, Government, and Business
Authors: Shilov A.
Published: March 2019

This paper is dedicated to the problems of innovation economy and considers the topic from three points of view: science, state regulation, and innovation business. The author discusses theoretical aspects of the economic role played by innovations and problems of putting them to work, as well as economic policy issues. A number of government policies and the discussion of economic efficiency of development institutions are included in the analysis. The article also considers the innovation business from its origins.
The Role of Statistics in the Debate on Science, Technology, and Innovation
Authors: Roud V. , Fursov K.
Published: March 2019

Rapid progress of science and technology after the WWII and their consecutive integration into economic and social processes went side by side with the growing understanding of the need for sophisticated state regulation of the resources allocated for augmentation of knowledge and evaluation of societal impacts of scientific experiments. Since then, statistics turned out to be one of the instruments that allowed developing standardized measurement of science and technology in terms of R&D inputs and outputs in relation with the innovation processes and economic growth. Through a system of economic indicators statistics provided essential data for decision making. Using the example of international conventions, formulated around STI measurement, the article shows how the role of statistics changes from simple registration of facts to active participation in public discussions on STI issues and integration in international strategic documents.
Transformation of Budgetary Policy in Russia during the 2000s: in Quest of National Fiscal Sustainability
Authors: Drobyshevsky S. , Sinelnikov-Murylev S. , Sokolov I.
Published: March 2019

The crisis of 2008-2009 gave start to a new phase of budgetary policy in Russia. Despite the fact that at present the state of Russian budget seems much better than in most of developed countries, high dependence on oil and gas tax revenues and revealed trends in the structure of budget liabilities point out high persistence risks of budget imbalance in the long run. Reinsuring fiscal and macroeconomic stability requires some urgent and important reforms both in tax and budgetary policy.
The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?
Authors: Pissarides Ch.
Published: March 2019

The author discusses the failure of the canonical search and matching model to explain the cyclical volatility in the job finding rate. The author - the Nobel Prize winner in economics in 2010 - shows that job creation in the model is influenced by wages in new matches. He summarizes microeconometric evidence and finds that wages in new matches are volatile and consistent with the models key predictions. Therefore, explanations of the unemployment volatility puzzle have to preserve the cyclical volatility of wages. The author discusses a modification of the model, based on fixed matching costs, that can increase cyclical unemployment volatility and is consistent with wage flexibility in new matches.
System Resource of Economy
Authors: Kleiner G.
Published: March 2019

The results of development of the new economic systems theory are applied to the problem of investigating resources of economy. It is shown that under the traditional approach to an economic resource as a totality of labor, capital, natural resource and entrepreneurial activity the forces, which connect these resources in systems capable to productive economic activities, are often left outside the analysis. That is why the concept of a system resource of economy as a totality of working and potential economic systems uniting traditional factors of production is introduced and investigated. The natural structure of a system resource is determined; its division into four kinds is grounded depending on features of economic systems comprising it. Requirements to system management as to management of a system resource of economy are formulated.
Ambiguity Aversion Phenomenon and Rational Choice Theory
Authors: Pavlov I.
Published: March 2019

The paper analyzes ambiguity aversion that is one of the main anomalies characteristic for the individual behaviour of economic agents making choice in the face of uncertainty. It shows that this phenomenon plays a major role in the contemporary rational choice theory and hence is widely discussed both by economic theorists and experimental economists. The article further elaborates on the nature of this phenomenon and considers its main causes.
Informal Workers in the Russian Economy: Who Are They and How Many?
Authors: Gimpelson V. , Zudina A.
Published: March 2019

The paper discusses the evolution of the informal employment in the Russian labor market over the last decade. It uses all consecutive waves of the Labor Force Survey conducted by the Russian Federal State Statistics Service in 1999-2009. Looking inside the informality and tracing its evolution over time, we pay special attention to heterogeneity of the informal employment and distinguish salaried informal workers and informal self-employed as two major informal groups. Simple descriptive analysis is complemented by estimating marginal effects from multinomial logit regressions. Additionally, we use cross-section estimates of informality for all Russian regions for 1999-2009 and build a new hand-made panel database with regions as observations.
Avner Greif: A Model for Assembly (On the Book "Institutions and the Path to the Modern Economy: Lessons from Medieval Trade")
Authors: Yudkevich M.
Published: March 2019

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Gifts, Gift Exchange, and Market Exchange as Organizational Alternatives
Authors: Skorobogatov A.
Published: March 2019

The paper is dedicated to the gift-exchange as a mode of organization. A local community with a long-term cooperation as a result of the informal enforcement is analyzed as an environment which presupposes dominance of the reciprocity. Among others relations between patron and client, master and slave are considered. The importance of a planning horizon for the rational choice of a means of organization is studied. Reciprocity is analyzed as an element of the relational contracting.
The Left March on African Drums, or The Book on Economics Written by the Heart </>(Notes on the Margins of the Book by V. V. Popov "Strategies of Economic Development")
Authors: Pappe Ya.
Published: March 2019

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Forecasting Financial Crises by Using Key Indicators in Developing Countries
Authors: Fedorova E. , Lukasevich I.
Published: March 2019

This paper presents the method of forecasting financial crises in developing countries based on a list of crisis indicators. It helps find critical indicators and the combination of key indicators using modern econometric modeling.
Economic Significance of Social Capital
Authors: Polishchuk L. , Menyashev R.
Published: March 2019

The paper deals with economics of social capital which is defined as the capacity of society for collective action in pursuit of common good. Particular attention is paid to the interaction between social capital and formal institutions, and the impact of social capital on government efficiency. Structure of social capital and the dichotomy between its bonding and bridging forms are analyzed. Social capital measurement, its economic payoff, and transmission channels between social capital and economic outcomes are discussed. In the concluding section of the paper we summarize the results of our analysis of the role of social capital in economic conditions and welfare of Russian cities.
Crisis and Anti-crisis Package in Russia: Targets, Scale, Efficiency
Authors: Aleksashenko S. , Mironov V. , Miroshnichenko D.
Published: March 2019

The Russian economy failed to demonstrate its sustainability during the global crisis of 2008—2009. Though Russian authorities have realized the huge anti-crisis package including monetary and fiscal measures, the economy seems to lose its momentum. The Russian anti-crisis package in its size was comparable with the programs implemented in other countries while its efficiency was not high enough. The authors try to explain the reasons for that.
A Neurolinguistic Approach to Performativity in Economics
Authors: Herrmann-Pillath C.
Published: March 2019

What makes institutions "real"? One central notion has been emerging recently in sociology, which is ‘performativity’, a term borrowed from the philosophy of language. The author proposes a neurolinguistic approach to performativity that is based on John Searle’s theory of institutions, especially his concept of a "status function" and his explanation of rule-following as a neurophysiological disposition. Positing a status function, the article shows, is a performative act. The author applies the concept of "conceptual blending" borrowed from cognitive science to the status function, and gives empirical applications from the research on performativity in financial markets. He also sketches the underlying neuroscience framework following the neural theory of metaphor, which is illustrated empirically with examples from behavioral finance and neuroeconomics.
Demand-pull Inflation and Cost-push Inflation: Factors of Origination and Forms of Expansion
Authors: Dmitrieva O. , Ushakov D.
Published: March 2019

The paper treats the problems of correlation among inflation, increase in government spending and increase in money supply (M2). It is shown that there is no correlation for 13 out of 14 investigated countries including Russia. The paper proves that the type of inflation in Russia is cost-push inflation. Its main sources are monopolistic surplus for raw materials and energy being included in prices as well as prices for the products of natural federal and regional monopolies.
The Great Reform and the Fate of Capitalism in Russia (On the 150th Anniversary of the Emancipation Reform)
Authors: Voeikov M.
Published: March 2019

The paper deals with the problem of the establishment of capitalism in Russia in the late 19 - early 20th centuries. Using a wide array of historical research and documents the author argues that the thesis on the advanced state of capitalism in Russia in the beginning of the 20th century does not stand up to historical scrutiny, and the role of the famous Emancipation reform of 1861 appears to be of limited importance.
Psychology and Economics: Evidence from the Field. Part I: Nonstandard Preferences (Introduction by S. Pyastolov)
Authors: DellaVigna S.
Published: March 2019

This first part of a larger work devoted to the modern behavioral economics considers economic aspects of nonstandard preferences that characterize deviations from the standard model of rational decision-making. The author emphasizes the problems of self-control and the context-dependence of human behavior. He then shows how to apply theoretical ideas to the study of savings, labor market, stock exchange, and other domains of economic behavior.
The Problem of Strategic Effect in International Competition
Authors: Sokolov V.
Published: March 2019

The article considers the concept of strategic effect in international economic relations in a narrow sense, as a gain of national economy from purposeful support of the branches participating in international competition on oligopolistic markets. The mechanism of the competition of this kind according to the theory developed by J. Brander and B. Spencer is analyzed. The influence of the government support of domestic producers on the situation on oligopolistic markets and the opportunities of carrying out such policy under conditions of the effective WTO rules are considered (subsidization of aircraft industry by the WTO members is analyzed as an example).
On New Configurations of Owners of Russian Big Business
Authors: Pappe Ya. , Antonenko N.
Published: March 2019

This article formulates and empirically proves the hypothesis of emerging a new model of interaction among natural persons - key owners of big Russian companies. It establishes the fact of transition from the model of individual ownership to the model of co-owners alliance that took place in the late 2000s. The article zeros in on configurations of partners among the Russian business super elite.
Russian Economy's Returning to a Growth Curve: It's Time to Summarize
Authors: Zamaraev B. , Kiyutsevskaya A. , Nazarova A. , Sukhanov E.
Published: March 2019

The article considers peculiarities of development of the Russian economy in 2008-2010. The influence of the global financial and economic crisis on economic dynamics and inflation, parameters and tools of financing the national economy is appreciated. Features of slow and long restoration of the business activity which has followed after the deepest economic recession are analyzed.
Preobrazhensky E. A. Archival Documents and Materials (2006), New Economy (2008), Money and Global Capitalism (2011) / Compiled by M. M. Gorinov, S. V. Tsakunov
Authors: Pokidchenko M.
Published: March 2019

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Money and Institutional Hierarchies: On Maintaining Trust Relationships in the Complex Monetary Systems
Authors: Lyasko A.
Published: March 2019

This paper offers an institutional theory of emergence and continuation of trust in monetary relationships. It suggests that individuals involved into monetary exchanges rely on orderly hierarchies of attendant institutions that shore up their trust in money. These hierarchical structures, however, fail to perform their supposed function of protecting trust in money, since their functioning is confronted with the inherent problems of infinite regress, lack of the guarantor of last resort and uncontrollability of complex monetary systems. The paper argues that the breakdown of institutional insurances and guarantees prompts economic agents to accept a weak form of trust in money, not being rationalized or substantiated by the power of auxiliary institutions, but merely combining blind faith with inductive inferences about the conditions of future circulation of monetary forms and instruments.
The Theory and Methodology of Budget as Public Property
Authors: Shvetsov Yu.
Published: March 2019

The article examines the vital problems of the theory of budget connected with development of this important economic category. The functions of budget and principles of the construction of budgetary system are characterized. Deficiencies in the normative base for the regulation of budgetary juridical relationships are noted as well as the flaws in the realization of budgetary process. The need for reorientation of budget for financing priority public needs is grounded.
On the New Book in Microeconomics by S. Bowles
Authors: Polishchuk L.
Published: March 2019

The paper discusses advantages and shortcomings of the Bowles book, with the emphasis on the community ownership, altruism, and cooperative behavior. The author claims that the book while being surely valuable as an academic contribution, can not, however, substitute standard textbooks in microeconomics.
Problems of Political Economy (On the Scientific Conference "Is There Room for Political Economy in Modern Economics")
Authors: Anisimova G.
Published: March 2019

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