bluuebunny/crossref_metadata_2025 huggingface dataset:
The macroanalysis of russian Pension System
Authors: Solovyev A.
Published: March 2019

In the article conditions and development of Russian pension system in long-term prospect is analyzed. The author reveals the reasons of the Pension fund deficit and argues that tariff policy imbalance is the basic cause, as well as nonparticipation of a considerable part of able-bodied population in payments in the Pension fund, and the fact that a lot of persons receive labour pension ahead of schedule. Possible measures aimed at reaching financial stability of the pension system are offered in the article.
BP Global Energy Outlook 2030
Authors: Rühl C.
Published: March 2019

This paper presents the highlights of the third annual edition of the BP Energy Outlook, which sets out BP’s view of the most likely developments in global energy markets to 2030, based on up-to-date analysis and taking into account developments of the past year. The Outlook’s overall expectation for growth in global energy demand is to be 36% higher in 2030 than in 2011 and almost all the growth coming from emerging economies. It also reflects shifting expectations of the pattern of supply, with unconventional sources — shale gas and tight oil together with heavy oil and biofuels — playing an increasingly important role and, in particular, transforming the energy balance of the US. While the fuel mix is evolving, fossil fuels will continue to be dominant. Oil, gas and coal are expected to converge on market shares of around 26—28% each by 2030, and non-fossil fuels — nuclear, hydro and renewables — on a share of around 6—7% each. By 2030, increasing production and moderating demand will result in the US being 99% self-sufficient in net energy. Meanwhile, with continuing steep economic growth, major emerging economies such as China and India will become increasingly reliant on energy imports. These shifts will have major impacts on trade balances.
Russian big business facing challenges of the global crisis
Authors: Afontsev S. , Lee S. J.
Published: March 2019

The article addresses factors that allowed large Russian companies to withstand the economic crisis, as well as prospects for their business expansion in the post-crisis setting. While anti-crisis policies adopted by Russian government supported big business substantially during the first months of the recession, they hardly played any pro-business role since mid-2009. The analysis of capitalization figures and sales volumes shows that leading positions of state-owned companies in oil, gas and financial sectors were in fact strengthened during the crisis. Excessive state control over corporate assets and decision-making works as a barrier to post-crisis recovery of large Russian companies and should be substituted for by policies supporting internationalization strategies and productivity improvements.
Foreign capital inflows regulation by monetary policy tools
Authors: Andryushin S. , Kuznetsova V.
Published: March 2019

The paper examines the benefits and limitations of capital control and prudential regulation in order to maintain macroeconomic and financial stability. In practice regulators often use different combinations of capital control and prudential instruments, attempted to identify and correct financial market failures and externalities across financial institutions and between the financial sector and the real economy, which are originated from foreign capital inflows. The concrete option of political instruments depends on risks essence, institutional limitations, and the depth of internal financial market. The regulators need to use different tools in foreign capital inflows management, taking into account the variety of risks and the lack of universal instruments. Their sets can vary across countries.
Parallel Money in the Russian Economic Literature of the XIX—XX centuries
Authors: Dubyansky A.
Published: March 2019

The paper shows the role played by the concept of parallel money in understanding the evolution of the monetary circulation in Russia in the 19th and the beginning of the 20th century. As evidenced by historical investigations, the experience of parallel money circulation is both theoretically relevant and useful for the contemporary monetary practice.
On Applying Scientific Methods While Solving Socio-economic Problems
Authors: Aganbegyan A.
Published: March 2019

Using the case of preparing solutions of different socio-economic problems the author on the basis of system analysis assesses their complexity, validity and target orientation. It is shown that many decisions do not take into account long-term effects and factors that are not directly related to the sphere of the given decision. The author pays special attention to the problem of training the personnel involved in the process of decision-making and its implementation. In conclusion the author tries to rank by their importance socio-economic decisions that are on the agenda.
Horizontal Economy: The Control Loops (On the book by B. Milner and T. Orlova "Organization of Innovation: Horizontal Communication and Management")
Authors: Deryabina M.
Published: March 2019

The paper provides an outline of the monograph by B. Z. Milner and T. M. Orlova. The background and the main directions of network affiliate market coordination development and appropriate methods of horizontal management are analyzed. Organizational and managerial features of the formation of innovative processes in the post-industrial economy are considered.
De-offshorization of Economy: International Experience and Russian Specifics
Authors: Kheyfets B.
Published: March 2019

The article shows the excessive role of offshores in Russia, which influence many sides of social and economic development of the country. Undertaken and outlined measures for solving problems of de-offshorization of the Russian economy taking into account new tendencies in anti-offshore policy of the international community in general and certain countries in particular in 2009—2013 are characterized. The necessity of system approach to de-offshorization problem is proved, specific actions in this area which can significantly increase federal budget revenues and strengthen national economic security are also offered.
The Impact of Alternative Models of Leasing on Financing Investments
Authors: Gazman V.
Published: March 2019

For the modernization of the economy some specific financial technologies can be useful. They have hardly been used in Russia, but can greatly increase the share of leasing in investment and attract domestic and foreign capital in new projects, including infrastructure, extend financial leverage of loans. This article explores the benefits of innovative models of leasing, theoretical and methodological aspects of their formation, identifies the criteria for using the proposed models, and conducts regression analysis of factors that influence the pricing of large-scale leasing projects. These models expand the line of investment products, promote competition between sources of funding of leasing.
Metamorphoses of Financial Capital
Authors: Evstigneeva L. , Evstigneev R.
Published: March 2019

Financial capital is considered as a precondition of forming an integral market system. Based on financial capital a vertical market model is taking shape. It includes the following leading markets: strategic markets of financial capital, finance and money markets, markets of physical (cluster) capital, markets of social (consumers) capital. Markets of financial capital build the world reproduction model of synergetic character. Sustainability of the world market is maintained within the framework of the following types of big financial capital systems: cooperation of industrial and banking capital (Hilferding), international banks (Keynes), state monopoly of GDP (well known as far back, as in the USSR period). One can consider this framework as a political form of general equilibrium of the global market. A systemic function of financial capital is gathering power for ensuring endogenous evolution of economy and society on the principles of market self-organization. The authors believe this is the only way out of a deadlock for our economy and society.
Fundamentals of National Accounting (International SNA 2008): A Textbook. 2nd ed. / Ed. by Prof. Yu. N. Ivanov
Authors: Grigoruk N. ..
Published: March 2019

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Budget Policy and Economic Growth
Authors: Idrisov G. , Sinelnikov-Murylev S.
Published: March 2019

The paper analyzes the prior approaches to budget policy implementation in the context of accelerating economic growth. The authors review the academic issues of short and long term economic growth and discuss the Russian budget policy opportunities and constraints. The authors conclude that (1) in the current situation Russia has quite limited budget measures to smooth economic growth; (2) options to raise total government spending in short and middle-run perspective are absent, and, thus, (3) it is needed to change the expenditure structure along with transforming budget institutions in order to create preconditions for long-run economic growth.
The Slowdown of the Russian Economy
Authors: Zamaraev B. , Kiyutsevskaya A. , Nazarova A. , Sukhanov E.
Published: March 2019

This article considers factors and conditions slowing growth of the Russian economy. Its recovery growth after the crisis of 2008—2009 is over. The limit of rapid growth through the export of raw materials has now been reached. Reducing flows of financial resources from the rest of the world influence the Russian overall macro framework. Reduction of infrastructure investment projects and public investments led to a slowdown in the growth of domestic demand. New, lower long-term trends of economic growth are being formed in the Russian economy. This picture is radically different from the "fat" 2000s.
Institutional Outsourcing
Authors: Polishchuk L.
Published: March 2019

Since the inception of market reforms until the present day Russian institutions have been shaped primarily by economic and political elites, with minimal involvement of the rest of the society in this process. Outcomes of such “institutional outsourcing” for the society depend on the affinity between elites’ preferences and societal needs. Low quality of Russian institutions is explained in the paper by a substantial conflict of interests between the society and unaccountable elites. Prospects of Russian modernization are thus contingent on the accumulation of civic culture and more effective representation of the society in the process of institutional change.
Integrating economic cycles theory with equilibrium theory (the second half of the 1920s and 1930s) and N. D. Kondratiev’s project of economic dynamics
Authors: Makasheva N.
Published: March 2019

The article considers the ways to overcome the methodological gap between the analysis of economic cycles and the pure economic theory as suggested by the Western economists in the 1920s and 1930s. In this context, N. D. Kondratiev’s project of economic dynamics is analyzed, which implied a radically different vision of the opportunities to solve this problem.
“Economics” for Non-Economists (On the Book by L. S. Grebnev “Anti-SaM: What Is ‘Wrong’in The Textbooks by P. Samuelson, N. Mankiw...”)
Authors: Antipina O.
Published: March 2019

Economics textbooks for undergraduate students require regular updating. This is particularly relevant for the authors of modern economics textbooks for students of non-economic profile because of the need to present economics in the context of a variety of real life areas. Professor L. S. Grebnev in his book “Anti-SaM ” criticizes the existing textbooks and elaborates on the specific features of a modern textbook for non-economists.
Financial Restrictions Follow The Investment Pause
Authors: Zamaraev B. , Nazarova A. , Sukhanov E.
Published: March 2019

The article considers the interrelationship between external and internal factors of economic growth and their influence on the Russian economy at the turn of 2012-2013. Slowing of basic macroeconomic indicators is connected with fast reduction of financing sources - the investment pause of the biggest Russian companies and a sharp decrease of state investment. Besides, foreign investors withdrew their money from financial assets of Russian companies. The article presents the quality assessment of changes in domestic economic activity and volumes of financial flows between Russia and the rest of the world, taking into account possible impact of geopolitical shock caused by the events around Ukraine.
Development of Russian Urban System:Tendencies and Determinants
Authors: Kolomak E.
Published: March 2019

The paper studies the evolution of Russian urban system; the hypothesis of the multiplicity of spatial equilibrium due to the transition to the market is tested. Distribution functions and regression equations are used in the analysis. The conclusion is that Russian urban model is changing, the agglomeration p rocesses are strengthening and the heterogeneity of the urban system is growing.
Perspectives on inflation Targeting Regime in Russia
Authors: Andryushin S.
Published: March 2019

The paper analyzes monetary policy of the Bank of Russia from 2008 to 2014. It presents the dynamics of macroeconomic indicators testifying to inability of the Bank of Russia to transit to inflation targeting regime. It is shown that the presence of short-term interest rates in the top borders of the percentage corridor does not allow to consider the key rate as a basic tool of monetary policy. The article justifies that stability of domestic prices is impossible with-out exchange rate stability. It is proved that to decrease excessive volatility on national consumer and financial markets it is reasonable to apply a policy of managing financial account, actively using for this purpose direct and indirect control tools for the cross-border flows of the private and public capital.
Impact Of External Shocks And Monetary Policy On Russian Economy
Authors: Lomivorotov R.
Published: March 2019

This paper investigates the impact of external and internal shocks on the Russian economy. We have factored in the U.S. monetary policy changes, dynamics of commodity prices, and volatility of global financial markets as the main sources of external shocks. We have also examined the influence of the monetary policy of the Bank of Russia, on economic growth, inflation, and ruble exchange rate.
AUCTION INEFFICIENCY AND THE WAYS TO OVERCOME RESTRICTIONS OF COMPETITION IN PUBLIC PROCUREMENT
Authors: Ostrovnaya M. , Podkolzina E.
Published: March 2019

Federal Antimonopoly Service (FAS) is responsible for controlling the level of competition in the Russian economy, in particular, in public procurement. Antitrust enforcement does not increase competition in this sphere and instead often leads to higher prices. In this article we analyze the reasons for favoritism in St. Petersburg drug procurement and main actions against restrictions of competition. We show that weak sanctions of the FAS cannot break illegal longterm relations between public procurer and affiliated bidder.
State Support for Small and medium-sized businesses in the Second Period of gründerzeit in modern Russia
Authors: Vilenskiy A.
Published: March 2019

The Russian system of state support for small and medium-sized businesses in its scope, forms and methods has reached the level of developed countries. This system has set up the basis for a new wave of small businesses foundation since 2008. But continuing increase in the amount of small businesses is going along with reduction in the volume of their activities. The support offsets the lack of space for expansion of SMEs business operations, but it is not adequate to the structure and institutional framework of the Russian economy.
M. I. Tugan-Baranovsky’s Ethical Economics and the Challenges of Global Development (To the 150th Birth Anniversary)
Authors: Korneychuk B.
Published: March 2019

In this paper, the ethical principles of M. I. Tugan-Baranovsky’s economic views and his civic activity are considered within the framework of “moral landmarks” of development. The aim of the paper is to appraise the possible application of this ethical approach in the theory and practice of modern world development. The author concludes that in the period of global economic crisis and institutional transformations this ethical method may be used for designing peaceful ways of solving conflicts based on ethical appreciation of human personality as the highest value.
Structuralism as a Pamphlet (On the Book by E. Reinert “How Rich CountriesGot Rich... And Why Poor Countries Stay Poor”. 2nd ed.)
Authors: Orekhovsky P.
Published: March 2019

The review outlines the connection between E. Reinert’s book and the tradition of structural analysis. The latter allows for the heterogeneity of industries and sectors of the economy, as well as for the effects of increasing and decreasing returns. Unlike the static theory of international trade inherited from the Ricardian analysis of comparative advantage, this approach helps identify the relationship between trade, production, income and population growth. Reinert rehabilitates the “other canon” of economic theory associated with the mercantilist tradition, F. Liszt and the German historical school, as well as a reconside ration of A. Marshall’s analysis of increasing returns. Empirical illustrations given in the book reveal clear parallels with the path of Russian socio-economic development in the last twenty years.
On the fundamental Deficiencies of Current monetary Policy
Authors: Apokin A. , Belousov D. , Goloshchapova I. , Ipatova I. , Solntsev O.
Published: March 2019

We outline three main shortcomings of current monetary policy in Russia for 2014. First, monetary policy is too strict: we estimate output gap over -3% potential GDP, and rule-based key rate is 6,25%. Second, Bank of Russia in 2014 clearly ignores its second goal of promoting stable and developing financial system. Third, today economic agents lack for clear expectations of monetary policy rules, and it is Bank of Russia’s duty to help forming these expectations - both through public commitments and independent monetary policy review.
Financial markets regulation: models, evolution, efficiency
Authors: Abramov A. , Radygin A. , Chernova M.
Published: March 2019

Accumulated experience in the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved “depth of financial structure”, as well as national institutional characteristics. Effective regulation model which takes into account these features became an indispensable condition for economic growth. The authors analyze patterns of development of regulation and supervision systems in the financial markets on a sample of 50 countries focusing on trends in integration of regulation and supervision. The calculations show that a new model of rigid integrated system of prudential supervision and regulation formed in RF on the basis of the Bank of Russia does not fully take into account the level of development of institutional investors and creates risks of excessive administrative pressure on non-bank financial institutions and competitive environment weakening. Solving these problems requires active effort on the part of government agencies and financial market participants.
Waiting for a New Model of Growth: Russia’s Social and Economic Development in 2013
Authors: Mau V.
Published: March 2019

The paper deals with Russian social and economic development in 2013 and prospects for the next year or two. The author discusses the logic and trends of the global crisis started in 2008. This is the basis for further analysis of current Russian economic performance with special emphasis on the problem of growth rates deceleration. Special attention is paid to economic risks and priorities of economic policy.
Floating exchange rate of the russian ruble: myth or reality?
Authors: Kiyutsevskaya A.
Published: March 2019

Active globalization of the Russian economy has required more flexible exchange rate policy. By 2015, the Bank of Russia plans to finish transition to the floating exchange rate. Though the regulator has been aspiring to achieve this goal since 2007, the exchange rate policy’s mechanism has been changed only after sharp deterioration of external economic conditions in 2008—2009. Expanding bounds of a currency corridor and reducing volumes of carried out interventions, the Bank of Russia continues to weaken the influence on internal currency market, limited to leveling the speculative expectations of economic agents. Stages and reached results of this major transformation of exchange rate policy are investigated in the article.
Effects of Hostile Tradition in Antitrust: Active Repentance versus Cooperation Agreements?
Authors: Pavlova N. , Shastitko A.
Published: March 2019

The article focuses on the effects of leniency programs when the antitrust authority is capable of making errors in classifying agreements between competitors. The research confirms that the application of the program can impede the growth of social welfare by destroying and preventing horizontal cooperation agreements. The obtained results can help explain the peculiar properties of the cases that have been investigated with the use of the leniency program in Russia.
Perspectives of the macroeconomic Reproduction Theory
Authors: Mayevsky V. , Malkov S.
Published: March 2019

Prospects for the development of an alternative macroeconomic theory are associated with the provisions that the dynamics of the economy is determined by the change of generations of capital and that there is a problem of coordination between different generations of capital. The circulation and reproduction of capital are analyzed. We consider the socalled shifting mode of reproduction. The mathematic model has shown that coordinated growth is possible if social and economic interests between capital and labor are agreed, and monetary policy stimulates this growth.
Is it possible to maintain russian textile and apparel industry
Authors: Radaev V.
Published: March 2019

The case of the Russian textile and apparel industry is investigated on the basis of statistical data and data collected from the surveys of enterprise managers. It is shown how lock in the local markets has led to a gradual deterioration of the observed industry. Influential studies of economists and sociologists are used to describe emergence and transformation of the global value chains in textile and apparel industry with a specific reference to the experience of China. Policy changes regarding raw materials and local production systems are suggested to encourage integration of this industry into the global economy.
Investments in the Russian Economy: Their Potential and Activation Directions
Authors: Berezinskaya O. , Vedev A.
Published: March 2019

The investment activity pause in Russia’s economy makes critical the question of potential, directions and possible efficiency of the activation of investment process. The article presents the analysis of structural shifts, tendencies and sources of investments into fixed capital. In addition, the authors focus on the problem of efficiency of investments expansion into various sectors of the Russian economy. The article provides the analysis of investment activity targets in the domestic economy.
Imperatives of current economic development:world trends and russian reality
Authors: Tatarkin A. , Andreeva E. , Ratner A.
Published: March 2019

The tendencies of development of world and Russian economy in new post-crisis terms are analyzed. Fundamental changes are revealed related both to redistribution in global scales of economic influence and structural shifts in the world economy. The influence of new industrialization is analyzed as the most important factor of current economic development in the post-industrial world. The expediency of using the tools of public-private partnership in the Russian economy is discussed that presupposes more active and precise position of the state in formulating and reaching the priorities of country’s socio-economic development.
Subjective Image of the Forthcoming - How FX Marketparticipants Construct Their prospects on the Nearest future
Authors: Evstigneev V.
Published: March 2019

A formalism is developed to model time evolution of traders’ expectations in the FX market. The paper proves that the next-period probabilistic perspective follows the path of the fastest growth of subjective uncertainty and new information embodied in the next-period distribution. Time evolution is modeled in terms of a Fredholm-type integral equation. A technique is suggested to recover the spectrum of an unknown second-order differential operator.
Changes in the U.S. banking Sector architectureas a Result of 2008-2009 Crisis
Authors: Zakharov P.
Published: March 2019

The financial crisis in the USA has led to major changes in the banking sector architecture. Many financial institutions went bankrupt and were absorbed by competitors, while others were compelled to change their business models. That has resulted in consolidation of the banking sector. Significant developments were also imposed by B. Obama’s financial regulation reform and unprecedented interference of the federal government in banking business.
Monotony And Stationarity Of Pension Functions And Their Violation In Pension’s Calculations Procedures Envisaged In The Legislation Of Russian Federation
Authors: Dmitrieva O. , Chernov V.
Published: March 2019

The article presents the mathematical formalization of the pension’s calculations procedures in the changing pension legislation of Russian Federation, which has been done for the first time. Mathematical formalization provided for examining pension’s calculation procedures as a function of earnings and working record, stationarity of pension functions being examined as well. Violations of monotony and stationarity of pension functions and violation of the monotony of transition from one pension function to another during pension reforms result in changing ratio of pension’s capacities of different groups of retired people. This fact is recognized by the people as unfair, which in turn destimulates economic activities. Several versions of monotone pension functions are developed as well as methods of incorporating previous pension calculation procedures into a new monotone pension function.
Prospects for russian investments in ukraine
Authors: Kvashnin Y.
Published: March 2019

The current half-year old systemic crisis in Ukraine has had a deep negative effect on almost all aspects of Russian-Ukrainian relations. Investment ties, which developed greatly during the previous decade, were no exception. In this article we try to assess the scale and identify the key trends of corporate integration between the two states before the crisis, find out the impact of the crisis on FDI dynamics, estimate the probability of nationalization of enterprises with Russian capital, and consider possible strategies of Russian companies, taking into account existing and hypothetical economic and political risks in Ukraine.
Agency for Strategic initiatives as a New Type of development institution
Authors: Freinkman L. , Yakovlev A.
Published: March 2019

Developments in the post-crisis period in Russia were associated with the emergence of a number of new institutions that support interactions between government and business. Against this background, the Agency for Strategic Initiatives (ASI), in our opinion, has been the most successful institutional innovation so far. In this article we analyze the ASI as a new type of development institution for Russia, whose activity is focused not on allocations of budget funds and preferences, but on organization of strategic dialogue with the private sector and the consensus building within the government. Practical experience of the ASI’s activity is reviewed in this article, first, from the standpoint of general principles of the “new industrial policy” and, second, from the perspective of international best practices in deregulation policies. On this basis, the article highlights the strengths and possible risks of the current ASI model and proposes further steps to facilitate formation of favorable investment climate.
State and Businessin the Arbitrazh (Commercial) Litigation
Authors: Titaev K. , Dzmitryieva A. , Chetverikova I.
Published: March 2019

This article seeks to answer the question whether Russian Arbitrazh (Commercial) courts tend to decide cases in favor of defendant versus plaintiff or state versus business. We have found that courts favor business entities in civil cases, while in administrative cases courts take decisions in favor of governmental bodies other things being equal. In addition, the plaintiff bias persists regardless of the type of the process. However, the plaintiff bias decreases with the rise of the case complexity. The article is based on the regression analysis of a random sample of 10 000 cases decided by the Russian Arbitrazh (commercial) courts in 2007-2011.
Corruption in Russia, Russia Corrupted: Is There a Way out?
Authors: Kleiner V.
Published: March 2019

The article views corruption as an integral feature and the engine of the Russian economy. The main causes of corruption are linked to the nature of Russian privatization, mechanisms of government appointments and carrier growth, the lack of resource control in the process of the execution of economic policies. Corruption is considered to be a multilevel phenomenon, which embraces the process of governmental decision making, functioning of businesses and householders’ performance. Systematic analysis of the dissemination of corruption and successful experiences of other countries allow full scale measures for combating corruption in Russia to be proposed. Special attention is paid to the formation of state, corporate and public anti-corruption institutions.
Russian foreign direct investments as a factor of eurasian integration
Authors: Kuznetsov A.
Published: March 2019

The article is based on statistics of monitoring of Russian FDI in the CIS and other Eurasian countries which is being conducted under the author’s leadership in the IMEMO-Institute since 2011 with the financial support of the Eurasian Development Bank. Real distribution of the Russian outward FDI stock in the CIS and other neighboring countries is shown. It includes data on FDI via offshores. Motives of Russian TNCs’ activities are explained. It is stressed that full-fledge corporate integration in the CIS does not exist. Special attention is paid to the competition between Russian firms and TNCs from the EU and China in their investment expansion in Ukraine and Central Asia.
Costs and Benefits of the Transition to Low-carbon Economyin Russia: Perspectives up to 2050
Authors: Bashmakov I. , Myshak A.
Published: March 2019

This paper investigates costs and benefits associated with low-carbon economic development pathways realization to the mid XXI century. 30 scenarios covering practically all “visions of the future” were developed by several research groups based on scenario assumptions agreed upon in advance. It is shown that with a very high probability Russian energy-related GHG emissions will reach the peak before 2050, which will be at least 11% below the 1990 emission level. The height of the peak depends on portfolio of GHG emissions mitigation measures. Efforts to keep 2050 GHG emissions 25-30% below the 1990 level bring no GDP losses. GDP impact of deep GHG emission reduction - by 50% of the 1990 level - varies from plus 4% to minus 9%. Finally, very deep GHG emission reduction - by 80% - may bring GDP losses of over 10%.
Business Model innovation in Competitive Strategy of large Corporations
Authors: Bereznoy A.
Published: March 2019

The article analyzes one of the key instruments of today’s competition of large corporate entities - business model innovation. The author provides his own interpretation of the business model definition, dwells upon characteristic features of innovative business models as an effective competitive tool at contemporary very volatile markets, discloses main directions of business innovations and difficulties of their implementation. The article also reveals their role as key drivers of game-changing industry shifts. The conclusion is made that business model development and implementation are becoming the new strategic imperative for most of the players of modern global competition.
Does banking system transparency enhance bankcompetition? Cross-country evidence
Authors: Andrievskaya I. , Semenova M.
Published: March 2019

There seems to be a consensus among regulators and scholars that in order to improve the functioning of a banking system and to stimulate bank competition, it is necessary to raise the level of bank information transparency. To test the hypothesis that greater bank information disclosure is associated with lower market power and lower concentration in the banking system, we use country-level data covering 213 countries all over the world. The period under consideration includes the years 2001, 2005 and 2010, which correspond to the years of the World Bank’s Banking Regulation and Supervision Survey rounds. Our findings do not always support the conventional wisdom: countries with higher levels of transparency have lower levels of bank concentration, while the link between transparency and competition is less pronounced. Moreover, the effect from information disclosure declines with an increase of bank risks.
Import Substitution in Energy and Military-Industrial Complexes
Authors: Faltsman V.
Published: March 2019

The article considers reasons and possibilities for import substitution as the key element for future development of Russian energy and military-industrial complexes. It contains brief literature review and describes possible consequences of sanctions for import substitution.
Theory and Practice for Natural Gas Pricing in Russia
Authors: Gordeev D. , Idrisov G. , Karpel E.
Published: March 2019

In this paper the authors analyze needs of changes of pricing mechanisms for natural gas for domestic and foreign markets. They conclude that in medium term these changes are inevitable due to the Russian practice obsolescence in the quickly transforming gas markets. Inefficient natural gas use due to distorted price incentives, lack of competition in the domestic market, as well as linking the domestic price to the price of European oil product baskets are significant deterrents to the development of the natural gas sector. Different scenarios for the Russian gas sector and potential influence on macroeconomics are described.
Manufacturing export of Russian Regions: looking for the Most Dynamic Markets and industries
Authors: Kadochnikov S. , Fedyunina A.
Published: March 2019

This article presents the analysis of product and destination variety of exports in Russian regions in 2002-2010. In particular, it considers those geographical markets and product groups that are most often revealed in the export structure. The analysis allows to identify five clusters of manufacturing industries which products are intensively exported by Russian regions. Accordingly, these industries may become the basis of non-primary export expansion in the Russian economy. Based on the analysis presented in the paper, the authors propose a new approach to regional groupings in Russia that synthesizes the characteristics of regions associated with the type of socio-economic development and qualitative characteristics of the export dynamics.
Long-term Portfolio investment: New insight into Return and Risk
Authors: Abramov A. , Radygin A. , Chernova M.
Published: March 2019

The article examines the influence of investment horizon increase on comparative advantages of main asset classes and on the principles of investment strategy development. Unlike in the traditional approach of portfolio management theory, the study shows that for long-term investments corporate bonds have the advantage over equity in terms of return-risk tradeoff. This fact argues in favor of the fixed-income oriented (including infrastructure bonds) investment strategies for pension funds and institutional investors. The article draws special attention to the importance of regular portfolio rebalancing for long-term investors. In this case the variation of returns decreases and the variation of risks increases with the holding period. Consequently, with horizon increase a long-term investor should allocate more assets in the low-risk financial instruments in order to keep a certain level of return-risk tradeoff. This argument becomes increasingly important for the purposes of pension savings management.
Economists’ Perspective on Sport: Overview of the Current State-of-the-Art
Authors: Zaytseva I.
Published: March 2019

The article provides an overview of current research in the field of sports economics. Sport is an area of special interest for economists due to the increasing economic and political significance of this industry. Many economic puzzles arise in sport, such as market failures, property rights, institutional design. The author demonstrates and analyzes opportunities for economic analysis in sports industry and formulates unsolved problems in this area.
The Opportunities of Growth in the Environment of Currency Collapses in Russia and Financial Bubbles in the World
Authors: Ershov M.
Published: March 2019

Introduction of the free-float regime of exchange rate of the Russian ruble coupled with the fall of oil prices led to sizeable ruble depreciation. All oil-exporters devalued their currencies, however the devaluation of the ruble was the most significant. Against the backdrop of remaining instability in the world economy where a lot of financial indicators reach their pre-crisis highs, it makes the global situation highly unstable and the creation of anti-crisis buffers and stabilizing mechanisms extremely relevant for Russia.
Structural Factors of Russian Economic Slowdown
Authors: Orlova N. , Egiev S.
Published: March 2019

This article considers structural factors of Russian economic slowdown, particularly capital stock dynamics and labor market. Potential growth as of 2015 is estimated with a multivariate filter. The results indicate the structural slowdown of Russian economic growth to 0.5-1.0% per year. Low growth rates call for a new development strategy as the import-substitution approach that framed economic policy since the 2000s has failed to prevent the slowdown. Export-oriented strategy is more promising but will be hard to implement in an environment of weak global demand. Productivity improvement, particularly in the state sector, is necessary for averting stagnation.
The Myth of the "Culture Code" in Economic Research
Authors: Tambovtsev V.
Published: March 2019

The paper is devoted to the critical analysis of today’s mainstream approach to the inclusion of the factor of culture in economic research. National culture is treated in this framework as a reified entity measured by societal values and is persistently included as a "culture code" throughout different contexts. The paper presents evidence contradicting this treatment, and an alternative methodology for economic analysis of cultural phenomena is suggested, namely that each mass cultural practice should be analyzed on a "case-by-case" basis, comparing stakeholders’ costs and benefits.
Russian Economy in the Context of World Trends
Authors: Zamaraev B. , Kiyutsevskaya A.
Published: March 2019

Analyzing the changes of key macroeconomic indicators in the context of global trends, the authors conclude that the prolonged stagnation of the Russian economy, deeply integrated into global economic processes, is a natural consequence of weakening its competitiveness and reducing investment attractiveness. “Moderately tight” monetary policy conducted against the background of large-scale monetary expansion in developed countries has made its contribution.
Anti-russian Sanctions and the Systemic crisis of the World economy
Authors: Simonov V.
Published: March 2019

The article analyzes the causes and possible consequences of the current situation in the foreign exchange market for Russian development strategy of import substitution that the country has to develop and implement after the US, the EU and some of its allies initiated economic sanctions against Russia. It is shown that the sanctions policy follows the competition, aggravated with the onset of the structural crisis of the world economy in 2008, that is understood as the crisis in the model of inflationary growth, combined with the cyclical and financial crises.
Russia’s Social and Economic Policy in 2014: Finding New Frontiers
Authors: Mau V.
Published: March 2019

The paper deals with the roots and features of current Russian economic problems as a combination of structural and institutional crises, cyclical and external shocks. Mobilization and liberalization are discussed as two key economic policy alternatives. The analysis includes historical retrospection which provides some important lessons from economic development in the 20th century. Special attention is paid to the desirable policy to stimulate economic growth.
History of Economic thought, Quo Vadis?
Authors: Maltsev A.
Published: March 2019

The paper demonstrates that economists lose interest in the study of the history of economic thought (HET). The roots that have affected the move of the HET to the periphery of the mainstream research preferences are analyzed. Based on a review of the current situation in the field of HET studies, the author shows that the field is gradually moving from the realm of the “pure” economics to converge with other humanities. The results of the survey of undergraduate and graduate students of the leading Russian universities confirm this trend. Saving HET in the economics curriculum requires deepening its integration with other social sciences.
Crossing the Borders: Mccloskey and Humanistic Approach to Economics (on the book by D. MCcloskey “Rhetoric of Economics”)
Authors: Raskov D.
Published: March 2019

This paper reflects on Deirdre McCloskey’s book “Rhetoric of economics” on the occasion of its Russian edition. McCloskey’s intellectual evolution is marked by the early interest in economic history that is then linked to the interdisciplinary humanistic search of the origins of capitalism. The article reconstructs the basic ideas of McCloskey on economics and the possibilities of its humanisation and shows the role of rhetoric for the later work on the boirgeois virtues and dignity. It also demontrates the remnants of modernism in McCloskey’s texts such as the dominant role of the author and the failure to fully recognize economy itself as a rhetorical phenomenon.
Monetary Policy of Bank of Russia: Strategy and Tactics
Authors: Goryunov E. , Drobyshevsky S. , Trunin P.
Published: March 2019

In recent years Bank of Russia has made several major changes in its monetary regime, including elimination of the exchange rate corridor and introduction of the key rate as the main monetary policy instrument. The article discusses these developments in the context of long-term priorities of the monetary authority. We put emphasis on the extent to which monetary policy should stimulate economic growth and assess whether the policy of the Central Bank of RF was excessively tight in 2010-2014. In order to do that we use the real interest rate on short-term loans in the interbank market as an indicator of monetary policy tightness. Cross-country comparisons together with the analysis of dynamics of selected indicators suggest that Bank of Russia’s policy was rather soft. We conclude with comments regarding tactics of monetary policy under current turbulent macroeconomic conditions.
China’s economy: Dipping into “New Normal”
Authors: Mozias P.
Published: March 2019

The article deals with the peculiarities of the current stage of China’s economic development. Economic growth has slowed down in recent years because of weakening of all its drivers, e.g. domestic consumption and investment demand as well as exports. China’s entry into ‘new normal’ is caused both by structural and macroeconomic factors. The former include an exhaustion of labor surplus in traditional agriculture, waning of “demographic dividend”, rebalancing towards services in industrial structure, and diminishing returns of economic resources used. But all of these are aggravated with the chronic overcapacity and huge debts of the corporate and public sectors, not least because of the expanding shadow banking. Economic growth cannot be reaccelerated with a new flooding of cheap finance, and responding to new challenges the authorities have put forward a new program of institutional reforms in 2013-2014. Risks of а hard landing do exist, but, by and large, China is equipped with a good potential to cope with the negative trends and sustain a course of steady development.
Economic Growth and Economic crises in Russia: The End of the 1920s - 2014
Authors: Smirnov S.
Published: March 2019

Using previously unknown long-run statistical time-series on industry, agri-culture, railroad transportation and residential construction, we have denoted periods of growth and contraction in the Russian economy and revealed the economic factors of all changes in the trajectory. Periods of contractions during the era of the planned economy have been of special interest for us. Even now, many think that economic recessions generated for economic reasons are impossible in the planned economy. We have checked this idea against the long-run statistical data for Russia and found that cycling does occur, not only in market, but in planned economies as well (of course, with a significant remark that crises in planned economies are much rarer but possibly more destructive). The drops in total economic activity were caused partly by internal economic reasons (1945-1946, 1979, 1989-1991, 1992-1996), partly by external shocks (1941-1942, 1998, 2008-2009) and partly by the decisions and actions of national authorities (1933). The latter factor was very important for the Russian economic trajectory during the whole 20th century.
To Allow for Cartels?
Authors: Shastitko A.
Published: March 2019

Opportunities for cartels study within the context of comparative analysis of mechanisms of governance structural alternatives are shown. The correlation between cartels and horizontal agreements restricting competition is described. Characteristics of antitrust control regimes of horizontal agreements are identified. The Russian agenda for cartel deterrence is presented.
Comparative Analysis of the Housingand Utility Services Affordability for the Population of Russian Federation and Foreign Countries
Authors: Sharygina Y. , Sivaev S.
Published: March 2019

The affordability of housing and utility services for the population of Russian Federation and foreign countries is analyzed in the article. The authors have developed the method which gives the opportunity to bring the housing and utility costs of the population of Russian Federation and foreign countries to comparable conditions. The main result is providing reliable distribution of the costs of the housing and utility services in European countries, where Russian Federation has one of the lowest positions. So, existing substantiation of freezing tariffs for housing and utility services is ungrounded. There is a socio-economic opportunity to raise tariffs for increasing investment attractiveness of the sector. There is also a need for redistribution of the population spending between housing and utility services in favor of the former.