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10.1016/j.ruje.2015.05.005 2015-02-28 rujec

Center for Macroeconomics and Finance, Gaidar Institute for Economic Policy, Moscow, Russia School of Liberal Arts and Sciences, St. Petersburg State University, St. Petersburg, Russia author Kudrin, Alexey L. 2015-02-28 2015-02-28 2015 Russian Journal of Economics 2405-4739 2618-7213 1 1 1 3 2015 10.1016/j.ruje.2015.05.005 https://rujec.org/article/27939/ https://rujec.org/article/27939/download/pdf/ https://rujec.org/article/27939/download/xml/ text/html en_US Non-profit partnership "Voprosy Ekonomiki" Introductory note from the Editor-in-Chief Short Communication

10.1016/j.ruje.2015.05.003 2015-02-28 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Mau, Vladimir RF Ministry of Economic Development, Moscow, Russia author Ulyukaev, Alexey 2015-02-28 2015-02-28 2015 Russian Journal of Economics 2405-4739 2618-7213 1 1 4 29 2015 The top 1 percent in international and historical perspective. F. Alvaredo author 2013 text Journal of Economic Perspectives 2013 27 3 3 20 Åslund, A. (2013). Why growth in emerging economies is likely to fall. Working Paper No. 13-10. Washington, DC: Peterson Institute for International Economics. Rapid fall in capital flows poses growth risk. R. Atkins author 2014 text Financial Times 2014 Permanent income, liquidity, and expenditure on automobiles: Evidence from panel data. B.S. Bernanke author 1984 text Quarterly Journal of Economics 1984 99 3 587 614 Why hasn’t democracy slowed rising inequality?. A. Bonica author 2013 text Journal of Economic Perspectives 2013 27 3 103 123 The group of two that could change the world. Z. Brzezinski author 2009 text Financial Times 2009 Public Papers of the Presidents of the United States 1979. J. Carter author 1980 text GPO 1980 Income inequality, equality of opportunity, and intergenerational mobility. M. Corak author 2013 text Journal of Economic Perspectives 2013 27 3 79 102 Russian economy as the hostage of high oil prices. M. Dmitriev author Kang Sung Jin author 2015 text The international monetary system, energy and sustainable development. 2015 Will income inequality cause a middle-income trap in Asia?. A. Egawa author 2013 text Bruegel Working Papers 2013 Navigating the new normal in industrial countries. The Per Jacobsson Lecture. A. El-Erian Mahamed author 2010 text Per Jacobsson Foundation. 2010 The influence of real ruble exchange rate on economic activity in Russia (Working Paper No. 165P). T.V. Evdokimova author 2013 text Gaidar Institute Publ 2013 The ascent of money: A financial history of the world. N. Ferguson author 2008 text Penguin Press. 2008 A theory of the consumption function. M. Friedman author 1956 text Princeton University Press. 1956 Gordon, R.J. (2012). Is U.S. economic growth over? Faltering innovation confronts the six headwinds. NBER Working Paper, 18315. Gordon, R.J. (2014). The Demise of U.S. economic growth: Restatement, rebuttal, and reflections. NBER Working Paper, 19895. Budget policy and economic growth. G. Idrisov author 2013 text Voprosy Ekonomiki 2013 8 35 59 Forming sources of long-run growth: How to understand them?. G. Idrisov author 2014 text Voprosy Ekonomiki 2014 3 4 20 The economic consequences of the peace. J.M. Keynes author 1919 text Harcourt, Brace, and Howe. 1919 Large cycles of conjuncture. N.D. Kondratiev author 1925 text Voprosy Konyunktury 1925 1 1 28 79 A model of balance of payments crises. P. Krugman author 1979 text Journal of Money, Credit, and Banking 1979 11 3 311 325 A new growth model for the Russian economy. A. Kudrin author 2014 text Voprosy Ekonomiki 2014 12 4 36 Modern economic growth: rate, structure and spread. S. Kuznets author 1966 text Yale University Press. 1966 Financial globalization: Retreat or Reset. S. Lund author 2013 text McKinsey Global Institute. 2013 Defending the one percent. N.G. Mankiw author 2013 text Journal of Economic Perspectives 2013 27 3 21 34 Political nature and lessons of the financial crisis. V. Mau author 1998 text Voprosy Ekonomiki 1998 11 4 19 Economic and political results of 2001 and prospects of sustainable economic growth. V. Mau author 2002 text Voprosy Ekonomiki 2002 1 4 22 Global crisis: Past experience and future challenges. V. Mau author 2009 text Ekonomicheskaya Politika 2009 4 47 61 V.A. Mau author 2013 Strategy-2020: A new growth model— new social policy 2013 What today's economic gloomsayers are missing. J. Mokyr author 2014 text The Wall Street Journal 2014 Capital in the Twenty-First Century. T. Piketty author 2014 text Harvard University Press. 2014 Rodrik, D. (2008). Globalization: We urgently need Keynes. Vedomosti, July 28. (In Russian). Rodrik, D. (2011b). Unconditional convergence. NBER Working Paper, 17546. Decomposition of Russia's GDP growth rates in 1999-2014. S. Sinelnikov-Murylev author 2014 text Ekonomicheskaya Politika 2014 5 7 37 Why stagnation might prove to be the new normal. L. Summers author 2013 text Financial Times 2013 Washington must not settle for secular stagnation. L. Summers author 2014 text Financial Times 2014 C. Teulings author 2014 Secular stagnation: Facts, causes and cures 2014 Waiting for the crisis: Implementation and contradictions of economic reforms in Russia. A.V. Ulyukaev author 1999 text Strelets 1999 Ulyukaev, A.V. (2010). Russia and new macroeconomic reality. In: E. Yasin (Ed.), X International academic conference on problems of development of economy and society (Book 1, pp. 111-120). Moscow: HSE Publ. (In Russian). Painful transformation of the global economy. A.V. Ulyukaev author 2014 text Gaidar Institute Publ 2014 Actual issues of banking system development in Russia. A. Vedev author 2014 text Ekonomicheskaya Politika 2014 2 7 24 What Washington means by policy reform. J. Williamson author J. Williamson author 1989 text Latin American readjustment: How much has happened. 1989 E. A. Peretts diary (1880-1883). E.A. Peretts author 1927 text Gosizdat 1927 The globalization paradox. D. Rodrik author 2011 text W.W. Norton & Company. 2011 10.1016/j.ruje.2015.05.003 https://rujec.org/article/27941/ https://rujec.org/article/27941/download/pdf/ https://rujec.org/article/27941/download/xml/ Global crisis forms new economic policy agenda which raises new questions for economic theory and economic thinking. This paper deals with these new intellectual challenges. Among them: growth theory and the risks of secular stagnation, unconventional macroeconomic policy and the prospects of financial stability, inequality and growth, the new welfare state, the prospects of globalization vs. de-globalization, and the re-industrialization in advanced economies. Based on the analysis of global trends, the paper discusses the roots and features of current Russian economic problems, compares the 2008–2009 and 2014–2015 crises, and factorizes the last one on three main components. The analysis includes the effects of sanctions against Russia on the current economic situation and the structural problems that slow down economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development for the Russian economy. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy economic growth crisis globalization re-industrialization Russia Global crisis and challenges for Russian economic development Research Article

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St. Petersburg State University, St. Petersburg, Russia Gaidar Institute for Economic Policy, Moscow, Russia author Kudrin, Alexey L. Economic Expert Group, Moscow, Russia author Gurvich, Evsey T. https://orcid.org/0000-0002-4356-1866 2015-02-28 2015-02-28 2015 Russian Journal of Economics 2405-4739 2618-7213 1 1 30 54 2015 10.1016/j.ruje.2015.05.002 https://rujec.org/article/27940/ https://rujec.org/article/27940/download/pdf/ https://rujec.org/article/27940/download/xml/ The problems underlying the current slowdown of the Russian economy are of a persistent nature and cannot be resolved with simple measures such as a softer monetary or fiscal policy. The fundamen- tal reason for these problems is the weak market environment dominated by public and quasi-public companies. A new growth model should be based upon strong incentive for the business, as well as the government regulation system, to improve efficiency. This article defines the main steps to be taken in building such a model. text/html en_US Non-profit partnership "Voprosy Ekonomiki" growth model oil and gas revenues soft budget constraints incentives for growth A new growth model for the Russian economy Research Article

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Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia author Radygin, Alexander D. https://orcid.org/0000-0003-2242-9994 Institute for Applied Economic Studies, RANEPA, Moscow, Russia Inter-Departmental Analytical Centre (MATs), Moscow, Russia author Simachev, Yury Russian Academy of Sciences, Moscow, Russia author Entov, Revold M. 2015-02-28 2015-02-28 2015 Russian Journal of Economics 2405-4739 2618-7213 1 1 55 80 2015 Unbundling institutions. D. Acemoglu author 2005 text Journal of Political Economy 2005 113 949 995 Economic origins of dictatorship and democracy. D. Acemoglu author 2006 text Cambridge University Press. 2006 Regulation and distrust. P. Aghion author 2010 text Quarterly Journal of Economics 2010 125 3 1015 1049 Growth in the shadow of expropriation. M. 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Estrin author 2009 text Journal of Economic Literature 2009 47 3 699 728 Institutions and organizational structure: The case of state-owned corporate pyramids, Journal of Law. J. Fan author 2012 text Economics and Organization 2012 29 6 1217 1252 Privatization in a small open economy with imperfect competition. A. Ghosh author 2012 text Journal of Public Economic Theory. Association for Public Economic Theory 2012 14 3 441 471 Institutions and the path to the modern economy. Lessons from Medieval trade. A. Greif author 2006 text Cambridge University Press. 2006 The effect of economic freedom on growth revisited: New evidence on causality from a panel of countries. M. Justesen author 2008 text European Journal of Political Economy 2008 24 3 642 660 Institutions and economic performance: Cross-country tests using alternative institutional measures. S. Knack author 1995 text Economics and Politics 1995 7 3 207 228 Kondratiev, V. B. (2012). State capitalism on the march [WWW page]. URL http://www.perspektivy.info/book/gosudarstvennyj_kapitalizm_na_marshe_2012-08-24.htm.(In Russian). Kowalski, P., Buge, M., Sztajerovska, M., & Egeland, M. (2013). State-owned enterprises: Trade effects and policy implications. OECD Trade Policy Paper, 147. Evolution of the state industrial policy in Russia. B. Kuznetsov author 2014 text Zhurnal Novoi Ekonomicheskoi Assotsiatsii 2014 2 152 178 Rules rather than discretion: The inconsistency of optimal plans. F. Kydland author 1977 text Journal of Political Economy 1977 85 3 473 491 Regulation and development. J.-J. Laffont author 2005 text Oxford University Press. 2005 A theory of public enterprise behavior. B. Levy author 1987 text Journal of Economic Behavior and Organisation 1987 8 1 75 96 Board composition, political connections, and performance in state-owned enterprises. Industrial and Corporate Change. A. Manozzi author 2012 text 2012 21 3 671 698 An incomplete contract perspective on public good provision. D. 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(2013). “Fundamental” theorem of privatization: Ideology, evolution, practice. Ekonomicheskaya Politika, 6, 7-45. (In Russian). Radygin, A., Simachev Yu., & Entov, R. (2011). State and denationalization: Risks and limitations of the “new privatization policy”. Voprosy Ekonomiki, 9, 4-26. (In Russian). Radygin, A. D. et al. (2014). Privatization in the modern world: Theory, empiricism, “a new dimension” for Russia. Moscow: Delo (In Russian). Institutions rule: The primacy of institutions over geography and integration in economic development. D. Rodrik author 2004 text Journal of Economic Growth 2004 9 2 131 165 G. Roland author 2008 Privatization: Successes and failures. 2008 Public finances and long-term growth in Europe: Evidence from a panel data analysis. D. Romero-Avila author 2008 text European Journal of Political Economy 2008 24 1 172 191 Ross, M. (2012). The political economy of petroleum wealth in low-income country. Prepared for the IMF high level seminar, “Commodity price volatility and inclusive growth in LICs,” Washington, DC, September 21. Shastitko, A. E. et al. (2013). Consequences of weak competition. Quantitative evaluation and policy implications. Moscow: Delo (In Russian). Simachev, Yu. V., Ivanov, D. S., Korotkov, M. Y., Kuznetsov, B. V., & Kuzyk, M. G. (2012a). State anti-crisis support for the large and systemically important companies. Directions, features and lessons of the Russian practice. Moscow: Delo (In Russian). Simachev, Yu., Kuzyk, M., & Ivanov, D. (2012b). Russian financial development institutions: Are we on the right way? Voprosy Ekonomiki, 7, 4-29. (In Russian). Smith, A. (1801 [1776]). An inquiry into the nature and causes of the wealth of nations (9th ed.). London: A. Strahan, for T. Cadell [and others]. National oil companies and international oil companies: Under the shadow of government and the resource nationalism cycle. P. 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Moscow: Vysshaya Shkola (In Russian). Public enterprise in monopolistic and oligopolistic industries. I. Vogelsang author 1990 text Harwood. 1990 Constitutions as governance structures: The political foundations of secure markets. B. Weingast author 1993 text Journal of Institutional and Theoretical Economics 1993 149 1 286 311 Last exit: Privatization and deregulation of the US transportation system. C. Winston author 2010 text Brookings Institution Press. 2010 Government policy for a partially deregulated industry: Deregulate it fully. C. Winston author 2012 text American Economic Review 2012 102 3 391 395 Why democracies produce efficient results. D. Wittman author 1989 text Journal of Political Economy 1989 97 6 1395 1424 Ownership and the value of political connections: Evidence from China. W. Wu author 2012 text European Financial Management 2012 18 4 695 729 Are political connections a blessing or a curse?. J. You author 2012 text Evidence from CEO turnover in China. Corporate Governance: An International Review 2012 20 2 179 194 Trust and growth. P. Zak author 2001 text Economic Journal 2001 111 470 295 321 Does electricity restructuring work?. F. Zhang author 2007 text Evidence from the U.S. nuclear energy industry, Journal of Industrial Economics 2007 55 3 397 418 Regulation and investment. A. Alesina author 2005 text Journal of European Economic Association 2005 3 4 791 825 The challenges of privatization: An international analysis. B. Bortolotti author 2004 text Oxford University Press. 2004 Hume, D. (1817 [1739]). A treatise of human nature: Being an attempt to introduce the experimental method of reasoning into moral subjects. 2 vol. London: Thomas and Joseph Allman. V.A. Mau author 2013 Strategy-2020: A new growth model — A new social policy 2013 10.1016/j.ruje.2015.05.001 https://rujec.org/article/27942/ https://rujec.org/article/27942/download/pdf/ https://rujec.org/article/27942/download/xml/ This article will analyze the activity of state-owned companies and their place in the structure of market relations from the standpoint of contemporary approaches to the study of “state failure” and “market failure”. It will also consider the implications of the systematic embedding of private property rights. In addition to considering the costs of the functions of state-owned companies, the authors address the actual experience of the Russian economy in the present day, the experience of forming state corporations and the risks associated with their operation. Particular attention will be paid to the inhibition of incentives to improve the general institutional environment and, conversely, to the increasing incidence of direct state intervention in matters that affect economic development. We will examine the various ways in which the growth of the public sector, de jure and de facto, reduces opportunities for implementing private property rights. text/html en_US Non-profit partnership "Voprosy Ekonomiki" state-owned company state-owned enterprise privatization state failure market failure political markets state regulation allocative efficiency property rights The state-owned company: “State failure” or “market failure”? Research Article

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National Research University Higher School of Economics, Moscow, Russia Institute of World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia author Kapeliushnikov, Rostislav https://orcid.org/0000-0002-2312-2110 2015-02-28 2015-02-28 2015 Russian Journal of Economics 2405-4739 2618-7213 1 1 81 107 2015 Angner E., & Loewenstein, G. (2007). Behavioral economics. In U. Maki (Ed.), Handbook of the philosophy of science, Vol. 13: Philosophy of economics (pp. 641-689). Amsterdam: Elsevier. Predictably irrational. D. Ariely author 2008 text HarperCollins Publishers. 2008 Arrow, K J. (1996). Preface. In J. K. Arrow, E. Colombatto, & M. Perlman (Eds.), The rational foundations of economic behaviour (pp. xiii-xvii). London: Macmillan. Basham, P. (2010). Are nudging and shoving good for public health? Unpublished manuscript, Democracy Institute. As-if behavioral economics: Neoclassical economics in disguise?. N. Berg author 2010 text History of Economic Ideas 2010 18 2 133 166 Boettke, P., Caceres, W.Z., & Martin, A. (2013). Error is obvious, coordination is the puzzle. In R. Frantz, & R. Leeson (Eds.), Hayek and behavioral economics. London: Palgrave Macmillan. Regulation for conservatives: Behavioral economics and the case for ‘asymmetric paternalism’. C. Camerer author 2003 text University of Pennsylvania Law Review 2003 151 1 1211 1254 Choi, J., Laibson, D., Madrian, B.C., & Metrick, A. (2002). Defi contribution pensions: Plan rules, participant decisions, and the path of least resistance. In J. M. Poterba (Ed.), Tax policy and the economy: Vol. 16 (pp. 67-113). Cambridge, MA: MIT Press. Behavioural welfare economics: Does ‘behavioural optimality’ matter?. J. Costa-Font author 2011 text CESifo Economic Studies 2011 57 4 551 559 Psychology and the market. E.L. Glaeser author 2004 text American Economic Review 2004 94 2 408 413 Old wine in new casks: Libertarian paternalism still violates liberal principles. T. Grune-Yanoff author 2012 text Social Choice and Welfare 2012 38 4 635 645 How Obama is using the science of change. M. Grunwald author April 2009 text Time Magazine April 2009 2 Harsanyi, J. (1982). Morality and the theory of rational behaviour. In A. Sen, & B. Williams (Eds.), Utilitarianism and beyond (pp. 39-62). Cambridge: Cambridge University Press. Individualism and economic order. F.A. Hayek author 1948 text Chicago University Press. 1948 Debiasing through law. C. Jolls author 2006 text Journal of Legal Studies 2006 35 1 199 242 Judgment under uncertainty: Heuristics and biases. D. Kahneman author 1974 text Science 1974 185 4157 1124 1131 Prospect theory: An analysis of decision under risk. D. Kahneman author 1979 text Econometrica 1979 47 2 263 291 Psychological analysis of economic behavior. G. 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The economist as therapist: Methodological ramifications of ‘light’ paternalism. In A. Caplin, & A. Schotter (Eds.), The handbook of economic methodologies: Vol. 1. Perspectives on the future of economics: Positive and normative foundations (pp. 210-245). Oxford: Oxford University Press. Reconciling normative and behavioural economics: The problem to be solved. B. McQuillin author 2012 text Social Choice and Welfare 2012 38 4 553 567 Libertarian paternalism is an oxymoron. G. Mitchell author 2005 text Northwestern University Law Review 2005 99 3 1245 1277 Exchange asymmetries incorrectly interpreted as evidence of endowment effect theory and prospect theory?. R. Plott Ch. author 2007 text American Economic Review 2007 97 4 1449 1466 The willingness to pay-willingness to accept gap, the “endowment effect”, subject misconceptions, and experimental procedures for eliciting valuations: Reply. R. Plott Ch. author 2011 text American Economic Review 2011 101 4 1449 1466 Radnitzky, G., & Bernholtz, P. (Eds.) (1987). Economic imperialism: The economic approach applied outside the field of economics. N. Y.: Paragon House Publishers. The knowledge problem of the new paternalism. M.J. Rizzo author 2009 text Brigham Young University Law Review 2009 4 905 968 The tyranny of utility. Behavioral social science and the role of paternalism. J. Saint-Paul author 2011 text Princeton University Press. 2011 Behavioral economics: How psychology made its (limited) way back into economics. E.-M. Sent author 2004 text History of Political Economy 2004 36 4 735 760 Simon, H.A. (1987). Bounded rationality. In J. Eatwell, M. Milgate, & P. Newman (Eds.), The new Palgrave. N. Y.: W.W. Norton. Why incoherent preferences do not justify paternalism. R. Sugden author 2008 text Constitutional Political Economy 2008 19 3 226 248 Sunstein, C., & Thaler, R. (2003a). Libertarian paternalism. American Economic Review, 93 (2), 175-179. Sunstein, C., & Thaler, R. (2003b). Libertarian paternalism is not an oxymoron. University of Chicago Law Review, 70 (4), 1159-1202. Toward a positive theory of consumer choice. R. Thaler author 1980 text Journal of Economic Behavior and Organization 1980 1 1 39 60 Mental accounting and consumer choice. R. Thaler author 1985 text Marketing Science 1985 4 1 199 214 Nudge: Improving Decisions about Health, Wealth and Happiness. R.H. Thaler author 2008 text Yale University Press. 2008 Rational choice and the framing of decisions. A. Tversky author 1986 text Journal of Business 1986 59 4, Pt. 2 S251 S278 Does consumer irrationality trump consumer sovereignty?. J. Waldfogel author 2005 text Review of Economics and Statistics 2005 87 4 691 696 Weale, A. (1991). Paternalism. In D. Miller et al. (Eds.), The Blackwell encyclopaedia of political though (pp. 367-368). Oxford: Basil Blackwell. David Cameron's ‘nudge unit’ aims to improve economic behaviour. P. Wintour author September 2010 text The Guardian September 2010 9 Behavioral law and economics: Its origins, its fatal flaws, and its implications for liberty. D.J. Wright author 2012 text Northwestern University Law Review 2012 106 3 1 56 10.1016/j.ruje.2015.05.004 https://rujec.org/article/27943/ https://rujec.org/article/27943/download/pdf/ https://rujec.org/article/27943/download/xml/ The paper provides a critical appraisal of the normative program of behavioral economics known as ‘new paternalism’. First, it explores the theoretical foundations of behavioral economics, describes major behavioral anomalies associated with bounded rationality of economic agents and discusses its normative principles and political implications. It then discusses the main empirical and conceptual drawbacks of new paternalism and provides arguments for the alternative non-welfarist normative tradition based on the idea of freedom. text/html en_US Non-profit partnership "Voprosy Ekonomiki" behavioral economics welfare economics new paternalism normative analysis Behavioral economics and the ‘new’ paternalism Research Article

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Government of the Russian Federation, Moscow, Russia author Medvedev, Dmitry 2015-05-31 2015-05-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 109 129 2015 On Russia's financial situation. N. Kh. Bunge author L.E. Shepelev author 2007 text Fates of Russia. 2007 203-215 The mandate given to the Commission on drafting a new Code (1767). I.I. Catherine author A.V. Gogolevskiy author 2000 text Constitutionalism: The historical path of Russia to liberal democracy 2000 37-109 The end of middle-class work: No more escapes. R. Collins author I. Wallerstein author 2013 text Does capitalism have a future? 2013 37 70 Navigating the new normal in industrial countries. M.A. El-Erian author 2010 text Per Jacobsson Foundation. 2010 Trade liberalization in China: Aresponse to the challenges in the beginning of the 1990s. P. Kadochnikov author 2014 text Ekonomicheskaya Politika 2014 6 103 113 From third world to first: The Singapore story 1965-2000. Kuan Yew Lee author 2000 text HarperCollins. 2000 The logic of Russia's modernization: Historical trends and modern challenges. V.A. Mau author 2009 text ROSSPEN 2009 China's economy: Dipping into “new normal.”. P. Mozias author 2015 text Voprosy Ekonomiki 2015 5 134 158 Capital in the twenty-first century. Th. Piketty author 2014 text Harvard University Press. 2014 Witte, S. Yu. (2006). Speech of the Minister of Finance in the general meeting of the State Council December 28, 1895 (pp. 104-130). In S. Yu Witte, Collected works and documents (Vol. 3, Book 1). Moscow: Nauka.(In Russian). New normal for Russia. K. Yudaeva author 2010 text Ekonomicheskaya Politika 2010 6, 196 200 10.1016/j.ruje.2015.11.004 https://rujec.org/article/27944/ https://rujec.org/article/27944/download/pdf/ https://rujec.org/article/27944/download/xml/ The article considers social and economic challenges that Russia faces in the context of present-day global transformation. Key technological, economic, and social trends, which determine the contours of the post-crisis world, are analyzed. A long-term agenda for the country's development aimed at securing a new quality of economic growth is proposed. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russian economic policy innovation economy public administration A new reality: Russia and global challenges Research Article

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National Research University Higher School of Economics, Moscow, Russia author Smirnov, Sergey https://orcid.org/0000-0001-5177-2578 2015-05-31 2015-05-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 130 153 2015 10.1016/j.ruje.2015.11.002 https://rujec.org/article/27945/ https://rujec.org/article/27945/download/pdf/ https://rujec.org/article/27945/download/xml/ In many respects, the historical trajectory of the Russian economy during the XX century has been a terra incognita until now. As for official statistics, at least three important reasons can be given for this. First, many relevant indicators were either not measured or were kept secret and never published. Second, Russia (as the RSFSR) was a part of the USSR, and statistics for the RSFSR were much less prevalent than for the USSR as a whole (historical changes in Russia's borders also require special consideration). Third, an ideological dogma implied the absence of inflation in the planned Soviet economy; therefore, all deflators (if any) were underestimated, and all aggregates in constant and/or comparable prices were overestimated (as were the corresponding growth rates). As for the unofficial historical estimates, most of them were focused on the USSR, not on the RSFSR; therefore, there is a considerable risk in using them as a proxy for historical indicators of the Russian Federation. Hence, our first aim was to construct statistical time series that might be useful in describing the long-term trajectory of the Russian (the RSFSR and/or the RF) economy. Using previously unpublished data stored in Russian archives, we attempted to extend them as far back as possible; in fact, most of the series began in the late 1920s. Our second aim was to denote periods of growth and contraction in the Russian economy and to reveal the economic factors that caused changes in trajectory. Periods of contraction during the era of the planned economy were of special interest for us. We found that recessions had occurred, not only in the market but also in the planned Russian economy (of course, with a significant remark that contractions in the planned economy were much rarer but evidently more destructive). text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic history economic crises planned economy Russia Economic Fluctuations in Russia (from the late 1920s to 2015) Research Article

10.1016/j.ruje.2015.11.005 2015-05-31 rujec

National Research University Higher School of Economics, author Baranov, Alexey https://orcid.org/0000-0003-4697-6212 National Research University Higher School of Economics, author Malkov, Egor National Research University Higher School of Economics, author Polishchuk, Leonid I. https://orcid.org/0000-0003-4669-2025 National Research University Higher School of Economics, author Rochlitz, Michael https://orcid.org/0000-0001-8652-8874 National Research University Higher School of Economics, author Syunyaev, Georgiy 2015-05-31 2015-05-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 154 181 2015 10.1016/j.ruje.2015.11.005 https://rujec.org/article/27946/ https://rujec.org/article/27946/download/pdf/ https://rujec.org/article/27946/download/xml/ The paper explores various measures of institutional quality in Russian regions, and compares those measures to each other. Such analysis leads to the conclusion that Russian regional institutions are essentially multidimensional, and therefore comparisons of Russian regions in terms of their overall institutional quality could be problematic. New institutional indices are derived from Russian enterprise surveys held under the BEEPS project of the European Bank of Reconstruction and Development. Such indices yield a typology of Russian regions in terms of efficacy of regional administrations’ control over economy and bureaucracy in their regions. Dynamics of regional institutional indices is investigated against the backdrop of Russia-wide institutional trends.JEL classification: D73, D78, H73, H83, O17 text/html en_US Non-profit partnership "Voprosy Ekonomiki" institutions institutional measurement regional rankings centralized and decentralized corruption institutional dynamics How (not) to measure Russian regional institutions Research Article

10.1016/j.ruje.2015.11.003 2015-05-31 rujec

Gaidar Institute for Economic Policy, author Starodubrovskaya, Irina 2015-05-31 2015-05-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 182 198 2015 The Russian city between tradition and modernity. D.R. Brower author 1990 text University of California Press. 1990 Heroism and self-sacrifise (Some thoughts on religious nature of Russian intelligentsia). S.N. Bulgakov author 2011 text Azbuka-Attikus and Avalon 2011 Comparative federalism: Theory and practice. M. Burgess author 2006 text Routledge. 2006 Nationalism. C. Calhoun author 1997 text University of Minnesota Press. 1997 Suicide: A study in sociology. E. Durkheim author 2005 text Routledge. 2005 Informal institutions and comparative politics: A research agenda. G. Helmke author 2003 text Kellogg Institute for International Studies, University of.Notre Dame 2003 Social history of Russia in the period of Empire (XVIII —the beginning of .the XX centuries). B.N. Mironov author 2000 text Dmitry Bulanin Publ 2000 Institutions institutional change and economic performance. D. North author 1990 text Cambridge University Press. 1990 Understanding the process of economic change. D. North author 2005 text Princeton University Press. 2005 Violence and social orders: A conceptual framework for interpreting recorded human history. D. North author 2009 text Cambridge University Press. 2009 The city: Suggestions for the study of human nature in the urban environment. R.E. Park author R.E. Park author 2011 text Selected Essays 2011 19 56 Sociology, community and society. R.E. Park author R.E. Park author 2011 text Selected Essays 2011 80 114 Return of European cities. K. Schlögel author 2012 text Otechestvenniye Zapiski 2012 3 288 304 Urban ethnicity and the cultural process of urbanization in Ethiopia. W.A. Shack author 1973 text Oxford University Press. 1973 The metropolis and mental life (Ch. 1). G. Simmel author G. Bridge author 2002 text The Blackwell City Reader 2002 North Caucasus. I.V. Starodubrovskaya author 2012 text Delo 2012 The protestant ethic and the spirit of capitalism. M. Weber author 2001 text Routledge. 2001 Urbanism as a way of life. L. Wirth author 1938 text American Journal of Sociology 1938 44 1 1 24 On violence. S. Zizek author 2010 text Europa 2010 Petersburg. A. Bely author 2011 text 2011 Modernization, cultural change, and democracy. R. Inglehart author 2005 text Cambridge University Press. 2005 On intelligent youth (Notes on its life and ideas). A.S. Izgoev author 2011 text Azbuka-Attikus and Avalon 2011 Ideologies as determinant of policy in modern epoch. U. Mats author 1992 text Polis 1992 1 130 142 10.1016/j.ruje.2015.11.003 https://rujec.org/article/27947/ https://rujec.org/article/27947/download/pdf/ https://rujec.org/article/27947/download/xml/ This article questions one of the central postulates of institutional economic theory, i.e., that of the sustainability and purely evolutionary changes of informal institutions. To study the phenomenon of the destruction of informal institutions and its consequences, we use the tools of sociological theory, which acknowledge that a period of intensive urbanization is characterized by anomie, i.e., a lack of norms, in which traditional institutions are destroyed, while new urban institutions have not yet taken shape. We reviewed the possible reactions of communities and individuals to the conditions of anomie, including the compensatory mechanisms of ideologies. In the case of the Dagestan Republic, we show how the proliferation of fundamentalist Islamic ideology is associated with the state of anomie and the consequences to which it could lead from an institutional point of view. The analysis of the situation in Dagestan is based on long-term field research conducted in the region. text/html en_US Non-profit partnership "Voprosy Ekonomiki" institutional change informal institutions anomie intergenerational conflict Islamic fundamentalism Informal institutions and radical ideologies under institutional transformation Research Article

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Research center for competition and economic regulation, Moscow, Russia Lomonosov Moscow State University, Moscow, Russia author Shastitko, Andrey E. https://orcid.org/0000-0002-6713-069X Lomonosov Moscow State University, Moscow, Russia author Shastitko, Anastasia 2015-05-31 2015-05-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 199 216 2015 From “matches” to “salt”. Struggle against cartels: The best practices 2008-2013. I. Yu Artemiev author 2013 text 2013 A note on the consequences of monopsony when goods are jointly produced in fixed proportions. R.D. Blair author 2012 text Review of Industrial Organization 2012 40 1 75 83 Industrial organization: A proposal for research. R. Coase author V.R. Fuchs author 1972 text 1972 59 73 Monopoly prices under joint costs: Fixed proportions. M.R. Colberg author 1941 text Journal of Political Economy 1941 49 1 103 110 Joint products and basing point pricing: The case of caustic soda and liquid chlorine. A. Deutsch author 1965 text Canadian Journal of Economics and Political Science 1965 31 3 397 401 Estimating the parameters of a household production function with joint products. C.A. Green author 1984 text Review of Economics and Statistics 1984 66 2 277 282 Price elasticities and joint products. J.P. Houck author 1964 text Journal of Farm Economics 1964 46 630 652 The role of cost in pricing joint products: A case of production in fixed proportions. D.L. Jensen author 1974 text Accounting Review 1974 49 3 465 476 Joint costs in the chemical industry. T.J. Kreps author 1930 text Quarterly Journal of Economics 1930 44 3 416 461 Economic joint cost theory and accounting practice. P. Manes author 1965 text Accounting Review 1965 40 1 31 35 Price elasticities, joint products, and international trade. N.E. Piggott author 2002 text Australian Journal of Agricultural and Resource Economics 2002 46 4 487 500 On a level with dentist?.” Reflections on the evolution of industrial organization. R. Schmalensee author 2012 text Review of Industrial Organization 2012 41 3 157 179 The allocation of joint costs with demands as probability distributions. A.A. Walters author 1960 text American Economic Review 1960 50 3 419 432 10.1016/j.ruje.2015.11.001 https://rujec.org/article/27948/ https://rujec.org/article/27948/download/pdf/ https://rujec.org/article/27948/download/xml/ The article considers the phenomenon of price behavior in markets of joint products. It shows that conclusions about the nature of economic entities’ behavior on this type of market could be inaccurate if the characteristics of these markets, such as joint costs, are not taken into account. For this purpose, a theoretical model, built according to basic microeconomic principals, is applied. This model provides an opportunity to reveal—without further new institutional analysis —that the reason for price deviation from a competitive level does not always lie in actions restricting competition. text/html en_US Non-profit partnership "Voprosy Ekonomiki" joint products joint costs competition Markets of joint products: A theoretical model and policy implications Research Article

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National Research University Higher School of Economics, Moscow, Russia author Mironov, Valeriy https://orcid.org/0000-0001-7877-9817 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 217 239 2015 The Dutch disease: Evidences from Russia. B. Algieri author 2011 text Economic Change and Restructuring 2011 44 243 277 Are devaluations contractionary in LDCs?. M. Bahmani-Oskooee author 1998 text Journal of Economic Development 1998 23 1 131 144 Are devaluations contractionary in Asia?. M. Bahmani-Oskooee author 2002 text Journal of Post Keynesian Economics 2002 25 1 69 82 Are devaluations contractionary in Africa?. M. Bahmani-Oskooee author 2013 text Global Economic Review: Perspectives on East Asian Economies and Industries 2013 42 1 1 14 On the relation between currency depreciation and domestic investment. M. Bahmani-Oskooee author 2014 text Journal of Post Keynesian Economics 2014 32 4 645 660 Exchange rate and competitiveness of Russia's industries. A. Blank author 2006 text Voprosy Ekonomiki 2006 6 4 24 Blecker, R.A., & Razmi, A. (2007). The fallacy of composition and contractionary devaluations: The output impact of real exchange rate shocks in developing countries that export manufactures (Working Paper No. 2007-02). American University, Department of Economics. Chronicle of currency collapses: Re-examining the effects on output. M. Bussière author 2012 text Journal of International Money and Finance 2012 31 4 680 708 Fixing for your life. G. Calvo author 2000 text 2000 Are currency devaluations effective?. A panel unit root test. W.L. Chou author 2001 text Economics Letters 2001 72 1 19 25 Currency devaluation and output growth: New evidence from panel data analysis. D.K. Christopoulos author 2004 text Applied Economics Letters 2004 11 13 809 813 Currency devaluation in developing countries: Preliminary assessment. R.N. Cooper author 1969 text 1969 A note on the impact of devaluation and the redistributive effect. C.F. Diaz-Alejandro author 1963 text Journal of Political Economy 1963 71 3 577 580 Are devaluations contractionary? Evidence from Turkey. I. Domac author 1997 text Journal of Economic Development 1997 22 2 145 163 Is Russia suffering from Dutch disease? Cointegration with structural breaks. F. Dülger author 2013 text Resources Policy 2013 38 4 605 612 Dutch disease in the post-Soviet countries of Central and South-West Asia: How contagious is it?. B. Egert author 2012 text Journal of Asian Economics 2012 23 5 571 584 Contractionary сurrency сrashes in developing countries. J. Frankel author 2005 text 2005 The natural resource curse: A survey of diagnoses and some prescriptions. J. Frankel author 2012 text In R.ArezkiCommodity price volatility and inclusive growth in low-income countries. 2012 Fiscal and monetary policy in a commodity-based economy. J. Frankel author 2008 text Economics of Transition 2008 16 4 679 713 Exchange rate undervaluation and economic growth: Diaz Alejandro (1965) revisited. P.A. Gluzmann author 2012 text Economics Letters 2012 117 3 666 672 Monetary policy of Bank of Russia: Strategy and tactics. E. Goryunov author 2015 text Voprosy Ekonomiki 2015 4 53 85 Learning to love the Dutch disease: Evidence from the mineral economies. D.A. Graham author 1995 text World Development 1995 23 10 1765 1779 Behavior of output during currency crises. P. Gupta author 2007 text Journal of International Economics 2007 72 2 428 450 Does devaluation improve the current account?. T. Gylfason author 1984 text European Economic Review 1984 25 1 37 64 Does devaluation cause stagflation?. T. Gylfason author 1983 text Canadian Journal of Economics 1983 16 4 641 654 Hammond, D. (2012). State of the art of inflation targeting–2012 (Handbook No. 29). London: Centre for Central Banking Studies, Bank of England. World economic outlook: Adjusting to lower commodity prices. IMF author 2015 text 2015 Currency devaluation and output growth: An empirical evidence from OECD countries. H. Kalyoncu author 2008 text International Research Journal of Finance and Economics 2008 14 2 232 238 Devaluation, external balance, and macroeconomic performance: A look at the numbers. S.B. Kamin author 1988 text Princeton Studies in International Finance 1988 62 Correlation between exchange rate and inflation in Russia. M. Kataranova author 2010 text Voprosy Ekonomiki 2010 1 44 63 Contractionary effects on devaluation. P. Krugman author 1978 text Journal of International Economics 1978 8 3 445 456 Fear of appreciation. E. Levy-Yeyati author 2007 text 2007 Devaluation in developing countries: Expansionary or contractionary?. A. Mustafa author 2000 text Journal of Economic and Social Research 2000 2 1 59 83 Adjustment policies and economic growth in developing countries — Is devaluation contractionary?. P. Nunnenkamp author 1990 text Weltwirtschaftliches Archiv 1990 126 3 474 493 Growth strategies. D. Rodrik author 2005 text 2005 The real exchange rate and economic growth. D. Rodrik author 2008 text Brookings Papers on Economic Activity 2008 39 2 365 439 Unanticipated inflation, devaluation and output in Latin America. E.J. Sheehey author 1986 text World Development 1986 14 5 665 671 Taxing tourism and subsidizing non-tourism: A welfare-enhancing solution to ‘Dutch;1; disease’?. L. Sheng author 2011 text Tourism Management 2011 32 5 1223 1228 Observations on Russian exposure to Dutch disease. S. Tabata author 2013 text Eurasian Geography and Economics 2013 53 2 231 243 Currency devaluation, aggregate output, and the long run: An empirical. study. K.P. Upadhyaya author 1999 text Economics Letters 1999 64 2 197 202 Output effects of devaluation: Evidence from Asia. K.P. Upadhyaya author 1999 text Journal of Development Studies 1999 35 6 89 103 Natural resources: curse or blessing?. F. van der Ploeg author 2011 text Journal of Economic Literature 2011 49 2 366 420 Natural resource wealth: The challenge of managing a windfall. F. van der Ploeg author 2012 text Annual Review of Economics 2012 4 4 315 337 10.1016/j.ruje.2015.12.005 https://rujec.org/article/27949/ https://rujec.org/article/27949/download/pdf/ https://rujec.org/article/27949/download/xml/ Falling oil prices are leading to a reduction in domestic demand and lowering of the ruble exchange rate, thus enhancing the price competitiveness of Russian producers and stimulating the supply side of the economy (especially in foreign markets unaffected by the recession). Indeed, all of this create the possibility of offsetting the decline in domestic demand to a varying degree through increased net exports. However, the present study shows that, taking into account all of the structural problems of the Russian economy, the devaluation of the ruble may lead to a more severe recession than anticipated by most experts in their estimates, judging by average consensus forecasts (as of the end of September 2015). text/html en_US Non-profit partnership "Voprosy Ekonomiki" devaluation real exchange rate Marshall-Lerner condition resource curse economic policy Russia Russian devaluation in 2014–2015: Falling into the abyss or a window of opportunity? Research Article

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Gaidar Institute for Economic Policy, Moscow, Russia author Goryunov, Evgeny Boston University, Boston, Gaidar Institute for Economic Policy, Moscow, Russia author Kotlikoff, Lawrence https://orcid.org/0000-0002-6469-0413 Russian Foreign Trade Academy, Moscow, Russia author Sinelnikov-Murylev, Sergey G. https://orcid.org/0000-0001-6667-9958 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 240 256 2015 10.1016/j.ruje.2015.12.002 https://rujec.org/article/27950/ https://rujec.org/article/27950/download/pdf/ https://rujec.org/article/27950/download/xml/ The fiscal gap is an indicator of the long-term balance of public finance and is calculated based on the intertemporal government budget constraint, which links government tax revenues and expenditures over long intervals. The estimate of the fiscal gap for the Russian general government has been determined according to three scenarios with varying assumptions regarding demographic trends, productivity growth rates, oil and gas prices and the quantity of extractable reserves. The calculations show that the current fiscal policy cannot provide for the stability of public finance in the long run. The main factors of budget imbalances are the growth of pension and health care expenditures caused by demographic trends and the gradual decline in tax receipts from the oil and gas sector. text/html en_US Non-profit partnership "Voprosy Ekonomiki" fiscal policy fiscal sustainability demographic forecast oil and gas revenues pension system The fiscal gap: An estimate for Russia Research Article

10.1016/j.ruje.2015.12.004 2015-08-31 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia Gaidar Institute for Economic Policy, Moscow, Russia author Idrisov, Georgy Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Kazakova, Maria Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Polbin, Andrey 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 257 272 2015 Oil dependency of the Russian economy:.An econometric analysis. A. Benedictow author 2010 text Statistics Norway, Research Department Discussion Papers 2010 617 Energy and resource allocation: A dynamic model of the “Dutch disease”. M. Bruno author 1982 text Review of Economic Studies 1982 49 5 845 859 Macroeconomic performance during commodity price. booms and busts. L.F. Céspedes author 2012 text NBER Working Paper 2012 18569 Commodity prices, growth, and the natural resource curse:. P. Collier author 2008 text Reconciling a conundrum. OxCarre Research Paper 2008 2008 2014 Macroeconomic preconditions of realization. of a new growth model. S. Drobyshevsky author 2012 text Voprosy Ekonomiki 2012 9 4 24 The landmarks of monetary policy. S. Drobyshevsky author 2010 text Ekonomicheskaya Politika 2010 2 27 30 G20 resolutions on a coordinated anti-crisis economic policy and the Russian experience. S.M. Drobyshevsky author 2011 text Rossiyskiy Vneshneekonomicheskiy Vestnik 2011 6 12 23 Domestic saving and international capital flows. M. Feldstein author 1980 text Economic Journal 1980 90 358 314 329 . Y.T. Gaidar author 2012 text Delo 2012 Economics of the resource curse. S. Guriev author 2008 text Voprosy Ekonomiki 2008 4 61 74 Natural resources, education, and economic development. T. Gylfason author 2001 text European Economic Review 2001 45 4 847 859 Forming sources of long-run growth: How to understand them?. G. Idrisov author 2014 text Voprosy Ekonomiki 2014 3 4 20 Modernization vs preservation: The role of the export duty on oil and petroleum products. G. Idrisov author 2012 text Ekonomicheskaya Politika 2012 3 5 19 The Russian economy and the oil price: A co-integrated VAR approach. K. Ito author 2009 text Transition Studies Review 2009 16 1 220 227 The impact of the oil and gas sector on Russia's economic performance and in the global practice. M.V. Kazakova author 2009 text Rossiyskiy Vneshneekonomicheskiy Vestnik 2009 8 66 72 Analysis of structural and business component of the tax burden in Russian economy (IET Research paper No 129P). M.V. Kazakova author 2009 text Moscow: IET 2009 Trade linkages and macroeconomic effects of the price of oil. I. Korhonen author 2010 text Energy Economics 2010 32 4 848 856 The risks of budgetary policy in resource-rich countries. A. Knobel author 2013 text Ekonomicheskaya Politika 2013 5 29 38 . M. Kuboniwa author 2012 text Diagnosing the “Russian disease”: Growth and structure of the Russian Japan Comparative Economic Studies 2012 54 1 121 148 Econometric policy evaluation: A critique. R.E. Lucas author 1976 text Carnegie-Rochester Conference Series on Public Policy 1976 1 1 19 46 Economic policy in 2006: On the path to investment growth. V. Mau author 2007 text Voprosy Ekonomiki 2007 2 4 25 Between modernization and stagnation: Economic Policy in 2012. V. Mau author 2013 text Voprosy Ekonomiki 2013 2 4 23 The lesson of the Spanish empire, or the natural resource trap In Economic History: Annual, 2005. V.A. Mau author 2005 text Moscow: ROSSPEN. 2005 Institutions and the resource curse. H. Mehlum author 2006 text Economic Journal 2006 116 508 1 20 An econometric estimate of the structural macroeconomic model of the russian economy. A. Polbin author 2014 text Prikladnaya Ekonometrika 2014 33 3 29 Building a dynamic stochastic general equilibrium model for an oil-dependent economy. A.V. Polbin author 2013 text Ekonomicheskiy Zhurnal Vysshey Shkoly Ekonomiki 2013 2 323 359 Building a dynamic stochastic general equilibrium model for the Russian economy (IET Research paper No 166P). A.V. Polbin author 2014 text Moscow: Gaidar Institute Publ. 2014 Institutional components of economic growth. A. Radygin author 2005 text Voprosy Ekonomiki 2005 11 14 38 A mathematical theory of saving. F.P. Ramsey author 1928 text Economic Journal 1928 38 152 543 559 The role of oil prices and the real exchange rate in Russia's economy — a cointegration approach. J. Rautava author 2004 text Journal of Сomparative Economics 2004 32 2 315 327 Oil prices, excess uncertainty and trend growth. J. Rautava author 2013 text Focus on European Economic Integration 2013 77 87 Natural resource abundance and economic growth. J.D. Sachs author 1995 text NBER Working Paper 1995 5398 Fundamental sources of long-run growth. J.D. Sachs author 1997 text American Economic Review 1997 87 2 184 188 I just ran two million regressions. X.X. Sala-i-Martin author 1997 text American Economic Review 1997 87 2 178 183 A contribution to the theory of economic growth. R.M. Solow author 1956 text Quarterly Journal of Economics 1956 70 1 65 94 Oil prices and the Russian economy: Some simulation studies with NiGEM. P. Suni author 2007 text ETLA Discussion Papers 2007 1088 Prospects of the Initiation of inflation targeting in RF. A. Ulyukaev author 2008 text Voprosy Ekonomiki 2008 1 14 17 Quantitative estimates of the impact of institutional restrictions on economic growth in Russia. A. Vedev author 2012 text Ekonomicheskaya Politika 2012 1 50 65 What is the Bank of Russia targeting?Moscow: Center of Macroeconomic Research. K. Yudaeva author 2010 text Sberbank of Russia 2010 The Feldstein-Horioka paradox: Modern aspects. A. Zubarev author 2013 text Ekonomicheskaya Politika 2013 4 54 73 Macroeconometric modeling of Russian and Armenian economies II. Aggregated macroeconometric models of the national economies of Russia and Armenia. S. Ayvazyan author 2013 text Prikladnaya Ekonometrika 2013 31 3 7 31 Macroeconometric modeling: Modern trends, problems, an example of the econometric model of the Russian economy. S. Ayvazyan author 2006 text Prikladnaya Ekonometrika 2006 2 2 85 111 The environment of the global energy market and Russian economy growth rates. M. Kazakova author 2008 text Ekonomicheskaya Politika 2008 5 118 135 On the influence of oil prices on economic activity and other macroeconomic and financial variables. F. Lescaroux author 2008 text OPEC Energy Review 2008 32 4 343 380 10.1016/j.ruje.2015.12.004 https://rujec.org/article/27951/ https://rujec.org/article/27951/download/pdf/ https://rujec.org/article/27951/download/xml/ This article analyzes the impact of global oil prices on Russia's economic growth and its growth rate in terms of output. It also reviews the mechanics of the long-term and short-term impacts on output resulting from changes in oil prices. The authors argue that the effect of oil prices on output has decreased dramatically under current economic conditions ever since the period of recovery growth in the early 2000s. The main conclusion of the paper is that, on the basis of classical models, a constant increase in oil prices cannot influence the long-term economic growth rate and only predetermines short-term transitional trends from one long-term equilibrium to another. text/html en_US Non-profit partnership "Voprosy Ekonomiki" oil prices economic growth small open economy A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia Research Article

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Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Abramov, Alexander Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Radygin, Alexander D. https://orcid.org/0000-0003-2242-9994 Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Chernova, Maria 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 273 293 2015 The institutional investors in the world: Particularities of activities and development policy (In 2 books). Book 1. A.E. Abramov author 2014 text 2014 Financial markets regulation: Models, evolution, efficiency. A. Abramov author 2014 text Voprosy Ekonomiki 2014 2 33 49 Analysis of the effectiveness of pension and mutual fund portfolios in Russia (Preprint No. 2015/02). A. Abramov author 2015 text 2015 Effectiveness of pension saving management: Theoretical and empirical aspects. A. Abramov author 2015 text Voprosy Ekonomiki 2015 7 26 44 BerzonN.I. & TeplovaT.V. (2013). Innovations in financial markets BerzonN.I. & TeplovaT.V. (2013). Innovations in financial markets. Moscow: HSE Publ.(In Russian). Determinants of portfolio performance. G.P. Brinson author 1986 text Financial Analysts Journal 1986 42 4 39 44 Determinants of portfolio performance II. G. Brinson author 1991 text Financial Analysts Journal 1991 47 3 40 48 The U.S. equity return premium: Past, present, and future. B.J. DeLong author 2009 text Journal of Economic Perspectives 2009 23 1 193 208 Rates of return on investment in common stock. L. Fisher author 1964 text Journal of Business 1964 37 1 1 21 Does asset allocation policy explain 40, 90, or 100 percent of performance?. R.G. Ibbotson author 2000 text Financial Analysts Journal 2000 56 1 26 33 Stock market returns in the long run: Participating in the real economy. R. Ibbotson author 2003 text Financial Analyst Journal 2003 59 1 88 98 Expected returns on stocks and bonds. A. Ilmanen author 2003 text The Journal of Portfolio Management 2003 29 2 7 27 Portfolio selection. H. Markowitz author 1952 text The Journal of Finance 1952 7 1 77 91 Portfolio selection. H. Markowitz author 1995 text 1995 The equity premium: A puzzle. R. Mehra author 1985 text Journal of Monetary Economics 1985 15 2 145 162 Mean reversion in stock returns: Evidence and implications. J. Poterba author 1988 text Journal of Financial Economics 1988 22 1 27 60 RadyginA.D. (2015). The economics of investment funds RadyginA.D. (2015). The economics of investment funds. Moscow: Delo(In Russian). Robertson, D., & Wright, S. (1998). The good news and the bad news about long-run stock market returns. Cambridge Working Papers in Economics, 9822. Portfolio theory and capital markets. W. Sharpe author 1970 text 1970 Asset allocation: Management style and performance measurement. W.F. Sharpe author 1992 text Journal of Portfolio Management 1992 18 2 7 19 The equity premium: Stock and bond returns since 1802. J. Siegel author 1992 text Financial Analysts Journal 1992 48 1 26 36 Stocks, bonds, the Sharpe ratio, and the investment horizon: A comment. J. Siegel author 1999 text Financial Analysts Journal 1999 55 2 7 8 Perspectives on the equity risk premium. J. Siegel author 2005 text Financial Analysts Journal 2005 61 6 61 73 Stocks for the long run. The definitive guide to financial market returns and long-term investment strategies. J. Siegel author 2008 text 2008 10.1016/j.ruje.2015.12.001 https://rujec.org/article/27952/ https://rujec.org/article/27952/download/pdf/ https://rujec.org/article/27952/download/xml/ This article analyzes the impact of the increase of an investment horizon on the comparative advantages of the basic asset classes and on the principles of constructing the investment strategy. It demonstrates that the traditional approach of portfolio management theory, which states that investments in stocks are preferable over bonds in terms of their long-run risk–return trade-offs, is by no means always consistent with empirical evidence. This article proves the opposite, i.e., that for long-term investors, investments in corporate bonds are more profitable in terms of the risk–return ratio than investments in stocks, arguing in favor of strategies pursued by pension funds and other institutional investors focused primarily on investments in fixed-income instruments, including infrastructural bonds. Emphasis is placed on the need for regular adjustments to long-term investors’ portfolios. As portfolios get older, those investors see a reduction in the returns’ dispersion, while differences in risk between various portfolios increase. This means that to maintain a fixed risk–return ratio for a portfolio as the horizon increases, an investor needs to increase the share of lower-risk financial assets during asset allocation process. This thesis becomes especially relevant in the context of retirement savings management. text/html en_US Non-profit partnership "Voprosy Ekonomiki" retirement savings long-term investments investment horizon stock and bond returns stock and bond investment risks portfolio diversification Long-term portfolio investments: New insight into return and risk Research Article

10.1016/j.ruje.2015.12.006 2015-08-31 rujec

Lomonosov Moscow State University, Moscow, Russia author Tambovtsev, Vitaly https://orcid.org/0000-0002-0667-3391 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 294 312 2015 Alesina, A., & Giuliano, P. (2014). Culture and institutions. Unpublished manuscript. “Because it's our culture!” (Re)negotiating the meaning of lobola in Southern African secondary schools. N. Ansell author 2001 text Journal of Southern African Studies 2001 27 4 697 716 Cultural factors of modernization. A.A. Auzan author 2011 text Moscow, St. Petersburg: Fondation “Strategiya 2020”. 2011 Self-efficacy: toward a unifying theory of behavioral change. A. Bandura author 1977 text Psychological Review 1977 84 2 191 215 Phenomenon of the “institutional matrixes theory”: Restoration of the out-of-date paradigm. O.E. Bessonova author 2007 text Ekonomicheskaya Nauka Sovremennoy Rossii 2007 2 23 33 A note on the theory and measurement of trust in explaining differences in economic growth. S. 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Prague: Centre for Economic Research and Graduate Education, Charles University. The influence of cultural values on economic growth: An expanded empirical investigation. M.S. Edwards author 2009 text Journal of Political Science 2009 37 1 148 173 The theory of cultural logic: How individuals combine social intelligence with semiotics to create and maintain cultural meaning. N.J. Enfield author 2000 text Cultural Dynamics 2000 12 1 35 64 A dynamic, multi-level model of culture: From the micro level of the individual to the macro level of a global culture. M. Erez author 2004 text Applied Psychology 2004 53 4 583 598 Fais, O.D. (2003). Modernization at Sardinia and ethno-cultural transformations). Moscow: RUDN Publ.(In Russian). Congruence and functions of personal and cultural values: Do my values reflect my culture's values?. R. 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Hofstede author 2001 text Sage. 2001 Dimensions do not exist–A reply to Brendan McSweeney. G. Hofstede author 2002 text Human Relations 2002 55 11 1355 1361 The GLOBE project Applied Psychology. R.J. House author 2001 text An International Review 2001 50 4 489 505 The clash of civilizations?. S.P. Huntington author 1993 text Foreign Affairs 1993 72 3 22 49 Modernization, cultural change and democracy: The human development sequence. R. Inglehart author 2006 text Cambridge University Press 2006 Human beliefs and values: A cross-cultural sourcebook based on the 1999-2002 values surveys. R. Inglehart author 2004 text Siglo XXI. 2004 Kapas, J. (2014). How culture matters: the impact of individual values on development. International Institute of Social and Economic Sciences. Paper presented at 14th International Academic Conference, Malta, October 28. Culture as process: the dynamics of cultural stability and change. M. Kemmelmeier author 2012 text Social Psychology 2012 43 4 171 173 Culture and basic psychological processes — toward a system view of culture: Comment on Oyserman et al. S. Kitayama author 2002 text Psychological Bulletin 2002 128 1 89 96 Krasnykh, V. V. (2002). Ethno-linguistics and cultural linguistics. Moscow: Gnozis.(In Russian). Kravchenko, A.I. (2000). Culturology: Dictionary. Moscow: Akademicheskiy proekt.(In Russian). The superorganic. A.L. Kroeber author 1917 text American Anthropologist 1917 19 2 163 213 Culture:Acritical review of concepts and definitions. A.L. Kroeber author 1952 text Papers of the Peabody Museum of Archaeology and Ethnology, Harvard University, 47 (1) 1952 What I do and what I think they would do: Social axioms and behavior. J. Kurman author 2011 text European Journal of Personality 2011 25 6 410 423 Attitudes vs. actions. R.T. LaPiere author 1934 text Social Forces 1934 13 2 230 237 Culture and economic development: Is there a linkage?. N.M. Lebedeva author 2007 text 2007 Lebedeva, N.M., & Tatarko, A.N. (2009). Culture as factor of social progress. Moscow: Yustitsinform.(In Russian). Social axioms: the search for universal dimensions of general beliefs about how the world functions. K. Leung author 2002 text Journal of Cross-Cultural Psychology 2002 33 3 286 302 Culture rules: The foundations of the rule of law and other norms of governance. A.N. Licht author 2007 text Journal of Comparative Economics 2007 35 4 659 688 Malinowski, B. (1926). Crime and custom in savage society. N. Y.: Harcourt Brace. McClelland, D.C. (1961). The achieving society. Princeton: D. Van Nostrand. Dynamic diversity: Variety and variation within countries. B. McSweeney author 2009 text Organization Studies 2009 39 9 933 957 How did market economy emerge, and is it possible in contemporary Russia. E. Medvedeva author 2010 text M-Studio 2010 Mihet, R. (2012). Effects of culture on firm risk-taking: A cross-country and cross-industry analysis. IMF Working Papers, WP/12/210. Moles, A. (1973). Socio-dynamics of culture. Moscow: Progress.(In Russian). Values as the essence of culture: Foundation or fallacy?. M.W. Morris author 2014 text Journal of CrossCultural Psychology 2014 45 1 14 24 The common denominators of culture. G.P. Murdock author R. Linton author 1945 text The science of man in the world crisis, 1945 123 142 Russian economy's civilizational model formation: Institu-tional perspective. O. Nifaeva author 2013 text Nauka 2013 Oyserman, D., Kemmelmeier, M., & Coon, H. M. (2002). Cultural psychology, a new look: Reply to Bond (2002), Fiske (2002), Kitayama (2002), and Miller (2002). Psychological Bulletin, 128 (1), 110-117. Integrating culture-as-situated-cognition and neuroscience prediction models. D. Oyserman author 2014 text Culture and Brain 2014 2 1 1 26 The cultural construction of self and well-being: A tale of two cities. V.C. Plaut author 2012 text Personality and Social Psychology Bulletin 2012 38 12 1644 1658 Bayesian dynamical systems modelling in the social sciences. S. Ranganathan author 2014 text PLoS ONE 2014 9 1 e86468 The culture code: An ingenious way to understand why people around the world live and buy as they do. C. Rapaille author 2006 text Broadway Books. 2006 Understanding the influence of perceived norms on behaviors. R.N. Rimal author 2003 text Communication Theory 2003 13 2 184 203 The mirror-neuron system. G. Rizzolatti author 2004 text Annual Review of Neuroscience 2004 27 169 192 Institutions as a fundamental cause of long-run growth. J.A. Robinson author 2005 text 2005 Personal values and behavior: Taking the cultural context into account. S. Roccas author 2010 text Social and Personality Psychology Compass 2010 4 1 30 41 Institutions rule: The primacy of institutions over geography and integration in economic development. D. Rodrik author 2004 text Journal of Economic Growth 2004 9 2 131 165 Increasing returns and long-run growth. P.M. Romer author 1986 text Journal of Political Economy 1986 94 5 1002 1037 Belief in a zerosum game as a social axiom: A 37-nation study. J. Różycka-Tran author 2015 text Journal of Cross-Cultural Psychology 2015 46 4 525 548 Are country and culture values interchangeable?. A case example using occupational stress and coping. S. Sawang author 2006 text International Journal of Cross Cultural Management 2006 6 2 205 219 Measurement models for the Schwartz values inventory. M.J. Schmitt author 1993 text European Journal of Psychological Assessment 1993 9 2 107 121 How culture works: Perspectives from media studies on the efficacy of symbols. M. Schudson author 1989 text Theory and Society 1989 18 2 153 180 A theory of cultural value orientations: Explication and applications. S.H. Schwartz author 2006 text Comparative Sociology 2006 5 2-3 136 182 Causes of culture: National differences in cultural embeddedness. S.H. Schwartz author A. Gari author 2009 text Quod erat demonstrandum: From Herodotus’ ethnographic journeys to cross-cultural research 2009 1 12 Rethinking the concept and measurement of societal culture in light of empirical findings. S.H. Schwartz author 2014 text Journal of Cross-Cultural Psychology 2014 45 1 5 13 Value consensus and importance: A crossnational study. S.H. Schwartz author 2000 text Journal of Cross-Cultural Psychology 2000 31 4 465 497 Peering into the “magnum mysterium” of culture: The explanatory power of descriptive norms. G. Shteynberg author 2009 text Journal of Cross-Cultural Psychology 2009 40 1 46 69 Hofstede's dimensions of culture in international marketing studies. A.M. Soares author 2007 text Journal of Business Research 2007 60 3 277 284 The dynamics of democracy, development and cultural values. V. Spaiser author 2014 text PLoS ONE 2014 9 6 e97856 The cognitive foundations of cultural stability and diversity. D. Sperber author 2004 text Trends in Cognitive Sciences 2004 8 1 40 46 Culture and institutions: Economic development in the regions of Europe. G. Tabellini author 2010 text Journal of the European Economic Association 2010 8 4 677 716 Large-scale psychological differences within China explained by rice versus wheat agriculture. T. Talhelm author 2014 text Science 2014 344 6184 603 608 Examining the impact of culture's consequences: A threedecade, multilevel, meta-analytic review of Hofstede's cultural value dimensions. V. Taras author 2010 text Journal of Applied Psychology 2010 95 3 405 439 National character does not reflect mean personality trait levels in 49 cultures. A. Terracciano author 2005 text Science 2005 310 5745 96 100 Trudolyubov, M. (2013). Culture code: Cryptogram from the center. Vedomosti. September 23.(In Russian). Cross-national, cross-cultural organizational behavior research: Advances, gaps, and recommendations. A.S. Tsui author 2007 text Journal of Management 2007 33 3 426 478 Tylor, E.B. (1871). Primitive culture. London: John Murray. Do cultures clash?. I. Uz author 2015 text Social Science Information 2015 54 1 78 90 Songs on the main things: “Vladimirskiy bastille” and “White roses” as Russian identity's symbols. A. Verizhnikov author 2008 text Industriya Reklamy 2008 10 90 94 Intersubjective consensus and the maintenance of normative shared reality. C. Wan author 2010 text Social Cognition 2010 28 3 422 446 Informal institutions rule: Institutional arrangements and economic performance. C.R. Williamson author 2009 text Public Choice 2009 139 3–4 371 387 Yasin, E. (2007). Modernization and society. Voprosy Ekonomiki, 5, 4-29. (In Russian). Yasin, E.G. (2014). Cultural influence on Russian modernization. Paper presented at the XV International conference on economic and social development, Higher School of Economics, Moscow, April 1-4. (In Russian). The role of institutionalization in cultural persistence. L.G. Zucker author 1977 text American Sociological Review 1977 42 5 726 743 Pluralistic ignorance: When similarity is interpreted as dissimilarity. D.T. Miller author 1987 text Journal of Personality and Social Psychology 1987 53 2 298 305 Toward a theory of social practices: A development in culturalist theorizing. A. Reckwitz author 2002 text European Journal of Social Theory 2002 5 2 243 263 The state and social capital: An institutional theory of generalized trust. B. Rothstein author 2008 text Comparative Politics 2008 40 4 441 459 Sachs, J., & Warner, A. (1995). Natural resource abundance and economic growth. NBER Working Paper, 5398 10.1016/j.ruje.2015.12.006 https://rujec.org/article/27953/ https://rujec.org/article/27953/download/pdf/ https://rujec.org/article/27953/download/xml/ This 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. text/html en_US Non-profit partnership "Voprosy Ekonomiki" culture economic growth culture code reification societal values cultural practices The myth of the “Culture code” in economic research Research Article

10.1016/j.ruje.2015.12.003 2015-08-31 rujec

National Research University Higher School of Economics, Moscow, Russia author Grigoryev, Leonid M. https://orcid.org/0000-0003-3891-7060 2015-08-31 2015-08-31 2015 Russian Journal of Economics 2405-4739 2618-7213 1 313 327 2015 Income and democracy. D. Acemoglu author 2008 text American Economic Review 2008 98 3 808 842 Economic interests and institutions: The conceptual foundations of public policy. D. Bromley author 1989 text Blackwell. 1989 The limits of liberty: Between anarchy and Leviathan. J. Buchanan author 1975 text University of Chicago Press. 1975 Elite settlements. M.G. Burton author 1987 text American Sociological Review 1987 52 3 295 307 Robber barons. J.B. DeLong author A. Åslund author 1997 text Perspectives on Russian economic development. 1997 Interaction of political and economic elites in Russia: Historical retrospective and modern state. O.V. Gaman-Golutvina author 2001 text Bulletin of the Political Centrism Development Foundation: Russia in the context of transformations (historical and politological seminar) 2001 10 38 47 Political elites in Russia: Landmarks of historical evolution. O.V. Gaman-Golutvina author 2006 text ROSPEN 2006 Elites and the middle class. L. Grigoryev author 2010 text SPERO 2010 13 87 110 Grigoryev, L. (2010b). Privatization programs of the 1990s (pp. 479-523). In L. Grigoryev. The economy of transitional processes (Vol. 1). Moscow: International University in Moscow Publ.(In Russian). Grigoryev, L.M. (2013). The emergence of institutions: Interests and measure of success in the transformation process (pp. 278-295). In: M. G. Pugacheva, & V. P. Zharkov (Eds.), Russia's ways. Historization of social experience (Vol. XVIII). Moscow: Novoe literaturnoe obozrenie.(In Russian). Rewriting the rules of the game in Russia: The neglected issue of the demand for law. K. Hendley author 1999 text East European Constitutional Review 1999 8 4 89 95 Elite foundations of liberal democracy. J. Higley author 2006 text Rowman & Littlefield. 2006 Violence and social orders. A conceptual framework for interpreting recorded human history. D. North author 2009 text Cambridge University Press. 2009 North, D.C., Wallis, J.J., Webb, S.B., & Weingast, B.R. (2012). In the shadow of violence: Lessons for limited access societies. Paper presented at the XIII International academic conference, National Research University Higher School of Economics, Moscow, April 3-5. Moscow: HSE Publ.(In Russian). Dictatorship, democracy, and development. M. Olson author 1993 text American Political Science Review 1993 87 3 567 576 The market for institutions vs. capitalism by fiat: The case of Eastern Europe. S. Pejovich author 1994 text KYKLOS 1994 47 4 519 529 V. Perthes author 2004 Arab elites. Negotiating the politics of change. 2004 The demand for constitutional law. K. Pistor author 2002 text Constitutional Political Economy 2002 13 1 73 87 Elements of the theory of reforms. V.M. Polterovich author 2007 text Ekonomika 2007 The institutional environment of business activity. A.Ye. Shastitko author 2008 text Obshchestvennye Nauki i Sovremennost 2008 2 24 35 Theoretical grounds of institutional designing. V. Tambovtsev author 1997 text Voprosy Ekonomiki 1997 3 82 94 V.M. Zhuikov author 2010 Supremacy of law and problems of ensuring it in law enforcement practices 2010 10.1016/j.ruje.2015.12.003 https://rujec.org/article/27954/ https://rujec.org/article/27954/download/pdf/ https://rujec.org/article/27954/download/xml/ The demand for law on the part of the society (business, middle class, civil society) is not sufficient at the transformation stage — the reciprocal demand for law from the power elite is necessary. Contemporary theory states that in the contrary case the pressure on elites would require a more open regime of participation. In order to strengthen the positions of the power elite in the long-run it is necessary to limit endless redistribution of assets and introduce the common rule for all. text/html en_US Non-profit partnership "Voprosy Ekonomiki" elite demand for law rule of law The elites’ demand for law: “Overcrowded streetcar (tram) effect” Research Article

10.1016/j.ruje.2016.02.001 2015-11-30 rujec

International Monetary Fund, Washington, DC, United States of America author Grigoli, Francesco https://orcid.org/0000-0002-2174-5760 International Monetary Fund, Washington, author Herman, Alexander International Monetary Fund, Washington, author Swiston, Andrew International Monetary Fund, Washington, author Di Bella, Gabriel 2015-11-30 2015-11-30 2015 Russian Journal of Economics 2405-4739 2618-7213 1 329 358 2015 10.1016/j.ruje.2016.02.001 https://rujec.org/article/27955/ https://rujec.org/article/27955/download/pdf/ https://rujec.org/article/27955/download/xml/ Output gap estimates are subject to a wide range of uncertainty owing principally to the difficulty in distinguishing between cycle and trend in real time. We show that country desks tend to overestimate economic slack, especially during recessions, and that uncertainty in initial output gap estimates persists several years. Only a small share of output gap revisions is predictable based on output dynamics, data quality, and policy frameworks. We also show that for a group of Latin American inflation targeters the prescriptions from monetary policy rules are subject to large changes due to revised output gap estimates. These explain a sizable proportion of the deviation of inflation from target, suggesting this information is not accounted for in real-time policy decisions. text/html en_US Non-profit partnership "Voprosy Ekonomiki" output gap monetary policy policy rule data revisions real-time uncertainty Brazil Chile Colombia Mexico Peru inflation target business cycle Output gap uncertainty and real-time monetary policy Research Article

10.1016/j.ruje.2016.02.002 2015-11-30 rujec

Economic Expert Group, Moscow, Russia author Gurvich, Evsey T. https://orcid.org/0000-0002-4356-1866 Economic Expert Group, Moscow, Russia Financial Research Institute, Moscow, Russia author Prilepskiy, Ilya 2015-11-30 2015-11-30 2015 Russian Journal of Economics 2405-4739 2618-7213 1 359 385 2015 10.1016/j.ruje.2016.02.002 https://rujec.org/article/27956/ https://rujec.org/article/27956/download/pdf/ https://rujec.org/article/27956/download/xml/ This paper examines the impact of the current Western financial sanctions on the Russian economy. Modeling the capital flow components (accounting for the influence of other factors, including falling oil prices) reveals that sanctions have directly affected sanctioned state-controlled banks, oil, gas and arms companies by severely constraining foreign funding and have indirectly affected non-sanctioned companies by reducing inflows of foreign direct investment and causing funding conditions to deteriorate. The overall negative effect on gross capital inflow over 2014–2017 is estimated at approximately $280bn. However, the effect on net capital inflow is significantly lower ($160–170bn) due to Russian companies’ self-adjustment, which is evidenced by their utilization of foreign assets accumulated earlier for debt repayment and an overall decrease in gross capital outflow. The sanctions’ estimated effect on GDP is significant (–2.4 p.p. by 2017, compared with a hypothetical scenario with no sanctions) but 3.3 times lower than the estimated effects of the oil price shock. text/html en_US Non-profit partnership "Voprosy Ekonomiki" financial sanctions balance of payments adjustment external debt capital flows The impact of financial sanctions on the Russian economy Research Article

10.1016/j.ruje.2016.02.003 2015-11-30 rujec

Yeditepe University, Istanbul, author Ketenci, Natalya 2015-11-30 2015-11-30 2015 Russian Journal of Economics 2405-4739 2618-7213 1 386 403 2015 10.1016/j.ruje.2016.02.003 https://rujec.org/article/27957/ https://rujec.org/article/27957/download/pdf/ https://rujec.org/article/27957/download/xml/ This paper investigates the level of capital mobility in Russia, testing the Feldstein–Horioka (1980) puzzle (FHP). The study examines relations between saving and investment flows in Russia in the presence of structural breaks. It employs the quarterly data for the period 1995–2013, in which all estimations are made for two periods: the full period 1995–2013 and 2000–2013, the post-Russian crisis period. The empirical analysis includes the Kejriwal and Perron (2008, 2010) structural break test to determine the presence of structural breaks in series and estimate the savings retention coefficient under the consideration of structural shifts. To facilitate comparison, the parameters of the model were estimated employing the OLS and FMOLS procedures. To test the cointegration relationships between investment and saving flows in Russia, two different cointegration tests were applied to the data. The first applied was the Maki (2012) cointegration test, which allows for an unknown number of breaks; then, in a case where only one break was detected, the Carrion-i-Silvestre and Sanso (2006) cointegration test was employed. The results of this study provide evidence of high capital mobility and reject the existence of the FHP in the post-Russian crisis period. Evidence of the cointegration presence indicates the solvency of a current account in Russia. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Feldstein–Horioka puzzle saving–investment association capital mobility cointegration structural breaks Russia Capital mobility in Russia Research Article

10.1016/j.ruje.2016.02.004 2015-11-30 rujec

International Centre for Social and Economic Research “Leontief Centre”, St. Petersburg, Russia author Yushkov, Andrey https://orcid.org/0000-0002-2496-5988 2015-11-30 2015-11-30 2015 Russian Journal of Economics 2405-4739 2618-7213 1 404 418 2015 10.1016/j.ruje.2016.02.004 https://rujec.org/article/27958/ https://rujec.org/article/27958/download/pdf/ https://rujec.org/article/27958/download/xml/ The article addresses the theoretical and empirical relation between fiscal decentralization and economic growth. An empirical analysis of Russian regions for 2005–2012 shows that excessive expenditure decentralization within the region, which is not accompanied by the respective level of revenue decentralization, is significantly and negatively related to regional economic growth. In contrast, regional dependence on intergovernmental fiscal transfers from the federal center is positively associated with economic growth. text/html en_US Non-profit partnership "Voprosy Ekonomiki" fiscal decentralization economic growth Russian regions Fiscal decentralization and regional economic growth: Theory, empirics, and the Russian experience Research Article

10.1016/j.ruje.2016.02.005 2015-11-30 rujec

National Research University Higher School of Economics, St. Petersburg, Russia author Beshenov, Sergey https://orcid.org/0000-0002-0910-7192 National Research University Higher School of Economics, St. Petersburg, Russia author Rozmainsky, Ivan https://orcid.org/0000-0003-1321-2718 2015-11-30 2015-11-30 2015 Russian Journal of Economics 2405-4739 2618-7213 1 419 438 2015 Alesina, A., and Ardagna, S. (2009). Large changes in fiscal policy: taxes versus spending. NBER Working Paper, 15438. Direct job creation for turbulent times in Greece. R. Antonopoulos author 2011 text 2011 Post-Keynesian theory of money credit and finance. P. Arestis author 1988 text In P.ArestisPost-Keynesian monetary economics: New approaches to financial modelling 1988 41 71 Financial crisis in Southeast Asia: Dispelling illusion the Minskyan way. P. Arestis author 2002 text Cambridge Journal of Economics 2002 26 2 237 260 The financial fragility and the crisis of the Greek government sector. G. 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De Paula author 2000 text Journal of Post Keynesian Economics 2000 22 4 589 617 The economics of John Maynard Keynes. The theory of a monetary economy. D. Dillard author 1948 text 1948 Behavioural explorations in a realm of fundamental uncertainty: A reappraisal of the 2000-2001 financial crisis in Turkey. M. Dufour author 2006 text 2006 Eurostat (2004). Report on the revision of the Greek government deficit and debt figures. Luxembourg. The debt deflation theory of great depressions. I. Fisher author 1933 text Econometrica 1933 1 4 337 357 Financial market imperfections and business cycles. B.C. Greenwald author 1993 text Quarterly Journal of Economics 1993 108 1 77 114 Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. T. Herndon author 2014 text Cambridge Journal of Economics 2014 38 2 257 279 IMF (2010). World economic outlook: Recovery, risk, and rebalancing. Washington, DC: International Monetary Fund. The “ex ante” theory of the rate of interest. J.M. Keynes author 1937 text Economic Journa 1937 46 186 663 669 The process of capital formation. J.M. Keynes author 1939 text Economic Journal 1939 49 195 569 574 The general theory of employment. J.M. Keynes author 1978 text 1978 Yes, it did happen again—A Minsky crisis happened in Asia. J. Kregel author 1998 text Jerome Levy Economics Institute Working Papers 1998 234 End this depression now!. P. Krugman author 2012 text 2012 Central banking and money market changes. H.P. Minsky author 1957 text Quarterly Journal of Economics 1957 71 2 171 187 John Maynard Keynes. H.P. Minsky author 1975 text 1975 Capitalist financial processes and the instability of capitalism. H.P. Minsky author 1980 text Journal of Economic Issues 1980 14 2 505 524 The financial instability hypothesis: An interpretation of Keynes and an alternative to “standard” theory. H.P. Minsky author 1983 text In J.C.WoodJohn Maynard Keynes. Critical assessments. 1983 282 292 The financial instability hypothesis: A restatement. H.P. Minsky author 1985 text In P.Arestis & T.SkourasPost-Keynesian economic theory: A challenge to neoclassical economics. 1985 24 55 Stabilizing an unstable economy. H.P. Minsky author 1986 text 1986 The Financial instability hypothesis. H.P. Minsky author 1992 text Jerome Levy Economics Institute Working Papers 1992 74 The Greek economic crisis and the experience of austerity. D.B. Papadimitriou author 2013 text 2013 Plumer, B. (2012). IMF: Austerity is much worse for the economy than we thought. The Washington Post, October 12. Marxian and Post-Keynesian developments in the sphere of money, credit and finance: Building alternative perspectives in monetary macroeconomics. R. Pollin author 1994 text In M.A.GlickCompetition, technology and money. Classical and Post-Keynesian perspectives. 1994 97 117 This time is different: eight centuries of financial folly. C.M. Reinhart author 2009 text 2009 Post-Keynesian macroeconomics: Basic perspectives. I.V. Rozmainsky author 2006 text Voprosy Ekonomiki 2006 5 19 31 On the methodological foundations of mainstream and heterodoxy in economic theory in the end of the XIX—the beginning of the XXI centuries. I.V. Rozmainsky author 2008 text Voprosy Ekonomiki 2008 7 89 99 Minsky's contribution to the economic theory and major causes of crises in late industrial monetary economy. I.V. Rozmainsky author 2009 text Terra Economicus 2009 7 1 31 42 A Minskian analysis of financial crisis in developing countries. S.K. Schroeder author 2002 text CEPA Working Paper 2002 2002 2009 Rules versus authorities in monetary policy. H. Simons author 1936 text Journal of Political Economy 1936 44 1 1 36 Investment. T.V. Teplova author 2011 text 2011 Minsky's ‘Induced investment and business cycles’. J. Toporowski author 2008 text Cambridge Journal of Economics 2008 32 5 725 737 Trichet, J.-C. (2010). Interview with La Repubblica. URL: http://www.ecb.europa.eu/press/key/date/2010/html/sp100624.en.html Waterfield, B. (2014). Eurozone paves way for third Greek bail-out. The Telegraph. February 3. Alternative approaches to money and interest rates. L.R. Wray author 1992 text Journal of Economic Issues 1992 26 4 1145 1178 Minsky's money manager capitalism and the global financial crisis. L.R. Wray author 2011 text International Journal of Political Economy 2011 40 2 5 20 From the state theory of money to modern money theory: An alternative to economic orthodoxy. L.R. Wray author 2014 text Jerome Levy Economics Institute Working Papers 2014 792 Macroeconomics meets Hyman P. Minsky: The financial theory of investment. L.R. Wray author 2008 text Jerome Levy Economics Institute Working Papers 2008 543 10.1016/j.ruje.2016.02.005 https://rujec.org/article/27959/ https://rujec.org/article/27959/download/pdf/ https://rujec.org/article/27959/download/xml/ This article attempts to analyze the current debt crisis in Greece based on the financial instability hypothesis developed by Hyman Minsky. This article shows that the hypothesis provides an understanding of how an economy endogenously becomes “financially fragile” and thus prone to crises. The authors analyze how public and private sector behavior in the Greek economy led to the country's debt crisis. In particular, based on a sample of 36 Greek companies, the authors show that between 2001 and 2014, the majority of those companies had switched to fragile financial structures. Special attention is devoted to the negative consequences of applying the neoclassical doctrine of “austerity measures” in Greece as the principal “anti-crisis” concept of mainstream economic science. text/html en_US Non-profit partnership "Voprosy Ekonomiki" financial instability hypothesis Minsky Post-Keynesianism financial fragility Greek crisis austerity measures Hyman Minsky's financial instability hypothesis and the Greek debt crisis Research Article

10.1016/j.ruje.2016.04.001 2016-02-29 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Mau, Vladimir 2016-02-29 2016-02-29 2016 Russian Journal of Economics 2405-4739 2618-7213 2 1 1 22 2016 10.1016/j.ruje.2016.04.001 https://rujec.org/article/27960/ https://rujec.org/article/27960/download/pdf/ https://rujec.org/article/27960/download/xml/ This paper addresses the trends and challenges of 2015 for social and economic policy in the near future. The analysis of the global crisis includes uneven developments between the leading advanced and emerging economies, new models of economic growth that look differently across different countries, the prospects of globalization and the challenges of “regional globalization,” currency configurations of the future, and energy price trends and their influence on the political and economic prospects of particular states. The current challenges are discussed in the context of the previous 30 years. Among the main topics on Russia, there are approaches to a new growth model, structural transformation (including import-substitution issues), economic trends, budget and monetary outlines, and social issues. Priorities for economic policy are also a topic of discussion. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy crisis structural reforms global trends Russia Anti-crisis measures or structural reforms: Russian economic policy in 2015 Research Article

10.1016/j.ruje.2016.04.002 2016-02-29 rujec

School of Slavonic and East European Studies, University College London, author Nivorozhkin, Eugene https://orcid.org/0000-0002-7513-886X UCL Energy Institute, University College London, author Castagneto-Gissey, Giorgio 2016-02-29 2016-02-29 2016 Russian Journal of Economics 2405-4739 2618-7213 2 1 23 40 2016 10.1016/j.ruje.2016.04.002 https://rujec.org/article/27961/ https://rujec.org/article/27961/download/pdf/ https://rujec.org/article/27961/download/xml/ This paper studies the dynamic relationship between returns in the Russian stock market and global equity markets in the aftermath of the 2014 Ukrainian crisis. We apply dynamic goodness-of-fit and bootstrapped regression approaches to study the behavior of global equity indices. Our results reveal a significant fall in the degree of synchronicity between the Russian and global equity returns after the crisis outbreak. The Russian stock market clearly decoupled from both developed and emerging markets, as shown by a 30–50% decline in returns correlation. In view of dramatic increase in synchronicity across the Russian sectoral stock indices after the sanctions were introduced, our results suggest that the economic sanctions imposed on Russia during that period have effectively isolated the Russian equity market from the rest of the world and triggered extensive portfolio outflows from the Russian market. As a result of the economic sanctions and the limited choice of investments in Russia, the decreased co-movement between the Russian and global equity returns is unlikely to provide investors with superior diversification opportunities, whilst the returns of the Russian market in the medium-term will likely continue to be predominately driven by idiosyncratic news. text/html en_US Non-profit partnership "Voprosy Ekonomiki" synchronicity decoupling equity stock market Ukrainian crisis Russia Russian stock market in the aftermath of the Ukrainian crisis Research Article

10.1016/j.ruje.2016.04.003 2016-02-29 rujec

University of the West of England, Bristol, United Kingdom author Vanteeva, Nadia 2016-02-29 2016-02-29 2016 Russian Journal of Economics 2405-4739 2618-7213 2 1 41 55 2016 The effect of privatization on wealth distribution in Russia. M. Alexeev author 1999 text Economics of Transition 1999 7 2 449 465 Oligarchs scramble to join Putin's club. B. Aris author 2004 text Euromoney 2004 35 418 24 26 The new federalism and the paradoxes of regional sovereignty in Russia. D. Bahry author 2005 text Comparative Politics 2005 37 2 127 146 Russian privatization and corporate governance: What went wrong?. B. Black author 2000 text Stanford Law Review 2000 52 6 1731 1808 Credibility, commitment, and the Soviet economic reform. P.J. Boettke author 1995 text In E.LazearEconomic transition in Eastern Europe and Russia: Realities of reform 1995 247 475 The bases of a new organization of the Russian oil sector: Between private and state ownership. S. Boussena author 2010 text Journal of Energy and Development 2010 33 3 181 199 Modern Russian corporate governance: Convergent forces or product of Russia's history?. T. Buck author 2003 text Journal of World Business 2003 38 4 299 313 Sovereign wealth funds: A growing global force in corporate finance. S. Butt author 2008 text Journal of Applied Corporate Finance 2008 20 1 73 83 Chernykh, L. (2005). Ultimate ownership and corporate performance in Russia. A Thesis, Drexel University. Profit or politics? Understanding renationalizations in Russia. L. Chernykh author 2011 text Journal of Corporate Finance 2011 17 5 1237 1253 Explaining patterns of corruption in the Russian regions. P. Dininio author 2005 text World Politics 2005 57 4 500 529 The Russian gold standard, 1897–1914. I.M. Drummond author 1976 text Journal of Economic History 1976 36 3 663 688 The classical Soviet-type economy: Nature of the system and implications for reform. R.E. Ericson author 1991 text Journal of Economic Perspectives 1991 5 4 11 27 Russia's oil industry: Current problems and future trends. V. Erochkine author 2006 text 2006 Privatization, insider control and managerial entrenchment in Russia. I. Filatotchev author 1999 text Economics of Transition 1999 7 2 481 504 Russian and European gas interdependence: Could contractual trade channel geopolitics?. D. Finon author 2008 text Energy Policy 2008 36 1 423 442 Sale of the century: Russia's wild ride from communism to capitalism. C. Freeland author 2000 text 2000 Government, industry and rearmament in Russia, 1900–1914. P. Gatrell author 1994 text 1994 Party politics in Russia: From competition to hierarchy. V. Gel’man author 2008 text Europe-Asia Studies 2008 60 6 913 930 Economic backwardness in historical perspective: A book of essays. A. Gerschenkron author 1962 text 1962 The piratization of Russia: Russian reform goes awry. M.I. Goldman author 2003 text 2003 Render unto Ceasar: Putin and the oligarchs. M.I. Goldman author 2003 text Current History 2003 102 666 320 326 Administration and reform of the Russian economy. P. Gregory author 2004 text In J.P.HardtsRussia's uncertain economic future 2004 81 96 Grozovskiy, B. (2007). The key proprietor of the country. Vedemosti, 13 February (In Russian). The Russian economic puzzle: Going forwards, backwards or sideways?. P. Hanson author 2007 text International Affairs 2007 83 5 869 889 The resistible rise of state control in the Russian oil industry. P. Hanson author 2009 text Eurasian Geography and Economics 2009 50 1 14 27 Big business and the state in Russia. P. Hanson author 2005 text Europe-Asia Studies 2005 57 5 657 680 Statist globalization in Russia, China and the Gulf States. J. Harris author 2009 text Perspectives on Global Developments and Technology 2009 9 2/3 139 163 Putin's etatization project and limits to democratic reforms in Russia. M.S. Hashim author 2005 text Communist and Post-Communist Studies 2005 38 1 25 48 After the big bang? Obstacles to the emergence of the rule of law in post-communist societies. K. Hoff author 2004 text American Economic Review 2004 94 3 753 763 The oligarchs: Wealth and power in the new Russia. D.E. Hoffman author 2002 text 2002 Russian bureaucracy as an alternative model of leadership. M. Holzer author 2009 text In J.A.RaffelP.Leisink & A.E.MiddlebrooksPublic sector leadership: International challenges and perspectives 2009 145 163 The importance of being normal. V. Ivanenko author 2005 text Russia in Global Affairs 2005 4 1 6 State governance evolution in resource-rich transition economies: An application to Russia and Kazakhstan. Y. Kalyuzhnova author 2008 text Energy Policy 2008 36 6 1829 1842 Vertical integration, appropriable rents, and the competitive contracting process. B. Klein author 1978 text Journal of Law and Economics 1978 21 2 297 326 Political corruption in the U.S.S.R. J.M. Kramer author 1988 text In A.J.HeidenheimerM.Johnston & V.T.Le VinePolitical corruption 1988 449 466 A new growth model for the Russian Economy. A. Kudrin author 2015 text Russian Journal of Economics 2015 1 1 30 54 Kurtzweg, L. (1987). Trends in Soviet gross national product. United States Congress, Joint Economic Committee, Washington, DC. Insider lending and bank ownership: The case of Russia. L. Laeven author 2001 text Journal of Comparative Economics 2001 29 2 207 229 What kind of capitalism for Russia? A comparative analysis. D. Lane author 2000 text Communist and Post-Communist Studies 2000 33 4 485 504 What does Putin want?. P. Lavelle author 2004 text Current History 2004 103 675 314 318 Lazareva, O., Rachinsky, A., & Stepanov, S. (2007). A survey of corporate governance in Russia. CEFIR/NES Working Paper Series, 103. Centre for Economic and Financial Research at New Economic School, Russia. Capitalism, market socialism, and central planning: Reading in comparative economic systems. W.A. Leeman author 1963 text 1963 Libman, A., & Feld, L. (2007). Strategic tax collection and fiscal decentralisation: The case of Russia. CESifo Working Paper, 2031. The myth of the authoritarian model: How Putin's crackdown holds Russia back. M. McFaul author 2008 text Foreign Affairs 2008 87 1 68 84 Whither Putin: The Putin strategy. V. Nikonov author 2005 text Russia in Global Affairs 2005 3 1 68 81 Noren, J., & Kurtzweg, L. (1993). The Soviet economy unravels: 1985–1991. United States Congress, Joint Economic Committee, Washington, DC. Institutions. D.C. North author 1991 text Journal of Economic Perspectives 1991 5 1 97 112 Constitutions and commitment: The evolution of institutional governing public choice in seventeenth-century England. D.C. North author 1989 text Journal of Economic History 1989 49 4 803 832 Putin's federal reform package: A recipe for unchecked Kremlin power. R. Orttung author 2001 text Demokratizatsiya 2001 9 3 341 349 Flight from freedom: What Russian think and want. R. Pipes author 2004 text Foreign Affairs 2004 83 3 9 15 Investment funds in mass privatization and beyond: Evidence from Czech Republic and Russia. K. Pistor author 1997 text In I.W.LiebermanS.Nestor & R.M.DesaiBetween state and market: Mass privatization in transition economies 1997 Home, school and service in the life of the 18th-century Russian nobleman. M. Raeff author 1962 text Slavonic and East European Review 1962 40 95 295 307 Dominant party regimes and the commitment problem. O.J. Reuter author 2009 text Comparative Political Studies 2009 42 4 501 526 Russia: A state of uncertainty. N. Robinson author 2002 text 2002 Russian politics under Putin. C. Ross author 2004 text 2004 Putin's path to power. P. Rutalnd author 2000 text Post-Soviet Affairs 2000 16 4 313 354 Putin and the Oligarchs. R. Sakwa author 2008 text New Political Economy 2008 13 2 185 191 Reforming the Russian legal system. G.B. Smith author 1996 text 1996 Sonin, K. (2000). Inequality, property rights, and economic growth in transition economies: Theory and Russian evidence (Working Paper No. 2K/02). Moscow: Economics Education and Research Consortium. State ownership in the Russian economy: Its magnitude, structure and governance problems. C. Sprenger author 2010 text Journal of the Institute of Public Enterprise 2010 33 1/2 63 110 Globalization and its discontents. J.E. Stiglitz author 2002 text 2002 Witte as Minister of Finance, 1892–1903. S.R. Tompkins author 1933 text Slavonic and East European Review 1933 11 33 590 606 Putting Yukos in perspective. W. Tompson author 2005 text Post-Soviet Affairs 2005 21 2 159 181 Back to the future? Thoughts on the political economy of expanding state ownership in Russia. W. Tompson author 2008 text 2008 Putin's silovarchs. D. Treisman author 2007 text Orbis 2007 51 1 141 153 Whither Russia? Towards socialism or capitalism?. L. Trotsky author 1925 text 1925 The re-emerging role of the state in contemporary Russia. N. Vanteeva author 2012 text Transition Studies Review 2012 19 1 23 34 The effect of state-private co-partnership on Russian industry. N. Vanteeva author 2016 text Review of Industrial Organization 2016 48 3 333 356 The economic role of political institutions: Market-preserving federalism and economic development. B.R. Weingast author 1995 text Journal of Law, Economics, and Organization 1995 11 1 1 31 Transaction-cost economics: The governance of contractual relations. O.E. Williamson author 1979 text Journal of Law and Economics 1979 22 2 233 261 Monetary reform in Russia. H.P. Willis author 1897 text Journal of Political Economy 1897 5 3 277 315 Corporate governance in Russia: Formal rules and real incentives of economic agents. A. Yakovlev author 2003 text In Sh.Ikemoto & I.IwasakiCorporate governance in transition economies. Part 1: The case of Russia 2003 73 95 The origins of autocracy: Ivan the Terrible in Russian history. A. Yanov author 1981 text 1981 The rise of competitive authoritarianism. S. Levitsky author 2002 text Journal of Democracy 2002 13 2 51 65 10.1016/j.ruje.2016.04.003 https://rujec.org/article/27962/ https://rujec.org/article/27962/download/pdf/ https://rujec.org/article/27962/download/xml/ This paper argues that Russia's choice of economic organization, which is based on the renewed role of the state, is a response to the existence of severe transaction costs, and subsequent mitigation of contractual incompleteness in the absence of a strong property rights system. Ill-defined property rights have historically hampered formation of business classes in Russia, reducing the necessity for appropriate market infrastructure. This also implied that if Russia's political and economic system had more than one competing hierarchy, the objective of the elites would not have entailed long-term economic growth, as gains from short-term wealth tunneling would have been much larger. As in the early 2000s Russian investment projects were generally defined by large sunk costs and long-term to maturity, under a weak legal system a new substitute governing mechanism, which took form of the state–private co-partnership system, has arisen in order to reduce hold-up costs leading to high levels of underinvestment. text/html en_US Non-profit partnership "Voprosy Ekonomiki" state corporatism industry growth property rights Russia In the absence of private property rights: Political control and state corporatism during Putin's first tenure Research Article

10.1016/j.ruje.2016.04.004 2016-02-29 rujec

National Research University Higher School of Economics, Moscow, Russia author Murashov, Yaroslav National Research University Higher School of Economics, Moscow, Russia author Ratnikova, Tatiana https://orcid.org/0000-0002-4093-1390 2016-02-29 2016-02-29 2016 Russian Journal of Economics 2405-4739 2618-7213 2 1 56 85 2016 10.1016/j.ruje.2016.04.004 https://rujec.org/article/27963/ https://rujec.org/article/27963/download/pdf/ https://rujec.org/article/27963/download/xml/ In the proposed paper, an attempt is made to estimate the proportion of unstated income for Russian households based on micro data. An overview of microeconomic approaches to estimating the scale of under-reported income is provided. These approaches are weakly represented in the national literature, so their strengths and weaknesses are also analyzed. A theoretical model of household consumer behavior is described that allows the size of under-reported income to be estimated. The structure of household incomes and expenditures is studied based on an RLMS sample for 2012. The model is estimated using household subsamples based on the type of household and household income. The estimation technique utilizes regression variables and random effects. The resulting subsample estimates were applied to the general population and compared with those obtained by other researchers using alternative methods and other data. A comparison is made to estimates of under-reported income developed for British households. text/html en_US Non-profit partnership "Voprosy Ekonomiki" under-reported household income household consumer behavior under-reported income parameter regression analyses instruments random effects Under-reported income of Russian households Research Article

10.1016/j.ruje.2016.04.005 2016-02-29 rujec

Lomonosov Moscow State University, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Shastitko, Andrey E. https://orcid.org/0000-0002-6713-069X National Research University Higher School of Economics, Moscow, Russia author Golovanova, Svetlana 2016-02-29 2016-02-29 2016 Russian Journal of Economics 2405-4739 2618-7213 2 1 86 110 2016 Innovation and competition: The role of finance constraints in a duopoly case. M. Amendola author 2003 text Review of Austrian Economics 2003 16 2–3 183 204 Antitrust and monopoly. Anatomy of a policy failure. D. Armentano author 1999 text The Independent Institute 1999 The impact of leniency and whistle-blowing programs on cartels. C. Aubert author 2006 text International Journal of Industrial Organization 2006 24 6 1241 1266 The model of man in economic science. V.S. Avtonomov author 1998 text Ekonomicheskaya Shkola (In Russian) 1998 The case for antitrust enforcement. J.B. Baker author 2003 text Journal of Economic Perspectives 2003 17 4 27 50 Total repeal of antitrust legislation: A critique for Bork, Brozen, and Posner. W. Block author 1994 text Review of Austrian Economics 1994 8 1 35 70 The protectionist roots of antitrust. D.J. Boudreaux author 1993 text Review of Austrian Economics 1993 6 2 81 96 Austrian economics: Tensions and new directions. B. Caldwell author 1992 text Kluwer Academic Publ 1992 Does antitrust policy improve consumer welfare? Assessing the evidence. R.W. Crandall author 2003 text Journal of Economic Perspectives 2003 17 4 3 26 The origins of antitrust rhetoric vs reality. T. Di Lorenzo author 1990 text Regulation 1990 13 3 26 34 The myth of natural monopoly. T. Di Lorenzo author 1996 text Review of Austrian Economics 1996 9 2 43 58 The institutional origins of dynamic capabilities in multinational enterprises. J.H. Dunning author 2010 text Industrial and Corporate Change 2010 19 4 1225 1246 Foss, K., & Foss, N. (1998). The market process and the firm: Toward a dynamic property rights perspective. DRUID Working Paper, 98-14. Theoretical isolation in contract theory: suppressing margins and entrepreneurship. K. Foss author 2001 text Journal of Economic Methodology 2001 7 3 313 339 Organizing economic experiments: Property rights and firm organization. K. Foss author 2002 text Review of Austrian Economics 2002 15 4 297 312 The limits to designed orders: Authority under distributed knowledge conditions. K. Foss author 2006 text Review of Austrian Economics 2006 19 4 261 274 Economics and knowledge. F.A. Hayek author 1937 text Economica 1937 4 13 33 54 The use of knowledge in society. F.A. Hayek author 1945 text American Economic Review 1945 35 4 519 530 Hayek, F.A. (1974). Prize lecture: The pretence of knowledge. Lecture to the memory of Alfred Nobel, Dec. 11. Competition as a discovery procedure. F.A. Hayek author 2002 text Quarterly Journal of Austrian Economics 2002 5 3 9 23 Transaction cost economics, antitrust rules and remedies. P.L. Joskow author 2002 text Journal of Law, Economics and Organization 2002 18 1 95 116 Maps of bounded rationality: Psychology for behavioral economics. D. Kahnemann author 2003 text American Economic Review 2003 93 5 1449 1475 The evolution of strategic management theory. V.S. Katkalo author 2006 text St. Petersburg State University Publ. (In Russian) 2006 Introduction: On the nature and scope of dynamic capabilities. V.S. Katkalo author 2010 text Industrial and Corporate Change 2010 19 4 1175 1186 Dynamic capabilities as context: the role of decision, system and structure. N.M. Kay author 2010 text Industrial and Corporate Change 2010 19 4 1205 1223 Kim, Y. (2007). Is the vitamin cartel a threat? A case study of antitrust failure. Mises Daily, June 19. Entrepreneurial discovery and the competitive market process: An Austrian approach. I.M. Kirzner author 1997 text Journal of Economic Literature 1997 35 1 60 85 Risk, uncertainty and profit. F. Knight author 1921 text Hart, Schaffner & Marx 1921 . I. Lakatos author 1978 text Cambridge University Press 1978 Internal organization in a dynamic context: Some theoretical considerations. R.N. Langlois author M. Jussawalla author 1984 text Communication and information economics: New perspectives 1984 23 49 The entrepreneurial theory of the firm and the theory of the entrepreneurial firm. R.N. Langlois author 2007 text Journal of Management Studies 2007 44 7 1107 1124 An Austrian theory of the firm: Retrospect and prospect. R.N. Langlois author 2013 text Review of Austrian Economics 2013 26 3 247 258 Allocative efficiency vs. “X-efficiency’. H. Leibenstein author 1966 text American Economic Review 1966 56 3 392 415 Capabilities and strategy: Problems and prospects. B.J. Loasby author 2010 text Industrial and Corporate Change 2010 19 4 1301 1306 Market failure and non-standard contracting: How the ghost of perfect competition still haunts antitrust. A.J. Meese author 2005 text Journal of Competition Law and Economics 2005 1 1 21 95 A new institutional economics of organization. C. Ménard author C. Ménard author 2005 text Handbook of new institutional economics. 2005 Human action: A treatise on economics. L. Mises author 1966 text Contemporary Books. 1966 Monopoly: A history and theory. V.A. Mund author 1933 text Princeton University Press. 1933 Behavioral economics comes of age: A review essay on advances in behavioral economics. W. Pesendorfer author 2006 text Journal of Economic Literature 2006 44 3 712 721 The theory of the growth of the firm. E. Penrose author 1995 text Oxford University Press. 1995 Reconciling the Harvard and Chicago schools: A new antitrust approach for the 21st century. T. Piriano author 2007 text Indiana Law Review 2007 82 345 346 409 The (new) nature and essence of the firm. C.N. Pitelis author 2009 text European Management Review 2009 6 1 5 15 Antitrust law. R. Posner author 2001 text University of Chicago Press. 2001 An essay on the nature and significance of economic science. L. Robbins author 1935 text Macmillan. 1935 Man, economic and state. A treatise on economic principles. M. Rothbard author 2009 text Ludwig von Mises Institute. 2009 Menger's theory of monopoly price in the years of high theory: The contribution of Vernon A. Mund. J.T. Salerno author 2004 text Managerial Finance 2004 30 2 72 92 The entrepreneur: Real and imagined. J. Salerno author 2008 text Quarterly Journal of Austrian Economics 2008 11 3–4 188 207 An entrepreneurial theory of the firm. F. Sautet author 2000 text Routledge. 2000 “On a level with dentists?” Reflections on the evolution of industrial organization. R. Schmalensee author 2012 text Review of Industrial Organization 2012 41 3 157 179 The theory of economic development. J. Schumpeter author 1934 text Harvard University Press. 1934 Errors of I and II types in economic exchanges with third party enforcement. A. Shastitko author 2011 text Journal of the New Economic Association 2011 10 125 148 Rationality as process and as product of thought. H. Simon author 1978 text American Economic Review 1978 68 2 1 16 The economics of information. G. Stigler author 1961 text Journal of Political Economy 1961 69 3 213 225 Austrian economics in America: The migration of a tradition. K.I. Vaughn author 1994 text Cambridge University Press. 1994 Robust political economy: The case of antitrust. S. Voigt author 2006 text Review of Austrian Economics 2006 19 2–3 203 215 The economic institutions of capitalism. Firms, markets, relational contracting. O. Williamson author 1985 text Free Press. 1985 Hierarchies, markets and power in the economy: An economic perspective. O. Williamson author 1995 text Industrial and Corporate Change 1995 4 1 21 49 Mechanisms of governance. O. Williamson author 1996 text Oxford University Press. 1996 Understanding dynamic capabilities. S.G. Winter author 2003 text Strategic Management Journal 2003 24 10 991 995 Deliberate learning and the evolution of dynamic capabilities. M. Zollo author 2002 text Organization Science 2002 13 3 339 351 Competition policy. Theory and practice. M. Motta author 2004 text Cambridge University Press. 2004 10.1016/j.ruje.2016.04.005 https://rujec.org/article/27964/ https://rujec.org/article/27964/download/pdf/ https://rujec.org/article/27964/download/xml/ This paper relates competition studies and views on competition policy within Austrian economics to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflecting on particular issues of competition, on the one hand, and (1) ignorance, (2) knowledge (including tacit knowledge), (3) rationality, (4) equilibrium, (5) innovation, (6) entrepreneurship, and (7) monopoly, on the other hand. Unlike the majority of previous studies, these issues are discussed here mainly through the lens of new institutional economics. Williamson's three-level scheme is used to explain opportunities and constraints for mutually enriching exchange of concepts between different but close approaches in economic research. This paper shows that there are important interconnections and complementarities despite significant differences in objects of study and weak mutual flows of ideas and concepts. text/html en_US Non-profit partnership "Voprosy Ekonomiki" competition antitrust policy entrepreneurship dynamic capabilities Austrian economics new institutional economics strategic management sustainable competitive advantages Meeting blindly… Is Austrian economics useful for dynamic capabilities theory? Research Article

10.1016/j.ruje.2016.06.001 2016-05-31 rujec

University of Verona, Italy author Malle, Silvana 2016-05-31 2016-05-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 111 128 2016 Russia's energy shift to the East: Should Europe be worried. M. Bradshaw author 2014 text International Relations and Security Network (ISN) 2014 Western economic sanctions and Russia's place in the global economy. R. Connolly author A. Pikulicka-Wilczewska author 2015 text Ukraine and Russia: People, politics, propaganda and perspectives 2015 223 232 The empire strikes back: Economic statecraft and the securitisation of political economy in Russia. R. Connolly author 2016 text Europe-Asia Studies 2016 The military face of Militant Russia. J. Cooper author 2015 text Rossiya v Globalnoi Politike 2015 13 6 92 100 Eastern extraordinary commission. A. Danilov-Daniliyan author 2013 text Expert 2013 44 24 25 Gabuev, A. (2015). Smiles and waves: What Xi Jinping took away from Moscow. Carnegie Moscow Center, May 12. http://carnegie.ru/2015/05/29/smiles-and-waves-what-xi-jinping-took-away-from-moscow/ik0k Moscow is playing second fiddle to Beijing. M. Galeotti author 2015 text The Moscow Times 2015 Novoasia. V. Inozemtsev author 2014 text Moskovskiy Komsomolets 2014 Will Russia be saved with the turn to the East?. V. Inozemtsev author 2014 text RBK-Daily 2014 Deescalating the conflict in Ukraine. R. Ishchenko author 2015 text Valdai International Discussion Club 2015 Russia-China: Ritual demonstrations against the West?. M. Kaczmarski author 2015 text Ośrodek Studiów Wschodnich 2015 Strategy XXI: One-sided power. S. Karaganov author 2013 text Vedomosti 2013 The Ukrainian crisis has strongly hit the European project. S. Karaganov author 2015 text Lenta.ru 2015 The second world: Russia has started the process of accelerated rapprochement with China. V. Kashin author 2014 text Vedomosti 2014 Seven steps beyond the horizon of the crisis. A. Kortunov author 2015 text Russian International Affairs Council 2015 Sino-Russian strategic partnership cooperative relations and the US factor. Jingjie Li author 2013 text TheAsan Forum Online 2013 1 3 Russia's Eastern direction—distinguishing the real from the virtual. Bobo Lo author 2014 text IFRI. 2014 Perestroika–2014. Part two. F. Lukyanov author 2014 text Gazeta.ru 2014 Russia's ostpolitik. F. Lukyanov author 2014 text Valdai International Discussion Club 2014 China will win the war over Ukraine. F. Lukyanov author 2015 text Russia Beyond The Headlines 2015 Stalin as a percentage. F. Lukyanov author 2015 text Gazeta.ru 2015 The pendulum moves from Europe to Asia. Modernising Siberia and the Far East. Economic and security issues. S. Malle author 2014 text Journal of Eurasian Studies 2014 5 1 21 38 Russia, the Eurasian Customs Union and the Asian dimension. S. Malle author R. Dragneva author 2013 text Eurasian economic integration: Law, policy and politics 2013 100 118 State corporatism in Russia. An outline of the main features and problems. S. Malle author 2013 text CRCE Briefing Paper 2013 Militant Russia moving to the East. S. Malle author 2014 text Il Politico 2014 3 15 40 The All-Russian National Front —for Russia: A new actor in the political and economic landscape. S. Malle author 2016 text Post-Communist Economies 2016 28 2 199 219 China: a partner or a competitor?. S. Malle author S. Beretta author 2017 text Understanding China today: An exploration of politics, economics, society and international relations 2017 Sino-Russian gas and oil cooperation —Entering a new era of strategic partnership?. Keun-Wook Paik author 2015 text Oxford Institute for Energy Studies 2015 Russia and China: Icy latitudes for cooperation and competition. V. Sakhuja author 2014 text Valdai International Discussion Club 2014 Russia's turn eastward, China's turn westward: Cooperation and conflict on the new Silk Road. H.J. Spanger author 2016 text Valdai Papers, 47 2016 China “New silk road” vision revealed. Sh Tiezzi author 2014 text The Diplomat 2014 Where is China's silk road actually going?. Sh. Tiezzi author 2015 text The Diplomat 2015 Europe's nightmare: Ukraine's massive meltdown. D. Trenin author 2015 text The National Interest 2015 Russia's Victory Day celebration: Much more than just a parade. D. Trenin author 2015 text The National Interest 2015 No end in sight for the ruble's downward slide. C. Weafer author 2015 text The Moscow Times 2015 What China's currency devaluation means for the world's trade deals. A. Wolff author 2015 text Fortune 2015 Devaluation of opportunities. A. Yakovlev author 2015 text Gazeta.ru 2015 10.1016/j.ruje.2016.06.001 https://rujec.org/article/27965/ https://rujec.org/article/27965/download/pdf/ https://rujec.org/article/27965/download/xml/ This paper argues that Russia has embarked on a difficult path to economic sovereignty and heightened security to withstand rising antagonism from the West that culminated with the application of punitive sanctions against Russia's positioning on Ukraine. With the aim of lessening economic dependence on trade with the EU, its major trade partner for decades, Russia tries to work out a patriotic model of growth based on two vectors: import and trade partner substitution. The pursuit of self-sufficiency in foodstuffs adds an important pillar to security concerns as reflected earlier in the 2010 Doctrine on Food Security. But import substitution will be costly and difficult to manage. Fiscal balances and exchange rates will need to adjust to the new challenges. Finding new partners eastwards is also complicated. Trade with China, in hydrocarbons or other commodities, requires massive infrastructural work that neither the government nor private investors can afford in a situation of financial stringency. Investment from China is slow to materialize as the economic slowdown also impinges on China's projects. Nonetheless important deals on gas and infrastructure have been agreed and are pursued despite difficulties. A favourable institutional framework aimed at attracting investors to the Far East is in place. It will be up to the local administrations to make the best of it and venture capital to run the risk. The outlook is long-term, but both Russia and China have learnt from history to be patient. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russia economic security import substitution development eastward trade investment China Economic sovereignty. An agenda for Militant Russia Research Article

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Stockholm International Peace Research Institute, Solna, Sweden Centre for Russian, European and Eurasian Studies, University of Birmingham, author Cooper, Julian 2016-05-31 2016-05-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 129 145 2016 10.1016/j.ruje.2016.06.002 https://rujec.org/article/27966/ https://rujec.org/article/27966/download/pdf/ https://rujec.org/article/27966/download/xml/ The article analyses the development of the military dimension of Russia's economy over the past decade or more, including the significant growth of military expenditure and its principal driver, spending on the ambitious state armament programme to 2020. For the first time for almost twenty-five years Russia once again possesses capable armed forces. With greater economic and military strength Russia's leadership now feels able to be more assertive, even militant, on the world stage. These developments threaten to be constrained by the poor performance of the economy, facing the government with a policy challenge. However, for Russia and the main Western powers there can be no going back to the status quo ante. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russia economy military expenditure defence sanctions economic performance The military dimension of a more Militant Russia Research Article

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Institute for Industrial and Market Studies, National Research University Higher School of Economics, Moscow, Russia author Yakovlev, Andrei A. https://orcid.org/0000-0003-2273-0971 2016-05-31 2016-05-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 146 161 2016 J. Cooper author 2015 June Militant Russia, the military dimension 2015 June 5 7 Armed injustice: Abuse of the law and complex crime in post-Soviet Russia. T. Firestone author 2010 text Denver Journal of International Law & Policy 2010 38 4 555 580 Threats to property rights in Russia: From private coercion to state aggression. J. Gans-Morse author 2012 text Post-Soviet Affairs 2012 28 3 263 295 The rise and decline of electoral authoritarianism in Russia. V. Gelman author 2014 text Demokratizatsiya: The Journal of Post-Soviet Democratization 2014 22 4 503 522 Public experiences of police violence and corruption in contemporary Russia: A case of predatory policing?. T.P. Gerber author 2008 text Law & Society Review 2008 42 4 1 44 New age of confrontation. S. Karaganov author 2007 text Rossiya v Globalnoi Politike 2007 4 240 242 A nationalist kulturkampf in Russia? The Izborsky club as the anti-Valday. M. Laruelle author 2015 text Mimeo 2015 Contra coercion: Russian tax reform, exogenous shocks, and negotiated institutional change. P.J. Luong author 2004 text American Political Science Review 2004 98 1 139 152 The policy challenges of Russia's post-crisis economy. S. Malle author 2012 text Post-Soviet Affairs 2012 28 1 66 110 Economic modernization and diversification in Russia. Constraints and challenges. S. Malle author 2013 text Journal of Eurasian Studies 2013 4 1 78 99 Malle, S. (2015). Economic sovereignty: A militant agenda for Russia. University of Verona, Department of Economics, Working Paper Series, WP 27/2015. Violence and social orders: A conceptual framework for interpreting recorded human history. D. North author 2009 text Cambridge University Press. 2009 D. North author 2013 In the shadow of violence: The problem of development in limited access societies 2013 Faking performance together: Systems of performance evaluation in Russian enforcement agencies and production of bias and privilege. E.L. Paneyakh author 2014 text Post-Soviet Affairs 2014 30 2–3 115 136 Corporate raiding and the role of the state in Russia. M. Rochlitz author 2014 text Post-Soviet Affairs 2014 30 2–3 89 114 To make the midsize business. A. Vinkov author 2008 text Expert 2008 10 32 83 The evolution of business–state interaction in Russia: From state capture to business capture. A. Yakovlev author 2006 text Europe-Asia Studies 2006 58 7 1033 1056 Russian modernization: Between the need for new players and the fear of losing control of rent sources. A. Yakovlev author 2014 text Journal of Eurasian Studies 2014 5 1 10 20 Is the new model of economic growth feasible for Russia?. E. Yasin author 2014 text Il Politico 2014 1 43 65 The conquerors of the “blue oceans” (“gazelles” in Russia). A.Y. Yudanov author 2010 text Sovremennaya Konkurentsia 2010 2 27 48 Zubarevich, N. (2014). Interbudgetary relations: Economic and institutional aspects. Paper presented at the HSE XV April International Academic Conference on Economic and Social Development, Moscow, 1-4 April. 10.1016/j.ruje.2016.06.003 https://rujec.org/article/27967/ https://rujec.org/article/27967/download/pdf/ https://rujec.org/article/27967/download/xml/ Contrary to the focus on the events of the last two years (2014–2015) associated with the accession of Crimea to Russia and military conflict in Eastern Ukraine, in this study, I stress that serious changes in Russian domestic policy (with strong pressure on political opposition, state propaganda and sharp anti-Western rhetoric, as well as the fight against “foreign agents’) became visible in 2012. Geopolitical ambitions to revise the “global order” (introduced by the USA after the collapse of the USSR) and the increased role of Russia in “global governance” were declared by leaders of the country much earlier, with Vladimir Putin's famous Munich speech in 2007. These ambitions were based on the robust economic growth of the mid-2000s, which encouraged the Russian ruling elite to adopt the view that Russia (with its huge energy resources) is a new economic superpower. In this paper, I will show that the concept of “Militant Russia” in a proper sense can be attributed rather to the period of the mid-2000s. After 2008–2009, the global financial crisis and, especially, the Arab Spring and mass political protests against electoral fraud in Moscow in December 2011, the Russian ruling elite made mostly “militant” attempts to defend its power and assets. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russia transition economy model of economic development Ukrainian crisis elites ideology What is Russia trying to defend? Research Article

10.1016/j.ruje.2016.06.005 2016-05-31 rujec

Institute of Economic Research, Hitotsubashi University, Tokyo, Japan author Iwasaki, Ichiro https://orcid.org/0000-0002-3196-2822 Centre National de la Recherche Scientifique, Paris, France Centre d’Économie de la Sorbonne, Université Paris 1 Panthéon Sorbonne, Paris, France Fondation pour les Études et Recherches sur le Développement International, Paris, France author Maurel, Mathilde Centre d’Économie de la Sorbonne, Université Paris 1 Panthéon Sorbonne, Paris, France author Meunier, Bogdan 2016-05-31 2016-05-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 162 191 2016 10.1016/j.ruje.2016.06.005 https://rujec.org/article/27968/ https://rujec.org/article/27968/download/pdf/ https://rujec.org/article/27968/download/xml/ In this paper, we aim to empirically analyze the determinants of firm entry and exit in Russia using a regional-level panel data for the years of 2008–2014, with special emphasis on institutional failures and the politico-economic impact of external crises. We found that these two elements exhibit statistically significant and economically meaningful effects both on the creation and destruction of Russian firms, controlling for potentially explanatory factors. Our empirical results also suggest that the process of firm entry and exit is manifold across Russian regions due to their heterogeneity. Nevertheless, a surprisingly robust estimate of the world oil price (irrespective of the difference in target regions) suggests a possible high exposure of each Russian region to a global crisis. This comes from the importance of oil trade with the world and, accordingly, the ongoing crisis may bring a harmful influence to regeneration of Russian businesses. text/html en_US Non-profit partnership "Voprosy Ekonomiki" firm entry firm exit institutions economic integration crisis Russia Firm entry and exit during a crisis period: Evidence from Russian regions Research Article

10.1016/j.ruje.2016.06.004 2016-05-31 rujec

National Research University Higher School of Economics, Moscow, Russia Institute for the Study of Labor (IZA), Bonn, Germany Institute of Sociology, Russian Academy of Sciences, Moscow, Russia author Gimpelson, Vladimir E. https://orcid.org/0000-0003-3952-4701 Institute of World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Kapeliushnikov, Rostislav https://orcid.org/0000-0002-2312-2110 2016-05-31 2016-05-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 192 218 2016 10.1016/j.ruje.2016.06.004 https://rujec.org/article/27969/ https://rujec.org/article/27969/download/pdf/ https://rujec.org/article/27969/download/xml/ This paper discusses the structural changes in Russian employment and explores whether the evolution of employment from 2000 to 2012 followed the scenario of progressive upgrading in job quality or brought about the polarization of jobs in terms of quality. Jobs are defined in this study as occupation-industry cells, and their quality is measured through relative earnings and education level. Using detailed micro-data from a few complementary large-scale surveys, we rank all jobs according to the earnings and educational criteria and divide these distributions into five quintiles. At the next stage, we explore dynamic changes in job quality and socio-demographic characteristics of workers in different quintiles. The paper rejects the polarization scenario and confirms the upgrading hypothesis. text/html en_US Non-profit partnership "Voprosy Ekonomiki" job polarization job upgrading job quality employment restructuring Russia Polarization or upgrading? Evolution of employment in transitional Russia Research Article

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National Research University Higher School of Economics, Moscow, Russia author Akindinova, Natalya V. https://orcid.org/0000-0002-4243-9033 National Research University Higher School of Economics, Moscow, Russia author Kuzminov, Yaroslav I. https://orcid.org/0000-0003-4598-0631 National Research University Higher School of Economics, Moscow, Russia author Yasin, Evgeny 2016-08-31 2016-08-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 219 245 2016 10.1016/j.ruje.2016.08.001 https://rujec.org/article/27970/ https://rujec.org/article/27970/download/pdf/ https://rujec.org/article/27970/download/xml/ This article explains the main stages and results of economic development in Russia since the early 1990s. It describes the process of the formation and the basic features of a three-sector economic model, as well as the reasons for its stability and existing constraints on economic growth. The authors consider the most likely scenario for the evolution of the current economic model under steadily declining export revenues. They also investigate fiscal and social risks and alternatives in economic policy. text/html en_US Non-profit partnership "Voprosy Ekonomiki" three-sector economic model economic development scenarios fiscal policy social policy middle class Russia's economy: Before the long transition Research Article

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Bank of Russia, Moscow, Russia author Sinyakov, Andrey https://orcid.org/0000-0002-6958-9648 Bank of Russia, Moscow, Russia author Yudaeva, Ksenia 2016-08-31 2016-08-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 246 278 2016 10.1016/j.ruje.2016.09.001 https://rujec.org/article/27971/ https://rujec.org/article/27971/download/pdf/ https://rujec.org/article/27971/download/xml/ In this paper, we analyze a number of monetary and FX policy alternatives using the model of a small open oil-exporting economy hit by severe balance-of-payment shocks, such as those that simultaneously affected the Russian economy in 2014–2015. For our purposes, we modify Romer's (2013) IS-MP general equilibrium model by adding a structure similar to the Russian economy (tradables and oil vs. non-tradables). In the model, we consider an optimal policy mix that includes a floating exchange rate, FX liquidity provision by a central bank and temporary tightening of monetary policy. The flexible exchange rate works as a shock absorber, helping restore aggregate demand and domestic production. If inflation expectations are not anchored, contractionary monetary policy helps to stabilize them. Financial stability risks are addressed by lending FX liquidity to the banking sector. text/html en_US Non-profit partnership "Voprosy Ekonomiki" monetary policy terms-of-trade shock Russian economy IS-MP model Central bank policy under significant balance-of-payment shocks and structural shifts Research Article

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Gaidar Institute for Economic Policy, Moscow, Russia author Idrisov, Georgy Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Ponomarev, Yury https://orcid.org/0000-0002-1188-9293 Russian Foreign Trade Academy, Moscow, Russia author Sinelnikov-Murylev, Sergey G. https://orcid.org/0000-0001-6667-9958 2016-08-31 2016-08-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 279 301 2016 10.1016/j.ruje.2016.09.002 https://rujec.org/article/27972/ https://rujec.org/article/27972/download/pdf/ https://rujec.org/article/27972/download/xml/ The paper discusses economic development trends in Russia in late 2014 and 2015 and reviews the basic mechanisms of how changes in the terms of trade affect the economic development of countries from a historical perspective and with a particular focus on those changes in the Russian economy that occurred in late 2014 and 2015. The authors demonstrate that structural reforms aimed at diversification of production and exports are necessary for sustainable economic development, for social stability and for reducing the impact of variability in the terms of trade on the Russian economy. During periods of instability in the government agenda's measures for the real and financial sectors, it is necessary not only to compensate economic agents losses caused by changes in the terms of trade but also to improve the economic structure and to develop and enhance the stability of the financial markets. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic development terms of trade GDP GDI Terms of trade and Russian economic development Research Article

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Bruegel, Brussels, Belgium Higher School of Economics, Moscow, Russia CASE–Center for Social and Economic Research, Warsaw, Poland author Dabrowski, Marek https://orcid.org/0000-0002-7960-8734 2016-08-31 2016-08-31 2016 Russian Journal of Economics 2405-4739 2618-7213 2 302 326 2016 10.1016/j.ruje.2016.08.002 https://rujec.org/article/27973/ https://rujec.org/article/27973/download/pdf/ https://rujec.org/article/27973/download/xml/ Since the collapse of the Soviet Union, its successor states have suffered from cyclical currency crises. The most recent episode of 2014–2016 was caused by a combination of external and domestic factors. The former include tighter US monetary policy, slower global growth, and declining commodity prices, whereas the latter include the former Soviet Union (FSU) economies’ extreme macroeconomic fragility (a legacy of past crises), numerous microeconomic rigidities and structural distortions in addition to governmental deficits. In addition, the Russian–Ukraine conflict dealt a heavy blow to both economies and their neighbors. Effective anti-crisis policies must aim at eliminating all deep-rooted causes of repeated financial and macroeconomic turbulence and must involve deep structural and institutional reforms in the entire region. text/html en_US Non-profit partnership "Voprosy Ekonomiki" currency crisis former Soviet Union Russia Ukraine global financial crisis commodity prices monetary regimes Currency crises in post-Soviet economies — a never ending story? Research Article

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Government of the Russian Federation, Moscow, Russia author Medvedev, Dmitry 2016-11-30 2016-11-30 2016 Russian Journal of Economics 2405-4739 2618-7213 2 327 348 2016 10.1016/j.ruje.2016.11.001 https://rujec.org/article/27974/ https://rujec.org/article/27974/download/pdf/ https://rujec.org/article/27974/download/xml/ This paper addresses Russian economic development and economic policy in 2015–2016. The analysis focuses on external and domestic challenges as well as the anti-crisis policy of the Russian government. Special attention is paid to key elements of the new model of economic growth in Russia. The paper discusses economic policy priorities for sustainable growth that include budget efficiency, structural reforms and import substitution, the encouragement of entrepreneurship, the efficiency of public administration, and the modernization of the welfare state. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy economic growth import substitution global crisis anti-crisis policy Russia Social and economic development of Russia: Finding new dynamics Research Article

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Economic Expert Group, Moscow, Russia Financial Research Institute, Moscow, Russia author Gurvich, Evsey T. https://orcid.org/0000-0002-4356-1866 2016-11-30 2016-11-30 2016 Russian Journal of Economics 2405-4739 2618-7213 2 349 374 2016 Oligarchic versus democratic societies. D. Acemoglu author 2008 text Journal of the European Economic Association 2008 6 1 1 44 The colonial origins of comparative development: An empirical investigation. D. Acemoglu author 2001 text American Economic Review 2001 91 5 1369 1401 Unbundling institutions. D. Acemoglu author 2005 text Journal of Political Economy 2005 113 5 949 995 Institutions as the fundamental cause of long-run growth. D. Acemoglu author P. Aghion author 2005 text Handbook of economic growth 2005 385 472 Acemoglu, D., & Robinson, J. (2008). The role of institutions in growth and development (Working paper No. 10). Washington, DC: Commission on Growth and Development, World Bank. Acemoglu, D., & Robinson, J. (2012). Why nations fail: The origins of power, prosperity, and poverty. New York. What do we learn from Schumpeterian growth theory?. P. Aghion author 2013 text 2013 The limits of institutional reform in development. M. Andrews author 2013 text Cambridge University Press. 2013 Arezki, R., & Cherif, R. (2010). Development accounting and the rise of TFP. IMF Working Paper, WP/10/101. Protection of property rights and growth as political equilibria. A. Asoni author 2008 text Journal of Economic Surveys 2008 22 5 953 987 Institutional quality, capital flight and capital flows. S. Baek author 2010 text Korean Economic Review 2010 26 1 121 155 Governance and development. J.-M. Baland author 2010 text 2010 Property rights and economic development. T. Besley author 2009 text 2009 Macroeconomics. O. Blanchard author 2016 text Pearson Publishing 2016 Accounting for income differences across countries. F. Caselli author 2005 text 2005 Economics and politics of alternative institutional reforms. F. Caselli author 2008 text Quarterly Journal of Economics 2008 123 3 1197 1250 The effects of liberal reforms in Russian criminal law on conviction and sentencing of economic offenders. I. Chetverikova author 2016 text Voprosy Ekonomiki 2016 6 91 115 Institutions, ownership, and finance: The determinants of profit reinvestment among Chinese firms. R. Cull author 2005 text Journal of Financial Economics 2005 77 1 117 146 The regulation of entry. S. Djankov author 2002 text Quarterly Journal of Economics 2002 117 1 1 37 Strategy 2010: The results of implementation 10 years later. M. Dmitriev author 2010 text Ekonomicheskaya Politika 2010 3 107 114 Structural traps, politics and monetary policy. R. Dugger author 2004 text International Finance 2004 7 1 85 116 Design and reform of institutions in LDCs and transition economies institutions: Top down or bottom up?. W. Easterly author 2008 text American Economic Review: Papers & Proceedings 2008 98 2 95 99 Oil, governance and the (mis)allocation of talent in developing countries. C. Ebeke author 2015 text Journal of Development Economics 2015 114 C 126 141 Imperfect institutions. Possibilities & limits of reform. T. Eggertsson author 2005 text University of Michigan Press. 2005 A survey on institutions and new firm entry: How and why do entry rates differ in emerging markets?. S. Estrin author 2010 text Economic Systems 2010 34 3 289 308 Reallocation, firm turnover, and efficiency: Selection on productivity or profitability?. L. Foster author 2008 text American Economic Review 2008 98 1 394 425 Problem-driven governance and political economy analysis: Good practice framework. V. Fritz author 2009 text World Bank. 2009 Góes, C. (2015). Institutions and growth: A GMM/IV panel VAR approach. IMF Working Paper, WP/15/174. Indicators of innovation in the Russian Federation: 2016. N. Gorodnikova author 2016 text HSE Publ 2016 Unresolved issue of private property legitimacy in Russia. L. Grigoriev author 2016 text Voprosy Ekonomiki 2016 1 36 62 Natural rent in the Russia's oil and gas sector. E. Gurvich author 2010 text Voprosy Ekonomiki 2010 11 4 24 The mechanisms of financial crisis in Russia. E. Gurvich author 2006 text Ekonomika i Matematicheskiye Metody 2006 2 79 92 How to secure external sustainability of the Russian economy. E. Gurvich author 2013 text Voprosy Ekonomiki 2013 9 4 39 Microanalysis of the Russia's pension system. E. Gurvich author 2012 text Voprosy Ekonomiki 2012 2 27 51 Determinants of expropriation in the oil sector: A theory and evidence from panel data. S. Guriev author 2008 text Ekonomicheskiy Zhurnal Vysshey Shkoly Ekonomiki 2008 12 2 151 175 Investor protections and economic growth. J. Haidar author 2009 text Economics Letters 2009 103 1 1 4 World happiness report 2016. J. Helliwell author 2016 text Sustainable Development Solutions Network. 2016 Misallocation and manufacturing TFP in China and India. C. Hsieh author 2009 text Quarterly Journal of Economics 2009 124 4 1403 1448 Development accounting. C. Hsieh author 2010 text American Economic Journal: Macroeconomics 2010 2 1 207 223 World economic outlook: Too slow for too long. 2016 text International Monetary Fund. 2016 Firm entry and exit during a crisis period: Evidence from Russian regions. I. Iwasaki author 2016 text Russian Journal of Economics 2016 2 2 162 191 Foreign direct investment and regional economic development in Russia: An econometric assessment. I. Iwasaki author 2015 text Economic Change and Restructuring 2015 48 3 209 255 Corruption and cross-border investment in emerging markets: Firm-level evidence. B. Javorcik author 2009 text Journal of International Money and Finance 2009 28 4 605 624 Jones, C. (2015). The facts of economic growth. NBER Working Paper, 21142. Insecurity of property rights: The case of the Russian manufacturing. R. Kapeliushnikov author 2011 text EKO 2011 6 26 48 Property rights insecurity and its economic effects: Russian experience. R. Kapeliushnikov author 2012 text Zhurnal Novoi Ekonomicheskoi Assotsiatsii 2012 1 13 150 153 Governance and economic growth. P. Keefer author L.A. Winters author 2007 text Dancing with giants: China, India, and the global economy 2007 Unveiling de Soto's mystery: Property rights, capital formation, and development. C. Kerekes author 2008 text Journal of Institutional Economics 2008 4 33 299 325 Comparing theories of institutional change. C. Kingston author 2009 text Journal of Institutional Economics 2009 5 2 151 180 Population aging and risks of budget crisis. A. Kudrin author 2012 text Voprosy Ekonomiki 2012 3 52 79 A new growth model for the Russian economy. A. Kudrin author 2014 text Voprosy Ekonomiki 2014 12 4 36 Government stimulus or economic incentives?. A. Kudrin author 2015 text Zhurnal Novoi Ekonomicheskoi Assotsiatsii 2015 2 26 179 186 Property rights protection and corporate R&D: Evidence from China. C. Lin author 2010 text Journal of Development Economics 2010 93 1 49 62 Mau, V.A., & Kuzminov, Ya. I. (Eds.) (2013). Strategy-2020: A new model of growth — A new social policy. The final report on the results of expert work on urgent problems of the socioeconomic strategy of Russia up to 2020 (In 2 Books). Moscow: Delo. (In Russian). Institutions, institutional change, and economic performance. D. North author 1990 text Cambridge University Press. 1990 Nunn, N., & Trefler, D. (2013). Domestic institutions as a source of comparative advantage. NBER Working Paper, 18851. OECD economic surveys: Russian Federation. 2006 text OECD Publishing. 2006 How's life? 2015: Measuring well-being. 2015 text OECD Publishing. 2015 Institutions and development in Mexico. Are formal economic reforms enough?. M. Palma-Rangel author 2006 text Revista de Anilisis Econymico 2006 21 2 83 103 Pasali, S. (2013). Where is the cheese? Synthesizing a giant literature on causes and consequences of financial sector development. World Bank Policy Research Working Paper, 6655. Overcoming reform resistance and political implementation of large-scale welfare state reforms. H. Pitlik author 2014 text WWWforEurope policy brief 2014 3 1 14 V. Polterovich author 2010 Strategy of modernization of the Russian economy 2010 Institutional experiment. V. Polterovich author 2013 text Ekonomicheskaya Nauka Sovremennoi Rossii 2013 3 14 26 Polterovich, V. (2014). Institutional reform design: A new chapter of economics. MPRA paper, 54811. Performance incentives and economic growth: Regional officials in Russia and China. M. Rochlitz author 2015 text Eurasian Geography and Economics 2015 56 4 421 445 Diagnostics before prescription. D. Rodrik author 2010 text Journal of Economic Perspectives 2010 24 3 33 44 Institutions rule: The primacy of institutions over geography and integration in economic development. D. Rodrik author 2004 text Journal of Economic Growth 2004 9 2 131 165 Silve, F., & Plekhanov, A. (2015). Institutions, innovation and growth: Cross-country evidence. EBRD Working Paper, 177. Institutional theory of endless redistribution. K. Sonin author 2005 text Voprosy Ekonomiki 2005 7 4 18 Stolypin Club (2016). The economy of growth. A report. Medium-term programme of the Russian economy (Concept). Moscow, February. URL http://stolypinsky.club/wp-content/uploads/2015/11/ER-tekst-30.06-1.pdf. Russian industry at the crossroads: What prevents our firms from being competitive. 2007 text Voprosy Ekonomiki 2007 3 4 33 Improvement in property rights protection —dormant reserve of Russia's economic growth?. V. Tambovtsev author 2006 text Voprosy Ekonomiki 2006 1 22 38 Does institutional quality impact innovation? Evidence from cross-country patent grant data. E. Tebaldi author 2013 text Applied Economics 2013 45 7 887 900 Human development report (2015). 2015 text Human Development Report Office. 2015 Modeling the mechanisms of Russian labour market. E. Vakulenko author 2015 text Voprosy Ekonomiki 2015 11 5 29 The problem of credible commitments in the sphere of ownership and the Russian way of vertical political integration. V. Volkov author 2010 text Voprosy Ekonomiki 2010 8 4 27 Global enabling trade report 2014. 2014 text World Economic Forum. 2014 The global competitiveness report 2015-2016. 2015 text World Economic Forum. 2015 The growth report. Strategies for sustained growth and inclusive development. 2008 text World Bank Group. 2008 World development indicators. 2015 text World Bank Group. 2015 Modernization agents. A. Yakovlev author 2006 text Higher School of Economics 2006 I. Yurgens author 2007 Coalitions for the future 2007 10.1016/j.ruje.2016.11.002 https://rujec.org/article/27975/ https://rujec.org/article/27975/download/pdf/ https://rujec.org/article/27975/download/xml/ This article is an attempt to find a grounded answer to the question of why many large-scale economic development programs worked out in Russia from 2000 through 2010 have failed to yield the expected results. To this end, the author has diagnosed the Russian economy, including a comparative analysis against 20 countries at similar levels of development and analyzed both the Russian and global experience in developing and implementing economic programs. The author concludes that the development of the Russian economy is currently hindered by a rigid institutional framework and that growth cannot accelerate without removing it as part of the political process. Based on the analysis of various types of institutional reforms, specific measures are proposed that can ensure the country's evolutional development and can mitigate the economic and social risks threatening Russia if the status quo is maintained. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic reforms economic programs institutions growth diagnostics Institutional constraints and economic development Research Article

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Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia Lomonosov Moscow State University, Moscow, Russia author Pavlova, Natalia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia Lomonosov Moscow State University, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Shastitko, Andrey E. https://orcid.org/0000-0002-6713-069X 2016-11-30 2016-11-30 2016 Russian Journal of Economics 2405-4739 2618-7213 2 375 401 2016 10.1016/j.ruje.2016.11.003 https://rujec.org/article/27976/ https://rujec.org/article/27976/download/pdf/ https://rujec.org/article/27976/download/xml/ This study operationalizes the concept of hostility tradition in antitrust as mentioned by Oliver Williamson and Ronald Coase through erroneous law enforcement effects. The antitrust agency may commit type I, not just type II, errors when evaluating an agreement in terms of cartels. Moreover, firms can compete in a standard way, collude or engage in cooperative agreements that improve efficiency. The antitrust agency may misinterpret such cooperative agreements, committing a type I error (over-enforcement). The model set-up is drawn from Motta and Polo (2003) and is extended as described above using the findings of Ghebrihiwet and Motchenkova (2010). Three effects play a role in this environment. Type I errors may induce firms that would engage in socially efficient cooperation absent errors to opt for collusion (the deserved punishment effect). For other parameter configurations, type I errors may interrupt ongoing cooperation when investigated. In this case, the firms falsely report collusion and apply for leniency, fearing being erroneously fined (the disrupted cooperation effect). Finally, over-enforcement may prevent beneficial cooperation from starting given the threat of being mistakenly fined (the prevented cooperation effect). The results help us understand the negative impact that a hostility tradition in antitrust — which is more likely for inexperienced regimes and regimes with low standards of evidence — and the resulting type I enforcement errors can have on social welfare when applied to the regulation of horizontal agreements. Additional interpretations are discussed in light of leniency programs for corruption and compliance policies for antitrust violations. text/html en_US Non-profit partnership "Voprosy Ekonomiki" antitrust competition collusion cooperation agreements leniency enforcement errors corruption compliance policies Leniency programs and socially beneficial cooperation: Effects of type I errors Research Article

10.1016/j.ruje.2016.11.004 2016-11-30 rujec

International Analytics, Bethesda, Maryland, author Nellis, John 2016-11-30 2016-11-30 2016 Russian Journal of Economics 2405-4739 2618-7213 2 402 429 2016 A. Aslund author 1991 Market socialism or the return of capitalism? Cambridge: 1991 Issues in the introduction of market forces in Eastern European socialist economies. M. Hinds author 1990 text World Bank. 1990 The economy of the USSR: Summary and recommendations. 1990 text World Bank. 1990 Russia: Creating private enterprises and efficient markets. I. Lieberman author 1994 text World Bank. 1994 Nellis, J. (1991a). Improving the performance of Soviet enterprises. World Bank Discussion Papers, No. 118. Back to office report: Privatization in the Republic of Russia. J. Nellis author 1991 text World Bank 1991 Nellis, J. (2008). Leaps of faith: Launching the privatization process in transition. In I. W. Lieberman, & D. J. Kopf (Eds.), Privatization in transition economies: The ongoing story (Contemporary Studies in Economic and Financial Analysis, Vol. 90, pp. 81-136). Emerald Group Publishing Limited. Soviet premier predicts disaster if economic plan wins out: Restructuring: Ryzhkov calls for compromise to keep from plunging the nation into chaos. M. Parks author 1990 text Los Angeles Times 1990 Without a map: Political tactics and economic reform in Russia. A. Shleifer author 2000 text MIT Press. 2000 Stiglitz, J. (1999a). Quis custodiet ipsos custodes? Corporate governance failures in the transition. Paper presented at the Annual Bank Conference on Development Economics, Paris, June 21-23. Stiglitz, J. (1999b). Whither reform? Ten years of transition. Paper presented at the Annual Bank Conference on Development Economics, Washington, DC, April 28-30. 10.1016/j.ruje.2016.11.004 https://rujec.org/article/27977/ https://rujec.org/article/27977/download/pdf/ https://rujec.org/article/27977/download/xml/ By the fall of 1990 the economic position of the USSR had deteriorated to the point where the Gorbachev government sought the advice and assistance of the major Western international financial institutions: the International Monetary Fund, the Organisation for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the World Bank. These IFIs were asked to diagnose the situation and recommend measures to assist in the transition from plan to market. The reform of industrial and manufacturing enterprises was a key issue among the many analyzed. This article's author, from the World Bank, worked on the enterprise reform team. Drawing on extensive notes from 1990 and 1991 interviews with Soviet and Russian officials, reformers and enterprise managers, this article portrays in detail the extent of the economic — and political — dislocation of the Soviet Union in 1990, the acutely uncertain policy and legal environments in which enterprise managers and government overseers tried to function, and the various and sometimes desperate means by which those in the enterprise sector struggled to position themselves for survival in the newly emerging economy. A major theme is the widespread but ultimately fruitless effort on the part of the Soviet and then Russian reformers to find a gradualist, minimally painful way to carry out the transition of enterprises to market operations. One result of that failure was the much-criticized Russian privatization program. The conclusion is that for political as much as economic reasons, the pace of enterprise reform adopted was unavoidable. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Soviet Union Russia economic transition enterprise reform privatization Present at the confusion Research Article

10.1016/j.ruje.2017.02.001 2017-02-28 rujec

Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia author Abramov, Alexander Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia author Radygin, Alexander D. https://orcid.org/0000-0003-2242-9994 Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia author Chernova, Maria 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 1 23 2017 10.1016/j.ruje.2017.02.001 https://rujec.org/article/27978/ https://rujec.org/article/27978/download/pdf/ https://rujec.org/article/27978/download/xml/ This article analyzes the ownership structure of state-owned companies and their role in the Russian economy. Using a sample of 114 of the largest Russian companies, we estimated direct and indirect state participation as a percentage of shareholdings for direct and indirect federal property during the time period of 2006–2014. We used two methods to estimate the role of state-owned enterprises (SOEs), which allowed us to compare our results with OECD and Rosstat statistics for a broader sample of Russian companies owned by the public sector. This study revealed a decline in SOEs’ share in the capitalization of the Russian stock market and a slight increase in their share of total revenues and employment. The results indicated that public SOEs demonstrated significantly higher productivity compared to non-public SOEs and private companies had a distinct advantage in productivity compared with public SOEs. Despite the significant advantages in productivity of private companies over the SOEs, over a 9-year period, we observed that this gap narrowed. This may be due to conditions of high financial volatility and stagnation of the economy that result in certain advantages for SOEs in terms of access to sources of long-term funding and other forms of state support. However, SOEs with indirect state control experienced a rapid growth in revenue and productivity compared to other firms. This may indicate the presence of a specific stock selection mechanism for transferring more effective SOEs from direct state ownership to indirect control as an alternative to privatization. text/html en_US Non-profit partnership "Voprosy Ekonomiki" state ownership state-owned enterprises privatization capitalization private companies direct ownership indirect ownership State-owned enterprises in the Russian market: Ownership structure and their role in the economy Research Article

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Central Economics and Mathematics Institute, Moscow, Russia Moscow School of Economics, Lomonosov Moscow State University, Moscow, Russia author Polterovich, Victor 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 24 41 2017 Swed: Transition through collective bargaining. K. Ahlberg author R. Blanpain author 2005 text Collective bargaining and wages in comparative perspective: Germany, France, the Netherlands, Sweden and the United Kingdom 2005 117 144 The pursuit of absolute integrity: How corruption control makes government ineffective. F. Anechiarico author 1996 text University of Chicago Press 1996 Which human qualities can economic liberalism be based on?. V. Avtonomov author 2015 text Voprosy .Ekonomiki 2015 9 5 24 The evolution of cooperation. R. Axelrod author 2006 text Basic Books 2006 Trust in economy and social life. A.V. Belyanin author 2010 text The Liberal Mission Foundation 2010 Tolerance as value-neutrality in the seventeenth century Dutch Republic. А. Bikk author 2007 text The Nightingale-Bamford School 2007 Microeconomics: Behavior, institutions, and evolution. S. Bowles author 2011 text Delo 2011 A cooperative species. Human reciprocity and its evolution. S. Bowles author 2011 text Princeton University Press 2011 The costs of bankruptcy: A review. B. Branch author 2002 text International Review of Financial Analysis 2002 11 2 39 57 Co-opetition. A. Brandenburger author 1996 text Broadway Business 1996 Networks, law, and the paradox of cooperation. B. Caplan author 2003 text Review of Austrian Economics 2003 16 4 309 326 The cost of cooperation. T. Cowen author 1999 text Review of Austrian Economics 1999 12 2 161 173 Conflict, cooperation and competition in anarchy. T. Cowen author 2005 text The Review of Austrian Economics 2005 18 1 109 115 Corporate soсial responsibility and sustainable business. A guide to leadership tasks and functions. A. D’Amato author 2009 text CCL Press 2009 The prospects of cosmopolitanism and the possibility of global justice. G. Delanty author 2014 text Journal of Sociology 2014 50 2 213 228 How general is trust in “most people”? Solving the radius of trust problem. J. Delhey author 2011 text American Sociological Review 2011 76 5 786 807 The evolution of business organization forms. V. Dementiev author 2015 September text 2015 September Dixit, A., & Levin, S. (2016). Social creation of pro-social preferences for collective action. Unpublished manuscript, Princeton University. Long-term historical trends in violent crime. M. Eisner author 2003 text 2003 Solving the puzzle of prosociality. H. Gintis author 2003 text Rationality and Society 2003 15 2 155 187 The Golden Rule of morality. A.A. Guseinov author 1972 text Vestnik MGU. Seria Philosophiya 1972 4 53 63 Hugh-Jones, D. (2015). Honesty and beliefs about honesty in 15 countries. Unpublished manuscript, University of East Anglia. MITI and the Japanese miracle: The growth of industrial policy, 1925-1975. Ch. Johnson author 1982 text Stanford University Press 1982 To perpetual peace: A philosophical sketch. I. Kant author 1994 text 1994 The origins and evolution of leadership. A.J. King author 2009 text Current Biology 2009 19 19 911 916 The Ethics of competition and other essays. F.H. Knight author 2014 text Martino Publ 2014 Innovation and continuity in socialization, internalization, and acculturation. L. Kuczynski author M. Killen author 2014 text Handbook of moral development 2014 93 112 The evolution of altruism in humans. R. Kurzban author 2015 text Annual Review of Psychology 2015 66 1 575 599 Patterns of democracy. Government forms and performance in thirty-six countries. A. Lijphart author 2012 text Yale University Press 2012 Parliamentary committees: Changing perspective on changing institutions. L.D. Longley author L.D. Longley author 1998 text The new roles of parliamentary committees 1998 1 20 Tolerance of cheating: An analysis across countries. J.R. Magnus author 2002 text Journal of Economic Education 2002 3 2 125 135 Metcalfe, S., Ramlogan, R., & Uyarra, E. (2002). Economic development and the competitive process. CRC Working Paper Series, No. 36. The impact of public policy on social and moral norms: Some examples. K. Nyborg author 2003 text Journal of Consumer Policy 2003 26 3 259 277 Society at a glance 2011: OECD social indicators. 2011 text OECD Publ 2011 The dynamics and determinants of social capital in the European Union and neighbouring countries. E. Parts author 2013 text Search working paper 2013 The social psychology of leadership. M.I. Platow author S.G. Harkins author 2016 text The Oxford handbook of social influence. 2016 Elements of the theory of reforms. V.M. Polterovich author 2007 text Ekonomika (In Russian) 2007 From social liberalism towards the philosophy of collaboration. V.M. Polterovich author 2015 text Obshchestvennye Nauki i Sovremennost 2015 4 41 64 Polterovich, V.M. (2016a). Institutional reforms and civic culture. Paper presented at the XVII April International Academic Conference on Economic and Social Development by NRU HSE, Moscow, April 19-22.(In Russian). Institutions of catching-up development (Towards the project of a new model of economic development of Russia). V.M. Polterovich author 2016 text Ekonomicheskie i Sotsialnye Peremeny: Fakty, Tendentsii, Prognos 2016 5 47 34 56 Mortgage formation in catching-up economies. A problem of institutional transplantation. V.M. Polterovich author 2007 text Nauka (In Russian) 2007 Utopian capitalism. A history of the market idea. P. Rosanvallon author 2007 text NLO (In Russian) 2007 Freefall: America, free markets, and the sinking of the world economy. J. Stiglitz author 2010 text W. W. Norton 2010 Planning a free economy: Germany 1945-1960. W.F. Stolper author 1979 text Zeitschrift für die gesamte Staatswissenschaft (Journal of Institutional and Theoretical Economics) 1979 135 3 374 404 Patience and prosperity. H. Strulik author 2012 text Journal of Economic Theory 2012 147 1 336 352 The history of the bankruptcy laws in the United States. C.J. Tabb author 1995 text ABI Law Review 1995 3 5 5 51 Understanding the rise and decline of the Japanese main bank system: The changing effects of bank rent extraction. X. Wu author 2012 text Journal of Banking & Finance 2012 36 1 36 50 Associations—business—state. Classic and modern forms of relations in the Western countries. A. Yu. Zudin author 2009 text HSE Publ. (In Russian) 2009 10.1016/j.ruje.2017.02.002 https://rujec.org/article/27980/ https://rujec.org/article/27980/download/pdf/ https://rujec.org/article/27980/download/xml/ This article proposes that two types of collaboration can be distinguished: a positive collaboration (not directed against third parties) and negative collaboration. I consider the hypothesis that in the process of social development, the transaction costs ratio of the three main types of coordination — competition, power, and collaboration — is changing in favor of the latter. The article examines the mechanisms that are responsible for the implementation of this tendency and attempts to explain its nonmonotonicity. It is shown that the strengthening role of positive collaboration is largely explained by cultural changes, including the enhancement of tolerance culture, spread of cosmopolitanism and altruism, and increase in the planning horizon as well as trust radius. I demonstrate the importance of the institutions that support positive collaboration in the process of catching-up development; it is shown that shock reforms could lead to the formation of negative collaboration mechanisms. A program of interdisciplinary research is outlined for the further development of these ideas. text/html en_US Non-profit partnership "Voprosy Ekonomiki" coordination positive and negative collaboration golden rule of morality transaction costs tolerance cosmopolitanism altruism radius of trust catching-up development Positive collaboration: Factors and mechanisms of evolution Research Article

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Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Lyubimov, Ivan https://orcid.org/0000-0002-0646-7264 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 42 53 2017 Income distribution and development: Some stylized facts. M. Ahluwalia author 1976 a text American Economic Review 1976 a 66 2 128 135 Inequality, poverty and development. M. Ahluwalia author 1976 b text Journal of Development Economics 1976 b 6 3 299 341 Inequality and growth in a panel of countries. R. Barro author 2000 text Journal of Economic Growth 2000 5 1 5 32 Income distribution, development and foreign trade: A cross sectional analysis. F. Bourguignon author 1990 text European Economic Review 1990 34 6 1113 1132 Bussolo, M., De Hoyos, R., Medvedev, D., & van der Mensbrugghe, D. (2007). Global growth and distribution: Are China and India reshaping the world? World Bank Policy Research Working Paper Series, No. 4392. Economic development, income inequality and Kuznets’ U-shaped hypothesis. F. Campano author 1988 text Journal of Policy Modeling 1988 10 2 265 280 Credit Suisse (2013). Global wealth report 2013: Thought leadership from Credit Suisse Research and the world's foremost experts. Zurich: Global Suisse Research Institute. A new data set measuring income inequality. K. Deininger author 1996 text World Bank Economic Review 1996 10 3 565 591 New ways of looking at old issues: Inequality and growth. K. Deininger author 1998 text Journal of Development Economics 1998 57 2 259 287 Denisova, I. (2012) Income distribution and poverty in Russia. OECD Social, Employment and Migration Working Papers, No. 132. Gallup J. (2012) Is there a Kuznets curve? Unpublished manuscript, Portland State University. Higgins, M., & Williamson, J. (1999). Explaining inequality the world round: Cohort size, Kuznets curves and openness. NBER Working Paper, No. 7224. Economic growth and income inequality. S. Kuznets author 1955 text American Economic Review 1955 45 1 1 28 Milanovic, B., Lindert, P., & Williamson, J. (2007). Measuring ancient inequality. World Bank Policy Research Working Paper, No. 4412. The effect on income distribution of development, the growth rate and economic strategy. G. Papenek author 1986 text Journal of Development Economics 1986 23 1 55 65 La répartition du revenu а différents niveaux de developpement: Quelques aspects concrets. F. Paukert author 2007 text Revue Internationale du Travail 2007 108 103 134 Capital in the 21st century. T. Piketty author 2014 text Harvard University Press. 2014 Saving capitalism from the capitalists. R. Rajan author 2004 text Princeton University Press. 2004 Economic development and inequality. An overlooked regression constraint. R. Ram author 1988 text Economic Development and Cultural Change 1988 43 2 425 434 Development and distribution: a critique of the cross-country U-hypothesis. A. Saith author 1983 text Journal of Development Economics 1983 13 3 367 382 Income inequality and economic development: Evidence from the threshold regression model. A. Savvidesa author 2000 text Economics Letters 2000 69 2 207 212 Russian regions: Inequality, crisis, modernization. N. Zubarevich author 2010 text Independent Institute for Social Policy 2010 10.1016/j.ruje.2017.02.003 https://rujec.org/article/27981/ https://rujec.org/article/27981/download/pdf/ https://rujec.org/article/27981/download/xml/ This paper compares two popular views on the evolution of income inequality. The article by Simon Kuznets, which was published in American Economic Review in 1955, considers inequality as a byproduct of economic growth and suggests that a relatively rich economy should also be less unequal. In contrast, Thomas Piketty indicates that inequality is progressing, and an internationally coordinated policy is required to bring inequality under control. My paper applies the arguments of Kuznets and Piketty to the problem of income inequality in modern Russia. text/html en_US Non-profit partnership "Voprosy Ekonomiki" income inequality economic growth labor income economic rents CEOs Income inequality revisited 60 years later: Piketty vs Kuznets Research Article

10.1016/j.ruje.2017.02.004 2017-02-28 rujec

Center for Integration Studies, Eurasian Development Bank, St. Petersburg, Russia author Vinokurov, Evgeny Y. https://orcid.org/0000-0002-9584-3494 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 54 70 2017 10.1016/j.ruje.2017.02.004 https://rujec.org/article/27982/ https://rujec.org/article/27982/download/pdf/ https://rujec.org/article/27982/download/xml/ This paper assesses the current results of the establishment of the Eurasian Economic Union (EAEU). On the one hand, the EAEU has not been an impeccable “success story”. The EAEU's progress has slowed after initial rapid progress. On the other hand, it has achieved much. The EAEU is best viewed not as an exception to general rules of regional economic integration, but rather as a functioning customs union with its own successes and stumbling blocks, enriched by several additional quite developed areas of economic integration. This paper reviews the state of Eurasian institutions, the single market for goods and services, the state of mutual trade and investment flows among member states, ongoing work to eliminate non-tariff barriers, problems pertaining to the efficient coordination of macroeconomic policies, progress toward establishing an EAEU network of free trade areas, the state of the common labor market, and the dynamics of public opinion relative to Eurasian integration in the five member states. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Eurasian Economic Union regional integration customs union common market non-tariff barriers free trade area foreign direct investments Eurasian Economic Union: Current state and preliminary results Research Article

10.1016/j.ruje.2017.02.005 2017-02-28 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Berezinskaya, Olga https://orcid.org/0000-0002-6050-8186 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 71 82 2017 10.1016/j.ruje.2017.02.005 https://rujec.org/article/27983/ https://rujec.org/article/27983/download/pdf/ https://rujec.org/article/27983/download/xml/ The investment drought of 2013–2015 in Russia is the first prolonged period of no capital investment growth in the last 17 years. After stagnation in 2013–2014, fixed capital investments in real terms have systemically lagged behind industrial output growth and GDP. Lack of capital expenditures not only lowers demand and inhibits growth of construction, machinery, industrial production and the economy as a whole, but also preserves existing structural imbalances and technological gaps in the Russian economy. The duration of investment drought and its significant disincentivizing effect on current and expected growth of the Russian economy suggest the importance of analyzing structural characteristics of the investment process and triggers of capital investment. text/html en_US Non-profit partnership "Voprosy Ekonomiki" fixed capital investments investment drought Investment drought in the Russian economy: Structural characteristics and turnaround perspectives Research Article

10.1016/j.ruje.2017.02.006 2017-02-28 rujec

National Research University Higher School of Economics, Moscow, author Vakulenko, Elena Economic Expert Group, Moscow, Russia author Leukhin, Roman 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 83 100 2017 10.1016/j.ruje.2017.02.006 https://rujec.org/article/27984/ https://rujec.org/article/27984/download/pdf/ https://rujec.org/article/27984/download/xml/ We try to determine with the help of the Oaxaca–Blinder decomposition technique whether foreign workers are discriminated against in Russia. We use the Russian Ministry of Labor (Rostrud) data on migrants’ applications and the Russian Longitudinal Monitoring Survey (RLMS, provided by the Higher School of Economics) for the period 2009–2013. We show that there is significant discrimination against foreign workers. The average salary of Russian workers with the same level of productivity as migrants exceeds migrants’ average salary by 40%. The industries in which the workers are employed have made most substantial contribution to the discrimination gap. Moreover, there is evidence that the lower salaries of foreign workers do not reduce the salaries of Russians employed in similar positions. text/html en_US Non-profit partnership "Voprosy Ekonomiki" discrimination Oaxaca–Blinder decomposition international labor migration Wage discrimination against foreign workers in Russia Research Article

10.1016/j.ruje.2017.02.007 2017-02-28 rujec

Brunel University London, United Kingdom author Maria Caporale, Guglielmo National Research University Higher School of Economics, Moscow, Russia author Zakirova, Valentina 2017-02-28 2017-02-28 2017 Russian Journal of Economics 2405-4739 2618-7213 3 1 101 108 2017 10.1016/j.ruje.2017.02.007 https://rujec.org/article/27979/ https://rujec.org/article/27979/download/pdf/ https://rujec.org/article/27979/download/xml/ This research note investigates whether or not calendar anomalies (such as the January, day-of-the-week and turn-of-the-month effects) characterize the Russian stock market, which could be interpreted as evidence against market efficiency. Specifically, OLS, GARCH, EGARCH and TGARCH models are estimated using daily data for the MICEX market index over the period Sept. 1997–Apr. 2016. The empirical results show the importance of taking into account transactions costs (proxied by the bid-ask spreads): once these are incorporated into the analysis, calendar anomalies disappear, and therefore, there is no evidence of exploitable profit opportunities based on them that would be inconsistent with market efficiency. text/html en_US Non-profit partnership "Voprosy Ekonomiki" calendar effects Russian stock market transaction costs Calendar anomalies in the Russian stock market Research Article

10.1016/j.ruje.2017.06.001 2017-05-31 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Mau, Vladimir 2017-05-31 2017-05-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 109 128 2017 10.1016/j.ruje.2017.06.001 https://rujec.org/article/27985/ https://rujec.org/article/27985/download/pdf/ https://rujec.org/article/27985/download/xml/ Economic growth is a primary challenge of the political agenda of leading countries, including Russia. This study discusses existing hypotheses that are related to “secular stagnation” and the “productivity paradox”, which include the demand side of the problem (cyclical factors), special features of technological innovations (technological factors), anti-crisis policy that prevents “creative destruction” (political factors), and the irrelevance of the GDP measurement (statistical problems). Limits to growth contribute to a new global policy trend and the emerging of populism; this study discusses the prospects of the transformation from political populism to economic populism. Global challenges provide the basis for a more extensive analysis of Russian economic development and, particularly, the results of the 2015–2016 anti-crisis policy, which helped the Russian economy to adapt to new economic realities of the post-crisis world. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy structural crisis new model of growth Russia Lessons in stabilization and prospects for growth: Russia's economic policy in 2016 Research Article

10.1016/j.ruje.2017.06.002 2017-05-31 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Abramov, Alexander Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia Gaidar Institute for Economic Policy, Moscow, author Radygin, Alexander D. https://orcid.org/0000-0003-2242-9994 Russian Academy of Sciences, Moscow, Russia author Entov, Revold M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Chernova, Maria 2017-05-31 2017-05-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 129 157 2017 10.1016/j.ruje.2017.06.002 https://rujec.org/article/27986/ https://rujec.org/article/27986/download/pdf/ https://rujec.org/article/27986/download/xml/ This study examines the influence of state participation in the ownership structure of companies on their financial efficiency using a sample of 114 largest companies in Russia. As an indirect indicator of efficiency, we used a variety of financial indicators: revenue per employee (gross margin), return on equity, profit margin and debt burden. The effects of direct and indirect state ownership are considered separately. Using econometric analysis, we conclude that the dominance of the block of shares owned by the state has a negative effect on the performance characteristics, and its increase is associated with an increase in the debt burden of the companies. According to our criteria, state-owned enterprises (SOEs) perform worse on average than private companies. The mechanism of how changes in the “real sector” affect profitability is examined particularly closely. The study shows that a change in the profitability of private companies is characterized by a significant dependence on the movement of labor productivity characteristics. At the same time, for SOEs, a similar correlation was not revealed. These companies demonstrated no visible relationship between their profitability and performance characteristics. The study shows that increases in the size of direct government ownership lead to lower labor productivity and profitability; the impact of indirect ownership is, seemingly, more complicated. text/html en_US Non-profit partnership "Voprosy Ekonomiki" state-owned enterprises private companies performance labor productivity profitability privatization mixed ownership direct and indirect state ownership State ownership and efficiency characteristics Research Article

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National Research University Higher School of Economics, Moscow, Russia author Vasilyev, Dmitry National Research University Higher School of Economics, Moscow, Russia author Busygin, Vladimir Novosibirsk State University, Novosibirsk, Russia author Busygin, Sergey 2017-05-31 2017-05-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 158 173 2017 10.1016/j.ruje.2017.06.003 https://rujec.org/article/27987/ https://rujec.org/article/27987/download/pdf/ https://rujec.org/article/27987/download/xml/ The failure of uncovered interest rate parity (UIP) is a well-known phenomenon of the last thirty years. UIP failure is more prominent in advanced economies than in emerging market economies. Typically, UIP estimation for an advanced economy generates a negative coefficient, meaning that a higher interest rate in advanced economy A will result in the appreciation of economy A's exchange rate. For emerging market economies, higher interest rates usually correspond to future depreciation, although this depreciation is not sufficient for UIP to hold. This paper shows that UIP holds in Russia better than in other emerging market economies when the UIP equation accounts for a constant risk premium. Consequently, there is no forward premium puzzle for Russian data for 2001–2014. To determine the results for Russia and to compare them with the results for other countries, we estimate UIP first for Russia and then for advanced and emerging market economies using seemingly unrelated regressions and panel data analysis. By comparing the profitability of static and dynamic carry trade strategies, we also confirm that in emerging market economies, risk premiums are often constant, whereas in advanced economies, risk premiums are almost always volatile. This may explain why UIP holds better in emerging market economies. It also enables us to formulate a hypothesis that macroeconomic policies of emerging market economies (e.g., the accumulation of large foreign exchange reserves) stabilize risk premiums. text/html en_US Non-profit partnership "Voprosy Ekonomiki" interest parity forward premium puzzle carry trade risk premium foreign exchange reserves Testing and interpreting uncovered interest parity in Russia Research Article

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University of Greenwich, London, United Kingdom author Sosnovskikh, Sergey https://orcid.org/0000-0002-3744-740X 2017-05-31 2017-05-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 174 199 2017 Innovation clusters in the Russian economy: Economic essence, concepts, approaches. I. Ablaev author 2015 text Procedia Economics and Finance 2015 24 3 12 Special economic zones: Revisiting the policy debate. A. Aggarwal author 2006 text Economic & Political Weekly 2006 41 43–44 4533 4536 Economic impacts of SEZs: Theoretical approaches and analysis of newly notified SEZs in India. A. Aggarwal author 2010 text MPRA Paper 2010 20902 Promoting agglomeration economies and industrial clustering through SEZs: Evidence from India. A. Aggarwal author 2011 text Journal of International Commerce, Economics and Policy 2011 2 2 201 227 Special economic zones: Performance, lessons learned, and implications for zone development (Working Paper No. 45869). G. Akinci author 2008 text World Bank, Foreign Investment Advisory Service (FIAS). 2008 The decline of the industrial district of Como: Recession, relocation or reconversion?. F.G. Alberti author 2006 text Entrepreneurship & Regional Development 2006 18 6 473 501 Angulo-Cuentas, G., Arenas Diaz, P., Carballido, L., & Lizarazo, M. (2013). Science and technology parks’characterization based on their business model. Paper presented at the 22nd International Conference on Management of Technology. https://doi.org/10.13140/RG.2.1.4173.9689. Russian small business, authorities and the state. N. Barkhatova author 2000 text Europe-Asia Studies 2000 52 4 657 676 Investing in free export processing zones. A. Basile author 1984 text Development Centre of the Organisation for Economic Co-operation and Development. 1984 From industrial districts to local development: An itinerary of research. G. Becattini author 2003 text Northhampton, MA: Edward Elgar. 2003 Evolution of “designed” industrial symbiosis networks in the Ulsan Eco-industrial Park: “Research and development into business” as the enabling framework. S.K. Behera author 2012 text Journal of Cleaner Production, 29-30 2012 103 112 The new competitive advantage: The renewal of American industry. M.H. Best author 2001 text Oxford University Press. 2001 Policies for small and medium-sized enterprises (SMEs). P. Bianchi author W. Elsner author 2000 text Industrial policies after 2000 2000 321 343 Clusters, Models, factors and characteristics. C. Boja author 2011 text International Journal of Economic Practices and Theories 2011 1 1 34 43 “Going global in groups”: Structural transformation and China's special economic zones overseas. D. Bräutigam author 2014 text Economic Transformation in Africa 2014 63 78 91 Clusters, networks and innovation. S. 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Landingin author 2005 text Journal of International Development 2005 17 1 67 96 Firm networks: External relationships as sources for the growth and competitiveness of entrepreneurial firms. C. Lechner author 2003 text Entrepreneurship & Regional Development 2003 15 1 1 26 Corruption and institutions in Russia. M. Levin author 2000 text European Journal of Political Economy 2000 16 1 113 132 Science and technology parks in Italy: main features and analysis of their effects on the firms hosted. D. Liberati author 2016 text Journal of Technology Transfer 2016 41 4 694 729 Managerial trials of privatization: Retooling Russian managers. C.O. Longenecker author 1994 text Business Horizons 1994 37 6 35 43 Principles of economics. A. Marshall author 2013 text Palgrave Macmillan 2013 Towards a knowledge-based theory of the geographical cluster. P. Maskell author 2001 text Industrial and Corporate Change 2001 10 4 921 943 Localised learning and industrial competitiveness. P. Maskell author 1999 text Cambridge Journal of Economics 1999 23 2 167 185 Special economic zones in Russia: Results evaluation and development prospects. V.Y. Maslikhina author 2016 text International Journal of Economics and Financial Issues 2016 6 S1 275 279 The entrepreneurial state: Debunking public vs. private sector myths. M. Mazzucato author 2015 text PublicAffairs. 2015 The theory and practice of free economic zones: A case study of Tianjin. G. Meng author 2003 text University of Heidelberg 2003 Knowledge-sharing hostility in Russian firms. S. Michailova author 2003 text California Management Review 2003 45 3 59 77 The political economy of special economic zones. L. Moberg author 2015 text Journal of Institutional Economics 2015 11 1 167 190 Reading business park: A Bronze Age landscape. J. Moore author 1993 text Oxford University School of Archaeology. 1993 Science and technology parks, tools for a leap into future. M. Moudi author 2011 text Interdisciplinary Journal of Contemporary Research in Business 2011 3 8 1168 1176 Business moves to the industrial park. R.T. Murphy author 1959 text Harvard Business Review 1959 37 3 79 88 Re-spatializing development: Reflections from South Africa's recent re-engagement with planning for Special Economic Zones. E.L. Nel author 2014 text Urbani Izziv 2014 25 24 35 Introduction to business law in Russia. P.V. Orlov author 2013 text Ashgate Publishing. 2013 Clarifying business models: Origins, present, and future of the concept. A. Osterwalder author 2005 text Communications of the Association for Information Systems 2005 16 1 1 27 Collective efficiency, policy inducement and social embeddedness: Drivers for the development of industrial districts. M.D. Parrilli author 2009 text Entrepreneurship & Regional Development 2009 21 1 1 24 State entrepreneurship and regional development: Singapore's industrial parks in Batam and Suzhou. A.A. Pereira author 2004 text Entrepreneurship & Regional Development 2004 16 2 129 144 Beyond the linear view of innovation in science park evaluation. An analysis of Western Australian Technology Park. J. Phillimore author 1999 text Technovation 1999 19 11 673 680 The economic performance of regions. M. Porter author 2003 text Regional Studies 2003 37 6–7 549 578 The competitive advantage of nations. M.E. Porter author 1990 text Free Press. 1990 Location, competition, and economic development: Local clusters in a global economy. M.E. Porter author 2000 text Economic Development Quarterly 2000 14 1 15 34 Special economic zones. S. Prihodko author 2007 text IET 2007 The role of science parks and business incubators in converging countries: Evidence from Portugal. T. Ratinho author 2010 text Technovation 2010 30 4 278 290 The cluster development potential of a regional economy. O.A. Romanova author 2008 text Studies on Russian Economic Development 2008 19 4 366 375 Industrial parks in Russia: Conceptual development of the project. D. Sandler author 2015 text Economy of Region 2015 41 1 76 88 Industrial districts in Europe: Policy lessons for developing countries?. H. Schmitz author T. Hashino author 2016 text Industrial districts in history and the developing world 2016 117 151 Clustering and industrialization: Introduction. H. Schmitz author 1999 text World Develop- ment 1999 27 9 1503 1514 Clusters for competitiveness: A practical guide and policy implications for developing cluster initiatives. M. Shakya author 2009 text World Bank. 2009 Competition policy during a crisis. A. Shastitko author 2009 text Problems of Economic Transition 2009 52 5 74 95 Singapore's overseas industrial parks. M.P. Shaw author 2000 text Regional Studies 2000 34 2 199 206 Cluster-based industrial development: An East Asian model. T. Sonobe author 2006 text Palgrave Macmillan. 2006 Critical success factors for technological incubation: Case study of Hong Kong science and technology parks. H. Sun author 2007 text International Journal of Management 2007 24 2 346 A comparison of the dynamics of industrial clustering in computing and biotechnology. P. Swann author 1996 text Research Policy 1996 25 7 1139 1157 Michael Porter's cluster theory as a local and regional development tool: The rise and fall of cluster policy in the UK. J. Swords author 2013 text Local Economy 2013 28 4 369 383 Fiscal implications of special economic zones (SEZs) expansion in India: A resource cost approach. M.L. Tantri author 2015 text Journal of International Commerce, Economics and Policy 2015 6 1 1550006 The conception of Titanium Valley. D. Tolmachev author 2011 text Development Corporation of Mid-Ural, Analytical Centre “Expert- Ural”, Centre for Regional Economic Development of Graduate School of Economics and Management of the Ural Federal University. 2011 Competition in Russian industry (1995-2002). S.V. Tsukhlo author 2007 text Problems of Economic Transition 2007 49 11 5 92 The strong state in Russia: Development and crisis. A. Tsygankov author 2014 text Oxford University Press. 2014 Tyler, W.G., & Negrete, A.C. A. (2009). Economic growth and export processing zones: An empirical analysis of policies to cope with Dutch disease. Paper presented at the Latin American Studies Association 2009 Congress, Rio de Janeiro, June 11-14. Volkonitskaia, K. (2015). Business models of technoparks in Russia (Basic Research Program Working Papers No. WP BRP 55/STI/2015). Moscow: National Research University Higher School of Economics, Institute of Statistical Studies and Economy of Knowledge. The economic impact of Special Economic Zones: Evidence from Chinese municipalities. J. Wang author 2013 text Journal of Development Economics 2013 101 133 147 How do entrepreneurs in clusters contribute to economic growth?. K. Wennberg author 2007 text Stockholm School of Economics 2007 Problems and prospects of special economic zones in Russia. K.V. Yankov author 2016 text Studies on Russian Economic Development 2016 27 3 311 317 China's special economic zones and industrial clusters: The engines for growth. D.Z. Zeng author 2012 text Journal of International Commerce, Economics and Policy 2012 3 3 1250016 Special economic zones: Lessons from the global experience. D.Z. Zeng author 2016 text PEDL Synthesis Paper Series 2016 1 The emergence of corporate governance in Russia. S.M. Puffer author 2003 text Journal of World Business 2003 38 4 284 298 10.1016/j.ruje.2017.06.004 https://rujec.org/article/27988/ https://rujec.org/article/27988/download/pdf/ https://rujec.org/article/27988/download/xml/ This paper investigates the process of developing and implementing special economic zones (SEZs) and industrial parks in Russia. Governments commonly use SEZ policies to develop and diversify exports, create jobs and launch technology/knowledge sharing. The industrial cluster concept is based on the significance of rivalry and supplier networks within the cluster, the combination of geographical specificities and government policies that lead to innovation and productivity growth. This study reveals that in Russia the government′s approach in developing these initiatives has strongly interfered with business activities and prevented the vital competitive and collaborative behavior of firms within these economic zones. text/html en_US Non-profit partnership "Voprosy Ekonomiki" industrial cluster special economic zone industrial park Russia state competition collaboration innovation Industrial clusters in Russia: The development of special economic zones and industrial parks Research Article

10.1016/j.ruje.2017.06.005 2017-05-31 rujec

Russian Presidential Academy of National Economy and Public Administration, Lomonosov Moscow State University (Moscow, Russia), author Shastitko, Andrey E. https://orcid.org/0000-0002-6713-069X Centre d’Economie de la Sorbonne, University of Paris (Panthéon-Sorbonne), Paris, France author Ménard, Claude 2017-05-31 2017-05-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 200 220 2017 Why nations fail: The origins of power, prosperity and poverty. D. Acemoglu author 2012 text 2012 Uncertainty, evolution and economic theory. A. Alchian author 1950 text Journal of Political Economy 1950 58 3 211 221 Trade policy objectives of private companies as a tool for regulation and competition: World experience and attempt to forecast. S. Avdasheva author 2013 text Ekonomicheskaya Politika 2013 5 106 126 Disorganization. O. Blanchard author 1997 text Quarterly Journal of Economics 1997 112 4 1091 1126 Choosing what to choose. J. Buchanan author 1994 text Journal of Institutional and Theoretical Economics 1994 150 1 123 135 The firm, the market and the law. R. Coase author 1993 text 1993 An interview with Ronald Coase. R. Coase author 1999 text Newsletter of the International Society for New Institutional Economics 1999 2 1 3 10 Economic behavior and institutions. T. Eggertsson author 2001 text 2001 Institutions and economic theory: The contribution of the new institutional economics. E. Furubotn author 2005 text 2005 Intermediary is not what you thought about (Lessons for economic policy). S. Golovanova author 2016 text Ekonomicheskaya Politika 2016 1 43 60 Institutions and the path to the modern economy: Lessons from medieval trade. A. Greif author 2006 text 2006 Incomplete contracts and the theory of the firm. O.D. Hart author 2001 text In O.Williamson & S.WinterThe nature of the firm 2001 206 236 The use of knowledge in society. F.A. Hayek author 1945 text American Economic Review 1945 35 4 519 530 Transaction cost economics, antitrust rules, and remedies. P. Joskow author 2002 text Journal of Law, Economics and Organization 2002 18 1 95 116 Vertical integration. P. Joskow author 2008 text In C.Ménard & M.ShirleyThe handbook of new institutional economics 2008 319 348 The make or buy decisions: Lessons from empirical studies. P. Klein author 2008 text In C.Ménard & M.ShirleyThe handbook of new institutional economics 2008 435 464 Institutions: From import to raising (Lessons from the Russian reforms and opportunities for cultivation of institutional change). Ya. Kouzminov author 2005 text Voprosy Ekonomiki 2005 5 5 27 Regulatory impact assessment and the modernization of the system of state regulation. P.V. Kryuchkova author 2006 text Obshhestvennye Nauki i Sovremennost 2006 4 21 31 Regulation and development. J.J. Laffont author 2005 text 2005 A theory of incentives in procurement and regulation. J.J. Laffont author 1993 text 1993 The entrepreneurial theory of the firm and the theory of the entrepreneurial firm. R.N. Langlois author 2007 text Journal of Management Studies 2007 44 7 1107 1124 An Austrian theory of the firm: Retrospect and prospect. R.N. Langlois author 2013 text Review of Austrian Economics 2013 26 3 247 258 Allocative efficiency and X-efficiency. H. Leibenstein author 1966 text American Economic Review 1966 56 3 392 415 . K. Marx author 1983 text 1983 The costs of organization. S. Masten author 1991 text Journal of Law, Economics and Organization 1991 7 1 1 25 The economics of hybrid organizations. C. Ménard author 2004 text Journal of Institutional and Theoretical Economics 2004 160 3 1 32 Methodological issues in the new institutional economics. C. Ménard author 2001 text Journal of Economic Methodology 2001 8 1 85 92 Hybrid modes of organization. C. Ménard author 2013 text In R.Gibbons & J.RobertsThe handbook of organizational economics 2013 1066 1108 Organization and governance in the agri-food sector: How can we capture their variety?. C. Ménard author 2017 text Agribusiness: An International Journal. 2017 MénardC. & ShirleyM. (2005). The handbook of new institutional economics. MénardC. & ShirleyM. (2005). The handbook of new institutional economics.. Berlin, Dordrecht, New York: Springer. Structure and change in economic history. D.C. North author 1981 text 1981 Institutions, institutional change and economic performance. D.C. North author 1997 text 1997 Violence and social orders. D.C. North author 2009 text 2009 The market for institutions versus the strong hand of the state: The case of Eastern Europe. S. Pejovich author 1996 text In B.Dallago & L.MittoneEconomic institutions, markets and competition 1996 111 126 Misuse of institutions: Its causes and consequences. L. Polishchuk author 2008 text Voprosy Ekonomiki 2008 8 28 44 Economic institutions transplantation. V. Polterovich author 2001 text Ekonomicheskaya Nauka Sovremennoy Rossii 2001 3 24 50 The practice and possible consequences of the antitrust regulation of trade policies run by private companies. T.А. Radchenko author 2013 text 2013 Regulation of trade policy of a private company: Theory, practice and implications for antitrust. Т.А. Radchenko author 2013 text Ekonomicheskaya Politika 2013 5 81 105 The theory of the firm and the structure of the franchise contract. P.H. Rubin author 1978 text Journal of Law and Economics 1978 21 1 223 233 An entrepreneurial theory of the firm. F. Sautet author 2000 text 2000 Neoinstitutional approach in economic analysis: Challenges. А.E. Shastitko author 1998 text In V.L.TambovtsevFactor of transaction costs in theory and practice of Russian reforms: Roundtable discussion at Moscow State University 24/04/1997 1998 123 152 The new institutional economics. А Shastitko author 2010 text 2010 Antitrust in Russia: To be or not to be?. A. Shastitko author 2012 text Ekonomicheskaya Politika 2012 3 50 69 Economic effects of errors in law enforcement and enactment. А.E. Shastitko author 2013 text 2013 Methodological status of the New institutional economics. A.E. Shastitko author 2013 text Zhurnal Ekonomicheskoy Teorii 2013 4 36 47 Is it worth to protect competition from intellectual property rights?. A. Shastitko author 2013 text Voprosy Ekonomiki 2013 8 60 82 Why do we need competition policy, if there is a commercial one?. А Shastitko author 2014 text Ekonomicheskaya Politika 2014 4 42 59 Competition issues in the procurement of capitallargest consumer products (Lessons of antitrust case). А. Shastitko author 2014 text Ekonomicheskaya Politika 2014 1 67 89 Investigation of collusion in procurement of one Russian large buyer. A. Shastitko author 2014 text World Competition 2014 36 2 235 247 The wealth of nations. A. Smith author 2007 text 2007 An institutional theory of public contracts: Regulatory implications. P. Spiller author 2009 text In C.Ménard & M.GhertmannRegulation, deregulation, reregulation. Institutional perspectives 2009 45 66 Stiglitz, J. (2001). Information and the change in the paradigm in economics. Prize lecture. Available at http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2001/stiglitzlecture.pdf Principles and methods of economic analysis of regulations. V.L. Tambovtsev author 2001 text In V.L.TambovtsevEconomic analysis of regulations 2001 4 85 The institutional market as a mechanism for institutional changes. V.L. Tambovtsev author 2001 text Obshchestvennye Nauki i Sovremennost 2001 5 25 38 The economic institutions of capitalism: Firms, markets, relational contracting. O. Williamson author 1985 text 1985 Mechanisms of governance. O.E. Williamson author 1996 text 1996 The new institutional economics: Taking stock, looking ahead. O.E. Williamson author 2000 text Journal of Economic Literature 2000 37 3 595 613 WilliamsonO. & WinterS. (2001). The nature of the firm. WilliamsonO. & WinterS. (2001). The nature of the firm.. Moscow: Delo(In Russian). An aggregate measure for benefit-cost analysis. R. Zerbe author 2006 text Ecological Economics 2006 58 3 449 461 The rise and decline of general laws of capitalism. D. Acemoglu author 2015 text Journal of Economic Perspectives 2015 29 1 3 28 Competition as a discovery procedure. F.A. Hayek author 2002 text Quarterly Journal of Austrian Economics 2002 5 3 9 23 Institutions and social conflict. J. Knight author 1992 text 1992 A legal basis for the firm. S. Masten author 2001 text In O.Williamson & S.WinterThe nature of the firm 2001 294 318 A new institutional approach to organization. C. Ménard author 2008 text In C.Ménard & M.ShirleyThe handbook of new institutional economics 2008 281 318 Integrating institutional change and technical change in economic history. A transaction cost approach. D. North author 1994 text Journal of Institutional and Theoretical Economics 1994 150 4 609 624 Choosing between discrete institutional alternatives: What do we compare?. A.E. Shastitko author 2016 text Obshchestvennye Nauki i Sovremennost 2016 4 134 145 The theory of the firm as governance structure: From choice to contract. O.E. Williamson author 2002 text Journal of Economic Perspectives 2002 16 3 171 195 10.1016/j.ruje.2017.06.005 https://rujec.org/article/27989/ https://rujec.org/article/27989/download/pdf/ https://rujec.org/article/27989/download/xml/ This paper addresses the comparative analysis of discrete institutional alternatives in organizing transactions among distinct economic entities. The theoretical framework for understanding this issue was introduced by Ronald Coase 80 years ago. Following this seminal contribution, a standard theoretical distinction now exists between the institutionally embedded set of economic exchanges (the transactions) and the institutional settings within which these transactions are organized, firms and markets being the epitomized polar cases. On the normative side, this approach facilitated better understanding of failures and flaws in the organization of numerous transactions and of how to fix them. Three examples are provided to illustrate the issues at stake: contracting on large diameter pipes for PJSC “Gazprom” infrastructure projects, contracting in commercial real estate, and determining governance mechanisms for companies facing significant switching costs in highly concentrated markets. text/html en_US Non-profit partnership "Voprosy Ekonomiki" transactions institutions discrete institutional alternatives contracts market failures Discrete institutional alternatives: Theoretical and policy issues (Celebrating the 80th anniversary of Ronald Coase's “Nature of the Firm”) Research Article

10.1016/j.ruje.2017.09.001 2017-08-31 rujec

St. Petersburg State University, St. Petersburg, Russia Fund “Center for Strategic Research” (CSR), Moscow, Russia author Kudrin, Alexey L. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Sokolov, Ilya 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 221 239 2017 10.1016/j.ruje.2017.09.001 https://rujec.org/article/27990/ https://rujec.org/article/27990/download/pdf/ https://rujec.org/article/27990/download/xml/ The paper discusses fiscal policy parameters through 2024. The suggested way to ensure long-term fiscal stability is stabilizing both the general government revenues and expenditures as percentages of GDP at levels differing by the public debt service payments and then applying a new version of the fiscal rule. The redistribution of fiscal spending from unproductive to productive areas (primarily investment in human and physical capital) is considered to boost economic growth. The possible use of additional spending on education, public health, and transport systems is presented, as is the optimization of expenditures in nonproductive areas. text/html en_US Non-profit partnership "Voprosy Ekonomiki" fiscal policy fiscal maneuver state budget productive expenditures budget expenditures structure structural reforms economic growth Fiscal maneuver and restructuring of the Russian economy Research Article

10.1016/j.ruje.2017.09.002 2017-08-31 rujec

Center for Macroeconomic Analysis and Short-Term Forecasting, Moscow, Russia author Salnikov, Vladimir Center for Macroeconomic Analysis and Short-Term Forecasting, Moscow, Russia author Galimov, Dmitry Center for Macroeconomic Analysis and Short-Term Forecasting, Moscow, Russia author Mikheeva, Olga Center for Macroeconomic Analysis and Short-Term Forecasting, Moscow, Russia author Gnidchenko, Andrey https://orcid.org/0000-0002-0678-8324 Center for Macroeconomic Analysis and Short-Term Forecasting, Moscow, Russia author Rybalka, Alexey 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 240 262 2017 10.1016/j.ruje.2017.09.002 https://rujec.org/article/27991/ https://rujec.org/article/27991/download/pdf/ https://rujec.org/article/27991/download/xml/ This paper estimates the capacity utilization rate for Russian manufacturing. We also propose a way to build continuous production capacity time series and indicators to describe the basic characteristics of production capacity. The data come from form 1-natura-BM of the Russian Federal State Statistics Service. Our findings on the trends and structural characteristics of production capacity are shown to be significant for economic policy since we found that in recent years capacities utilization rate in Russian manufacturing industry has been not extremely high and that there is a strong correlation not only between capacities utilization rate and inflation rate but between capacities utilization rate and capacities commissioning intensity as well. text/html en_US Non-profit partnership "Voprosy Ekonomiki" production capacity manufacturing capacity utilization rate capital investments fixed assets Russian economy Russian manufacturing production capacity: Primary trends and structural characteristics Research Article

10.1016/j.ruje.2017.09.003 2017-08-31 rujec

Institute for Urban Economics, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Kosareva, Nadezhda Institute for Urban Economics, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Polidi, Tatyana 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 263 279 2017 10.1016/j.ruje.2017.09.003 https://rujec.org/article/27992/ https://rujec.org/article/27992/download/pdf/ https://rujec.org/article/27992/download/xml/ The article presents a new methodology for estimating gross urban product (the gross domestic product by city or metropolitan level) in Russia under extremely low statistical data availability about economy performance at the local level. These estimates provide new analytical instruments for assessing disparities in economic development between more than 1,000 Russian cities and other areas, and cities’ contributions to GDP as well as for comparing indicators of Russian cities with those of foreign countries. text/html en_US Non-profit partnership "Voprosy Ekonomiki" gross urban product economic growth gross domestic product urban economics Assessment of gross urban product in Russian cities and its contribution to Russian GDP in 2000–2015 Research Article

10.1016/j.ruje.2017.09.004 2017-08-31 rujec

Centre for Integration Studies, Eurasian Development Bank, St. Petersburg, Russia author Vinokurov, Evgeny Y. https://orcid.org/0000-0002-9584-3494 Centre for Integration Studies, Eurasian Development Bank, St. Petersburg, Russia author Demidenko, Mikhail Centre for Integration Studies, Eurasian Development Bank, St. Petersburg, Russia author Korshunov, Dmitry OGResearch, Budapest, Hungary author Kovacs, Mihaly 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 280 295 2017 10.1016/j.ruje.2017.09.004 https://rujec.org/article/27993/ https://rujec.org/article/27993/download/pdf/ https://rujec.org/article/27993/download/xml/ After achieving substantial progress in establishing a common customs territory and regulations, customs unions face potential disruptions due to a lack of monetary policy coordination. These disruptions might appear in the form of currency shocks and the ensuing trade conflicts. We approach this issue by looking at the case of the Eurasian Economic Union (EAEU). The volatility of national currencies in 2014–2015 resulted in sizable shifts in competitiveness, culminating in a currency crisis in some member states. This raises the questions of how to gradually achieve a more coordinated monetary policy, what monetary policy options are available, and what would be their relative impact on macroeconomic stability. Using a set of modeling tools and econometric models, we review three monetary regimes, which represent moves from fully independent exchange rate policy through increased policy coordination to joint exchange rate setting. text/html en_US Non-profit partnership "Voprosy Ekonomiki" customs union monetary policy macroeconomic policy coordination Eurasian Economic Union monetary union Customs unions, currency crises, and monetary policy coordination: The case of the Eurasian Economic Union Research Article

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Bruegel, Brussels, Belgium author Batsaikhan, Uuriintuya Bruegel, Brussels, Belgium CASE-Center for Social and Economic Research, Warsaw, Poland Higher School of Economics, Moscow, Russia author Dabrowski, Marek https://orcid.org/0000-0002-7960-8734 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 296 320 2017 10.1016/j.ruje.2017.09.005 https://rujec.org/article/27994/ https://rujec.org/article/27994/download/pdf/ https://rujec.org/article/27994/download/xml/ Central Asia consists of five culturally and ethnically diverse countries that have followed different paths to political and economic transformation in the past 25 years since achieving independence from the Soviet Union. Kazakhstan and Kyrgyzstan have in relative terms made strides in market reforms, while Turkmenistan and Uzbekistan have not yet completed their transitions to market economies. Tajikistan represents an intermediate case. After experiencing more than a decade of growth based on hydrocarbon booms, Central Asian countries are faced with increasing challenges resulting from falling commodity prices, declining trade and lower migrant remittances. The main policy challenge is to move away from commodity-based growth strategies to market-oriented diversification and adoption of a broad spectrum of economic, institutional and political reforms. The major obstacles to political reform and structural diversification in the five Central Asian economies are internal and external geopolitical factors and deeply embedded institutional weaknesses within each country, particularly in areas where economic management interacts with authoritarian political systems and imperfect legal institutions. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Central Asia post-communism transition economic policy analysis Central Asia — twenty-five years after the breakup of the USSR Research Article

10.1016/j.ruje.2017.09.006 2017-08-31 rujec

Asahikawa University, Asahikawa, Japan author Ono, Shigeki 2017-08-31 2017-08-31 2017 Russian Journal of Economics 2405-4739 2618-7213 3 321 332 2017 10.1016/j.ruje.2017.09.006 https://rujec.org/article/27995/ https://rujec.org/article/27995/download/pdf/ https://rujec.org/article/27995/download/xml/ This paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1) and from 2009 through 2014 (Subperiod 2). The results for Subperiod 1 suggest that there is causality from economic growth to money supply and bank lending, which implies demand-following responses. The results for Subperiod 2 show that economic growth Granger causes bank lending while there is no causality from money supply to economic growth, which could be related to the dramatic decrease in the amount of intervention in foreign exchange markets. text/html en_US Non-profit partnership "Voprosy Ekonomiki" financial development economic growth causality VAR Russia Financial development and economic growth nexus in Russia Research Article

10.1016/j.ruje.2017.12.001 2017-11-30 rujec

professor, Higher School of Economics, Moscow, Russia non-resident fellow at Bruegel, Brussels, Belgium fellow at CASE—Center for Social and Economic Research, Warsaw, Poland author Dabrowski, Marek https://orcid.org/0000-0002-7960-8734 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 333 335 2017 10.1016/j.ruje.2017.12.001 https://rujec.org/article/27996/ https://rujec.org/article/27996/download/pdf/ https://rujec.org/article/27996/download/xml/ text/html en_US Non-profit partnership "Voprosy Ekonomiki" The Russian economy in comparative perspective Foreword

10.1016/j.ruje.2017.12.002 2017-11-30 rujec

Lomonosov Moscow State University, Moscow, Russia author Auzan, Alexander 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 336 347 2017 Good-bye Lenin (or not?.): The effect of communism on people's preferences. A. Alesina author 2007 text American Economic Review 2007 97 4 1507 1528 The early modern great divergence: Wages, prices and economic development in Europe and Asia, 1500-1800. S. Broadberry author 2006 text Economic History Review 2006 59 1 2 31 Clio and the economy of QWERTY. P.A. David author 1985 text American Economic Review 1985 75 2 332 337 The state and evolution. E. Gaidar author 1997 text Evrasia 1997 Fiscal illusion and the demand for government expenditures in the UK. N. Gemmell author 1999 text European Journal of Political Economy 1999 15 4 687 704 Myth and reality of flat tax reform: Micro estimates of tax evasion response and welfare effects in Russia. Y. Gorodnichenko author 2009 text Journal of Political Economy 2009 117 3 504 554 Anarchy and its breakdown. J. Hirshleifer author 1995 text Journal of Political Economy 1995 103 1 26 52 Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. G. Hofstede author 2001 text Sage 2001 Parliament without parliamentarism: the State Duma in tsarist Russia (1906-1917). S. Kulikov author 2005 text Leningradskiy Yuridicheskiy Journal 2005 3 69 88 The state and revolution (full ed.). V. Lenin author 1918 text Politizdat 1918 The history of the construction of St. Petersburg in the first quarter of the 18th century. S. Luppov author 1957 text USSR Academy of Sciences 1957 Institutions, institutional change and economic performance. D.C. North author 1990 text Cambridge University Press 1990 Violence and social orders: A conceptual framework for interpreting recorded human history. D.C. North author 2009 text Cambridge University Press 2009 Ortiz-Ospina, E., & Roser, M. (2017). Taxation. Retrieved from https://ourworldindata.org/taxation. Taxation and state building: Towards a governance focused tax reform agenda. W. Prichard author 2010 text IDS Working Papers 2010 2010 341 1 55 Learning democracy: education reform in West Germany, 1945-1965. B. Puaca author 2009 text Berghahn Books. 2009 Why nations fail. The origins of power, prosperity and poverty. A.D. Robinson author 2012 text Crown Publishers. 2012 Evolution of the social contract. B. Skyrms author 2014 text Cambridge University Press. 2014 The three horsemen of riches: Plague, war, and urbanization in early modern Europe. N. Voigtländer author 2012 text Review of Economic Studies 2012 80 2 774 811 10.1016/j.ruje.2017.12.002 https://rujec.org/article/27997/ https://rujec.org/article/27997/download/pdf/ https://rujec.org/article/27997/download/xml/ Russian history demonstrates its propensity to “revolving motions,” particularly in regard to the institutions of serfdom and autocracy, thus illustrating the existence of path dependence. Over time, Russia attempted to leave the inefficient development trajectory through two alternative modalities: revolution and evolution. However, the goals of revolutions are typically specific. As such, the primary vector of transition (after the revolutions of 1991 and 1993) was directed at overcoming the shortage economy and moving towards a consumer society, rather than at building a market economy and democratic society. In Russia, the social contract concept evolved since 2000, and included a sequence of three different formulations: “taxes in exchange for order” were announced, “loyalty in exchange for stability” de facto implemented, and “constrained consumption in exchange for belonging to the superpower” emerged after 2014. I thus argue that Russia's development strongly requires a long-term strategy focus on changing informal institutions and the social contract, so that institutional reforms and new incentives can be put in place. text/html en_US Non-profit partnership "Voprosy Ekonomiki" institutions growth cultural traits institutional reform revolution Revolutions and evolutions in Russia: In search of a solution to the path dependence problem Research Article

10.1016/j.ruje.2017.12.003 2017-11-30 rujec

National Research University Higher School of Economics, Moscow, Russia author Voskoboynikov, Ilya B. https://orcid.org/0000-0002-9769-5894 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 348 365 2017 10.1016/j.ruje.2017.12.003 https://rujec.org/article/27998/ https://rujec.org/article/27998/download/pdf/ https://rujec.org/article/27998/download/xml/ Although productivity decline in the global economy was observed before 2008, the global financial crisis of 2008 stimulated study of its source. In this context, recent literature mentions inefficient investments in machinery, human capital, and organizational processes. This can include skill mismatch and the lack of technology diffusion from advanced to emerging industries and firms. To what extent is this global view helpful in understanding recent productivity decline in the Russian economy? The present study reports that at least some of these sources can be observed in Russia as well. Using conventional industry growth accounting, it compares pre- and post-crisis sources of growth for the Russian economy. Specifically, it presents aggregate labor productivity growth as the sum of capital intensity and total factor productivity (TFP) growth in industries, and the contribution of labor reallocation between industries. It shows that the stagnation of 2008–2014 is more the result of the TFP decline and the deterioration of the allocation of labor than the lack of capital input. Moreover, the TFP decline started in Russia a few years before the crisis, as it did in major global economies, such as the United States, OECD countries, China, and Brazil. At the same time, relatively stable capital intensity made the Russian pattern to some degree similar to resource abundant Australia and Canada. Furthermore, the contribution of information and communications technology capital to labor productivity growth in Russia declined after 2008, which could have also hampered technology diffusion. Finally, the structure of the flow of capital services in Russia changed after 2008. Before the crisis, the contribution of machinery and equipment dominated, while after the crisis, construction provided the lion's share of capital input. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russia industry growth accounting global financial crisis World KLEMS Sources of long run economic growth in Russia before and after the global financial crisis Research Article

10.1016/j.ruje.2017.12.004 2017-11-30 rujec

Bank of Finland, Institute for Economies in Transition, Helsinki, author Korhonen, Iikka Bank of Finland, Institute for Economies in Transition, Helsinki, author Nuutilainen, Riikka 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 366 378 2017 10.1016/j.ruje.2017.12.004 https://rujec.org/article/27999/ https://rujec.org/article/27999/download/pdf/ https://rujec.org/article/27999/download/xml/ This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of the Taylor rule depicts Bank of Russia's monetary policy over the past decade well. Moreover, there have been two clear breaks in the coefficients of the estimated monetary policy rule, possibly signifying a shift towards traditional inflation targeting and also the current recent economic turbulence. text/html en_US Non-profit partnership "Voprosy Ekonomiki" monetary policy rule Taylor rule McCallum rule Russia inflation Breaking monetary policy rules in Russia Research Article

10.1016/j.ruje.2017.12.005 2017-11-30 rujec

Bank of Russia, Moscow, Russia author Popova, Svetlana Bank of Russia, Moscow, Russia author Karlova, Nataliya Bank of Russia, Moscow, Russia author Ponomarenko, Alexey Bank of Russia, Moscow, Russia author Deryugina, Elena 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 379 410 2017 10.1016/j.ruje.2017.12.005 https://rujec.org/article/28000/ https://rujec.org/article/28000/download/pdf/ https://rujec.org/article/28000/download/xml/ This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy. text/html en_US Non-profit partnership "Voprosy Ekonomiki" debt burden capital structure sector analysis microdata of Russian companies emerging markets Analysis of the debt burden in Russian economy sectors Research Article

10.1016/j.ruje.2017.12.006 2017-11-30 rujec

Financial Research Institute, Moscow, Russia Economic Expert Group, Moscow, Russia author Gurvich, Evsey T. https://orcid.org/0000-0002-4356-1866 National Research University Higher School of Economics, Moscow, Russia author Vakulenko, Elena 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 411 424 2017 10.1016/j.ruje.2017.12.006 https://rujec.org/article/28001/ https://rujec.org/article/28001/download/pdf/ https://rujec.org/article/28001/download/xml/ We suggest a new way to identify salient features of the Russian labor market. Parameters of basic macroeconomic models pertinent to the Russian labor market are compared to a sample of other countries. We find that estimated values of Okun's coefficient and the elasticity of real wages to labor productivity in Russia are typical for emerging markets. What really distinguishes the labor market is that the elasticity of real wages relative to unemployment in Russia is very high by international standards. The overall conclusion is that the Russian labor market can be characterized by a combination of serious structural problems (such as low employee mobility, the significant size of the shadow sector, etc.) and solid macroeconomic performance, verified by the persistently low rate of unemployment in recent years. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russian labor market cross-country comparative analysis macroeconomic models migration Macroeconomic and structural properties of the Russian labor market: A cross-country comparison Research Article

10.1016/j.ruje.2017.12.007 2017-11-30 rujec

Russian Academy of National Economy and Public Administration, Moscow, Russia Indiana University, Bloomington, author Alexeev, Michael https://orcid.org/0000-0001-6168-7369 Gaidar Institute for Economic Policy, Moscow, Russia Russian Academy of National Economy and Public Administration, Moscow, Russia author Mamedov, Arseny 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 425 444 2017 10.1016/j.ruje.2017.12.007 https://rujec.org/article/28002/ https://rujec.org/article/28002/download/pdf/ https://rujec.org/article/28002/download/xml/ We use panel data for Russia's regions (2005–2013) and the US states (1997–2013) and several different econometric specifications to estimate and compare the determinants of fiscal decentralization in the two countries. We find that while the factors of decentralization in the US states largely conform to existing theoretical predictions, this is not so for Russia, where almost no factors are consistently associated with intraregional fiscal decentralization. Moreover, our results for Russia differ from prior results based on earlier data. We conjecture that the recent weakening of the effects of conventional fiscal decentralization determinants in Russia is due to the decline of democratic institutions in Russia's regions and overall political and economic centralization in the country. text/html en_US Non-profit partnership "Voprosy Ekonomiki" fiscal federalism expenditure decentralization Russian economy US economy Factors determining intra-regional fiscal decentralization in Russia and the US Research Article

10.1016/j.ruje.2017.12.008 2017-11-30 rujec

University Paris 1 Panthéon-Sorbonne, Paris, France author Andreff, Wladimir University Paris-Est Marne-la-Vallée, Champs-Sur-Marne, France author Andreff, Madeleine 2017-11-30 2017-11-30 2017 Russian Journal of Economics 2405-4739 2618-7213 3 445 474 2017 10.1016/j.ruje.2017.12.008 https://rujec.org/article/28003/ https://rujec.org/article/28003/download/pdf/ https://rujec.org/article/28003/download/xml/ Multinational companies (MNCs) based in 26 post-communist transition economies (PTEs) emerged during the 1990s. Their outward foreign direct investment (OFDI) boomed dramatically from 2000 to 2007 in these countries, and then muddled through the financial crisis and great recession at difference paces on different paths. This difference is revealed in a sample of 15 PTEs for which data are available from 2000 to 2015. Most of these economies appear to be on the brink of moving from the second to the third stage of Dunning's investment development path. The geographical distribution of their OFDI favors host countries located in other PTEs, developed market economies, and tax havens while their industrial structure is more concentrated on services rather than on manufacturing and the primary sector. PTE-based MNCs primarily adopt a strategy of market-seeking OFDI. Econometric testing shows that push factors are major determinants of OFDI. The results demonstrate that OFDI is determined by the home country's level of economic development, the size of its home market, and its rate of growth as well as technological variables: OFDI decreases with an increase in the number of scientists in the home economy and with an increase in the share of high-tech products in overall exports, exhibiting a negative technological gap. A lagged relationship between OFDI and previous inward FDI suggests that Mathews’ linkage-leverage-learning theory is relevant in the case of PTEs. text/html en_US Non-profit partnership "Voprosy Ekonomiki" outward foreign direct investment multinational companies post-communist transition economies investment development path linkage-leverage-learning push factors Multinational companies from transition economies and their outward foreign direct investment Research Article

10.3897/j.ruje.4.26012 2018-04-20 rujec

Primakov National Research Institute of World Economy and International Relations, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Avtonomov, Vladimir S. https://orcid.org/0000-0001-8169-729X 2018-04-20 2018-04-20 2018 Russian Journal of Economics 2405-4739 2618-7213 4 1 1 7 2018 P. J. Boettke author 1994 1994 R. Cubeddu author 1993 1993 E. Dekker author 2016 2016 G. Faccarello author 2016 2016 J. T. Harvey author 2015 2015 M. Perlman author 1998 1998 K. Pribram author 1983 1983 10.3897/j.ruje.4.26012 https://rujec.org/article/26012/ https://rujec.org/article/26012/download/pdf/ https://rujec.org/article/26012/download/xml/ n/a text/html en_US Non-profit partnership "Voprosy Ekonomiki" n/a Austrian economics and its reception in different countries Foreword

10.3897/j.ruje.4.26001 2018-04-20 rujec

National Center for Scientific Research, Paris, France Aix-Marseilles School of Economics, Marseille, France author Campagnolo, Gilles 2018-04-20 2018-04-20 2018 Russian Journal of Economics 2405-4739 2618-7213 4 1 8 30 2018 10.3897/j.ruje.4.26001 https://rujec.org/article/26001/ https://rujec.org/article/26001/download/pdf/ https://rujec.org/article/26001/download/xml/ The father of the “Austrian” Marginalist revolution and founder of the so-called “Austrian School of economics”, Carl Menger, had a mixed reception during different periods of development of French economics. Somewhat welcomed in the early days, he was rather forgotten later on. Even his major works were not published in translation until recently. What is the reason for such a situation? Criticisms of classical political economy have to be understood in their French context. In comparison to other countries, this paper details the case of France, besides showing how later Austrians, such as Friedrich Hayek, found a limited audience. This comparative study of economic ideas in France must start with the reception of the views of the founder and the role and impact of adopting/adapting or rejecting his views by French scholars. What place did they find in French academia? From Carl Menger to a “Frenchified” Charles Menger, how was Austrian economic thought disseminated in France? This essay starts by recalling the Belle-Époque and an astonishing letter by Charles Rist for the Jubiläum of Menger, in which he deplored the lack of translation of the latter’s works. The Austrian School in France is then discussed as pure economics replaces political economy in the Interwar period, with the 1938 Paris Congress of “liberal thinkers,” as the Vienna Circle became known, also comparing issues in philosophy. The paper considers how Austrian theories of “pure science” were received in Paris from the Vienna of the 1900s, at a time of ”Crossroads,” to the present day, through the Postwar and Cold War, until a revival since the 1990s and a rethinking of economic ideas after 2008. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Austrian School of Economics Hayek Friedrich Menger Carl Simiand François productive reception transfer of theories in the social sciences. From Karl Menger to Charles Menger? How Austrian economics (hardly) spread in France Research Article

10.3897/j.ruje.4.26006 2018-04-23 rujec

University of International Studies, Rome, Italy author Magliulo, Antonio 2018-04-23 2018-04-23 2018 Russian Journal of Economics 2405-4739 2618-7213 4 1 65 86 2018 D. Antiseri author The spread of marginalism in Italy, 1871–1890. P. Barucci author 1972 text History of Political Economy 1972 4 2 512 532 P. Barucci author E. Böhm–Bawerk author Book Review: Monetary theory and the trade cycle by Friedrich A. Hayek. C. Bresciani Turroni author 1934 text Economica 1934 1 3 344 347 C. Bresciani Turroni author C. Bresciani Turroni author C. Bresciani Turroni author A. Cabiati author A proposito di un symposium sul sindacalismo. A. Cabiati author 1940 text Giornale degli Economisti e Annali di Economia 1940 5/6 373 380 J. L. Cardoso author R. Dalla Volta author La “Via della servitù” di F. A. v. Hayek. F. Di Fenizio author 1947 text Giornale degli Economisti e Annali di Economia 1947 1–2 31 42 F. Donzelli author A. Ebenstein author L. Einaudi author L. Einaudi author R. Faucci author F. Felice author M. Gallegati author S. Gregg author S. Gregg author G. Haberler author P. A. Hall author R. M. Hartwell author F. A. Hayek author F. A. Hayek author Una politica errata: Il rialzo artificiale dei prezzi. F. A. Hayek author 1934 text La Borsa 1934 25 3 4 F. A. Hayek author L. Infantino author L. Infantino author D. S. Jones author J. M. Keynes author I. M. Kirzner author S. Kolev author Capital theory, crises, and business cycles: The triangular debate between Hayek, Keynes, and Sraffa. H. D. Kurz author 2015 text Journal of Reviews on Global Economics 2015 4 186 191 H. D. Kurz author B. Leoni author Böhm-Bawerk on value and wages. S. M. Macvane author 1890 text The Quarterly Journal of Economics 1890 5 1 24 43 A. Magliulo author Non solo liberisti. L’ambivalente ruolo della teoria neoclassica nella cultura economica italiana del Novecento. A. Magliulo author 1999 text Rivista di Politica Economica 1999 89 11 3 44 A. Magliulo author Liberalismo e cattolicesimo nel pensiero economico di Francesco Vito. A. Magliulo author 2008 text Studium 2008 3 399 430 A. Magliulo author A. Magliulo author Hayek and the Great Depression of 1929. Did he really change his mind? A. Magliulo author 2016 text European Journal of the History of Economic Thought 2016 1 31 58 A. Martino author N. Matteucci author C. Menger author Mirowski, P., & Plehwe, D. (Eds.). (2009). The Road from Mont Pèlerin. The making of the neoliberal thought collective. Cambridge, MA and London: Harvard University Press. L. Mises author F. Monceri author S. Noto author P. Nuti author M. Pantaleoni author M. Pantaleoni author A. Pesenti author Petroni, A., & Bragadin, S. M. (1986). Introduzione. In F. A. von Hayek, Legge, legislazione e libertà. (pp. XI–XXIII). Milano, Il Saggiatore. E. S. Phelps author Schulak, E. M., & Unterköfler, H. (2011). The Austrian school of economics, Auburn: Ludwig von Mises Institute. Dr. Hayek on money and capital. P. Sraffa author 1932 text Economic Journal (London) 1932 42 165 42 53 A rejoinder. P. Sraffa author 1932 text Economic Journal (London) 1932 42 166 249 251 G. Toniolo author Review of F. A. von Hayek, Preise und produktion and monetary theory and the trade cycles. F. Vito author 1934 text Rivista Internazionale di Scienze Sociali 1934 1 136 139 F. Vito author Luci ed ombre del federalismo europeo. F. Vito author 1949 text Rivista Internazionale di Scienze Sociali 1949 1 47 55 F. Vito author V. Zamagni author F. Wieser author The theory of value (A reply to Professor Macvane). F. Wieser author 1891–1892 text The Annals of the American Academy of Political and Social Science 1891–1892 2 600 628 10.3897/j.ruje.4.26006 https://rujec.org/article/26006/ https://rujec.org/article/26006/download/pdf/ https://rujec.org/article/26006/download/xml/ Nowadays the Austrian School enjoys high reputation in Italy: books by Mises, Hayek and other Austrian economists are constantly republished and reviewed with great interest, both inside and outside academic circles. The situation was very different decades ago, when just a few Italian economists devoted attention to the Austrian School. This work studies the reception of Austrian Economics in Italy, from the beginning to our days, so as to bring out, by way of comparison, relevant features of Italian economic culture. We will try to offer just an overview of the entire story, in an attempt to provide useful elements for a deeper analysis of further topics and periods. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Austrian economics Italian economics international spread of economic ideas The reception of Austrian economics in Italy Research Article

10.3897/j.ruje.4.26005 2018-04-23 rujec

University of Picardie Jules Verne, Amiens, France author Nenovsky, Nikolay University of National and World Economy, Sofia, Bulgaria author Penchev, Pencho https://orcid.org/0000-0001-7542-1625 2018-04-23 2018-04-23 2018 Russian Journal of Economics 2405-4739 2618-7213 4 1 44 64 2018 Aligica, D., & Evans, A. (2009). The neoliberal revolution in Eastern Europe: Economic ideas in the transition from communism. Cheltenham: Edward Elgar. Protectionism and protectionists theories in the Balkans in the interwar period. B. Blancheton author 2013 text Cahiers du GRETha 2013 2 1 34 The subject of economic science. K. Bobchev author 1924 text Law Review 1924 25 7 3 16 K. Bobchev author Bulgaria’s industrialization and its limits. K. Bobchev author 1938 text Journal of Bulgarian Economic Society 1938 37 5 273 281 C. Bobtcheff author Ch. Chivvis author G. Danailov author G. Danailov author Theory of money. Survey of literature. S. Demostenov author 1929 text Economic Thought 1929 1 2 118 123 S. Demostenov author S. Demostenov author S. Demostenov author S. Demostenov author Is the end of capitalism coming? N. Dolinsky author 1930 text The Philosophical Review 1930 2 4 24 32 N. Dolinsky author N. Dolinsky author The teachings of Walter Eucken as a new attempt to resolve the fundamental problems of economic knowledge. N. Dolinsky author 1941 text Archive for Economic and Social Policy 1941 16 4 231 247 N. Dolinsky author T. Galcheva author V. Ganev author White-collar proletariat. I. Geshov author 1886 text Periodical Journal of the Bulgarian Literary Society 1886 19–20 118 133 I. Geshov author Iv. Geshov author I. Geshov author K. Grigorov author K. Grigorov author A. Hristoforov author A. Hristoforov author M. Karpouzanov author I. Kinkel author S. Koeva author S. Koeva author S. Kolev author A. Leonidov author A. Leonidov author A. Leonidov author E. Mateev author Metodiev, V., & Stoyanov, L. (Eds.). (1987). Bulgarian public institutions. Sofia: Peter Beron Publishing House (in Bulgarian). D. Mishaikov author Z. Mladenova author J. Nathan author Nathan, J., Grigorov, K., Berov, L., Mechev, St., & Trendafilov, T. (1973). History of economic thought in Bulgaria. Sofia: Naouka i Izkoustvo Publishers (in Bulgarian). N. Nenovsky author N. Nenovsky author N. Nenovsky author N. Nenovsky author The Bulgarian economic thought since 1989: A personal perspective. N. Nenovsky author 2011 text The History of Economic Thought 2011 52 2 1 26 Theoretical debates in Bulgaria during the Great Depression. Confronting Sombart, Marx and Keynes. N. Nenovsky author 2012 text Oeconomia 2012 2 1 67 101 Nenovsky, N., & Penchev, P. (2014). The birth of economic thought and specialized economic press amongst the Bulgarians in the Ottoman Empire in the XIX century (A Mediterranean perspective). Research Papers of UNWE, 1, 93–126 (in Bulgarian). Reconstructing eclecticism: Bulgarian economic thought in the Ottoman Empire in the 19th century. N. Nenovsky author 2015 text History of Political Economy 2015 47 4 631 664 Money without a state. Currencies of the Orthodox Christians in the Balkan provinces of the Ottoman Empire (17th–19th centuries). N. Nenovsky author 2016 text The Review of Austrian Economics 2016 29 1 33 51 Nenovsky, N., & Penchev, P. (2016b). The evolution of the German historical school in Bulgaria (1878–1944). In: J. L. Cardoso, & M. Psalidopoulos (Eds.), The German historical school and European economic thought (Ch. 12, 204–222). London: Routledge. Between Carl Menger and Peter Struve: On the Russian liberal economics. N. Nenovsky author 2018 text History of Economic Ideas 2018 V. Pareto author G. Petrov author G. Petrov author G. Petrov author The subjective school in Bulgaria and its theoretical tenets of money under capitalism. D. Poryazov author 1962 text Annual of the Svishtov High School in Finance and Economy 1962 21 1 69 Psalidopoulos, M., & Theokarakis, N. (2011). The dissemination of economic thought in South-Eastern Europe in the Nineteenth Century. In H. D. Kurz, T. Nishizava, & K. Tribe (Eds.), The dissemination of economic ideas (pp. 161–191). Cheltenham: Edward Elgar. Realistic or political economic theory? I. Rankov author 1940 text Economist 1940 2 4 481 501 Economic theory and dirigiste economy. I. Rankov author 1943 text Journal of the Bulgarian Economic Society 1943 42 5–6 305 335 G. Svrakov author P. Spirkov author P. Struve author A. Tsankov author The economic philosophy of Friedrich Hayek— A possible orientation on Bulgaria’s path towards a free society. I. Varbanov author 1996 text Scientific Studies Almanac 1996 9 141 166 The external depreciation of the dollar and its effects upon the price level in the United States. S. Zagoroff author 1934 text Journal of Political Economy 1934 45 5 641 653 Zagoroff, S., Vegh, J., & Bilimovich, A. (1955). The agricultural economy of the Danubian countries, 1935–1945. Stanford: Stanford University Press. 10.3897/j.ruje.4.26005 https://rujec.org/article/26005/ https://rujec.org/article/26005/download/pdf/ https://rujec.org/article/26005/download/xml/ The main goal of this study is to highlight the acceptance, dissemination, interpretation, criticism and make some attempts at contributing to Austrian economics made in Bulgaria during the last 120 years. We consider some of the main characteristics of the Austrian school, such as subjectivism and marginalism, as basic components of the economic thought in Bulgaria and as incentives for the development of some original theoretical contributions. Even during the first few years of Communist regime (1944–1989), with its Marxist monopoly over intellectual life, the Austrian school had some impact on the economic thought in the country. Subsequent to the collapse of Communism, there was a sort of a Renaissance and rediscovery of this school. Another contribution of our study is that it illustrates the adaptability and spontaneous evolution of ideas in a different and sometimes hostile environment. text/html en_US Non-profit partnership "Voprosy Ekonomiki" history of economic thought dissemination of economic ideas Austrian school Bulgaria The Austrian school in Bulgaria: A history Research Article

10.3897/j.ruje.4.26002 2018-04-23 rujec

Primakov National Research Institute of World Economy and International Relations, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Avtonomov, Vladimir S. https://orcid.org/0000-0001-8169-729X Institute of Scientific Information for Social Sciences, Russian Academy of Sciences, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Makasheva, Natalia https://orcid.org/0000-0002-3460-3040 2018-04-23 2018-04-23 2018 Russian Journal of Economics 2405-4739 2618-7213 4 1 31 43 2018 L. Alter author News of economic literature. P. Berlin author 1900 text Zhizn 1900 4 243 269 I. G. Blyumin author I. G. Blyumin author I. G. Blyumin author E. Böhm-Bawerk author E. Böhm-Bawerk author E. Böhm-Bawerk author E. Böhm-Bawerk author N. Bukharin author From the history of national economic thought: P. I. Georgievsky versus M. I. Tugan-Baranovsky. A. L. Dmitriev author 2009 text Problemy Sovremennoy Ekonomiki. 2009 1 29 454 458 V. K. Dmitriev author V. K. Dmitriev author Here again criticism of Marx. M. Fillipov author 1899 text Nauchnoe Obozrenie 1899 6 1090 1109 Criticism of the latest economic doctrines: Introduction. M. Fillipov author 1900 text Nauchnoe Obozrenie 1900 1 91 108 Criticism of the latest economic doctrines. M. Fillipov author 1900 text Nauchnoe Obozrenie 1900 2 312 327 The false antinomy. M. Fillipov author 1900 text Nauchnoe Obozrenie 1900 5 903 913 On economic dogmatism and Marx’s postulates. M. Fillipov author 1900 text Nauchnoe Obozrenie 1900 3 560 564 Psychology in political economy. M. Fillipov author 1900 text Nauchnoe Obozrenie 1900 11 1997 2018 The theory of labor value and its latest critics. A. Finn author 1903 text Nauchnoe Obozrenie 1903 5 213 239 S. L. Frank author P. I. Georgievsky author P. Heyne author Heyne, P., Boettke, P. J., & Prychitko, D. L. (2017). The economic way of thinking (10th ed.). Moscow: Williams (in Russian). R. Hilferding author W. S. Jevons author W. S. Jevons author W. S. Jevons author W. S. Jevons author R. Kapeliushnikov author Yu. Kochevrin author V. I. Lenin author Friedrich von Hayek: His world view and economic theory. N. A. Makasheva author 1989 text Voprosy Ekonomiki 1989 4 146 156 C. Menger author C. Menger author Menger, C., von Böhm-Bawerk, E., & von Wieser, F. (1991). The Austrian school in political economy. Moscow: Ekonomika (in Russian). Method of the vulgar political economy. P. A. Nezhdanov author 1900 text Zhizn 1900 7 332 345 R. M. Orzhentsky author Orzhentsky, R. M. (1909). Political economy. Lectures delivered by professor R. M. Orzhentsky in the Demidov Licée of Law in academic year 1908/1909, Yaroslavl (in Russian). N. Stolyarov author Against orthodoxy. P. Struve author 1899 text Zhizn 1899 10 475 479 Tugan-Baranovsky, M. I. (1890). Doctrine of marginal utility of economic goods as a cause of their value. Yuridicheskii vestnik, 6 (1), 192–230 (in Russian). Labor value and profit. M. I. Tugan-Baranovsky author 1900 text Nauchnoe Obozrenie 1900 3 615 616 M. I. Tugan-Baranovsky author P. A. Usanov author V. F. Zalessky author Modern Austrian school on institutions, development problems and the role of the economists. A. P. Zaostrovtsev author 2015 text Voprosy Ekonomiki 2015 7 73 86 10.3897/j.ruje.4.26002 https://rujec.org/article/26002/ https://rujec.org/article/26002/download/pdf/ https://rujec.org/article/26002/download/xml/ Dissemination and adoption of Western economic ideas in Russia have never been a simple process, always bearing marks of the socio-political and ideological circumstances of the country and inner processes in economics, as well as marks of the national intellectual tradition in general. It is not surprising that the history of Austrian economics in Russia was akin to a long road with many windings and turns. We can distinguish three different periods, or waves, each of them rather complex: from the 1890s until the late 1920s (introduction and, to a certain degree, adoption and criticism), from the beginning of the 1930s until the mid-1980s (hostile attitude and ignorance), and from the mid-1980s onwards (rediscovery, dissemination, and adoption). text/html en_US Non-profit partnership "Voprosy Ekonomiki" Austrian school of economics Marginal Revolution Marxism Russian economic thought marginal utility theory The Austrian school of economics in Russia: From criticism and rejection to absorption and adoption Research Article

10.3897/j.ruje.4.27743 2018-06-30 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Mau, Vladimir 2018-06-30 2018-06-30 2018 Russian Journal of Economics 2405-4739 2618-7213 4 87 107 2018 On the timing and efficiency of creative destruction. R. Caballero author 1996 text The Quarterly Journal of Economics 1996 111 3 805 852 Drobyshevsky, S., & Sinelnikov-Murylev, S. (2018). Peculiarities of Russia's economy growth in 2017 and 2018: Stimuli and limitations. Monitoring of Russia's economic outlook: Trends and challenges of social and economic development, 2 (63), 7-11 (in Russian). Internationalization of the RMB and historical precedents. J. Frankel author 2012 text Journal of Economic Integration 2012 27 3 329 365 Terms of trade and economic development of contemporary Russia. G. Idrisov author 2015 text Ekonomicheskaia Politika 2015 3 7 37 Searching for a new growth model. G. Idrisov author 2017 text Voprosy Ekonomiki 2017 12 5 23 IMF (2017). Fintech and financial services: Initial considerations. IMF Staff Discussion Notes, No. 17/05. Openness of the Russian economy as a source of economic growth. P. Kadochnikov author 2016 text Voprosy Ekonomiki 2016 12 26 42 Waiting for a new model of growth: Russia's social and economic development in 2013. V. Mau author 2014 text Voprosy Ekonomiki 2014 2 4 32 Mau, V. A. (2016). Crises and lessons. Russian economy in a turbulent epoch. Moscow: Gaidar Institute Publ. (in Russian). Mau, V. A., & Kuzminov, Y. I. (Eds.). (2013). Strategy-2020: A new growth model, a new social policy. In 2 vols. Moscow: Delo (in Russian). Murphy, M., & Yuan, W. J. (2009). Is China ready to challenge the dollar. Internationalization of the renminbi and its implications for the United States. Washington, DC: CSIS Press. Prasad, E. S. (2016). Gaining currency: The rise of the renminbi. New York: Oxford University Press. 10.1093/acprof:oso/9780190631055.001.0001 RANEPA, & Gaidar Insititute (2017). Monitoring of Russia's economic outlook: Trends and challenges of social and economic development, No. 23 (in Russian). Roach, S. S. (2017). Complacency will be tested in 2018. Project Syndicate, Dec. 14. URL: https://www.project-syndicate.org/commentary/test-for-economic-complacency-in-2018-by-stephen-s--roach-2017-12?barrier=accesspaylog Rodrik, D. (2017). Too late to compensate free trade's losers. Project Syndicate, Apr. 11. URL: https://www.project-syndicate.org/commentary/free-trade-losers-compensation-too-late-by-dani-rodrik-2017-04?barrier=accessreg Rodrik, D. (2018). In defence of economic populism. Project Syndicate, Jan. 9. URL: https://www.project-syndicate.org/commentary/defense-of-economic-populism-by-dani-rodrik-2018-01 Roubini, N. (2017). The mystery of missing inflation. Project Syndicate, Sept. 13. URL: https://www.project-syndicate.org/commentary/monetary-policy-missing-inflation-by-nouriel-roubini-2017-09?barrier=accessreg Schumpeter, J. (1942). Capitalism, socialism, and democracy. New York: Harper & Bros. S. Sinelnikov-Murylev author 2014 Ekonomicheskaia Politika 2014 5 7 37 Stinchcombe, K. (2017). Ten years in, nobody has come up with a use of blockchain. Hacker Noon, Dec. 22. URL: https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100 World Inequality Lab (2018). World inequality report 2018. URL: http://wir2018.wid.world/files/download/wir2018-full-report-english.pdf 10.3897/j.ruje.4.27743 https://rujec.org/article/27743/ https://rujec.org/article/27743/download/pdf/ https://rujec.org/article/27743/download/xml/ The paper discusses the main challenges of Russian economy at the turning period from contraction to growth. The analysis is based on comparison of global economic trends and special features of Russian performance. Among global problems, it concentrates on prospects of “non-inflation growth”, perspectives of global currencies and the role of cryptocurrencies, central banks independence and their role in economic growth stimulation, new tasks and patterns of government regulation, inequality and growth. In the Russian case, the key topics are prospects of macroeconomic stimulation of growth, inflation targeting, new fiscal rule, social dynamics and new challenges to welfare state. The paper concludes that the main obstacles for economic growth in Russia are concentrated in the non-economic area. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy structural crisis social state new model of growth Russia Russian economic policy: Challenges of growth Research Article

10.3897/j.ruje.4.27741 2018-06-30 rujec

International Monetary Fund, Washington, DC, United States of America author Di Bella, Gabriel International Monetary Fund, Washington, DC, United States of America author Dynnikova, Oksana International Monetary Fund, Washington, DC, United States of America author Grigoli, Francesco https://orcid.org/0000-0002-2174-5760 2018-06-30 2018-06-30 2018 Russian Journal of Economics 2405-4739 2618-7213 4 108 132 2018 Nonuniform development of municipalities. A. Alexandrova author 2005 text Voprosy Ekonomiki 2005 8 97 105 10.1057/s41294-016-0010-4 Financial solvency of Russian regions 2005–2011: Experience of classification analysis. Y. Blagoveschensky author 2014 text Journal of the New Economic Association 2014 2 23 61 88 Blöchliger, H., & Kantorowicz, J. (2016). Fiscal constitutions: An empirical assessment. In: OECD, Fiscal federalism 2016: Making decentralization work (Ch. 2). Paris: OECD Publishing. Russian federalism and a critical stage of development. E. Bukhval’d author 2008 text Voprosy Ekonomiki 2008 9 70 83 Erbil, N. (2011). Is fiscal policy procyclical in developing oil-producing countries? International Monetary Fund Working Paper, No. 11/171. The strategy of territorial social and economic development of Russia: From idea to implementation. A. Granberg author 2001 text Voprosy Ekonomiki 2001 9 15 27 Scylla and Charibdis of regional policy. L. Grigoriev author 2008 text Voprosy Ekonomiki 2008 2 83 98 10.1162/003355399555954 10.1016/S0304-4076(03)00092-7 10.1162/0034653041811707 The system of federal financial aid to RF subjects and fiscal behavior of regional authorities in 1994–2000. P. Kadochnikov author 2002 text Voprosy Ekonomiki 2002 8 31 50 Fiscal federalism development in Russia: Results of the 1990s and tasks for the future. V. Khristenko author 2002 text Voprosy Ekonomiki 2002 2 4 18 Intergovernmental fiscal relations in Russia in the present time. V. Klimanov author 2004 text Voprosy Ekonomiki 2004 11 111 125 Development of Russian urban system: Trends and determinants. E. Kolomak author 2014 text Voprosy Ekonomiki 2014 10 82 96 Krugman, P. (1991). Geography and trade. Cambridge, MA: MIT Press. Reforming intergovernment relations in Russia: “Market-promoting federalism A. Lavrov author 2001 text Voprosy Ekonomiki 2001 4 32 51 “Regional capitals” in Russian economic and social life. V. Leksin author 2006 text Voprosy Ekonomiki 2006 7 84 93 10.1016/0304-3878(91)90072-4 10.1111/1468-0084.61.s1.13 Political and legal factors of economic growth in the Russian regions. V. Mau author 2001 text Voprosy Ekonomiki 2001 11 17 33 A theory of optimal currency areas. R. Mundell author 1961 text The American Economic Review 1961 51 4 657 665 Perspectives of reforming the system of interbudget relations in Russia (In the light of the international experience). V. Nazarov author 2006 text Voprosy Ekonomiki 2006 9 112 127 OECD. (2016). Fiscal federalism 2016: Making decentralization work. Paris: OECD. 10.1016/j.asieco.2005.09.005 Political and economic factors of Russian regions development. A. Pelyasov author 2003 text Voprosy Ekonomiki 2003 5 67 82 Internal migration of the Russian population: Trends and social and economic consequences. S. Riazantsev author 2005 text Voprosy Ekonomiki 2005 7 37 49 Sen Gupta, A. (2007). Determinants of tax revenue efforts in developing countries. International Monetary Fund Working Paper, No. 07/184. Evolution of Russian fiscal federalism. Y. Shvetsov author 2005 text Voprosy Ekonomiki 2005 8 76 83 Coordination between federal and regional governments while conducting anti-recession policy: International practice. A. Siluanov author 2009 text Voprosy Ekonomiki 2009 9 110 118 Debt strategies of Russian regions. A. Tabakh author 2015 text Voprosy Ekonomiki 2015 10 78 93 Budget reform: Federalism or management aimed at results? L. Yakobson author 2006 text Voprosy Ekonomiki 2006 8 31 45 Fiscal descentralization and regional economic growth: Theory, empirical studies and Russian experience. A. Yushkov author 2016 text Voprosy Ekonomiki 2016 2 94 110 The trajectories of donor regions in Russia. A. Yushkov author 2017 text Voprosy Ekonomiki 2017 9 63 82 10.17323/1999-5431-2017-0-5-38-59 Regional development and regional policy in Russia during ten years of economic growth. N. Zubarevich author 2009 text Journal of the New Economic Association 2009 1–2 161 174 Center and regions interbudgetary relations: Economic and institutional aspects. N. Zubarevich author 2014 text Journal of the New Economic Association 2014 3 158 161 10.3897/j.ruje.4.27741 https://rujec.org/article/27741/ https://rujec.org/article/27741/download/pdf/ https://rujec.org/article/27741/download/xml/ Sound regional policies are essential for balanced and sustained economic growth. The interaction of federal and regional policies with cross-regional structural differences affects human and physical capital formation, the business climate, private investment, market depth, and competition. This paper summarizes the main elements of Russia’s fiscal federalism, describes the channels through which it operates, and assesses the effectiveness of regional transfers in reducing regional disparities. The results suggest that federal transfers to regions contributed to reducing disparities arising from heterogeneous regional tax bases and fiscal revenues. This allowed regions with initially lower per capita income to increase human and physical capital at higher rates. There is little evidence for transfers contributing to increased cross-regional growth synchronization. The results also suggest that federal transfers did not significantly improve regional fiscal sustainability, a conclusion that is supported by the lack of convergence in per capita real income across Russian regions in the last 15 years. text/html en_US Non-profit partnership "Voprosy Ekonomiki" convergence federalism regional policies Russia transfers Fiscal federalism and regional performance in Russia Research Article

10.3897/j.ruje.4.27737 2018-06-30 rujec

National Research University Higher School of Economics, Moscow, Russia author Karminsky, Alexander M. https://orcid.org/0000-0001-8943-4611 National Research University Higher School of Economics, Moscow, Russia author Khromova, Ella https://orcid.org/0000-0002-9384-9171 2018-06-30 2018-06-30 2018 Russian Journal of Economics 2405-4739 2618-7213 4 155 174 2018 Assessing fit quality and testing for misspecification in binary-dependent variable models. J. Esarey author 2012 text Political Analysis 2012 20 4 480 500 Modelling credit risk with scarce default data: On the suitability of cooperative bootstrapped strategies for small low-default portfolios. R. Florez-Lopez author 2014 text The Journal of the Operational Research Society 2014 65 3 416 434 On the effectiveness of preprocessing methods when dealing with different levels of class imbalance. V. Garcia author 2012 text Knowledge-Based Systems 2012 25 1 13 21 Are ratings consistent with default probabilities? Empirical evidence on banks in emerging market economies. C. J. Godlewski author 2007 text Emerging Markets Finance & Trade 2007 43 4 5 23 Feature selection in corporate credit rating prediction. P. Hájek author 2013 text Knowledge-Based Systems 2013 51 72 84 Learning from Imbalanced Data H. He author 2009 text IEEE Transactions on Knowledge and Data Engineering 2009 21 9 1263 1284 Analysis of a complex of statistical variables into principal components. H. Hotelling author 1933 text Journal of Educational Psychology 1933 24 6 417 441 Modelling credit rating by fuzzy adaptive network. Y. Jiao author 2007 text Mathematical and Computer Modelling 2007 45 717 731 Models of ratings of international rating agencies. A. M. Karminsky author 2007 text Applied Economics 2007 1 3 19 The unified rating mapping: A step from the myth to reality. A. M. Karminsky author 2011 text Bankovskoe Delo 2011 6 58 63 The assessment of default probability for the project finance transactions. A. M. Karminsky author 2015 text Journal of the New Economic Association 2015 2 99 122 Modelling banks’ credit ratings of international agencies. A. M. Karminsky author 2016 text Eurasian Economic Review 2016 6 3 341 363 Extended modelling of banks’ credit ratings. A. M. Karminsky author 2016 text Procedia Computer Science 2016 91 201 210 The back side of banking in Russia: Forecasting bank failures with negative capital. A. M. Karminsky author 2017 text International Journal of Computational Economics and Econometrics 2017 7 1/2 170 209 Failure prediction in the Russian bank sector with logit and trait recognition models. G. Lanine author 2006 text Expert Systems with Applications 2006 30 3 463 478 Rating banks: Risk and uncertainty in an opaque industry. D. P. Morgan author 2002 text The American Economic Review 2002 92 4 874 888 On lines and planes of closest fit to systems of points in space. K. Pearson author 1901 text Philosophical Magazine 1901 2 11 559 572 Calibration of national rating systems. M. Pomasanov author 2008 text Rynok Cennikh Bumag 2008 12 74 79 Ratings based Inference and credit risk: Detecting likely-to-fail banks with the PC-Mahalanobis method. M. Pompella author 2017 text Economic Modelling 2017 67 34 44 Forecasting probabilities of default and loss rates given default in the presence of selection. D. Rösch author 2014 text The Journal of the Operational Research Society 2014 65 3 393 407 Assessing rating agencies’ ability to predict bank bankruptcy— The lace financial case. A. Santoni author 2013 text Economic Notes 2013 42 2 203 215 New approaches to regulating the activities of rating agencies: A comparative analysis. I. Solovjova author 2016 text Procedia: Social and Behavioral Sciences 2016 229 115 125 Quality of governance and bank valuation in Russia: An empirical study. A. Vernikov author 2008 text Journal of Corporate Finance 2008 3 7 5 16 Credit rating analysis with support vector machines and neural networks: A market comparative study. H. Zan author 2004 text Decision Support Systems 2004 37 4 543 558 10.3897/j.ruje.4.27737 https://rujec.org/article/27737/ https://rujec.org/article/27737/download/pdf/ https://rujec.org/article/27737/download/xml/ The paper is aimed at comparing the divergence of existing credit risk models and creating a synergic model with superior forecasting power based on a rating model and probability of default model of Russian banks. The paper demonstrates that rating models, if applied alone, tend to overestimate an instability of a bank, whereas probability of default models give underestimated results. As a result of the assigning of optimal weights and monotonic transformations to these models, the new synergic model of banks’ credit risks with higher forecasting power (predicted 44% of precise estimates) was obtained. text/html en_US Non-profit partnership "Voprosy Ekonomiki" banks credit ratings probability of default ordered logit models ordered probit models rating agencies Increase of banks’ credit risks forecasting power by the usage of the set of alternative models Research Article

10.3897/j.ruje.4.27726 2018-06-30 rujec

Kozminski University, Warsaw, Poland Bournemouth University, Poole, United Kingdom author Hartwell, Christopher A. https://orcid.org/0000-0003-3340-1276 2018-06-30 2018-06-30 2018 Russian Journal of Economics 2405-4739 2618-7213 4 133 154 2018 Acemoglu, D., Johnson, S., & Robinson, J. A. (2005). Institutions as the fundamental cause of long-run growth. In P. Aghion, & S. Durlauf (eds.), Handbook of economic growth (Vol. 1A, pp. 385–472). North Holland: Elsevier. 10.1016/j.rie.2015.04.003 10.1596/1813-9450-6210 10.1257/089533002760278721 10.1093/qje/qjw024 10.1257/jep.22.1.45 Buckley, R. P. (2009). The economic policies of China and India, and the Washington consensus: An enlightening comparison. Wisconsin International Law Journal, 27 (3), 707–790. 10.1080/13547860.2016.1261448 10.1111/j.1749-124X.2012.01272.x 10.1016/j.econlet.2007.12.013 Canuto, O. (2011). Navigating the road to riches. Project Syndicate, July 12. http://www.project-syndicate.org/commentary/navigating-the-road-to-riches#IeB8l5zHh1q5Upfg.99 10.1515/9781400845897-009 De Soto, H. (2000). The mystery of capital: Why capitalism triumphs in the west and fails everywhere else. New York: Basic Books. 10.1017/S0043887116000095 10.1162/ASEP_a_00118 10.1016/j.econlet.2017.07.019 10.5089/9781451871722.001 10.1162/REST_a_00265 Felipe, J., Abdon, A., & Kumar, U. (2012). Tracking the middle-income trap: What is it, who is in it, and why? (Working Paper No. 715). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College. 10.1111/j.1465-7295.2011.00430.x Freytag, A. (2011). Cumulative costs of trade protection in the South African economy (Occasional Paper No. 80). South African Institute of International Affairs (SAIIA). 10.1596/978-0-8213-6747-6 10.1093/oxrep/grp019 10.3386/w18315 10.1016/j.jimonfin.2017.01.004 10.1057/9781137323712 10.1057/ces.2008.5 10.1080/17538963.2015.1122882 10.1177/097491011100300302 10.1006/jcec.1994.1062 10.1596/978-0-8213-8955-3 10.1080/09538251003665677 10.1016/j.ibusrev.2015.03.008 10.1007/s12116-012-9110-y 10.1111/j.1468-0351.2008.00343.x Rodrik, D., & Subramanian, A. (2005). From “Hindu growth” to productivity surge: The mystery of the Indian growth transition. IMF Staff Papers, 52 (2), 193–228. 10.1086/261725 10.2307/2235375 Shleifer, A., & Vishny, R. W. (2002). The grabbing hand: Government pathologies and their cures. Cambridge, MA: Harvard University Press. Solimano, A., & Soto, R. (2004). Latin American economic growth in the late 20th century: Evidence and interpretation (Vol. 276). Pontificia Universidad Católica de Chile, Instituto de Economía. 10.1007/s10272-015-0551-1 10.1007/s10644-015-9166-6 World Bank (1993). The East Asian miracle: Economic growth and public policy. Oxford: Oxford University Press. World Bank (2012). China 2030: Building a modern, harmonious, and creative high-income society. Washington, DC: World Bank. 10.2307/2946695 10.1111/agec.12059 10.3897/j.ruje.4.27726 https://rujec.org/article/27726/ https://rujec.org/article/27726/download/pdf/ https://rujec.org/article/27726/download/xml/ The idea of a middle-income trap is now over a decade old and continues to be applied to growth paths which have not been self-sustaining. With the bulk of emerging markets now approaching middle-income status, and given the reality of slower growth for many countries (and the policy recommendations that currently exist for overcoming this problem), is the middle-income trap still a relevant framework? Using reference to the BRICS countries, the key finding of this analysis is that the middle-income trap conceptualization is of little value-added, as fundamentals still matter, especially in relation to macroeconomic stability. Similarly, we note that “quality” institutions are necessary, both political and economic, including (smaller) size of government and property rights. The “trap” as currently formulated is thus nothing new or particularly relevant, as it repackages some familiar structural issues while avoiding other crucial ones. text/html en_US Non-profit partnership "Voprosy Ekonomiki" middle income trap growth BRICS institutions total factor productivity Old wine and new bottles: A critical appraisal of the middle-income trap in BRICS countries Research Article

10.3897/j.ruje.4.27031 2018-06-30 rujec

Lomonosov Moscow State University, Moscow, Russia author Shastitko, Andrey E. https://orcid.org/0000-0002-6713-069X Centre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, Paris, France author Ménard, Claude Lomonosov Moscow State University, Moscow, Russia author Pavlova, Natalia 2018-06-30 2018-06-30 2018 Russian Journal of Economics 2405-4739 2618-7213 4 175 196 2018 Avdasheva, S. B. (2000). Economic relations in Russian industry. Moscow: HSE Publ. (in Russian). Avdasheva, S. B., & Dzagurova, N. B. (2010). Vertical restraints and their interpretation in antitrust law. Voprosy Ekonomiki, 5, 110–122 (in Russian). 10.1016/j.irle.2014.04.003 Baker, J. B., Farrell, J., & Shapiro, C. (2008). Merger to monopoly to serve a single buyer: Comment. Antitrust Law Journal, 75 (2), 637–646. Blair, R. & Kaserman, D. (1987). A note on bilateral monopoly and formula price contracts. American Economic Review, 77, 460–463. 10.2307/1059465 10.1007/s11151-011-9314-8 10.1162/003355300555439 10.1007/s00712-012-0310-8 10.2307/2224123 10.1007/s00712-014-0412-6 Campbell, T. (2007). Bilateral monopoly in mergers. Antitrust Law Journal, 74 (3), 521–536. 10.1057/9780230523210_6 Coase, R. (1988). The firm, the market and the law. Chicago: University of Chicago Press. 10.1515/jeeh-1991-0401 10.2307/1060093 European Commission (1997). Commission Notice on the definition of relevant market for the purposes of Community competition law. Official Journal of the European Communities, C 372 (9.12), 5–13. 10.2307/2551350 Galperin, V. M., Ignatiev, S. M., & Morgunov, V. I. (2004). Microeconomics. St. Petersburg: Ekonomicheskaya Shkola (in Russian). 10.1002/mde.2643 Gould, J., & Ferguson, C. (1980). Microeconomic theory (5th ed.). Homewood, IL: R. D. Irwin. 10.1093/jleo/18.1.95 10.1016/j.jebo.2010.05.009 10.2139/ssrn.2773455 10.2307/2550895 10.1093/joclec/nhp032 10.1007/978-3-540-69305-5 Rozanova, N. M., & Avdasheva, S. B. (1998). Theory of industrial organization. Moscow: Magistr (in Russian). Samuelson, P. (1947). Foundations of economic analysis. Cambridge: Harvard University Press. Shastitko, A. A. (2017). Companies” interaction in the markets of joint products in the context of the antitrust law enforcement. Voprosy Ekonomiki, 5, 58–70 (In Russian). Shastitko, A. E. (2010). New institutional economic theory (4th ed.). Moscow: Teis (in Russian). Shastitko, A. E. (2012a). Antitrust in Russia: To be or not to be? Ekonomicheskaya Politika, 3, 50–69 (in Russian). Shastitko, A. E. (2012b). Errors of I and II types in antimonopoly mergers control. Ekonomicheskaya Politika, 1, 95–117 (in Russian). Shastitko, A. E. (2013). Economic effects of errors in the setting and implementation of rules. Moscow: Delo (in Russian). Shastitko, A. E. (2016). On the methodology of institutional studies (To the 80th anniversary of Ronald Coase’s “Nature of the firm”). Voprosy Ekonomiki, 8, 96–116 (in Russian). 10.1016/j.ruje.2017.06.005 Shastitko, A. E., & Pavlova, N. S. (2017a). Antitrust in bilateral monopoly. Voprosy Ekonomiki, 8, 75–91 (in Russian). Shastitko, A. E., & Pavlova, N. S. (2017b). Bargaining power and market power: Comparison and policy implications. Zhurnal Novoy Ekonomicheskoy Assotsiatsii, 2 (34), 39–57 (in Russian). Thaler, R., & Sunstein, C. (2008). Nudge: Improving decisions about health, wealth, and happiness. New Haven, CT: Yale University Press. Williamson, O. (1983). Credible commitments: Using hostages to support exchange. American Economic Review, 73 (4), 519–540. Williamson, O. (1985). The economic institutions of capitalism: Firms, markets, relational contracting. New York: Free Press; London: Collier Macmillan. Williamson, O. (1996). The mechanisms of governance. New York: Oxford University Press. 10.1016/j.ecolecon.2005.07.015 10.3897/j.ruje.4.27031 https://rujec.org/article/27031/ https://rujec.org/article/27031/download/pdf/ https://rujec.org/article/27031/download/xml/ This paper is about the challenges that antitrust authorities face when dealing with bilateral monopolies. The curse of antitrust refers to traps threatening the efficient applicability of antitrust policies in these situations. Standard theories diverge about the attainability of equilibrium under bilateral monopolies but share skepticism about its efficiency if it ever exists. We suggest a different approach, based on transaction cost theory. First, since bilateral monopolies often develop in the upper segment of value chains, misalignment between parties may generate negative externalities. Second, if parties reach an agreement, the impact of the governance mechanism implemented must be assessed beyond the usual parameters of prices and quantities. Indeed, the risk of negative externalities in the absence of appropriate governance increases dramatically when “critical transactions” are at stake. With vertical integration prohibited, second-best alternatives in which antitrust authorities leave room for innovative hybrid governance may allow internalizing externalities while avoiding high switching costs. text/html en_US Non-profit partnership "Voprosy Ekonomiki" antitrust policy bilateral monopoly hybrid governance switching costs critical transactions bargaining power. The curse of antitrust facing bilateral monopoly: Is regulation hopeless? Research Article

10.3897/j.ruje.4.30163 2018-10-09 rujec

St. Petersburg State University, St. Petersburg, Russia Gaidar Institute for Economic Policy, Moscow, Russia Accounts Chamber of the Russian Federation, Moscow, Russia author Kudrin, Alexey L. Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Knobel, Alexander 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 197 214 2018 A. Alesina author 1999 1999 Is public expenditure productive? D. A. Aschauer author 1989 text Journal of Monetary Economics 1989 23 2 177 200 Social spending, human capital, and growth in developing countries. E. Baldacci author 2008 text World Development 2008 36 8 1317 1341 R. Barrell author 2012 2012 Economic growth in a cross section of countries. R. J. Barro author 1991 text The Quarterly Journal of Economics 1991 106 2 407 443 R. Barro author 1996 1996 International comparisons of educational attainment. R. J. Barro author 1993 text Journal of Monetary Economics 1993 32 3 363 394 R. Barro author 1995 1995 N. Batini author 2012 2012 A. Baum author 2012 2012 Growth and defence in LDCs. E. Benoit author 1978 text Economic Development and Cultural Change 1978 26 271 280 An empirical characterization of the dynamic effects of changes in government spending and taxes on output. O. Blanchard author 2002 text The Quarterly Journal of Economics 2002 117 4 1329 1368 Exchange rate regimes and fiscal multipliers. B. Born author 2013 text Journal of Economic Dynamics & Control 2013 37 2 446 465 Public expenditure and economic growth: A disaggregated analysis for developing countries. N. Bose author 2007 text Manchester School 2007 75 5 533 556 R. Clarida author 1994 1994 What determines government spending multipliers? G. Corsetti author 2012 text Economic Policy 2012 27 72 521 565 New Deal policies and the persistence of the Great Depression: A general equilibrium analysis. H. L. Cole author 2004 text Journal of Political Economy 2004 112 4 779 816 The composition of public expenditure and economic growth. S. Devarajan author 1997 text Journal of Monetary Economics 1997 37 2 313 344 Military spending and GDP growth: Is there a general causal relationship? B. Dicle author 2010 text Journal of Comparative Policy Analysis 2010 12 3 311 345 Automatic stabilizers and economic crisis: US vs. Europe. M. Dolls author 2012 text Journal of Public Economics 2012 96 3–4 279 294 S. Drobyshevsky author 2012 2012 J. P. Dunne author 1996 1996 J. P. Dunne author 2010 2010 Military spending and economic growth: A survey. J. P. Dunne author 2013 text Economics of Peace and Security Journal 2013 8 1 5 11 2012 2012 European Commission. (2012). The quality of public expenditures in the EU. European Economy. Occasional Papers, No. 125. The missing piece in policy analysis: Social security reform. M. Feldstein author 1996 text The American Economic Review 1996 86 2 1 14 R. Giordano author 2008 2008 The Finnish Great Depression: From Russia with love. Y. Gorodnichenko author 2012 text The American Economic Review 2012 102 4 1619 1643 Fiscal policy, expenditure composition, and growth in low-income countries. S. Gupta author 2005 text Journal of International Money and Finance 2005 24 3 441 463 Fiscal policy and economic growth. G. Idrisov author 2013 text Voprosy Ekonomiki 2013 8 35 39 The time for austerity: Estimating the average treatment effect of fiscal policy. E. Ilzetzki author 2013 text Journal of Monetary Economics 2013 60 2 239 254 1995 1995 IMF. (1995). Unproductive public expenditures: A pragmatic approach to policy analysis. IMF Pamphlet Series, No. 48. IMF. (2014). World economic outlook: Legacies, clouds, uncertainties. Washington, DC: International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/2014/02/ G. Iradian author 2007 2007 Budget expenditures effectiveness in Russia. N. Ivanova author 2011 text Ekonomicheskaya Politika 2011 1 176 192 How big (small?) are fiscal multipliers? Ò. Jordà author 2016 text Economic Journal (London) 2016 60 2 239 254 Fiscal policy and growth: Evidence from OECD countries. R. Kneller author 1999 text Journal of Public Economics 1999 74 2 171 190 Estimate of the medium-term fiscal policy of the Russian Federation. A. Knobel author 2012 text Ekonomicheskoe Razvitie Rossii 2012 19 12 23 32 Fiscal maneuver and restructuring of the Russian economy. A. Kudrin author 2017 text Russian Journal of Economics 2017 3 3 221 239 On the mechanics of economic development. R. E. Lucas author 1988 text Journal of Monetary Economics 1988 22 1 3 42 B. (Ed.). Moreno-Dodson author 2013 2013 A. Mountford author 2008 2008 R. Perotti author 2004 2004 R. Ram author 1995 1995 Can government purchases stimulate the economy? V. A. Ramey author 2011 text Journal of Economic Literature 2011 49 3 73 85 African military spending: Defence versus development? J. P. Smaldone author 2006 text African Security Review 2006 15 4 18 32 R. P. Smith author 2000 2000 Fiscal policy and long-run growth. V. Tanzi author 1997 text IMF Staff Papers 1997 44 2 179 209 author 2006 2006 author 2007 2007 10.3897/j.ruje.4.30163 https://rujec.org/article/30163/ https://rujec.org/article/30163/download/pdf/ https://rujec.org/article/30163/download/xml/ This paper investigates the economic efficiency of Russian public expenditures in 2002–2016 by estimation of their multiplicative impact on the GDP level and economic growth. We use the empirical methodology based on Corsetti et al. (2012). We estimate a number of fiscal multipliers: on national security, law-enforcement activity, national defense, education, health care and sport and road infrastructure. For assessing the influence of budget structure on long-term economic growth rates, we estimate the SVAR model in which GDP growth is a structural variable. The research shows a positive influence of budgetary resources redistribution from non-productive government expenditures to productive ones on economic development. text/html en_US Non-profit partnership "Voprosy Ekonomiki" VAR time series fiscal policy budget maneuver national budget structure of government economic growth. Russian budget structure efficiency: Empirical study Research Article

10.3897/j.ruje.4.30166 2018-10-09 rujec

National Research University Higher School of Economics, Moscow, Russia author Vishnevsky (1935-2021), Anatoly https://orcid.org/https://orcid.org/0000-0002-2408-7775 National Research University Higher School of Economics, Moscow, Russia Institute of Economic Forecasting, Russian Academy of Sciences, Moscow, Russia author Shcherbakova, Ekaterina https://orcid.org/0000-0001-5916-8869 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 229 248 2018 Aiyar, S., Ebeke, C., & Shao, X. (2016). The impact of workforce aging on European productivity. IMF Working Paper, No. WP/16/238/. https://www.imf.org/external/pubs/ft/wp/2016/wp16238.pdf Population and economic growth. G. S. Becker author 1999 text The American Economic Review 1999 89 2 145 149 Implications of population ageing for the labour market. S. Dixon author 2003 text Labour Market Trends 2003 February 67 76 GBD 2015 DALYs and HALE Collaborators (2016). Global, regional, and national disability-adjusted life-years (DALYs) for 315 diseases and injuries and healthy life expectancy (HALE), 1990–2015: A systematic analysis for the Global Burden of Diseases Study 2015. Lancet, 388 (10053), 1603–1658. https://doi.org/10.1016/S0140-6736(16)31460-X Kuznets, S. (1960). Population change and aggregate output. In Universities — National Bureau Committee for Economic Research, Demographic and economic change in developed countries (pp. 324–351). New York: Columbia University Press. OECD/EU. (2016). Health at a glance: Europe 2016. State of health in the EU cycle. Paris: OECD Publ. http://dx.doi.org/10.1787/9789264265592-en Economic consequences of ageing of the working-age population. A. G. Vishnevsky author 1970 text Demograficheskie Tetradi 1970 2–3 98 111 Vishnevsky, A. G. (2005). Population and production. In A. G. Vishnevsky, Selected demographic works (in 2 vols, vol. 2, pp. 5–87). Moscow: Nauka (in Russian). Vishnevsky, A. G. (2015). Mortality in Russia: The second epidemiological revolution that never was. Demographic Review, English selection 2015, 4–33. https://doi.org/10.17323/demreview.v2i5.5581 World Bank. (2016). In search of a new silver age in Russia: The drivers and impacts of population aging. Washington, DC. http://documents.worldbank.org/curated/en/851101467995634363/pdf/99487-WP-P151617-P143250-PUBLIC-Box393203B-silver-aging-web-final.pdf 10.3897/j.ruje.4.30166 https://rujec.org/article/30166/ https://rujec.org/article/30166/download/pdf/ https://rujec.org/article/30166/download/xml/ The current stage of demographic changes in all countries that have experienced a demographic transition is characterized by two main features: (1) cessation of population growth; (2) a progressive increase in the total dependency ratio, which until recently, despite the long-run population ageing, was declining. Both of these features are unfavorable from the economic point of view. In Russia, the situation is aggravated by the peculiarities of the population pyramid, heavily deformed by the social and military upheavals of the 20th century. The article shows that, for a long time, the demographic trends in Russia favored its economic development, but now the country is entering a long period of unfavorable demographic changes. The cessation of growth of the Russian population, the reduction in the working-age population and its ageing and the increase in the dependency ratio will have a deterrent effect on economic development and, at the same time, make it more difficult to solve social problems. In particular, these factors will create greater problems for the pension system for people older than working age. The issue of using the migration resource to mitigate the negative consequences of demographic changes is discussed. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russia demographic changes population growth natural increase net migration population ageing ageing of the labor force retirement age. A new stage of demographic change: A warning for economists Research Article

10.3897/j.ruje.4.28482 2018-10-09 rujec

Yeditepe University, Istanbul, author Ketenci, Natalya 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 249 265 2018 On the relationship between energy consumption, CO2 emissions and economic growth in Europe. A. Acaravci author 2010 text Energy 2010 35 12 5412 5420 A dynamic approach to the environmental Kuznets curve hypothesis. J. Agras author 1999 text Ecological Economics 1999 28 2 267 277 The investigation of environmental Kuznets curve hypothesis in the advanced economies: The role of energy prices. U. Al-Mulali author 2016 text Renewable & Sustainable Energy Reviews 2016 54 1622 1631 Investigating the environmental Kuznets cure hypothesis in Vietnam. U. Al-Mulali author 2015 text Energy Policy 2015 76 123 131 CO2 emissions, energy consumption, and output in France. J. B. Ang author 2007 text Energy Policy 2007 35 10 4772 4778 Tourism and solid waste generation in Europe: A panel data assessment of the environmental Kuznets curve. I. 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Zaman author 2016 text Tourism Management 2016 54 275 283 10.3897/j.ruje.4.28482 https://rujec.org/article/28482/ https://rujec.org/article/28482/download/pdf/ https://rujec.org/article/28482/download/xml/ This study explores the relationships between carbon emissions and their main determinants such as energy consumption, real income, international trade, level of education and level of urbanization in the Russian Federation, employing data for the period 1991–2016. Support for the environmental Kuznets curve hypothesis is found in this study, stating that environment pollution decreases in Russia after income achieves a certain threshold. The ARDL bounds test is employed in order to estimate short-run and long-run relationships in the estimated model. Energy consumption, real income, education and urbanization levels are found to be significant determinants of carbon emissions, while trade openness does not have an impact. The Granger causality test indicates two-way relationships between carbon emissions and energy use, real income and education. Only a single one-way causality runs from carbon emission to trade and no causality was found between carbon emissions and level of urbanization. text/html en_US Non-profit partnership "Voprosy Ekonomiki" CO2 emissions environment Kuznets curve cointegration Russia. The environmental Kuznets curve in the case of Russia Research Article

10.3897/j.ruje.4.30170 2018-10-09 rujec

Higher School of Economics, Moscow, Russia Bruegel, Brussels, Belgium CASE–Center for Social and Economic Research, Warsaw, Poland author Dabrowski, Marek https://orcid.org/0000-0002-7960-8734 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 266 284 2018 Income distribution, political instability and investment. A. Alesina author 1996 text European Economic Review 1996 40 6 1203 1228 The top 1 percent in international and historical perspective. F. Alvaredo author 2013 text The Journal of Economic Perspectives 2013 27 3 3 20 Alvaredo, F., Chancel, L., Piketty, T., Saez, E., & Zucman, G. (2017). World inequality report 2018. World Inequality Lab. http://wir2018.wid.world/files/download/wir2018-full-report-english.pdf What do we know about global income inequality? S. Anand author 2008 text Journal of Economic Literature 2008 46 1 57 94 Antras, P., de Gortari, P., & Itskhoki, O. (2016). Globalization, inequality & welfare. NBER Working Paper, No. 22676. http://www.nber.org/papers/w22676.pdf On analyzing the world distribution of income. A. B. Atkinson author 2010 text The World Bank Economic Review 2010 24 1 1 37 Bourguignon, F. (2016). The globalization of inequality. Princeton and Oxford: Princeton University Press. Inequality among world citizens: 1820–1992. F. Bourguignon author 2002 text The American Economic Review 2002 92 4 727 744 Credit Suisse. (2016a). Global wealth report 2016. Credit Suisse Research Institute, November. http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD783798-ED07-E8C2-4405996B5B02A32E Credit Suisse. (2016b). Global wealth databook 2016. Credit Suisse Research Institute, November. http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD6F2B43-B17B-345E-E20A1A254A3E24A5 Dadush, U. (2018). The economic effects of refugee return. Economics: The OpenAccess, Open-Assessment E-Journal, 12 (2018-33): 1–17. http://dx.doi.org/10.5018/economics-ejournal.ja.2018-33 Darvas, Z. (2016a). Brexit vote boosts case for inclusive growth. Bruegel blog, July 13. http://bruegel.org/2016/07/brexit-vote-boosts-case-for-inclusive-growth/ Darvas, Z. (2016b). Some are more equal than others: new estimates of global and regional inequality. Bruegel Working Paper, No. 8/2016. http://bruegel.org/wp-content/uploads/2016/11/WP_08_16-1.pdf Darvas, Z. (2018a). Global income inequality is declining — largely thanks to China and India. Bruegel blog, April 19. http://bruegel.org/2018/04/global-income-inequality-is-declining-largely-thanks-to-china-and-india/ Darvas, Z. (2018b). European income inequality begins to fall once again. Bruegel blog, April 30. http://bruegel.org/2018/04/european-income-inequality-begins-to-fall-once-again/ Darvas, Z., & Efstathiou, K. (2016). Income inequality boosted Trump vote. Bruegel blog, November 9. http://bruegel.org/2016/11/income-inequality-boosted-trump-vote/ Denk, O. (2017). Who are the top 1 percent earners in Europe? Paper presented at the 14th EUROFRAME Conference on Economic Policy Issues in the European Union — Growth and Inequality: Challenges for EU Economies, Berlin, June 9. http://www.euroframe.org/files/user_upload/euroframe/docs/2017/conference/Session%202/EUROF17_Denk.pdf Dornbusch, R., & Edwards, S. (1991). Macroeconomic populism in Latin America. NBER Working Paper, No. 2986. http://www.nber.org/papers/w2986.pdf Economist (2012). Income inequality: Who exactly are the 1%? The Economist, January 21. http://www.economist.com/node/21543178 Ferreira, F. H. G. (1999). Inequality and economic performance. A brief overview to theories of growth and distribution. Text for World Bank’s Web Site on Inequality, Poverty, and Socio-economic Performance. June. http://siteresources.worldbank.org/INTPGI/Resources/Inequality/ferreira.pdf Ferreira, F. (2016). Kuznets waves and the great epistemological challenge to inequality analysis. The World Bank blogs, April 27. http://blogs.worldbank.org/impactevaluations/kuznets-waves-and-great-epistemological-challenge-inequality-analysis Frankel, J. (2018). Does trade fuel inequality? Project Syndicate, January 2. https://www.project-syndicate.org/commentary/globalization-trade-inequality-relationship-by-jeffrey-frankel–2018-01 Furman, J. (2017). Should policymakers care whether inequality is helpful or harmful for growth? Paper for the Rethinking Macroeconomic Conference, Peterson Institute for International Economics, Washington, DC, October 11–12. https://piie.com/system/files/documents/furman20171012paper.pdf Gros, D. (2016). Is globalization really fueling populism? Project Syndicate, May 6. https://www.project-syndicate.org/commentary/understand-factors-behind-rising-populism-by-daniel-gros–2016-05 IMF. (2007). Globalization and inequality. In: World economic outlook: Globalization and inequality (Ch. 4, pp. 31–65). Washington, DC: International Monetary Fund, October. https://www.imf.org/
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Kuznets author 1955 text The American Economic Review 1955 45 1 1 28 Global income distribution: From the fall of the Berlin Wall to the Great Recession. C. Lakner author 2016 text The World Bank Economic Review 2016 30 2 203 232 Lang, V. L., & Mendes Tavares, M. (2018). The distribution of gains from globalization. IMF Working Paper, No. WP/18/54. http://www.imf.org/~/media/Files/Publications/WP/2018/wp1854.ashx Economic development with unlimited supplies of labour. W. A. Lewis author 1954 text Manchester School 1954 22 2 139 191 Explaining international and intertemporal variations in income inequality. H. Li author 1998 text Economic Journal (London) 1998 108 446 26 43 Maskin, E. (2015). Why haven’t global markets reduced inequality in emerging economies? World Bank Economic Review, 29 (Supply 1), S48–S52. https://doi.org/10.1093/wber/lhv013 Milanovic, B. (2012). Global income inequality by the numbers: In history and now (Policy Research Working Paper No. WPS6259). Washington, DC: World Bank. http://documents.worldbank.org/curated/en/959251468176687085/pdf/wps6259.pdf The return of “patrimonial capitalism”: A review of Thomas Piketty’s Capital in the twenty-first century. B. Milanovic author 2014 text Journal of Economic Literature 2014 52 2 519 534 Milanovic, B. (2016). Global inequality: A new approach for the age of globalization. Cambridge, MA: Harvard University Press. Democracy, economic development, and income inequality. E. N. Muller author 1988 text American Sociological Review 1988 53 1 50 68 When “secular stagnation” meets Piketty’s capitalism in the 21st century. Growth and inequality trends in Europe reconsidered. European Economy — K. Pichelmann author 2015 text Economic Papers 2015 551 Piketty, T. (2014). Capital in the twenty-first century. Cambridge, MA: Harvard University Press. Inequality and globalization: A review essay. M. Ravallion author 2018 text Journal of Economic Literature 2018 56 2 620 642 Rodrik, D. (2011). The globalization paradox. Democracy and the future of the world economy. New York and London: W.W. Norton. Rognlie, M. (2014). A note on Piketty and diminishing returns to capital. Unpublished manuscript. http://mattrognlie.com/piketty_diminishing_returns.pdf The world distribution of income: The falling poverty and … convergence, period. X. Sala-i-Martin author 2006 text The Quarterly Journal of Economics 2006 121 2 351 397 Sachs, J. D. (1989). Social conflict and populist policies in Latin America. NBER Working Paper, No. 2897. http://www.nber.org/papers/w2897.pdf Sachs, J. D. (2017). America, we still have a jobs problem. CNN.com, July 7. http://edition.cnn.com/2017/07/07/opinions/americas-jobs-problem-sachs/index.html Slay, B., Danilova-Cross, E., Papa, J., Peleah, M., Marnie, S., & Henrich, C. (2014). Poverty, inequality, and vulnerability in the transition and developing economies of Europe and Central Asia. UNDP Regional Bureau for Europe and CIS, UNDP Bureau for Policy and Programme Support. http://www.eurasia.undp.org/content/dam/rbec/docs/Poverty%20Inequality%20and%20Vulnerability.pdf?download The standardized world income inequality database. F. Solt author 2016 text Social Science Quarterly 2016 97 5 1267 1281 Stiglitz, J. (2016). Globalization and its new discontents. Project Syndicate, August 5. https://www.project-syndicate.org/commentary/globalization-new-discontents-by-joseph-e--stiglitz–2016-08 UNDP. (2013). Humanity divided: Confronting inequality in developing countries. New York: United Nations Development Programme, Bureau for Development Policy. http://www.undp.org/content/dam/undp/library/Poverty%20Reduction/Inclusive%20development/Humanity%20Divided/HumanityDivided_Full-Report.pdf?download Wolf, M. (2005). Why globalization works (2nd ed.). New Haven, CT and London: Yale University Press. World Bank. (2016). Poverty and shared prosperity 2016: Taking on inequality. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-0958-3 World Bank. (2018). Growing united: Upgrading Europe’s convergence machine. World Bank report on the European Union. Washington, DC: World Bank. http://pubdocs.worldbank.org/en/949971523912259619/Growing-United-v02-online-18-03-06-Main-Report.pdf 10.3897/j.ruje.4.30170 https://rujec.org/article/30170/ https://rujec.org/article/30170/download/pdf/ https://rujec.org/article/30170/download/xml/ The last decade brought increasing attention to income and wealth inequalities in advanced economies because of their increase in several countries and negative social and political implications. However, this debate is often limited to the single-country perspective, disregarding decreasing global income inequalities, i.e. inequalities between individuals in the entire world. This paper focuses mainly on the global dimension of the inequality trends but also tries to update statistics on national inequality trends which, contrary to the dominant narrative, seem to go in various directions depending on a concrete country. Finally, an attempt is made to analyze the potential interrelation and trade-off between decreasing global inequalities and increasing national inequalities and the role of globalization, in its various forms, in such a trade-off. text/html en_US Non-profit partnership "Voprosy Ekonomiki" income inequality wealth inequality income convergence globalization. Examining interrelation between global and national income inequalities Research Article

10.3897/j.ruje.4.30171 2018-10-09 rujec

National Research University Higher School of Economics, Moscow, Russia Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia author Kapeliushnikov, Rostislav https://orcid.org/0000-0002-2312-2110 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 285 304 2018 Health capital and the prenatal environment: The effect of Ramadan observance during pregnancy. D. Almond author 2011 text American Economic Journal. Applied Economics 2011 3 4 56 85 Angrist, J., & Pischke, J.-S. (2010). The credibility revolution in empirical economics: How better research design is taking the con out of econometrics. NBER Working Papers, No. 15794. Cambridge, MA: National Bureau of Economic Research. The age of the applied economist: The transformation of economics since the 1970s. R. Backhouse author 2017 text History of Political Economy 2017 49 5 1 33 The constitution of economic policy. J. Buchanan author 1987 text The American Economic Review 1987 77 3 243 250 Caplan, B. (2013). The myopic empiricism of the minimum wage. Econlib, March 12. http://www.econlib.org/archives/2013/03/the_vice_of_sel.html Minimum wages and employment: A case study of the fast food industry in New Jersey and Pennsylvania. D. Card author 1994 text The American Economic Review 1994 84 4 772 793 In praise of modern economics. D. Colander author 2009 text Eastern Economic Journal 2009 35 1 10 13 The turn in economics: From neoclassical dominance to mainstream pluralism. J. B. Davis author 2006 text Journal of Institutional Economics 2006 2 1 1 20 The turn in recent economics and return of orthodoxy. J. B. Davis author 2008 text Cambridge Journal of Economics 2008 32 4 349 366 Das, T., & Polachek, S. W. (2017). Micro foundations of earnings differences. IZA Discussion Paper Series, No. 10922. Bonn: Institute for the Study of Labor (IZA). De Vroey, M., & Pensieroso, L. (2016). The rise of a mainstream in economics. IRES Discussion Paper, No. 2016-26. Louvain: Université Catholique de Louvain. Duflo, E., & Hanna, R. (2005). Monitoring works: Getting teachers to come to school. NBER Working Papers, No. 11880. Cambridge, MA: National Bureau of Economic Research. The superiority of economists. M. Fourcade author 2015 text The Journal of Economic Perspectives 2015 29 1 89 114 Normative ecological rationality: Normative rationality in the fast-and-frugal-heuristics research program. D. W. Hands author 2014 text Journal of Economic Methodology 2014 21 4 396 410 Kapeliushnikov, R. (2015). Strategies of behavioral economics. In A. N. Dmitriev & I. M. Savelieva (Eds.), Human sciences. History of disciplines. Moscow: HSE Publishing (in Russian). The status of the rationality principle in economic theory: Past and present. R. Kapeliushnikov author 2017 text Zhurnal Novoi Ekonomicheskoi Assotsiatsii 2017 2 162 166 Is there a free-market economist in the house? The policy views of American Economic Association members. D. B. Klein author 2007 text American Journal of Economics and Sociology 2007 66 2 309 344 Economics professors’ voting, policy views, favorite economists, and frequent lack of consensus. D. B. Klein author 2013 text Econ Journal Watch 2013 10 1 116 125 Korinek, A. (2015). Thoughts on DSGE macroeconomics: Matching the moment, but missing the point? Available at https://www.ineteconomics.org/uploads/downloads/Korinek-DSGE-Macro-Essay.pdf Good enough for government work? Macroeconomics since the crisis. P. Krugman author 2018 text Oxford Review of Economic Policy 2018 34 1–2 156 168 Faculty voter registration in economics, history, journalism, law, and psychology. M. Langbert author 2016 text Econ Journal Watch 2016 13 3 422 451 Economic impacts of immigration: A survey. S. Pekkala Kerr author 2011 text Finnish Economic Papers 2011 24 1 1 32 Is something really wrong with macroeconomics? R. Reis author 2018 text Oxford Review of Economic Policy 2018 34 1–2 132 155 The Pasinetti paradox in neoclassical and more general models. P. A. Samuelson author 1966 text The Review of Economic Studies 1966 33 4 269 301 Ending the microfoundations hegemony. S. Wren-Lewis author 2018 text Oxford Review of Economic Policy 2018 34 1–2 55 69 10.3897/j.ruje.4.30171 https://rujec.org/article/30171/ https://rujec.org/article/30171/download/pdf/ https://rujec.org/article/30171/download/xml/ The paper summarizes main recent sociological, epistemological, methodological and ideological trends in modern economics and tries to evaluate its current state and further perspectives. Special attention has been paid to a change in economists’ methodological ideal: economic science began with trying to become like physics but actually has become like medical statistics. The paper’s general conclusion is that what we are witnessing today in modern economics is simply an ordinary working state rather than a triumph or a crisis. However, that state is not very promising since the period of new large theoretical ideas seems to be over for economics, the new atheoretical tendency in it is becoming stronger and in the very near future, economics is most likely to become more and more interventionist. text/html en_US Non-profit partnership "Voprosy Ekonomiki" econometrics epistemology experiments behavioral economics methodology ideology. Whither modern economics? Subjective semi-sociological observations Research Article

10.3897/j.ruje.4.27086 2018-10-09 rujec

University of Thessaly, Volos, Greece author Kollias, Christos https://orcid.org/0000-0003-2876-4304 Aristotle University of Thessaloniki, Thessaloniki, Greece author Paleologou, Suzanna-Maria https://orcid.org/0000-0002-3655-9311 University of Thessaly, Volos, Greece author Tzeremes, Panayiotis https://orcid.org/0000-0002-0746-3839 University of Thessaly, Volos, Greece author Tzeremes, Nickolaos 2018-10-09 2018-10-09 2018 Russian Journal of Economics 2405-4739 2618-7213 4 215 228 2018 Institutional determinants of military spending. D. Albalate author 2012 text Journal of Comparative Economics 2012 40 2 279 290 Zipf’s law and world military expenditures. Peace Economics, Peace P. Arvanitidis author 2016 text Science & Public Policy 2016 22 1 41 71 Baayen, R. H., van Rij, J., de Cat, C., & Wood, S. N. (2016) Autocorrelated errors in experimental data in the language sciences: Some solutions offered by Generalized Additive Mixed Models. arXiv preprint, arXiv:1601.02043. Economic development and military effectiveness M. Beckley author 2010 text The Journal of Strategic Studies 2010 33 1 43 79 Oil dependency of the Russian economy: An econometric analysis A. Benedictow author 2013 text Economic Modelling 2013 32 400 428 Investment drought in the Russian economy: Structural characteristics and turnaround perspectives. O. Berezinskaya author 2017 text Russian Journal of Economics 2017 3 1 71 82 Biddle, S. (2004). Military power: Explaining victory and defeat in modern battle. Princeton: Princeton University Press. Democracy and military effectiveness. A deeper look. S. Biddle author 2004 text The Journal of Conflict Resolution 2004 48 4 525 546 Econometric testing on linear and nonlinear dynamic relation between stock prices and macroeconomy in China. S. Borjigin author 2018 text Physica A 2018 493 107 115 The demand for military expenditure in authoritarian regimes. V. Bove author 2016 text Defence and Peace Economics 2016 27 5 609 625 Does Russia have the fiscal capacity to achieve its military modernisation goals? E. Christie author 2017 text RUSI Journal 2017 162 5 4 15 The Russian economy twenty years after the end of the socialist economic system. J. Cooper author 2013 text Journal of Eurasian Studies 2013 4 1 55 64 The military dimension of a more militant Russia. J. Cooper author 2016 text Russian Journal of Economics 2016 2 2 129 145 Distribution of the estimators for autoregressive time series with a unit root. D. A. Dickey author 1979 text Journal of the American Statistical Association 1979 75 427 431 The demand for military spending in the peripheral economies of Europe P. Dunne author 2003 text Defence and Peace Economics 2003 14 6 447 460 The demand for military expenditure in developing countries: Hostility versus capability. J. P. Dunne author 2008 text Defence and Peace Economics 2008 19 4 293 302 Dependence of the Russian defense industry on oil prices: Conversion. V. K. Fal’tsman author 2017 text Studies on Russian Economic Development 2017 28 5 486 491 A very sharp sword. The influence of military capabilities on American decisions to use force. O. B. Fordham author 2004 text The Journal of Conflict Resolution 2004 48 5 632 656 Status conflicts between Russia and the West: Perceptions and emotional biases T. Forsberg author 2014 text Communist and Post-Communist Studies 2014 47 3–4 323 331 Asia-Pacific demand for military expenditure: Spatia panel and SUR estimates. J. George author 2018 text Defence and Peace Economics 2018 Measuring national power. M. K. Kadera author 2004 text International Interactions 2004 30 3 211 230 The growth in military expenditure in Germany 1951–2011: Did parties matter? B. Kauder author 2016 text Defence and Peace Economics 2016 27 4 503 519 Domestic political and external security determinants of the demand for Greek military expenditure. C. Kollias author 2003 text Defence and Peace Economics 2003 14 6 437 445 A new growth model for the Russian economy. A. Kudrin author 2015 text Russian Journal of Economics 2015 1 1 30 54 Russia and China in the 21st century. Moving towards cooperative behavior S. Malle author 2017 text Journal of Eurasian Studies 2017 8 2 136 150 Social and economic development of Russia: Finding new dynamics. D. Medvedev author 2016 text Russian Journal of Economics 2016 2 4 327 348 The effects of the international security environment on national military expenditures: A multicountry study. W. Nordhaus author 2012 text International Organization 2012 66 3 491 513 Russia’s defense spending and the economic decline. S. Oxenstierna author 2016 text Journal of Eurasian Studies 2016 7 1 60 70 Modelling the demand for national security expenditure: A note S.-M. Paleologou author 2015 text Defence and Peace Economics 2015 26 4 457 464 Pemstein, D., Marquardt, K., Tzelgov, E., Wang, Y., Krusell, J., & Miri, F. (2017). The V-Dem measurement model: Latent variable analysis for cross-national and cross-temporal expert-coded data. V-Dem Working Paper, No. 21:2. University of Gothenburg, Varieties of Democracy Institute. Testing for a unit root in time series regressions. P. C. B. Phillips author 1988 text Biometrica 1988 75 2 335 346 Measuring hard power: China’s economic growth and military capacity P. Robertson author 2017 text Defence and Peace Economics 2017 28 1 91 111 Bounds testing approach to analyzing the environment Kuznets curve hypothesis with structural beaks: The role of biomass energy consumption in the United States. M. Shahbaz author 2017 text Energy Economics 2017 68 548 565 Is the tourism-economic growth nexus time-varying? Bootstrap rolling-window causality analysis for the top 10 tourist destinations. M. Shahbaz author 2018 text Applied Economics 2018 50 24 2677 2697 Oil and gas revenues of the Russian Federation: Trends and prospects. N. Sabitova author 2015 text Procedia Economics and Finance 2015 27 423 428 Military expenditure trends for 1960–2014 and what they reveal T. Sandler author 2016 text Global Policy 2016 7 2 174 184 The demand for military expenditure. R. Smith author 1980 text Economic Journal (London) 1980 90 360 811 820 Models of military expenditure. R. Smith author 1989 text Journal of Applied Econometrics 1989 4 4 345 359 Smith, R., & Fontanel, J. (2008). International security, defence economics and the powers of nations. In J. Fontanel & M. Chatterji (Eds.), War, peace and security (pp. 37–51). Bingley: Emerald. Global oil glut and sanctions: The impact on Putin’s Russia. Y. Tuzova author 2016 text Energy Policy 2016 90 140 151 Sources of long run economic growth in Russia before and after the global financial crisis. I. Voskoboynikov author 2017 text Russian Journal of Economics 2017 3 4 348 365 Modelling and smoothing parameter estimation with multiple quadratic penalties. S. N. Wood author 2000 text Journal of the Royal Statistical Society. Series B. Methodological 2000 62 2 413 428 Stable and efficient multiple smoothing parameter estimation for generalized additive models. S. N. Wood author 2004 text Journal of the American Statistical Association 2004 99 467 673 686 Wood, S. N. (2006a). Generalized additive models: An introduction in R. (Chapman and Hall/CRC Texts in Statistical Science Series, 1nd ed.). Boca Raton, FL: CRC Press. Low-rank scale-invariant tensor product smooths for generalized additive mixed models. S. N. Wood author 2006 text Biometrics 2006 62 4 1025 1036 Straightforward intermediate rank tensor product smoothing in mixed models. S. N. Wood author 2013 text Statistics and Computing 2013 23 3 341 360 What is Russia trying to defend? A. Yakovlev author 2016 text Russian Journal of Economics 2016 2 2 146 161 From the “forgotten region” to the “great game” region: On the development of geopolitics in Central Asia. Y. Zabortseva author 2012 text Journal of Eurasian Studies 2012 3 2 168 176 10.3897/j.ruje.4.27086 https://rujec.org/article/27086/ https://rujec.org/article/27086/download/pdf/ https://rujec.org/article/27086/download/xml/ The allocation of resources to defense and national security is influenced by several factors, both domestic and external. Findings, reported in the relevant empirical literature, suggest that military spending is determined by a cohort of economic, strategic and political factors. This paper estimates a demand function for Russian military expenditure for the period 1992–2015. The results indicate that Russian defense spending is strongly dependent on income from energy exports as well as on the overall performance of the Russian economy. Strategic factors also emerge as significant determinants of such expenditure. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Russian defense spending military expenditure GAMMs. The demand for defense spending in Russia: Economic and strategic determinants Research Article

10.3897/j.ruje.4.33617 2018-12-31 rujec

Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Drobyshevsky, Sergey M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia Gaidar Institute for Economic Policy, Moscow, Russia author Idrisov, Georgy Gaidar Institute for Economic Policy, Moscow, Russia Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Kaukin, Andrey Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Pavlov, Pavel https://orcid.org/0000-0001-6200-6481 Russian Foreign Trade Academy, Moscow, Russia author Sinelnikov-Murylev, Sergey G. https://orcid.org/0000-0001-6667-9958 2018-12-31 2018-12-31 2018 Russian Journal of Economics 2405-4739 2618-7213 4 305 327 2018 R. Auty author 2002 2002 V. Bessonov author 2003 2003 O. Blanchard author 2013 2013 10.31737/2221-2264-2016-29-1-7 10.1787/506882344657 J. Elmeskov author 1993 1993 2005 2005 European Central Bank (2005). The (un)reliability of output gap estimates in real time. Monthly Bulletin, February, 43–45. 10.1787/533876774515 10.5089/9781498393454.001 S. Guriev author 2008 2008 M. Humphreys author 2007 2007 G. Idrisov author 2016 2016 10.2139/ssrn.2362818 V. Mau author 2010 2010 10.32609/0042-8736-2017-8-92-103 10.3386/w10294 D. Romer author 1996 1996 S. Sinelnikov-Murylev author 2014 2014 10.1111/j.1468-232X.1962.tb00271.x 10.1787/5jm0qwpqmz34-en 10.32609/0042-8736-2014-10-4-43 10.3897/j.ruje.4.33617 https://rujec.org/article/33617/ https://rujec.org/article/33617/download/pdf/ https://rujec.org/article/33617/download/xml/ In this paper, we present a methodology of GDP growth rate decomposition adapted for the Russian economy. We calculated the indicators for structural unemployment (NAWRU) and total factor productivity in Russia. We estimated the structural, foreign trade and cyclical components of GDP growth rates under various macroeconomic scenarios for the period from 2018 through 2024. The study shows that a significant contribution to growth rates for the period 2018 through 2024 will be made by the sum of the business cycle and random shock component, which, combined with the revitalization of investments in 2017, may indicate the beginning of a new cycle of economic growth in Russia. In the scenarios reviewed, the contribution from the foreign trade component will be negative from 2018 to 2024. The calculations indicate further stagnation of structural growth rates in the Russian economy from 2018 to 2024 at the level of approximately 1.5 p.p. in all of the basic macroeconomic scenarios reviewed. This points to the inexpediency in postponing structural reforms to create conditions for Russia’s economy to achieve growth rates that exceed world averages. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic growth total factor productivity NAWRU terms of trade business cycle Decomposition of growth rates for the Russian economy Research Article

10.3897/j.ruje.4.33619 2018-12-31 rujec

New Economic School, Moscow, Russia Southern Methodist University, Dallas, Texas, United States of America author Weber, Shlomo Ural Federal University, Graduate School of Economics and Management, Ekaterinburg, Russia Saxon Academy of Sciences and Humanities in Leipzig, Leipzig, Germany author Wiesmeth, Hans 2018-12-31 2018-12-31 2018 Russian Journal of Economics 2405-4739 2618-7213 4 328 345 2018 10.1002/eet.499 10.1016/0047-2727(86).90024-1 C. P. Borick author 2011 2011 10.1016/j.chieco.2011.05.001 10.1007/s10640-013-9686-3 10.1016/j.ecolecon.2004.02.011 10.1016/j.iref.2016.02.010 10.1016/j.enpol.2009.11.055 2008 2008 EC (2008). Europeans’ attitudes towards climate change. Special Eurobarometer 300. European Commission, European Parliament. https://ec.europa.eu/public_opinion/archives/ebs/ebs_300_full_en.pdf 2017 2017 EC (2017). Directive on the promotion of the use of energy from renewable sources. Brussels: European Commission. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52016PC0767R(01).&from=EN 10.1016/j.ecolecon.2012.01.023 2013 2013 Fraunhofer ISE (2013). Levelized cost of electricity: Renewable energy technologies. Freiburg: Fraunhofer-Institut für Solare Energiesysteme ISE. https://www.ise.fraunhofer.de/en/publications/studies/cost-of-electricity.html 10.2307/2118443 10.1016/j.ecolecon.2009.11.030 B. Horstmann author 2011 2011 10.1016/j.enpol.2007.08.035 10.1016/j.enpol.2013.07.131 10.1016/j.enpol.2013.07.130 10.1016/j.renene.2014.05.059 10.1007/s10584-006-9072-z 10.2307/1911038 M. Olson author 1965 1965 10.1016/S0301-4215(98).00032-9 10.2307/1925895 10.1596/978-0-8213-8780-1 10.1002/eet.518 10.1093/ajae/aav011 10.1027/1864-9335.40.4.222 K. Soyez author 2012 2012 10.1006/jeem.2000.1132 10.1016/j.worlddev.2004.03.004 2014 2014 UNFCCC (2014). Lima call for climate action. United Nations Framework Convention on Climate Change. https://unfccc.int/files/meetings/lima_dec_2014/application/pdf/auv_cop20_lima_call_for_climate_action.pdf 10.1016/j.reseneeco.2013 10.1016/0047-2727(91).90003-K S. Weber author 1991b 1991b 2013 2013 WEC (2013). World energy perspective: Cost of energy technologies. London: World Energy Council. https://www.worldenergy.org/publications/2013/world-energy-perspective-cost-of-energy-technologies 10.1016/j.ecolecon.2014.10.023 10.1016/j.renene.2014.03.029 10.3897/j.ruje.4.33619 https://rujec.org/article/33619/ https://rujec.org/article/33619/download/pdf/ https://rujec.org/article/33619/download/xml/ The extent of provision of a public good often relies on social awareness and public support for it. This applies, in particular, to global reduction of greenhouse gases and its relevance for mitigating climate change. We examine the concept of “public awareness” by introducing a formal model that analyzes efforts to mitigate climate change in a setting with heterogeneous countries. In the theoretical part we examine the Nash equilibrium of the contribution game. The effects of awareness and economic parameters on mitigation efforts can be disentangled, raising the possibility of linking awareness of climate change with economic wealth. The second part provides some empirical observations and offers the rankings of countries regarding awareness for climate change, as well as an empirical relationship between awareness and economic wealth. text/html en_US Non-profit partnership "Voprosy Ekonomiki" environmental awareness climate change public goods Kyoto Protocol renewable energies regional economics diversity. Environmental awareness: The case of climate change Research Article

10.3897/j.ruje.4.33621 2018-12-31 rujec

Central Economics and Mathematics Institute, Russian Academy of Sciences, Moscow, Russia Moscow School of Economics, Lomonosov Moscow State University, Moscow, Russia author Polterovich, Victor 2018-12-31 2018-12-31 2018 Russian Journal of Economics 2405-4739 2618-7213 4 346 385 2018 D. Acemoglu author 2012 2012 D. Acemoglu author 2016 2016 10.1257/jel.53.4.898 10.1093/wber/lhv033 V. V. Arslanov author 2016 2016 E. V. Balatsky author 2017 2017 E. V. Balatsky author 2017 2017 C. Bichsel author 2016 2016 10.1093/biosci/biu196 10.1017/S0003975600000412 Ph. Brown author 2003 2003 B. Bunch author 2004 2004 10.1038/nature15725 10.1126/science.aad9837 R. L. Carneiro author 2002 2002 H.-J. Chang author 2003 2003 A. O. Chubaryan author 2014 2014 A. D’Amato author 2009 2009 10.1108/10595420810905975 10.1177/1440783313508478 J. Diamond author 1997 1997 J. Diamond author 2012a 2012a J. Diamond author 2012b 2012b 10.1016/S1573-4420(02)80011-8 M. Freeman author 2006 2006 F. Fukuyama author 2011 2011 F. Fukuyama author 2012 2012 F. Fukuyama author 2014 2014 A. Gabor author 2005 2005 S. V. Galeev author 2011 2011 S. Galiani author 2014 2014 10.7717/peerj.2610 A. A. Guseinov author 1972 1972 10.1086/230320 2016 2016 Hudson Institute (2016). The index of global philanthropy and remittances 2016. Washington, DC. 10.14530/se.2016.3.133-150 I. M. Kulisher author 1922 1922 10.7208/chicago/9780226476278.001.0001 A. Lijphart author 2012 2012 10.2307/1909789 10.1177/0261018316653552 10.1177/0022002795039002002 J. Mokyr author 2005 2005 10.2307/j.ctt1wf4dft 10.31737/2221-2264-2017-34-2-1 10.31737/2221-2264-2017-35-3-1 O. E. Nepomnin author 2005 2005 10.1371/journal.pone.0026922 10.1017/CBO9780511808678 10.1017/CBO9780511575839 D. C. North author 2013 2013 10.1515/9781400865550 10.1257/jep.28.4.169 V. M. Polterovich author 2007 2007 V. M. Polterovich author 2014 2014 V. M. Polterovich author 2015 2015 V. M. Polterovich author 2016a 2016a V. M. Polterovich author 2016b 2016b 10.31737/2221-2264-2017-35-3-12 10.1016/j.ruje.2017.02.002 10.32609/0042-8736-2017-11-33-49 V. M. Polterovich author 2017d 2017d V. Prosvetov author 2005 2005 10.1146/annurev-economics-080614-115553 P. Rhodes author 1998 1998 10.1093/acprof:oso/9780199534081.003.0004 10.1080/00438240802655302 10.1016/j.jet.2011.10.008 C. J. Tabb author 1995 1995 C. G. Thies author 2012 2012 S. V. Volkov author 2017 2017 10.1017/CBO9781139540919 R. A. Westin author 2014 2014 K. A. Wittfogel author 1957 1957 10.1111/spc3.12255 A. P. Zaostrovtsev author 2013 2013 A. P. Zaostrovtsev author 2014 2014 A. Yu. Zudin author 2009 2009 10.3897/j.ruje.4.33621 https://rujec.org/article/33621/ https://rujec.org/article/33621/download/pdf/ https://rujec.org/article/33621/download/xml/ A new approach to understanding social and economic development is proposed, based on consideration of the evolution of coordination mechanisms. The work consists of two parts. In the first part, a critical analysis of four recently proposed theories of social development, focusing on geographical, institutional or cultural factors, is given. These theories have greatly enriched our understanding of the evolution of society, however, as analysis shows, none of them provides a satisfactory description of the driving forces and mechanisms of this evolution; the main reason is rooted in their common deficiency — monocausality. It is proposed to distinguish between two types of development, catching up and leading. The basic ideas of the theory of catching up development are presented. This approach makes it possible to explain the phenomenon of the “economic miracle” as a result of mutually conditioned changes in culture, institutions, technological progress and well-being in the context of interaction of competition, power and collaboration mechanisms. The second part is devoted to the theory of leading socioeconomic development. It is shown how in Western Europe, as a result of the interaction of the above four factors, specific forms and combinations of the three main mechanisms of coordination — competition, power and collaboration — emerged at each stage of evolution. I emphasize the importance of ideology and the phenomenon of technical progress in the formation of institutions of economic and political competition that contributed to the creation of the welfare state. These changes and economic growth created the conditions for further transformation of civil culture: increasing levels of trust, tolerance, altruism and cosmopolitanism, expanding the planning horizon. The decrease in the level of coercion built into the mechanisms of power and competition are demonstrated as well as the expansion of the role of collaboration. A hypothesis is advanced that the speed of this process depends on geographical factors. The idea of the welfare world is discussed. text/html en_US Non-profit partnership "Voprosy Ekonomiki" inclusive institutions extractive institutions limited access order open access order cycle of emancipation violence rent power competition collaboration industrial revolution welfare state civic culture. Towards a general theory of social and economic development: Evolution of coordination mechanisms Research Article

10.3897/j.ruje.4.33622 2018-12-31 rujec

National Research University Higher School of Economics, Moscow, Russia author Bukin, Kirill https://orcid.org/0000-0001-6451-0171 National Research University Higher School of Economics, Moscow, Russia author Levin, Mark 2018-12-31 2018-12-31 2018 Russian Journal of Economics 2405-4739 2618-7213 4 386 396 2018 10.1086/260305 10.1111/1468-0297.00730 10.1162/003355300554944 10.18288/1994-5124-2018-1-08 10.1093/jcs/css105 10.1086/261818 10.1086/230409 L. R. Iannaccone author 1998 1998 10.1111/j.1465-7295.1997.tb01915.x 10.2307/2580498 10.17863/CAM.4953 S. Iyer author 2015 2015 10.1257/mic.4.3.121 10.1177/1043463107083736 10.1111/j.1468-0335.2008.00732.x 10.1016/j.socec.2015.07.001 10.2307/1519762 O. Shy author 2005 2005 10.1111/j.1533-8525.2006.00039.x 10.3897/j.ruje.4.33622 https://rujec.org/article/33622/ https://rujec.org/article/33622/download/pdf/ https://rujec.org/article/33622/download/xml/ This paper is an extension of the recent work by the authors where a simplifying assumption of no costs of entry to the religious market was set. In the present paper, the religious market is regulated in the sense that a sect in order to establish itself in a market has to bear costs of entry. In the case of one official denomination the strict sect attracts less flock, and the monopoly church will acquire more church-goers and even marginally religious people will hesitate between joining the church and staying nonreligious. In case of prohibitively high costs the sect will shrink to zero and the church will take control over almost all population with the remaining small group of nonbelievers. A comparative statics problem in the case of the two official churches was also considered. In stage one of the game these churches choose their position in the strictness interval with the subsequent emergence of sects. The more costly is entry the less populated will be the strict sect and even the moderate sect will turn more liberal with the loss of some of its members. text/html en_US Non-profit partnership "Voprosy Ekonomiki" religious market strictness of a denomination non-religious community sect. Formation of sects in a religious market Research Note

10.32609/j.ruje.5.35233 2019-04-17 rujec

National Research University Higher School of Economics, Moscow, Russia author Mironov, Valeriy https://orcid.org/0000-0001-7877-9817 National Research University Higher School of Economics, Moscow, Russia author Konovalova, Liudmila https://orcid.org/0000-0003-1374-0908 2019-04-17 2019-04-17 2019 Russian Journal of Economics 2405-4739 2618-7213 5 1 1 26 2019 funder National Research University Higher School of Economics 10.13039/501100007251 D. Acemoglu author 2009 2009 P. Aghion author 1992 1992 P. Aghion author 1998 1998 P. Aghion author 2017 2017 R. A. Araújo author 2007 2007 H. S. Atesoglu author 1993 1993 A. Bagnai author 2010 2010 A. Bagnai author 2016 2016 M. Baranzini author 1990 1990 W. J. Baumol author 1967 1967 10.1080/17487870.2015.1018691 S. Blankenburg author 2008 2008 M. Cimoli author 2014 2014 H. B. Chenery author 1980 1980 C. Clark author 1957 1957 M. J. Dávila-Fernández author 2018 2018 G. J. De Vries author 2012 2012 G. De Vries author 2015 2015 A. Dietrich author 2012 2012 G. Di Meglio author 2015 2015 J. Fagerberg author 2000 2000 S. Fan author 2003 2003 J. Felipe author 2007 2007 J. Felipe author 2016 2016 B. Fingleton author 1998 1998 F. Fiorillo author 2001 2001 A. G. B. Fisher author 1939 1939 J. Frankel author 2012 2012 F. Freitas author 2003 2003 I. S. Gill author 2014 2014 A. E. Golodnikova author 2018 2018 R. R. Gouvea author 2010 2010 R. Gouvea author 2013 2013 J. Greenwood author 2005 2005 10.32609/0042-8736-2013-9-4-39 N. Haraguchi author 2017 2017 A. C. Harberger author 1998 1998 R. Harrod author 1939 1939 R. Hausmann author 2007 2007 R. Hausmann author 2008 2008 R. Hausmann author 2003 2003 B. Herrendorf author 2014 2014 A. O. Hirschman author 1958 1958 J. Imbs author 2003 2003 J. Imbs author 2014 2014 W. A. Jackson author 2003 2003 B. F. Jones author 2005 2005 N. Kaldor author 1978 [1966] 1978 [1966] V. Kondratiev author 2017 2017 J. J. Kruger author 2008 2008 P. Krugman author 1989 1989 S. Kuznets author 1973 1973 M. Lanzafame author 2014 2014 W. A. Lewis author 1954 1954 G. Libanio author 2011 2011 J. Y. Lin author 2011 2011 J. Lin author 2009 2009 J. Y. Lin author 2011 2011 J. Y. Lin author 2012 2012 A. Maddison author 1987 1987 A. Maddison author 1991 1991 A. Maroto-Sánchez author 2009 2009 K. Matsuyama author 2009 2009 M. S. McMillan author 2011 2011 M. McMillan author 2017 2017 M. McMillan author 2014 2014 V. Meliciani author 2002 2002 10.32609/0042-8736-2006-3-42-61 10.32609/0042-8736-2014-1-78-107 R. Newfarmer author 2009 2009 H. Nishi author 2016 2016 W. D. Nordhaus author 2015 2015 J. A. (Ed. Ocampo author 2005 2005 J. Ocampo author 2009 2009 J. Oreiro author 2016 2016 T. Palley author 2003 2003 J. G. Palma author 1987 1987 D. Park author 2012 2012 L. Pasinetti author 1981 1981 L. Pasinetti author 1993 1993 U. Pieper author 2003 2003 J. Pons-Novell author 1999 1999 R. Prebisch author 2000 [1949] 2000 [1949] D. Rodrik author 2003 2003 D. Rodrik author 2010 2010 D. Rodrik author 2013a 2013a D. Rodrik author 2013b 2013b D. Rodrik author 2013c 2013c D. Rodrik author 2015 2015 L. Romano author 2017 2017 J. Romero author 2016 2016 M. Setterfield author 2011 2011 E. G. Silva author 2008 2008 J. Schumpeter author 1962 1962 R. M. Solow author 1956 1956 E. Soukiazis author 2012 2012 T. W. Swan author 1956 1956 A. Szirmai author 2012 2012 A. Thirlwall author 1979 1979 A. P. Thirlwall author 2011 2011 A. P. Thirlwall author 2013 2013 M. P. Timmer author 2009 2009 M. P. Timmer author 2015a 2015a M. P. Timmer author 2015b 2015b 2016 2016 UNIDO (2016). Industrial development report. The role of technology and innovation in inclusive and sustainable industrial development. Vienna: UNIDO. H. Uzawa author 1961 1961 10.32609/0042-8736-2015-11-30-61 K. M. Vu author 2017 2017 H. Wells author 2003 2003 10.32609/j.ruje.5.35233 https://rujec.org/article/35233/ https://rujec.org/article/35233/download/pdf/ https://rujec.org/article/35233/download/xml/ The article considers the problem of the relationship of structural changes and economic growth in the global economy and Russia in the framework of different methodological approaches. At the same time, the paper provides the analysis of complementarity of economic policy types, which, on the one hand, are aimed at developing the fundamentals of GDP growth (institutions, human capital and macroeconomic stabilization), and on the other hand, at initiating growth (with stable fundamentals) with the help of structural policy measures. In the study of structural changes in the global economy, new forms of policies of this kind have been revealed, in particular aimed at identifying sectors — drivers of economic growth based on a portfolio approach. In a given paper a preliminary version of the model of the Russian economy is provided, using a multisector version of the Thirlwall’s Law. Besides, the authors highlight a number of target parameters of indicators of competitiveness of the sectors of the Russian economy that allow us to expect its growth rate to accelerate above the exogenously given growth rate of the world economy. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic growth labour productivity structure of economy structural policy Thirlwall’s law Russia Structural changes and economic growth in the world economy and Russia Research Article

10.32609/j.ruje.5.35507 2019-04-17 rujec

Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia National Research University Higher School of Economics, Moscow, Russia author Kapeliushnikov, Rostislav https://orcid.org/0000-0002-2312-2110 2019-04-17 2019-04-17 2019 Russian Journal of Economics 2405-4739 2618-7213 5 1 88 116 2019 D. Acemoglu author 2011 2011 D. Acemoglu author 2017 2017 10.2307/2297900 A. A. Alchian author 1972 1972 10.1080/02692170210136127 D. Arnold author 2016 2016 M. Arntz author 2016 2016 A. Atkinson author 2008 2008 M. Auguiar author 2017 2017 10.1257/aer.103.5.1553 10.1257/000282806777212620 10.1162/003355398555874 10.1162/003355303322552801 D. Autor author 2017 2017 10.1111/ecoj.12245 R. Bailey author 2017 2017 A. Bergeaud author 2017 2017 J. Bessen author 2016 2016 J. Bessen author 2017 2017 10.1080/10438599800000002 U. Blien author 2017 2017 10.1016/j.respol.2010.02.017 10.1111/j.1467-8454.2012.00425.x A. Boltho author 1995 1995 2015 2015 BCG (2015). Revolution in the driver’s seat: The road to autonomous vehicles. Boston, MA: Boston Consulting Group. D. Boudreaux author 2017 2017 J. Bowles author 2014 2014 E. Brynjolfsson author 2011 2011 E. Brynjolfsson author 2014 2014 E. Brynjolfsson author 2017 2017 C. Brzeski author 2015 2015 10.1080/00343404.2010.520693 M. Chui author 2015 2015 10.1007/s40821-015-0031-3 J. Clark author 1987. 1987. 10.1007/s00191-010-0209-x G. M. Cortés author 2015 2015 10.1162/qjec.2009.124.2.843 10.1080/02692170210136136 10.1007/s00191-013-0308-6 J. Fernald author 2015 2015 10.1257/000282803769206377 S. Firpo author 2011 2011 M. Ford author 2015 2015 C. Frey author 2013 2013 P. Gaggl author 2014 2014 10.32609/0042-8736-2015-7-87-119 10.1257/aer.99.2.58 10.1162/rest.89.1.118 R. J. Gordon author 2016 2016 G. Graetz author 2015 2015 10.1111/1467-9914.00146 T. Gregory author 2016 2016 10.1093/icc/dtn022 Y. N. Harari author 2017 2017 10.1016/j.ijindorg.2014.06.001 T. Ikenaga author 2010 2010 10.2759/516348 10.1016/0954-349X(90)90010-6 10.2307/2118323 J. M. Keynes author 1931 1931 10.1080/10438599800000007 10.1016/j.ijindorg.2010.05.004 10.1177/002795018511100106 W. W. Leontief author 1952 1952 W. Leontief author 1986 1986 S. Machin author 1996 1996 10.1162/003355398555883 K. Marx author 1960 1960 10.1257/jep.29.3.31 10.1006/redy.1998 S. Nickell author 1989 1989 W. D. Nordhaus author 2015 2015 S. Padalino author 1997 1997 M. Pajarinen author 2014 2014 G. Pellegrino author 2017 2017 S. Pfeiffer author 2015 2015 M. M. Pianta author 2000 2000 P. Pini author 1996 1996 10.1007/s00712-005-0140-z M. Piva author 2017 2017 10.1080/10438599800000009 D. Ricardo author 2001 2001 J. Rifkin author 1995 1995 10.1016/S0925-5273(01)00115-3 P. A. Samuelson author 1989 1989 J. Schumpeter author 2006 2006 R. Simonetti author 2000 2000 P. J. N. Sinclair author 1981 1981 A. Smith author 2007 2007 10.1111/1467-6451.00076 10.1086/499972 L. H. Summers author 2013 2013 10.1086/209833 M. Vivarelli author 1995 1995 M. Vivarelli author 2007 2007 10.1016/0048-7333(95)00878-0 10.1016/0016-3287(82)90034-9 J. D. Whitley author 1987 1987 K. Wicksell author 1961 1961 2016 2016 World development report (2016). World development report 2016: Digital dividends. Washington, DC. 10.1111/j.1746-1049.2008.00059.x 10.32609/j.ruje.5.35507 https://rujec.org/article/35507/ https://rujec.org/article/35507/download/pdf/ https://rujec.org/article/35507/download/xml/ Nowadays there are many gloomy prophecies provided by both technologists and economists about the detrimental effects of the so-called Fourth Industrial Revolution on aggregate employment and its composition. These prophecies imply that in the near future we will face Robocalypse — a massive replacement of people by machines alongside an explosion in joblessness. This paper provides theoretical, empirical and historical evidence that the phenomenon of technological unemployment is a phantom. The most general results can be summarized as follows: in the long run, reduction in labor demand under the impact of new technologies is merely a theoretical possibility that has never before been realized in practice; at the level of individual firms, there is a strong positive relationship between innovations and employment growth; at the sectoral level, technological changes cause a multidirectional employment response, since different industries are at different stages of the life cycle; at the macro level, technological progress acts as a positive or neutral, but not a negative factor; a surge in technological unemployment, even in the short-term, seems a remote prospect since in coming decades the pace of technological change is unlikely to be fast enough by historical standards; the impact of new technologies on labor supply may be a more serious problem than their impact on labor demand; technological changes seem to have a much greater effect on the composition of employment than on its level. text/html en_US Non-profit partnership "Voprosy Ekonomiki" technological change labor demand compensation theory technological unemployment computerization robotics The phantom of technological unemployment Research Article

10.32609/j.ruje.5.35234 2019-04-17 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Mau, Vladimir 2019-04-17 2019-04-17 2019 Russian Journal of Economics 2405-4739 2618-7213 5 1 27 45 2019 2019 2019 Bank of Russia (2019). Bank of Russia foreign exchange and gold asset management report (No. 1). Moscow. https://www.cbr.ru/Collection/Collection/File/14338/2019-01_res_en.pdf 10.18288/1994-5124-2018-3-05 10.18288/1994-5124-2017-2-01 Z. Brzezinski author 2009 2009 S. Drobyshevsky author 2018 2018 2018a 2018a EU (2018a). Commission Recommendation on the international role of the euro in the field of energy. Brussels, December 5. https://ec.europa.eu/commission/sites/beta-political/files/recommendation_-_the_international_role_of_the_euro_in_the_field_of_energy.pdf 2018b 2018b EU (2018b). Promoting the international role of the euro in the field of energy. Accompanying the document “Commission Recommendation on the international role of the euro in the field of energy”. Commission staff working document, Brussels, December 5. https://ec.europa.eu/info/sites/info/files/swd-2018-483-recommendation_en_0.pdf 2018c 2018c EU (2018c). Communication from the Commission to the European Parliament, the European Council (Euro Summit), the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. Towards a stronger international role of the euro. Brussels, December 5. https://ec.europa.eu/info/sites/info/files/com-2018-796-communication_en.pdf N. Ferguson author 2008 2008 2019 2019 IMF (2019). World economic outlook update (January). https://www.imf.org/en/Publications/WEO/Issues/2019/01/11/weo-update-january-2019 10.32609/0042-8736-2016-12-26-42 A. Kaletsky author 2019 2019 V. V. Klimanov author 2019 2019 A. Yu. Knobel author 2019 2019 M. V. Larionova author 2019 2019 A. D. Levashenko author 2019 2019 V. Mau author 2002 2002 10.32609/0042-8736-2003-2-4-25 10.32609/0042-8736-2011-2-4-22 10.32609/0042-8736-2014-2-4-32 10.3897/j.ruje.4.27743 V. A. Mau author 2013 2013 10.1016/j.ruje.2015.11.004 Ed. S. Phelps author 2019 2019 A. D. Radygin author 2019 2019 2019 2019 RF Government (2019). National projects: Target indicators and main results. Information materials of the government of RF, Moscow (in Russian). http://static.government.ru/media/files/p7nn2CS0pVhvQ98OOwAt2dzCIAietQih.pdf K. Rogoff author 2019 2019 N. Roubini author 2018 2018 S. Sinelnikov-Murylev author 2014 2014 10.32609/j.ruje.5.35234 https://rujec.org/article/35234/ https://rujec.org/article/35234/download/pdf/ https://rujec.org/article/35234/download/xml/ This paper deals with global trends and their influence on Russian economic and social performance. A new economic crisis is looming, and the lack of institutional reforms, which were put on the agenda by the crisis of 2008–2009, is a source of current concern. In 2018 Russian authorities announced a set of national goals and projects as the central point of social and economic policy for 2018–2024. The new economic growth policy includes the shift from the demand-side growth model to the supply-side one, broad implementation of project methods in economic policy, and continuation of conservative fiscal and monetary policy. text/html en_US Non-profit partnership "Voprosy Ekonomiki" economic policy economic growth national projects global crisis sanctions Russia Global trends and national goals: Russia approaches a new model of economic growth Research Article

10.32609/j.ruje.5.35485 2019-04-17 rujec

National Research University Higher School of Economics, Moscow, Russia Analytical Centre for the Government of Russian Federation, Moscow, Russia author Grigoryev, Leonid M. https://orcid.org/0000-0003-3891-7060 National Research University Higher School of Economics, Moscow, Russia Analytical Centre for the Government of Russian Federation, Moscow, Russia author Pavlyushina, Victoria https://orcid.org/0000-0002-7125-6287 2019-04-17 2019-04-17 2019 Russian Journal of Economics 2405-4739 2618-7213 5 1 46 66 2019 2017a 2017a AC (2017a). Bulletin on current trends in global economy, No. 25, October. Мoscow: Analytical Center for the Government of the Russian Federation (in Russian). http://ac.gov.ru/files/publication/a/14770.pdf 2017b 2017b AC (2017b). Bulletin on current trends in global economy, No. 26, November. Мoscow: Analytical Center for the Government of the Russian Federation (in Russian). http://ac.gov.ru/files/publication/a/15555.pdf 2017c 2017c AC (2017c). Bulletin on current trends in global economy, No. 27, December. Мoscow: Analytical Center for the Government of the Russian Federation (in Russian). http://ac.gov.ru/files/publication/a/15671.pdf D. Acemoglu author 2005 2005 10.1257/jel.37.4.1615 F. Alvaredo author 2018 2018 A. B. Atkinson author 1975 1975 A. B. Atkinson author 2015 2015 A. B. Atkinson author 2007 2007 A. Barbara author 2012 2012 10.1023/A:1009850119329 K. Dzhomo author 2016 2016 L. Grigoryev author 2016 2016 L. Grigoryev author 2013 2013 L. Grigoryev author 2017 2017 10.32609/0042-8736-2018-7-5-29 10.32609/0042-8736-2018-10-29-52 L. Grigoryev author 2013 2013 P. T. Hoffman author 2002 2002 M. S. Jain-Chandra author 2018 2018 10.2307/2296292 10.32609/0042-8736-2013-1-27-47 10.32609/0042-8736-2017-4-117-139 10.32609/0042-8736-2017-7-114-127 G. M. Koot author 2013 2013 P. Krugman author 2008 2008 P. Krugman author 2013 2013 P. Krugman author 2014 2014 S. Kuznets author 1955 1955 C. Lakner author 2013 2013 H. Li author 1998 1998 K. Marx author 2002 [1848] 2002 [1848] 10.32609/0042-8736-2012-7-114-132 10.1016/j.ruje.2016.11.001 T. V. Merkulova author 2010 2010 B. Milanovic author 1998 1998 10.1111/j.1758-5899.2012.00170.x B. Milanovic author 2016 2016 F. Novokmet author 2017 2017 T. Piketty author 2014 2014 K. Pomeranz author 2009 2009 V. V. Radaev author 1996 1996 M. Rognlie author 2015 2015 J. E. Stiglitz author 2012 2012 J. Stiglitz author 2013 2013 10.32609/j.ruje.5.35485 https://rujec.org/article/35485/ https://rujec.org/article/35485/download/pdf/ https://rujec.org/article/35485/download/xml/ The study of economic growth and social inequality goes back to the works of S. Kuznets, A. Atkinson, P. Krugman, J. Stiglitz, T. Piketti, and B. Milanovic. Statistical analysis of social inequalities for a large set of countries, divided into seven clusters, was conducted for the period 2000–2016. The share of incomes of the 10th decile was used as a measure of inequality. The hypothesis of the positive impact of economic growth on the reduction of social inequality was tested. Stylized facts on an array of 106 countries for the period under review indicate a high degree of stability of the level of inequality in most groups, especially in the most developed countries, and in particular in the Anglo-Saxon ones. The distribution of key socioeconomic and even political indicators for clusters shows their strong relationship with the structure of cluster inequality. This makes it possible to significantly deepen the analysis, in particular the one concerning the stages of world development. text/html en_US Non-profit partnership "Voprosy Ekonomiki" inequality economic growth clusters income distribution Relative social inequality in the world: Rigidity against the economic growth, 1992–2016 Research Article

10.32609/j.ruje.5.35506 2019-04-17 rujec

National Research University Higher School of Economics, Moscow, Russia Bruegel, Brussels, Belgium CASE–Center for Social and Economic Research, Warsaw, Poland author Dabrowski, Marek https://orcid.org/0000-0002-7960-8734 2019-04-17 2019-04-17 2019 Russian Journal of Economics 2405-4739 2618-7213 5 1 67 87 2019 D. Acemoglu author 2015 2015 S. Ali author 2009 2009 B. Bakker author 2012 2012 10.1016/j.jinteco.2012.02.006 K. Brinke author 2013 2013 G. Corsetti author 1998a 1998a G. Corsetti author 1998b 1998b G. Corsetti author 1998c 1998c M. Dabrowski author 2003 2003 M. Dabrowski author 2010 2010 M. Dabrowski author 2013 2013 M. Dabrowski author 2015 2015 M. Dabrowski author 2016 2016 M. Dabrowski author 2018 2018 U. Dadush author 2019 2019 R. Dornbusch author 1991 1991 A. Drazen author 1999 1999 2017 2017 Economist (2017). What’s in a name? Defining emerging markets. The Economist, Special Report: Emerging Markets, 7 October. https://www.economist.com/special-report/2017/10/07/defining-emerging-markets 10.1016/0022-1996(84 R. J. Gordon author 2016 2016 2014 2014 IMF (2014). Turkey: Staff report for the 2014 Article IV consultation. IMF Country Report, No. 14/329. https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14329.ashx 2016 2016 IMF (2016). Argentina: 2016 Article IV consultation-press release; Staff report; and Statement by the Executive Director for Argentina, IMF Country Report, No. 16/346. https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16346.ashx 10.2307/1991793 P. Krugman author 1998 1998 10.1023/A:1008741113074 P. Luengnaruemitchai author 2007 2007 B. Mander author 2016 2016 R. McKinnon author 1996 1996 R. Moreno author 2008 2008 M. Obstfeld author 1994 1994 M. Obstfeld author 1997 1997 10.1787/eco_surveys-tur-2016-en 10.1787/eco_surveys-arg-2017-en J. O’Neill author 2001 2001 J. O’Neill author 2018 2018 Y. author 2018 2018 C. M. Reinhart author 2016 2016 C. M. Reinhart author 2009 2009 M. Sasin author 2001 2001 C. Smith author 2018 2018 M. Spiegel author 2002 2002 J. B. Taylor author 2007 2007 1998 1998 WEO (1998). World economic outlook. Washington, DC: International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/weo0598/pdf/0598ch4.pdf 10.32609/j.ruje.5.35506 https://rujec.org/article/35506/ https://rujec.org/article/35506/download/pdf/ https://rujec.org/article/35506/download/xml/ After two turbulent decades (1980s and 1990s) when emerging-market economies were frequent victims of financial crises, in the first two decades of the 21st century their macroeconomic performance improved. Nevertheless, there were three crisis episodes that hit some of these countries: (i) the spill-over effects of the global financial crisis in 2008–2009; (ii) the consequences of the decline in commodity prices in 2014–2016 for their exporters; (iii) the turbulence in Argentina and Turkey in 2018. Currency crises in Argentina and Turkey in 2018 underlined again the key role of prudent domestic policies. Early policy correction can help to prevent a crisis and avoid its economic, social and political costs. If crisis cannot be avoided, the comprehensive anti-crisis package, including up-front monetary and fiscal adjustment, should be adopted as quickly as possible to arrest market panic and reverse negative expectations. text/html en_US Non-profit partnership "Voprosy Ekonomiki" emerging markets financial crisis currency crisis crisis prevention spill-over contagion Can emerging markets be a source of global troubles again? Research Article

10.32609/j.ruje.5.38706 2019-07-31 rujec

HSE University, Moscow, Russia author Fedyunina, Anna https://orcid.org/0000-0002-2405-8106 HSE University, St. Petersburg, Russia author Averyanova, Yuliya https://orcid.org/0000-0002-5574-3536 2019-07-31 2019-07-31 2019 Russian Journal of Economics 2405-4739 2618-7213 5 199 210 2019 funder National Research University Higher School of Economics 10.13039/501100007251 10.32609/j.ruje.5.38706 https://rujec.org/article/38706/ https://rujec.org/article/38706/download/pdf/ https://rujec.org/article/38706/download/xml/ The paper explores the relationship between the import of semi-finished products and means of production and the export of high-tech products in Russian manufacturing companies. The key question of the research is whether the export of high-tech products is connected with the import of complex components and semi-finished products. The study confirms that the export of high-tech products is determined by the import of high-tech semi-finished products for the export-intensive Russian manufacturing companies. The research does not find any relationship between the import of equipment and means of production and the export of high-tech products. This has important implications for Russia’s structural policy aimed at expanding exports of high-tech products. First, introducing protectionist measures in relation to the import of foreign components should take place gradually to allow companies to adapt to the new conditions. Secondly, they should proceed selectively in order to allow access of Russian exporters to critical components and means of production that have no Russian counterparts. text/html en_US Non-profit partnership "Voprosy Ekonomiki" export of high-tech products import of semi-finished products Russian economy. Import and export of high-tech products in Russian manufacturing companies Research Article

10.32609/j.ruje.5.38703 2019-07-31 rujec

HSE University, Moscow, Russia author Kuznetsova, Olga HSE University, Moscow, Russia author Merzlyakov, Sergey https://orcid.org/0000-0002-1762-1773 HSE University, Moscow, Russia author Pekarski, Sergey https://orcid.org/0000-0002-0528-508X 2019-07-31 2019-07-31 2019 Russian Journal of Economics 2405-4739 2618-7213 5 117 135 2019 funder National Research University Higher School of Economics 10.13039/501100007251 10.1002/jae.2559 L. Ball author 2013 2013 10.1016/0304-3932(83)90051-X C. Baumeister author 2012 2012 10.1111/infi.12040 M. Bech author 2016 2016 B. S. Bernanke author 2005 2005 B. S. Bernanke author 2011 2011 B. S. Bernanke author 2019 2019 S. Bhattarai author 2015 2015 10.1257/mac.3.3.29 10.1111/j.1538-4616.2010.00334.x A. Blanco author 2016 2016 10.1093/epolic/eix013 10.1016/j.jmoneco.2012.01.002 J. Boeckx author 2014 2014 C. Borio author 2016 2016 R. J. Caballero author 2018 2018 10.1146/annurev-economics-080315-015306 10.1016/j.jmacro.2017.10.008 10.1016/j.jfineco.2012.11.007 10.1353/eca.2017.0003 10.1353/mcb.2006.0031 10.1257/aer.98.4.1476 G. Eggertsson author 2003 2003 10.1257/aer.p20151104 R. Farmer author 2012 2012 B. Fawley author 2013 2013 J. Gagnon author 2011 2011 10.1111/jmcb.12119 10.1257/aer.p20151102 10.1016/j.econlet.2015.03.039 C. Grisse author 2017 2017 C. Grisse author 2017 2017 R. E. Hall author 2017 2017 10.1111/j.1538-4616.2011.00477.x 10.1016/j.jmacro.2018.05.010 10.5089/9781475524970.082 N. Jannsen author 2015 2015 10.1257/aer.97.1.474 M. Joyce author 2011 2011 10.1111/j.1468-0297.2012.02551.x 10.1353/mcb.2005.0053 10.1111/j.1468-0297.2012.02555.x 10.17835/2078-5429.2015.6.4.131-139 10.17835/2078-5429.2019.10.1.039-049 A. Krishnamurthy author 2011 2011 F. Kydland author 1977 1977 W. Lemke author 2017 2017 K. G. Lunsford author 2018 2018 10.1016/j.ejpoleco.2016.11.001 10.1016/j.jmacro.2015.11.002 10.1111/obes.12251 10.1016/j.euroecorev.2016.02.021 T. Nakata author 2015 2015 10.1016/j.red.2017.09.001 L. Rachel author 2017 2017 10.2307/1885679 10.1257/jep.31.3.47 10.1016/j.jmoneco.2005.07.014 M. Ryuzo author 2017 2017 10.1257/aer.p20151103 Summers author 2016 2016 L. Svensson author 2000 2000 10.1111/j.1467-8586.2012.00474.x 10.1111/j.1759-3441.2011.00106.x 10.1016/j.jmoneco.2016.03.010 10.1353/eca.0.0066 10.1111/jmcb.12300 10.32609/j.ruje.5.38703 https://rujec.org/article/38703/ https://rujec.org/article/38703/download/pdf/ https://rujec.org/article/38703/download/xml/ The global financial crisis of 2007–2009 has changed the landscape for monetary policy. Many central banks in developed economies had to employ various unconventional policy tools to overcome a liquidity trap. These included large-scale asset purchase programs, forward guidance and negative interest rate policies. While recently, some central banks were able to return to conventional monetary policy, for many countries the effectiveness of unconventional policies remains an issue. In this paper we assess diverse practices of unconventional monetary policy with a particular focus on expectations and time consistency. The principal aspect of successful policy in terms of overcoming a liquidity trap is the confidence that interest rates will remain low for a prolonged period. However, forming such expectations faces the problem of time inconsistency of optimal policy. We discuss some directions to solve this problem. text/html en_US Non-profit partnership "Voprosy Ekonomiki" liquidity trap unconventional monetary policy time inconsistency. Confidence in future monetary policy as a way to overcome the liquidity trap Research Article

10.32609/j.ruje.5.38704 2019-07-31 rujec

Bruegel, Brussels, Belgium author Baltensperger, Michael Bruegel, Brussels, Belgium Policy Center for the New South, Rabat, Morocco author Dadush, Uri 2019-07-31 2019-07-31 2019 Russian Journal of Economics 2405-4739 2618-7213 5 136 153 2019 2017 2017 Asian Development Bank (2017). Meeting Asia’s infrastructure needs. Mandaluyong City, Philippines: Asian Development Bank. F. M. M. R. De Soyres author 2018 2018 A. Garcìa-Herrero author 2016 2016 T. Ghossein author 2018 2018 2017 2017 Global Infrastructure Hub (2017). Global infrastructure outlook. Infrastructure investment needs 50 countries, 7 sectors to 2040. Sydney: Global Infrastructure Hub. J. E. Hillman author 2018 2018 J. Hurley author 2018 2018 2018 2018 IMF (2018). Balance of payments and international investment position statistics (BOP/IIP). Available at: http://data.imf.org/bop 2018 2018 National Bureau of Statistics of China (2018). National data. Available at: http://data.stats.gov.cn/english/ 2015 2015 National Development and Reform Commission (2015). Vision and actions on Jointly Building Silk Road Economic Belt and 21st-century Maritime Silk Road. Available at: http://en.ndrc.gov.cn/newsrelease/201503/t20150330_669367.html 10.1787/data-00072-en I. Y. Sun author 2017 2017 2018 2018 UNCTAD (2018). World investment report 2018. Investment and new industrial policies. Geneva: United Nations Publications. R. Veugelers author 2018 2018 2017 2017 World Bank (2017). Measuring and analyzing the impact of GVCs on economic development. Washington, DC: World Bank Group. 2018a 2018a World Bank (2018a). World development indicators. Available at: http://wdi.worldbank.org/ 2018b 2018b World Bank (2018b). Annual report 2018. Washington, DC: International Bank for Reconstruction and Development, The World Bank. 2018c 2018c World Bank (2018c). Belt and Road Initiative. Available at: https://www.worldbank.org/en/topic/regional-integration/brief/belt-and-road-initiative 2018d 2018d World Bank (2018d). Doing Business 2018. Washington, DC: The World Bank. 2018 2018 WTO, ITC and UNCTAD (2018) World tariff profiles 2018. Geneva: World Trade Organization. J. Xi author 2013 2013 X. Yan author 2019 2019 10.32609/j.ruje.5.38704 https://rujec.org/article/38704/ https://rujec.org/article/38704/download/pdf/ https://rujec.org/article/38704/download/xml/ China’s Belt and Road Initiative (BRI) is an international trade and development strategy. Launched in 2013, it is one of the ways that China asserts its role in world affairs and captures the opportunities of globalization. The BRI has the potential to enhance development prospects across the world and in China, but that potential might not be realized because the BRI’s objectives are too broad and ill-defined, and its execution is too often non-transparent, lacking in due diligence and uncoordinated. This article documents the background and context of the BRI, recounts what is known about the extent of the initiative and specifies its various motivations. It highlights that the initiative meets very large infrastructure investments gaps, which is welcome and needed, and that China’s goal of forging stronger links with its trading partners around the world are legitimate, so long, of course, as the underlying intent remains peaceful. Though many observers welcome the BRI, many others oppose it for good reasons, while others misunderstand it and oppose it for bad reasons. The paper identifies and discusses concerns about the initiative that relate to its geopolitical objectives, its priorities, its geographic scope, the role of state-owned enterprises, the allocation of resources, issues of transparency and of due diligence. Particularly, it shows that this initiative deals with a vast number of countries that are in very different states of development and that an apparent lack of well-defined priorities is holding the initiative back. The paper also highlights the issue of debt overload which is distressing several BRI countries and discourages further projects. It points briefly to possible improvements that China and the other stakeholders in the BRI can make to get the most out of their investments. The BRI, to be effective, needs to meet the basic conditions of a trade and development strategy, which are clear objectives, adequate resources, selectivity, a workable implementation plan, due diligence and clear communication. Involvement of multilateral lenders could help with this. Finally, China has to improve the evaluation of project’s risks and costs and step up its due diligence approach to demonstrate that it respects the long-term interests of those countries that are at the receiving end of its BRI projects. text/html en_US Non-profit partnership "Voprosy Ekonomiki" China international trade trade agreements development globalization. The Belt and Road turns five Research Article

10.32609/j.ruje.5.38705 2019-07-31 rujec

Economic Expert Group, Moscow, Russia Financial Research Institute, Moscow, Russia author Balaev, Alexey https://orcid.org/0000-0002-0828-4744 2019-07-31 2019-07-31 2019 Russian Journal of Economics 2405-4739 2618-7213 5 154 176 2019 10.3386/w7207 10.1016/0304-3932(89)90047-0 10.1787/18151973 10.2307/2937943 10.3386/w5698 R. Barro author 1995 1995 10.1162/003355302320935043 R. Clarida author 1994 1994 10.1111/j.1468-0327.2012.00295.x 10.1016/S0304-3932(96)90039-2 10.1080/13876981003714644 S. M. Drobyshevsky author 2012 2012 2012 2012 European Commission (2012). The quality of public expenditures in the EU. European Economy. Occasional Papers, No. 125. M. Feldstein author 1996 1996 J. Fournier author 2016 2016 N. Gemmell author 2007 2007 10.1111/obes.12121 A. D. Gromov author 2015 2015 10.32609/0042-8736-2013-8 N. Ivanova author 2011 2011 A. Y. Knobel author 2015 2015 10.32609/0042-8736-2017-10-5-26 10.32609/0042-8736-2017-9-5-27 10.1016/0304-3932(88)90168-7 C. Magazzino author 2012 2012 A. author 2013 2013 A. Minea author 2008 2008 A. Mountford author 2008 2008 2000 2000 UN (2000). Classification of expenditure according to purpose: Classification of the functions of government (COFOG), Classification of individual consumption according to purpose (COICOP), Classification of the purposes of non-profit institutions serving households (COPNI), Classification of the outlays of producers according to purpose (COPP). United Nations, Department of Economic and Social Affairs, Statistics Division, Statistical papers, Series M, No. 84. 10.32609/j.ruje.5.38705 https://rujec.org/article/38705/ https://rujec.org/article/38705/download/pdf/ https://rujec.org/article/38705/download/xml/ This paper examines how Russia’s GDP growth responds to changes in the structure of general government spending. We consider models with expenditures as a percentage of total spending and expenditures as a percentage of GDP. Each model is constructed as a structural vector autoregression (SVAR). We show that redistribution in favor of productive expenditures (national economy, education, healthcare) increases the rate of economic growth, and an increase in the share of unproductive expenditures (national defense, social policy) reduces it. The maximum positive effect comes from expenditures on the national economy: their increase by 1% of GDP with constant total expenditures increases the growth rate of GDP by 1.1 p.p. An increase in expenditures on education by 1% of GDP with constant total expenses contributes +0.8 p.p. to the growth rate of GDP. The corresponding effect of healthcare expenditures is +0.1 p.p. Defense and social spending make negative contributions: –2.1 and –0.7 p.p. respectively. These results are consistent with existing estimates of fiscal multipliers for Russia and calculations based on data from other countries and cross-country data. text/html en_US Non-profit partnership "Voprosy Ekonomiki" public expenditures expenditures structure productive expenditures economic growth econometric model The structure of public spending and economic growth in Russia Research Article

10.32609/j.ruje.5.34753 2019-07-31 rujec

Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia author Lyubimov, Ivan https://orcid.org/0000-0002-0646-7264 2019-07-31 2019-07-31 2019 Russian Journal of Economics 2405-4739 2618-7213 5 177 198 2019 M. Andrews author 2017 2017 10.1111/j.1467-9957.1965.tb00050.x A. Cheremukhin author 2013 2013 B. Cherif author 2018 2018 P. Combes author 2008 2008 B. Eichengreen author 2013 2013 D. Ferranti author 2003 2003 S. Goga author 2018 2018 R. author 2011 2011 10.1007/s10887-006-9009-4 R. Hausmann author 2006 2006 R. Hausmann author 2007 2007 R. Hausmann author 2005 2005 10.1073/pnas.0900943106 10.1126/science.1144581 S. Kar author 2013 2013 E. Kemp-Benedict author 2014 2014 10.1111/j.1467-9957.1954.tb00021.x J. Lin author 2012 2012 I. Lyubimov author 2018 2018 M. McMillan author 2011 2011 10.1016/j.worlddev 10.2499/9780896292147 10.1007/s10887-015-9122-3 10.2307/1884513 J. Stiglitz author 2014 2014 A. Sutton author 1970 1970 10.1038/srep00723 10.1257/jep.28.2.99 N. Vishnevskaya author 2017 2017 10.32609/j.ruje.5.34753 https://rujec.org/article/34753/ https://rujec.org/article/34753/download/pdf/ https://rujec.org/article/34753/download/xml/ The Russian economy heavily relies on exports of its natural resources. However, the resource-based status quo does not seem to be the route towards Russia’s long-run prosperity. To improve its position in the global income ranking, Russia needs to diversify its exports and make them more complex. Using highly detailed data on trade flows and applying network theory apparatus, we evaluate the level of export complexity in Russia from 1995 to 2016 and compare it with that of its BRICS fellow members. We find that Russia is stagnant with respects to its relative level of export complexity. This sluggishness embraced the entire period between 1995 and 2016, much longer than the stage of anemic growth that started there a decade ago. We also conclude that the current stock of know-how in Russia is relatively low and fragmented, thus not letting Russia diversify into a broad range of more complex products. Russia might also need to export a wider variety of products to richer economies. Today, on a par with Brazil and South Africa, it supplies a broader range of goods to its slowly growing next-door neighbors. text/html en_US Non-profit partnership "Voprosy Ekonomiki" export diversification economic complexity export destinations. Russia’s diversification prospects Research Note

10.32609/j.ruje.5.38073 2019-10-21 rujec

Westminster International University in Tashkent, Tashkent, Uzbekistan author Abdushukurov, Nurilla 2019-10-21 2019-10-21 2019 Russian Journal of Economics 2405-4739 2618-7213 5 220 250 2019 10.32609/j.ruje.5.38073 https://rujec.org/article/38073/ https://rujec.org/article/38073/download/pdf/ https://rujec.org/article/38073/download/xml/ In this paper, the discussion centers on the possible effects of currency crises on different economic indicators, with special attention to economic growth and foreign direct investment. There is insufficient research on this topic to draw any firm conclusions about the associations between currency crises and aforementioned variables. In fact, it appears that the impact of currency crises on economic growth and foreign direct investment is negative respectively. However, this study indicates that foreign direct investment can be positively correlated with currency crises as contrary to the common belief. The current study analyzes these relationships through dynamic panel models. The annual panel data for 71 emerging and developing countries are extracted from reliable databases for the time period of 2005–2014. Generalized method of moments estimators are used to obtain efficient and consistent results so as to reach necessary conclusions. The majority of estimated coefficients are significant and unbiased statistically, and also consistent with the economic theories proposed. The main results indicate that the presence of a currency crisis in a particular economy has a negative impact on economic growth, while its effect on foreign investment inflows is most likely positive. Robustness tests demonstrate that used models in the study are both economically and econometrically robust and valid. text/html en_US Non-profit partnership "Voprosy Ekonomiki" currency crises economic growth foreign direct investment exchange market pressure index generalized method of moments. The impact of currency crises on economic growth and foreign direct investment: The analysis of emerging and developing economies Research Article

10.32609/j.ruje.5.47349 2019-10-21 rujec

MGIMO-University, Moscow, Russia Lomonosov Moscow State University, Moscow, Russia author Kartaev, Philipp https://orcid.org/0000-0001-5973-3776 Lomonosov Moscow State University, Moscow, Russia MGIMO-University, Moscow, Russia author Medvedev, Ilya 2019-10-21 2019-10-21 2019 Russian Journal of Economics 2405-4739 2618-7213 5 211 219 2019 10.32609/j.ruje.5.47349 https://rujec.org/article/47349/ https://rujec.org/article/47349/download/pdf/ https://rujec.org/article/47349/download/xml/ The paper examines the impact of oil price shocks on inflation, as well as the impact of the choice of the monetary policy regime on the strength of this influence. We used dynamic models on panel data for the countries of the world for 2000–2017. It is shown that the impact of changes in oil prices on inflation is carried out predominantly through the channel of exchange rate. The paper demonstrates the influence of the transition to inflation targeting on the nature of the relationship between oil price shocks and inflation. This effect is asymmetrical: during periods of rising oil prices, inflation targeting reduces the effect of the oil prices pass-through, limiting the negative effects of shock. During periods of decline in oil prices, this monetary policy regime, in contrast, contributes to a stronger pass-through, helping to reduce inflation. text/html en_US Non-profit partnership "Voprosy Ekonomiki" oil prices inflation targeting exchange rate pass-through effect monetary policy. Monetary policy and the effect of the oil prices pass-through to inflation Research Article

10.32609/j.ruje.5.47348 2019-10-21 rujec

Analytical Centre for the Government of Russian Federation, Moscow, Russia HSE University, Moscow, Russia author Grigoryev, Leonid M. https://orcid.org/0000-0003-3891-7060 HSE University, Moscow, Russia author Popovets, Lyubov https://orcid.org/0000-0002-7366-2967 2019-10-21 2019-10-21 2019 Russian Journal of Economics 2405-4739 2618-7213 5 251 276 2019 10.32609/j.ruje.5.47348 https://rujec.org/article/47348/ https://rujec.org/article/47348/download/pdf/ https://rujec.org/article/47348/download/xml/ Sociology and psychology closely study the phenomena of homicide and suicide among countries of the world, but both remain little studied in the context of the levels of countries’ development and international comparisons. Developed countries (in terms of GDP per capita) show a decrease in the relative rate of homicides, but the case of suicides is not so explicit. This paper examines the relative levels of suicides and homicides all around the world in the context of socio-economic indices as well as indicators of mental health among the population. Addressing the example of the BRICS countries, the authors discuss the impact of economic imbalances on homicide and suicide levels. The analysis demonstrates that social inequality determines cross-country differences for relative levels in terms of homicide rates, including the course of events in the post-Soviet countries. And in the case of Russia, it is possible to make a conclusion not only about the presence of deep inter-regional differences, but also about a large-scale reduction in the frequency of two tragic phenomena between 2000 and 2017 during the economic recovery. text/html en_US Non-profit partnership "Voprosy Ekonomiki" homicides suicides sociology inequality Russia transformation BRICS Sociology of individual tragedies. Homicides and suicides: Cross-country cluster analysis Research Article

10.32609/j.ruje.5.47422 2019-10-21 rujec

Financial University under the Government of the Russian Federation, Moscow, Russia HSE University, Moscow, Russia author Fyodorova, Elena HSE University, Moscow, Russia author Sayakhov, Ruslan Financial University under the Government of the Russian Federation, Moscow, Russia author Demin, Igor JSC “Greenatom”, Moscow, Russia author Afanasyev, Dmitriy https://orcid.org/0000-0003-1692-5166 2019-10-21 2019-10-21 2019 Russian Journal of Economics 2405-4739 2618-7213 5 297 320 2019 C. Bannier author 2017 2017 10.1016/j.finmar.2017.12.003 10.1111/fima.12219 10.2139/ssrn.2543993 P. Brockman author 2017 2017 10.1108/09513579810231457 10.1016/j.bar.2004.03.005 R. Craig author 2012 2012 10.20955/wp.2006.005 10.1111/j.1911-3846.2011.01130.x E. Demers author 2008 2008 I. Demin author 2019 2019 10.1007/s11146-010-9266-z 10.21638/11701/spbu18.2017.403 10.17323/j.jcfr.2073-0438.13.1.2019.60-75 G. Fung author 2002 2002 10.1111/j.1540-6261.2004.00657.x 10.17059/2017-1-15 C. Kontio author 2016 2016 N. V. Kuznetsova author 2013 2013 F. Li author 2006 2006 10.1016/j.jacceco.2008.02.003 10.1111/jofi.12162 A. Martinez author 2010 2010 10.1007/s10997-014-9294-9 D. Merkl-Davies author 2007 2007 10.1007/s10100-014-0360-9 10.1007/s10551-013-1855-3 10.2308/jeta-51615 10.1016/j.jbankfin.2011.10.013 M. Souček author 2014 2014 10.17323/j.jcfr.2073-0438.7.1.2013.2-16 L. Wu author 2010 2010 D. D. Wu author 2014 2014 10.32609/j.ruje.5.47422 https://rujec.org/article/47422/ https://rujec.org/article/47422/download/pdf/ https://rujec.org/article/47422/download/xml/ The purpose of the study is to find out the influence of semantic (emotional coloring, length and complexity of the text) and thematic features (environmental, corporate-social and legal context) of conference calls with market analysts and investors on future company performance (CAR) and analysts’ recommendation for the share. The empirical framework of the research includes annual conference calls of public companies on the Moscow (MOEX) and London Stock Exchanges (LSE) from 2015 to 2019. The research methodology is based on the semantic analysis of the call text by using the linguistic dictionaries NRC 2010 and Corporate Social Responsibility 2016. The results of the study illustrate the significant impact of textual features of the conference call (the general tone of the call, the tone of management and the negative tone of analysts, the length and complexity of the text) on the abnormal stock returns (for 3, 14, 30 days). This relation is consistent for companies of both stock exchanges, but diverges in terms of the influence of the thematic characteristics of the call that can be explained by the mandatory disclosure of this information by European public companies (ESG Reports), as opposed to voluntary publication by Russian companies. The results can be applied both by the management of public companies in order to improve companies’ attractiveness (perception and transparency) and its market value in the short and medium-term period, and by investors to manage effectively the portfolio by predicting the future dynamics of the company’s share price after a conference call based on semantic tone and thematic features. text/html en_US Non-profit partnership "Voprosy Ekonomiki" conference call semantic analysis thematic analysis non-financial information neural network MLP linguistic glossaries The influence of conference calls’ semantic characteristics on the company market performance: Text analysis Research Article

10.32609/j.ruje.5.33497 2019-10-21 rujec

Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia author Ashurov, Sharofiddin https://orcid.org/0000-0001-9100-2113 Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia author Abdullah Othman, Anwar Hasan https://orcid.org/0000-0001-5759-8216 2019-10-21 2019-10-21 2019 Russian Journal of Economics 2405-4739 2618-7213 5 277 296 2019 funder International Islamic University Malaysia 10.13039/501100007297 H. Aziz author 2015 2015 A. A. Abdullah author 2012 2012 N. Ahmad author 2002 2002 10.5829/idosi.wasj.2012.19.07.392 I. M. Al-Jabri author 2012 2012 10.1108/09590550610660251 M. Al-Majali author 2011 2011 H. Amin author 2007 2007 S. Arjoon author 2011 2011 10.1002/job.138 10.5829/idosi.wasj.2012.20.03.1954 10.2139/ssrn.1968702 10.1145/322796.322805 A. Berkowitz author 2002 2002 B. M. Byrne author 2010 2010 B. M. 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World Bank Group Report, No. 6/2014. 10.1016/j.autcon.2014.09.006 10.5539/ijbm.v3n4p157 10.1111/1468-0297.00609 10.33102/jmifr.v15i1.102 10.32609/j.ruje.5.33497 https://rujec.org/article/33497/ https://rujec.org/article/33497/download/pdf/ https://rujec.org/article/33497/download/xml/ High levels of trust and education are essential factors in the banking industry, especially for an Islamic banking system that is Shariah-based. Therefore, this paper seeks to measure the impact of trust and educational level on the decision as to whether to adopt Islamic banking in Tajikistan for business activities. The data of the study was developed based on a survey and collected through a distributed questionnaire. A total of 408 respondents were obtained from 14 banks in Tajikistan. The study adopted the Structural Equation Modeling (SEM) approach (using AMOS version 22.00) to examine these relationships. The findings of the study revealed that relative advantage and product knowledge were statistically significant in influencing perceived trust in Islamic banks, while perceived trust in Islamic banks had a directly significant impact on the adoption of the Islamic banking system in Tajikistan. Also it found that perceived trust plays a mediating role between awareness and adoption of the Islamic Banking system. This indicates that banks’ customers in Tajikistan have more trust in, and prefer dealing with, a banking system that is Shariah-based in line with their Islamic beliefs. In addition, the findings revealed that educational level plays a significant moderating role between the awareness of Islamic banks and the adoption of the Islamic banking system. The findings of the study therefore may assist policy makers to improve the current banking industry, by focusing on the Islamic banking system that would be able to restore trust and create interest among the Muslim majority population as they believe in the Islamic banking system, which will contribute positively to economic growth. text/html en_US Non-profit partnership "Voprosy Ekonomiki" Islamic banking system mediating and moderators role trust education level SEM survey data Tajikistan The effects of trust mediator and education level moderator on adoption of Islamic banking system in Tajikistan Research Article cGFnZT0xJnNldD1ydWplYyZmcm9tPSZ1bnRpbD0mbWV0YWRhdGFfcHJlZml4PW1vZHM=