2024-03-29T16:03:01Z
https://rujec.org/oai.php
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 A.
https://orcid.org/0000-0002-5407-4473
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
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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.
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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
10.1016/j.ruje.2015.05.002
2015-02-28
rujec
Gaidar Institute for Economic Policy, Moscow, Russia
St. Petersburg State University, St. Petersburg, 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
10.1016/j.ruje.2015.05.001
2015-02-28
rujec
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
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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
10.1016/j.ruje.2015.05.004
2015-02-28
rujec
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
2015-02-28
2015-02-28
2015
Russian Journal of Economics
2405-4739
2618-7213
1
1
81-107
2015
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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
10.1016/j.ruje.2015.11.004
2015-05-31
rujec
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
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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
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10.1016/j.ruje.2015.11.002
2015-05-31
rujec
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
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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
10.1016/j.ruje.2015.11.001
2015-05-31
rujec
Lomonosov Moscow State University, Moscow, Russia
Research center for competition and economic regulation, 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.
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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
10.1016/j.ruje.2015.12.005
2015-08-31
rujec
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
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https://rujec.org/article/27949/
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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?
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10.1016/j.ruje.2015.12.002
2015-08-31
rujec
Gaidar Institute for Economic Policy, Moscow, Russia
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Goryunov, Evgeny
Boston University, Boston,
Gaidar Institute for Economic Policy, Moscow, Russia
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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
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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
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Idrisov, Georgy
Gaidar Institute for Economic Policy, Moscow, Russia
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
author
Kazakova, Maria
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Gaidar Institute for Economic Policy, Moscow, Russia
author
Polbin, Andrey
2015-08-31
2015-08-31
2015
Russian Journal of Economics
2405-4739
2618-7213
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257-272
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https://rujec.org/article/27951/
https://rujec.org/article/27951/download/pdf/
https://rujec.org/article/27951/download/xml/
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text/html
en_US
Non-profit partnership "Voprosy Ekonomiki"
oil prices
economic growth
small open economy
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10.1016/j.ruje.2015.12.001
2015-08-31
rujec
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
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Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Gaidar Institute for Economic Policy, Moscow, Russia
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Radygin, Alexander D.
https://orcid.org/0000-0003-2242-9994
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
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Russian Journal of Economics
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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
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10.1016/j.ruje.2015.12.006
2015-08-31
rujec
Lomonosov Moscow State University, Moscow, Russia
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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
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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
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10.1016/j.ruje.2015.12.003
https://rujec.org/article/27954/
https://rujec.org/article/27954/download/pdf/
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
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Grigoli, Francesco
https://orcid.org/0000-0002-2174-5760
International Monetary Fund, Washington,
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Herman, Alexander
International Monetary Fund, Washington,
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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
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Arestis
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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 A.
https://orcid.org/0000-0002-5407-4473
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.
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Alexeev
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1999
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Aris
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Hanson
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Hoff
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Holzer
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Ivanenko
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Raeff
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Vanteeva
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Vanteeva
author
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Weingast
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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
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Golovanova, Svetlana
2016-02-29
2016-02-29
2016
Russian Journal of Economics
2405-4739
2618-7213
2
1
86-110
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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.
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Bradshaw
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2014
text
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Connolly
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Pikulicka-Wilczewska
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Connolly
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Paik
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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
10.1016/j.ruje.2016.06.002
2016-05-31
rujec
Centre for Russian, European and Eurasian Studies, University of Birmingham,
Stockholm International Peace Research Institute, Solna, Sweden
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
10.1016/j.ruje.2016.06.003
2016-05-31
rujec
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
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Firestone
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Gans-Morse
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Gelman
author
2014
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2014
22
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522
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Gerber
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Karaganov
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240
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Laruelle
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2015
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Luong
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2004
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Malle
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Malle
author
2013
text
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Malle, S. (2015). Economic sovereignty: A militant agenda for Russia. University of Verona, Department of Economics, Working Paper Series, WP 27/2015.
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North
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North
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Paneyakh
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Rochlitz
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Vinkov
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Yakovlev
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Yasin
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Yudanov
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48
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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 d’Économie de la Sorbonne, Université Paris 1 Panthéon Sorbonne, Paris, France
Centre National de la Recherche Scientifique, 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 of Sociology, Russian Academy of Sciences, Moscow, Russia
Institute for the Study of Labor (IZA), Bonn, Germany
author
Gimpelson, Vladimir E.
https://orcid.org/0000-0003-3952-4701
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
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
10.1016/j.ruje.2016.08.001
2016-08-31
rujec
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
10.1016/j.ruje.2016.09.001
2016-08-31
rujec
Bank of Russia, Moscow, Russia
author
Sinyakov, Andrey
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
10.1016/j.ruje.2016.09.002
2016-08-31
rujec
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
10.1016/j.ruje.2016.08.002
2016-08-31
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
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
10.1016/j.ruje.2016.11.001
2016-11-30
rujec
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
10.1016/j.ruje.2016.11.002
2016-11-30
rujec
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
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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
10.1016/j.ruje.2016.11.003
2016-11-30
rujec
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
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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
Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia
Gaidar Institute for Economic Policy, 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
10.1016/j.ruje.2017.02.002
2017-02-28
rujec
Moscow School of Economics, Lomonosov Moscow State University, Moscow, Russia
Central Economics and Mathematics Institute, 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.
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Polterovich
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2016
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Polterovich
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Nauka (In Russian)
2007
Utopian capitalism. A history of the market idea.
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Rosanvallon
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Freefall: America, free markets, and the sinking of the world economy.
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Stiglitz
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Strulik
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Tabb
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Zudin
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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
10.1016/j.ruje.2017.02.003
2017-02-28
rujec
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.
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Ahluwalia
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Barro
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Bourguignon
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Papenek
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Piketty
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Rajan
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Ram
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Russian regions: Inequality, crisis, modernization.
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Zubarevich
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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 A.
https://orcid.org/0000-0002-5407-4473
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
10.1016/j.ruje.2017.06.003
2017-05-31
rujec
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.
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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
10.1016/j.ruje.2017.06.004
2017-05-31
rujec
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
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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
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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
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Journal of Law and Economics
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21
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An entrepreneurial theory of the firm.
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Sautet
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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
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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
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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
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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
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The economic institutions of capitalism: Firms, markets, relational contracting.
O.
Williamson
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1985
text
1985
Mechanisms of governance.
O.E.
Williamson
author
1996
text
1996
The new institutional economics: Taking stock, looking ahead.
O.E.
Williamson
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2000
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Journal of Economic Literature
2000
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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.
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Zerbe
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2006
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Ecological Economics
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58
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461
The rise and decline of general laws of capitalism.
D.
Acemoglu
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2015
text
Journal of Economic Perspectives
2015
29
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3
28
Competition as a discovery procedure.
F.A.
Hayek
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2002
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Quarterly Journal of Austrian Economics
2002
5
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9
23
Institutions and social conflict.
J.
Knight
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1992
text
1992
A legal basis for the firm.
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Masten
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2001
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Ménard
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2008
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North
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1994
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Choosing between discrete institutional alternatives: What do we compare?.
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Shastitko
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2016
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Obshchestvennye Nauki i Sovremennost
2016
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134
145
The theory of the firm as governance structure: From choice to contract.
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Williamson
author
2002
text
Journal of Economic Perspectives
2002
16
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171
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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
10.1016/j.ruje.2017.09.005
2017-08-31
rujec
Bruegel, Brussels, Belgium
author
Batsaikhan, Uuriintuya
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
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
Economic Expert Group, Moscow, Russia
Financial Research Institute, 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
Indiana University, Bloomington,
Russian Academy of National Economy and Public Administration, Moscow, Russia
author
Alexeev, Michael
https://orcid.org/0000-0001-6168-7369
Russian Academy of National Economy and Public Administration, Moscow, Russia
Gaidar Institute for Economic Policy, 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
National Research University Higher School of Economics, Moscow, Russia
Primakov National Research Institute of World Economy and International Relations, 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.
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Barucci
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1972
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Barucci
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Bresciani Turroni
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1934
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Cabiati
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Cabiati
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Di Fenizio
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Gregg
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Haberler
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Hall
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Hayek
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Hayek
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Hayek
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La Borsa
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4
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Hayek
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Infantino
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Jones
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Keynes
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Kurz
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Leoni
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Magliulo
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Studium
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Mises
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Noto
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Pantaleoni
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Pantaleoni
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A.
Pesenti
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Phelps
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Sraffa
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text
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Sraffa
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Toniolo
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Review of F. A. von Hayek, Preise und produktion and monetary theory and the trade cycles.
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Vito
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Wieser
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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.
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Blancheton
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Bobchev
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Bobchev
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Bobchev
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Chivvis
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Danailov
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Danailov
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Theory of money. Survey of literature.
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Demostenov
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1929
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Demostenov
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Demostenov
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Is the end of capitalism coming?
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Dolinsky
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1930
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1930
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Dolinsky
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1941
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Dolinsky
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Geshov
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1886
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Periodical Journal of the Bulgarian Literary Society
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Grigorov
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Hristoforov
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Hristoforov
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Karpouzanov
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Kolev
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Mateev
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Mishaikov
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Nenovsky
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Nenovsky
author
The Bulgarian economic thought since 1989: A personal perspective.
N.
Nenovsky
author
2011
text
The History of Economic Thought
2011
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Theoretical debates in Bulgaria during the Great Depression. Confronting Sombart, Marx and Keynes.
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Nenovsky
author
2012
text
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Reconstructing eclecticism: Bulgarian economic thought in the Ottoman Empire in the 19th century.
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Nenovsky
author
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text
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2015
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Nenovsky
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Nenovsky
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History of Economic Ideas
2018
V.
Pareto
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G.
Petrov
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G.
Petrov
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G.
Petrov
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The subjective school in Bulgaria and its theoretical tenets of money under capitalism.
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Poryazov
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1962
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Realistic or political economic theory?
I.
Rankov
author
1940
text
Economist
1940
2
4
481
501
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Rankov
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Varbanov
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Zagoroff
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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
National Research University Higher School of Economics, Moscow, Russia
Primakov National Research Institute of World Economy and International Relations, Moscow, Russia
author
Avtonomov, Vladimir S.
https://orcid.org/0000-0001-8169-729X
National Research University Higher School of Economics, Moscow, Russia
Institute of Scientific Information for Social Sciences, Russian Academy of Sciences, 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.
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Berlin
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1900
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Zhizn
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269
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Blyumin
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Blyumin
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Blyumin
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Böhm-Bawerk
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Böhm-Bawerk
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Böhm-Bawerk
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E.
Böhm-Bawerk
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N.
Bukharin
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Dmitriev
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Dmitriev
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Dmitriev
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Fillipov
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1899
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6
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Fillipov
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1900
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Fillipov
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1900
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Fillipov
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Fillipov
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3
560
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Fillipov
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Nauchnoe Obozrenie
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Finn
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1903
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Frank
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Hilferding
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Jevons
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Jevons
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Jevons
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Kapeliushnikov
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Kochevrin
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Lenin
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Makasheva
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Menger
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Method of the vulgar political economy.
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Nezhdanov
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Orzhentsky
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Stolyarov
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Struve
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1899
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1899
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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).
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M. I.
Tugan-Baranovsky
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text
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1900
3
615
616
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Tugan-Baranovsky
author
P. A.
Usanov
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V. F.
Zalessky
author
Modern Austrian school on institutions, development problems and the role of the economists.
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Zaostrovtsev
author
2015
text
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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 A.
https://orcid.org/0000-0002-5407-4473
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.
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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.
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Alexandrova
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2005
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2005
8
97
105
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Financial solvency of Russian regions 2005–2011: Experience of classification analysis.
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Blagoveschensky
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Bukhval’d
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Granberg
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2001
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Kadochnikov
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2002
8
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50
Fiscal federalism development in Russia: Results of the 1990s and tasks for the future.
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Khristenko
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2002
2
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Intergovernmental fiscal relations in Russia in the present time.
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Klimanov
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2004
11
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Kolomak
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Reforming intergovernment relations in Russia: “Market-promoting federalism
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Leksin
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2006
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2006
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10.1111/1468-0084.61.s1.13
Political and legal factors of economic growth in the Russian regions.
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Mau
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2001
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Mundell
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Pelyasov
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67
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Riazantsev
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Siluanov
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Voprosy Ekonomiki
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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.
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Esarey
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Are ratings consistent with default probabilities? Empirical evidence on banks in emerging market economies.
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Lanine
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Pompella
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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
Bournemouth University, Poole, United Kingdom
Kozminski University, Warsaw, Poland
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
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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
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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
Accounts Chamber of the Russian Federation, Moscow, Russia
St. Petersburg State University, St. Petersburg, Russia
Gaidar Institute for Economic Policy, 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
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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.
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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
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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
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10.3897/j.ruje.4.28482
2018-10-09
rujec
Yeditepe University, Istanbul,
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2018
Russian Journal of Economics
2405-4739
2618-7213
4
249-265
2018
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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
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
2018-10-09
2018-10-09
2018
Russian Journal of Economics
2405-4739
2618-7213
4
266-284
2018
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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
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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
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10.3897/j.ruje.4.27086
2018-10-09
rujec
University of Thessaly, Volos, Greece
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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
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Tzeremes, Nickolaos
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2018
Russian Journal of Economics
2405-4739
2618-7213
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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
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Gaidar Institute for Economic Policy, Moscow, Russia
author
Kaukin, Andrey
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
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Pavlov, Pavel
https://orcid.org/0000-0001-6200-6481
Russian Foreign Trade Academy, Moscow, Russia
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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
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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
Southern Methodist University, Dallas, Texas, United States of America
New Economic School, Moscow, Russia
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Saxon Academy of Sciences and Humanities in Leipzig, Leipzig, Germany
Ural Federal University, Graduate School of Economics and Management, Ekaterinburg, Russia
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Wiesmeth, Hans
2018-12-31
2018-12-31
2018
Russian Journal of Economics
2405-4739
2618-7213
4
328-345
2018
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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
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Polterovich, Victor
2018-12-31
2018-12-31
2018
Russian Journal of Economics
2405-4739
2618-7213
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346-385
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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
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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
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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
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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
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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 A.
https://orcid.org/0000-0002-5407-4473
2019-04-17
2019-04-17
2019
Russian Journal of Economics
2405-4739
2618-7213
5
1
27-45
2019
2019
2019
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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
Analytical Centre for the Government of Russian Federation, Moscow, Russia
National Research University Higher School of Economics, Moscow, Russia
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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
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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
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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
CASE–Center for Social and Economic Research, Warsaw, Poland
Bruegel, Brussels, Belgium
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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
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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
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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
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Xi
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Yan
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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
Financial Research Institute, Moscow, Russia
Economic Expert Group, 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
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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
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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
MGIMO-University, Moscow, Russia
Lomonosov Moscow State 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
HSE University, Moscow, Russia
Analytical Centre for the Government of Russian Federation, 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
HSE University, Moscow, Russia
Financial University under the Government of the Russian Federation, 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
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Bannier
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2008
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I.
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2019
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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
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A. A.
Abdullah
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Al-Jabri
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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
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