DOI: 10.32609/j.ruje.11.142169

Authors: Mirzobobo Yormirzoev, Amina Ayombekova

Abstract: This paper explores how the health-related component of human capital affects economic performance in all five Central Asian countries. In particular, it analyzes the impact of life expectancy on overall GDP and output per worker, which characterizes labor productivity. The time frame includes the period from 2000 to 2021. The methodology is based on a standard growth accounting framework. Findings show that better health conditions, as indicated by the increase in life expectancy, have a significant impact on the productivity of a worker. Nonetheless, its contribution to total output growth remains relatively small. In contrast, capital investment plays a crucial role in boosting labor productivity and fostering economic growth, especially in capital intensive countries such as Kazakhstan and Uzbekistan.

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DOI: 10.32609/j.ruje.10.121967

Authors: Yulia V. Vymyatnina, Aleksandr A. Chernykh

Abstract: In this paper, we study whether the environmental characteristics of assets influence their returns in the case of the Russian bond market. Our main goal for this study was to research this issue for Russia using the same methodology as in studies for developed markets to allow for comparison of results. We use the twin bond methodology and consider expected returns. Our main hypothesis is that brown (i.e., non-green) assets should have a higher yield compared to green ones. Indeed, we find, predictably, that green bonds have a lower yield to maturity. This result is in line with previous results for other markets and suggests that green financing might be cheaper for companies.

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DOI: 10.32609/j.ruje.7.78432

Authors: Leonid M. Grigoryev, Marina F. Starodubtseva

Abstract: Brazilian economic reforms in 21st century have great importance for the international community, especially for other countries of the middle level of development. The authors­ believe that, in spite of all the difficulties and crises, Brazil has made a decisive step forward by reforming its social structure and retaining democracy. Social reforms (especially­ minimal wage) led to strengthening middle class, but also to elevating its social aspirations. At this dramatic junction the economic development of the country was aggravated by external shocks and unsuccessful budget policies. The complex interaction of social macro­economic policies in Brazil with strong external shocks gives lessons to countries with similar characteristics. The pandemic and recession of 2020–2021 have made the path of development more complicated but there is room for optimism for Brazil in the long run.

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DOI: 10.32609/j.ruje.6.55867

Authors: Vladimir A. Mau

Abstract: This article presents an analysis of the key challenges facing the global economy, as well as the impact of these challenges on Russia. It addresses main collisions that have emerged in recent years, including the proliferation of etatism and populism, increasing social and political polarization, the growing importance of national issues vs the global agenda, as well as the social, economic and political consequences of using digital technologies against the backdrop of the global economy spiraling into an unprecedented crisis. The pandemic and its global economic impact are analyzed within the context of the 2008–2009 global financial crisis. This is the foundation which we set for discussing Russia’s economic agenda.

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DOI: 10.32609/j.ruje.5.47348

Authors: Leonid M. Grigoryev, Lyubov Popovets

Abstract: 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.

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DOI: 10.32609/j.ruje.5.35234

Authors: Vladimir A. Mau

Abstract: 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.

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DOI: 10.32609/j.ruje.5.35233

Authors: Valeriy V. Mironov, Liudmila D. Konovalova

Abstract: 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.

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DOI: 10.3897/j.ruje.4.27726

Authors: Christopher A. Hartwell

Abstract: 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.

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DOI: 10.1016/j.ruje.2017.12.003

Authors: Ilya B. Voskoboynikov

Abstract: 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.

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DOI: 10.1016/j.ruje.2017.06.001

Authors: Vladimir Mau

Abstract: 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.

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DOI: 10.1016/j.ruje.2016.04.001

Authors: Vladimir Mau

Abstract: 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.

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DOI: 10.1016/j.ruje.2015.05.003

Authors: Vladimir Mau, Alexey Ulyukaev

Abstract: 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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