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.
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.
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 institution ally 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 fail ures 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.
В статье делается попытка проанализировать долговой кризис в Греции при помощи гипотезы финансовой нестабильности, разработанной Хайманом Мински. Показано, что эта гипотеза позволяет понять, как экономика эндогенно становится «финансовой хрупкой», а значит, подверженной кризисам. Авторы анализируют, как поведение публичного и частного секторов греческой экономики привело ее к долговому кризису. В частности, на примере выборки из 36 греческих компаний, показано, что в период с 2001 по 2014 годы большинство этих компаний переходила на хрупкие типы финансирования. Особое внимание уделено негативным последствиям применения в Греции неоклассической доктрины «строгой экономии как ведущей «антикризисной» концепции в рамках мейнстрима экономической мысли.
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.