Heterogeneity of consumer preferences and trade patterns in a monopolistically competitive setting
The paper considers a two-sector two-country trade model of monopolistic competition featuring the heterogeneity of consumer preferences and incomes within and across countries. The incorporation of heterogeneity into a monopolistic competition setting is achieved by assuming a nested Cobb–Douglas and CES utility function exhibiting both country and sector-specific consumer tastes and expenditure shares on manufacturing and traditional goods. The key question analyzed in the paper is how consumer heterogeneity affects the home bias of trade in different countries. The key finding here is that the heterogeneity in tastes and incomes of consumers can provide a substantial influence on degree of home bias in trade but only in combination with high transportation costs
We present qqmbr, novel publishing system aimed at preparation of high-quality mathematical publications. One source can be converted to a single interactive webpage, multi-page website or PDF (via LaTeX). The markup language behind qqmbr entitled indentml is designed to be both human-readable and machine-readable (easily parsable). It is possible to extend basic qqmbr markup with custom tags that enrich its semantics and build plugins and applications that query qqmbr documents, extract information from them and process it in an arbitrary way without much effort.
The paper explores the evolution of trade and economic relations between Russia and Myanmar in 1948-2018. The author compares the quantitative and qualitative characteristics of Myanmar cooperation with China, India and Russia, highlighting their features and prospects. Summarizing the results, the author states that, despite the currently modest volumes of trade and investment, the potential for developing foreign economic relations between Russia and Myanmar is very high. However, Myanmar is an important link in the regional strategies of China and India, which also belong to the BRICS and the SCO. Therefore, it is impossible for Russia to build its political and economic ties with Myanmar without taking these aspects of regional relations into account.
The paper considers a model of monopolistic competition for the case of heterogeneous consumers, who differ from other with respect to product quality. To do this, a model of consumers, which in addition to the love of variety included a love of quality products. The industrial sector, in turn, consists of firms that produce a variety of differentiated products of different quality, focused on a certain type of buyer, i.e. the case of multi-product firms is considered. The function of supply and demand for the quality of goods is obtained, the equilibrium states in the long and short term are considered for two different situations when firms have market power in determining the quality of products and when they do not possess it.
This collection includes scientific reports presented for participation in the International Conference: "The Evolution of the Global Trade System: problems and prospects" which took place on October 20-22, 2016 in St.Petersburg
This book contains a unique collection of studies on key economic and social policy challenges faced by countries of the Southern and Eastern Mediterranean region in a short- and long-term perspective. Prepared within the EU funded FP7 project on „Prospective Analysis for the Mediterranean Region (MEDPRO)” conducted in 2010-2013 it takes account on recent political developments in the region (Arab Spring) and their potential consequences. It covers a broad spectrum of topics such as factors of economic growth, macroeconomic and fiscal stability, trade and investment, Euro-Mediterranean and intra-regional economic integration, private sector development and privatizations, infrastructure, tourism, agriculture, financial sector development, poverty and inequality, education, labor market and gender issues.
Questions of differentiation of the population on a level of incomes in Republic Mary El are considered. Parameters of a variation and structure of the basic monetary incomes are analyses. Classification of administrative areas on the parameters describing incomes of the population is lead. The analysis of territorial distinctions of the population on levels of incomes is given. For more in-depth study of interrelation of the parameters describing differentiation of incomes of the population of Republic, on everyone allocated cluster are constructed regression models of a degree of influence of the parameters reflecting age structure of the population on a level of monthly average wages, pensions and social payments.
The protracted nature of the current global financial crisis has led to reduced forecasts of economic and energy consumption growth accompanied by an obvious accelerated increase in the share taken by developing countries. • In the long term, fossil fuels will remain dominant, against the background of a slower growth in the share of non-hydrocarbon energy resources than was estimated in the previous Outlook. The ‘shale breakthrough’ has postponed for two or three decades the threat of running out of economically viable oil and gas reserves – which had seemed so close just five to seven years ago – and has secured the predominantly hydrocarbon character of the world’s energy sector. The share of oil and gas in world primary energy consumption will remain practically unchanged (53.6 per cent in 2010 and 51.4 per cent by 2040). • The study of oil and gas price dynamics in different scenarios did not show fundamental cause for alarmist forecasts predicting either too high, or extremely low, prices within the period under review. In all cases – ranging from future success to possible failure of shale technologies – oil prices in 2040 will not move out of the range $100–130/bbl. Gas prices will be closely correlated with oil prices, but also strongly differentiated by region (which does not exclude large short-term fluctuations in prices under the influence of political and speculative factors). • Despite the integration of oil and gas markets, as international trade in oil and liquefied natural gas (LNG) expands, the trend towards regionalization of prices, resulting in considerable differences in price levels, will gain momentum. • Natural gas will account for the most substantial increase in absolute volumes of consumption, and the share taken by gas in primary energy consumption will increase more than that of any other fuel. The next 30 years could, quite reasonably, be considered as ‘the era of gas’. But Russia runs the risk of missing the resulting opportunities. • The consequences of the expected transformation of world energy and, especially, hydrocarbon markets will not significantly change the fuel markets themselves, but the positions of the leading market participants will clearly be rebalanced, while some global players will be able to gain influence. The results of our research clearly show that Russia will be more susceptible to adverse changes in market conditions during the forecast period. In the Baseline Scenario, Russian oil and gas exports to foreign markets appear to be significantly lower than the official national projections. • High costs and the current taxation system both limit the competitiveness of Russian energy resources in global markets. The Russian fuel and energy complex could face severe restrictions on external demand for energy resources at prices acceptable to Russia, resulting in additional risks for Russia’s energy sector and economy. This research provides preliminary estimates of the consequences of this impact on the country’s economic growth (one percentage point slowdown per year) and possible measures to compensate for it.
This paper with use of nationally representative data (RMLS-NRU HSE) in 2004-2012 examines the sectoral segregation between immigrant (persons with an immigration background) and native workers and its impact on earning differential in Russia. This is the first study on the micro-level in Russia about sectoral segregation and wage gap between natives and immigrants under its influence.
In this study we analyze the determinants of the choice of sector, estimate earning differences between natives and immigrants, define Duncan index of dissimilarity and measure the impact of sectoral segregation on earning differential between natives and immigrants using Oaxaca-Blinder decomposition.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.