Fixed Capital and Investment Trends in the Russian Economy in Transition
The article analyzes trends in fixed assets formation and fixed investment in Russia’s transition economy. It is shown that the official Rosstat approach to measuring fixed assets and fixed investment may substantially understate fixed assets renovation and replacement rates. The depth of the decline in investment spending during the transition period might therefore be substantially overstated. This bias may be explained by severe difficulties in measuring price and capital replacement trends in first years of transition. Alternative estimates of physical volume indexes of fixed assets and investment in fixed capital by fifteen main industrial sectors and branches during 1991−2003 are derived and industry-specific investment and fixed assets trends are discussed. These alternative fixed asset and investment estimates suggest that conventional views on investment and capital stock trends in the Russian economy need to be revised.
This article is dedicated to the analysis of effectiveness of special economic zones (SEZ), a rather new, but promising phenomenon in Russian Federation economy. It includes general analysis of SEZ, its reaction to the world financial crisis, analysis of innovation implementation SEZ (II SEZ), and, in particular, its IT-potential. At the end, the cases related to IT products realized in these zones are described and some economic and financial indicators suitable to describe the dynamics of development of these agglomerations of IT enterprises are given.
The new approach to parity of prices is the subject of article. The base of this approach is estimation of parameters of model for comparison of prices between countries. The disparity of the prices is defined as a sharp deviation of the price from the parity. Milk is taken as an example. The model on which the parity of the prices is defined, has been developed for the longterm prices fore- casting. The realization of the certain scenario of development of a national economy is a base of such forecasting
The article is dedicated to fiscal incentives for business angels. Business angel, a comparatively new phenomenon in Russia, is defined in the first part of the article. The second part is a research of fiscal incentives intended for private investors in order to encourage them to support small innovative enterprises. The research is based on European and North American experience. Finally, the third part suggests the ways of creating a system of fiscal incentives for business angels in Russia.
Strong distinction between contractual claims and claims arising out of bilateral investment treaties (BIT) exists in modern investment disputes resolution. This distinction has a practical importance when the competence of international tribunal to decide the claim is in question, because investment contract and BIT contain different dispute resolution provisions. The common mechanism of dealing with this conflict is introduction of umbrella clause in the particular BIT. Umbrella clause is the clause lifting the breach of contract between investor and host state to the level of breach of BIT between this state and investor’s home country. The role of umbrella clauses in international investment law and the issue of competence conflicts arising of them are analyzed in this article.
During 1998-2010 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
This study analyzes the effects of reducing trade barriers in the context of the objectives of competition policy. Separate chapters are devoted to the assessment of the height of Russian trade barriers, the analysis of the impact of international trade on domestic prices and concentration of production.