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Regular version of the site
Of all publications in the section: 32
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Article
Popova S., Karlova N., Ponomarenko A. et al. Russian Journal of Economics. 2017. Vol. 3. No. 4. P. 379-410.
Added: Dec 21, 2018
Article
Ponomarenko A., Karlova N., Deryugina E. et al. Russian Journal of Economics. 2017. Vol. 3. No. 4. P. 379-410.

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-assetturnover 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.

Added: Jan 29, 2019
Article
Vishnevsky A. G., Scherbakova E. M. Russian Journal of Economics. 2018. Vol. 4. No. 3. P. 229-248.

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.

Added: Oct 9, 2018
Article
Tatyana D. Polidi, Nadezhda B. Kosareva. Russian Journal of Economics. 2017. Vol. 3. No. 3. P. 263-279.

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.

Added: Oct 27, 2017
Article
Kosareva N. Russian Journal of Economics. 2017. Vol. 3. No. 3. P. 263-279.

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.

Added: Oct 27, 2017
Article
Kapeliushnikov R. Russian Journal of Economics. 2015. Vol. 1. No. 1. P. 81-107.

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.

Added: Oct 12, 2015
Article
Dabrowski M. Russian Journal of Economics. 2019. Vol. 5. No. 1. P. 67-87.

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.

Added: Oct 4, 2019
Article
Dabrowski M., Batsaikhan U. Russian Journal of Economics. 2017. Vol. 3. No. 3. P. 296-320.

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.

 

Added: Jan 3, 2018
Article
Dabrowski M. Russian Journal of Economics. 2016. Vol. 2. No. 3. P. 302-326.

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

Added: Oct 27, 2016
Article
Shastitko A., Menard C. Russian Journal of Economics. 2017. Vol. 3. No. 2. P. 200-220.

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. 

Added: Oct 15, 2017
Article
Smirnov S. V. Russian Journal of Economics. 2015. Vol. 1. No. 2. P. 130-153.

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).

Added: Nov 3, 2015
Article
Dabrowski M. Russian Journal of Economics. 2018. Vol. 4. No. 3. P. 266-284.

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.

Added: Oct 10, 2018
Article
Bukin K., Levin M. I. Russian Journal of Economics. 2018. Vol. 4(4). P. 386-396.

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.

Added: Feb 14, 2019
Article
Baranov Alexey, Malkov E., Polishchuk L. et al. Russian Journal of Economics. 2015. Vol. 1. No. 2. P. 154-181.

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 the economy and bureaucracy in their regions. The dynamics of regional institutional indices are investigated against the backdrop of Russia-wide institutional trends.

Added: Dec 31, 2015
Article
Beshenov S., Rozmainsky I. V. Russian Journal of Economics. 2015. Vol. 1. No. 4. P. 419-438.

This article attempts to analyze the current debt crisis in Greece based on the financial instability hypothesis developed by H. 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, 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.

Added: Mar 28, 2016
Article
Fedyunina A., Averyanova Y. Russian Journal of Economics. 2019. Vol. 5. No. 2. P. 199-210.

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.

Added: Aug 2, 2019
Article
Karminsky A. M., Khromova E. Russian Journal of Economics. 2018. Vol. 4. No. 2. P. 155-174.

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.

Added: Jul 1, 2018
Article
Gurvich E., Vakulenko E. Russian Journal of Economics. 2017. Vol. 3. No. 4. P. 411-424.

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.

Added: Dec 29, 2017
Article
Shastitko A., Golovanova S. Russian Journal of Economics. 2016. No. 2. P. 86-110.

This paper presents competition studies and views on competition policy within Austrian economics related to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflections on particular issues of discussion: 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 studies. 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.

Added: May 9, 2016
Article
Gimpelson V. E., Kapeliushnikov R. Russian Journal of Economics. 2016. Vol. 2. No. 2. P. 192-218.
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
Added: Nov 1, 2016
Article
Grigoryev L. M., Pavlyushina V. Russian Journal of Economics. 2019. No. 5(1). P. 46-66.

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.

Added: Apr 18, 2019
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