The work is related to the detection of key international and Russian economic journals in cross-citation networks. A list of international journals and information on their cross-citations were taken from Web of Science (WoS) database while information on Russian journals was taken from Russian Science Citation Index (RSCI). We calculated classical centrality measures, which are used for key elements detection in networks, and proposed new indices based on short-range and long-range interactions. A distinct feature of the proposed methods is that they consider individual attributes of each journal and take into account only the most significant links between them. An analysis of 100 main international and 29 Russian economic journals was conducted. As a result, we detected journals with large number of citations to important journals and also journals where the observed rate of selfcitation is a dominant in the total level of citation. The obtained results can be used as a guidance for researchers planning to publish a new paper and as a measure of importance of scientific journals.
This paper presents a model of strategic competition between universities that accounts for the existence of positive spillover effect from -education (peer effect). It was demonstrated that in the presence of peer effect strategic competition results in inefficient student allocation between the two universities (biased to the high-quality university) and excessive quality differentiation. The model is used to analyze the implications of government funding policies as well as admission and quality regulation. It was demonstrated that traditional schemes of institutional funding and students’ financial aid programs like tuition fee subsidy, quality investment subsidy, or total cost subsidy reduce social welfare. At the same time, an introduction of provision of tuition-free education for the best students combined with a per-student grant provided to the university improves both students’ and social welfare. It was also demonstrated that tight admission regulation is not socially desirable while the introduction of minimum quality standards makes society better off.
This article reviews structural changes in the Russian economy in 2005—2016 in comparison to some developed and developing countries. The authors suggest an institutional explanation of the slowdown of the structural changes in Russia. The assessment of the model of value added structure for the cross section of the primary income groups (hidden wages and salaries included) is followed by discussion of the relationship between gross operating surplus and investment activity (fixed capitalinvestments) in three macro-sectors of the Russian economy: primary commodity-driven business, large non-primary commodity-driven business, and small and medium size enterprises (SME). The article demonstrates that the growth of the rate of profit share in the value added structure contributed to the investment growth only in the primary commodity-driven macro-sector. In general non primary commodity-driven sector the rate of investment declined while profit share increased. In SME sector the rate of investment grew while profit share declined and wages and salaries share grew (including hidden wages and salaries). The authors suggest that structural policymakers could benefit from the focus on specific institutional differences between the macro-sectors while shaping the structural policy agenda.
The majority of social and economic interactions take place between people of different social status. Age, position, income and other factors affect the way people evaluate their position in the society. We investigate how self-estimation of the social status is formed when an individual participates in an economic experimental game. In our experiment subjects are set in pairs and play consequently the dictator game, the trust game and the labor market (contract) game. After each game we measure their subjective socioeconomic status using two different scales. We show that participation in the dictator game affects the perception of one’s social status to the greatest extent: the status of dictators is higher than the status of recipients. Prescription of roles in other games does not have such an effect. Active behavior, gender, income, etc. also affect the subjective status.
The majority of social and economic interactions take place between people of different social status. Age, position, income and other factors affect the way people evaluate their position in the society. We investigate how self-estimation of the social status is formed when an individual participates in an economic experimental game. In our experiment subjects are set in pairs and play consequently the dictator game, the trust game and the labor market (contract) game. After each game we measure their subjective socioeconomic status using two different scales. We show that participation in the dictator game affects the perception of one's social status to the greatest extent: the status of dictators is higher than the status of recipients. Prescription of roles in other games does not have such an effect. Active behavior, gender, income, etc. also affect the subjective status.
Transparent and effective corporate governance positively influences the financial stability of the company: it increases the investment attractiveness and reduces the costs of lending. For Russia, this problem is relatively new. And at the moment, corporate management in the manufacturing industry continues to be characterized by a high concentration of ownership and a combination of ownership and management functions. In this paper, using logistic regression we investigate the impact of corporate governance factors and industry expectations on a negative net worth of the companies in the period 2011–2015. The results showed, in particular, the probability of a negative company’s net worth is higher, the lower the index of business confidence in the industry; the presence of agency problem; the smaller the number of members in the board of directors; the higher ownership concentration; and, if company is not privately owned or joint-stock company in the manufacturing industry. Robustness of the coefficients of the final specification was confirmed.
The leximin (leximax) preference ordering compares two n-dimensional real vectors as follows: the coordinates of these vectors are first ordered in ascending (descending) order and then the resulting two vectors are compared lexicographically. It is well known that the leximin (leximax) preference ordering on R^n is not representable (by a utility function). In this paper, given two integers n ≥1 and m ≥ 2, we consider the set X of all n -dimensional vectors with integer coordinates assuming values between 1 and m. Equipping X with the leximin (leximax) preference ordering induced from R^n, called the threshold (dual threshold) rule, every vector from X (and its indifference class) is canonically assigned a unique ordinal number in such a way that a vector from X is considered more leximin- (leximax-) preferable if it lies in an indifference class with greater ordinal number. We present a rigorous recursive algorithm for the evaluation of multiplicities of the coordinates in a vector from X via the ordinal number of the indifference class with respect to the ordering, to which this vector belongs. The novelty of our algorithm is twofold: first, it exhibits new properties of the classical binomial coefficients in their interplay with the leximin (leximax) preference ordering and, second, it relies on four integer parameters, each one being obtained by a different cyclic procedure. The joint work of these procedures is based on our main theorem concerning some subtle properties of the enumerating preference function, which represents the leximin (leximax) preference ordering on X.
The authors consider the problem of direct and indirect impacts of cultural events on regional development. A wide range of impacts produced when organizing and conducting an event, as well as a significant number of stakeholders, who experience the impacts, compels integrated research approaches. To date, quantitative methods prevail in studying impacts of cultural events, especially economic ones. The paper presents the main advantages and disadvantages of the applied methods. To complement and enhance the degree of studying impacts qualitative research methods are proposed, as well as main problems that complicate the development of a consistent methodological approach to evaluate the cultural events’ impacts are identified.
The ability of a central bank to conduct an independent monetary policy is a key condition for switching to a free floating exchange rate regime and for pursuing inflation targeting policies. The objective of our study is to evaluate how the exchange rate policies conducted by the Russian Central Bank (RCB) during different periods have impacted the domestic money market. We estimate the sensitivity of domestic interest rates to their foreign counterparts through uncovered and covered interest rate parities and find significant variations in the coefficient estimates for different phases of exchange rate policies. This dynamics allows us to assess how successful the RCB were in its efforts to create an institutional background enabling a gradual transition to free floating and inflation targeting monetary policies.
In recent years the problem of the increased number of pensioners and longer lifespan made motivation of elderly to work longer and retire later a very important objective in Russia. This article presents the results of the analysis of the factors that influence elderly's decision to retiree. For the purpose of this article the retirement was defined as elderly’s decision to exit the labour market. It was determined that the most important factors are state of health, pension entitlement, labour income and marital status. Family factors (age difference between spouses, spouse's employment status and children below age of 15) were determined to be important for women only. Analysis showed that measures of stimulating elderly to work longer should be divided into two categories: 1) destimulation of labour market exit (psychological and legislative); 2) creation of conditions for voluntary extension of working life.
In Russia, the alcohol policy becomes more active. It applies different measures – price and restrictive instruments, as well as information. However, the alcohol policy effectiveness is determined not only by the changes in volumes and externalities of alcohol consumption, but also by attitudes towards it. Alcohol policy effectiveness depends on public opinion on implemented measures. Thus, the aim of this paper is to analyze the level of public alcohol policy support and its factors. The descriptive and regression analysis based on the data from two nation-wide polls in 2011 and 2017 show that, in general, the level of public alcohol policy support in Russia is rather high: from 52 to 97% in 2017, depending on concrete measure. Women and young people are more inclined to support alcohol policy. Unhealthy habits cessation (smoking and alcohol), as well as their initial absence, enhance the likelihood of alcohol policy approval, in comparison with smokers and alcohol consumers. Education that was a correlate of favorable attitude towards alcohol policy measures in 2011 has lost its significance among older people in 2017. Nevertheless, viewing promotions of healthy lifestyle becomes the significant factor increasing probability of alcohol policy support in 2017.
The article presents the study results of data on budgetary financing of socio-cultural sphere for the period from 2000 to 2015, from the funds of the consolidated budget of the Russian Federation and the Federal budget as related to the field as a whole and its individual sectors. In order to test the hypothesis that Russian State’s priority is the development of the mentioned above sphere in the dynamics the article analyzes the indicators of public funding volumes, as well as the shares allocated to this sector from the budget funds in the total budget expenditures. Indicators of the socio-cultural sphere budgetary financing during indicated period are compared with similar indicators of the countries belonging to the Organization for economic cooperation and development. The article examines indicators of budgetary funds allocated for functioning and development of the sphere. Conclusions are made about a partial confirmation of the mentioned hypothesis. Under the conditions of hard budget restrictions the urgency of the task to increase an efficiency of budgetary expenses is being emphasized. The article analyzes the implementation of reforms that play a key role in completing this task.
Stability of inflation expectations is a necessary part of inflation targeting. Among many factors that may affect the dynamics of inflation expectations, one of the most important is the communication policy of the central bank and representatives of the government. This paper measures the effectiveness of verbal interventions by the Government and the Bank of Russia on the high-frequency indicator of inflation expectations from the stock market for the period July 2015 – December 2016. Dummy variables are used to characterize verbal interventions in terms of the degree of regularity, the source and the information contained. One of the main features of this paper is the analysis of the verbal interventions from individual representatives of monetary and fiscal policies. By the assessment of the model of conditional heteroscedasticity, we conclude that verbal interventions by the Bank of Russia and members of the Government of the Russian Federation accompanied by decrease of inflation expectations: key verbal interventions were statements about state budget deficit and future inflation. The results obtained can be used to develop the communication policy tools in future.
The purpose of this paper is to estimate with the help of econometric methods, how sensitive the labour supply of elderly is to the changes in the pension system. We first analyze how a hypothetical increase of pension eligibility age would influence the economic activity of such individuals. The results of the simulation model show that a 5-year increase of pension eligibility age (up to 65 years for men and 60 years for women) would lead to an increase of economic activity of those whom this reform will concern by 11–14 pct. We next analyze how elderly would react to the changes in the pension legislation, which came into force in the beginning of 2015, in particular, the possibility to defer retirement in order to receive a higher pension later. Our estimates show that this mechanism gives incentives to postpone retirement only for women, but not for men.