The article compares two approaches to the analysis of corruption: a global corruption paradigm – a downstream view on corruption promoted by international organisations and policy makers, the so-called outsiders, and analysis of informal practices – an upstream, or bottom-up, perspective of insiders, which contexualises motives and meaning of corrupt practices. The global corruption paradigm rests on the premises that corruption can be defined, measured and controlled. Since the 1990s, data on corruption have been systematically collected and monitored, yet there has been little progress in combatting the phenomenon across the globe. Success cases are rare, and policy makers are increasingly dissatisfied with the existing indicators and approaches to anticorruption policyies. On the one hand, the paper articulates the critique of assumptions, preconceptions and methodology implicit in the prevailing ‘corruption paradigm’. We question the cultural and historical neutrality of the definition of corruption; problems with the measurement of corruption; and the implications for policy-making. On the other hand, the paper argues for the ‘disaggregation’ of the corruption paradigm and necessity to integrate local knowledge and insiders’ perspectives into corruption studies. We argue that the combination of the two approaches will provide for more effective ways of tackling the challenges of corruption, especially in endemically corrupt systems.
The article describes the evolution of the accounting knowledge from the simple registration technique to economic and social institution, in medieval Italy. It is shown that the institutionalization of accounting was completed to the XIV century, when it became a system of codified technical standards, scholar discipline and professional field. Examined the interrelations of this process with a business environment, political, social, economic and cultural factors of Italy by the XII-XVI centuries.
The article presents an empirical investigation of the impact of the Balassa-Samuelson effect on the real ruble appreciation in 1999-2007. We consider long-run, supply-side determinants of the real ruble exchange rate, such as changes in terms of trade and labor productivity. Using Russian and German data on price and productivity differentials between tradable and non-tradable sectors of the two economies, we estimate the significance of oil price shocks and the Balassa-Samuelson effect for the real ruble appreciation. Our study demonstrates that, on average, about 1/3 of the observed appreciation can be attributed to the Balassa-Samuelson effect. The cointegrating relationship between the productivity differential and the real exchange rate provides evidence of the healthy nature of the economic growth, which took place in Russia during the time period under investigation. These findings suggest that exchange rate adjustments should be used by the Central Bank of Russia mainly as a monetary policy instrument for fighting inflation rather than as a tool for competitive devaluations.
The paper analyzes the impact of changes in tax regimes on comparative export profitability of oil and main petroleum products. It considers the dynamics of export profitability of oil and petroleum products based on the annual data for 2001—2010, the quarterly data for 2011 and through the first quarter of 2012. The paper also examines how the forthcoming changes in tax legislation aimed at increasing the complexity of refining affect the profitability of oil sector exports. The analysis demonstrates that tax measures alone are not sufficient and might even be counterproductive.
The purpose of this study is to evaluate the impact of public investment programs on the socio-economic development of territories. As a case, the federaltarget programs for the development of regions and investment programs of the financial development institution — Vnesheconombank, designed to solve the problems of regional development are considered. The impact of the public interventions were evaluated by the “difference in differences” method using Bayesian modeling. The results of the evaluation suggest the positive impact of federal target programs on the total factor productivity of regions and on innovation; and that regional investment programs of Vnesheconombank are improving the export activity. All of the investments considered are likely to have contributed to the reduction of unemployment, but their implementation has been accompanied by an increase in interregional inequality.
The stability of Russian banking sector is threatened by three negative tendencies - overheating of the credit market, significant decrease of banks capital adequacy ratios, and growing problems associated with banks lending to affiliated non-financial corporations. The co-existence of these processes reflects the crisis of the model of private investments in Russian banking sector, which was observed during the last 20 years. This paper analyzes the measures of the Bank of Russia undertaken to maintain the stability of the banking sector using the methodology of credit risk stress-testing. Based on this methodology we conclude that the Bank of Russias actions can prevent the overheating of the credit market, but they can also lead to undesirable effects: further expansion of the government ownership in Russian banking sector and substitution of domestic credit supply by cross-border corporate borrowings. The later weakens the competitive positions of Russian banks. We propose a set of measures to harmonize the prudential regulation of banks. Our suggestions rely on design and further implementation of the programs aimed at developing new markets for financial services provided by Russian banks to their corporate and retail customers. The estimated effects of proposed policy measures are both the increase in profitability and capitalization of Russian banks and the decrease of banks demand for government support.
Every thirty minutes a person dies in a road traffic accident in Russia. Twenty five thousands die annually, which is equivalent of the middle-populated city in the country. According to Traffic Police Statistics in ten times more people turned out to wounded or disabled in the result of road accidents. In order to reduce the number of deaths in the car accidents it is necessary to implement specific measures, which cost a lot. That is why the relevance of more specific evaluation of socio-economic national losses which arises because of death, disablement and traumatism in the road traffic accidents is pointed out. To make this possible authors have worked out the efficient methodology for estimation of socio-economic national losses as a result of road accidents. In accordance with our analysis the whole amount of the value is 487.1 billion RUB in 2013.
The article describes the methodology for identifying and analyzing the economic cycles, which are based on historical spectral approach that combines the advantages of the historical and economic analysis and spectral method of the study of economic series.The proposed method is used to isolate and analyze of (both their own) regular oscillations of economic dynamics inherent in the developed economies, and the vibrations induced by technological and external economic shocks.
The analysis carried out on the basis of data on the dynamics of the post-war U.S. economy as the main recipient world cycles, and economy of Russia from 1861 to 2012 with using the latest research on the reconstruction of its economic dynamism. Finally, conclusions are drawn in relation to the economic policy of the state in the global cyclical development.