This paper analyses the impact of student academic achievement on future wages of Russian university graduates through looking into GPA-earnings relationship for graduates of Russian selective university, based on cross-sectional graduate survey data. The issue of how student academic achievement, measured by GPA impact future labor market rewards is analyzed through the set of academic, demographic and labor market factors. Our results indicate that there is no significant impact of GPA on future earnings for male graduates and negative impact for female graduates (8,2% wage penalty for additional GPA point). The effect of GPA on earnings is insignificant if we control for sectoral segregation. The evaluation of most detailed specification that reflects differences in spheres and sectors of employment and taking into account job tenure reveals that the effect is negative with low significance for entire sample (-5,2%) and for female graduate (-6,5%), but insignificant for male graduates. The existence of work experience before graduation is the most significant factor that positively affects future wages for both groups. However, we found no evidence that combining study and work affects student academic achievements.
The article analyzes social and economic factors that provide Russian attorneys an opportunity to compensate the institutional weakness of their profession, to protect the independency and effectively defend the interests of the clients. As an indicator of dependent position of attorney we use the proportion of cases with plea bargaining. Using the date of representative nationwide survey of 3317 attorneys in Russia we conclude that the independence of attorney is associated with ‘resources for confrontation’: previous experience, client’s demand for legal services, communication with colleagues and membership in professional associations.
The paper estimates the relationship between public expenditure on secondary education and its quality. The investigation is based on regression analysis of cross-nationally comparable funding data and student performance metrics — PISA and TIMSS. The authors conclude that the growth of teachers’ salaries measured in absolute terms and public education expenditure per student have positive influence on educational achievement, though it is rather small. However, regression analysis has not revealed dependence of students’ performance on other financial indicators — public expenditure on secondary education as a percentage of GDP, public expenditure on secondary education as a percentage of total government expenditure and teachers’ salaries measured relative to average wages in the country.
The main purpose of the study is to assess the level of financial capability of Russians by using the methodology of cross country comparison developed by the Russia Financial Literacy and Education Trust Fund. The paper gives a brief description of the methodology of financial literacy and financial capability measurements, as well as the results of the survey in Russia. From the analysis of the survey data, it is concluded that the weak areas of the financial capability of Russians concern issues related to planning of expenses and keeping these plans completed, creating reserves to pay for major planned or unexpected expenditures, lack of control over money spent using written records of incomes and expenses, developing regular saving habits, and lengthening time horizons.
In the paper some prominent features of a modern financial system are studied using the model of leverage dynamics. Asset securitization is considered as a major factor increasing aggregate debt and hence systems uncertainty and instability. A simple macrofinancial model includes a logistic equation of leverage dynamics that reveals origins of a financial bubble, thus corresponding closely to the Minsky financial instability hypothesis. Using ROA, ROE, and the interest rate as parameters, the model provides wide spectrum of leverage and default probability trajectories for the short and long run.
This study examines the impact of public expenditure on economic growth in Russia. Fiscal multipliers for various items of government spending are calculated by means of our macroeconomic model of the Russian economy. Resources for fiscal stimulus and optimization are analyzed. In this study we assess Russia’s fiscal sustainability in conditions of various levels of oil prices. We conclude that fiscal stimulus is ineffective in Russia, while fiscal sustainability in conditions of a sharp drop in oil prices is relatively low.
The study verifies the compliance of sectorial specialization of Russian regions and the priorities of regional development presented in the form of cluster initiatives. The case of cluster policy shows that sectorial specialization of Russian regions, which was identified statistically, is often ignored when applying public support measures. The paper reports on the results of comparative analysis of the method for determining regions’ specialization industries used in the paper with the list of “economic specializations of Russian regions” mentioned in the “Strategy for the spatial development of the Russian Federation for the period up to 2025”. The paper suggests recommendations that ensure the multi-level coordination of policymakers’ actions and concentration of resources on the justified priorities of regional development.
The article explores occupational wage differentiation in connection with basic individual characteristics (gender, age, education, experience) of employees. The study is based on data from the large and unique cross-section wage survey which was conducted in 2005. The authors start with considering levels and composition of pay by major occupational groups and then they analyze relationships between pay and individual characteristics. At the next step, they estimate Mincerian type earnings regressions which include observed individual characteristics. The analysis confirms that at the Russian labour market there are large premiums to education and occupation.