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.
This comment on a paper by C. Bessy and O. Favereau (“Institutions and economic theory of conventions”) discusses an interdisciplinary character of the theory of conventions and a potential fruitfulness of a dialogue between social sciences. In light of this dialogue, are reviewed some particularities of the conventionalist use of a notion of “institution”, as well as the interpretation given by Bessy and Favereau to a relation between “institution” and “convention”. Finally, a question is formulated concerning the consequences of the conventionalist analysis of institutions for social ontology and methodology of economic sciences.
The article focuses on the wage formation of workers in the pre-retirement and retirement age in Russia. For this, the authors analyze age-wage profile and wage differentiation within and between age groups. The study exploits the Sample Survey of Household Incomes and Participation in Social Programs for 2016 which has a large sample and covers all groups of employed in the economy. It measures wages payed during the year 2015, thus allowing estimates for annual as well as hourly wages. Multiple previous studies across developed countries come to consensus that wages tend to grow over age until late in life, though with decreasing pace. However, this pattern does not show up in Russian data. Earnings peak early in working life and then decline monotonically. By their pre-retirement age, Russian workers find themselves on the declining wage trend. Though this “deviation” from stylized facts has already been noted in the literature, we explore it using the new and more comprehensive dataset. In addition, our analysis deals with annual earnings as well as hourly wage rates, and it explores trends in hours worked over age. The findings suggest that wage differentiation tends to be higher among older age workers reflecting stronger selection into employment with age. Given the forecast of changes in the age composition of employment by 2025-2030 and assuming stability of the age-wage profile, we can expect non-trivial reallocation of the aggregate wage fund to the benefit of the middle age group of workers while the old age group is likely be unaffected.
This paper analyzes how banks react on the interest rate policy of their rivals when the industry-wide price competition is strengthening over different phases of business cycle in both retail and corporate segments of credit market in Russia. Our estimations, based on the models proposed in the literature on New Industrial Empirical Organization (NIEO), show that price wars are taking place from time to time in the retail as well as in the corporate segments of Russian credit market; more often – in periods of macroeconomic crisis, and are started by the banks from the top-30 group (in terms of assets, excluding Sberbank), the most warlike group within the Russian banking system. During the non-crisis periods banks are turning to facilitate collusions. The retail segment of credit market appears to be significantly more competitive as compared to the corporate one.
The paper investigates the evolution of the problem of competition in the money market in economic thought. The author shows that multicurrency systems can be highly concentrated due to network effect. These conclusions are backed up with the survey of functioning of earlier and modern non-public monetary systems.
The private sector which has emerged in the Russian health care system has become a competitor to the public one and has pulled a part of effective demand of the middle class. It has developed out of the public health care financing system. Depending on the policy of the state towards modernization of health care, the private sector can continue to grow as an alternative to the public one, but it can be a tool of modernization and an organic part of an integrated health care system.
In this paper we present the results of the assessment of the impact of in-ternal migration and human capital of migrants on the convergence of regions on wages. Using Rosstat data 2002-2016 for 77 Russian Regions we estimated dynamic GMM model with spatial effects. The results showed that internal mi-gration increases the speed of convergence regions on wages. The impact of migration on the wage convergence of regions depends on the level of educa-tion of migrants.
Problems of transformation of modern Russian statistics in future historical statistics about our time are considered. Existence of serious obstacles on the way of this transformation is noted, their reasons are analyzed. Requirements to that part of historical statistics about our time which data are used for the analysis of economic dynamics are discussed. Measures for the situation improvement are offered, estimated consequences of their implementation or failure are analyzed.