The paper considers basic stages and specifics of the state sector in the Russian economy. Actual goals and various ways of company privatization are presented. Besides, the key issues of corporate governance development in state-owned companies are discussed.
In the paper DSGE model is estimated with two independent monetary instruments and limited ability to perform intertemporal optimization of households’ consumption. The model is estimated on the Russian data of 2001— 2014 for revealing two-dimensional monetary policy shocks: foreign exchange rate shocks and interest rate shocks. The estimation takes into account structural break in parameters of monetary policy rules happened at the end of 2008. Decomposing key macroeconomic variables on structural shocks allows to conclude that Bank of Russia had used its discretionary monetary power to struggle inflation and Ruble devaluation at the expense of recession deepening in the period of world financial crises of 2008-2009. Analyzing transmission mechanisms for two monetary policy instruments the conclusion was made that discretionary foreign exchange market interventions should be used in a situation of stagflation caused by strong negative balance of payments shocks.
Over the last 25 years, Russia has passed from the group of countries distinguished by low levels of income inequality to the group distinguished by high ones. The macroeconomic analysis shows that this process is due to the differences in salaries, the weak equalizing effect of social transfers and new sources of income such as the income from property and of business activity. We have a poor understanding of the factors determining this inequality at the household level so far. Decomposition of equivalised household expenditure inequality into inter- and intra-groups using cross-sectional data (RLMS–HSE, 1994–2014) shows that during the whole research period one of the most significant factors of intergroup inequality is region of residence. During periods of high economic growth the significance of education and intensity of employment increased in intergroup inequality; however, during the period of economic stagnation the intergroup differentiation of educational potential began to decrease. Despite the important population policy aimed to increase the birth rate, children in families have become the most significant factor of intergroup inequality for the last years. A regression analysis of the determinants of inequality, which allows us to estimate the contribution of each factor to the model dispersion of per capita expenditure allows us to draw the conclusion that meritocratic factors explain a majority of observed inequality. The contribution of the child-burden factor to total inequality did not change during the past ten years, and at the same time, the inequality-decreasing effect of the presence of pensioners in households has continuously increased.
Demographic aging has placed on the agenda of all developed countries the question of adapting existing pension systems to a new age structure, in particular, to the growing proportion of older people in the population. The authors emphasize that changes in the age structure leading to demographic aging result not only in an increase in the old age dependency ratio due to a rise in the share of the elderly, but also in a reduction in the child dependency ratio as a result of a decline in the proportion of children; thus, from the point of view of society as a whole, what matters are the dynamics of the total dependency ratio, which may even decrease. One of the main ways of adapting to the growth in the number and proportion of the elderly now, on the heels of many other countries, being pursued also by Russia, has been to raise the official retirement age. The article analyzes the question of how prepared, from a demographic point of view, Russia is to follow this path at present. The authors conclude that due to the long lag behind most developed countries in reducing mortality, Russia is objectively not ready for raising the retirement age, especially for men. While in Western countries such an increase, as a rule, does not lead to a reduction in the number of years of life in retirement, for Russian men such a reduction is almost inevitable. For Russian women, who now have an almost uniquely low retirement age, its raising will be less painful.
In the study, the population of the Russian cities is conditionally divided by population size into two samples: “large” and “small” cities, and a comparative Диспаритет «больших» и «малых» городов России: сравнительный анализ... Журнал НЭА, № 4 (44), 2019, с. 163–188 188 analysis of these groups is carried out. The main hypothesis of the study is associated with the intuitive assumption that disparity appears not only in objective indicators of socio-economic development, but also in subjective assessments of social conditions by residents of these groups of cities. “Compensation” of this disparity requires not only an effective local strategies in “small” cities, but also effective public policy measures, the rationale of which should be based on the provisions of economic theory and on the results of empirical research. The initial data of the study were the data of the statistical portal “Multi-Stat” and the data of the 4d and 8th rounds of the European Social Survey (ESS4 and ESS8) for Russia. Analysis of the polls revealed the differences and regional variations of subjective evaluations and human value orientations of the population, as well as statistically significant differences in the attitudes of residents of “small” and “large” cities to the role of the state in solving problems of social inequality and social protection. The population of “small” cities in Russia more actively supports the concept of the “welfare state”.
This paper examines the evolution of overall wage inequality in Russia from the early 1990s to the present. We first document the stylized facts and show that inequality in labor earnings increased dramatically early in the transition period and then, albeit more moderately, after the 1998 financial crisis. The trend reversed in the early 2000s wage dispersion has been declining thereafter. Changes in wage inequality were largely driven by the lower end of the wage distribution. The paper reviews and provides a critical discussion of research on wage inequality and wage differentials in Russia and suggests areas where empirical research may provide new insight into the character and causes of recent changes in wage inequality. A common view is that the rise of returns to schooling to market levels and the reallocation of workers from the public sector to the private sector accounts for the bulk of increased wage inequality during transition. However, our analysis demonstrates that these factors explain a relatively small proportion of changes in the wage distribution. We find that wage differences across and within regions and industries do a better job of capturing the dynamics of wage inequality over last two decades. These patterns can be potentially explained by expanding the existing research to other areas including the effects of shocks, organizational changes, minimum wages, rent-sharing, incentive pay structures, wage bargaining regimes.
An effective system of personnel training is one of the most important factors of companies’ growth and development of the whole economy, especially in times of rapid technological progress. This study is aimed to analyze the factors affecting the companies’ stimulus to invest in the employees` human capital in Russia. Logistic regressions to determine the effects using data from Russian firms in 2011 are used in the study. The study shows that innovative activity of the enterprise, a high proportion of workers with higher education, and an active employment policy has a positive effect on the probability of the availability of training programs in the enterprise.
In the second half of the 2000s there has been a decline of the high concentration of ownership in Russian manufacturing industry. Structural shifts in corporate governance affect the financial stability of companies. In this paper, using logistic regression we investigate the impact of corporate governance factors and sector expectations on a negative net worth of the companies in the period of 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 numerical membership of the board of directors; the higher concentration of ownership; and, if company is not privately owned or joint stock company. Robustness of the coefficients of the final specification was confirmed.
The article deals with internal labor migration of residents of Russia’s small and mid-size towns. Whereas the total labor migration in Russia is above 2 million people (according to Rosstat), nearly every fifth household in a small town and every ninth household in a mid-size town had a labor migrant in the course of five years preceding the survey (according to INSAP RANEPA). Labor migration is not limited to rural areas and settlements with a highly slack labor market. The intraregional labor migration that boosts labor migration in the country is identified by at Журнал НЭА, № 3 (43), 2019, с. 78–94 Жители малых и средних городов России: трудовая миграция... 94 least 25%, however, it flies under radars of Rosstat’s surveys. Labor migration can be both a stepping stone for or an alternative to the permanent transfer to larger cities. Administrative barriers no longer hinder such permanent transfer, the main barrier being a huge difference in the housing costs between small towns and larger cities (be it purchase or rental). This difference is not covered by the income of middle-skilled workers (which comprise most of these migrants) when working in larger cities — as opposed to high-skilled workers.