The paper explores various measures of institutional quality in Russian regions, and compares those measures to each other. Such analysis leads to the conclusion that Russian regional institutions are essentially multidimensional, and therefore comparisons of Russian regions in terms of their overall institutional quality could be problematic. New institutional indexes are derived from Russian enterprise surveys held under the BEEPS project of the European Bank of Reconstruction and Development. Such indexes yield a typology of Russian regions in terms of efficacy of regional administrations' control over economy and bureaucracy in their regions. Dynamics of regional institutional indexes is investigated against the backdrop of Russia-wide institutional trends.
This paper is devoted to the measurement of inflation expectations in Russia based on stock market data for the period from July 2015 to December 2016. It calculates the difference between the yields of the nominal and inflation-indexed government bonds and adjusts it to the inflation risk premium and liquidity risk premium to obtain inflation expectations. This net indicator represents inflation expectations of the participants of the stock market. The estimated inflation expectations can be used to analyze the effectiveness of the information policy.
The topic of the middle class is back among the most relevant in recent years against the background of searching for growth drivers for the economy and the key to social stability of society. The expectations placed on the middle class often seem excessive and contradictory, but there are perspectives in which this stratum of society differs significantly from other Russians. This article examines the role of the middle class as a provider of changes and new standards of consumption through investment practices in the development of human capital. The focus is on the consumption of paid services in education and health, both in dynamics over a period of almost 20 years, and based on data from a special cross-sectional study of the middle class conducted in 2018. An assessment of the dynamics of consumption of paid services shows that the Russian middle class is actively increasing investment in human capital in favorable economic conditions and is trying to maintain the existing level of consumption in times of crisis, while remaining the leader in the consumption of these services among the population. A factor model of investment behavior of the middle class built on the data of a special cross-sectional survey highlights the differentiation of behavior of various socio-economic groups in its composition. The study takes into account the heterogeneity of the middle class and analyzes the behavior of its core and other representatives.
We study the impact of Russian regional governors’ rotation and their affiliation with private sector firms for the quality of investment climate in Russian regions. A theoretical model presented in the paper predicts that these factors taken together improve “endogenous” property rights under authoritarian regimes. This conclusion is confirmed empirically by using Russian regional data for 2002—2010; early in that period gubernatorial elections had been canceled and replaced by federal government’s appointments. This is an indication that under certain conditions government rotation is beneficial for economic development even when democracy is suppressed.
Foreign concessions in the USSR existed for a very short period of 8—9 years. The paper considers some causes behind the closure of the concession companies that happened despite the assurances of the Soviet authorities allegedly desiring to attract foreign investment and technology. One of these causes were the conflicts between the concessions’ administrations and the trade unions in the enterprises; the other refers to the intentionally limited access to financial resources.
The book "Economic history of Russia: An essay in institutional analysis" demonstrates that beginning with Moscow Rus the country went through various stages of development and forms of the so-called Asian mode of production or "oriental despotism." The authors of the book identified the sources of imports of the institutions of oriental despotism. The problem of institutional competition was successfully revealed. While sharing many other of the book's claims, the reviewer, nevertheless, recommends to pay more attention to the history of beliefs and ideologies. In general, the approach of the authors is clearly innovative and their book should become one of the main sources for studying the institutional history of Russia
The paper analyzes the models of direct interaction between producers and customers of farmers’ products. We demonstrate that the most effective ways of distribution of these products are servicization of retail, e-commerce, vending and direct purchase activity of retailers. The most effective state strategy aimed at supporting farmers’ access to end customers should be the stimulation of these channels of distribution development.
This paper examines the impact of the main regular communication channel of the Bank of Russia – press releases after the Bank of Russia Board of Directors meetings on monetary policy issues – on the Moscow Prime Offered Rate (MosPrime Rate). We show that the press releases of the Bank of Russia can have a significant impact on the MosPrime Rate and its volatility.