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.
The article compares the accuracy of point forecasts made with a structural dynamic stochastic general equilibrium model (DSGE) to those made with vector autoregressions estimated by OLS (VAR) and by Bayesian methods (BVAR).The main question addressed in the article is whether DSGE-based forecasts are as accurate as non-structural model forecasts. The comparison is made on the ground of mean squared forecast errors. The results show that the forecasting ability of the DSGE model is in general inferior to that of the BVAR. However, the difference is not critical. Moreover, for some variables and forecasting horizons, the DSGE model produces the forecast with the lowest error among all three models in question.