This article is devoted to the study of such a form of associations of individuals at the place of residence, as a territorial public self-government, which is the source of formation of social capital. On the basis of the data of the municipal formation «Kirov City» the author reflected the impact of social capital on human capital. Analyzed the effectiveness of interaction between associations of territorial public self-government bodies of municipal authorities.
The paper discusses how industrial division of the Russian economy affected wage inequality in the beginning of XXI century. This impact depended on the industrial composition of employment, industrial wage premiums, and intra-industry wage differentiation. Calculations based on various Rosstat data sources suggest that all three factors contributed to the narrowing of wage inequality. Proportion of employment in the highest and lowest paying industries tended to shrink, compressing the wage distribution from the both tales. Wages in these industries approached the averages for the whole economy. At the same time, the intra-industry wage differentiation measured by Gini coefficients contracted as well.
Observed dynamics in cross-industrial inequality can survive in medium term perspective. Lower hydrocarbon prices are likely to affect negatively the wage paying capacity of firms in this sector, thus compressing relative wages. The same can happen in the crisis-ridden financial sector. If upward pressures on wages in the budgetary sector do not disappear, relative wages here will grow bringing an equalizing effect on the total wage distribution.
The article reviewed approaches to the development of internal rating models in project finance. Empirical research was based on the collected sample of data on various investment projects, including financial, industrial and regional indicators. The model estimating the probability of default for the project finance transactions (within the framework of internal ratings based (IRB) approach) and using an econometric model of binary choice was developed. On the basis of the developed model the decision making algorithm on project participation was formulated. New results of this research lies in the use of Russian statistics when adapting the proposed
approach for project finance transactions
Government-subsidized theatres in Russia aim to increase both revenue and number of tickets sold. Achievement of such a goal is closely connected with study of theatre tickets demand function focusing on the estimation of price elasticity of demand. Previous papers studied price elasticity of demand for theatrical performances provide controversial results. Estimates of price elasticity varies with countries, theatres, segments of theatre audience and even with level of data aggregation. Ticket sales and price data aggregation at the national level or theatre level typically does not allow to control for the differences in produced cultural goods quality. Incorrect control or ignoring of a theatre, performances and seats quality leads to a problem of omitted variables and bias in price elasticity estimates. In this paper we employ disaggregated ticket sales data for four seasons of Perm opera and ballet theatre and estimate the price effect on the theatrical demand for various performance types and seats in the hall. We use censored quantile regression to estimate the parameters of theatre demand function. We reveal the weak elasticity of demand for Perm opera and ballet theatre. We also show that ignoring the limited capacity of the theatre hall, characteristics of performances and seats quality leads to biased estimates of demand function parameters.
The article summarizes results of a mail survey and face-to-face interviews carried in 2016 among the directors of medium-size fast-growing Russian high-tech companies aimed at analysis of intensity, directions, forms, problems and prospects of their cooperation with higher education institutes. Data from 155 questionnaires was complimented with the 15 deep interviews demonstrates that companies prefer to interact with universities in educational sphere while they are most satisfied with their joint research. One of the serious problems is lack of qualification among the university professionals. Despite some problems, the majority of surveyed companies plan to expand their cooperation with higher educational institutes. The surveyed companies believe that the government may help to facilitate university— industry cooperation proposing various financial instruments.
The article presents the results of the analysis of the impact of changes in the pension legislation adopted in October 2018 on the main parameters of the mandatory pension insurance system. It is shown that without raising the retirement age and maintaining the current structure of the insurance pension system until 2050, it would be possible to ensure the annual indexation of pensions in terms of inflation even with minimal economic growth. However, to maintain the ratio of the average pension to the average wage at the current level, raising the retirement age is only one of the necessary measures to stabilize the situation in the period up to 2028. The paper presents the impact of reducing informal employment, increasing the requirements for the length of insurance tenure and increasing the minimum number of individual pension points on the replacement rate. The estimates of tax rates and budget transfer amounts at which it is possible to ensure the replacement rate at the current level (33%) or increase it to 40% are given in for the period up to 2050.
We discuss the evolving views on institutions and development in modern political economy, and in particular the contribution to the field by D. Acemoglu and J. Robinson, explaining root causes of successes and failures in economic development. The focus of discussion is on inclusive and extractive institutional regimes — the former sustain economic growth, whereas the latter enable the elites to expropriate the rest of society. Although extractive institutions are inefficient and obstruct development, they are preferred by the elites and hence can be reproduced over long periods of time in vicious circles of economic and political inequality. We apply the above concepts and views to the post-Soviet period of the Russian history, where the market reforms of the early 1990s became a “critical juncture” which has shaped Russia’s institutional regime for decades to come. It is argued that suppression of social participation and control at the time of market reforms in Russia has had long-term institutional legacy and resulted in the emergence and persistence of extractive institutions in post-communist Russia. The interplay between institutions and cultural change is discussed.
We discuss the evolving views on institutions and development in modern political economy, and in particular the contribution to the field by D. Acemoglu and J. Robinson, explaining root causes of successes and failures in economic development. The focus of discussion is on inclusive and extractive institutional regimes — the former sustain economic growth, whereas the latter enable elites to expropriate the rest of society. Although extractive institutions are inefficient and obstruct development, they are preferred by elites and hence can be reproduced over long periods of time in vicious circles of economic and political inequality. In Part II of the paper (to be published in the next issue of the Journal) we apply the above concepts and views to the post-Soviet period of the Russian history, where the market reforms of the early 1990s became a “critical juncture” which has shaped Russia’s institutional regime for decades to come.
We explore how individuals perceive their location in the income distribution and how these perceptions correspond to estimates provided by objective statistical data. Then we try to explain the deviations paying a special attention to past experience of income mobility, individuals may have, and to such psychological traits as feelings of optimism / pessimism. In our search for answers we use RLMS-HSE data for, 2016. In this round of the survey, respondents were asked to assign themselves to an income decile they belonged. We compare this self-estimate with the actual decile to which the household belongs given its income statistically measured. As some previous studies, we find systematic biases in perceptions. Individuals tend to put themselves in the middle of the distribution and perceive themselves relatively poorer as they in fact are. Our analysis suggests that the subjective place in the distribution depends neither on actual income level, nor its dynamics. General optimism in life and the perception that there have been positive changes in their life, tend to rise the subjective decile.
. The problem of analysis of pairwise connections between stocks of financial market by observations on stock returns is considered. Such problem arise in stock market network analysis. It is assumed that joint distribution of stock returns belongs to the wide class of elliptical distributions. Classical Pearson correlation, Fechner correlation and Kendall correlation are used as measure of dependence. The construction problems of sets of stocks with strong connections between its returns are investigated. The construction problems of sets of stocks with strong connections between its returns are investigated. To construct such sets the multiple hypotheses testing procedures on values of correlations are used. The properties of these statistical procedures are investigated by simulations. The simulation results show that procedures based on individual Fechner and Kendall tests lead to such sets of stocks with given confidence probability unlike procedure based on Pearson individual tests which do not control the confidence probability. At the same time it is emphasized that for Student distribution the constructed set is nearly the same to the confidence set. The procedure of consistency testing with elliptical model is proposed and exemplified. The peculiarities of the model are discussed.
The paper examines dynamics in consumption of cultural goods in Russia. The sources of empirical data are the Russian Longitudinal Monitoring Survey (RLMS–HSE) for 2000–2018 and Rosstat’s Complex Living Conditions Survey (CLCS) for 2011–2018. The analysis indicates that now approximately every second household and approximately every second adult individual consumes some cultural goods during the year. A regular audience is approximately one fifth of the total. The share of expenses on cultural goods reaches 2.5% of average monthly household budget. With the rapid income growth in 2000–2018 demand for cultural goods has been steadily increasing. There is a visible empirical regularity: the higher the income of households or individuals, the more active they are culturally. There appears to be a fairly banal, but effective practical way to stimulate demand for cultural goods in Russia: an acceleration of economic growth.
The paper analyses the dynamics of business activity of the Russian population from 2005 to the present time, as well as persistent differences in its level between different groups of Subjects of the Russian Federation basing on the statistics of small and medium-sized enterprises and business statistics. It is shown that in Russia, there were three types of regions with specific sets of factors that contribute to and hinder the development of entrepreneurial activity of the population before to the shock macroeconomic changes associated with the coronavirus pandemic, namely, (а) six subjects of the RF favorable conditions, as well as two roughly equal large groups of (b) regions with a low level of investment activity and (c) regions with high levels of socio-economic disadvantages. A set of factors that act as predictors or limitations for entrepreneurial activity in these different groups are analyzed. The authors suggest that due to the shock economic changes under the coronavirus pandemic, the last two groups will almost merge according to the conditions and factors of entrepreneurial activity, while the factors that are important for starting business activities in the first group of regions will significantly weaken. Taking into account the above differences, two approaches to promoting entrepreneurial activity for different groups of regions are proposed — «involving» for six subjects of the Russian Federation with a relatively developed ecosystem of entrepreneurship and «pushing» for the majority of the rest of them.