Article is devoted to a problem of market transformation of Belarusian economy and development of its national economic model. The author has studied political and economic reasons of current economic policy and tried to answer the question, why Belarusian authorities wished to save existing Post-soviet economic model and how did it influence the economic situation. The study also takes into account latest regional integration processes and Belarus’ participation in Eurasian integration project.
The observed facts about Russia’s 2015 recession, such as acceleration of inflation and lack of increase in unemployment, lead to conclusion that this recession was caused by supply-side restrictions rather than a fall in aggregate demand. Although it is not easy to identify these restrictions, they may be connected with such things as increased administrative pressure on business or increased monopolization of the economy in combination with a general economic stagnation that had been lasting for several years already. Under these circumstances, standard monetary and fiscal policies cannot do much. Rather, revival of economic growth requires structural reforms aimed at development of competitive economic environments and rule of law.
Many industries of the Russian economy show lower productivity at the aggregated level than in advanced countries. The low productivity level is in large part due to the widening efficiency gap between leader companies and a large group of low productive firms in individual industries. Among low productive firms, the catching-up impulse is concentrated in a small group of young and fast growing companies. In recent years, the number of such companies has not been large enough to scale down the heterogeneity of productivity. If the scarring effect of the crisis provoked by the coronavirus pandemic dominates the Russian economy and number of start-ups with growth potential decreases, this will aggravate the problem of already existing heterogeneity of productivity across firms and the lack of catching-up growth of most low productive companies. Acceleration of productivity growth requires coordinated economic policy fostering competition; improving people’s education level and labour mobility; Russian companies’ entry in foreign markets and integration in value chains; firms’ exit from the informal sector; innovation and adaptation of new technologies; access to finance, especially for SMEs.
One of the most popular and rapidly growing directions of research in economics in the last decade is the analysis of online advertisement auctions. These auctions are of particular interest due to vast expansion of online advertisement market and new exiting possibilities for theoretical analysis of this market, especially from the mechanism design perspective. In this paper we offer a short survey of the most influential empirical works on the subject. The applied researcher or analyst in this market faces one of the two main challenges: which auction model and under what assumptions to choose for the analysis, and how to use existing models to explain or predict behavior of users and advertisers? Accordingly, in our survey we focus on the main papers that test assumptions of existing theoretical models, based on the real bidding data and experimentally. We also describe and discuss the most influential structural model, which allows to recover the main preference parameters, and which can be used to predict how the users and advertisers will change their behavior if the auction rules change. We also discuss possible directions for future research.
The paper studies collective preferences of the financial self-regulatory organizations (SRO) with regard to financial market inefficiency. A model of financial industry professionals' combined utility dependence on their collective preferences parameters was analyzed. It was determined that it is unreasonable to allocate enforcement regulatory powers to SROs, because proper SRO enforcement contradicts to the commercial interests of its members. But, simultaneously, the commercial interests of the industry professionals are aligned with SRO rulemaking interests. SRO can be a highly efficient institute in regulatory rules and financial market infrastructure design. It is also shown that the proposed parameters of the US SROs' activity are closely related to the World Bank US governance indicators. It was determined that these parameters are institutional in their nature and can serve as indicators of the financial market regulatory system quality.
Features of the country's integration into global production today best reflect its competitive advantages and growth prospects. This paper provides an analysis of long-term trends in the features of the integration of the Russian economy into global value chains (GVCs). Three cases of industrial upgrading in forestry, food and chemical industries are analyzed. In the case of a significant lag in the industry from the global technological frontier, attracting foreign investment and importing technology is the easiest way to integrate the economy into GVCs. For end-user-oriented sub-sectors, this means quick adaptation of organizational and marketing innovations, satisfaction of changing consumer preferences, and the formation of new markets and market niches. Moreover, based on the best practices of Russian and foreign companies, the technological level of lagging domestic companies may advance. For sub-sectors focused on intermediate goods, the introduction of technologies can determine an increase in the depth of redistribution in the sector and the subsequent increase in the production capacities of domestic companies based on the best practices of foreign companies.
An evaluation of “academic performance” is considered in the context of performance management in the sphere of science. An emphasis is made on the dependence of the evaluation on interests and, accordingly, on an inherently unrealistic development of an “objectively correct” evaluation which would be unanimously approved by those whose interests are not identical. A variety of researchers’ interest is stated together with a lack of institutionalized norms for working out a consolidated position. At the same time, the paper points out the deep-rooted nonidentical nature of the interests of scientists and those who design and implement the policy in the sphere of science. The demand of policy subjects for the formalization of evaluations, even at the cost of roughening the realities is also underscorred. Considering these realities, the conclusion is made about the hopelessness of the search for ideal solutions. At the same time, another conclusion is made that “academic performance” evaluation implemented in the sphere of science management could gradually become more acceptable for researchers. However, it depends not so much on the study and discussions of various evaluation systems as on the development of the research community and the formation of conditions for an effective dialogue between the latter and the subjects of the science policy.
Article proposes comparative studies of credit ratings of the leading Russian and international rating agencies. We analyze approaches and the possibility of comparison of agencies’ rating scales. Purpose of this analysis is to propose method and describe the criteria for comparison of rating scales and the possibility of using standard econometric models. We demonstrate the dynamics and development of rating business in Russia, problems and prospects of creating the unified rating area. A detailed comparative analysis of rating scales is focused on Russian banks. Database for empirical study includes 370 banks with at least one contact rating in the period 2006–2010. Similar research has also been carried out for international banks on the sample of 1995–2010 years. It consists of representatives of more than 80 countries. Conclusions provided for ten most commonly used bank ratings in Russia including scales of largest international rating agencies. Results may be used by regulators and commercial banks as part of the risk management methodologies and tender indicators.
Social capital defined as an ability to act cooperatively towards a common goal plays important economic role. This research aims at defining the nature and quantifying the degree of social capital impact on outcome of collective actions, having analysed the case of national football teams. The measure of national football teams’ social capital is based on the national level indicators, extracted from the European Social Survey for 34 countries from 2004 to 2014. For the purpose of the study the defined social capital measures are classified into variables of efficiency of collective actions and prosocial motivation. Such differentiation allows us to distinguish between the two mechanisms of social capital influence on national football team performance: ability of players to interact effectively within a team and importance of a team win for them. National football team success is measured by an official FIFA ranking, while talent of a team is estimated as a sum of players’ market values. The econometric analysis, which includes an interaction term of social capital and talent, allows us to confirm the hypothesis of positive and complementary effect of social capital and talent on national football team performance. The obtained result confirms the general thesis about the significant role of social capital in collective actions problem and provides a deeper understanding of preconditions of success in team sports, and football in particular.
This study explores participation of Russian fast-growing small and medium-sized enterprises (SMEs) in international trade and delivers the evidence of the effects of public policy support on growth and export activity. We show that small and medium sized enterprises that can be attributed to fast-growing firms, have higher export activity, but higher growth rates for them are dominated by growth of domestic sales. Regarding market orientation of Russian firms, we find that fast-growing SMEs are more oriented towards non-CIS markets (primarily, Asian) in comparison to other exporting SMEs. We explore the effects of sanctions and find that fast-growing firms more often entered new country markets than other SMEs. We show that SMEs and fast-growing firms working on foreign markets more intensively use digital technologies. Fast-growing SMEs demonstrate lower dependence on technology imports and higher interest in developing and introducing technologies. We explore public policy support for SMEs and find that government support measures are poorly targeted at small companies in comparison to large business and contribute little to firms’ growth and increase of their export activity.
We discuss the content of the concept of fair value, practices and consequences of its application in accounting and finance, its interplay with other social and economic concepts. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an alternative to the valuation of assets and liabilities at historic cost, which has been used in accounting and finance for several centuries and has ceased to fully satisfy markets in the last third of the twentieth century. The paper discusses the nature of fair value, the reasons and peculiarities of the implementation of this concept into the financial practices. It is shown that the main reasons for this are the financialization and the advance of transparency in economics and society. The role of fair value in the economic crisis of 2007—2009 is illustrated by two mechanisms: the blowing-up the book values of assets and the companies’ plays in high volatility financial markets. The focus of discussion is on the effects of fair value: procyclicality in the financial markets, the perils for sustainable development, professional alterations (ethical and practical). The relationship between fair value and the concepts of honesty and fairness is analyzed. It is argued that despite all its shortcomings, FV fully meets the principles of fairness in regard to financial markets.