XV Апрельская международная научная конференция по проблемам развития экономики и общества: в 4-х книгах
Our work is related to the recent literature on the link between business and financial cycles [Alessi, Detken, 2011; Claesens et al., 2011; Schularick, Taylor, 2011]. In our paper we will concentrate on the developments in emerging markets meaning that due to data availability our analysis will be effectively limited to the latest boom/bust episode. That closely links our work with the literature that analyses the main factors explaining output fluctuations during the crisis of 2008 [Frankel, Saravelos, 2010; Lane, Milesi-Ferretti, 2010; Cecchetti et al., 2011; Feldkircher, 2012]. Our main contribution to these strands of research is that we follow [Alberola et al., 2013; Borio et al., 2013; 2014] and employ the empirical model that enables us to decompose output fluctuations into cycle and trend components basing on the empirical relationship with various measures of imbalances. The resulting indicators may have economic interpretation as sustainable (i.e. not associated with buildup of imbalances) output and output gap.
The wide variety of studies is devoted to the analysis of link between societal diversity and different economic and social outcomes. Implications of public policy decisions matter too much in societies with high level of cultural (ethnic, religious and linguistic) heterogeneity.
Ethnic identity is believed to be a hardly measured controversial category that is linked to a common culture, common history, common territory, and common language (Chandra 2006). The various aspects of cultures are hard to describe empirically and so are the distances between cultures, though several approahes to measure them have been proposed by scholars.
This paper is an attempt to analyze different indices of polarization and fragmentation using empirical data on county level.
The article presents the results of foreign trade block modelling, as an integrated part of the Input-Output tool, including sub-blocks with calculations of imports and exports. Factor demand functions for imports are described, as well as demand functions for Russian non-energy exports. Method of transition from export forecast estimates compiled in groups of customs classifier to national commodity classifier is described.
The aim of this paper is to identify the determinants of migration within Russia by distinguishing between eastern (Asian) and western (European) regions. Using Russian official data for the observation period 2001-2010, we estimate non-spatial panel and spatial panel lag of X model regressions for migration rates of 78 Russian regions with fixed effects. We apply in-migration, out-migration and net-migration measures as dependent variables and distinguish between internal and external migration. The results indicate that internal migrants react to changes in labour demand in supply in eastern regions, while wealth makes western regions attractive. Furthermore, universities hinder out-migration of eastern regions, but the share of tertiary educated persons has no measurable effect.
The results of the analysis suggest that spot quotation at European gas hubs provides the lowest level of Russian domestic gas prices according to export parity. This indicative demonstrates the highest economic feasibility in comparison with other variants considered in the study, since we are talking about the same product market. The disadvantage of this approach is the increased volatility of the index, which introduces uncertainty from the point of view of the macroeconomic situation in Russia and creates additional risks of using long-term contracts. This impact can be partially offset by the use of intertemporal smoothing. However, the cost of the reduction in volatility in this case would be a loss of efficiency in the response of national prices to the changing conditions of the world market.
The paper addresses the existing cross-regional diversity of delivery models in the sector of suburban passenger transportation in Russia by building a formal model of endogenous organisational choice. We develop a conceptual game-theoretic framework that allows for a trusting partnership to have become equilibrium in a regulatory bargaining game with delegation. The monopoly service provider initiates a more cooperative relationship with regional authorities by offering a share in the joint venture. The latter being benevolent welfare maximiser either accepts or rejects the offer taking into account transportation market characteristics, local budget constraints, information structure, as well as socio-economic and political factors. Once the partnership is formed the private information of the parties is revealed and information rent is eliminated creating the room for welfare improvement. However, ex ante rational organisational choice to form a trusting partnership may not lead to welfare improvement ex post. In the extended model we consider how concessionary passengers and fare-dodgers affect the bargaining outcomes. Our results can be generalized to characterize the diversity of organizational choices in the public sector
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In our research we have made an attempt to partially make up for lack of knowledge about the economy of mutual funds in Russia. Based on financial reports of mutual funds we composed the sample of different characteristics of 709 open and interval unit investment funds for a period 2007-2013. The sample consists of 344 equity, index and commodity market funds, and 365 hybrid, bonds, money market mutual funds and funds of funds. In a given set of 709 mutual funds, 467 mutual funds carried out at the beginning of 2013, 242 funds were eliminated at different times. In the sequel, from the sample was excluded 174 mutual funds with incomplete information, but the remaining sample of funds has remained fairly representative for the econometric studies.