Book chapter
Институциональная трансформация в современной России и проблема эффективности политического администрирования
С. 23-29.
The thirty second issue of the collection includes two sections: «Theoretical problems of economics and institutional reforms» and «Applied problems and practice of institutional reforms in Russia
High risk of informal behavior during the Olympic Games bid procedure requires some changes in the current system since the subjectivity in choosing the Olympic Games capital, risk of double selling of the votes and other informal behavior still exist.
This study identifies how country differences on a key cultural dimension—egalitarianism— influence the direction of different types of international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power and a desire for protecting the weak and less powerful actors. We show egalitarianism to be based on exogenous factors including social fractionalization, dominant religion circa 1900, and war experience from the 19th century era of state formation. Controlling for a large set of competing explanations, we find a robust influence of egalitarianism distance on cross-national investment flows of bond and equity issuances, syndicated loans, and mergers and acquisitions. An informal cultural institution largely determined a century or more ago, egalitarianism exercises its effect on international investment via an associated set of consistent contemporary policy choices. But even after controlling for these associated policy choices, egalitarianism continues to exercise a direct effect on cross-border investment flows, likely through its direct influence on managers’ daily business conduct.
