In Pursuit of a Comprehensive and Customisable Framework for the Accounting of Value Added in International Trade
Contemporary research of different international organizations such as OECD, WTO and UNCTAD concentrate more on global value chains (GVCs) analysis. The article is devoted to reasons for rising fragmentation of production in the world economy and forms of participation in GVCs, which are chosen by countries. The article demonstrates theoretical framework for various forms of integration of countries into GVCs. Furthermore, the authors present retrospective and comparative analysis of several countries' economic development within GVCs.
This collection of papers is a combined initiative of EPF member think tanks and is the result of two round-table discussions under the Regional Integration research stream. The first event, ‘Drivers of Regional Integration’, took place in Cape Town, 25-27 November 2014; the second, ‘Regional Integration and Regional Value Chains’ was held in Moscow, 21 May 2015.
The objective of this paper is to analyse the scope for improving empirical and methodological foundation of global value chains (GVCs) research and for making relevant political decisions, primarily through application of foresight methodology. The authors review major trends of global value chains’ development, specific features of Russia’s participation in them, and the necessary steps to increase the quality and efficiency of this participation, in particular in the changing geopolitical context. Special attention was paid to theoretical, methodological, and empirical aspects of GVC research which are far from being adequate (primarily we mean international databases such as TiVA and WIOD developed with participation of the OECD and the WTO): they need to be supplemented with advanced tools to improve their forecasting potential, and practical and strategic orientation. To this end, approaches which would make it possible to research interconnection between global processes and trends with regional and national innovation-based development tendencies become of crucial importance. Application of foresight methodology may significantly contribute to researching the GVC phenomenon, being a major logical step towards creating advanced research and policy tools to mobilise available resources and coordinate stakeholders’ actions to increase global competitiveness. The paper presents a number of case studies which describe practical application of foresight methodology to analyse Russian participation in various GVCs, by the examples of specific product and service group. The authors conclude that both full-scale foresight studies and specific components thereof could be applied for the purposes of GVC analysis, strategic planning and making political decisions.
The article performs a comparative analysis of the efficiency of G20, BRICS and NIC member countries’ participation in global value chains (GVC) taking into account economic growth, investment activity, global competitiveness and productivity in the period from 2000 to 2009. Efficiency is evaluated by means of the method of data envelopment analysis under constant and variable returns of scale assumptions. The comparison of the efficiency of developed and developing countries participation in GVCs is made, the leaders and outsiders in using the GVCs’ potential are revealed. For the latter the target values of the input and output parameters allowing to reach the efficiency frontier are indicated.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.