Fiscal Consolidation and Expenditure Arrears: Evidence from Local Governments' Investments
The authors analyze BRICS cooperation as a possible resource for developing G20 and BRICS decisions on key areas of the international financial and economic architecture reform. The chapter starts with assessment of the BRICS members positions on the main dimensions of the reform, including: changing the global system of reserve currencies; international financial institutions governance reform; replenishment of resources of multilateral development banks, creation of new financial safety nets, establishment of the BRICS development bank; effective surveillance system with account of systemic importance of participating economies; overcoming of financial imbalances. Summing up the findings the paper puts forward recommendations for BRICS cooperation agenda on the international financial and economic system. The study helped identify BRICS shared positions on key areas of the international financial and economic architecture reform, and possible action lines for future cooperation.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.
We address the external effects on public sector efficiency measures acquired using Data Envelopment Analysis. We use the health care system in Russian regions in 2011 to evaluate modern approaches to accounting for external effects. We propose a promising method of correcting DEA efficiency measures. Despite the multiple advantages DEA offers, the usage of this approach carries with it a number of methodological difficulties. Accounting for multiple factors of efficiency calls for more complex methods, among which the most promising are DMU clustering and calculating local production possibility frontiers. Using regression models for estimate correction requires further study due to possible systematic errors during estimation. A mixture of data correction and DMU clustering together with multi-stage DEA seems most promising at the moment. Analyzing several stages of transforming society’s resources into social welfare will allow for picking out the weak points in a state agency’s work.