In a model of economic growth with three-factor production functions it is shown that economic growth rate in a resource-dependent economy depends on the distribution of income between «owners» of production factors - labour, capital, and natural production resources. Considering the constraints on distribution of income superposed by a possible conflict in the social groups apropos a choice of technologies and distribution of income.
By the end of the 2000s, the term "resource curse" had become so widespread that it had turned into a kind of magic keyword, not only in the scholarly language of the social sciences, but also in the discourse of politicians, commentators and analysts all over the world-—like the term "modernization" in the early 1960s or "transition" in the early 1990s. In fact, the aggravation of many problems in the global economy and politics, against the background of the rally of oil prices in 2004–2008, became the environment for academic and public debates about the role of natural resources in general, and oil and gas in particular, in the development of various societies. The results of numerous studies do not give a clear answer to questions about the nature and mechanisms of the influence of the oil and gas abundance on the economic, political and social processes in various states and nations. However, the majority of scholars and observers agree that this influence in the most of countries is primarily negative. Resource Curse and Post-Soviet Eurasia: Oil, Gas, and Modernization is an in-depth analysis of the impact of oil and gas abundance on political, economic, and social developments of Russia and other post-Soviet states and nations (such as Kazakhstan and Azerbaijan). The chapters of the book systematically examine various effects of "resource curse" in different arenas such as state building, regime changes, rule of law, property rights, policy-making, interest representation, and international relations in theoretical, historical, and comparative perspectives. The authors analyze the role of oil and gas dependency in the evolution and subsequent collapse of the Soviet Union, authoritarian drift of post-Soviet countries, building of predatory state and pendulum-like swings of Russia from "state capture" of 1990s to "business capture" of 2000s, uneasy relationships between the state and special interest groups, and numerous problems of "geo-economics" of pipelines in post-Soviet Eurasia.
The chapter of the book systematically examine various effects of resource curse in such arenas as rule of law and property rights in Russia in comparison with the other oil-and-gas exporting countries beginning from the XXI century.
In the foreword the author in detail states S.Kordonskii's believing concept that specificity of the Russian economy consists in domination in it of the estate beginning. It is mainly resource economy. A main objective of its subjects - struggle for an estate rent. Such design as characteristic both for Sovet and the Post-Soviet social and economic device.
The author in detail states S. Kordonskii's believing concept that specifi city of the Russian economy consists in domination in it of the estate beginning. It is mainly resource economy. A main objective of its subjects - struggle for an estate rent. Such design is characteristic both for Soviet and the Post-Soviet social and economic device.
In the XXI century the Arctic region is a matter of huge interest of many parties, including not only countries, but also large companies and international organisations. Fragile environment, influence of climate change, technological progress, rich resource base and unresolved border
disputes guarantee attention to the territory. However, even considering those variables, we believe that system analysis is more relevant, giving an opportunity to see the whole picture instead of fragments and local issues. The main question posed in this work is how to find balance between common and specific, general and individual in the Arctic, and the authors believe they succeeded in solving this problem. We believe that understanding of the Arctic is only possible when taking into consideration its history, geography, environment, legal issues and economic prospects. In other words, the only approach possible needs to cover all the regional issues and analyze these important factors, which is provided by the new institutional economics, through the union of fundamental and applied science.
Given many developing economies depend on primary commodities, the fluctuations of commodity prices may imply significant effects for the wellbeing of children. To investigate, this paper examines the relationship between child mortality and commodity price movements as reflected by country-specific commodity terms-of-trade. Employing a panel of 69 low and lower-middle income countries over the period 1970-2010, we show that commodity terms-of-trade volatility increases child mortality in highly commodity-dependent importers suggesting a type of ‘scarce’ resource curse. Strikingly however, good institutions appear able to mitigate the negative impact of volatility. The paper concludes by highlighting this tripartite relationship between child mortality, volatility and good institutions and posits that an effective approach to improving child wellbeing in low to lower-middle income countries will combine hedging, import diversification and improvement of institutional quality.
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.