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Regular version of the site
Of all publications in the section: 77
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Working paper
Карась А., Pyle W., Schoors K. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2012. No. 03.
The empirical literature assessing the connection between land rights, access to  finance and investment activity has focused largely on actors that, for multiple reasons, might face difficulties accessing credit. Communities of small-scale farmers or poor urban households in developing countries, that is, may not be the best place to look for evidence as to whether more secure land rights are sufficient to facilitate borrowing by providing borrowers with a collateralizable asset. We explore this relationship in a setting in which fi  nancial market frictions are apt to be less severe – i.e., among large, urban, industrial enterprises. Exploiting policy-induced variation across Russian regions, we use recently-collected survey data to show that private rights to land do indeed facilitate access to external financing and promote investment. This finding is supplemented by additional survey evidence that points to private land serving as an important source of collateral.
Added: Dec 15, 2012
Working paper
Vernikov A. V. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2007. No. 02.
The Working Paper examines peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
Added: Apr 2, 2013
Working paper
Yakovlev A. A., Balaeva O., Tkachenko A. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2016
Public procurement procedures prescribed by legislation not only enhance transparency and competition but also entail certain transaction costs for both customers and suppliers. These costs are important to the efficiency of the procurement system. However, very few previous studies have focused on estimating procurement costs. This paper proposes a methodology for public procurement cost evaluation. We show how procurement costs can be calculated using a formalized survey of public customers. This methodology was tested with a representative group of public customers operating in one region of the Russian Federation. We formulate the policy implications of our study as they relate to the improvement of public procurement regulations and argue that this methodological approach can be applied in other developing and transitioning economies.
Added: Jan 27, 2017
Working paper
Яковлев А. А., Фрейнкман Л. М., Золотов А. В. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2015
Added: Jan 22, 2016
Working paper
Dulyak Y. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2013
This study examines the development of the board of directors institution in Russian companies. The purpose of the paper is to determine the stages of the evolution of the board role in Russia and to evaluate the further perspectives of this institution. Therewith we detect the stages according to the change of the board of directors role in Russian companies. We demonstrate the system of factors (institutional, legal, human, economic factors, and features of corporate sector) that influence the transformation of the board’s role. Studies of experts in the field of corporate governance and the updating of the corporate law form the informational base of the paper. Moreover we use the materials of interviews with the members of the boards conducted in spring-summer 2012.
Added: Sep 18, 2013
Working paper
Chepurenko A., Gabelko M., Obraztsova O. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2011. No. 04.

The paper argues that when developing an explanatory model of the early-stage entrepreneurial activity level (measured by total index of early entrepreneurial activity - TEA) one should consider the ‘path dependency’ of the ‘institutional matrix’ of different societies. Otherwise one could wonder why some theoretical models of TEA determining factors, as provided by a lot of studies, are not statistically significant for younger market systems and entrepreneurship in transitional economies. However, comparing Global Entrepreneurship Monitor (GEM) data with the scope of official statistics provides a deeper insight into adults’ intrinsic incentives to become entrepreneurial. A statistical analysis of national TEA levels does not support the thesis that TEA levels, and structure, change under economic slowdown. Therefore, it seems logical to suggest that to interpret the TEA level it is important to examine some fundamental specific of different types of national markets rather than just the actual economic situation itself. When testing this hypothesis, the authors compared the characteristics of GEM countries with stable, high or low TEA levels. A Fisher’s linear discriminant analysis (FLDA) is used to examine whether different groups of countries can be distinguished by linear combinations of predictor variables and to determine which variables are responsible for this separation. The FLDA model explains the parabolic form of the relation between the level of economic development and TEA. A database of independent variables includes some different quantitative, ordinal and nominal variables determining the context of the national capital accumulation history. Using FLDA, we argue, one might foresee future tendencies of TEA - not only for GEM participating countries.

Added: Jul 26, 2012
Working paper
Chepurenko A., Виленский А. В. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2016
The paper deals with the historical critical overview of the SME and entrepreneurship policy in Russia from the beginning of the systemic transition till the current state. The authors distinguish three periods of the related policy designs in Russia, starting with the attempt of a “generalist” approach in early 1990ies, following with the “more targeted” attempt after the crisis of 1998 and characterize the recent stage (the crisis 2008–2009 as a frontier, 2012 as a culminating point) as a formation of a “paternalist” agenda of the State policy towards SME and the bottom-up entrepreneurship. The authors formulate the twofold dilemma of the SME policy in Russia: the misbalance between the federal State and the regions regarding the tools and possibilities of any sustainable policy; as well as the function of State controlling interventions which should, but cannot be diminished without serious weakening of the social basis of the President.
Added: Dec 8, 2016
Working paper
Demidova O., Yakovlev A. A. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2011. No. 03.
In this work, we regard public procurement as an instrument used by the state for indirect support of enterprises. In this context, we have investigated the place that public procurements occupy in the system of relations between the business and the state; whether or not we can regard public procurements as a component in the “system of exchanges” between enterprises and authorities; and the extent to which public procurements are combined with measures for direct support of enterprises. For this investigation, we used  the data from a survey of enterprises conducted by the Institute for Industrial and Market Studies at the National Research University – Higher School of Economics (HSE) in 2009. Our econometric study demonstrated that in Russia, public procurements cannot be regarded as a component in the system of exchanges, and the extent of combination between direct and indirect support depends on the level of the supporting government. At the federal level, direct and indirect instruments of government support complement each other, but at the regional and local levels, direct and indirect support can both complement and substitute for each other. The effect of mutual complementation can be observed in relations with those firms, which conceal information about their ownership structure and are supposedly affiliated with regional and local bureaucrats. Our analysis gives us grounds to believe that as economic development of a region rises, direct support of enterprises declines, giving way to indirect support by means of public procurements.
Added: Dec 20, 2012
Working paper
Taradina L. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2008
Added: Jun 9, 2013
Working paper
Esaulov D., Davidovich M. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2016. No. 04.
This paper represents the first comprehensive empirical study on ambiguity and risk in the Russian stock market. Modern portfolio theory assumes that there is a linear relationship between risk and return and known probabilities of outcomes. This risk-return relationship plays an important role in the financial literature, however, there is no clear empirical evidence on the sign and significance of risk- return tradeoff. Some financial literature argues that risk is not enough to measure the expected returns on the market portfolio. One possible reason for this is an assumption that rational decision makers know the probabilities of outcome that affects asset prices. In this paper the assumption of known probabilities is relaxed. We test the relationship between risk, ambiguity and return of intraday observations on MICEX index for the period 2009-2016 using GARCH-M approach, which allows for heteroscedasticity of returns. Ambiguity is derived from the model developed by Brenner and Izhakian (2011), which is modified to capture the non-normality of the distribution of returns in the Russian equity market. Expected returns appear to have a positive and statistically significant relationship with conditional volatility modeled by GARCH and EGARCH processes. We found out that coefficient of ambiguity is not statistically significant, which can be the evidence of ambiguity-neutral behavior of Russian investors. To the best of our knowledge, this paper is the first empirical work that derives ambiguity, accounting for its specificity, and tests the risk-ambiguity- return relationship in the Russian stock market.
Added: Oct 18, 2016
Working paper
Marques II I., Remington T. F., Bazavliuk V. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2016. No. 05.
How and when are governments able to set up institutionally complex, costly forms of public-private partnerships (PPP) with firms in order to develop skill in the absence of strong civil society organizations, such as trade unions and business associations? In much of the literature on professional education, credible commitment is the key to co-investment between different firms, between capital and labor, and between the broader business community and the state. This is generally achieved through the joint efforts of civil society – employers’ associations and labor unions – and the state, resulting in institutionally complex, cooperative forms of Vocational Education and Training (VET). Russia’s regions present a paradox for this literature. On the one hand, many regions are characterized by institutionally complex, costly forms of PPP that require close cooperation between firms and schools. On the other hand, civil society is weak in Russia and the lack of high quality institutions make firms more vulnerable to co-investment losses due to unwillingness of lower level officials – particularly school officials – to exert effort to fulfill their PPP responsibilities. This paper tests two theories that might explain the emergence of costly forms of PPP in Russia’s regions – state capacity and political accountability. We test these theories using unique data on all PPP in VET undertaken by over 1,654 secondary vocational education schools across Russia’s regions. We find that state capacity is strongly associated with the emergence of costly forms of PPP, as are both political competition and integration of business people into regional legislatures.
Added: Jan 30, 2017
Working paper
Яковлев А. А., Выгловский О. В., Демидова О. А. и др. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2014
Added: Oct 20, 2014
Working paper
Соловьев К. И. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2012. № 04.

This paper based on extensive survey analyzes relationships between Russian companies and the state in 2006–2010. As well as company characteristics, regional differences are also taken into account. Special focus is made on changes in relations due to world crisis and differences in relations with the state between industrial companies and enterprises from service sector. Regression analysis shows that in 2009–2010 relationship was built on “model of exchange” principle and the system was quite inert: even changes in GRP and investments’ level induced by crisis do not influence the probability of receiving government support. However, it was established that when allocating support the authorities take unemployment changes into consideration, which means that social factors matter.

Added: Dec 15, 2012
Working paper
Зудин А. Ю. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2009. № 05.
Added: Apr 2, 2013
Working paper
Yakovlev A. A. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2010. No. 04.
Using the data of a 2009 survey of 957 manufacturing enterprises, this paper examines relations between the state and business as well as differences in priority concerning the distribution of governmental support by federal, regional and municipal authorities. Regression analysis of this data reveals that a “model of exchange” is the generally predominant pattern as opposed to the “state capture” (in the case of big firms) and the “grabbing hand” (in the case of SMEs), both of which were typical of the 1990s. However, there are some differences in priorities at different levels of government. The federal government in 2007–2008 preferentially provided support to state-owned and mixed enterprises with stable employment, while regional authorities more often gave support to firms that were involved in modernization activities. These trends could pave the way for a shift in governmental policy at the regional level from the ”state capture”/”grabbing hand” models to the Chinese-style “helping hand” model.
Added: Apr 2, 2013
Working paper
Яковлев А.А., Демидова О.А. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2011. No. 03.
In this work, we regard public procurement as an instrument used by the state for indirect support of enterprises. In this context, we have investigated the place that public procurements occupy in the system of relations between the business and the state; whether or not we can regard public procurements as a component in the “system of exchanges” between enterprises and authorities; and the extent to which public procurements are combined with measures for direct support of enterprises. For this investigation, we used the data from a survey of enterprises conducted by the Institute for Industrial and Market Studies at the National Research University – Higher School of Economics (HSE) in 2009. Our econometric study demonstrated that in Russia, public procurements cannot be regarded as a component in the system of exchanges, and the extent of combination between direct and indirect support depends on the level of the supporting government. At the federal level, direct and indirect instruments of government support complement each other, but at the regional and local levels, direct and indirect support can both complement and substitute for each other. The effect of mutual complementation can be observed in relations with those firms, which conceal information about their ownership structure and are supposedly affiliated with regional and local bureaucrats. Our analysis gives us grounds to believe that as economic development of a region rises, direct support of enterprises declines, giving way to indirect support by means of public procurements.
Added: Dec 26, 2012
Working paper
Gauselmann A., Marek P., Angenendt J. P. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2011. No. 01.
The focus of this article is the empirical identification of factors influencing Foreign Direct Investment (FDI) in transition economies on a regional level (NUTS 2). The analysis is designed as benchmark between three neighboring post-communist re- gions, i.e. East Germany, the Czech Republic and Poland. Their different transition paths have not only resulted in economic differences. We can also observe today that the importance of pull factors for FDI varies significantly across the regions. This analysis shows that in comparison with Poland and the Czech Republic, East Germany’s major benefit is its purchasing power, its geographical proximity to West European markets, and its modern infrastructure. Furthermore, the analysis suggests that intra-industry linkages such as specialization and agglomeration economies are relevant factors for the location decision of foreign investors. This result can help to explain the regional divergence of FDI streams in transition economies.
Added: Dec 26, 2012
Working paper
Ремингтон Т. Ф. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2017. № WP1/2017/03.
Added: Jan 18, 2018
Working paper
Юсупова Г. Ф. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2004. № 02.
Added: Apr 1, 2013