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Latest Issue № 3, 2020

Archive / 2011

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No 3

Gaidar’s Forum 2011

Economic Growth: New Challenges
Factors for Sustainable Economic Growth
Changes in Policy of the Central Bank of Russia
Inefficient Social Spending in the Context of Spatial Policy

The traditional Gaidar’s Forum — a permanent discussion platform, a meeting place for experts to influence the economic and political development of Russia was held on the basis of the Russian Academy of National Economy and Public Service under the President on 16—19 March 2011. This year the International scientific conference was called «Russia and the world: in search of an innovative strategy». The Forum was held in the form of plenary discussions and round tables on the most pressing issues of contemporary Russia. Conference participants expressed their views on the long-standing issues and proposed solutions. The Journal publishes reports of some participants of the forum.
Key words: Gaidar’s Forum, modernization, innovations.

Igor Shuvalov, First Deputy Prime Minister of the Russian Federation.
Leszek Balcerowicz, D.Phil., member of the High-level group on financial supervision in the EU.
Alexey Ulyukayev,  Dr. Sci. (Econ.), professor, First Deputy Chairman of the Bank of Russia.
Irina Starodubrovskaya, Cand. Sci. (Econ.), Center for Political Economy and Regional Development,
Gaidar Institute for Economic Policy.


World Bank: Research and Evaluation

The World Bank in Russia
Russian Economic Report No 24 (Sustaining Reforms under the Oil Windfall)
After a 4 percent growth in 2010, Russia’s real output is expected to grow 4.4 percent in 2011, increasingly driven by domestic demand. The country emerged from the global recession with lower-than-expected unemployment and poverty. Although in the short term, high oil prices will help Russia’s export and fiscal revenues, there is no room for complacency. The challenge is to sustain reforms under the conditions of a new oil windfall should focus on the short-term objective of controlling inflation and making medium-term adjustment towards a long-term, sustainable level of non-oil fiscal deficit and a more productive, diversified economy. Improving the efficiency of public expenditure to create fiscal space for productive infrastructure and strengthening the investment climate for the private sector remain among key long-term challenges.
Key words: economic policy, oil prices, inflation, public expenditure.

The World Bank in Russia  (36 bldg. 1, Bolshaya Molchanovka ul., Moscow, 121069, Russian Federation).

Economic policy


Analysis of Opportunities for Improving the Mechanism of “Negative Transfer” In Russia
There is a great difference in revenue capacity and expenditure needs among Russian regions. Thus the fiscal equalization is an important issue in Russian federalism. The goal of this article is to encourage­ the discussion about the adequacy of the current horizontal fiscal equalization for the challenge of regional fiscal inequity. In this opinion piece the great attention is paid to Russian and German experience in «negative fiscal transfer» paid by rich regions to the poor regions. The probable design of such a «negative fiscal transfer» on the federal level in Russia and its potential influence on budget capacity of different regions is also discussed.
Key words: regional development, federalism, budget capacity, fiscal transfer.

Anton Siluanov, Cand. Sci. (Econ.), Deputy Minister of Finance of the Russian Federation
(9, Ilyinka ul., Moscow, 109097, Russian Federation).



Problems and Challenges of Monetary Policy in Russia
This article represents a retrospective analysis of monetary policy, implemented by Central Bank of Russia during since 1992, including 2008/2009 financial crisis. Much attention is paid to the insufficient efficiency of the Central bank actions and to the analysis of the interconnection between the problems Central bank of Russia was facing and limitations of its tools. Authors conclude that during last ten years Russia uses a very specific type of the monetary policy that does not allow solving many of current problems.
Key words: monetary policy, Central Bank of Russia, financial crisis.

Sergey Aleksashenko, Cand. Sci. (Econ.), senior research fellow, director for macroeconomic research.
Maxim Petronevich, senior research fellow.

Development Center, National Research University — Higher School of Economics 
(4 bldg 2, Slavyanskaya Ploshchad, Moscow, 103074, Russian Federation).


The Abolition of Serfdom as а Perfect Example of a Model of Russian Reform (The Ending)
The abolition of serfdom, as well as the other Great Reforms of 1860s, was well thought up, carefully prepared and properly carried out. This enabled successful economic development in post-reform Russia. Russian society was unable to cope with the political, social and economic difficulties generated by the process of modernization because of the inability of the liberal-radical opposition and state authorities to find a compromise and because of the extreme strains generated by World War I. The dynamics behind the revolutions of 1905 and 1917 were therefore mainly political.
Key words: great reforms, agrarian reform, serfdom, modernization, economic growth.

Boris Mironov, Dr. Sci. (History), professor, St. Petersburg State University
(11, Universitetskaya Nab., St. Petersburg, 119034, Russian Federation); Institute for History
of the Russian Academy of Sciences (7, Petrozavodskaya ul., Saint Petersburg, 197110, Russian Federation).

Classics of Economics

Ethics, Economic Advice and Economic Policy (The Ending)
In his article, the author raises the topic that was almost forgotten by modern economists — the relationship between liberal freedoms and ethical principles in the world economy. The author explicitly identifies five ethical principles: honesty, fairness, social justice (including care for the poor), externalities and responsibilities which must be a guide to an economic adviser. Then, he consistently analyses them in different areas of international economics: debt, credit, trade policies of developed countries, environmental protection and especially crises of economic development.
Key words: ethics, ethical principles, economic policy.

Joseph Eugene Stiglitz, an american economist.

Economic Policy and Ethics

Economics and Ethics: The Story of Uneasy Relationship
In this article it is stated that modern economy is closely connected with ethics of its time. Moral and ethical factors can be both insurmountable obstacle to and powerful stimulus of economic development. In this connection it is underpinned that economic theory should study these matters, taking into consideration the increasing role of intangible assets in economic development of modern world. The author makes conclusion that real modernisation of Russian economy can be made only on the basis of new ethical thinking and advanced cultural values.
Key words: ethics, moral and ethical factors, economic theory, intangible assets.

Stanislav Ivashkovsky, Cand. Sci. (Econ.), Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 117571, Russian Federation);
MGIMO University (76, prosp. Vernadskogo, Moscow, 119454, Russian Federation).
Sweatshops, Choice and Exploitation
This paper argues that sweatshop workers’ choices to accept the conditions of their employment are morally significant, both as an exercise of their autonomy and as an expression of their preferences. This fact establishes a moral claim against interference in the conditions of sweatshop labor by third parties such as governments or consumer boycott groups. It should also lead us to doubt those who call for MNEs to voluntarily improve working conditions, at least when their arguments are based on the claim that workers have a moral right to such improvement.
Key words: ethics, sweatshops, multinational enterprises, choices.

Matt Zwolinski, associate professor of philosophy, University of San Diego (USA).

Antitrust  policy

Economic and Legal Aspects of Collective Dominance
The article is devoted to description of economic fundamentals of collective (joint) dominance, specific features of its legal design in Russian antitrust law with the relation to the market power concept in Economics. There are some arrears for collective dominance concept implantation which have been identified taking into account international experience and probable risks of this norm dysfunctional enforcement. Ways of collective dominance concept design and enforcement modernization have been elaborated.
Key words: antitrust, collective (joint) dominance, market power.

Andrei Shastitko,  Dr. Sci. (Econ.), professor, Economic Faculty, Lomonosov Moscow State University
 (1 bldg. 46, Leninskiye Gory, Moscow, 119991, Russian Federation); Foundation “Bureau of Economic Analysis”
(27 bldg. 3, Zubobsky boulevard,  Moscow, 119021, Russian Federation).

Analytics and forecast

Constantine GRASMIK
Innovation in Russia: Factors, Scale, Forecast
Analysis of statistical data makes to draw a conclusion, that innovation activity keeps as forced measure for majority of Russian enterprises. Often innovation comprises only purchase of equipment, not new technologies. The basic reason is to get profit, not to raise competitiveness. Only long external shock is able to correct the situation.
Key words: innovation activity, modernization, economic performance.

Constantine Grasmik, Cand. Sci. (Econ.), Omsk F. M. Dostoevsky State University
(55, Mira prosp., Omsk, 644077, Russian Federation).