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Archive / 2015

Download No 5, 2015
No 5

Economic Policy

Practice

pdf Anton KAZUN, Andrei YAKOVLEV
7—37
 
Abstract
In the past 10 years Russia has undertaken several attempts at reforming its law enforcement and judicial system, which, unfortunately, had little effect. One of the reasons lies in a lack of “feedback mechanisms” and a shortage of reliable information on the processes going on inside law enforcement agencies. The heavy-handed system of reporting (so called “palochnaya sistema”) not only impedes the obtaining of complete data on possible problems within the law enforcement system, but often motivates law enforcement officers to tamper with data and breach laws. In this article, we will show that from the theoretical point of view the recent tendencies in the Russian law enforcement system can be described as dominance of the “logic of discipline,” using the terms of Michel Foucault. We will consider the tools for external evaluation of law enforcement bodies’ performance using the data of the survey of 3317 attorneys in 35 Russian regions and the information on entrepreneurs’ complaints against corporate raiding filed with the Center of Public Procedures “Business against Corruption.” We will show that such indicators help identify “trouble zones” — regions and agencies where the current situation is more unfavorable than elsewhere. Therefore, external comparative evaluations of the quality of the law enforcement system could significantly enhance the information on existing problems in law enforcement available to the authorities and the public. In addition, by creating such a highly demanded public analytical product the lawyer corporation and business associations could achieve greater recognition from society and powers-that-be.
Key words: lawyers, entrepreneurs, government regulation, government control, public services quality evaluation mechanisms, heavy-handed system of reporting, law enforcement system, corporate raiding, judicial system.
JEL: K42, L84, P37.

Anton Kazun, MA. (Sociol.). Andrei Yakovlev, Cand. Sci. (Econ.). National Research University Higher School of Economics
(4/2, Slavyanskaya Ploshchad, Moscow, 103074, Russian Federation).
 

Theory

pdf Yury PEREVYSHIN, Elena PEREVYSHINA
38—52
 
Abstract
This study investigates the transmission of monetary policy onto retail bank interest rates in Russia. The paper reviews theoretical approaches of interest rate pass-through, the reasons for its incompleteness. Our estimates, based on ECM, show incomplete interest rate pass-through from MIACR to retail deposit rates in Russia in 2010-2014. The possible reasons of incomplete interest rate pass-through are imperfect substitution between bank deposits and other types of savings and weak competition within the Russian banking sector.
Key words: interest rate stickiness, interest rate policy, interest rate channel, monetary policy, interest rate pass-through.

JEL: E52, E58, E43.

Yury Perevyshin, Cand. Sci. (Econ.). Elena Perevyshina, Cand. Sci. (Econ.). Russian Presidential Academy of National Economy and Public Administration
(84, Vernadskogo prosp., Moscow, 119571, Russian Federation).
 
pdf Yury PONOMAREV
53—70
 
Abstract
The present paper analyzes the exchange rate pass-through to producer prices (in case of industrial products) in the Russian economy during 2000-2014. To obtain industry level estimates of pass-through in the short and medium-run and identify the main determinants of this effect authors construct vector error correction model. The obtained results show that exchange rate pass-through effect for producer prices in Russia is high in magnitude and "transfer" of exchange rate fluctuations to producer prices occurs quite rapidly (during 1-3 months). The case is in considerable heterogeneity in the pass-through effect by industries caused by varying degrees of imported foreign goods use as accessories and equipment.
Key words: exchange rate pass-through, production prices, inflation, monetary policy, vector error correction model.
JEL: C32, E31, E52, F31, F41.

Yury Ponomarev1,2
1 Institute of Applied Economic Research, Russian Presidential Academy of National Economy
  and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
2 Gaidar Institute for Economic Policy (3-5, Gazetny per., Moscow, 125009, Russian Federation).
 

History

pdf Alexander BESSOLITSYN
71—90
 
Abstracts
The present article is devoted to the problem of the liquidation of institutional deficits in the regulatory support of the activity of the representation organizations of entrepreneurs in Russia which is insufficiently explored in science literature. This work was activated during the period when S.Y. Vitte was a minister and when under his leadership a trade and industrial program was developed, the integral part of which was the engagement of entrepreneurial society to the cooperation with the state in solving the problems of the economy modernization at the edge of
the XIX–XX centuries.
Key words: modernization of economy, institutional reorganizations, S. Y. Vitte, trade and industrial program, representational organizations of entrepreneurs.
JEL: N0, N4, Z18.

Alexander Bessolitsyn1,2, Dr. Sci. (Econ.), professor.
1 Russian Presidential Academy of National Economy and Public Administration
  (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
2 Moscow School of Social and Economic Sciences
  (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
 

Analytics and Forecast

pdf Farid KHUSAINOV
91—141
 
Abstract
The paper studies the evolution of the rail freight tariffs in Russia since the inception of the railways in the 1830s and up to the present time. Identified and described the main stages: the period of non-regulated tariffs (1837–1889), the beginning of tariff regulation in 1889, changes occurred in the tariff system after the October Revolution of 1917, in the years of the NEP, in the years of industrialization. We analyzed the tariff reforms of 1995 and 2003 years.
Key words: railways, railway tariffs, economics of rail transport.

JEL: N7, N8, E3.

Farid Khusainov, Cand. Sci (Econ). .
Russian Open Academy of Transport, Moscow State University of Railway Engineering
(22/2, Chasovaya ul., Moscow, 125315, Russian Federation)
 

Pension Reform

pdf Yuriy GORLIN
142—170
 
Abstract
This article is devoted to questions of an efficiency assessment of pension savings investments (PSI). This work is mainly concerned with questions of a posteriori efficiency assessment, i.e. the assessment of the efficiency for the past period. Given the fact that on practice the PSI efficiency may be identified with different modifications of rates of return, the analysis in this article is conducted in conformity with the current indicator of the efficiency. A purpose of this article is as follows: to analyze normative and practical methods for the estimation of the PSI efficiency, definition of purposes of the efficiency assessment and subjects with which the efficiency assessment is conducted, periods of the assessment, indicators; methods of the assessment, field of application. Since the PSI is a special case of financial investments, in this article classical criteria and methods of the investment theory analysis will be used as a methodological foundation. In this article will be shown that the efficiency assessment of the PSI, reflecting interests of insured persons, must be conducted on the basis of the net assets value, assuming that the PSI have been invested in these assets after management fees had been deducted. It is shown on specific examples that practical approaches for the rate of return efficiency assessment give correct results only when sufficiently rigorous and rare conditions are satisfied. In particular it will be shown that the calculation of the PSI average annual rate of return for the certain period as the arithmetic average (mean) rate of return or compound rate of return in many cases lead to wrong results. On the basis of these methods the correct result is only possible in the particular case of equality of rate of return values. In accordance with the generally accepted methodology for the efficiency assessment and the rate of return of investments in the context of the PSI, the approach for the PSI efficiency assessment must be based on the calculation of the PSI net present value, considering the disparity of the PSI in time and risks of corresponding financial institutions. Sometimes for the comparative evaluation of the PSI rate of return that different financial institutions (non-state pension funds, fund management companies) have had, the calculation based on the internal rate of return of the PSI cash flow may be applied. This calculation must take into account actual time of the PSI inflows and outflows.
Key words: pension savings, rate of return of pension savings, net present value, internal rate of return, investment income.
JEL: I30, I38, I39.

Yuriy Gorlin, Cand. Sci. (Econ.).
Institute for Social Analysis and Forecasting, Russian Presidential Academy of National Economy
and Public Administration (11, Prechistenskay nab., Moscow, 119034, Russian Federation)
 

Economic Policy and Healthcare

pdf Marina KOLOSNITSYNA, Natalia KHORKINA, Khongor DORZHIEV
171—190
 
Abstract
This paper considers alcohol pricing policy impact on alcohol consumption in Russia. Analysis was based on the Russia Longitudinal Monitoring Survey (RLMS HSE) data from years 2010-2013. The authors used panel sample that included 18340 observations (4585 every year) and conducted econometric analysis. The results show that increasing floor price for vodka reduces amounts of vodka and beer intake, as well as probability of drinking, other things being equal. Besides, significant negative correlation exists between aggregate alcohol prices level and alcohol beverages consumption (except of beer and home-distilled wine). Thus, the study results confirm the effectiveness of alcohol price regulation measures recently adopted in Russia.
Key words: floor price of vodka, alcohol prices, alcohol beverages, vodka, beer, state alcohol policy, Russia.
JEL: H31, I18, J18.

Marina Kolosnitsyna, Cand. Sci. (Econ.), professor. 
Natalia Khorkina, Cand. Sci. (Educ.), assistant professor. 
Khongor Dorzhiev, M.S. (Econ). 

National Research University Higher School of Economics
(20, Myasnitskaya ul., Moscow, 101000, Russian Federation).
 

CLASSICS OF ECONOMICS

pdf Randall G. HOLCOMBE
196—207
 
Abstract
The standard theory of public goods is an established part of the theory of public finance. It is critically examined in the article. The author has demonstrated that the theory of public goods could be neither an empirical explanation nor a normative justification for government production of any good. Then he develops a political-economic theory that explains the fact that some goods are produced by government by reference to the government’s self-interest which consists of its own power and wealth buildup. In this context the theory of public goods and its propagation are explained as an integral part of the institutional system which secures maintenance and expansion of the government’s power over society.
Key words: theory of public goods, private production of public goods.
JEL: D72, H4, H52, H56.

Randall G. Holcombe, DeVoe Moore professor of economics, Department of economics, Florida State University 
(288 Bellamy Building, Tallahassee, FL 32306-2180).