Russian (CIS)English (United Kingdom)

Latest Issue № 5, 2017

In the Next Issue

Abel G. AGANBEGYAN

What Package Plan up to 2025 does Russia need?


Marina G. KOLOSNITSYNA, Anna V. PHILIPPOVA

Child Benefits and Poverty: The Case of Russia


Alexander G. KHUDOKORMOV, Sergey I. NEVSKIY

National Schools of Economic Thought in Germany and the Theory of Social Market Economy



Archive / 2017

№ 5

MACROECONOMICS

pdf ALEKSEY BURENIN
8-21
 

Abstract

This article examines the problem of the modern market economy crises. As part of the analysis, the author shows that an unlimited credit expansion stimulated by financial innovations and the natural desire of most people to improve their well-being periodically lead to debt overburdening of economy. Credit relations mediate the entire reproduction process and thus a violation in one of its links provokes negative consequences for the economy and inevitably leads to an economic crisis. At the beginning of an economic cycle, interest rates are low, and economic agents actively take loans. General optimismis supported by new loans. The situation changes when the economy approaches a boom phase. Credit chains take form of a real web permeating the entire economic organism. At the peak of the economic boom, the credit load reaches a critical level, a trigger is released, and a crisis begins. The function of the trigger belongs to the actions of economic agents in the market where the financial bubble was formed. In previous economic systems, credit was limited to a relatively narrow framework, so that a new pattern of economic functioning that inevitably leads to crises could form on its basis. Only capitalism, with its innovative nature, opens access to credit for almost any household and firm. Credit has creative power because in a short time it allows to get the necessary resources to finance large-scale projects, but it creates a threat to economic stability in the country if it reaches a very large scale. Our analysis brings usto a conclusion that it is impossible to solve the problem of crises, because capitalism makes maximal use of loans as a means of stimulating household consumption and financial innovations provide manifold possibilities for this on an ever-increasing scale.

Keywords: credit, economic crisis, Austrian school.

JEL: E32, E44, G1.

Aleksey N. BURENIN, Dr. Sci. (Econ.), Professor. Moscow State Institute of International Relations (University) (76, Vernadskogo prosp., Moscow, 119454, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
Olga KLACHKOVA
22-41
 

Abstract

The article examines the impact of inflation on economic growth for countries with different levels of economic freedom basing on the data collected in 182 countries during the period from 1981 to 2015. The countries are divided into groups through clustering. The estimates obtained in the framework of threshold regression with fixed effects indicate that if a country has high levels of the rule of law, regulatory efficiency, and open markets, the level of government intervention in the economy determines the impact of inflation on economic growth: in the countries with high levels of government intervention the threshold level of inflation is higher (approximately 10%), and its impact is more negative if the threshold is exceeded; in the countries with low levels of government intervention the threshold level is lower (approximately 2%), and the negative impact of inflation is softer if the threshold is exceeded. In the countries with low economic freedom (and with high levels of government intervention) the threshold level is low (approximately 3%), but inflation rates higher than the threshold lead to serious negative consequences.The article also provides a modification of the Solow model of economic growth. Total savings are divided into private and public. Private investors are assumed to be risk-averse, therefore their saving rate and level of investment depends negatively on the level of risk in the economy described by inflation. Public investors are assumed to be risk-neutral. Thus, inflation leads to a sharp decrease in private and a gradual decline in public investment, which leads to lower rates of economic growth depending on the ratio of private and public investors in the economy.

Keywords: monetary policy, economic growth, inflation, threshold estimation, threshold regression.

JEL: C23, C24, E52, O42.

Olga A. KLACHKOVA, Department of Economics Lomonosov Moscow State University (1–46, Leninskie Gory, GSP‑1, Moscow, 119991, Russian Federation).

Е-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

BUSINESS ECONOMICS

pdf Tatyana A. GOLOVINA, Pavel A. MERKULOV,Andrei V. POLYANIN
42-61
 

Absatrct

The article deals with the system of the state support of youth entrepreneurship in Russia. The institute of business performs an important function of providing employment of the population, and makes the living environment more comfortable and convenient. Оrganizational, standard, and legal bases of the state support of business are being created in Russia today. Foreign countries, which are already using advanced direct and indirect methods of the state support of young enterprise structures, have essential advantages in the world market that is especially important under the conditions of globalization. The objective of this research is justification of the current development of the state support of youth entrepreneurship in foreign countries and in Russia, and identification of its strengths and weaknesses alongside defining perspective directions of development in the Russian Federation. Higher educational institutions providing formation and development of students’technological entrepreneurship should act as platforms of effective integration. At an initial stage of business, higher educational institutions are the most effective ground for developing youth technical creativity. In order to solve problems which a higher educational institution faces on the path of entrepreneurship development, it must make joint decisions with the government. Collaboration is the only means of promoting youth technological entrepreneurship.

Keywords: youth entrepreneurship, state support of youth entrepreneurship, students’echnological entrepreneurship.

JEL: M13, H11, J23, M21.

Tatyana A. GOLOVINA, Dr. Sci. (Econ.), Professor. Central Russian Institute of Management, Branch of RANEPA (5a, bulv. Pobedy, Orel, 302020, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Pavel A. MERKULOV, Dr. Sci. (His.), Associate Professor. Central Russian Institute of Management, Branch of RANEPA (5a, bulv. Pobedy, Orel, 302020, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Andrei V. POLYANIN, Dr. Sci. (Econ.), Professor. Central Russian Institute of Management, Branch of RANEPA (5a, bulv. Pobedy, Orel, 302020, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
Irina LEVINA
62-79
 

Abstract

The paper investigates the influence of institutional factors on decentralization of decision-making at Russian firms. Decentralization is important for firms’ growth and development. While in the absence of decentralization a firm’s growth opportunities are limited by time and abilities of its CEO, decentralization opens doors for quicker decision-making on a larger range of questions and creates room for the firm’s growth. However, decentralization is associated with agency risks and risks of information leakage. Weak judicial system, high corruption, and low level of trust increase risks associated with decentralization and, therefore, can significantly limit firms’ opportunities for decentralization. In this paper the author empirically explores the influence of corruption, quality of court system and trust on decentralization of decision-making at firms in the Russian regions. The empirical analysis presented in the paper demonstrates the important limiting influence of corruption on decentralization of decision-making at Russian firms. In the regions with higher corruption firms are less likely to decentralize and more likely to choose a management model with centralized decision-making and selection of people for top positions through connections. At the same time, the presented analysis does not reveal any significant influence of the court system’s quality or the level of trust in the Russian regions on the probability of decentralization at Russian firms.

Keywords: decentralization of decision-making, hiring for top positions, quality of institutions,corruption.

JEL: L22, M51, K42, O17.

Irina A. LEVINA, Institute for Industrial and Market Studies, National Research University Higher School of Economics (20, Miasnitskaia ul., Moscow, 101000, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
Dmitriy MAR’YASIS
80-103
 

Abstract

The paper presents the author’s concept of transforming the Russian system of public-private partnership in the field of formation and development of the national innovation economy. The concept is based on the Israeli experience. The main contours of the new system are given not only at the philosophical and ideological levels, but at the applied level as well. The author reviews the Office of the Chief Scientist’s programs as an illustration of the success of the proposed concept. Our main task is to show the effectiveness of the programs under consideration and their applicability, taking into account the adaptation necessary in such cases in modern Russia. The urgency of this research is determined by the need for a comprehensive study of foreign experience in the process of developing the national economy. The experience of Israel in this sphere is seen as one of the most relevant for Russia because of the important role of the state apparatus in the process of creating an innovative ecosystem, as well as Israel’s long history of building an economy with a significant share of the public sector. The analysis of the public-private partnership programs can be used for preparing curricula in such disciplines as world economy, regional studies, public administration, and management in the field of innovation. Besides that, public authorities and private companies may use it for preparing relevant analytical and reference material. The author’s concept of applying such programs in Russia can serve as a basis for creating medium- and long-term programs of innovative development of the country’s regions.

Keywords: public-private partnership, innovation, Office of the Chief Scientist, technological incubators, MAGNET, Yozma.

JEL: О32, О38, О53.

Dmitriy A. MAR’YASIS, PhD (Econ.). Oriental Studies Institute, Russian Academy of Sciences (12, Rozhdestvenka ul., Moscow, 107031, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

REGIONAL FINANCE

Vladimir V. KLIMANOV, Kseniya V. BUDAEVA, Natal’ia A. CHERNYSHOVA
104-127
 

Abstract

The aim of the study is to determine the results of the strategic planning system’s development in the last decade. The article analyzes the specialized legal framework in the field of strategic planning at the regional level; dynamics of document development; quantitative indicators and quality content of documents; and evaluates trends in the development of the regional strategic planning systems. Ensuring the relationship between forecasting, goal setting, planning, and programming is an essential condition of the effectiveness of the entire strategic planning system. The article focuses on strategic planning and interrelation of the regional strategic planning documents. The initial data for research are: normative legal acts in the sphere of strategic planning of the Russian regions, and open official websites of executive and legislative authorities. Data on strategies and government programs relate to the end of 2016. The authors make conclusions about the degree of normative and methodological support of the high-level planning process, actual diverse requirements for the content of strategic development programs, and the level of their development. Most of the principles of the strategic planning (Article 7 172-FZ) are not fully observed. This applies to the principle of unity and integrity which should be applied, in particular, to the methodology of organizing and functioning of the strategic planning system. Another significant problem on the regional level is non-observance of the balancing principle of strategic planning which supposes consistency and balance of strategic planning documents as regards priorities, goals, objectives, activities, indicators, financial and other resources, and timing. The results are of interest to government officials making decisions in the field of strategic planning and programming, researchers, and specialists dealing with the issues of regional development.

Keywords: regional strategy, state program of a region, strategic planning principles, goalsetting documents, programming documents.

JEL: M19, O18, P48.

Vladimir V. KLIMANOV, Dr. Sci. (Econ.). Russian Presidential Academy of National Economy and Public Administration (RANEPA) (1/12, str. 2, Bol’shoi Kislovskii per., Moscow, 125009, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Kseniya V. BUDAEVA, Federal Research Center of Informatics and Management, Russian Academy of Sciences (1/12, str. 2, Bol’shoi Kislovskii per., Moscow, 125009, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Natal’ia A. CHERNYSHOVA, Cand. Sci. (Geog.), Associate Professor. Financial University under the Government of the Russian Federation (51, Leningradskii prosp., Moscow, 125993, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it  

 

Karen A. TUMANIANTS, Julia E. SESINA

128-149
 

Abstract

The purpose of the research was to conduct a comparative assessment of social expenditures effectiveness in different regions of Russia. The method developed and tested by the authors with the use of the data for 2015 is based on DEA (data envelopment analysis method). The authors view relative poverty of the population as the main result of social expenditures, while social expenditures per capita are used as resource costs. A significant difference in effectiveness of social policy tools is also identified, as well as its extensive nature in the Russian regions. We come to a conclusion that there is a considerable potential in the field of optimization of social expenses. The lowest indices of «input-output» ratio in the sphere of social protection are the case in the least and in the most developed regions, which can be explained, in the first place, by the lack of sufficient resources, and in the second place, by the lack of incentives. The results of the research can be used for measuring comparative effectiveness of social expenses in different regions and for identifying the best examples of the practical realization of social programs. Analysis of the leaders’ and outsiders’ experiences will promote an increase of social programs efficiency in the Russian regions. In conclusion, the authors underline the expediency of allocating part of transfers from the federal budget to the regional ones depending on the effectiveness of social expenditures.

Keywords: consolidated subfederal budget, data envelopment analysis, poverty level, social policy.

JEL: H53, I38.

Karen A. Tumaniants, Cand. Sci. (Econ.), Associate Professor. Volgograd State University (100, Universitetckii prosp., Volgograd, 400062, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Julia E. Sesina, Branch of the Pension Fund of Russia in the Volgograd Region (16, Raboche-Krest’ianskaia ul., Volgograd, 400001, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

HISTORY OF ECONOMIC THOUGHT

Alexander NIKULIN
150-177
 

Abstract

In addition to comprehensive studies of Russian agriculture, outstanding Russian agrarian-economist Alexander Chayanov (1888–1937) has left a vast scientific legacy relating to the study of agrarian economies of the most diverse regions of the world. It was Chayanov’s free orientation in the issues of the international agrarian economy, science and politics that enabled him to organically realize in his studies both Russian and foreign agrarian experience giving a universal character to his theoretical concepts of peasant economy, rural cooperatives, social agronomy and economic policy. So far, neither in the Russian, nor in the foreign scientific literature have there been an special works devoted to Chayanov’s international agrarian studies. This article seeks to fill this gap through reconstructing the main landmarks and themes of Chayanov’s international agrarian research projects and updating them in keeping with the moderunderstanding of Russian and international agrarian problems. The article reviews such issues as: the evolution of A. V. Chayanov’s agrarian and economic views on the agriculture of Europe at the beginning of the 20th century including rethinking of the importance of autarky and naturalization of agriculture in Russia and the world under the conditions of world and civil wars; international agrarian studies by Chayanov and his institute in the 1920s. The last part of the article analyzes Chayanov’s dramatic attempts made in the course of the Soviet collectivization to rationalize projects of creating super-large agrarian enterprises — state farms orientated on the experience of the American 100% mechanization. In conclusion, the study addresses the reasons for Chayanov’s international agricultural heritage being in demand in the 21st century.

Keywords: A. V. Chayanov, agriculture, economic theory, regions, peasantry, farming, state farm, autarky.

JEL: B31, P51, Q18, R58.

Alexander M. NIKULIN, Cand. Sci. (Econ.). Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

DISCUSSIONS

Vladimir S. AVTONOMOV, Andrei S. VOROBYeV, Pavel B. KONONENKO, Danila E. RASKOV, Grigorii L. TULCHINSKII
178-207
 
 Abstract

The starting point for this article is the new book by Sjoerd Beugelsdijk and Robbert Maseland “Culture in Economics: History, Methodological Reflections and Contemporary Applications”. This book reflects a certain symptom in economics: interest in culture returns to this discipline after a long period of neglect. Currently, such topics as the culture of economists, the corporate culture and the study of cultural factors in economic development are attracting interest. However, this process is ambiguous. On the one hand, this is a very predictable expansion of imperialist ambitions of economists who are ready to include various new factors that somehow reflect culture in their studies. On the other hand, regarding a number of issues, any explanation and research are impossible without understanding that economy itself is a part of society and culture (“embeddedness” and reversed causality problems). The article shows that subject fields of culture and institutions intersect, though culture is more concerned with informal institutions. The authors make an assumption that a simple expansion of standard techniques used by economists is clearly not enough. In particular, the metaphor of cultural capital is hardly justified and cannot be regarded as an heuristic metaphor and, therefore, compared with human capital. Any in-depth and concrete research “falls through” into culture. In order to conduct a research at the new stage, it is necessary to expand the theoretical apparatus and the language of the economics: we need a new three-dimensional stereoscopic view promising new adventures of culture in the economic theory.

Keywords: economic methodology, economics and culture, culture and institutions.

JEL: A12, Z1.

Vladimir S. AVTONOMOV, Dr. Sci. (Econ.). National Research University Higher School of Economics (26, Shabolovka ul., Moscow, 119049, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Andrei S. VOROBYEV, Cand. Sci. (Econ.). Saint Petersburg State University (7/9, Universitetskaia nab., Saint Petersburg, 190000, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Pavel B. KONONENKO, Saint Petersburg State University (7/9, Universitetskaia nab., Saint Petersburg, 190000, Russian Federation).

E-mal: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Danila E. RASKOV, Cand. Sci. (Econ.). Saint Petersburg State University (7/9, Universitetskaia nab., Saint Petersburg, 190000, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Grigorii L. TULCHINSKII, Dr. Sci. (Philos.). Saint Petersburg State University (7/9, Universitetskaia nab., Saint Petersburg, 190000, Russian Federation).

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it