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Archive / 2012

Download No 4, 2012
No 4

Economic Policy

Practice

Vladimir GIMPELSON, Rostislav KAPELYUSHNIKOV, Zinaida RYZHIKOVA
The Movement of Jobs in the Russian Economy: in Search of “Creative Destruction” (The Ending)
 5—21
 
This work solves several problems. It discusses some problems of the standard methodology for analyzing the creation and destruction of jobs in the Russian economy, presents the methodology used by Rosstat, and enters into scientific empirical assessment of the movement of jobs for the Russian economy, and outlines ways of improving the statistical methodology for Russia. The presented empirical analysis confirms the low rate of assessment to create new jobs in the Russian economy.
Key words: creation and destruction of jobs, Russian economy, empirical analysis.

Vladimir Gimpelson, Cand. Sci. (Econ.), Centre for Labour Market Studies, National Research University —
Higher School of Economics (4/2, Slavyanskaya Ploshchad, Moscow, 103074, Russian Federation).
Rostislav Kapelyushnikov, Dr. Sci. (Econ.), Centre for Labour Market Studies, National Research University —
Higher School of Economics; Institute of World Economy and International Relations, RAS
(23, Profsoyuznaya ul., Moscow, 117997, Russian Federation).
Zinaida Ryzhikova, Department of labor statistics, science, education and culture, Federal State Statistics Service (Rosstat) (39, bldg. 1, Miasnitskaya ul., 107450, Moscow, Russian Federation).

 

Theory

Elena SINELNIKOVA-MURYLEVA
Assessment of Demand for Money in the Russian Economy with the Development
of Banking Technology
 22—38
 
Traditional microeconomic approaches to demand for money problem are considered in the article. It also discusses current view of monetary theory on concept of “money”. New approach gives reasoning to existence of variety of payment innovations. It provides theoretical base for inclusion of variable that describes innovations in payment sphere into equation of money demand in Russia. As a result a stable (during 2000—2010 years) money demand equation is obtained.
Key words: demand for money, payment innovations, stability, search and matching theory.

Elena Sinelnikova-Muryleva, graduate student, National Research University — Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation).
 

History

Alexey KUTEINIKOV
The Soviet Experience in Implementing Information Technology in the Economy
(The History of the Project Nationwide Automated System of Managing the Economy
of the USSR (OGAS) in the 1960s and 1980s)
 39—67
 
This article is devoted to the history of the scientific-technical program for creating an integrated nationwide management information system in the USSR during 1960—1970 years which is known by its acronym OGAS. This program was among the largest and most complex to be undertaken in the Soviet Union. OGAS was projected as a solution to many of the fundamental, economic, social and organizational problems resulting from Soviet socioeconomic development. The author investigates the development of OGAS step by step using new archival sources.
Key words: academician V. M. Glushkov, A. I. Kitov, automated control system, computer, cybernetics, OGAS.

Alexey Kuteinikov, Cand. Sci. (Hist.)
 

Analytics and Forecast

Alexander ARSHAVSKIY, Alena RODIONOVA
Nominal Yields on the Russian Government Bond Market: The Analysis of the Fisher Effect
 68—84
 
The article investigates the Fisher effect on the domestic Russian government bond market during the period from 2003 to 2011. Via using a spectrum of econometric methods (ARDL‑bounds test, Johansen test) the authors try to evaluate the long-run dynamics of the nominal yield as a long-run co-integrating relationship with inflationary expectations, and to outline the features of inflationary shocks’ influence in the short-run.
Key words: government bond yields, government bonds, interest rates, inflationary expectations, Fisher hypothesis, co-integration, error-correction.

Alexander Arshavskiy, Cand. Sci. (Econ.).
Alena Rodionova, graduate student.
 
Alexander DEGTYAREV, Rustam MALIKOV, Irina HISAEVA
Methodological Foundations of Effective Formation of Electronic Business Environment
 85—93
 
The article is devoted to the development of e-business methodological bases in Russia. The article considers a model of e-business, e-commerce trends in Russia, and regional differences in e-commerce markets. Economic model is proposed to assess the utility of e-business, taking into account business risks.
Key words: business, Internet, information and communication technologies, e‑business.

Alexander Degtyarev,  Dr. Sci. (Econ.).
Rustam Malikov,  Dr. Sci. (Econ.).
Irina Hisaeva, graduate student.

Ufa State Academy of Economics and Service (145, Chernyshevsky ul., Ufa, 450078, Russian Federation)
 
Arthur ELLARYAN
Improvement of the Main Investment Instruments of Innovation Development
in the Russian Federation
 94—109
 
The article analyzes the main investment tools aimed at modernizing the Russian economy. The sources of funding innovation activities of enterprises are shown. The problems of investment support of innovative processes and provides some measures to improve investment vehicles.
Key words: investment, financing sources, public investment, federal programs, public-private partnership.

Arthur Ellaryan, graduate student, Russian Presidential Academy of National Economy
and Public Administration (82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
 
Maria KOKOREVA
Dynamic Capital Structure Choice: Theory and Empirical Evidence
 110—125
 
The paper presents the literature review of both theoretical and empirical papers devoted to capital structure choice. The dynamic trade-off theory is analysed in comparison with alternative capital structure theories that allows to classify and systemize existent theories. Empirical papers conducted on emerging markets companies’ data provide the evidence of the proposed system of debt-to-equity choice.
Key words: capital structure, trade-off theory, pecking order theory, market timing theory.

Maria Kokoreva, National Research University — Higher School of Economics
(26, bldg. 4, Shabolovka ul., Moscow, 119049, Russian Federation).
 

Banking System

Andrey ZUBAREV
The Factors of Stability of Russian Banks during the Crisis of 2008—2009
 126—142
 
This paper discusses different approaches to theoretical and empirical models of bank defaults. Through constructed binary probabilistic models of default the paper reveals key factors, which have an impact on the viability of Russian banks during the financial crisis of 2008 to 2009. Policy recommendations of the Central Bank of Russia and the banking supervision and regulation aimed at preventing bank defaults in the event of such crises in the future are formulated based on the model results.
Key words: bank default, financial crisis, binary models, policy of the Central Bank of Russia.

Andrey Zubarev, graduate student, Gaidar Institute for Economic Policy
(5, Gazetny per., Moscow, 125993, Russian Federation).
 
Asiat IBRAGIMOVA
Legal Aspects of Support and Modernization Potential of the Russian Banking System
 143—146
 
The modernization of Russia’s economy is impossible without adequate financial support, which should largely be created by optimizing the development of the banking system. The Russian banking system after a long period of extensive development comes into new phase demanding on intensive growth. The present moment is very favorable for the adoption of Banking Sector Development Strategy of Russia until 2015 submitted a draft community strategy needs to be further adjustment of the legal aspects of the banking system of Russia.
Key words: banking system, modernization, financial support.

Asiat Ibragimova, Khasavyurt Branch of Dagestan State University
(36, Abukova ul., Khasavyurt, 368001, Russian Federation).
 

Antitrust Policy

Maxim MARKIN
How State Regulation of Retail Trade was Justified: an Empirical Analysis of the Arguments
 147—162
 
The text is devoted to the problem of coordination in the relationships of business partners. The author presents the key logics of justification for state regulation. The paper focuses on the case of passing the trade law that took place in Russia in the middle of 2000th. Using the empirical data of Mass Media publications, transcripts of the discussions in the Parliament and the interviews with market actors the author demonstrates the complexity and the discrepancy of the arguments which were suggested by retailers, suppliers and the state.
Key words: State Regulation, Retail Trade, business partners the trade law.

Maxim Markin, Department of Sociology, National Research University — Higher School of Economics
(3, Kochnovsky proezd, Moscow, 125319, Russian Federation)
 

Regional Economic Policy

Irina STARODUBROVSKAYA etc.
Northern Caucasus: The Problems and Solutions (The Ending)
 163—173
 
Discussions about the problems of the North Caucasus at the Gaidar Institute for Economic Policy and the Russian Academy of National Economy and the Public Service under the President of the Russian Federation have become a regular feature. Since the beginning of 2012 there were two such discussions. The conference “Russia and the World: 2012—2020”, January 20, 2012 held a round table on “The North Caucasus in the Context of Federalism”. April 12 was held in Pyatigorsk Gaidar readings “North Caucasus: Challenges and Potential for Development”. The most interesting points of discussions are offered to the reader’s attention. Because the participants touched on similar issues and have led in many ways echoing the arguments and discussions on these two events are summarized and structured in accordance with their subjects.
Key words: North Caucasus, federalism, land relations, tourism cluster.

Irina Starodubrovskaya, Cand. Sci. (Econ.), Center for Political Economy and Regional Development,
Gaidar Institute for Economic Policy (5, Gazetny per., Moscow, 125993, Russian Federation).
 

Economic Policy and Helth Care

Alexander SAFONOV
The Economic Losses of the Russian Economy Related Injuries and Providing Compensation
Engaged in Heavy and Hazardous Work
 174—181
 
In this paper the author addresses the major problems of an industrial environment — the modernization of labor relations for the protection of labor. The author points to the extreme inefficiency of the labor protection system in the Russian Federation and its negative impact on the economy as a whole. Modernization policies in occupational safety and health will largely solve the chronic problem of high mortality in the production, improve the ability of enterprises to implement programs to improve the efficiency of labor utilization.
Key words: Russian economy, labor relations, labor protection, Injuries, mortality in the production.

Alexander Safonov, Dr. Sci. (Econ.), professor.
 

Classics of Economics

Paul SAMUELSON
Understanding the Marxian Notion of Exploitation: A Summary of the So-Called
Transformation Problem Between Marxian Values and Competitive Prices.
Part I. Background Analysis
 182—202
 
In the paper the author gives a long-overdue review of famous Marxian transformation problem. So that the problems which are purely logical can be cleared up to the satisfaction of Marxians and non-Marxians alike, he abstains from appraising the empirical fruitfulness of the exploitation hypotheses — for this or the last century, for static or dynamic insights. Part One provides the stage setting to the controversy and discusses the tools needed for its understanding.
Key words: Marx, “Capital”, Marxian transformation problem, exploitation.

Paul Samuelson, Massachusetts Institute of Technology (USA)
 

Abstracts

203—208