For 61 years, the BP Statistical Review of World Energy has provided high-quality objective and globally consistent data on world energy markets. The review is one of the most widely respected and authoritative publications in the field of energy economics, used for reference by the media, academia, world governments and energy companies.
Key words: economy, energy, oil, gas, coal.

BP (8, Novinsky Blvd., Moscow, 121099, Russian Federation).
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This essay on US fiscal federalism builds on the established tradition. But unlike many papers that take current US features as a given, the authors tell us what present arrangements governing responsibility over public debt gradually emerged from, and why. By bringing in the historical dimension and the trial-and-error process that took place over more than two centuries, they help us understand the logic behind alternative arrangements and why the current one has in the end prevailed.
Key words: fiscal federalism, USA, public debt, regulation.

C. Randall Henning, professor of International Economic Relations, American University; visiting Fellow,
Peterson Institute for International Economics (Washington DC, USA)
Martin Kessler, PhD, research analyst, Peterson Institute for International Economics (Washington DC, USA)

The article analyzes the dynamics of the population of the USSR in 1927—1939. The author shows that the demographics do not indicate an improvement in living standards by the end of 1930 compared to the 1927—1929. The мortality rate has remained roughly the same, and the birth rate has dropped.
Key words: demography, birth rate, mortality, standard of living of the population.

Sergey Nefedov, Dr. Sci. (Hist.), senior fellow, Institute of History and Archaeology, Ural Branch
of the Russian Academy of Sciences (56, Rosa Luxemburg ul., Ekaterinburg, 620026, Russian Federation).
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This year we celebrate the 150th anniversary of the birth of P. A. Stolypin. Few statesmen­ were awarded such sharp and opposite ratings by contemporaries and ­historians. In this and the next issue of the journal the first biography of Pyotr Stolypin is reprinted. It was published 100 years ago by his political opponent, a major figure of the ­Kadet party A. I. Izgoev. This work is interesting because it gives a serious analysis of Stolypin’s activity and demonstrates the difference between his declarations and real politics.
Key words: Russian Empire, P. A. Stolypin, economy, politics.

Alexander Izgoev (1872—1935), publicist, journalist and politician.

The processes of economic development in both developed and developing countries over the last decade have been uneven. There are many reasons for this uneven development, but one of the core is a structural imbalance. Disparities in the sectoral development and structure of employment cause extremely painful impact on the rates of economic development, and as a consequence, the social status of different population groups. Most vividly all this is reflected in the processes of distribution and redistribution of income, since the processes of social, financial and economic inequality with a cumulative nature, can cause profound processes of turbulent nature. In this context, the important role of the middle class as a stabilizing element of social development is shown. This paper, basing on extensive statistical material, as well as publications in international journals, examines the economic definition of the boundaries of the middle class, the mechanisms of leveling the economic inequality based on income redistribution and the various tax systems, directly or indirectly influence the development of the middle class in developed countries.
Key words: economic growth, social stratification, middle class, economic inequality, income differentiation, economic policy.

Askar Akaev, Dr. Sci. (Tech.), professor, foreign member of the Russian Academy of Sciences, scientific director.
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Askar Sarygulov, Cand. Sci. (Econ.), senior researcher.
Valentin Sokolov, Dr. Sci. (Econ.), professor, head of Center.

Center of Fundamental Research of Russia’s Economic Development ­Processes, St. Peterburg State University of Engineering and Economics (SPbGIEU) (27, Marata ul., Saint-Petersburg, 191002, Russian Federation).

The article discusses ways to greater use of taxes to control the investment process. According to the author, the investment process in Russian transitional economy is characterized by the different peculiarities depending on capital investment — on the one hand, from the situation in the global energy market, and the protectional measures of the state aimed at mining corporations — on the other. Therefore necessary to define investment priorities, as a primary object of government influence on the investment process.
Key words: taxes, investments, state.

Svetlana Andryushchenko, doctoral student, Russian Presidential Academy of National Economy
and Public Administration (82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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The article deals with the use of stock-based compensation plans of top management by the Russian public companies. The empirical study shows that, in Russia, such compensation plans are mostly used by companies operating in regulated and commodity-producing industries where management is the least able to affect the capitalization; the most popular are the option-based plans going out of fashion in the USA; the options exercise prices are lower than the market share prices at the date of granting the option while in the USA those are equal or high than that; and the duration of the programs is shorter. At the same time, in the Russian stock-based compensation plans there are prevailing conditions preventing managers from leaving the firm and there are popular additional KPI, i. e. conditions aimed at better protection of the interests of shareholders.
Key words: top management, compensation, stocks, options.

Ivan Petrov, Master of Economics.
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Elena Chirkova, Cand. Sci. (Econ.), associate professor.
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Department of Economics and Finance, Faculty of Economics, National Research University —
Higher School of Economics (26, bld. 4, Shabolovka ul., Moscow, 119049, Russian Federation).

The article describes the various risk groups of the budgetary system in the long term, associated with the contradictions between the need to enhance the investment growth of the Russian economy, the depletion of resources to maintain and uncertainty of strategic priorities. The authors generated a number of proposals to overcome these contradictions in terms of improving the quality of budget management.
Key words: budget, investment growth, long-term risks, the strategic priorities of the country.

Alexander Frenkel, Dr. Sci. (Econ.), director. 
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Irina Maltseva, Cand. Sci. (Econ.), senior research fellow.
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Center for Macroeconomic Analysis and Forecasting­, Institute of Economics of the Russian Academy of Sciences
(32, Nakhimovsky prosp., Moscow, 117218, Russian Federation).

The article presents the definition of derivatives, hedge funds, securitization, the basics of their development in the global financial system and it also provides ways for their further development. In this way it is proved, that in today’s market of banking services all mortgage products demanded by consumers have the right to live, but the securitization must be subject to strict requirements to the organizers of transactions to disclose information about the structure of the transaction and asset quality. Further more, it’s important to improve regulation of the management of liquidity and risk management of financial institutions that are members of that market.
Key words: derivatives, hedge funds, risk capital, securitization.

Gregory Klumov, postgraduate student, Institute of World Economy and International Relations
(23, ­Profsoyuznaya ul., ­Moscow, 117418, Russian Federation).
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In the second part of the article the author examines the so-called problem of transformation. First, he analyze certain contradiction faced by Marx in the third volume of “Capital” in studying the question of how to “transform” the cost into the price. Then he turns to the problem of “inverse transformation” and argues that Marx procedure “works” only in a single case — equal organic composition of capital. The third part of the article — bibliography  — provides an overview of the work on the analysis of Marx’s theory.
Key words: Marx, “Capital”, Marxian transformation problem, inverse transformation.

Paul Samuelson, Massachusetts Institute of Technology (USA)