Emerging-market growth from 2000 to 2012 was untypically high. This paper highlights the many reasons why emerging-economy growth is likely to be lower going forward. Much of the catch-up potential has already been used up. The extraordinary credit and commodity booms are over, and many large emerging economies are financially fragile. They have major governance problems, so they need to carry out major structural reforms to be able to proceed with a decent growth rate, but many policymakers are still in a state of hubris and not very inclined to opt for reforms. They are caught up in state and crony capitalism. Rather than providing free markets for all, the West might limit its endeavors to its own benefit. Economic convergence has hardly come to an end, but it has probably reached a hiatus that is likely to last many years. The emerging economies need to improve their quality of governance and other economic policies substantially to truly catch up. For a decade or so, the West could take the global economic lead once again as in the1980s.
Key words: growth, slowdown, middle income trap, energy, financial crisis.

Anders Åslund, PhD, senior research fellow, Peterson Institute for International Economics
(1750 Massachusetts Avenue, NW Washington, DC 20036, Colombia)

Since 1996 first Russian mutual funds have been representing portfolios of exclusively private savings and in contrast to the banks they have not got the support of central bank. Unlike the Russian bank-managed mutual funds and offshore hedge funds they did not give rise to defrauded investors. However, unlike their foreign counterparts, Russian mutual funds have not yet realized their potential. This can be explained by problems in regulation and efficiency of the fund management. Nevertheless, the economy of Russian mutual funds largely follows the same laws as the foreign funds. This research is an attempt to partially make up for the lack of knowledge about the economy of mutual funds in Russia and estimate their performance based on unique data-set of 709 funds.
Key words: mutual funds, excess return, unit investment funds, performance of mutual funds, investment units, Russian securities market.

Aleksandr Abramov, Cand. Sci. (Econ.), Institute of Applied Economic ­Research, Russian Presidential Academy
of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation); professor, National Research University — Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation).
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Kseniia Akshentseva, junior researcher, Institute of Applied Economic ­Research, Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation); student, Department of Economics and Law, Rheinische Friedrich-Wilhelms-Universität Bonn (Germany).
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The notion of the value of human life is already formed in countries with market economies. In connection with the formation of an emerging market the discussions on the value of human life began in Russia. The higher the value of human life taken into account, the greater will be the effect of the measures to reduce the risk of death of people. In Russia, the worst case with the value of human life is in the health care. According to the author, if a person's life can be saved, the amount necessary, this is estimated to the value of human life, it to be paid immediately and legally. The purpose of the article — to show the necessity, feasibility and cost efficiency to reduce mortality with a focus on the value of human life.
Key words: health care, value of human life, mortality.

Abel Aganbegyan, academician, Russian Presidential Academy of National Economy and Public Administration
(82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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The article discusses a recent antitrust case brought against Russian manufacturers of large diameter pipes (LDPs) that examined supposedly abusive practices by these firms that were contrary to the law on the Protection of Competition prohibiting market division. The case under consideration illustrates the importance of investigating the institutional details when qualifying the actions of market participants and their effects. The analysis of the material in this case using modern economic theory indicates that the presence of collusion is inconsistent with the active participation of the main consumer of LDPs in that agreement. The chosen format for the cooperation between pipe manufacturing companies and OJSC Gazprom, namely indicative planning, may be explained from the perspective of reducing contract risk in an environment characterized by large-scale investment.
Key words: collusion, antitrust policy, countervailing buyer power, credible commitments, contracting.

Andrei Shastitko, Dr. Sci. (Econ.), professor, Economic Faculty, Lomonosov Moscow State University;
Competition and Economic Regulation Research Center, Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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Svetlana Golovanova, Dr. Sci. (Econ.), professor, Department of Economic Theory and Econometrics,
National Research University Higher School of Economics — N. Novgorod
(25/12, B. Pecherskaya ul., N. Novgorod, 603155, Russian Federation).
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This article concerns the regional differentiation of electricity tariffs for end-users in Russia. Amount difference of the electricity tariffs in geographically close regions with similar socio-economic indicators is analyzed. The main factor contributing to the tariffs difference is drawn: the electric-power transmission costs. The foreign practice of electricity pricing is examined. The set of measures targeted to the electricity tariffs differences reduction is suggested.
Key words: tariffs, pricing, power joint market, tariffs structure, regional differentiation.

Marat Suyunchev, Cand. Sci. (Econ.), director
Sergei Repetyuk, economy director
Boris Fayn, director of the Centre of Electric Power Economics
Olga Temnaya, deputy director of the Centre of Electric Power Economics
Oksana Mozgovaya, deputy economy director
Dmitrii Agafonov, senior expert of the Centre of electric Power Economics

Natural Monopoly Economics Institute of the Russian Presidential Academy of National Economy
and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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The object of the research is freight-rail traffic system. This article concerns the pricing specific of the railway transport. The modern state of the railway tariff system regulation is analyzed. The optimal methods of the railway transport tariff regulation are proved with taking into account the priorities of the state economy policy, foreign countries experience, the modern state on the railway's market built up after the industry's reforming. The recommendations of development railway transport tariff system regulation are given.
Key words: tariffs, infrastructure, railway transportation system, railway transport, state regulation, methods of regulation.

Oksana Semyonova, Cand. Sci. (Econ.), leading researcher, Centre of economy of natural monopoly
in transportation of the Natural monopoly economics Institute, Russian Presidential Academy of National Economy and Public Administration (82, bldg. 1, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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The paper examines the validity of the long-run Fisher effect on domestic sovereign bond markets of Brazil, Russia, India, and China, known as the BRIC countries, during the period from 2003 to 2012. By the usage of relevant econometric techniques (emphasis is made on ARDL-bounds testing approach) we model the long-run dynamics of nominal sovereign bond yields as a cointegrating relationship with inflationary expectations. In whole the empirical results indicate evidence for the fact that the full Fisher effect does not hold in all the countries under study, although the long-run positive impact of inflationary expectations is identified for nominal yields of all the BRICs except for the yields in India and long-term end of the yield curve in Brazil.
Key words: sovereign bond yields, Fisher hypothesis, inflationary expectations, BRIC, cointegration.

Alena Rodionova, graduate student, Department of stock and investments market, National Research University Higher School of Economics (26 bldg. 1, ul. Shabolovka, Moscow, 119049, Russian Federation).
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The article is devoted to the problem of evaluation of regional fiscal capacity, develop possible strategies for the development of regional fiscal capacity and ensure implementation of measures to neutralize the risk of growth of tax bases subject of the Russian Federation. Judgements, estimates and forecasts of regional fiscal capacity carried out on materials of the Chechen Republic. Formulate possible scenarios of growth of tax potential of the Chechen Republic. We select the most promising tax revenues of the consolidated budget of the Chechen republic. Identified viable alternatives tax growth potential of the Chechen Republic and implemented their ranking based on the use of the analytic hierarchy using the software.
Key words:regional tax potential, tax base, tax revenues of the budget, method of analysis of hierarchies, regional foresight.

Oleg Procenko, Dr. Sci. (Econ.), professor, director, Institute of management and marketing,
Russian Presidential Academy of National Economy and Public Administration
(82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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Usman Rassukhanov,Cand. Sci. (Econ.); Minister of finance, Chechen Republic
(2A, Garazhnaya street, Grozny, 364020, Russian Federation).
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Alkhozur Tsakaev, Dr. Sci. (Econ.), professor, advisor to the Minister of finance, Chechen Republic
(2A, Garazhnaya street, Grozny, 364020, Russian Federation).
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In this article system characteristics of the Chechen Republic at the present stage of its development are investigated. The main federal target programs which the greatest degree affected improvement of system characteristics of the republic in recent years are revealed. The main socio-economic indexes of the Chechen Republic for 2007-2011 are analysed. On the basis of the analysis and comparison of system characteristics of the republic with similar characteristics of regions of the South of Russia authors of article come to a conclusion that the state regional policy carried out still in the republic isn't capable to bring her to level of full and mutually advantageous integration into uniform social and economic space of the country and world economic processes. For achievement of this authors are more whole offer system approach to the solution of key problems of the Chechen Republic in post-conflict development.
Key words: system characteristics, Chechen Republic, main socio-economic indexes, South of Russia, target programs, development strategy.

Sulaiman Reshiev, Dr. Sci. (Econ.), professor, Chechen State University; head of Department of development
of the fiscal system at secretariat of the First Deputy Prime Minister of the Chechen Republic
(10, Garagnaya st., Grozny, 364000, Russian Federation).
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Isa Bisaev, Cand. Sci. (Econ.), associate professor, Chechen State University, deputy minister of economic development and trade of the Chechen Republic (3, Mayakovsky st., Grozny, 364022, Russian Federation).
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Said Daurbekov, Cand. Sci. (Econ.), professor, head of the Department "Applied Mathematics",
Millionschikov Grozny State Oil Technical University (100, pl. Ordzhonikidze, Grozny, 364051, Russian Federation).
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The Inroductory to I. K. Babst publication "Our Banking Business" considers his biography, scientific activity and his work as a lecturer.
Key words: Babst I. K., biography, research and lecturing activities.

Andrei Belykh, Dr. Sci. (Econ.), associate professor, JSC "Bank Saint Petersburg"
(64A, Malookhtinskiy pr., St. Petersburg, 195112, Russian Federation).
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The history of the creation of private banks in Russia until 1873 is considered in the paper. The regulation politics of the government and the State Bank is criticized. The author points out that this politics did not stimulate the industrial development and trade rising and finally caused the securities market crisis in 1869.
Key words: history of banks in Russia, private banks, regulation of banks, the 1869 crisis in the securities market.

Ivan Babst (1824—1881), Russian historian, economist and banker.