Russian agriculture has rebounded from the depths of the 1990s, but significant challenges remain. This article focuses on rural human capital. The article documents deficiencies in rural human capital, specifically, a contracting rural labor force, a shortage of skilled workers, and migratory outflow by the rural young. These problems are compounded by emerging budgetary constraints and slower economic growth, and de-mechanization of agricultural labor. State policy prioritizes production but does not appear to allocate sufficient resources to sustain human capital, on which food production depends. As a result, the base of human capital will continue to erode, thereby impacting leadership aspirations and Russian competitiveness in the global and domestic food markets.
Key words: Russia's agriculture, human capital, migration of the rural population, agricultural labor.

Stephen Wegren, professor, Center for international and area studies of Southern Methodist University
(3300 University Blvd. Carr-Collins Hall, Rm 220, Dallas, TX 75275-0117, USA).
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Alexander Nikulin, Center for Agrarian Studies, Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 119571, Russian Federation).
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The article presents the results of an empirical analysis of application of the regulatory impact assessment (RIA) by the Russian state authorities in 2013. Analysis showed that currently the procedures of RIA are not respected from both — meaningful and formal — points of view. Overall implementation of the procedural requirements by state authorities can be assessed at a level not higher than 50%. Since decentralization of RIA application the key problem has being the «principal-agent» problem, which may be resolved by limiting the number of conducted RIA and tighter quality control.
Key words: stakeholders, the quality of state governance, regulatory impact assessment, public consultation, “principal-agent” problem.

Tatiana Radchenko, Cand. Sci. (Econ.), head of Department for Competition Policy, Analytical Center for the Government of the Russian Federation (12, prosp. Akademika Sakharova, Moscow, 107178, Russian Federation); research assistant, Center for Competition and Economic Regulation Research, Russian Presidential Academy of National Economy and Public Administration.
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Elena Parshina, adviser of Department for Competition Policy, Analytical Center for the Government of the Russian Federation (12, prosp. Akademika Sakharova, Moscow, 107178, Russian Federation); graduate student researcher, Department of Competition and Industrial Policy, Faculty of Economics, Lomonosov Moscow State University.
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The replacement rate is the major indicator of insurance efficiency of insurance pension system as it allows to estimate level of replacement of the earnings lost of the worker. During the international comparisons the replacement rate is a basic indicator of pension provision level. Therefore replacement rate even more often suggest considering as the main target reference point of development of pension system and the base indicator of realization of pension reform. In Russia the given indicator is very popular not only among experts in the field of pension provision and representatives of authorities, but also the wide circle. However it is difficult to speak about competent and effective application in Russia of the replacement rate as it is possible to allocate two mainframes of problems of use of the replacement rate in Russia is a discrepancy to the international standards and a problem of directly methodology of calculation.
Key words: pension system, insured person, labour pension, replacement rate, computational strategy.

Arkady Soloviev, Dr. Sci. (Econ.), professor, Finance University under the Government of the Russian Federation; head of Department of actuarial and strategic planning, Pension Fund of Russian Federation
(49, Leningradsky prosp., Moscow, 125993, Russian Federation).
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In this paper the author diagnoses the existence of the bubble in the Russian stock market in 2008 by evaluating the preconditions and direct and indirect indications of the stock market bubbles as well as by analyzing the price levels before the market crash. The research has shown that in 2008 in Russia there existed such preconditions of the bubbles as favorable economic environment, growth of lending and cheap credit, and the state support of investors. Such factors as mass flow into the stock market of retail investors and introduction of new media of communications were only partially present. Of four analyzed indirect indications of the bubble only two, namely the inflow of foreign funds into the stock market and the growth of the number of the investment funds, were present in a week form, other two, namely the increase of IPO and undervaluation of shares in the course of IPO and the narrowness of the market, were completely absent. In the Russian stock market there were no such direct signs of the bubble as quickly accelerating price increase, increase in volatility and trading volume immediately before the crash. The size of correction, 80%, was huge, however it was compensated by quick recovery after the crash. In 2008—2009 the P/E multiplier of the Russian stock market exceeded the hurdle levels of the bubble only for a short period of time, the market’s P/E peaked after the correction, but not before, the dividend yield before the crisis was not at its lows, its minimum was reached in the course of correction, and the multiplier “market capitalization to GDP” of the Russian stock market was modest compared to the multiplier of the other BRICS members and developed countries. Such pattern may witness in favor of a very small positive bubble in spring of 2008. Thus, the depth of correction in 2008 may be explained by the formation of a negative bubble, testing of which should be the subject of a separate study and would require the development of the appropriate methodology.
Key words: stock market, stock market bubble, stock market crash.

Elena Chirkova, associate professor, Economics and Finance department, National Research University Higher School of Economics (26, bld 4, ul. Shabolovka, Moscow, 119049, Russian Federation).
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mproving the quality of public services is an important component of raising governance effectiveness which supports social and economic development and has significant impact on business climate and competitiveness in the world economy. Significant efforts have been made in Russia for the past decade to improve quality and accessibility of public services for citizens. To evaluate the results of these efforts, special studies have been conducted. Both methodology and key results of these studies are presented in this article. The outcomes of the representative sociological survey suggest that despite overall level of citizens’ satisfaction with public service delivery is quite high, there is room for further improvement. Significant variance has been found both among types of public services and among regions. The rate of satisfaction with public (both state and municipal) services in Russia is still lagging behind similar assessments made for non-public sector. The article defines the core factors (both objective and subjective) influencing the level of citizens’ satisfaction with public service delivery and contains quantitative assessments of these relationships. The article also identifies key problems in the area of public service delivery and suggests some recommendations.
Key words: administrative reform, public services, municipal services, service state.

Vladimir Yuzhakov¹, Dr. Sci. (Phyl.), professor, director.
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Vladimir Boikov, Dr.  Sci. (Phyl.), professor, Honored worker of Science, director
Elena Dobrolyubova¹, lead scientific staff.
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Andrei Pokida², Cand. Sci. (Soc.), senior researcher.
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Natalia Zybunovskaya², research associate.
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¹ Center for Public Administration Technologies.
² Center for Social and Political monitoring.
Institute of Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration (82, Vernadsky prosp., Moscow, 119571, Russian Federation).

Along with the economic objectives, business owners have non-economic priorities, which reflect their individual preferences and personal aspirations. The article examines the impact of these objectives on the organizational structure of holding type corporations. For determining the nature of such influence it is offered to group business owners in extent of their administrative participation in commercial operation of assets into five main categories. It is stated in the article that different categories of owners are consistent with the organizational and administrative forms of corporations. Based on this statement, the author shows how non-business priorities of owners influence the organizational structure of holding type corporations, function of the corporate head-office and other business units of the corporations. The article also describes the mechanism how non-business purposes influence the nature of «horizontal» and «vertical» interaction of various structural units of the corporation; the author noted the necessity and possible trends of assets’ coordination and non-business priorities of entrepreneurs.
Key words: non-business purposes, organic rationality, entrepreneurs, owners, organizational structure, holding type corporations.

Dmitry Zhdanov, Cand. Sci. (Econ.), Associate Professor, Russian Presidential Academy of National Economy and Public Administration (82, prosp. Vernadskogo, Moscow, 117517, Russian Federation).
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The article analyzes the relevant issue of the alleged shortage of physicians in Russia. The estimates of physicians undersupply are critically discussed. The major imbalances in the composition of physicians supply are presented. The estimates are made of the impact of structural changes in the service delivery system on the total need for physicians. Directions of labor policy aimed at overcoming structural imbalances in physicians supply are suggested. The main conclusions: 1) the number of physicians available may be sufficient to meet the population’s health care needs subject to the major changes in the structure of service delivery and composition of health workforce; 2) the policy of extensive increasing the supply of physicians should be re-considered.
Key words: physicians supply and demand, health care workforce, labor policy, structural changes in health care delivery.

Igor Sheiman, Cand. Sci. (Econ.), honored economist of the Russian Federation. professor­, National Research University High School of Economics (20, Myasnitskaya ul., Moscow, 123100, Russian Federation).
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Vladmir Shevski, honored physician of the Russian Federation, consultant, National Research University High School of Economics (20, Myasnitskaya ul., Moscow, 123100, Russian Federation).
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The paper suggests an institutional approach to coexistence of different legal systems (or their elements) within one society, usually called legal pluralism. It is argued that contemporary institutional theory gives an account for the existence of competing legal norms in a social system. The institutional theory expects legal pluralism to be observed when legal norms from different systems have their own beneficiaries, enforcement, etc. It is shown in the paper that this expectation is borne out for rather intricate legal pluralism phenomena in Russian North Caucasus. The study of land property regulation in a village of Daghestan, based on the author’s field research, demonstrates that elements of non-state legal systems (Sharia law, traditional law) are active if and only if they get a substantial support as institutional norms. This is the reason both for existence of legal pluralism and for lack thereof in various realms of legal regulation.
Key words: institutional theory, legal pluralism, North Caucasus.

Konstantin Kazenin, Cand. Sci. (Philol.), senior researcher, Russian Presidential Academy of National Economy and Public Administration (82, bld. 1, prosp. Vernadskogo, Moscow, 117517, Russian Federation).
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