Article is devoted to the research of the influence the informal employment has on the pension system sustainability in Russia. The impact of the informal employment reduction on the basic pension system parameters is estimated. The socio-demographic characteristics of the informal workers are analyzed. Recommendations for the informal employment reduction are given in order to improve the pension system sustainability.
Key words: informal employment, hidden remuneration, pension insurance contributions, Pension Fund budget balance, the replacement rate.

Elena Grishina, Ph. D. (Econ.), head of Pension System Research and Social Actuarial Forecasting Laboratory.
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Yulia Dormidontova, research fellow.
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Victor Lyashok, research fellow.
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Institute for Social Analysis and Forecasting, Russian Presidential Academy of National Economy
and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).

This paper deals with the history of the preparation and conduct of monetary reforms in 1948 in West and East Germany. The authors analyze the economic background, the reasons for reforms and the various options for their conduct, the course of monetary reform in West and East Germany as well as in Berlin, and, last but not least, the socio-economic and political consequences of the reforms for the further development of the FRG and the GDR.
Key words: postwar Germany, occupation zones in Germany, monetary reform, economic policy, occupation policy in Germany, international politics, inflation, institutional changes..

Roman Boldyrev, Cand. Sci. (History), associate professor, Department of world history, Lomonosov Northern (Arctic) Federal University (17, Nab. Severnoj Dviny, Archangelsk, 163002, Russian Federation).
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Sergey Nevskiy, Cand. Sci. (Econ.), associate professor, Faculty of Economics,
Lomonosov Moscow State University (1/46, Leninskie Gory, Moscow, 119991, Russian Federation).
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The presence of digital piracy on software markets significantly affected the incentives and constraints of economic agents. This fact has a considerable impact on market interaction results, leading to a shift in the market equilibrium and social optimum. The developed model explains the author's choice of distribution strategy, namely the level of copyright protection and pricing, for digital or analog versions of software. It also helps to assess the welfare effects of digital piracy and opportunity of protection against it for different strategies of the rightholder.
Key words: digital piracy, software markets, technical measures of copyright protection.

Anastasia Komkova, junior research assistant^1,2.
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Alexander Kurdin, senior research assistant¹; research assistant².
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¹ Center for Competition and Economic Regulation Research, Russian Presidential Academy of National Economy
   and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
² Department of Competition and Industrial Policy, Faculty of Economics, Lomonosov Moscow State University.

This article concerns the question of behavioral antitrust and investigates the potential of behavioral economics in antimonopoly policy and its possible limitations. The main conclusion of the analysis is that the crises of neoclassical models, emergence of new types of markets and new types of infringements and also the development of alternative theories makes antitrust policy consider new approaches, and one of them could be based on behavioral economics.
Key words: behavioral antitrust, antimonopoly policy, crises, perfect rationality, cognitive bias.

Anastasia Shastitko,graduate student, Economic department, Lomonosov Moscow State University
(46 Bldg. 1, Leninskie gory, Moscow, 119991, Russian Federation);
PhD student, Economic department, New School for Social Research (72 Fifth Avenue, New York, NY 10011, US);
junior research fellow, Russian Presidential Academy of National Economy and Public Administration
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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The paper describes the method to estimate the market power which is applied for setting maximum electric capacity prices in Russia. Shortcomings of the method are discussed that result in overestimation of market power. A modification of the method is proposed that takes into account network transfer capabilities between the free power transfer zones. Application of residual supply index is shown under capacity market conditions. The index is modified to take into account network transfer capabilities and long-term contracts. Based on the residual supply index calculation for the second price zone of the Russian capacity market (Siberia) a conclusion is made that regulation of maximum capacity price is worth being cancelled for some suppliers. It is shown that long-term contracts can be an efficient tool to restrain market power of electric capacity suppliers.
Key words: electric power industry, capacity market, price regulation, market power, concentration ratio, residual supply index.

Mikhail Vasilyev, Dr. Sci. (Tech.), researcher, Energy Systems Institute of Siberian Branch of Russian Academy of Sciences (130, Lermontova ul., Irkutsk, 664033, Russian Federation).
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By the end of the 1980s — beginning of 1990s China faced a number of internal and external political and economic challenges. Deepening structural macroeconomic and regional embalances, inflation growth pushed the increasing political rivalry between conservatives and reform supporters. The events at the Tiananmen Square were followed by sanctions from the Western countries that covered, mostly, military cooperation and trade in technological products, negatively influencing Chinese imports. China's response to the unstable political, economic and social circumstances was to accelerate the reforms, perform wide trade liberalization, export support and macroeconomic stabilization. These reforms predefined the China's leading positions in the world markets in the next decades.
Key words: trade liberalization, China, Deng Xiaoping, sanctions.

Pavel Kadochnikov, Cand. Sci. (Econ.), vice-rector for research.
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Maria Ptashkina, post-graduate student, researcher, Center for Fundamental Studies.
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Russian Foreign Trade Academy (4a, Pudovkina ul., Moscow, 119285, Russian Federation).

The aim of the paper is toshow the influence of the sanctions imposed by the EU and North America in the medium and long term. The sanctions will have not only the opportunistic current impact on the stability of Russia's economic development, but also will be characterized by delayed negative effects in the long run. The sanctions is a recognized tool of regulation and optimization of international relations, they have both negative and positive impact on the economy of the country. The positive impact is that sanctions are a stimulant of economic development at the expense of the internal potential of the state. Russia has such potential to be used more efficiently in order to reduce the negative effects of sanctions.
Key words: economic sanctions, embargoes, Russia, the United States, the West, the EU and Ukraine.

Mikhail Dudin, Dr. Sci. (Econ.), associate professor, senior research fellow.
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Nikolay Lyasnikov, Dr. Sci. (Econ.), professor, leading research fellow.
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Laboratory of Strategic management of development of the national economy, Russian Presidential Academy of National Economy and Public Administration (82, Vernadsky prosp., Moscow, 119571, Russian Federation).

Possible economic results of international sanctions induced by Crimea crisis are viewed. The author analyzes different scenarios and assumes high probability of targeted sanction against Russian firms using nationalized resources in Crimea. The consequences of such sanctions may be localized by lawful distinguishing group of special firms using "disputable" resources and receiving special compensation for risk from the government. Such firms are defined as firms — special agents of special economic and law zone. Suggested special agent law has to be based on active "foreign agent" law, assigned to localize political risk induced by independent non-government organizations with foreign financing. Such mechanism is able to isolate firms using "disputable" resources by creating them special image in legal business community. Thus, the risk induced by sanctions will be justly distributed.
Key words: special economic zone, Crimea, targeted sanctions, distribution of risk, nationalization.

Boris Korneychuk, Dr. Sci. (Econ.), professor, faculty of economics National Research University
"Higher School of Economics" (16, Sojuza Pechatnikov, Saint Petersburg, 190008, Russian Federation).
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The paper focuses on the specifics of government regulation of higher education market in Russia. We propose a theoretical model of price competition between universities under vertical differentiation, where each university provides services in accordance with state-funded quota and sets the price for the services produced above this quota. It is shown that efficient allocation of state-funded quota between universities brings equalization of the tuition fees under identical marginal cost but it does not result in socially efficient allocation of resources. The analysis of price regulation that sets minimum tuition at the level of state-funded financing level revealed that this regulation is beneficial for the universities that had their tuition fees higher than, at the level of, or slightly below the level stated by the government. Universities with tuition fees far below this level are definitely worse off after introduction of this price floor. It is demonstrated that this price regulation does not necessarily bring an increase in social welfare.
Key words: equilibrium, competition, higher education, state-financed quota, price regulation.

Alexey Verbetsky, deputy director, Center for Public Policy and Public Administration, School of Public Policy,
Russian Presidential Academy of National Economy and Public Administration
(82, Vernadsky prosp., Moscow, 119571, Russian Federation).
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Alla Friedman, Dr. Sci (Econ.), professor, National Research University Higher School of Economics
(20, Myasnitskaya ul., Moscow, 101000, Russian Federation).
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The article analyzes the experience of "fiscal rule" in Russia and prospects of current "fiscal rule" modification , which according to the authors opinions, has disadvantages. Best practice of using "fiscal rule" in the export-oriented countries shows that the national budgets should take into account not only the price cycle of basic commodities, but also the economic cycle of non-oil income. Before sharp decline in oil prices in 2014, Russian Government had an active discussion about "fiscal rule" easing to raise the level of budget expenditures. If not take into account the sharp drop in oil prices, which suspended such discussions, the "fiscal rule" in Russian economy brings both institutional and macroeconomic risks. The development of the Russian economy should be supported and stimulated without increasing government spending. It is necessary to make qualitative changes in the policy of budgetary expenditures.
Key words: structural balance, oil and gas revenues, public investment.

Rasoul Musaev, Dr. Sci. (Econ.), professor.
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Anton Malakhov, post-graduate student.
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Faculty of Economics, Lomonosov Moscow State University (1/46, Leninskie gory, Moscow, 119991, Russian Federation).

The article examines the institutional support of the regional business environment as the basis for successful socio-economic development of the region using the methodology of constructing a matrix of institutional business model analysis of the process of formation of the institutions of the business environment in the region. The authors make the conclusion of the decisive role of the institutional configuration of the business environment in the existing differences in the level of socio-economic development of regions. The maintenance of a favorable institutional configuration of the regional business environment encourages entrepreneurial activity on the territory can not be permanent, and its development is cyclical. Simulation parameters forming and maintaining a favorable institutional configuration of the business environment in the Russian regions are considered. Methodical toolkit that allows regional authorities to calculate the parameters of the formation and maintenance of a favorable institutional configuration of the business environment and to make rational management decisions on this basis. The article provides an opportunity to justify the approach and form a theoretical — methodological basis for the development of practical mechanisms for designing and maintaining a favorable long-term future of the institutional configuration of the business environment in the region, which is resistant to the adverse effects of the external environment, and can also help to reduce the risks to regional institutional business space, in turn will provide long-term sustainable growth of investment and entrepreneurial activity in the region.
Key words: enabling institutional configuration of the regional business environment, regional authorities, business capacity of the business environment.

Rustam Malikov, Dr. Sci. (Econ.), professor, head of the department "Economics and Management".
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Konstantin Grishin, Cand. Sci. (Econ.), assistant professor of the department "Economics and Management".
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Ufa State University of Economics and Service (145, ul. Chernyshevskogo, Ufa, 450078, Russian Federation).

The article analyzes the process of economic development through deepening of division of labor and introduction of more roundabout (or indirect) methods of production. Both are closely related to the phenomenon of increasing returns. The author deduces from this fact that the division of labor is a cumulative, self-reinforcing process, in which every re-organization of production, sometimes described as a new invention or application of scientific progress to industry, alters the conditions of industrial activity and initiates responses elsewhere in the industrial structure which in turn have further unsettling effects. The apparatus of general equilibrium theory is not particularly helpful for the purpose of an inquiry into these broader aspects of increasing returns.
Key words: division of labor, increasing returns, roundabout methods of production, economic progress, general equilibrium theory.

Allyn Abbot Young (1876—1929), american economist.