Abstract
The paper deals with the mechanisms of transformation of stochastic economic losses into a stable pattern of “empty” or “bubble” prices not backed up with costly goods and services. The author explains how mistakes in economic activity and business objectives often accumulate and lead to system distortions of economic information, structural disparities, institutional traps and other negative effects. The author considers this combination of mechanisms as an “useless product economy”. Those occasional losses are present in any economy. However, a significant increase in such losses is dangerous and can lead to crises. The author considers the methods of description, prevention and elimination of unnecessary production.
Key words: useless product, objectives, economic information, forecast, institutional traps, crises.

Andrey Blokhin, Dr. Sci. (Econ.), Institute of Economic Forecasting, Russian Academy of Sciences
(47, Nakhimovsky prosp., Moscow, 117418, Russian Federation).
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Abstract
The article examines the correspondence of present-day system of nonstandard refinancing tools used by Bank of Russia to the best practices of other central banks. We consider two main types of facilities: specialized Bank’s of Russia loans to commercial banks and longer-term operations. The study of nonstandard liquidity provision measures undertaken by the Bank of Russia revealed that the main challenges for the monetary policy implementation are enhancing the transparency of monetary policy, minimizing its distortional effects and appropriate risk management. Improvement in policy transparency could increase the level of credibility of monetary policy measures.
Key words: unconventional monetary policy measures, central bank’s liquidity providing facilities, indirect credit easing, direct credit easing, quantitative easing.

Pavel Trunin^a, b, Cand. Sci. (Econ.)
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Natalia Vashchelyuk^b
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^a Gaidar Institute for Economic Policy (3‑5, Gazetny per., Moscow, 125009, Russian Federation).
^b Russian Presidential Academy of National Economy and Public Administration
  (84, Vernadskogo prosp., Moscow, 119571, Russian Federation).

Abstract
Based on the understanding of typology as the doctrine on classification, organizing and systematization of complex objects, the author takes an attempt to analyze the establishing the basic types of bourgeois representative organizations at the second half of XIX — beginning of XX centuries. These organizations, which were usually created from the above, at the initiative of the state, played a major role in the economic activity of the country. The industrial entrepreneurial congresses whose activity was not ceased even during the First World War were the most active in defending their corporate interests.
Key words: trade-industrial class, representational organization, exchange committees, industrial congresses, employers unions, chambers of commerce, chambers of industry.

Alexander Bessolitsyn, Dr. Sci. (Econ.), professor, Russian Presidential Academy of National Economy
and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
Discretion in choosing the type of violation after administrative investigation decreases the incentives of alleged violator to produce and present evidence in his favor in the process of investigation, and at the same time increases the expenditure of those who decide to spend resources on presenting evidence. Responsible authority however might be interested in the system of discretionary choice of the type of violation at the late stage of investigation, if performance indicators directly or indirectly rely on the infringement decisions made. One implication of the analysis is doubts on the effectiveness of the antitrust compliance programs developed by companies, which should be subject of the same type of uncertainty about the alleged law violation.
Key words: аntimonopoly law, legal uncertainty, enforcement models, adversarial process, inquisitorial process.

Svetlana Avdasheva^a, Dr. Sci. (Econ.), professor.
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Andrei Shastitko^b,c, Dr. Sci. (Econ.), professor.
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^a Faculty of Economic Science, National Research University Higher School of Economics
  (26, Shabolovka ul., Moscow, 119049, Russian Federation).
^b Economic Faculty, Lomonosov Moscow State University;
^c Russian Presidential Academy of National Economy and Public Administration
  (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).

Abstract
The article deals with the main purposes of conclusion of bilateral double taxation treaties (DTTs) and possible consequences of their application, in particular, the effects on the investment potential and budget system balance in the exporters and importers of the capital. Given paper considers the specifics of Russian DTTs structure and the degree of its correspondence to the model conventions, as well as peculiarities of evolution of international treaties with various groups of countries in 1980-2010s. The authors predict spatial development of the DTTs system in Russia, which could be characterized by at least four stages since the early 1990s, and focus on the ways of risks minimization following new agreements conclusion. Particular attention is paid to the problem of the influence of effective treaties on the dynamics of investment inflow and outflow; it is noted that the results of relevant studies do not give a clear answer to the question about the nature of the dependence of cross-border capital flows and DTTs application.
Key words: international investment agreements, double taxation, income taxes, corporate taxes, capital taxes, tax optimization, treaty shopping, foreign direct investment, cross-border capital flows, Russia.

Mikhail Lobanov ^a, Cand. Sci. (Econ.).
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Elena Zvezdanović-Lobanova^b, MSc.
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^a Institute of Economics, Russian Academy of Sciences
  (32, Nakhimovskiy prosp., Moscow, 117218, Russian Federation).
^b Institute of Social Sciences (45, Kraljice Nataljie str., Belgrade, 11000, Serbia).

Abstract
Nature of the Russian economy dependency on import has gained special relevance in the result of weakening of national currency. Starting from 2005 the effect of foreign imports on Russian economy has undergone considerable changes. While during the period of rapid growth imports were primarily driven by consumer goods, after the crisis import structure has shifted towards greater importance of goods for businesses including semi-finished products. Current article analyzes the evolution of Russian import of intermediate, consumer and investment goods. Decrease of the extent of dependency on import will become crucial for boosting the economic activity in the context of deepening complications of the foreign trade and weakening of national currency. Therefore, in the conclusion of the analysis, the paper suggests ways for import substitution industrialization as a driver of economic growth in medium-term prospect.
Key words: economy dependence on import, exchange rate, intermediate goods import, consumer goods import, investment goods import.

Olga Berezinskaya, Institute of Applied Economic Researches, Russian Presidential Academy of National Economy
and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
This paper gives the empirical analysis of the impact of the boards of directors’ composition and structure and the personal characteristics of the boards’ members on corporate performance of Russian public and non-public companies. Hypothesis that describe the influence of the boards’ characteristics on corporate performance are tested on the panel data of 200 Russian large and medium joint-stock companies during the period between 2007—2011. As a result, we show that firms’ efficiency depends on a number of the boards’ characteristics (the share of the executive directors, the number of directors with the working experience in the industry, chairman working in the boards of other companies).
Key words: board of directors, empirical analysis, Russia.

Yuliya Dulyak, UniCredit Bank (9, Prechistenskaya nab., Moscow, 119034, Russian Federation).
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Abstract
The subject of the study is to examine the current system of taxation of vehicles and searching for new opportunities to increase revenues from this tax to the budgets of subjects of the Russian Federation. The researcher reviewed the current state of the transport tax, identified the problems in individual elements of the tax and offered evidence-based solutions. The comparative method, allowing to compare indicators of vehicle tax in different periods of time and to determine the effect of tax rates is applied. On the basis of the analytical method the researcher calculated the share of the transport tax collected in all regions of the Russian Federation, and separated the individual share of tax levied on companies and individuals. The share of transport tax revenues of the consolidated budget of the Russian Federation, as well as in the “Property Taxes” is shown. The author has revealed current problems of taxation of vehicles and suggested ways to enhance the role of the tax. In particular, it is proposed to ensure the information resource to strengthen the procedure of state registration in accordance with the law, a clarification tax (the owner or user). It is proposed to link the taxation of vehicles to engine power and mileage. The paper considers recent changes in tax legislation on vehicle tax.
Key words: transport tax, tax revenue, property taxes, elements of the tax.

Fatima Aguzarova, Cand. Sci. (Econ.), North Ossetian State University
(44-46, ul.  Vatutina, Vladikavkaz, 362043, Republic of North Ossetia-Alania, Russian Federation).
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Abstract
The author analyzes the self-regulation of “informal” economy in the coastal fishing in Northern Dagestan using Institutional Analysis and Development framework elaborated and developed by E. Ostrom. The overall goal was to identify the basic patterns of interactions among the members of local fishing community and propose some effective tools to improve state regulatory policy in the sphere of coastal fishing. Usual set of anthropological and sociological tools was used by the author to analyze the processes, including life story, structural and semi-structural interview, focus groups, informal conversations and short-lasting participant observation as the main one. Results of the study can be seen as follows: first, the state (constitutional) level of decision-making is significantly separated from the others: collective and operational (day-to-day life of community members). As a consequence, many local fishers in the border area who spent all their lives fishing ignore rules introduced by the state agencies and are accused of poaching; second, Nogai kinship relationships are seen as the most influential factors in distributing specially designated fishing areas (DFAs) and individual transferable quotas (ITQs) among the members of fishing community, thereby excluding non — Nogai fishers from legal fishing; third, illegal brigade as a social unit specializing on the sturgeon poaching is seen as most appropriated form of organization for local fishers, as far as it presents more equal opportunities for participation in fishing activities than official fishing enterprise does.
Key words: state regulatory policy, communal self-regulation, informal economy.

Ilya Ermolin, Cand. Sci. (Polit.), Gaidar Institute of Economic Policy; Russian Presidential Academy
of National Economy and Public Administration (82, Vernadsky prosp., Moscow, Russian Federation, 119571).
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Abstract
From the beginning of modern macroeconomics the real-world possibility of the liquidity trap situation that was initially discovered in quasi-static models became a matter of great debate. Using a simple macroeconomic model the author shows how the liquidity trap could be realized in dynamic context. The finding for interpretation of the causes of the depressive conditions that the Japan’s economy endures from the beginning of the 1990-s are used.
Key words: liquidity trap, Keynesianism, depression in Japan, inflationary expectations.

Paul Krugman, professor, University of Princeton (Princeton, New Jersey 08544 USA).

Abstract
Subject of studies published in peer-reviewed collection of the articles by Farid Khusainov — in the opinion of the author reviews — is very complex, dramatic, waged with varying success struggle for the railroad between the forces of economic freedom and modernization, on the one hand and archaic forms of traditionalism and bureaucracy — on the other. Review focuses the reader’s attention on the fact that if a segment of cars were carried out reforms in other segments — continues to fight for something that would reform they are not touched. Thus, the locomotive traction is still in fact is in a monopoly position, which can be regarded as an act of violent and unlawful retention of a monopoly in the captive market players who have long to be released. It is noted that all the materials are written peer-reviewed collection vivid, bright, in a polemical manner, the scientific approach is accompanied by a journalistic direction, and the argument is designed not only for professionals but also for a wide range of readers.
Key words: railways, reform, monopoly, market of transport services, de-monopolization.

Andrey Guryev, Cand. Sci. (Hist.), Information and consulting agency “IFOLine-Analytics”
(28, Kima prosp., St. Petersburg, 199155, Russian Federation).
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