Abstract 
This article discusses the ways to improve the efficiency and effectiveness of Russia’s budget. Special attention is paid to anti-crisis budget measures, including the inadmissibility of shifting burden of the crisis on the poor, especially pensioners. The measures to overcome the recession and stagnation in the activation of fiscal policy are proposed.
Key words: economic crisis, budget policy, tax policy, privatization.
JEL: E61, E62, G18.

Abel Aganbegyan, academician, Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract
The article analyzes the current problems of the management of the state treasury property as part of the public sector of the Russian economy. The authors refer to the property complex of the state treasury in the narrow sense (excluding the budget funds, securities and land), i.e. to the area of property relations, which, despite the considerable scale, until the mid-2010s. remained outside the state regulation and detailed research. Apart from a brief review of relevant theoretical approaches, the authors analyze the quantitative parameters of the property of the state treasury within the structure of federal property in the 2000s., the formation and restrictions of the existing approaches to the management of treasury assets in government programs. The authors also consider the specific principles and areas for further implementation of the state policy in this sphere.
Key words: state treasury property, public sector, management, public enterprises, privatization, government failures, allocative efficiency, state programs.
JEL: G38, H82, H83, L30, P20.

Georgiy Malginov^1,2. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Alexander Radygin^1,2. Dr. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

¹ Russian Presidential Academy of National Economy and Public Administration
   (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
² Gaidar Institute for Economic Policy (3-5, Gazetny per., Moscow, 125009, Russian Federation).

Abstract 
Paper analyses the problem of public infrastructure investment efficiency, including prerequisites, budget risks, best practices of other countries and some ways of addressing this issue. First part compares cost of investment and resulting quality of infrastructure. On this basis author concludes that efficiency of investment in infrastructure in Russia is rather low compared with developed and some developing countries. Further paper examines prerequisites of this phenomenon. All effects are divided into two levels: operational (high costs of projects implementation) and strategic (inefficient decisions). Third part of the paper deals with impact of inefficient investment policy on budget risks. In particular, author looks at such decision as investing National Wealth Fund in infrastructure projects and analyses it using existing evidence on implementation of large infrastructure projects. The fourth part proposes ways to increase efficiency of investment and reduce the risk. Paper concludes that Russia has a great potential to foster efficiency of public investment in infrastructure, at the operational as well as at the strategic level. This will facilitate reduction of corresponding budget risks, in particular, risk of non-return and risk of value increase. The former will be realized through more accurate and objective project selection process. The latter will come into effect though the improvement of monitoring system.
Key words: public investment, infrastructure projects, budget risks.
JEL: H54, H4, L9.

Alexandra Morozkina, Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation); 
Economic Expert Group (5/4, Vetoshniy per., Moscow, 109012, Russian Federation).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract 
In contrast to many other countries oriented on the development of internal stock market collective investment in Russia still does not play an active role in mobilization of internal private savings. It is caused by low return level and higher risks of investment in Russian companies’ securities as well as problems of lack of Russian mutual funds effectiveness. Based on a unique dataset which contains information about 755 open and interval mutual funds and its management companies’ characteristics over a period 2000-2013 it is shown that cost reduction, effect of economy of scale, professionalism of managers, diversification of investments on the global market, specialization of management companies can have a positive impact on the profitability of funds. Based on our research one can conclude that effectiveness of fund share sales mainly determines by current return and level of management costs. Thus, increasing the profitability of portfolio strategies and cost reduction would significantly increase the attractiveness of mutual funds for individual investors.
Key words: mutual funds, excess returns, unit investment funds, net flow of funds, Russian securities market, management companies, asset management.
JEL: D14, E44, G12, G15, G18, G23, G28.

Alexander Abramov¹, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Ksenia Akshentceva¹. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Alexander Radygin^1,2. Dr. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

¹ Russian Presidential Academy of National Economy and Public Administration 
   (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
² Gaidar Institute for Economic Policy (3-5, Gazetny per., Moscow, 125009, Russian Federation).

Abstract 
On the example of the railway transport is considered the implementation of the “mobilization” for economic development during the first Soviet five-year plans. It was revealed that it was not allowed to achieve higher growth of freight traffic volume and quality performance indicators in comparison with the recovery period after the First World War and the Civil War, occurring under the New economy policy. Growth of traffic in the first five-year plans was very unstable and did not meet the needs of the economy, which, in turn, did not provide a supply of railway of productive resources in the required quantities. At that time, a system of universal shortage has been already formed. Economic development was characterized by significant imbalances, low innovation and inefficiency. There are was a conclusion, which is based on the conducted analysis, about the need to implement innovation-oriented model of market economy development.
Key words: mobilizational scenario of development, five-year plans, railway transport, deficit.
JEL: H30, L92, N70, N74, P21, P27.

Dmitry Macheret, Dr. Sci. (Econ.), professor, Moscow State University of Railway Engineering (MIIT)
(9 bldg. 9, Obraztsova ul., Moscow, 127994, Russian Federation). 
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract 
The article discusses the main results of 2014 in comparison with 2013 year. Trend analysis­ and forecasts of macroeconomic and sectoral indicators for 2015-2016 years are performed. Analyzes the situation in the in the budget politics, the real sector of economy and provides forecasts for the development of industrial production, agriculture, capital ­construction. Offers a variety of options for the development of the economy. Assesses the impact of foreign sanctions, as well as the impact of energy prices, the national­ currency­, inflation expectations­ in the socio-economic development. The factors contributing­ to the macroeconomic development of the economy are considered. The authors compare the dynamics of the Russian economy and global economic trends.
Key words: macroeconomic indicators, forecast, budget politics, investment activity.
JEL: Е32, О11, Р27.

Alexander Frenkel, Dr. Sci. (Econ.), professor. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Yakov Sergienko, Dr. Sci. (Econ.), professor. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Boris Tichomirov, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Ludmila Roshchina. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Department of macroeconomic analysis and forecasts, Institute of Economy, RAS
(32, Nakhimovskiy prosp., Moscow, 117218, Russian Federation).

Abstract 
The paper analyzes Moscow office rental prices in a hedonic model and builds a hedonic index for 2001-2010. The main hedonic factors, determining about 70% of the rental price variation, are the class of the office building, location, and transport accessibility. Hedonic index shows that during the boom of 2005-2008 the rental price of a comparable object grew by a factor of 2.4 in US dollar terms, but this increase was reversed completely during the crush after the global financial crisis. The paper underscores the importance of using hedonic indices instead of simple average price series for the analysis of long-term trends in real estate markets, because hedonic indices take into account the changes in composition and quality of office objects on the market.
Key words: hedonic price model, hedonic index, Moscow, office real estate.
JEL: R33, L85, L13.

Anna Ignatenko, M.A. (Econ.), University of California, Davis (1 Shields Ave, Davis, CA 95616 USA).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Tatiana Mikhailova, Ph.D., Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
 E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract 
The legal design “abuse of collective domination” corresponds to behavior of the companies, which economists know as “tacit collusion”: the interdependence of sellers is profitable to support high price even in the absence of the obvious agreement between them. There are the factors of model of tacit collusion on the Russian markets of fuel products. However, as the analysis showed, even during alleged violation of antitrust legislation (high monopoly price fixing as abuse of dominant position) the actual prices of sellers can not correspond to model of tacit collusion.
Key words: tacit collusion, abusive collective dominance, market power, Russian market of fuel products.
JEL: K21, L13, L41.

Gyuzel Yusupova, Cand. Sci. (Econ.), associate professor, Faculty of economic science,
National Research University Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Olga Kiseleva, M.A. (Econ.), New Economic School
(47, Nakhimovskiy prosp., Moscow, 117418, Russian Federation).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract
The standard theory of public goods is an established part of the theory of public finance. It is critically examined in the article. The author has demonstrated that the theory of public goods could be neither an empirical explanation nor a normative justification for government production of any good. Then he develops a political-economic theory that explains the fact that some goods are produced by government by reference to the government’s self-interest which consists of its own power and wealth buildup. In this context the theory of public goods and its propagation are explained as an integral part of the institutional system which secures maintenance and expansion of the government’s power over society.
Key words: theory of public goods, private production of public goods.
JEL: D72, H4, H52, H56.

Randall G. Holcombe, DeVoe Moore professor of economics, Department of economics, Florida State University
(288 Bellamy Building, Tallahassee, FL 32306-2180).
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it