Abstract
The impact of Russia’s fiscal policy on current account balance and real exchange rate is studied. It is demonstrated that the deterioration of the general government balance in 2003-2013 contributed significantly to the fall in current account surplus during that period. A more detailed analysis reveals that this was mainly caused by an increase in imports associated with additional domestic demand growth due to expansionary fiscal policy, whereas the latter’s part in real exchange rate appreciation in 2003-2013 was quite limited. 
Key words: fiscal policy, current account balance, real exchange rate.
JEL: F41, H62.

Ilya Prilepskiy, Cand. Sci. (Phys.-Math.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract
It is shown that the ideology and strategy of socio-economic development can be based on the paradigm of sustainable development. This implies an increase of the national wealth as stocks of capital (human, natural, physical, social, cultural and structural) in time. Depending on the dynamics of the national wealth we can distinguish between the state of instability, adaptation, and sustainability. The paper proposes measures for Russia’s transition to the paradigm of sustainable development.
Key words: national wealth, genuine progress indicator, sustainable development, quality of life.
JEL: O10, O47, Q57.

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

Abstract
The paper deals with the socio-economic and political situation in the Western zones of occupation in Germany during the first years after the World War II — a time when on the background of the increase of new global conflict — the “cold war” — the premises for the free-market reforms of mid-1948 aroused. We analyze the legacy of the National-Socialist regime in terms of the theory of economic order, determine the impact of the policy of the military administration on the economic and ideological processes in post-war Germany, reveal the conceptual views of supporters of a social market economy, and explore the importance of the Marshall Plan and the change in the US foreign policy doctrine in relation to post-war West Germany in 1947.
Key words: economic system of the Third Reich, postwar Germany, occupation zones in Germany, Marshall-Plan, economic policy, occupation policy in Germany, international politics, institutional changes.
JEL: B31, F35, F42, N44, P16.

Sergey Nevskiy, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Faculty of Economics, Lomonosov Moscow State University
(1/46, Leninskiye Gory, Moscow, 119991, Russian Federation).

Abstract
The article reviews the current approaches to evaluating efficiency and effectiveness of public programs in Russia and suggests ways to improve these practices. In particular, the authors, in addition to calculation of the extent performance targets have been met, propose to take account of dynamics of performance indicators based on public programs performance index. The proposed approaches have been tested on the data related to public programs performance in 2014. The calculations have allowed to identify high performing public programs where positive implementation results are supported by some economy of budget funds. Further improvement of program evaluation quality should be supported by systemic application of the existing requirements to quality of performance indicators used to measure the success of public programs.
Key words: budget expenditures, public program, efficiency of public expenditures.
JEL: H41, H43, H83.

Vladimir Yuzhakov¹, Dr. Sci. (Philos.), professor. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Elena Dobrolyubova¹. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Oleg Alexandrov². E-mail: ovaleх@inbox.ru.

¹ Russian Presidential Academy of National Economy and Public Administration
   (82, Vernadskogo prosp., Moscow, 119571, Russian Federation). 
² CEFC Group (11/1, Sadovaya-Kudrinskaya ul., Moscow 121242, Russian Federation).

Abstract
Transition to preparation and performance of regional budgets based on governmental programs causes the necessity of effectiveness assessment of budget expenditures in frames of program approach. There are following definitions explained in the article: effectiveness of budget expenditures in accordance with the federal regulatory framework, and methodological approaches in assessing the effectiveness of budget expenditures. In the paper, you will find a generalized definition of spending effectiveness, as it is understood by federal legislation, and a methodology of budget spending effectiveness in frames of governmental programs, that is based on the above-mentioned definition. The methodology, unlike represented on federal level methodological approaches, allows assessing governmental programs in dynamics, in the course of their implementation period.
Key words: the Budget Code of the Russian Federation, budget of Russian constituent entity, program budgetary, the state programs, cost effectiveness.
JEL: H5, H7.

Roman Afanasiev, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Financial Research Institute (3 bld. 2, Nastasyinsky per., Moscow, 127006, Russian Federation).

Abstract
This paper is an analysis of the diffusion of innovation. The first section provided an overview of the issues and analyzed the problems of diffusion of innovations, the tools used in the economy of innovation. The second section is devoted to the problems of the diffusion of innovations in the concept of K. Lancaster, in which innovations are considered primarily as changes in quality (attributes) of goods. The final section the model of the optimal control of diffusion processes is proposed and using it by the methods of simulation analysis. 
Key words: diffusion of innovation, attributes, simulation analysis.
JEL: C02, C31, C63.

Mark Levin^1,2, Dr. Sci. (Econ.), professors. Е-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Ksenia Matrosova^1,2. Е-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

¹ National Research University Higher School of Economics
   (26, Shabolovka ul., Moscow, 119049, Russian Federation).
² Russian Presidential Academy of National Economy and Public Administration 
   (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).

Abstract
This paper proceeds an analysis of the diffusion of innovations. The aim of the study is to create a model of innovative processes in the coordinate of attributes or characteristics of the products. We present the original model investigating diffusion of innovations in the space of properties, allowing to analyze possible changes in the properties of innovative products and identify ways to predict the appearance of products with fundamentally new properties.
Key words: diffusion of innovation, attributes, evolutionary theory.
JEL: C02, C31, C63.

Kirill Bukin, Cand. Sci. (Phys.-Math.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

National Research University Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation).

Abstract
Innovative economy, which can generate large flow of innovations, produces huge demand for science and education, for freedom of creation, business and the development of intelligence. In case of Russia it means the necessity of serious institutional reforms. In order to explore the prospects and problems of innovative economy development in Tatarstan we have interviewed supervisors of 14 innovative companies of Kazan and 5 employees of IT and bio-tech companies. During the interview we reveal main factors of innovative activity and its problems.
Key words: innovative economy, factors of innovation activity.
JEL: O30, O32, O34.

Nina Oding, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Lev Savulkin, Cand. Sci. (Geography). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Leontief Centre (25, lit. A, 7-ya Krasnoarmeyskaya ul., St. Petersburg, 190005, Russian Federation).

Abstract
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to information asymmetry, lower development of legal system and investors’ protection rights, corporate governance is also important as efficient way to resolve agency conflicts. The paper contributes to the literature by reviewing and analyzing research papers on the corporate governance mechanisms and financing policy. Results confirm that the corporate governance matter for debt-to-equity choice: firms with better corporate governance tend to have higher leverages. A high-level corporate governance also results in a greater speed of adjustment to target financial leverage as firms with strong corporate governance can access financing on more favorable terms. 
Key words: corporate governance, emerging markets, capital structure, speed of adjustment, dynamic trade-off theory.
JEL: G32.

Maria Kokoreva, Cand. Sci. (Econ.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Aziza Ulugova. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

National Research University Higher School of Economics
(26 Shabolovka ul., Moscow, 119049, Russian Federation).

Abstract
The article analyzes the comparative characteristics of the two basic models of health care financing — social health insurance (SHI) and tax-financed systems. The insurance model has key benefits such as the target form of the funds’ collecting and the contractual nature in the interaction between health care purchasers and providers. Based on the theoretical analysis of these characteristics the hypotheses were formulated about the impact of funding models on the performance of health care system. These hypotheses were tested by estimating multifactor econometric model based on the data of 28 post-Soviet countries for the period from 1991 to 2012 (27 parameters). We obtained the following results: (1) the hypothesis that SHI system generates a more substantial inflow of health expenditure (compared with the budget model) has been confirmed; (2) the hypothesis of the relatively higher structural efficiency of health care has been partially confirmed: the rate of hospitalization per 100 inhabitants and the length of admission are lower in SHI systems, but the turnover of hospital beds is higher; (3) in the countries with the SHI model infant, child and general mortality indicators are significantly lower with ceteris paribus (the GDP per capita and the share of the elderly population). Also, mortality rates for most diseases are lower, but there are indicators that have statistically insignificant relationship with the current health care financing model. In discussing the obtained results the emphasis is made on the variability of the SHI organizational models in the different countries. The conclusion is that the benefits of the SHI model can be realized only when this model has a rational design. The Russian version of the SHI is significantly inferior to the version of this model in Estonia, but has the observable advantages over the organization of health care financing in the Republic of Belarus.
Key words: health care financing, social health insurance, post-Soviet countries.
JEL: I10, I13, I18.

Igor Sheiman, Cand. Sci. (Econ.), professor. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Svetlana Terentyeva. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

National Research University High School of Economics
(20, Myasnitskaya ul., Moscow, 123100, Russian Federation).

Abstract
The commuter rail service is socially significant in Russia. A high level of customer demand for the suburban rail service is observed in many country regions. However, despite of the Russian railway transport structural reform, the commuter rail service market still has no instruments to improve efficiency and service quality. The aim of this article is to display the necessity and the importance of Commuter Rail Service enhancement in Russia.
Key words: commuter rail service companies, commuter rail service, railway infrastructure, subsidy of the commuter rail service. 
JEL: H11, H54, L92.

Dmitry Agafonov. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Oksana Mozgovaya. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).