Abstract
In his speech at the Gaidar Forum—2016 author touches the most urgent problems of the world economy. According to him, the faster acceleration of growth in developed countries and slower — in developing markets will be observed. The economic difficulties that could face the major players in the global economic field — US, EU, Russia, China, Brazil, Turkey and others are considered. However, the author believes that the current economic situation is unlikely to entail a massive political backlash.
Key words: world economy, global economic crisis, monetary policy.
JEL: F02, F30, F63.

Barry Eichengreen, professor, University of California, Berkeley, Department of Economics 
(530 Evans Hall, MC #3880 Berkeley, CA 94720-3880, USA).
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Abstract
Inequality between world citizens in the mid-19th century was such that at least a half of it could be explained by income differences between workers and capital owners in individual countries. Real income of workers in most countries was similar and low. This was the basis on which Marxism built its universal appeal. More than 150 years later, in the early 21st century, the situation has changed fundamentally: more than 80 per cent of global income differences is due to large gaps in mean incomes between countries, and unskilled workers¢ wages in rich and poor countries often differ by a factor of 10 to 1. This is the basis on which a new global political issue of migration has emerged because income differences between countries make individual gains from migration large. The key coming issue will be how to deal with this new challenge while acknowledging that migration is probably the most powerful tool for reducing global poverty and inequality.
Key words: global inequality, class inequality, global poverty, international migration.
JEL: B14, F22, F60, I32.

Branco Milanović, professor, City University of New York (205 E 42nd Street, New York, NY 10017); 
LIS Cross-National Data Center (Maison des Sciences Humaines 5e étage 11, 
porte des Sciences L-4366 Esch-Belval, Luxembourg).
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Abstract
This paper compares two popular views on the evolution of income inequality. The one of Simon Kuznets, which was published in American Economic Review in 1955, considers inequality as a byproduct of economic growth and suggests that a relatively rich economy should be also less unequal. On the contrary, Thomas Piketty shows that inequality is progressing, and an internationally coordinated policy is required in order to place inequality under control. We apply the arguments of Kuznets and Piketty to the problem of income inequality in modern Russia.
Key words: income inequality, economic growth, labor income, economic rents, CEOs.
JEL: D63, I24, O47.

Ivan Lyubimov, PhD in Economics, Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
This study illustrates the dangers of incorrect use of terminology when classifying commercial practice. The focus of the research is the term “intermediary” associated with a fairly narrow functionality of the relevant company and even negative economic and social effects. The use of this term in antitrust investigations without conducting analysis of economic activity of the entity may result in erroneous normative conclusions. The study is based on the results of theoretical studies in the field of the New institutional economics and Project management. In this article the authors analyze the range of issues that are in the area of responsibility of the organization-manager of a complex capital-intensive project. The analysis illustrates that qualification of any commercial practice without making deep economic analysis and basing just on the terminology associated with negative socio-economic effects, is hazardous as it may lead to erroneous normative conclusions.
Key words: intermediary, project manager, economic policy, hostility tradition in antitrust.
JEL: K21, M11, M21.

Svetlana Golovanova, Dr. Sci. (Econ.), professor, National Research University Higher School of Economics,
N. Novgorod (25/12, B. Pecherskaya ul., N. Novgorod, 603155, Russian Federation).
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Andrei SHASTITKO, Dr. Sci. (Econ.), professor, Economic Faculty, Lomonosov Moscow State University 
(1-46, Leninskiye Gory, GSP-1, Moscow, 119991, Russian Federation); 
Russian Presidential Academy of National Economy and Public Administration 
(82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
The article present the problems of improving access to electrical network for new customers. It characterizes the influence of terms and costs of connection to distribution network on favorable investment climate. The aspects of the grid companies’ network connection activities in Russian Federation and different countries were studied. It summarized the connection charge formation principles and methods used by government regulators in different jurisdictions are summarized. Finally the proposals and recommendations improving the Russian Federation electricity distribution network connection are suggested.
Key words: government regulation, natural monopoly, investment climate, infrastructure, connection charge, connection fee, tariff policy, connection to electricity distribution network, economic development, electricity distribution networks, networks infrastructure, electricity customers.
JEL: L11, L12, L52, L94, Q48.

Sergey Repetyuk
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Oksana Mozgovaya
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Boris Fayn
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Natural Monopolies Economics Institute, Russian Presidential Academy of National Economy and Public Administration (82, Vernadsky prosp., Moscow, 119571, Russian Federation).

Abstract
The present study focuses on the deterrence effects of Russian merger control. The impact of merger control instruments (remedies and prohibitions) on future merger activity reflects the mechanism of the deterrence effects. We use panel data on merger control decisions to estimate empirically the ability of antitrust actions to deter firms from merging. The estimation procedure was based on several methods including Arellano—Bond estimator. The findings of the research illustrate the presence of deterrence effects of Russian merger control. At the same time remedies do not involve deterrence effects in Russia whereas prohibitions can deter future merger activity. Studying deterrence effects of merger policy tools may be an essential step in understanding benefits of merger control as deterrent effects may be even more substantial than direct effects of merger control.
Key words: antitrust policy, merger control, deterrence effects.
JEL: L40, L49, K21.

Anastasiya Redkina
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Ekaterina Lagoduk
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National Research University Higher School of Economics — Perm
(38, Studencheskaya ul., Perm, 614070, Russian Federation).

Abstract
The paper deals with the issue of measuring culture and the economic effects of culture. Ten main instruments of measuring culture are systematized in the paper. 47 cultural dimensions are divided into six groups, describing the attitude toward: (1) time, (2) social interactions, (3) rules, (4) social activities, (5) social roles and (6) communication. Then all the cultural dimensions are divided into three groups, according to the relative effect on economic interactions. The structure of transaction costs and the set of competitive advantages, based on cultural dimensions are analyzed for the three most significant groups of cultural dimensions. The suggested approach can be useful for institutional design and policy advice aiming at the increase in competitiveness of the country and the raise in efficiency of formal and informal institutions on micro and macro level.
Key words: transaction costs, cultural dimension, individualism, power distance, long term orientation.
JEL: B25, B52, Z130.

Elena Nikishina, Economic Faculty, Lomonosov Moscow State University
(1-46, Leninkiye Gory, GSP-1. Moscow, 119991, Russian Federation);
Institute for national projects (98-3, Lobatchevskogo ul., Moscow, 119607, Russian Federation).
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Abstract
We try to find out with the help of the Oaxaca—Blinder decomposition technique whether foreign workers are discriminated against in Russia. We use the Russian Ministry of Labour (Rostrud) data on migrants' applications and the Russian Longitudinal Monitoring Survey (RLMS, provided by the Higher School of Economics) for the period 2009–2013. We show that there is significant discrimination against foreign workers. Average salary of Russian workers with migrants' productivity exceeds migrants' average salary by 40%. Industry of employment has substantial contribution to the discrimination gap. Moreover, there exists evidence that lower salaries of foreign workers do not reduce salaries of Russians employed in similar positions.
Key words: discrimination, Oaxaca—Blinder decomposition, international labor migration.
JEL: J31; J61; R23.

Elena Vakulenko, Cand. Sci. (Econ.)
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Roman Leukhin
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National Research University Higher School of Economics
(101000, Moscow, Myasnitskaya ul., 20).

Abstract
Due to the growing importance of science in the economy and strict budget constraints in Russia the issue of increasing the efficiency of public funding the research activities is becoming more urgent in recent years. In order to move to a system of efficient contracts in science a regular evaluation of research scientists' activity results performance has been planned. There is a need to work out methods of such evaluation. The article contains the analysis of individual performance evaluation of research scientists in New Zealand as an example of OECD countries' experience. The ways of examined practice adaptation in Russia in the methodology for research scientists' activity results evaluation have been suggested within the given article.
Key words: research scientist, research activity, financial support for research & development, efficient contract, individual evaluation of research quality.
JEL: I23, H43, H59, O31, O38.

Tatiana Fokina, Research Financial Institution of the Ministry of Finance of the Russian Federation,
Federal State Budget Institution (3, bld. 2, Nastasyinsky per., Moscow, 127006, Russian Federation);
Economic Faculty, Lomonosov Moscow State University
(1-46, Leninskiye Gory, GSP‑1, Moscow, 119991, Russian Federation).
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Abstract
It is shown that climate policies of the largest national economies became to be constructed now from co-benefits, i.e. advantages of greenhouse gas emissions reduction for energy efficiency, deployment of new technologies, human health, energy security, etc. This impacted the development and adoption of the new UN climate agreement. In 2020–2030-ies countries should rearrange policies to optimize long-term national costs of emission reduction and adaptation to negative climate changes. The paper proposes elements for Russia's climate policy.
Key words: climate policy, UN Paris Agreement on climate, greenhouse gas emissions, adaptation to climate change.
JEL: Q54, Q58, Q47.

Alexey Kokorin, Cand. Sci. (Phys. and Math.), World Wide Fund for Nature (WWF Russia)
(19, bld. 3, Nikoloyamskaya ul., Moscow, 109240, Russian Federation);
Project "Russian Ecological Initiatives". Institute for Applied Economic Studies of the Russian Academy
of National Economy and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
This paper presents results of an empirical study which explores Russian banks' ratings by the econometric modeling method. The nexus was examined between ratings assigned by Moody's, S&P and Fitch agencies in 2010-2013 years and banks' financial indicators. Several hypotheses concerning the most promising ways to influence bank rating are tested. According to the research, (1) the most significant factors that reveal the tendency in assigning the rating by each agency during the whole tested period are total assets, liquidity and profitability. Besides, for different agencies' ratings in some years significant factors are a sufficiency of the capital, activity of crediting of economy, quality of a credit portfolio; (2) The significance of the banks' capital sufficiency, asset management policy (including liquidity) and profitability varies during the whole period. The impact of these indicators on ratings is higher during the periods following and (especially) previous to financial crises than in time of relative financial stability between crises when they have smaller impact on a rating; (3) financial policy pursued by the bank management can lead to the changes in its rating, at least for some agencies. However the same methods directed on the improvement of financial indicators will lead to the different results for different ratings' changes. The specific efforts of management will appear more productive for increase of a rating of one agency, others will be less inclined to react to changes of financial performance of banks. The adequacy of obtained results is shown by means of juxtaposing with findings of other domestic and foreign authors.
Key words: banks, ratings, rating model, bank rating, rating agency, Basel II, financial indicator, econometrical model..
JEL: C5, G21, G32.

Olga Volkova, Cand. Sci. (Phys. and Math.), professor.
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Irina Lvova
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National Research University Higher School of Economics
(16, Soyuza Pechatnikov ul., Saint Petersburg, 190000, Russia).

Abstract
The monograph of F. I. Khusainov analyzed the reform progress of one of the key industries of Russian economy — railway transport and examined the key economic problems of the industry. Author comes to the reasonable conclusion that they are due to, primarily, unfinished conducted reforms. Reflections on the book of F. I. Khusainov lead to the conclusion that the prospect of long-term effective development of, not only the railway industry, but also the whole Russian economy lies in the plane of deepening market reforms and development of market institutions.
Key words: railway transport, reformation, infrastructure, invisible hand of the market.
JEL: L51, L92, N70, P21.

Dmitry Macheret, Dr. Sci. (Econ.), professor, Moscow State University of Railway Engineering (MIIT)
(9 bldg. 9, Obraztsova ul., Moscow, 127994, Russian Federation).
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