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Archive / 2016

№ 2

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Public Administration

pdf Mikhail E. DMITRIEV, Lada A. FONDUKOVA, Kirill V. YANKOV
7—21
 
Abstract
The article considers routine and project processes in the functionally organized system of the executive bodies of the Russian public administration. The authors use empirical data from expert interviews and case-studies to assess the impediments for the broad adoption of standardized business processes. Particular attention is paid to the interference of the flow of executive orders with the project processes. The study reveals a vast potential of efficiency and effectiveness gains in the Russian public administration through process diagnostics and optimization.
Keywords: business processes, public administration reform, public management, resultsbased management
JEL: P40, P41, P47.

Mikhail Dmitriev, Dr. Sci. (Econ.), Institute of Social Sciences, Russian Presidential Academy of National Economy and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Lada Fondukova, Business Partnership “New Economic Growth” (17/2, Petrovka ul., Moscow, 107031, Russian Federation).
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Kirill Yankov, Cand. Sci. (Econ.), Center for Public Policy and Public Administration of the Institute of Social Sciences, Russian Presidential Academy of National Economy and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Monetary Policy and Macroeconomics

pdf Dimitri B. PAPADIMITRIOU, L. Randall WRAY
22—51
 
Abstract
The article is an introduction to the new edition of Hyman P. Minsky’s book Stabilizing an Unstable Economy and contains an extensive review of this scholar’s work during his entire academic career. The authors show that the Minsky’s theoretic ideas possess remarkable explanatory power and have been relevant not only for financial crises during his lifetime but for the financial instability episodes of the present.
Keywords: financial instability hypothesis, business cycle theory, balance-sheet implications of public debt, automatic macroeconomic stabilizers.
JEL: B31, E12, E32, E44, E6.

Dimitri B. Papadimitriou, Jerome Levy professor (Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, NY US 12504-5000).
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L. Randall Wray, пprofessor of economics (Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, NY US 12504-5000).
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pdf Hyman P. MINSKY

52—91

 
Abstract
Hyman Minski formulates his basic methodological attitudes in economic research and general principles of economic policy in the chapter 1 of his fundamental work. The chapter 2 is devoted to analysis of the period of financial instability in the U.S. from the late 1960s to the early 1980s, mostly the 1973—1975 recession. Minsky argues that the fiscal stimulus from the Big Government and the Fed’s actions as a creditor of last resort provided the American economy with opportunity to avoid deep depression and quickly come through recession. It became possible not only because deficit spending supported general demand, but also because increasing government debt acted as a significant 90 Стабилизируя нестабильную экономику stabilizer of private debt portfolios. During the postwar period the character of economic crises and recessions changed significantly: financial instability took the form of high an potentially accelerating inflation instead of deep depressions.
Keywords: financial instability hypothesis, business cycle theory, balance-sheet implications of public debt, automatic macroeconomic stabilizers.
JEL: B31, E12, E32, E44, E6.
 
pdf Anna M. KIYUTSEVSKAYA
92—111
 
Abstract
The article examines characteristics of central banks’ monetary policy in current conditions in the context of the evolution of their goals and objectives at different stages  of economic development. Arguing that the choice of goals and objectives are identified by objective factors, the author concludes that the global crisis, responding the challenges and constraints in choosing the directions of monetary policy has become the next starting point in its evolution.
Keywords: monetary policy regime, monetary authorities, targeting, developed and developing countries.
JEL: E52, Е66, F33.

Anna Kiyutsevskaya,  Cand. Sci. (Econ.), Gaidar Institute for Economic Policy (3-5, Gazetny per., Moscow, 125009, Russian Federation), Russian Presidential Academy of National Economy and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation). 
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pdf Eugene L. GORYUNOV
112—132

 
Abstract
Government finances sustainability analysis normally relies on quantitative indicators assessing probability of budget crisis occurrence. In this paper a class of such indicators (fiscal gap indicators) is considered. Fiscal gap evaluates long term budget imbalances and corresponding methodology of fiscal sustainability assessment is based upon comparing  present value of expected budget expenditures and current government debt on the one side, and present value of expected budget revenues on the other side. Theoretical foundations of fiscal gap indicator as a measure of fiscal sustainability, its properties and interpretation are given in the paper. An illustrative example based on calculations for Russian budget is also provided.
Keywords: fiscal policy, fiscal sustainability, government debt.
JEL: E62, H60, H62, H63.

Eugene Goryunov, Gaidar Institute for economic policy (5, Gazetny per., Moscow, 125009, Russian Federation).
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pdf Dmitry O. AFANASIEV, Elena A. FEDOROVA
133—147

 
Abstract
In this paper, the estimate level of monetary integration between Russia and other CIS member states, and examines the impact of economic crises on it, as well as checks for spillover effects for the currency channel. The research methodology includes the correlation analysis of nominal exchange rates changes and econometric modeling of exchange-market pressure index EMPI based on Markov regime-switching vector auto regression model (MRS-VAR). The empirical base includes data on monthly values of exchange rates, reserves and interest rates from March 2001 to March 2015, which obtained from the database of the International Financial Statistics, as well as the official websites of the central banks of the states concerned. We can conclude that the integration of the CIS countries is relatively weak at the stable periods of functioning of the economies, except Kazakhstan. At the same time, we found the significant increasing of integration level for Belarus and Ukraine during periods of financial instability.
Keywords: crisis, exchange-market pressure index, channels of contagion, Markov regimeswitching model.
JEL: C50, F15, G15.

Dmitry Afanasiev, Financial University under the Government of the Russian Federation (49, Leningradsky prosp., Moscow, GSP-3, 125993, Russian Federation).
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Elena Fedorova, Dr. Sci. (Econ.), professor, Financial University under the Government of the Russian Federation (49, Leningradsky prosp., Moscow, GSP-3, 125993, Russian Federation), National Research University Higher School of Economics (26, Shabolovka ul., Moscow, 119049, Russian Federation).
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Problems of the Welfare State

pdf Arkady SOLOVYEV
148—176
 

The article has been removed from public access.

 
pdf Tatiana M. MALEVA, Elena M. AVRAAMOVA
177—193
 
Abstract
On the basis of the conducted sociological research the article provides the arguments for the implementation of compensatory measures directed at support of the most vulnerable layers of the population as well as stimulating measures directed at organization of these population groups access to resources which may put them at a higher level of development (access to education, employment, social services). The tasks of social policy facing economic challenges are reviewed in the article. The authors attribute the relevance of stimulating measures of social policy to the dynamics of social attitudes of different population groups, as well as the degree of their being affected by the crisis, as long as these factors influence the creation of social and economic strategies that may have a passive waiting or active character. In its turn the character of population strategies determines the degree of influence on the social policy called to reduce the negative effects of the crisis and to abrupt worsening of the socio-economic situation of any social group.
Keywords: social policy, socio-economic inequality, poverty, social mobility, economic depression, social resources.
JEL: I38.

Tatiana Maleva, Cand. Sci. (Econ.), Institute of Social Analysis and Forecasting, Russian Presidential Academy of National and Public Administration (11, Prechistenskaya nab., Moscow, 101000, Russian Federation).
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Elena Avraamova, Dr. Sci. (Econ.), Institute of Social Analysis and Forecasting, Russian Presidential Academy of National and Public Administration (11, Prechistenskaya nab., Moscow, 101000, Russian Federation).
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Discussion

pdf Unknown Ronald Coase: Discussion of the Book “Essays on Economics and Economists”
194—212

Academic Chronicle

pdf Andrey P. ZAOSTROVTSEV
213—218
 
 

Reviews

pdf Adam TOOZE
219—230
 
Abstract
The current crisis may not have shattered the ossified shell of economic theory, but it has unleashed a cascade of arguments within the policy-making elite. The Bank for International Settlements and the IMF are at odds. The Bundesbank is pitted against virtually every other major central bank in its dogged adherence to deflation. Larry Summers, Clinton’s Treasury Secretary and once a cheerleader of market liberalization, has announced that what we have been living through since the 1980s is a steady slide into secular stagnation disguised by a series of credit-fuelled bubbles. The unlikely success of Piketty’s Capital has provoked a half-hearted debate about inequality in the financial press. Barry Eichengreen’s latest book, Hall of Mirrors, is most interesting when read as a voice from within this establishment turmoil.
Keywords: gold standard, the Great Depression, fiscal stimulus, financial risk, world financial crisis.
JEL: G01, G15, G18, N22.

Adam Tooze, Kathryn and Shelby Cullom Davis professor of history, Columbia University in the City of New York (413 Fayerweather Hall, MC 2527, 1180 Amsterdam Avenue, New York, NY 10027).
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Анна КИЮЦЕВСКАЯ