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Latest Issue № 6, 2020



Archive / 2016

№ 3

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pdf Christopher Mark DAVIS
7—29

Scientific article

 
Abstact
The evolution and outcomes of conflicts in Europe, including the current one in Ukraine, have been influenced by the dynamics of economic, technological and military balances, which in turn are affected by the economic warfare and sanctions that have been used to alter them. This article reviews defence economic concepts of relevance to the Ukraine conflict and then draws out lessons for the present concerning power balances, military capabilities, conventional deterrence, economic warfare and counter-measures against sanctions from experiences in Europe in the twentieth century. An evaluation is made of the impacts of economic sanctions on Russia and Ukraine in 2014–2016.

Key words: economic power, military capabilities, technology, economic warfare and sanctions, Russia; Ukraine.
JEL: F51, N4.

Christopher Mark Davis, Oxford, UK.Department of Economics and School of Interdisciplinary Area Studies, University of Oxford, Oxford, UK.

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Macroeconomics

pdf Olga B. BEREZINSKAYA
30-45

Scientific article

 
Abstract

Investment break of 2013–2015 is the first prolonged period of continuous absence of capital investment growth over the last 17 years. After stagnation in 2013–2014, fixed capital investments in real terms have systemically lagged industrial output growth and GDP. Investment break not only lowers demand in the Russian economy and prevents growth of construction, machinery, industrial production and economy as a whole, but also freezes existing structural imbalances and technological gap of the Russian economy. Investment break duration and its significant disincentivizing effect on current and expected growth of the Russian economy explain the importance of analysis of structural characteristics of investment process and of sources of revival of capital investment.
Key words: fixed capital investments, investment break, structure of fixed capital investments, sources, of financing of investments.
JEL: E22.

Olga B. Berezinskaya, Research associate of Laboratory of structural researches, 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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pdf Vasilii D. NOSOV, Julia V. TSEPLYAEVA

46—55

Scientific article

 
Аннотация

China’s economy is slowing. China’s growth in the past decade has been provided by cheap labor and the investment inflow, but the possibility of extensive growth has been exhausted. The transition to consumer demand-based model of growth is slow. China has significant resources to gain private consumption, however, the consumption can become a key driver of growth only in 2030. However, the accumulated imbalances pose significant risks for the stability of transition to the new growth model. High debt of the corporate sector, People’s Bank of China’s contradictory choice of monetary policy and the hidden political risks can lead to a serious economic slowdown.
Keywords: China, the extensive growth model, consumer demand, high debt of the corporate sector, monetary policy.
JEL: E21, E52, E61, О53.

Vasilii D. Nosov, senior analyst, Center for Macroeconomic Research of Sberbank of Russia, Russia, Moscow, 117997, ul. Vavilova, 19.
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Julia V. Tseplyaeva, Senior Executive Officer, Director of the Center for Macroeconomic Research of Sberbank of Russia, Russia, Moscow, 117997, ul. Vavilova, 19.
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Economics of football

pdf Vyacheslav N. DANILOV
56—68

Scientific article

 
Abstract

Several more factors have a significant impact on international performance of the football team apart from economic and political factors, national, cultural, demographic and climate characteristics that are usually considered as important. Chances to win once again increase when a national football team is already won the World Cup. Also chances to win the World Cup or a continental tournament rise immediately after a big success. A comprehensive table is analyzed to show how major tournament football serial success depends on status of dynasty team. National football federation’s efforts to naturalize football players and establishing of complex programs for searching and upbringing of talented youth are also crucial. This paper concludes with some predictions concerning performance of Russia’s national football team on 2016 European Cup in France.
Keywords: football, econometrics, prediction.
JEL: Z21.

Vyacheslav N. Danilov, PhD in Philosophy, Lecturer at Anthropology Department,Philosophy Division.
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pdf Ilya V. SOLNTSEV, Nikita A. OSOKIN
69—81

Scientific article

 
 Abstract

The article reviews the main attributes of sponsorship agreements in sports, focusing on professional football. The authors assess the specifics of sponsorship package formation and analyze the sponsorship portfolios of football clubs. During the course of the research, 3 major sponsorship packages were determined. These packages include general sponsorship, technical sponsorship and naming rights sponsorship. The authors also identifued the key determinants of football sponsorship pricing and approaches for estimating their fair value. Based on the conducted analysis the authors form conclusions on the future development of football sponsorship and its application in Russia.
Keywords: sports economics, football economics, sponsorship in sports, sponsorship in football, sports marketing.
JEL: Z21.

Ilya V. Solntsev, Dr. Sci. (Econ.), associate professor, Center of Strategic Sports Research, Plekhanov Russian University of Economics (36, Stremyannyi per., Moscow, 117997, Russian Federation).
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Nikita A. Osokin, Center of Strategic Sports Research, Plekhanov Russian University of Economics (36, Stremyannyi per., Moscow, 117997, Russian Federation).
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pdf Nicolas SCELLES, Christophe DURAND, Liliane BONNAL, Daniel GOYEAU and Wladimir ANDREFF
82—107

Scientific article

 
 Abstract

This article investigates the determinants of attendance at French football Ligue 1 matches over the 2008–2011 period, with a focus on the effect of competitive intensity. This is measured by dummies that are functions of the point difference for the home team in relation to the different sporting prizes: title, qualification in UEFA (Union of European Football Associations) club competitions, relegation. The objective is to answer the following question: do all sporting prizes have a significant positive impact on attendance? We specified and estimated a standard attendance equation including 35 explanatory variables of which 9 are related to sporting prizes. The estimations are based on a Tobit model with individual cut-off points to allow for truncation of attendance at the upper bound given by stadia capacity (i. e. sold-out games). 1135 observations are included. Our results show that all sporting prizes have a significant positive impact on attendance. In particular, there is a significant impact of prs for potential qualification in the UEFA Europa League which are dependent on the outcome of domestic cups (known only in the last part of season). This research contributes to the optimization of competition format and knowledge on competitive intensity and determinants of attendance. It provides an argument in favor of current sporting prizes for managers in the main European national football leagues.

Keywords: competitive intensity, sporting prizes, attendance, European football, French Ligue 1.
JEL: L83.

Nicolas Scelles, School of Sport, University of Stirling, Stirling, United Kingdom School of Sport University of Stirling (Stirling, FK9 4LA, United Kingdom).
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Christophe Durand, Department of Sports Sciences, University of Caen Basse-Normandie, F-14032 Caen, France UFR STAPS (2, bd du Maréchal Juin. 14032 Caen Cedex, France).

Liliane Bonnale, Department of Economics, University of Poitiers, F-86022 Poitiers, France Faculte de Sciences Economiques Bâtiment A1 (2, rue Jean Carbonnier. B.P. 623, 86022 Poitiers Cedex, France).

Daniel Goyeau, Department of Economics, University of Paris 1, F-75647Paris, France Centre d’Economie de la Sorbonne Maison des Sciences Economiques (106/112, bd de l’Hôpital, 75467 Paris Cedex 13, France).

Wladimir Andreff, Department of Economics, University of Paris 1, F-75647Paris, France Centre d’Economie de la Sorbonne Maison des Sciences Economiques (106/112, bd de l’Hôpital, 75467 Paris Cedex 13, France)

 
pdf Wladimir ANDREFF
108—137

Scientific article

 
Abstract

The article analyses interrelation between financial and sporting performance of professional football clubs in France. The general assessment of that performance is given. The inputs mobilized for attaining such performance are examined in order to evaluate the efficiency of French professional football clubs. Against the background of a typically optimistic financial self-assessment on the part of French football clubs, the article examines the sources and structure of professional football finance, as well as the role of the league’s auditing body. Then it presents analysis of some key factors of financial performance, stressing the football clubs’ soft budget constraint and a vicious circle between the increasing commercial value of TV broadcasting rights, and skyrocketing club payrolls.
Keywords: football in France, economics of sports, economics of football, financing of football clubs, soft budget constraints.
JEL: L83.

Wladimir Andreff, Department of Economics, University of Paris 1, F-75647Paris, France Centre d’Economie de la Sorbonne Maison des Sciences Economiques (106/112, bd de l’Hôpital, 75467 Paris Cedex 13, France)
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Economic Policy of the Weimar Republic

pdf Adam TOOZE
138—175

Excerpt from the book

 
Abstract

A century after the outbreak of fighting, Yale historian Adam Tooze takes an entirely new perspective on “the war to end all wars,” focusing on the closing years of the conflict and its aftermath up to the Great Depression. This tumultuous period saw hopes for lasting peace and liberal internationalism collide with violent upheavals and the ultimate rise of totalitarian regimes. And it saw the emergence of a new global order in which all the major powers — the war’s winners and losers alike — saw their fates bound up with those of the United States, now the world’s dominant economic force. This publication presents the sections of the book, which describes the situation of Weimar Germany.
Key words: Weimar Germany, Great depression, First world war, international economic relations.
JEL: N4, F5.

Adam Tooze, Professor of history, Columbia University city of New York (413 Fayerweather Hall, MC2527,1180 Amsterdam Avenue, New York, N. Y.10027). 
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pdf Tatyana EVDOKIMOVA, Sergey NEVSKIY
176—208

Scientific article

 
Abstract

The article analyzes the economic policies of the first cabinets of the Weimar Republicduring the overcoming of the post-war crisis and the transition towards stabilization. Theauthors describe the variants of the economic transformation programs and investigatethe process of preparation and implementation of institutional reforms. It is shown thatthe adequacy of practices and policies of the first Weimar cabinets corresponded with the“current challenges” and concrete needs of German society. The main attention is focusedon building a strong foundation of a social-oriented state as well as on solving the problemof reparations.

Key words: Weimar Germany, economic policy, idea of the “social state”, reparations, hyperinflation,institutional changes, financial reform, monetary reform, Reichsbank, stabilization policies.                                                                  JEL: Е 31, Е 58, N44, O23, P16.

 
pdf Carl-Ludwig HOLTFRERICH
209—223

Scientific article

 
Abstract

The article reviews the central themes of the discussion about economic policy of the Weimar Republic immediately before and during the worldwide economic crisis of the end of 1920s andthe beginning of 1930s. The author uses for this purpose a collection of papers published as a Festschriftin honor of German economic historian Knut Borchardt. The article discusses suchtopics as the role of the German economic and in particular monetary policy in genesis anddevelopment of the crisis, anti-crisis policy options at the German government’s disposal, impactof wages’ rigidity and international monetary and economic relations on the economic situationin the period immediately preceding the establishment of the Nazi regime.

Keywords: Weimar Republic, economic history of Germany, Great Depression, monetary policy, fiscalpolicy, rigidity of wages.                                                                                                                                                                                                 JEL: N14, E31, E50, E62.

 

Interview

pdf Interview with Deirdre MCCLOSKEY
224—244

Interview

 
 

Reviews

pdf Daniel SHESTAKOV
245—252

Review

 
Abstract

In his new book prominent development economist argues for asking poor in developing countriesfor their needs and seeing local institutions not as a hurdle for development, but as an indigenousresponse to local conditions. Respecting rights of the poor might lift them out of poverty fasterthan any state interventions. While return from current developmental consensus will diminish, Easterly’s recipes will gain popularity. ‘The Tyranny of Experts’ will be widely read both bystudents and practitioners of development economics.

Keywords: development economics, developmentalism, spontaneous order, institutions.                                                JEL: A11, D82, E61, I23, O10, O40.