Вестник Московского университета. Серия 6: Экономика



Author Constructing Research Methodology for Territorial Sustainable Development

Mingaleva Z.A., Oborin M.S.

The purpose of the article is to construct an up-to-date research methodology which will allow to examine territories within the context of sustainable development issues. Sustainable development of socio-economic and natural systems in its entirety is impossible without a comprehensive consideration of key factors and conditions that affect the state and prospects for their development, and without a targeted impact on these factors and conditions. The main result of the study is the adaptation of the methodology to the study of sustainable development of territories with different economic specialization and growth potential. A successful solution to this task is impossible without the development and consistent application of the research methodology, adequate to the goals and tasks set, to the current situation and the long-term trends in the development of nature and society. The results of our research suggest the solution of applied socio-economic tasks for the development of territories (subjects of the Russian Federation, small and medium-sized cities) to improve the quality of life and sustainable economic growth.

Econometric Analysis of Bank Lending Channel Efficiency in Russia

Zhabina S.A.

The paper investigates the relationship between monetary policy indicator and bank lending in Russia using dynamic panel regressions and quarterly banks’ balance sheets data for the period of 2010-2016. The main purpose of the paper is to identify bank characteristics, which determine the reaction of bank lending to monetary policy shocks. The results support the existence of a bank lending channel of monetary transmission. The extent to which banks change lending in response to monetary policy changes depends on banks’ liquidity, size and refinancing from the central bank.

Features of Russian Capitalism (Review of the Conference)

Zyablyuk R.T., Titova N.I.

The article presents a review of a scientific seminar discussing the nature of modern economy and the specifics of the Russian economy. Scientific seminar is organized by the Problem group «Reproduction and growth» (headed by prof. V. N. Cherkovets) together with the Centre for socioeconomics, Department of political economy (headed by prof. A. V. Buzgalin), and Laboratory of comparative study of socio-economic systems of Economics Department (headed by prof. A. I. Kolganov). The discussion focused on the nature of modern capitalism in developed countries and peculiarities of Russian capitalism; the problem of monopoly capital; stages and content of its evolution; differences in monopoly capital in developed and developing economies and Russia; the changes in the globalization process; the contradictions of monopoly capital and modern process of production socialization.

International Competitiveness of Russian Master Programs in Public Finance

Anureev S.V.

The article presents a comparative analysis of Master’s programs of four leading Russian universities with those offered by top globally recognized universities (from QS, RePec, Best US News university rankings). Foreign universities’ programs show a significant domination of public administration, public politics or public economics to the detriment of financial component. Out of 130 universities the author identifies only about 10 relevant programs with valuable and substantial public finance components. Russian master’s programs are on a par with globally recognized programs, which provide a solid basis to easily adapt them for international students. The article contains references to top universities’ programs and courses, English variants of disciplines and their Russian analogs that make the article useful for upgrading the Russian programs.

Pension Provision in Russia: the Analysis of Inequality

Moseiko V.V.

The article provides the analysis of pension inequality in the system of modern state pension provision in Russia. The purpose of work is to reveal pension inequality at each stage of forming pension good and to show the correlation between pension inequality and the implementation of pension preferences mechanism in the system of state pensioning. The paper briefly considers the evolution of social inequality concepts and studies the reasons for social inequality. The author views pension inequality as the subject differentiations arising in the course of forming and receiving pension good. The research analyzes the factors which entail deprivations both in the course of forming pension rights and receiving pension good. The analysis reveals numerous manifestations of pension inequality at different stages of pension process and identifies the correlation between particular forms of pension inequality and pension preferences policy. The paper offers conclusions and recommendations that can be used for further examination of particular aspects in pension inequality.

Quantitative Estimation Approaches to the Eurobonds Market Risks

Bessarabova I.V.

The paper provides the simulation of quantitative market risks assessment metrics Value-at-Risk and Expected Shortfall for a portfolio of eurobonds of Russian oil and gas companies, and for eurobonds of each particular company. As a result of the modeling, we noted an overall significant market risks` impact on the value of the analyzed securities and made a conclusion that it is impossible to completely neutralize the influence of market risks. In this regard, the author proposes and justifies the administrative and structural solutions and recommendations, the introduction of which will enable the eurobonds issuing companies to enhance investors` loyalty to their issues and thereby reduce their cost, i.e. mitigate the required investors` return (Value-at-Risk in this case acts as a risk-premium).

Review of a Textbook “Economic Development. Theory and Practice”

Khudokormov A.G.

This paper is a review of a new textbook «Economic Development. Theory and Practice» (2016) written by M. V. Kulakov and L. P. Chikhun.

Skilled Workers on the Rural Labor Market: Supply vs. Demand

Varshavskaya E. Ya.

The paper analyzes the correlation between supply and demand for skilled labour on the rural labour market. The paper defines skilled workers as those having tertiary professional education. The empirical basis for the research is constituted by the Labour Force Survey data between 2005 and 2015. It has been proved that in this period the supply of the skilled labour was steadily on the increase that was determined by the growth of both the number and share of people with higher education. The demand for the skilled labour of rural workers showed slower growth rates that resulted in an increasing gap between supply and demand. The research proves that education and qualification of rural workers are being underutilized, and the scale of educationoccupation mismatch has been rather big. The most obvious contradiction between education underutilization and its non-purpose use - when people do not work in accordance with their specialization - refer to the workers with technical and agricultural training.

The Monetary Policy Impact on the Dynamics of Russia’s Real Economy

Tiunova M.G.

The article examines the influence of monetary policy of the Bank of Russia on the dynamics of real GDP and its components, real wages and employment from 2003 to 2016. Using the Bayesian structural vector autoregression model (BSVAR) with recent dataset, the paper provides the calculation of the extent of changes in the main Russia’s real sector indicators in response to monetary policy, money base and exchange rate shocks. The analysis allows to conclude that monetary policy leads to real variables changes in Russia. The expected contractionary monetary policy of the Central Bank of Russia with higher interest rates had a statistically valid weak negative effect on real indicators.

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