Вестник Московского университета. Серия 6: Экономика



Bilateral Aid Allocation for International Development: Impact of the Financial Crisis

Balter E.B., Morozkina A.K.

This article examines the impact of financial crisis of 2008-2009 on allocation of development aid. Using OECD data on Official Development Assistance (ODA) allocation for international development by key donor countries, authors test three hypotheses: first, general impact of crisis on ODA allocation; second, impact of crisis on three recipient income groups; third, impact of crisis on relative importance of analyzed factors for ODA allocation decisions. The results show that general impact of crisis on ODA volumes was negative, although donors preferred to increase aid to low-income countries. Impact of factors describing economic situation in donor countries (public debt level, government expenditures and donor growth) increased after crisis. Donor countries might make use of these results to increase efficiency of their development assistance strategies, whereas recipient countries may exploit these results in order to attract more external financing for development.

Directions of World Insurance Market Development in Transnational Business

Oborin M.S., Raynkhardt R.O.

The subject of the study is the world insurance market, its trends and prospects for development on the example of leading countries. The aim of the work is to identify the features and patterns of insurance in the field of transnational business on the example of a transnational insurance broker (SB) Arthur J. Gallagher & Co (AJG). Research methods: statistical analysis, formal and logical modelling of socio-economic processes. The results of the study consist in a comprehensive description of the insurance business of the broker AJG, implementing various strategies to work in national markets. Activity in the States on development of insurance services is carried out taking into account positive and negative tendencies of the world market. The complexity of the present situation is the increasing risk of economic recession, reflected in the reduction in the volume of insurance coverage. Adaptation consists in consolidation of capital, strengthening of positions of the largest and stable companies. AJG has gained access to emerging markets in countries previously closed to transnational capital, but the mission and strategy need to be adapted to national circumstances. The scope of application of the results can be in the commercial field in the activities of the leaders of the insurance market of Russia in planning the strategy of its activities and ensuring the competitiveness of services in the global market. In modern conditions of development of the world insurance market the advantages of leading companies are connected with internal financial and economic stability, flexibility of strategies of penetration into national markets, pronounced social orientation of business.

High-Dividend Portfolios Filtered by Financial Performance

Volodin S.N., Borenko I.A.

In this article the authors consider different strategies related to the high-dividend portfolio investing. The paper provides the examination of the theoretical aspects, methodology and the evolution of the formation of high-dividend models. The author studies the range of classic highdividend portfolios, including a traditional version of the «Dogs of the Dow» strategy, and test it on the Russian stock market (2006-2016). The obtained results confirm the efficiency of this direction of investment. In order to increase the level of returns of high-dividend investing, the authors add into the model two filters on the financial performance P/E and ROA. As shown by calculations, the new model allows to achieve significantly higher results in comparison with the classical version. The following research demonstrates an advantage of the new model in comparison with the returns of the overall market (index strategy “buy and hold”) and in comparison with investing in mutual funds and deposits. The obtained results are meaningful and confirmed by the analysis of the risk and return coefficients, suggesting the possibility of their practical application. The modified model is also able to complement the theoretical concept of high-dividend investment and to eliminate the basic shortcomings inherent in the classical model.

Innovations Potential of Cultural Production and Issues of its Development in Cultural Policy of CIS countries

Moreva E.L.

The objective of the paper is the determination of the opportunities to realize the cultural policies in the CIS countries to activate their innovations. The conceptual basis of such a course are the theories about the position of cultural production in the social-economic systems and its influence over their innovative development. In lens of their application opportunities this approach facilitated the appraisal of the cultural policy in the Post-soviet space and the design of the general attitude towards its transformation to stimulate efficiently the innovative development of the countries of the Region. The Methodological principles of the research are based on the systems theory, comparative studies and the evolution theories. The research was concluded recognizing the innovation potential of the cultural sector neglected in the countries policies of the countries of the region. Hence the main directions of the cultural policy transformation to activate innovations were indicated. The conclusions of the analysis may be operated while the elaboration and materialization of the cultural and innovation policies at the national and regional levels.

On the Methodological Principles of Macroeconomics Course Program

Voshchikova N.K.

The article deals with the methodological problems of the correlation between the theory and the history of macroeconomics in the training courses for economics students. The author comes to the conclusion that the unity of historical and logical in the curricula of the Macroeconomics course is realized on the basis of the principle of continuity of scientific ideas and hypotheses, consistently developed by different scientific schools. The hypotheses that unite all modern scientific schools of macroeconomics include the role of expectations of economic agents in explaining the processes of macroeconomic dynamics, the rationale for the use of rules in conducting macroeconomic policies, the relationship between economic growth and economic fluctuations.

Strategies of Technology Transfer in Oil & Gas Companies

Karasev O.I., Beloshitsky A.V., Trostiansky S.S., Alparov R.M., Mamrova I. Yu., Lakeev V.G.

The company's technology transfer strategy is the basis of a comprehensive R&D system. To guarantee the competitive advantage, it is necessary to implement a complex approach to a strategic R&D development policy of a company. This article is devoted to the analysis of technology transfer strategies, in which several key strategies were identified: defensive, offensive, absorbing, national and mixed. The analysis of the characteristics of each strategy type and of its effective application's conditions is presented.

Study of Schoolchildren Entrepreneurial Intentions and Activities in Nizhny Novgorod

Butryumova N.N., Golubeva N.V.

The goal of the paper is to study the entrepreneurial intentions and activities of schoolchildren in Nizhny Novgorod, to identify their needs in developing entrepreneurial skills. The questionnaire is based on the questions of the international research questionnaire GUESSS. For measuring entrepreneurial intentions we used the test of Bass that assesses focus of a person on a task, on communication or on oneself. The questionnaire was distributed to schoolchildren from different schools and districts of the city. On the whole 330 respondents participated in our survey. The results showed that 51% of the schoolchildren think about the career of entrepreneur. The positive attitude towards entrepreneurial activity was identified. Schoolchildren need for in-depth mastering of various skills, obtaining more information about entrepreneurship. Unfortunately, schools rarely provide an opportunity for their schoolchildren to receive knowledge about business environment, to carry out any project activities in order to develop their entrepreneurial ideas.

The Impact of News on the MICEX Oil & Gas Index: Textual Analysis

Fedorova E.A., Rogov O. Yu., Klyuchnikov V.A.

In this study, a relationship between the mood of news and the response of the oil and gas industry index of the Russian Federation was revealed. The empirical base of the study included 8.5 million news from foreign sources. Research methodology: fuzzy sets, naive Bayesian classifier, Pearson correlation coefficient. As a result of the research, it was discovered that: 1) negative news affects the stronger than the positive on the stock index; 2) news on companies affect the value of the index, and news on the industry affect the volume of trading; 3) the sanctions did not significantly affect the coverage of Russian oil and gas companies.

The Impact of Social Capital and Institutional Trust on Attitudes Towards Innovation

Bakhtigaraeva A.I., Bryzgalin V.A.

The article examines the impact of social capital and institutional trust on attitudes towards innovation. On a sample of 6077 respondents representing 10 Russian regions, it was found that social capital and institutional trust positively influence the attitude towards technologies in general. The analysis of a specific technology (automated judicial systems) showed that the relationship can also be reversed: the lower the social capital, the more positively the respondents refer to the introduction of new technology. These results may indicate that in conditions of poor institutional environment and in spheres that require high interpersonal and institutional trust, technologies allowing people to go to depersonalized relationships may be accepted, despite the negative attitude towards technologies in general. The findings allow us to take a fresh look at the prospects of introducing breakthrough technologies depending on the socio-cultural and institutional environment and contribute to the development of research on the impact of socio-cultural factors on the economy.

The Implementation of Best Available Techniques as The Aspect of the Modern Industrial Policy of the Russian Federation

Manturov D.V.

In Russia, Best Available Techniques (BAT) form the modern instrument of the environmental industrial policy. One should consider BAT from the positions of the environmental and economic regulation. In Russia, harmonization of priority measures of the industrial and the environmental policy aims at the sustainable economic growth, technological renewal and environmental improvement of the industry. In the nearest future, over eight thousand Russian enterprises will turn to the new BAT-based regulation system; they will need to meet new legislative requirements. To achieve this, many companies will need to attract substantial investments; the state will have to work out additional instruments of the financial support for the BAT implementation. The transition to BAT will be organizes of a phased basis; to evaluate results being achieved, it is needed to select indicators characterizing, on one hand, the industrial growth, and on the other hand - the improvement of the production environmental and resource efficiency as well as the gradual reduction of the negative environmental impact. A whole system of indicators is needed because each industrial branch and each region have their specifics caused by the structure of industry and by the state of the environment and natural resources. To analyse the results of the transition to BAT at various levels, experts in Best Available Techniques will be called on; the formation of the society of BAT experts has already begun.

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