The article discusses the features of China's economic culture. The author traces the genesis of the economic model of the Chinese civilization and determine its potential as an alternative to the Western one. Among the characteristic properties of the Chinese model for much of the New Age one can note technological and organizational backwardness due to the restrictions imposed on the economic life of the state-bureaucratic model of the economy. The author comes to the conclusion that the Chinese model cannot act as an alternative to the Western one.
Pavlova Natalia, Shastitko Andrey
The article focuses on the effects of leniency programs when the antitrust authority is capable of making errors in classifying agreements between competitors. The research confirms that the application of the program can impede the growth of social welfare by destroying and preventing horizontal cooperation agreements. The obtained results can help explain the peculiar properties of the cases that have been investigated with the use of the leniency program in Russia.
Ponomarev Yury, Trunin Pavel, Ulyukayev Alexey
The article provides estimates of short-run and medium-run exchange rate pass-through in Russia during the period of 2000-2012 using vector error correction model. Estimates of asymmetry of exchange rate pass-through, its assessments in different sub-periods and exchange rate volatility effect are also presented.
Idrisov Georgy, Sinelnikov-Murylev Sergey
The paper analyzes the inconsequence and problems of Russian economic policy to accelerate economic growth. The authors consider three components of growth rate (potential, Russian business cycle and world business cycle components) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are government spending restructuring and budget institutions reform, labor and capital markets reforms, productivity growth.
This paper is the first attempt at quantitative and qualitative analysis of the Soviet literature on general equilibrium theory in 1960-1990s. We divide the papers into four subgroups: von Neumann-Gale class of models and equilibrium growth; Arrow-Debreu class of models; disequilibrium theory; other branches of general equilibrium theory. Bibliometric analysis shows that von Neumann-Gale class of models was the most popular one in the Soviet mathematical economics.
The paper explores the “race” between wages and labor productivity in the contemporary Russian economy. It continues the author’s previous research where the same problem was examined for the earlier period of 1997-2007. The analysis focuses on dynamics in labor productivity and labor compensation during the economic crisis of 2008-2009 and subsequent years. The author shows that conventional wisdom implying that in Russia wages persistently increase at much higher annual rates than productivity is wrong: over 1997-2012 there was no stable relationship and waves of faster wage growth alternated with waves of faster productivity growth. However in the long run productivity outpaced labor compensation. As a result in 2011-2012 real unit labor costs for Russian firms were even lower than in the mid of the 1990s or in the beginning of the 2000s.
The author discusses the importance of studying socio-structural factors of socio-economic development through a broader application of the economic approach. The resources of status positions of economic agents are in the spotlight. A possible platform for interdisciplinary interactions is proposed which allows to increase the contribution of both economics and sociology in improving governance at all levels.
Employers incur costs while fulfilling the requirements of employment protection legislation. The article contains a review of the core theoretical models and empirical results concerning the impact of these costs on firms’ practices in hiring, firing, training and remuneration. Overall, if wages are flexible or enforcement is weak, employment protection does not significantly influence employers’ behavior. Otherwise, stringent employment protection results in the reduction of hiring and firing rates, changes in personnel selection criteria, types of labour contracts and dismissal procedures, and, in some cases, it may lead to the growth of wages and firms’ investments to human capital.
The Russian doctrine of “new industrialization” that emerged during the global economic crisis is considered. The author concludes that the doctrine is based on orthodox Marxism and suggests revolutionary reforms similar to those carried out by Stalin.