Exchange rate regime: Perspectives of transformation

Nesterov Igor, Sutyrin Sergei

The article deals with the issues of international monetary system reforming. The paper regards an adoption of a new exchange rate system as the key element of the reforming process. This adoption requires not only economic backgrounds but also political will in the countries involved.

Implications of higher retirement age for the labor market

Ivanova Maria, Balaev Aleksey, Gurvich Evsey

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

Labor migration and migrant earnings in Russia

Denisenko Mikhail, Chernina Evgeniya

This paper describes recent trends in labor migration in Russia. It reviews available data resources for labor migration analysis in Russia as well as using them to estimate migrants’ flows by category and describe their socio-economic and demographic composition. It also employs micro-level data from household surveys in Tajikistan to analyze migrants-natives earnings gap. Results show the trend for declining unexplained part of wage differential in 2007-2011.

Modern university as an economic growth driver: Models & missions

Karpov Alexander

The paper considers the modern university as an economic growth driver within the University 3.0 concept (education, research, and commercialization of knowledge). It demonstrates how the University 3.0 is becoming the basis for global competitiveness of national economies and international alliances, and how its business ecosystem generates new fast-growing industries, advanced technology markets and cost-efficient administrative territories.

Promoting the income-tested social support in Russia: Barriers and facilitators

Ovcharova Lilia, Gorina Elena

The paper examines the capacity of further development of the targeted social support programs in Russia. The analysis shows the position of this income-tested social assistance in the federal and regional social support systems. On the basis of the revealed barriers to the income-tested programs three directions of changes necessary to their further promotion are suggested.

Stability in the informal value transfer systems: norms of trust or institutions of control?

Lyasko Alexander

Informal financial operations exist in the shadow of official regulation and cannot be protected by the formal legal instruments, therefore raising concerns about the enforcement of obligations taken by their participants. This paper analyzes two alternative types of auxiliary institutions, which can coordinate expectations of the members of informal value transfer systems, namely attitudes of trust and norms of social control. It offers some preliminary approaches to creating a game-theoretic model of partner interaction in the informal value transfer system. It also sheds light on the perspectives of further studies in this area of institutional economics.

The impact of academic achievement on starting wages of russian university graduates

Rudakov Victor, Chirikov Igor, Roshchin Sergey, Drozhzhina Daria

This paper analyzes the impact of student academic achievements on future wages of Russian university graduates by looking at GPA-earnings relationship for graduates of one Russian selective university, based on cross-sectional graduate survey data. The issue of how student academic achievement, measured by GPA (Grade Point Average) impact future labor market rewards is analyzed with reference to the set of academic, demographic, and labor market factors. Our results indicate that there is no significant impact of GPA on future earnings for male graduates and significant negative impact for female graduates. The effect of GPA on earnings is insignificant for both gender groups if we control for sectoral segregation. The existence of work experience before graduation is the most significant factor that positively affects future wages. Moreover, we observed high returns to current job tenure. We found no evidence that combining study and work negatively affects student academic achievements.

The moral dilemma of normative economics

Sushentsova Maria

During the 20th century the cyclic transition in forming of the key categories of normative economics was observed: from objective to subjective explanation of personal utility, and again - toward more general objective criteria (capabilities). The article is devoted to socio-philisophical background of these processes. In our opinion, behind this conversion the dominance of ethical subjectivism or objectivism, respectively, the values of individual freedom or of well-being was hidden, that can be estimated externally (by an “impartial spectator”, legislation or public discussion).

Towards a new organization of society and economy

Deryabina Marina

The paper overviews the basic ideas of the book by N. V. Smorodinskaya. It focuses on some definite as well as still not so definite changes in world pubic and economic structures. The main vector of the research is reorganization of today's pubic and economic structures and establishing a net structure on this basis. The author follows these processes beginning with the first steps of forming a net structure. She examines the logic of changes of rigid hierarchical models of management and coordination of the free market for horizontal and net forms of organization. A new institutional space rests upon developed net interactions. Two main trends are in the focus of the author's attention. First, collaboration phenomenon on all the levels of economy including so called “triple helix”, i.e., collaboration of the state, science and business. Second, cluster nets, i.e., orga- nization and management of collaboration. The cluster-net approach in industrial policy all over the world and topicality of such approach for modernization of Russian economy are presented in the monograph too.

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