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Can the demand stimulating policy be effectivein the period of sluggish growth of the Russian economy?

Berezinskaya Olga, Vedev Alexey

The reaction of the manufacturing industry to changing demand is a key indicator of the effectiveness of related demand-boosting policy measures. The paper analyzes the industry response to shifts in demand from end consumers through a set of development models in times of vivid growth, turbulence, and deterioration of internal and external growth drivers in 2006-2016. The models employed during the period of sluggish growth are reviewed through a magnifying glass.

Fiscal maneuver and restructuring the Russian economy

Kudrin Alexey, Sokolov Ilya

The paper discusses fiscal policy parameters for the period through 2024. The suggested way to ensure long-term fiscal stability is stabilization of both the general government revenues and expenditure in percent of GDP at levels differing by the public debt service payments, and then applying a new version of the fiscal rule. Redistribution of fiscal spending from “unproductive” to “productive” areas (primarily investment in human and physical capital) is considered as a way to boost economic growth. Possible use of additional spending on education, public health, and transport system is presented, as well as optimization of expenditures in “nonproductive” areas.

Geography and structure of the banking sector: Trends in the world and Russia

Ageeva Svetlana, Mishura Anna

The article analyzes trends in the evolution of the structure and geography of Russian banking industry. It shows how three types of distances (operational, functional, and those between offices of competing banks) change under the influence of the concentration in banking business and reduction of the number of banks. The authors also provide a typology of regions according to the availability of local banks and non-local branches. We test a well-known hypothesis about the existence of a connection between the structures of the economy and its banking sector and show that the focus of regional banks' activities in Russia has shifted towards SMEs, but we have not found a correspondence between the structures of regional economies and their banking sectors. The parameters of regional banking systems differ, and although many regions have their own specifics, such differences are not related to the structures of regional economies.

On everyday academic research

Tirole Jean

In the fourth chapter of the book “The economy of the common good”, the nature of economics as a science and research practices in their theoretical and empirical aspects are discussed. The author considers the processes of modeling, empirical verification of models and evaluation of research quality. In addition, the features of economic cognition and the role of mathematics in economic research are analyzed, including the example of relevant research in game theory and information theory.

The trajectories of donor regions in Russia

Yushkov Andrey, Oding Nina, Savulkin Lev

The article cosiders the dynamics of tax revenues and intergovernmental transfers in 27 Russian donor regions, which form the basis of the country’s budget system. A new classification of donor regions is presented, within which a group of regions that have lost their ‘donor’ status during the last decade has been studied separately. The paper also discusses the possible ways of increasing the financial autonomy of the regions and redistribution of taxes between federal and regional levels of the budget system in order to increase the number of donor regions.

Two discourses in Russian economic science

Grigoryev Leonid

World economic science covers a huge variety of theoretical and practical issues. Russian socio-economic transformation is its natural part of theoretical studies. We believe that this is an objective situation of “two discourses”. Many Russian scientists work in the sphere of the “World discourse” and have achieved certain individual successes. The efforts of Russian scientists concentrate on national problems, so the volume of research and publications in the “Russian discourse” is much greater, as is our contribution to economic science. Interest in the “Russian discourse” on the part of the world science is limited and it cannot get a lot of place in high-profile journals, which is reflected in the ratings. Differences in the discourses are not rigid, but noticeably correspond with the groups of authors of scientific works. Works on the “Russian discourse” determine the picture of publications in the national journal field.

Urgency of financial markets’ and non-banking financial sector reform

Danilov Yuri, Buklemishev Oleg, Abramov Alexander

Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.

ВСПОМИНАЯ АКАДЕМИКА В. А. ТИХОНОВА

КРЫЛОВА Н., ШИЛИНА Г.

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