Choice of Parameters of a Parity Rate and Gold and Foreign Currency Reserves

Avdokushin E., Ivanova E.

Questions of the choice of parameters of real currency rate and size and structure of gold and foreign currency reserves for the countries with unconvertible currency are considered in the article. It is proposed to search for optimum currency rate on the basis of minimizing probabilistic characteristics of damage from the sum of two kinds of inflation - evolutionary and interventionist. The optimal total size and structure of gold and foreign currency reserves can be calculated on the basis of the probabilistic distribution "efficiency-risk" received as a result of the decision of the problem of searching optimal distribution by a share in an investment portfolio with one nonlinear share. The minimum of damage from service of reserves is taken as a criterion of optimality.

Economic Consequences of Ratification of the Kyoto Protocol by the Russian Federation

Illarionov A., Pivovarova N.

Carbon dioxide emissions are the inevitable result of hydrocarbon consumption, that is the energy pillar of the modern civilization. These emissions are the function of economic activity and carbon intensity of GDP. With strict natural limits on speed of reduction in the carbon intensity of GDP restraining CO2 emissions means restraining energy consumption and economic activity. Ratification of the Kyoto Protocol by the Russian Federation means that for the first time in the Russian history legal binding limits are put on absolute size of the Russian economy.

Economic Growth and Information Technologies: Comparative Approach

Tsirel S.

On the basis of the correlation and factor analysis of the comparative statistics it is shown that the development of modern ICT is one of the major factors of economic growth. Interrelations between ICT and other factors of economic growth are displayed. The crucial dependence of ICT development on the purposeful state policy including not only legislative support of new economy but also the stimulation of innovations is shown. The principal cause of ICT influence on economic growth is that ICT becomes now the new language of business communication and the foundation of the modern business environment. ICT not only have raised productivity but they have also transformed the pattern of the world economy organization, created new standards of management and marketing, accelerated the process of introducing new goods and services, and brought different national economies closer. Lagging behind in ICT devalues Russia's achievements in science and technology, hinders both their popularizing and conversion into new technologies, which sharply reduces the country's competitiveness.

Economic Views of L. Trotsky

Voeikov M., Dzarasov S.

The paper written in the light of 125th birth anniversary of L. Trotsky analyzes the life and ideas of one of the most prominent figures in the Russian history of the 20th century. He was one of the leaders of the Russian revolution in its Bolshevik period, worked with V. Lenin and played a significant role in the Civil War. Rejected by the party bureaucracy L. Trotsky led uncompromising struggle against Stalinism, defending his own understanding of the revolutionary ideals. The authors try to explain these events in historical perspective, avoiding biases of both Stalinism and anticommunism.

Fiscal Decentralization in Transition Economies

Chernyavsky A., Vartapetov K.

By employing the methodology developed by the OECD the paper assesses the degree of revenue decentralization in Russia in comparison with other post-communist European countries. The paper provides theoretical arguments underpinning fiscal decentralization, analyzes the composition of subnational government revenues, the level of regional and local tax autonomy and types of intergovernmental fiscal transfers. The analysis presents the composition of revenues depending on the degree of subnational and local government control. In comparison with other transition countries fiscal decentralization in Russia is relatively low. It is concluded that Russia's public finance reform has not progressed towards providing greater fiscal autonomy for regional and local governments.

Intergovernmental Fiscal Relations in Russia in the Present Time

Klimanov V., Lavrov A.

The article considers the main changes in the intergovernmental fiscal relations in Russia in the beginning of the 2000s and current problems of the realization of the governmental Program of the Development of Fiscal Federalism in the Russian Federation till 2005. The experience of forming several funds for financial aid to sub-national budgets in the federal budget is examined, financial issues of the reform of federal relations and local self-government are analyzed.

The Russian Specificity of "Dutch Disease"

Zabelina O.

This paper aims to study the specificity of "Dutch disease" in Russia. The theoretical basis of the given phenomenon - the booming sector model - is analyzed in detail from the point of view of its applicability under conditions of the Russian economy. The main attention is given to consideration of structural aspects of the problem: sector distribution of factors of production and profitability of branches. From the position of efficiency a number of measures aimed at "Dutch disease" elimination are estimated: protectionism, subsidizing, devaluation.

Understanding the Soft Budget Constraint

Kornai J., Maskin E., Roland G.

The article deals with the phenomenon of the soft budget constraint (SBC). Though originally it was formulated to illuminate economic behavior in socialist economies, this concept is increasingly acknowledged to be pertinent well beyond their realm. The authors have two main objectives: conceptual clarification and survey of formal theoretical literature on SBC. In the first part of the article the accent is made on analyzing the essence of the SBC syndrome, means of its softening and corresponding expectations of organizations. Formal models of SBC in socialist and transition economies are also analyzed.

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