Creative economy: Towards cultural heritage capitalization

Abankina Tatyana

The paper analyzes trends in the development of the creative economy in Russia and estimates the export potential of the Russian creative industries. The author demonstrates that modern concepts of cultural heritage preservation focus on increasing the efficiency of its use and that building creative potential and systematic support of the creative industries are becoming a key task of the strategic development of regions and municipalities in the post-industrial era.

Inequality: How not to primitivize the problem

Kapeliushnikov Rostislav

The paper provides an overview of the key issues discussed in the recent economic literature on inequality. It highlights such topics as measurement subtle- ties; dynamics in inequality levels; possible drivers behind inequality growth; relationship between inter- and intra-countries’ inequality; shape of long-term trends (the Kuznets hypothesis); effects of inequality on economic growth; sup- posed earnings stagnation in developed countries; increased remuneration gap between top-managers and other workers; growing share of capital incomes in GDP; relationship between market competition and inequality; various norma- tive aspects. A general conclusion is that in normative terms inequality per se represents a pseudo-problem though it might be a manifestation of different fundamental economic and social problems.

Modeling the real ruble exchange rate under monetary policyregime change

Polbin Andrey

The paper estimates vector error correction model (VECM) for the real ruble exchange rate and real oil prices. The VECM model takes into account the structural break in short-term parameters due to the Bank of Russia monetary policy regime change in November 2014. Estimates show that the real exchange rate response to oil price shocks has dramatically changed. Before November2014 it took approximately one year to correct 50% of the real exchange rate gap due to oil prices permanent change. From November 2014 the real exchange rate adapts to oil price shocks almost instantly. The estimate of long-run elasticity of the real exchange rate on real oil prices is 0.33.

Monetary policy regimes in Russia: Guidelines for furtherquantitative studies

Pestova Alexander

This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

On one event in the history of reforms in China

Yakovlev Andrei

The paper analyzes confrontation concerning continuation of market reforms between main groups in Chinese elite after Tiananmen in 1989 and collapse of USSR in 1991. It considers in details the ‘southern tour' of Deng Xiaoping in early 1992 and its impact on the balance of interests in Chinese elites before the 14th party congress. The paper shows also the specifics of Chinese reforms which combine market development with creation of rents for main elite groups.

Price interactions in the Russian credit market: Who is fighting whom and when do banks facilitate collusion?

Mamonov Mikhail

This paper analyzes how banks react on the interest rate policy of their rivals when the industry-wide price competition is strengthening over different phases of business cycle in both retail and corporate segments of credit market in Russia. Our estimations, based on the models proposed in the literature on New Industrial Empirical Organization (NIEO), show that price wars are taking place from time to time in the retail as well as in the corporate segments of Russian credit market; more often - in periods of macroeconomic crisis, and are started by the banks from the top-30 group (in terms of assets, excluding Sberbank), the most warlike group within the Russian banking system. During the non-crisis periods banks are turning to facilitate collusions. The retail segment of credit market appears to be significantly more competitive as compared to the corporate one.

Russia’s foreign trade crisis and its aftereffects

Faltsman Vladimir

The author, using his own statistical estimates of key indicators that reflect the state of the Russian economy, considers the possible scenario of its development, describing how the new stage of the foreign trade crisis would evolve, as well as the prospects of Russia’s economic growth, investment and innovative processes, the standards and quality of living of the population. The concept is proposed suggesting local incremental recovery growth in separate industries of the Russian economy with minimal risks, borrowings and budget deficit.

State ownership and efficiency characteristics

Abramov Alexander, Radygin Alexander, Chernova Maria, Entov Revold

The paper examines the influence of state participation in the ownership structure of companies on their financial efficiency using a sample of 114 largest companies in Russia. As an indirect indicator of efficiency we used a variety of financial indicators: revenue per employee (gross margin), return on equity, profit margin and debt burden. The authors have tried to discriminate the influence of direct and indirect state ownership. Using econometric analysis we conclude that the size of the block of shares owned by the state has negative effect on the performance characteristics, and its increase is associated with an increase in the debt burden of companies. According to our criteria, state-owned enterprises (SOEs) on average perform worse than private companies. The study shows that a change in the profitability of private companies is characterized by a significant dependence on the movement of indirect productivity characteristics. At the same time, for SOEs the similar correlation between return on equity and efficiency characteristics was not revealed. The study shows that the increase of the size of direct government ownership leads to lower productivity and profitability; the impact of indirect state ownership is, seemingly, more complicated.


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