Financial markets regulation: models, evolution, efficiency

Abramov Alexander, Radygin Alexander, Chernova Maria

Accumulated experience in the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved “depth of financial structure”, as well as national institutional characteristics. Effective regulation model which takes into account these features became an indispensable condition for economic growth. The authors analyze patterns of development of regulation and supervision systems in the financial markets on a sample of 50 countries focusing on trends in integration of regulation and supervision. The calculations show that a new model of rigid integrated system of prudential supervision and regulation formed in RF on the basis of the Bank of Russia does not fully take into account the level of development of institutional investors and creates risks of excessive administrative pressure on non-bank financial institutions and competitive environment weakening. Solving these problems requires active effort on the part of government agencies and financial market participants.

Floating exchange rate of the russian ruble: myth or reality?

Kiyutsevskaya Anna

Active globalization of the Russian economy has required more flexible exchange rate policy. By 2015, the Bank of Russia plans to finish transition to the floating exchange rate. Though the regulator has been aspiring to achieve this goal since 2007, the exchange rate policy’s mechanism has been changed only after sharp deterioration of external economic conditions in 2008—2009. Expanding bounds of a currency corridor and reducing volumes of carried out interventions, the Bank of Russia continues to weaken the influence on internal currency market, limited to leveling the speculative expectations of economic agents. Stages and reached results of this major transformation of exchange rate policy are investigated in the article.

From the global corruption paradigm to the study of informal practices: outsiders vs. insiders

Barsukova Svetlana, Ledeneva Alena

The article compares two approaches to the analysis of corruption: the global corruption paradigm — a downstream view on corruption promoted by international organisations and policy makers, the socalled outsiders, and the analysis of informal practices — an upstream, or bottom-up, perspective of insiders, which contextualises motives and meaning of corrupt practices. The global corruption paradigm rests on the premises that corruption can be defined, measured and controlled. Since the 1990s, data on corruption have been systematically collected and monitored, yet there has been little progress in combatting the phenomenon across the globe. Success cases are rare, and policy makers are increasingly dis-satisfied with existing indicators and approaches to anti-corruption policies. On the one hand, the paper articulates the critique of assumptions, preconceptions and methodology implicit in the prevailing corruption paradigm. We question the cultural and historical neutrality of the definition of corruption, problems with its measurement, and implications for policy-making. On the other hand, the paper argues for the ‘disaggregation’ of the corruption paradigm and the necessity to integrate local knowledge and insiders’ perspectives into corruption studies. The combination of the two approaches will provide for more effective ways of tackling the challenges of corruption, especially in endemically corrupt systems.

Investment climate and government turnover in russian regions

Syunyaev Georgiy, Polishchuk Leonid

We study the impact of Russian regional governors' rotation and their affiliation with private sector firms for the quality of investment climate in Russian regions. A theoretical model presented in the paper predicts that these factors taken together improve “endogenous” property rights under authoritarian regimes. This conclusion is confirmed empirically by using Russian regional data for 2002—2010; early in that period gubernatorial elections had been canceled and replaced by federal government's appointments. This is an indication that under certain conditions government rotation is beneficial for economic development even when democracy is suppressed.

On Goals and Measures of health Care reform in russia

Aganbegyan Abel

The article contains measures aimed at deepening health care reform. It is necessary to turn to program-target management of this sector, improve the quality of functioning of medical organizations. In order to make medical services more affordable it is expedient to develop telemedicine net, establish branches of leading centers of different specialization in all regions of the country. For increasing health care financing the resources not only of the state but also of the population and organizations should be used.

Possible Economic Effects of CU—EU Trade Agreement

Knobel Alexander, Chokaev Bekhan

This paper investigates the possible economic effects of free trade agreement (FTA), implying a mutual zero import tariffs in the trade between the Customs Union and the EU. Analysis of the effects is made using CGE Globe v1 model. We estimate the impact of FTA on the economies, both at the level of the entire economy and at the industry level. The sensitivity analysis is made. It is shown that, in both relative and absolute terms, Russia potentially benefits from the agreement more than the EU. The cumulative gain of the CU is strictly positive, but the benefits and costs are unevenly distributed among its members.

Scientific and Practical Efficiency of russian universities

Balatsky Evgeny, Sergeeva Vladlena

Russian universities are increasingly competing for additional sources of funding. This paper proposes a ranking of scientific and practical effectiveness of Russian universities, based on the account of the volume of funds obtained through research and development; the authors assess the sustainability of a built rating. The leaders of universities ranking are identified and “technological” model of their success is disclosed, their policy to diversify sources of funding is discussed. Typical examples of a new trend of the higher education market — “technologization” of leading social and humanitarian universities — are shown.

Waiting for a New Model of Growth: Russia's Social and Economic Development in 2013

Mau Vladimir

The paper deals with Russian social and economic development in 2013 and prospects for the next year or two. The author discusses the logic and trends of the global crisis started in 2008. This is the basis for further analysis of current Russian economic performance with special emphasis on the problem of growth rates deceleration. Special attention is paid to economic risks and priorities of economic policy.



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