nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2007‒12‒15
three papers chosen by
Anna Y. Borodina
Perm State University

  1. Russian WTO accession : what has been accomplished, what can be expected By Tarr, David
  2. Options, Futures, and Other Derivatives in Russia: An Overview By Rotfuß, Waldemar
  3. Institutions and Entrepreneurship Development in Russia:A Comparative Perspective By Ruta Aidis; Saul Estrin; Tomasz Mickiewicz

  1. By: Tarr, David
    Abstract: This paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade Organization (WTO) accession negotiations, providing detailed assessments in banking, insurance, and agriculture. The paper assesses the gains to the Russian economy from these commitments, based on a summary of several modeling efforts undertaken by the author and his colleagues. The author compares Russian commitments with those of other countries that have recently acceded to the WTO to assess the claim that the demands on Russia are excessive due to political considerations. He explains why Russian WTO accession will result in the elimination of the Jackson-Vanik Amendment against Russia. Finally, he discusses the remaining issues in the negotiations and the time frame for Russian accession as of the fall of 2007.
    Keywords: World Trade Organization,Debt Markets,Emerging Markets,Economic Theory & Research,Free Trade
    Date: 2007–12–01
  2. By: Rotfuß, Waldemar
    Abstract: This work provides a descriptive overview of Russian markets for financial derivatives. Available figures for the exchange-traded and over-the-counter-traded derivatives in Russia show that the Russian derivatives markets experienced enormous growth rates since the financial crisis in 1998. Starting from a very low level, turnover of exchange-traded derivatives in Russia rose from 2000 to 2006 on average 168 percent per year and reached a total turnover of EUR 102 billion in 2006. Among futures, equity futures, followed by currency futures, are the most traded exchange-traded derivatives in Russia. Turnover of exchange-traded derivatives on interest rates, bonds or even commodities represent only a very small fraction of the total turnover. Available figures for the Russian OTC foreign exchange derivatives market suggest for the period between April 2004 and 2007 an annual turnover growth rate of 47 percent. Foreign exchange swaps in RUR against USD and in USD against EUR and other currencies were the most popular OTC foreign exchange derivatives in April 2004 and 2007.
    Keywords: Russia, Financial Derivatives Market, Russian Financial Derivatives Markets
    JEL: G1 G15
    Date: 2007
  3. By: Ruta Aidis; Saul Estrin; Tomasz Mickiewicz
    Abstract: In this paper we use a comparative perspective to explore the ways in which institutions and networks have influenced entrepreneurial development in Russia. We utilize Global Entrepreneurship Monitor (GEM) data to study the effects of the weak institutional environment in Russia on entrepreneurship, comparing it first with all available GEM country samples and second, in more detail, with Brazil and Poland. Our results suggest that Russia’s institutional environment is important in explaining its relatively low levels of entrepreneurship development, where the latter is measured in terms of both number of startups and of existing business owners. In addition, Russia’s business environment and its consequences for the role of business networks contribute to the relative advantage of entrepreneurial insiders (those already in business) to entrepreneurial outsiders (newcomers) in terms of new business start-ups.
    Date: 2007–06

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