nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2012‒11‒03
three papers chosen by
Alexander Harin
Modern University for the Humanities

  1. Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools By Alexey Ponomarenko; Elena Vasilieva; Franziska Schobert
  2. The Rise of Turkey and the New Mediterranean Challenges and Opportunities for Energy Cooperation in a Region in Transition By Simone Tagliapietra
  3. Региональные институты модернизации (Regional'nye instituty modernizatsii) By Polterovich, Victor

  1. By: Alexey Ponomarenko (Bank of Russia); Elena Vasilieva (Bank of Russia); Franziska Schobert (Deutsche Bundesbank)
    Abstract: The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of monetary analysis for an economy that differs from the euro area as regards, for instance, the role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The results suggest that there are stable relationships with respect to income and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money for inflation and for real economic development. JEL Classification: E41, E52, E58
    Keywords: Money demand, transition countries, cointegration analysis, inflation, real economic activity
    Date: 2012–09
  2. By: Simone Tagliapietra (Fondazione Eni Enrico Mattei)
    Abstract: This paper, presenting a wide range of issues related to the role of Turkey in the Mediterranean energy context, aims to provide a comprehensive framework of understanding of the growing strategic relevance of Turkey for both the European Union and the overall Euro-Mediterranean region. In particular, the paper focuses on the EU-Turkey energy relations and outlines the crucial role of natural gas in enhancing energy cooperation between the two players. In 2010 about 80% of EU gas imports derived from only three suppliers: Russian Federation, Norway and Algeria. This heavy dependence on such a few suppliers stimulated the European Commission to make the concept of diversification a cornerstone of its energy policy and to launch the concept of the Southern Gas Corridor, an initiative aimed to develop a natural gas transit corridor from Caspian and Middle Eastern gas-rich regions to Europe, in order to ease the dependency on the natural gas imported from the Russian Federation. An initiative that could shift the "centre of gravity" of the regional gas transit from the north to the south of the Black Sea, allowing Turkey to become a key transit country in the future European gas market; a pivotal element in the European gas security of supply architecture. Furthermore, the paper also considers the enormous renewable energy potential of Southern and Eastern Mediterranean Countries, to which Turkey could greatly contribute in terms of technology transfer and manufacturing know-how. Turkey’s involvement in the Union for the Mediterranean offers a great opportunity for energy cooperation both between the EU and Turkey and within the overall Euro-Mediterranean region. Such large-scale renewable energy projects could greatly contribute to the economic development of the overall Mediterranean region, and also to its social and political stability. Considering the lack of a wide and comprehensive EU-Turkey energy cooperation scheme, the paper proposes a series of policy priorities pointed to enhance this bilateral relationship and also the wider Euro-Mediterranean integration process.
    Keywords: Turkey, Mediterranean, EU Security of Supply, Energy geopolitics
    JEL: Q40 Q42 Q48
    Date: 2012–09
  3. By: Polterovich, Victor
    Abstract: It is shown that, at the stage of catching-up development, regional economic development agencies (REDA) might become the most important elements of the growth control system. Basic tasks of REDA are considered including their role as 1) organizers of interaction among government, business associations and the society; 2) centers of institutional experimentation; 3) information and consulting centers; 4) centers of regional forecasting and planning; 5) coordinators of development institutions in a region. Problems of the choice of rational structures of REDA’s governing and financing are discussed.
    Keywords: development agency; indicative planning; business association
    JEL: R58 O18 O38
    Date: 2011

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