nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2013‒05‒24
six papers chosen by
Alexander Harin
Modern University for the Humanities

  1. The Bank of Russia at the Crossroads: does the monetary policy needs easing By Evgeny Gorunov; Pavel Trunin
  2. Microanalysis of retirement behavior in the Russian Federation By Iuliia Sonina
  3. Assessment of Money Demand in the Russian Economy with the Development of Banking Technology By Elena Sinelnikova,
  4. Les voies de la réforme du secteur gazier russe By Catherine Locatelli
  5. Environmental Taxation Evolution in Ukraine: Trends, Challenges and Outlook By Shkarlet, Serhiy; Petrakov, Iaroslav
  6. Monetary policy regimes in CIS economies and their ability to provide price and financial stability By Dabrowski , Marek

  1. By: Evgeny Gorunov (Gaidar Institute for Economic Policy); Pavel Trunin (Gaidar Institute for Economic Policy)
    Abstract: Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity. Monetary expansion is considered as one of the possible alternatives, which we consider inappropriate. During the whole post-crisis period monetary authorities of advances economies in their attempts to boost recovery relied heavily on different sorts of monetary stimulus. Thus it is sometimes argued that Russia should better use such kind of experience and shift to aggressive monetary expansion. This view is mostly wrong since it shows misunderstanding of the goals of the monetary easing policy implemented in advanced economies and also ignores the differences between Russia and advanced countries with respect to macroeconomic conditions. There are two main reasons for extraordinary monetary expansion in advanced economies: sizable cyclical recession and “zero lower bound” problem. Since none of these is present in Russia there’s no reason for implementation of monetary easing policy.
    Keywords: monetary policy, Bank of Russia
    JEL: E41 E42 E52 E58 E61
    Date: 2013
  2. By: Iuliia Sonina (UP1 UFR02 - Université Paris 1, Panthéon-Sorbonne - UFR d'Économie - Université Paris I - Panthéon-Sorbonne - PRES HESAM)
    Abstract: This paper presents the results of econometric analysis of retirement behavior of Russian pensioners. The aim of the investigation is determination of those factors that affect the retirement decision of men and women in Russia. Their understanding can be helpful for pension reform realization. This analysis is performed on the basis of data from the Russian Longitudinal Monitoring Survey. The data are taken from the 15th to 19th waves of survey that correspond to 2005-2010 period of time. First of all this paper gives a survey of retirement literature, then describes the pension system in the Russian federation and particularities of retirement behaviour of Russian pensioners, after that it presents basic hypothesis of the analysis and, finally, concludes with econometric results and their interpretation.
    Keywords: retraite, Russie, comportements
    Date: 2012
  3. By: Elena Sinelnikova, (Gaidar Institute for Economic Policy)
    Abstract: Traditional microeconomic approaches to demand for money problem are considered in the article. It also discusses current view of monetary theory on concept of “money”. New approach gives reasoning to existence of variety of payment innovations. It provides theoretical base for inclusion of variable that describes innovations in payment sphere into equation of money demand in Russia. As a result a stable (during 2000—2010 years) money demand equation is obtained
    Keywords: money demand, payment innovations, stability, search and matching theory
    JEL: E41 E31 E52 C22
    Date: 2012
  4. By: Catherine Locatelli (PACTE - Politiques publiques, ACtion politique, TErritoires - Institut d'Études Politiques [IEP] - Grenoble - CNRS : UMR5194 - Université Pierre Mendès-France - Grenoble II - Université Joseph Fourier - Grenoble I)
    Abstract: Le secteur gazier russe est aujourd'hui l'objet d'évolutions en profondeur même s'il reste dominé par la puissante société Gazprom, détenue par l'Etat. Ces évolutions se caractérisent principalement par une restructuration de Gazprom, des hausses conséquentes de prix et surtout l'introduction de formes concurrentielles qui tendent à normer le comportement de Gazprom. Cette réorganisation ne suit cependant pas le modèle de restructuration des industries gazières mises en œuvre dans l'UE. Ce modèle est principalement basé sur la dé-intégration des monopoles verticalement intégrés et des marchés concurrentiels. Alors que c'était le projet initial (discuté en 2002), ce modèle s'avère de fait dans les conditions institutionnelles et économiques de la Russie impossible à mettre en œuvre.
    Date: 2013–03
  5. By: Shkarlet, Serhiy; Petrakov, Iaroslav
    Abstract: Recent development trends of environmental taxation in Ukraine in context of the 2011 Tax Reform are analysed. Institutional, fiscal and security challenges for green taxes evolution during economic downturn and recession are summarized. Further modernization outlook for environment-oriented fiscal instruments in Ukraine considering European experience is suggested.
    Keywords: environmental taxes, fiscal instruments, trends, challenges
    JEL: H23 O13 O44 P28 P48 Q53 Q56 Q58
    Date: 2013–01–15
  6. By: Dabrowski , Marek (BOFIT)
    Abstract: Achieving price stability has been a serious challenge for CIS countries. In the first half of the 1990s, they experienced very high inflation or hyperinflation, which had originated in the perestroika period and following the dissolution of the ruble area. After the introduction of new currencies and stabilization programs in the mid-1990s, inflation moderated to two-digit levels. However, for lack of sufficient fiscal policy support, this partial progress did not succeed in preventing the financial crisis of 1998/99. The economic boom of the 2000s allowed for a return to macroeconomic stability with stronger fiscal fundamentals, but nevertheless proved insufficient to withstand the shock from the global financial crisis of 2008/09. The paper analyses the evolution monetary policy regimes of in the CIS countries over the decade of the 2000s and early 2010s and is based on the publicly available cross-country statistics and other information provided by the IMF. The paper compares financial openness in these economies both de jure and de facto. These findings will be tested against the empirical data on exchange rate movements and changes in central banks’ international reserves. The paper concludes with a discussion on practical choices which CIS countries have in respect of their future monetary policy regimes.
    Keywords: monetary policy; CIS; financial openness; inflation
    JEL: E42 E58 P24 P52
    Date: 2013–05–02

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