nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2013‒10‒05
six papers chosen by
Alexander Harin
Modern University for the Humanities

  1. Heritage from Czar: The Russian Dual System of Schooling and Signaling By ZHANGALIYEVA, Aigerim; NAKABAYASHI, Masaki
  2. В поисках синергетического эффекта: российский рынок слияний и поглощений в 2005-2012 гг. By Ivanov, Alexey
  3. The links between some European financial factors and the BRICS credit default swap spreads. By Avouyi-Dovi, Sanvi; Ano Sujithan, Kuhanathan
  4. Illustrated implications of the Terrifying New Math of Meinshausen and McKibben By Colin Hunt
  5. Генезис синергетического подхода в исследованиях слияний и поглощений: развенчание главного мифа о синергии By Ivanov, Alexey
  6. Capital Flight and Transfer from Resource-Rich Developing Countries By Demachi, Kazue

  1. By: ZHANGALIYEVA, Aigerim; NAKABAYASHI, Masaki (Institute of Social Science, The University of Tokyo)
    Abstract: Employers use educational background as a signal of a workerfs latent ability. This signaling effect decreases as employers learn about the workerfs ability with his/her work experience, which results in negative coefficient of interaction term between schooling and experience in wage equation. Meanwhile, if schooling and experience are complements, it works to make the coefficient positive. We show the latter complementarity effect dominates for vocational school graduates school in Russia. Given that European vocational school systems were introduced from the Russian Empire, our results at least partly explain why employer learning is only weakly observed in Europe.
    Keywords: Signaling; employer learning; complementarity of schooling and experience; vocational school; Russia.
    JEL: J31 J24
    Date: 2013–09–26
  2. By: Ivanov, Alexey
    Abstract: In the article the situation on the Russian market of mergers and acquisitions in 2005-2012 is investigated. Also was produced its comparison with the world market for key indicators. The author based on extensive statistical analysis of the material revealed the specific features and tendencies of development of the domestic market of mergers and acquisitions, and emphasized the role of integrative synergetic effect in the expectations of investors.
    Keywords: слияния и поглощения, интеграция, синергетический эффект, mergers and acquisitions, integration, synergetic effect
    JEL: O30
    Date: 2013–08–23
  3. By: Avouyi-Dovi, Sanvi; Ano Sujithan, Kuhanathan
    Abstract: Emerging economies and especially the BRICS countries have strong economic ties with the euro area. In addition, the financial crisis in the euro area may have effects on other markets or areas, especially those of the main emerging markets. Credit default swap (CDS) spreads are relevant indicators of credit risks. After identifying a set of fundamental determinants for sovereign CDS spreads, including euro area financial factors and computing Markov switching unit root test, we estimate Markov switching models over the period from January 2002 to August 2012, in order to examine the behaviour of sovereign CDS spreads in the BRICS countries. , i) We detect two different regimes for the BRICS, that finding is backed by conventional robustness checks and economic events; ii) most of the explanatory variables are involved in the determining theses regimes. Thus both financial and real factors have an impact on the relations defining each regime, except for Russia which is only impacted by financial ones. Especially, euro area financial indicators are largely involved in the BRICS sovereign CDS spreads’ dynamics. Besides, the robustness check supports the use of euro area variables as determinants of BRICS sovereign CDS spreads.
    Keywords: Credit default swap; BRICS; emerging markets; euro area financial markets indicators; Markov switching;
    JEL: C13 G12 G15
  4. By: Colin Hunt (School of Economics, The University of Queensland)
    Abstract: There is a limit to the quantity of greenhouse gases that may be emitted to the atmosphere if catastrophic climate change is to be avoided. There is a global carbon budget that should not be exceeded by 2050. The practical implication is that most of the world’s fossil fuel inventory must be left in the ground and not burned. The article analyses the implications of adhering to the carbon budget by modelling the implied rate of reduction in emission intensity of the world economy. A delay in concerted international action increases sharply the rate required. The four major emitting countries are examined for their energy and emission policies and the trajectories of their required emission intensities derived. If the budget is adhered to, the intensities of China and Russia will need to be reduced sharply after 2020 when their present policies expire. Barriers are likely to remain to concerted international action in 2020, however. This will leave countries such as China and Russia free to pursue policies for the maintenance of economic growth as a priority, rather than the adoption of strict and economically stultifying targets for emissions or emission intensity.
    Date: 2013–09–30
  5. By: Ivanov, Alexey
    Abstract: In article emergence and development of concept of synergetic effect of M&A and ideas of it from 1960th to the present is considered. The author generalized data of a number of the researches proving that M&A not so surely lead to achievement of the positive synergetic effect which is usually determined by the formula «2+2=5» – the main myth about a synergy.
    Keywords: слияния и поглощения, синергетический эффект, интеграция, mergers and acquisitions, synergetic effect, integration
    JEL: L10
    Date: 2013–09–03
  6. By: Demachi, Kazue
    Abstract: This paper analyzes the influence of international resource price movements on capital outflows from resource-rich developing countries (RRDCs) by distinguishing capital flight and capital transfers. The volume of capital flight and transfers are calculated and their determinants are analyzed using macro-panel data constituting 21 resource-rich developing countries from 1990 to 2011. Through the regression analysis, the linkage between capital flight and resource revenue as well as that between capital flight and debt is suggested. The results of this analysis suggest the need to focus on capital outflow from RRDCs through transnational companies.
    Keywords: Africa, Asia, capital flight, resource rich developing countries
    JEL: F21 F23
    Date: 2013–09–29

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