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on Confederation of Independent States |
| By: | Henry Penikas (National Research University Higher School of Economics (Moscow, Russia). International Laboratory of Decision Choice and Analysis); Proskurin S. (National Research University Higher School of Economics, Department of Finance) |
| Abstract: | In this research we found that 56.8% of expert recommendations on selling or buying stocks of Russian companies were profitable. We show that the recommendations being publically released have an impact on stock prices, hence market players are likely to follow the recommendations. There also no difference in an analyst’s gender and almost no difference in the day the recommen-dation was made |
| Keywords: | financial analyst, forecast |
| JEL: | G32 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:18/fe/2013&r=cis |
| By: | Bulat Gafarov (Higher School of Economics (Moscow, Russia). Laboratory for Inflation Problems and Economic Growth Research.) |
| Abstract: | I apply the model with unobserved components and stochastic volatility (UC-SV) to forecast the Russian consumer price index. I extend the model which was previously suggested as a model for inflation forecasting in the USA to take into account a possible difference in model parameters and seasonal factor. Comparison of the out-of-sample forecasting performance of the linear AR model and the UC-SV model by mean squared error of prediction shows better results for the latter model. Relatively small absolute value of the standard error of the forecasts calculated by the UC-SV model makes it a reasonable candidate for a real time forecasting method for the Russian CPI. |
| Keywords: | Stochastic volatility, MCMC, Russia, CPI, forecasting. |
| JEL: | C53 E37 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:35/ec/2013&r=cis |
| By: | Anastasiya Tumanova (Doctor of Law, Doctor of History, Professor, Faculty of Law, Leading Scientific Researcher, Centre for Studies of Civil Society and Nonprofit Sector, Higher School of Economics (Moscow)) |
| Abstract: | This paper examines the doctrine of subjective public rights, which was developed by the legal phi-losophies of Russian Liberalism in Late Imperial Russia. This doctrine caused a revolution in the consciousness of law and order of the intellectual elite of the Russian Empire and influenced the liberation movement, the content of programs and activities of liberal political parties, and the State Duma of the Russian Empire. This paper is of interest to legal historians and historians of legal teachings, law theorists, and historians of intellectual thought. It is based on a wide range of sources, including scientific and journalistic works of liberal-minded Russian legal theorists, such as Pavel Novgorodtsev, Vladimir Gessen, Bogdan Kistyakovsky, Maksim Kovalevsky, and others, many of whom are for the first time introduced into scientific use in relation to the study of subjec-tive rights |
| Keywords: | History of state, law and legal thought of Late Imperial Russia, human rights and free-doms, law-based state, legal philosophies of Russian liberalism |
| JEL: | K |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:25/law/2013&r=cis |
| By: | Natalia Erpyleva (National Research University “The Higher School of Economics”. Faculty of Laws. Department of Private International Law, the Head of the Department) |
| Abstract: | This article is dedicated to one of the most interesting aspects of International Procedural Law – litigation with participation of foreign persons. Author focused on a comparative analysis of Russian and Kazakh legislation concerning the regulation of international procedural relations. Article includes two paragraphs: the first one considers international jurisdiction of Russian arbitrazh courts and Kazakh economic courts on commercial matters; the second one examines the recognition and enforcement of foreign judgments in commercial matters on the territory of Russia and Kazakhstan. Author deeply scrutinized a wide range of legal documents including domestic legislation and multilateral international treaties of regional character in order to show the convergences and divergences in Russian and Kazakh law concerning participation of foreign persons in international commercial litigation |
| Keywords: | International Procedural Law; International Civil Procedure; International Jurisdiction; Foreign Persons; International Commercial Litigation |
| JEL: | K41 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:12/law/2013&r=cis |
| By: | Nadia Chernenko |
| Abstract: | The paper looks at the development of the industry in the post-Soviet Russia, starting from the ealry 1990s. The main focus is on the last reform 2003-11 and the relationship of cost, prices and investment. In particular, the author examines the new designs for the electricity and capacity markets and their impact on incentives for short-run production and long-term planning and construction. The author defends the pro-competitive approach to the electricity industry reform in Russia and traces the roots of its success and failures. |
| Keywords: | Russian Electricity Industry, RAO EES, reform 2003-11, restructuring, market liberalisation, capacity markets |
| JEL: | L11 L22 L43 L52 L94 |
| Date: | 2013–11–27 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:1342&r=cis |
| By: | Dina Tsytsulina (National Research University Higher School of Economics. Economics Department. Lecturer.) |
| Abstract: | Russian producers are large participants in both domestic and international markets of ferrous and non-ferrous metals. Their market power is limited on the world market due to the presence of competitors, while in Russia most of them have achieved an “almost monopolistic” position strengthened by a high market share as a result protection from import tariffs. During 1999-2011 numerous mergers in these industries were completed and approved by the Federal Antitrust Service – Russia’s competition agency. The key problem of merger analysis in Russia’s ferrous and non-ferrous metal industries is the trade-off between a (possible) weakening of competition in domestic markets and achieving competitive advantages in international markets. Most merger deals were approved only together with precisely developed merger remedies aimed at preventing dominance abuse. However, it is still unknown whether the weakening of competition and the abuse of dominance on the domestic market as the result of a merger indeed lead to harmful consequences. Using the financial event study method developed by Eckbo and Wier (1985), this paper empirically verifies the significance of anticompetitive effects of mergers in the domestic ferrous and non-ferrous metal markets. I find that, according to the financial market, mergers between Russian metal producers restrict competition and reduce consumer gains |
| Keywords: | merger, competition, financial event study, Russia. |
| JEL: | G14 L40 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:36/ec/2013&r=cis |
| By: | Alexander Kozyrin (Doctor Habilitated in Law, Professor, Head of Department, Financial Law, National Research University Higher School of Economics) |
| Abstract: | Customs payments play special role in the economy of the Russian Federation. They composed just over 50 percent of the total budgetary income on the eve of the Russian Federation’s entry into the EurAsEC Customs Union. The article considers the changes which occurred in the legal base of customs regulation since the EurAsEC Customs Union was created and the Russian Federation became a member. The customs legislation structure of the Customs Union is analyzed in the article. Special attention is given to the acts which became the source of financial law in the Russian Federation, being adopted by supranational regulator, the Eurasian Economic Commission |
| Keywords: | EurAsEC, customs union, customs legislation, customs payments, financial law |
| JEL: | K33 K34 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:22/law/2013&r=cis |
| By: | Mikhail Antonov (National Research University Higher School of Economics (St. Petersburg). Associate Professor of Law) |
| Abstract: | The authors examine how the Russian judiciary devises legal policies when adjudicating cases in which religious beliefs are concerned. First, the authors describe the theoretical framework within which research on this matter can be conducted. This framework can be constructed on the basis of the theory of legal argumentation. Applying this framework to the investigation of the Russian court practice enables the authors to discover important features which are characteristic of legal reasoning in this category of cases. The Constitutional Court of Russia has chosen to abstain from crafting principles of legal policy regarding religious issues; yet, the jurisprudence of the ECtHR, by and large, is not followed by the Russian judiciary, and the Supreme Court of Russia has no clear-cut policy in this regard. In such a situation, ordinary judges choose individual strategies which are indispensable as fidelity to the letter of law is inadequate for adjudicating such cases. The case of Pussy Riot and the other cases analyzed in our paper serve as examples of this tendency. The court practice in religious cases can be better explained from this perspective than in light of presumed political influence |
| Keywords: | religion, human rights, religious freedoms, individual liberties, judicial protection, legal principles, legal policies, freedom of consciousness, jurisprudence of the ECtHR, Russian court system, legal argumentation, court proceedings |
| JEL: | K1 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:26/law/2013&r=cis |
| By: | Alexander Savelyev (National Research University Higher School of Economics) |
| Abstract: | The emergence of so-called “free” or “open source” software and the growth of its economic importance in various industries makes questions regarding the legal status of free/open source licenses especially important. In December 2010 new draft amendments to the Russia’s Civil Code were published, introducing new concepts in order to reflect the ideas pursued by these types of licenses. This article analyzes existing problems with the legal status of free/open source licenses, whether proposed amendments may solve them, and what risks they may create. Since Russia is among the first countries trying to include provisions on free/open source licenses in its legislation, such analysis may be of interest to foreign lawmakers since the concept of open source is universal all over the world |
| Keywords: | open source, free software, GPL |
| JEL: | K19 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:09/law/2013&r=cis |
| By: | Maria Ostrovnaya (Research Assistant in the Center for Institutional Studies at the National Research University Higher School of Economics); Elena Podkolzina (Ph.D. in economics, Senior Researcher in the Center for Institutional Studies at the National Research University Higher School of Economics) |
| Abstract: | In this paper we study antitrust intervention in long-term relationships between public procurer and his preferred supplier in one of the Russian regions. We presume that antitrust control of auctions held by affiliated procurer increases the risks of implementing long-term relationships with his preferred supplier. However we found out that after the intervention of antitrust agency the number of bidders in the auctions increased, but relative contract prices remained the same. We argue that procurer and preferred bidder invited firm with passive bidding strategy to decrease the risks of antitrust punishment. Thereby, antitrust intervention led to fake competition, but not to honest non-corrupt behavior in public auctions |
| Keywords: | public auctions, antitrust policy, pharmaceuticals, Russia. |
| JEL: | H57 L40 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:32/ec/2013&r=cis |
| By: | Ksenia Gonchar (National Research University Higher School of Economics); Philipp Marek (Institute for Economic Studies – Halle) |
| Abstract: | This paper conducts an empirical study of the factors that affect the spatial distribution of foreign direct investment (FDI) across regions in Russia; in particular, this paper is concerned with those regions that are endowed with natural resources and market-related benefits. Our analysis employs data on Russian firms with a foreign investor during the 2000-2009 period and linked regional statistics in the conditional logit model. The main findings are threefold. First, we conclude that one theory alone is not able to explain the geographical pattern of foreign investments in Russia. A combination of determinants is at work; market-related factors and the availability of natural resources are important factors in attracting FDI. The relative importance of natural resources seems to grow over time, despite shocks associated with events such as the Yukos trial. Second, existing agglomeration economies encourage foreign investors by means of forces generated simultaneously by sector-specific and inter-sectoral externalities. Third, the findings imply that service-oriented FDI co-locates with extraction industries in resource-endowed regions. The results are robust when Moscow is excluded and for subsamples including only Greenfield investments or both Greenfield investments and mergers and acquisitions (M&A) |
| Keywords: | foreign direct investment, location, regional development |
| JEL: | F23 R11 Q34 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:26/ec/2013&r=cis |
| By: | Dmitry Poldnikov (PhD, Assistant Professor, Faculty of Law, Higher School of Economics (Moscow)) |
| Abstract: | The paper examines the inconspicuous influence of the legacy of the classical natural law of the 18th century on Russian dogmatic jurisprudence of civil law, taking as an example the authoritative “Course on civil law” (1868-1880) by Konstantin Pobedonostsev. Despite the dogmatic purpose of the course and the hostility of its author towards European liberal doctrines of natural law, some striking similarities between them can be found, especially in the general provisions and principles of contract law, the method of its exposition and the recourse to justice and supra-positive ideal |
| Keywords: | legal history, dogmatic jurisprudence, natural law, civil law, contract law, principles, justice, Russia |
| JEL: | N93 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:20/law/2013&r=cis |
| By: | Mikhail Antonov (National Research University Higher School of Economics (St. Petersburg). Associate Professor of Law) |
| Abstract: | This paper examines the correlation between the concepts of sovereignty, human rights, and democracy in Russian legal and political debate, analyzing this correlation in the context of Russian philosophical discourse. It argues that sovereignty is often used as a powerful argument which allows the overruling of international humanitarian standards and the formal constitutional guarantees of human rights. This conflict between sovereignty and human rights also recurs in other countries, and many legal scholars demand the revision or even abandonment of the concept of sovereignty. In Russia this conflict is aggravated by some characteristic features of the traditional mentality which frequently favors statism and collective interests over individual ones, and by the state building a “power vertical” subordinating regional and other particularistic interests to the central power. These features and policies are studied in the context of the Slavophile-Westernizer philosophical divide. This divide reveals the pros and contras put forward by the Russian supporters of the isolationist (conservative) policy throughout contemporary history, and especially in the sovereignty debates in recent years. The Russian Constitution contains many declaratory statements about human rights and democracy, but their formulations are vague and have little concrete effect in court battles where the application of international humanitarian law is counterbalanced by the concerns of the protection of sovereignty. These concerns coincide with isolationist and authoritarian policies, which led in 2006 to their amalgamation into the concept of “sovereign democracy.” This concept is considered in this paper to be a recurrence of the Russian conservative tradition. Even though the concept in its literal meaning has been abandoned by its author and supporters, most of its ideas are still on the cusp of the official political discourse which reproduces the pivotal axes of the Russian political philosophy of the 19th century |
| Keywords: | sovereignty, human rights, legal mentality, democracy, sovereign democracy, Constitution, international law, Constitutional Court, Slavophiles, Westernizers, conservatism, individual liberties |
| JEL: | K1 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:24/law/2013&r=cis |
| By: | Maria Semenova (National Research University Higher School of Economics. Center for Institutional Studies. Research fellow); Victoria Rodina (National Research University Higher School of Economics. Center for Institutional Studies. Research assistant) |
| Abstract: | This paper examines the strategies of Russian households for choosing either the formal or informal banking sector as a source of credit. We aim to learn why households refuse to become clients of a bank and prefer to instead raise funds by borrowing from individuals – friends, colleagues, relatives, and other private parties. We use the results of “Monitoring the Financial Behavior of the Population” (2009-2010), a national survey of Russian households. Our results suggest that a household’s choice of the informal credit market is based not only on economic factors, but also on some institutional ones, including financial literacy, trust in the banking sector, and credit discipline. We show that choosing the informal market is explained by a lack of financial literacy, measured by mathematical competence and home accounting, as well as by a lack of trust in the banking sector as a whole. Borrowers from private parties demonstrate a higher degree of credit discipline: those who believe that repaying a loan is not obligatory are less frequently among informal borrowers and they choose the bank credit market. Our findings, however, are still in line with credit rationing theory. We show that better financial conditions reduce a household’s probability to use both formal and informal credit markets in favor of pure bank borrowing |
| Keywords: | household, consumer loans, informal loans, Russia |
| JEL: | D14 G21 P2 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:14/fe/2013&r=cis |
| By: | Yury Fogelson (National Research University Higher School of Economics. Public Policy Department. Professor) |
| Abstract: | On the basis of analyzing disputes connected with the classification of contracts for the benefit of third parties, history, and development of this construct in Russian law and analyzing its use in foreign legal systems, this work shows that the formal approach, applied in Russia with regard to contracts for the benefit of third parties, considerably belittles the sphere of application of the construct. Another approach, based on conferring material benefit upon a third party, is developed. It is also shown that the former approach allows us to resolve a number of problems that arise when applying of the analysed contractual construct |
| Keywords: | contract law, contract for the benefit of a third party, privity of contract, classifying characteristics of contract |
| JEL: | K12 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:23/law/2013&r=cis |
| By: | Gyuzel Yusupova (National Research University Higher School of Economics, Institute of Industrial and Market Studies, associate professor) |
| Abstract: | The empirical assessment of leniency program (LP) in Russia shows the effects of changes in the rules on the behavior of market participants. In this paper we test hypotheses about LP enforcement against the characteristics of cartels: their subject, duration and the number of participants. We show that LP in Russia makes enforcement of the behavior of market participants less effective and accordingly reduces cartel discoveries. However the reforms of Program in 2009 give some positive results |
| Keywords: | Leniency Program, Collusion, Antitrust legislation |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:06/pa/2013&r=cis |
| By: | Liudmila Zasimova (National Research University Higher School of Economics, Laboratory for Economic Research in Public Sector, deputy head); Sergey Shishkin (National Research University Higher School of Economics, Institute of Health Economics, research supervisor) |
| Abstract: | The adoption of new medical technologies in Russian public hospitals is an important part of healthcare modernization and thus is a subject for public finance and regulation. Here we examine the decision-making process on adoption of new technologies in Russian hospitals, and the institutional environment in which they are made. We find that public hospitals operate within a strategic-institutional model of decision making and tend to adopt technologies that bring indirect benefits to their heads/physicians. Unlike Western clinics, the interests of Russian hospital heads and physicians are driven by the possibilities to obtain income from a part of hospital activities: the provision of chargeable medical services to the population, as well as receiving informal payments from patients. The specifically Russian feature of the decision-making process is that hospitals are strongly dependent on health authorities’ decisions about new equipment acquisition. The inefficiency problems arise from the contradiction between hospitals’ and authorities’ financial motivation for acquiring new technologies: hospitals tend to adopt technologies that bring benefits to their heads/physicians and minimize maintenance and servicing costs, while authorities’ main concern is initial cost of technology. The main reason for inefficiency of medical technology adoption arises from centralization of procurement of medical equipment for hospitals that creates the preconditions for rent-seeking behaviour of persons making such decisions |
| Keywords: | medical technology, adoption, public hospital, Russia, causes of inefficiency |
| JEL: | I10 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:07/pa/2013&r=cis |
| By: | Kseniya Abanokova (National Research University Higher School of Economics (Moscow, Russia).); Michael Lokshin (World Bank and National Research University Higher School of Economics (Moscow, Russia). “Centre for Labour Market Studies (CLMS)”) |
| Abstract: | This paper uses data from the Russian Longitudinal Survey that span the two recent economic recessions of 1998 and 2008 to study the effect of declining incomes on household composition. We hypothesize that individuals face a tradeoff between taking advantages of economies of scale and specialization when living with others and individual privacy. Consumption smoothing is achieved by forgoing privacy during a crisis and results in an increase in household size. Our empirical results suggest that members of the households that experienced negative income shocks are more likely to move in with others than households whose income remained the same or increased. |
| Keywords: | household structure, coping strategy, macroeconomic shocks, Russia |
| JEL: | J10 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:38/ec/2013&r=cis |
| By: | John V.C. Nye (George Mason University, Department of Economics. Professor); Sergiy Polyachenko (National Research University Higher School of Economics, Center for Institutional Studies. Junior Research Fellow) |
| Abstract: | There is a worldwide tendency for more educated people to trust in markets, private business, and trade, and to distrust government regulation and public provision relative to the less educated even in countries where people generally favor regulation (Aghion, et al. 2010). Individual survey data drawn from the Russian RMLS indicate that for Russia, as for most of the world, respondents with higher levels of education are more likely to trust private businesses and privatization, to distrust government regulation, and to favor lesser provision of services by the State (vs. the private sector). This matches the macro survey findings of Aghion et al. (2010) for the transition economies and the work of Caplan (2001, 2002, 2007). However, it is not clear whether education is a causal factor in these preferences or whether education is proxying for different levels of cognitive ability, health, or other forms of human capital. We use individual height data as instruments for formal education to remove the contemporaneous effects of schooling itself on the education-trust link. We find that this IV estimation leaves us with clear and persistent links between education and market friendly attitudes in Russia. This human capital effect is also quite independent of the role of age in determining liberal attitudes and is not simply a cohort effect. This seems to conform to the worldwide observation that – whatever the independent changing institutions – greater health and cognitive ability seem to promote market liberal beliefs in and of themselves. In contrast, socially liberal attitudes are not correlated with education in the IV regressions |
| Keywords: | Non-cognitive abilities, human capital, IV, trust, market liberal preferences, Russia |
| JEL: | I21 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:40/ec/2013&r=cis |
| By: | Yury Dranev (National Research University Higher School of Economics); Sofya Fomkina (National Research University Higher School of Economics) |
| Abstract: | The choice of an appropriate model for the estimation of the cost of equity in emerging markets is still a very challenging problem. Market inefficiency, limited opportunities for diversification, as well as liquidity issues inspire researches to look for risk characteristics beyond the traditional framework of the classical capital asset pricing model. Various models have been developed over the past several decades proposing new ways of risk assessment. However, the empirical evidence of these models requires careful consideration. Most asset pricing models were developed in terms of either a symmetric mean-variance or a folded mean-semivariance framework. These models have several drawbacks in capturing investors’ attitudes to stock price movements. We provide a brief description of the recently proposed entropic risk characteristics which assign greater weight to the downside movements of asset prices and smaller weight to the upside movements. The goal of this study is to determine which model has better explanatory power for returns in the Russian capital market. We compare the performance of risk measures in the Russian stock market on a dataset of 63 stocks for the period from 2003 to 2012. Empirical results show certain advantages of entropic risk characteristics over other risk measures in explaining returns on Russian equities. |
| Keywords: | rate of return, cost of equity, CAPM, entropic variance. |
| JEL: | G12 G32 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:12/fe/2013&r=cis |
| By: | Mikhail Mamonov (Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF); National Research University Higher School of Economics, Laboratory for Analysis and Forecast of Economic Pro-cesses, Center for Fundamental Studies. Senior Expert) |
| Abstract: | This paper investigates the relationship between operating cost efficiency and the loan quality of Rus-sian banks. It tries to answer the question whether it is always beneficial for banks to be highly cost effi-cient (the “bad management” hypothesis) or whether this higher cost efficiency could mean inadequate spending on borrower screening, which could subject banks to higher credit risk exposures in the future (the “skimping” hypothesis)? Our main result implies that, while the “bad management” hypothesis holds on average for the banking sector as a whole, the “skimping” hypothesis could be the case for those Russian banks that are not just highly cost efficient, as predicted by Berger and DeYoung (1997) for US banks, but that at the same time pursue aggressive strategies in the market for loans to house-holds and non-financial firms, especially during the pre-crisis periods when banks are too optimistic to pay increased attention to the quality of borrowers in order to extract higher profits in the short run. In-terestingly, we show that the “skimping” strategy is not the case for those Russian banks that demon-strate a lower equity-to-assets ratio and that are highly cost efficient at the same time because, as we be-lieve, higher financial leverage forces these banks to filter out low quality borrowers to be able to repay borrowed funds. From perspective of regulatory policy, these conclusions provide clear arguments in favor of differential prudential regulation in Russia, which could, if being implemented, positively affect the loan quality of both banks that are skimpers (through restricting loans growth by higher capital ade-quacy requirements and/or increased payments to the Russian Deposit Insurance Agency) and banks that are not (through eliminating incentives to grow too fast), thus improving the stability of the banking sector as a whole |
| Keywords: | Russian banks, credit risk, cost efficiency, skimping, bad management, stochastic fron-tier analysis, market power |
| JEL: | G21 G28 D22 D43 C23 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:19/fe/2013&r=cis |
| By: | Anna Lukiyanova (Senior Reseacher, Centre for Labor Market Studies, Higher School of Economics, Moscow.) |
| Abstract: | In this paper I investigate the impact of informality on earnings inequality in Russia using RLMS-HSE data for 2000-2010. I find that during the whole period earnings inequality was substantially higher in the informal sector. Informality increases earnings polarization, thereby widening both tails of the distribution. Changes in the earning distribution of the formal sector were mainly generated by changes in the distribution of hourly earnings. In the informal sector, reduction of inequality occurred via two channels: Differences in hourly rates and working hours both declined. Changes in the structure of informality and conditional wage differentials did not have a significant impact on the overall earnings inequality, with the exception of decline in irregular employment |
| Keywords: | earnings inequality, informal economy, decomposition, recentered influence functions |
| JEL: | C21 D63 J31 J42 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:37/ec/2013&r=cis |
| By: | Anatoly Nesterov (Professor, Department of Judicial Authority and Justice, Faculty of Law at the Higher School of Economics, a National Research University) |
| Abstract: | Annotation: This paper examines the meaning of the words “expertocracy” and “expertocrat”, and, based on the general theory of expertise, shows that the activity of expertocrats has nothing in common with the activity of experts, and that expertocrats adopted the word “expertise” from jurisprudence without the required understanding of the nature of expertise as a social phenomenon |
| Keywords: | Expertocracy, expertocrat, expert, expertise, general theory of expertise, expertics |
| JEL: | K10 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:27/law/2013&r=cis |
| By: | Alexander Muravyev (Institute for the Study of Labor (IZA, Bonn) and St. Petersburg University Graduate School of Management.); Aleksey Oshchepkov (Center for Labor Marker Studies, Higher School of Economics (HSE), Moscow.) |
| Abstract: | This paper revisits the effect of minimum wages on employment by taking advantage of a unique institutional setting and data from Russia. The main strength of the paper is the use, for identification purposes, of the large variation in labor market outcomes as well as in the minimum wage across the 89 regions (states) over 10 years, from 2001 to 2010. The study relies on the standard methodology introduced by Neumark and Wascher, in which various labor market outcomes at the regional level are related to the relative minimum wage (captured by the Kaitz index) in a panel setting. We find adverse effects of the minimum wage on young workers in the form of higher unemployment among those aged 16-24. There are also signs that minimum wage increases lead to higher unemployment in the general population, but the effect is small. Our analysis also suggests that higher minimum wages lead to an increase in the share of workers employed in the informal sector. |
| Keywords: | minimum wages, unemployment, informal employment, Russia. |
| JEL: | J38 J23 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:29/ec/2013&r=cis |
| By: | Mikhail Bokov (Senior Research Fellow, Department for Sociological Studies, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics); Anastasia Edelkina (Research fellow, Department of Business Projects, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics); Marina Klubova (Expert, International Research and Educational Foresight Centre, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics); Thomas Thurner (PhD, Leading Research Fellow, Laboratory for Economics of Innovation, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics); Natalia Velikanova (PhD, Leading Research Fellow, Department for Monitoring of Education Economy, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics); Konstantin Vishnevskiy (Research fellow, Laboratory for Science and Technology Studies, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics) |
| Abstract: | The paper assesses the development of the market for navigation services and devices based on the results of a recently held Foresight exercise on monitoring of global technology trends. The future of the market for Global navigation satellite systems (GNSS) devices is largely influenced by grand challenges (i.e. lifestyle change, technical safety, urbanization, rural development, food security, etc.) that determine the pathway for extending use of GNSS signal in different sectors of the economy. Today, satellite positioning technology is used by transporters, carriers, motorists, surveyors, builders, etc. through a wide array of devices — like mobile phones or multimedia devices with built-in receiver modules. Different Foresight methods and tools were used for analyzing the market structure and volumes of navigation services and devices and to detect potential future market developments. The main technical characteristics of GNSS are compared in order to reveal their impact on the quality of the navigation signal essential for the end-users. Investigating the future dynamics of this market in Russia on the basis of expert estimations and governmental strategic documents, the authors conclude that the commercialization of GNSS in Russia is possible only in certain segments, mainly navigation modules for personal vehicles, surveying and mapping equipment as well as consumer electronics |
| Keywords: | navigation services and devices, market development, GNSS, vehicles, consumer electronics, surveying and mapping equipment, Foresight |
| JEL: | L80 L92 L16 O38 M31 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:22sti2013&r=cis |
| By: | Benkovskis, Konstantins; Wörz, Julia |
| Abstract: | Building on the methodology pioneered by Feenstra (1994) and Broda and Weinstein (2006), we construct an export price index that adjusts for changes in the set of competitors (variety) and changes in non-price factors (quality in a broad sense) for nine emerging economies (Argentina, Brazil, Chile, China, India, Indonesia, Mexico, Russia and Turkey). The highly disaggregated dataset covers the period 1996?2011 and is based on the standardised 6-digit Harmonized System (HS). Our method highlights notable differences in non-price competitiveness across markets. China shows a huge gain in international competitiveness due to non-price factors. Similarly, Brazil, Chile, India and Turkey show discernible improvements in their competitive position when accounting for non-price factors. Oil exports account for strong improvement in Russia's non-price competitiveness, as well as the modest losses of competitiveness for Argentina and Indonesia. Mexico's competitiveness deteriorates prior to 2006 and improves afterwards. JEL Classification: C43, F12, F14, L15 |
| Keywords: | emerging countries, non-price competitiveness, quality, relative export price |
| Date: | 2013–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20131612&r=cis |
| By: | Klimczuk, Andrzej; Poleszczuk, Jan; Sztop-Rutkowska, Katarzyna; Porankiewicz-Żukowska, Aleksandra; Kiszkiel, Łukasz; Mejsak, Rafał Julian |
| Abstract: | Studies presented in this publication were aimed at provide data necessary for the conducting of local government and citizenship dimension of the enlarged Polish foreign policy in Podlaskie region. The main objective was to investigate the diagnosis, as the local government units, non-governmental organizations, businesses and universities alluded cross-border cooperation with partners in Lithuania, Belarus, Ukraine and Russia (Kaliningrad). The publication indicated areas of the greatest potential, as well as barriers to such cooperation in the region. Particular attention was paid to the cooperation of these entities, combining their potentials and create joint projects. |
| Keywords: | public diplomacy, businesses, citizenship, cross-border cooperation, local government, non-governmental organizations, Podlaskie region, foreign policy, universities |
| JEL: | F55 H77 O19 Z13 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:51770&r=cis |