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on Confederation of Independent States |
| By: | Irina Khvostova (National Research University Higher School of Economics); Alexander Larin (National Research University Higher School of Economics); Anna Novak (National Research University Higher School of Economics) |
| Abstract: | This paper presents estimates for the consumption Euler equation for Russia. The estimation is based on micro-level panel data and accounts for the preference heterogeneity, measurement errors, and the impact of macroeconomic shocks. The presence of multiplicative habits is checked with the LM-test in a GMM framework. We obtain estimates of the elasticity of intertemporal substitution and of the subjective discount factor, which are consistent with the theoretical model and can be used for calibration, as well as for a Bayesian estimation of DSGE models for the Russian economy. We also show that the effects of habit formation are not significant. The hypotheses on habits (external, internal, and both external and internal) are not supported by the data |
| Keywords: | household consumption, Euler equation, habit formation, elasticity of intertemporal substitution, RLMS-HSE |
| JEL: | E21 C23 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:52/ec/2014&r=cis |
| By: | Olga A. Demidova (National Research University Higher School of Economics) |
| Abstract: | The purpose of this study is to identify the spatial effects of the main macroeconomic indicators of the eastern and western regions of Russia. These regions differ significantly in population density and the distances between cities. The main research question we are interested in is the following: how are events occurring in one of the western regions, such as economic growth or a decrease in the unemployment rate, effecting similar indicators in other western and eastern regions. The spatial effects of the western and eastern regions, when considered separately, may differ both qualitatively and with of the ‘flow on effect’. The determinants of the same macro-economic indicators in the eastern and western regions may also differ. In order to test the hypothesis of a possible difference in the spatial effects and determinants for these regions, we have developed a special class of model with four spatial matrices (west-west, east-east, west-east, and east-west) and a double set of control variables (one for each type of region). As the macroeconomic indicators monitor the rate of unemployment in the region, the real regional wage and GRP growth for the year were chosen for our models. We controlled the variables describing the socio-demographic situation in the region, migration processes, economic development, and export-import activity in the region. The models were estimated by the Arellano-Bond method on panel data for Russian regions over 2000-2010. Our analysis revealed, 1) a positive spatial correlation of the main macroeconomic indicators for the western regions, 2) both positive and negative externalities for the eastern regions and 3) the asymmetric influence of eastern and western regions on each other. Usually “impulses” from the western regions have a positive effect on the eastern regions, but the “impulses” from the eastern regions usually do not affect the western regions. |
| Keywords: | Russian regions, spatial effects, spatial econometric models |
| JEL: | R1 C21 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:50/ec/2014&r=cis |
| By: | Elena Vakulenko (National Research University Higher School of Economics) |
| Abstract: | We analyze the impact of migration on wages, income and the unemployment rate. Using the official Russian statistical database from 1995 to 2010, we calculate a dynamic panel data model with spatial effects. There is a positive spatial effect for wages and unemployment. There is no significant impact of migration on the unemployment rate. We find a negative relationship between net internal migration and both wages and income, which is explained by the positive effect of emigration. However, the migration benefits are not big enough to make a difference on the Gini index across regions. We conclude that migration does not affect the regional convergence of economic indicators. |
| Keywords: | convergence, migration, wage, income, unemployment rate, spatial dynamic panel data models. |
| JEL: | R23 C23 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:53/ec/2014&r=cis |
| By: | Andrei Y. Shastitko (National Research University Higher School of Economics); Svetlana V. Golovanova (National Research University Higher School of Economics) |
| Abstract: | This paper demonstrates that even established and verified facts of agreements among producers are not a sufficient condition for cartel identification and, as a consequence, prosecution of agreement participants. Such requires looking at institutional details and the wider context of these and similar appearances or occurrences of documents and actions when qualifying the actions of market participants and their effects. This paper discusses a recent antitrust case brought against Russian manufacturers of large diameter pipes (LDPs) that examined supposedly abusive practices by these firms that were contrary to the law on the Protection of Competition, which prohibits market division. The case under consideration illustrates the importance of investigating institutional details when qualifying the actions of market participants and their effects. An analysis of the materials in this case using modern economic theory indicates that the presence of collusion is inconsistent with the active participation of the main consumer of LDPs in that agreement. The chosen format for the cooperation between pipe manufacturing companies and OJSC Gazprom, namely indicative planning, may be explained from the perspective of reducing contract risk in an environment characterized by large-scale private investments. |
| Keywords: | collusion, antitrust policy, credible commitments, indicative planning, contract risk |
| JEL: | K21 B52 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:49/ec/2014&r=cis |
| By: | Tsangyao Chang (Department of Finance, Feng Chia University, Taichung, Taiwan); Tsung-pao Wu; Goodness C. Aye (Department of Economics, University of Pretoria); Rangan Gupta (Department of Economics, University of Pretoria) |
| Abstract: | In this study, we apply a new recursive test proposed by Philips et al (2013) to investigate whether there exist multiple bubbles in the BRICS (Brazil, Russia, India, China and South Africa) stock markets, using monthly data on stock price-dividend ratio. Our empirical results, the first of its kind for these economies, indicate that there did exist multiple bubbles in the stock markets of the BRICS. Further, the dates of the bubbles also corresponded to specific events in the stocks markets of these economies. This finding has important economic and policy implications. |
| Keywords: | Multiple bubbles, BRICS stock markets, GSADF test |
| JEL: | C12 C15 G12 G15 |
| Date: | 2014–02 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201407&r=cis |
| By: | Andrey V. Kashanin (National Research University Higher School of Economics) |
| Abstract: | In codifying intellectual property rights, Russian legislators have left what standards of originality and creativity can be considered criteria of copyrightability a moot point. Nevertheless, it is crucial for answering questions about where the lower boundary of copyrightability lies and, consequently, what intellectual products that have an insignificant creative component, but are of high economic importance – such as databases, computer software, advertisement slogans or design work – should be copyrightable. This article addresses the problem of identifying criteria for copyrightability and non-copyrightability in the Russian legal literature by modeling various types of demarcation criteria and analyzing their strong and weak points. Analyzing debates in the legal literature warrant the conclusion that there is a trend to set looser standards for originality and creativity and grant copyright protection to works of low authorship |
| Keywords: | copyright, intellectual property, intellectual rights, personal non-property rights, exclusive rights, copyrightable work, copyrightability, works of low authorship, originality, creativity. |
| JEL: | O34 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:32/law/2014&r=cis |
| By: | Ивантер Виктор Викторович (Институт народнохозяйственного прогнозирования) |
| Date: | 2014–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:scn:mxreqp:20140123&r=cis |
| By: | Yulia Tyumeneva (National Research University Higher School of Economics); Alena Valdman; Martin Carnoy (Stanford University. Vida Jacks Professor of Education.) |
| Abstract: | There is currently a large body of literature about applying knowledge gained in class to real-life situations. However, comparatively little is known about how a student’s mastery of the material affects his or her ability to transfer this knowledge to unfamiliar settings. Our research seeks to illuminate the relationship between a student’s subject mastery level and his or her knowledge transfer to out-of-subject contexts. We use data from TIMSS mathematics (8 grade) and PISA mathematics to evaluate the link between subject mastery level – in this case, the mastery level of mathematics – and the transfer of learned math. Building off previous discussions of TIMSS and PISA test differences, we consider TIMSS performance as the mastery level of school mathematics, and PISA performance as the ability to transfer learned math to an out-of-subject context. The sample included 4,241 Russian students who took part in both the TIMSS 2011 and PISA 2012 cycles. In our study, we first divide the students into six groups according to their performance in the TIMSS. Then we identify the most difficult PISA test items based on the Rasch Model. Finally, we determine what percentage of the most difficult PISA items were answered correctly in every TIMSS group. This percentage served as a measure of the ability to successfully transfer knowledge. We found a positive relation between subject mastery level and the ability to transfer learned math to an out-of-subject context. The higher the mastery level of mathematics, the higher the probability that knowledge will be transferred. However, this link was not linear: only the highest mastery level contributed significantly to knowledge transfer. At other mastery levels, the rate of successful transfer differentiated only slightly. These results imply the importance of making certain that students have truly mastered curriculum before moving to new topics. Additionally, the non-linear nature of the link suggests that educators should begin rethinking how test results are interpreted. |
| Keywords: | transfer, subject knowledge, subject mastery level, out-of-subject context, PISA, TIMSS |
| JEL: | I21 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:14edu2014&r=cis |