nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2016‒07‒02
25 papers chosen by

  1. Inter-regional Population Migration in Russia Revisited: Analysis on Origin-to-Destination Matrix, 1990-2013 By Kumo, Kazuhiro
  2. The Econometric Estimation of the Macroeconomic Effects of the Shock of Monetary Policy for the Russian Economy By Vashchelyuk, N.V.; Polbin, Andrey; Trunin, Pavel
  3. Credit Channel of Monetary Policy Transmission in Russia By Leontieva, E.A.; Perevyshin, Y.N.
  4. Analysis of the Effectiveness of Social Support for Families with Children in Russia: The Example of the Altai Territory and Samara Region By Dormidontova, Yulia; Kazakova, Yuliya; Lyashok, Victor; Grishina, E.; Tsatsura, Elena
  5. Labour Spatial Mobility of Russians on the Example of the Inhabitants of Small Towns By Mkrtchyan, Nikita; Florinskaya, Yulia
  6. Long-Term Prognosis of Basic Demographic and Macroeconomic Indicators in Russia By Kazakova, Maria; Trunin, Pavel
  7. Формирование добавленной стоимости сельского хозяйства России в системе национального счетоводства By Zinchenko, Aleksey
  8. Geopolitical Risks and Stock Market Dynamics of the BRICS By Mehmet Balcilar; Matteo Bonato; Riza Demirer; Rangan Gupta
  9. Статистический анализ динамики развития сельского хозяйства России в постсоветский период By Romanceva, Julia; Bautin, Vladimir
  10. Approaches to Defining and Measuring Russia’S Internet Economy By Gulnara Abdrakhmanova; Galina Gennadievna Kovaleva; Sergey M. Plaksin
  11. Analysis of the Causes and Factors of Inequality of Wages in Russia By Grishina, E.; Denisova, I.A.; Dormidontova, Yulia; Kazakova, Yuliya; Lyashok, Victor
  12. Corporate Management as a Factor in Economic Development and Improving the Competitiveness of Businesses By Kalenjyan, S.; Zhdanov, D. A.
  13. Some Options for Taxation of Income from Financial Instruments in the Context of the Qualitative Characteristics of the Tax System By Malinina, Tatiana
  14. The Development of Mechanisms of State Regulation, Creating Conditions to Attract and Protect Investments in the Infrastructure Sector (On the Example of the Rail Transport) By Suyunchev, O.O.; Mozgovaya, Oxanaàíà Olegovna; Agafonov, D.V.
  15. Economic Mechanism of Management in the Public Health Sector in the Medium Term By Gabueva, Larisa; Pavlova, N.F.
  16. Improving the Tax Relief on Personal Property By Korytin, A.V.; Shatalovà, Svetlana Sergeevna
  17. Fiscal Policy in Multinational Model of Common Economic Equilibrium By Zubarev, Andrey; Nesterova, K.V.
  18. On the Economic Incentives for the Delayed Retirement By Gorlin, Yury Mikhailovich; Fedorov, Vitaly
  19. Productivity Management Practice in Modern Companies By Yakhontova, Elena Sergeevna; Gavrilova, S.V.
  20. Well-being inequality and preference heterogeneity By Koen Decancq; Marc Flerubaey; Erik Schokkaert
  21. The Liquidity Management of the Banking Sector and the Short-Term Money Market Interest Rates By Morgunov, V.I.
  22. Exchange Rate, Imports of Intermediate and Capital Goods and GDP Growth in Belarus By Aleh Mazol
  23. An Empirical Analysis of the Factors of Competitiveness of Domestic High-Tech Companies By Barinova, V.A.; Zemtsov, S.P.; Sorokina, A.V.
  24. State secretaries reform in Ukraine : attempt to delineate responsibilities between ministers and senior civil servants By Balabushko,Oleksii
  25. Regional Features of Policy for People with Disabilities with Accounting the Budgetary Provision By Grishina, E.E.; Tyndik, A.O.; Tsatsura, E.A.

  1. By: Kumo, Kazuhiro
    Abstract: This paper examines regional economic conditions and their effects on interregional population redistribution patterns in Russia. After reviewing striking changes in population flows before and after the collapse of the former Soviet Union, an application of the gravity model on population migration in Russia is presented using a newly obtained interregional in- and out-migration flow matrix from 1990 to 2013, which were supplied by Rosstat (formerly Goskomstat). The analysis conducted comparison of factors affecting migration patterns between those in the Soviet era and in modern Russia, focusing on geographical factors, namely, the attractiveness of resource-mining regions. The analysis clearly showed major changes in the effect of governmental investment in determining migration flow before and after the collapse of the Soviet Union.
    Date: 2016–05
  2. By: Vashchelyuk, N.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Polbin, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy); Trunin, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)
    Abstract: The paper is devoted to identifying the shock of monetary policy and evaluating its impact on the main macroeconomic variables of the Russian economy with the help of the structural vector autoregression model. According to the results monetary policy shocks have a significant impact on the real sector of the Russian economy in the short term period and on the nominal variables (interest rates, price level, lending). Positive monetary policy shock leads to a temporary increase in output, the volume of lending, as well as to a reduction in nominal interest rates on loans. At the same time the contribution of monetary policy shocks to the variance of macroeconomic variables is small.
    Keywords: monetary policy, macroeconomic variables, Russian economy
    Date: 2016–03–21
  3. By: Leontieva, E.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy); Perevyshin, Y.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This study investigates the transmission of monetary policy onto retail bank interest rates in Russia. The paper reviews theoretical approaches of interest rate pass-through, the reasons for its incompleteness. Our estimates, based on ECM, show incomplete interest rate pass-through from MIACR to retail deposit rates in Russia in 2010-2014. The possible reasons of incomplete interest rate pass-through are imperfect substitution between bank deposits and other types of savings and weak competition within the Russian banking sector. Also we analyze how monetary policy of The Central Bank of Russian Federation influences the bank lending in Russia in 2010-2014. We use two approaches: cointegration analysis of macroeconomic data and panel regression on individual banks balance data. We show that monetary policy instruments (interest rate on auction REPO and volumes of refinancing operations) have affected bank lending at that time.
    Keywords: monetary policy, market interest rates, commercial banks, banking loans, interest rate pass-through, credit channel
    JEL: E52 E51 E58 E43 C32 C33 G21
    Date: 2015–03–04
  4. By: Dormidontova, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kazakova, Yuliya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Lyashok, Victor (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Grishina, E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tsatsura, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In accordance with the Concept of state family policy in the Russian Federation for the period up to 2025, the development of the system of state support for families with children is one of the main tasks of the state family policy. Despite the fact that in the years 2000-2013. there was a significant reduction of poverty, the poverty rate among families with children continues to be quite high: in 2014, 18.5% against 11% among the general population. In this regard, particularly relevant is the assessment of the impact of implemented measures of social support for families with children on their well-being. The object of study in this paper is the social support of families with children in Russia (on the example of the pilot regions - the Altai Territory and Samara Region). Spend analysis of the legislation governing the provision of social support to families with children of measures, quantitative survey of families with children and interviews with the staff of the bodies and institutions of social protection.
    Keywords: state family policy, family support, Russian federation, children
    Date: 2016–03–31
  5. By: Mkrtchyan, Nikita (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Florinskaya, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper discusses the issues of labor spatial mobility of the Russian population. The study was conducted on the example of small towns - as the most problematic in Russia in terms of economic development, inefficient employment, high unemployment, especially in the crisis period. For fieldwork selected four small Russian town - Vyazniki Vladimir Oblast; Rtishchevo of the Saratov region; Kamen-na-Obi Altai Krai; Satka Chelyabinsk region. In each of the cities carried out a representative survey of households and a survey of migrant workers by a standardized interview. In addition to the quantitative methods used in quality - expert interviews with representatives of the administration, employment services, with the management of schools and education institutions, as well as the management of the enterprises and organizations in the surveyed cities. The main conclusion of the work - labor spatial mobility of the population of small towns is at a high level. Over the past 5 years, 22% of households had a total migrant workers, ie It does not work in their village, living there for 5 days or more. Labour migration - this is an important strategy to survive not only to migrants but also the household as a whole. About 9% of households in small towns called the work on the road with one of the main sources of household funds existence. In coming years, growth in labor migration from small towns should not expect - almost everyone who is willing to participate in it, is already involved in it. Therefore, it is impossible to consider the population of small towns as the untapped resource of labor migration, or the potential for settlement of "empty space" in the east of Russia.
    Keywords: labour spatial mobility, Russians, small towns
    Date: 2016–03–28
  6. By: Kazakova, Maria (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration); Trunin, Pavel (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)
    Abstract: This paper deals with the long-term (up to 2100) prediction of the demographic (population, including labor) and macroeconomic (GDP and labor productivity) parameters in the Russian Federation. Based on the economic outlook mayor and population projections to 2030 Rosstat authors calculated the trajectory of GDP and constructed demographic scenario forecast; further results are used in calculating the dynamics of each of the components of the costs and revenues of the budgetary system of the Russian Federation until 2100.
    Keywords: forecasting, macroeconomic parameters, demographic prediction, Russia, long-term prognosis
    Date: 2015–03–12
  7. By: Zinchenko, Aleksey
    Abstract: The article deals with the formation of macroeconomic indicators of income and place of agriculture in the economy of Russia under the planned and market conditions, as well as with their dynamics. There is an analysis of value added in agriculture under modern conditions in general and in the sector of non-financial corporations and households, the features of its economic content are revealed. The method of calculation and analysis of indicators of value added in various spheres of agriculture based on financial reporting data of agricultural organizations is proposed.
    Keywords: Сельское хозяйство, валовой внутренний продукт, валовая и чистая добав-ленная стоимость, оценка продукции и доходов, сельскохозяйственные организации, домашние хозяйства населения
    JEL: C18 Q1
    Date: 2016–01
  8. By: Mehmet Balcilar (Department of Economics, Eastern Mediterranean University and Department of Economics, University of Pretoria); Matteo Bonato (Department of Economics and Econometrics, University of Johannesburg); Riza Demirer (Department of Economics and Finance, Southern Illinois University Edwardsville, USA); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria)
    Abstract: This paper examines the effect of geopolitical uncertainty on return and volatility dynamics in the BRICS stock markets via nonparametric causality-in-quantiles tests. The effect of geopolitical risks (GPRs) is found to be heterogeneous across the BRICS stock markets, suggesting that news regarding geopolitical tensions do not affect return dynamics in these markets in a uniform way. GPRs are generally found to impact stock market volatility measures, rather than returns, and often at return quantiles below the mean, indicating the role of GPRs as driver of bad volatility in these markets. While Russia bears the greatest risk exposure to GPRs in terms of both return and volatility, India is found to be the most resilient BRIC nation with no significant causality effects observed. We argue that a combination of factors including exposure to political and financial risks, the strength of domestic demand and exposure to the U.S dollar in foreign exchange reserves drive the heterogeneity in the reaction of these emerging stock markets to geopolitical risks.
    Keywords: Geopolitical Risks, Stock Returns, Volatility, BRICS
    JEL: C22 G15
    Date: 2016–06
  9. By: Romanceva, Julia; Bautin, Vladimir
    Abstract: The article is devoted to assessing the dynamics and trends of agricultural production in the period of market transformations. In the 25 years of economic and agrarian reforms, significant changes have taken place in Russian agri-culture. This has led to structural changes in the industry. As a result of the fall in effective demand, outstripping price growth in related sectors and reduced support for the industry by the government, resource and industrial potential has declined, agricultural production has declined significantly, and most of it began to be produced in the non-monetized households. As a result of negative trends imports of agricultural products has become an important source of food security of the country. After the default of 1998, as well as with the adoption of the Doctrine of the food security situation in the industry has improved. Statistical analysis showed that the improvements are coming in a slower pace insufficient to achieve the level in the State program of development of agriculture and regulation of agricultural products, raw materials and food for 2013-2020. The improving of the structure of production by categories with different levels of marketability is underlying growth for the share of domestic products in the total volume of products.
    Keywords: агропромышленный комплекс, государственная поддержка, диспаритет цен, сельское хозяйство, ряды динамики, статистический анализ, товарность
    JEL: C1 C18 Q1
    Date: 2016–05
  10. By: Gulnara Abdrakhmanova (National Research University Higher School of Economics); Galina Gennadievna Kovaleva (National Research University Higher School of Economics); Sergey M. Plaksin (National Research University Higher School of Economics)
    Abstract: Our study object is the Russian Internet economy, i.e. economic activities of companies relying on the Russian-language segment of the World Wide Web. The purpose of this study is to classify businesses engaged in the national Internet economy and measure its size (as a share of GDP) using official statistics. The analysis of international approaches used for such studies allowed us to classify these according to the following criteria: the direct impact of the Internet on the economy, indirect economic impact of the Internet, and its indirect impact on the social sphere. To assess the size of the Russian Internet economy we used the approaches applied by international organizations (OECD, BCG, McKinsey) for the analysis of the direct impact of the Internet on the economy [BCG (2014), McKinsey (2011), OECD (2014), etc.]. The authors singled out three sectors within the Internet economy: the sector of ICT infrastructure and its maintenance; the sector of companies doing business purely on the Internet, and the sector of companies combining an online and offline business. To assess the share of the Internet economy in GDP using the production approach we first defined the above sectors in accordance with All-Russian Classification of Economic Activities (OKVED) Rev. 1.1 and subsequently calculated gross value added (GVA) for each sector. For this purpose, the GVA data calculated by Federal Service of State Statistics (Rosstat) was disaggregated while the share of the GVA contributed by the third sector companies (i.e. combining an online and offline business) was assessed using the results of special surveys and Rosstat data. To measure the size of the Internet economy using the expenditure approach we focused on consumer spending on goods bought through the Internet, ICT equipment and Internet access as well as institutions’ expenditure for ICT equipment, fixed capital investment of enterprises engaged in Internet activities, public sector ICT spending, net exports of ICT goods and services. According to our estimates obtained by two methods such as the production approach and expenditure approach, the share of the Internet economy in GDP in 2014 amounted to 2.7 and 2.6%, respectively. Future studies would require a more detailed definition and description of the Internet-related economic activities on the basis of OKVED2 with subsequent calculation of GVA for appropriate companies as well as development of statistical tools for collecting data on household spending
    Keywords: Internet economy, online and offline business, Internet, System of National Accounts
    JEL: C80 F62 E01 L16 L81 M21 O14
    Date: 2016
  11. By: Grishina, E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Denisova, I.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Dormidontova, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kazakova, Yuliya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Lyashok, Victor (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: According to Rosstat level of differentiation of wages workers' organizations has increased in the period from 2009 to 2013 from 6.7 to 7.1 times. Particularly noticeable growth in wage inequality has been in the areas of public administration and social security (from 4.6 in 2009 to 6.1 in 2013), and education (from 5.3 in 2009 to 6.5 in 2013 year). In this regard, of particular relevance is the analysis of the dynamics and factors of inequality of wages for different groups of workers. In this paper, an analysis of the dynamics of wage inequality for different groups of workers, as well as the assessment of the impact of various factors, including gender, age, education, qualification group, place of residence, the differentiation of the employee's salary. As a result of the factors influencing the differentiation of the employee's salary, formed the methodological approaches to the analysis of wage distributions in the labor markets.
    Keywords: differentiation of wages, wage inequality, employee's salary
    Date: 2016–03–31
  12. By: Kalenjyan, S. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zhdanov, D. A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The original motivation of the present study was the interest in the peculiarities of the construction of national corporate relations and, in particular, on the basis of which as owners of domestic companies are choosing top managers for their business. A correct selection of these "agents" is traditionally one of the key elements in the formation of efficient corporate relations and effective way to reduce agency costs. Another aim of the present study was to find the answer to the question: how these affect the quality of hired top manager for the future effectiveness of its activities in this regard, to pick the best leader among several candidates, as well as a desire to describe the mechanisms of the effects on the model level. It was studied in detail the dependence of the potential impact of the top leaders of the totality of their "personal" qualities. On the basis of ordinal approach formed a model tool, assessing candidates for executive positions, and use the following conclusions. The analysis of the parameters affecting the core functionality of the management of the corporation holding type and efficiency of its operation, formed a model that describes the effect of type (a set of personal qualities) heads of individual business units of a holding corporation for the management of its core tasks. The results obtained allowed to form recommendations for the shareholders and other principals to reduce agency costs by Russian corporations by correct selection and hiring managers. It highlights the key factors that characterize agents that can provide the greatest organizational efficiency and eliminates the need of effective leaders is not enough. Formed tools can be used for the selection and hiring managers understand the mechanisms and ways of improving their effectiveness.
    Keywords: corporate management, competitiveness of business, organizational efficiency
    Date: 2015–05–14
  13. By: Malinina, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)
    Abstract: The author analyses the Russian experience of the large-scale changes in tax legislation in the years 2010–2011 forming the basis for current tax regime for income from financial instruments in the context of neutrality and efficiency of the tax system.
    Keywords: Income taxation, Financial instruments, Tax neutrality, Tax efficiency
    Date: 2016–04–14
  14. By: Suyunchev, O.O. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mozgovaya, Oxanaàíà Olegovna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Agafonov, D.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The research provides the survey of railway infrastructure regulation according to attracting investments for sector development. The research analyses the modern railway infrastructure of the Russian Federation and railway infrastructure services. The impact of railway infrastructure services tariffs on the service fees of railway transport operators (freight and passenger) was studied. The analysis of railway infrastructure government regulation practices and the applied mechanisms to attract and retain investments in the infrastructure sector was carried out.
    Keywords: railway infrastructure, regulation, Russian Federation
    Date: 2016–04–25
  15. By: Gabueva, Larisa (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Pavlova, N.F. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: At present, the methodology for determining the boundaries of the state guarantees in Russia is under development. Space-financial ratios for the annual planning of health care free of charge to the public, taking into account the level of the current incidence on the uptake in the medical organizations of various regions of the country have insufficient harmonization, leading to a mismatch stated government commitments and amounts of payment in the tariff regulation of compulsory health insurance (CHI). Development of mechanisms of "e-budget", the development of information systems for accounting departmental lists of public services (works) in 2015-2018. It gives new organizational and economic reasons for improving the methods of planning and payment of health care services, transferred to financial security in the CHI system.
    Keywords: state guarantees, Russia, space-financial ratios, compulsory health insurance, e-budget
    Date: 2016–04–25
  16. By: Korytin, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Shatalovà, Svetlana Sergeevna (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The report presents the results of the search and analysis of the methods of the preferential property tax treatment as well as the recommendations on the practical implementation of the property tax world experience in Russia. This work research the international experience in this domain and analyze possible consequences of its adaptation based on the wide range of national datasets.
    Keywords: personal property, taxation, Russia
    Date: 2016–03–23
  17. By: Zubarev, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Nesterova, K.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This model works for six regions / countries. The immediate objective of this work is the construction and calibration of general economic equilibrium model based on Russia, in particular, changes in fiscal policy modeling. The resulting model will simulate the effect of fiscal policy on the economy of Russia and other countries / regions included in the model, as well as to understand how changes in fiscal policy will affect the growth of real wages, interest rates, and economic growth in the country over time.
    Keywords: general economic equilibrium model, fiscal policy, real wages, interest rates, economic growth
    Date: 2016–04–20
  18. By: Gorlin, Yury Mikhailovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Fedorov, Vitaly (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: Objective demographic and socioeconomic tendencies stipulate the increasing number of retirees with respect to employees and employers who pay compulsory pension contributions. This intensifies the financial pressure on the pension system. Since the problem of raising the retirement age has not been solved, the one way to improve the financial stability of the pension system is to incentivise the delayed retirement. The necessity for the development and realisation of a mechanism for additional incentives for the delayed retirement was anticipated in the Strategy for the long-term development of the Russian Pension System (Strategy). With the aim of realisation of the Strategy, within the framework of the development of a new pension formula, there was anticipated additional coefficients for individual pension coefficients. These coefficients are used to calculate the base and insurance parts of the old-age pension. During the development of the Federal law about insurance pensions and appropriate measures to incentivise the delayed retirement, the macroeconomics situation in the Russian Federation was more stable than nowadays. A deterioration in the macroeconomic situation in the Russian Federation, in addition with the growth of the geopolitical instability after 2014, caused an increase in socioeconomic uncertainty and associated risks, including risks of the pension system. Public confidence in the pension system was threatened by self-contradicting statements from government officials from different Ministries and insufficiently consistent actions with respect to funded defined contribution pension scheme. As a result, according to the data from the Pension Fund of the Russian Federation (2Q2015), less then 20 thousand people decided to delay their retirement. Therefore, in the new macroeconomic reality it is an actual task to review measures that was developed to incentivise the delayed retirement.
    Keywords: pension, pension savings, delayed retirement
    Date: 2016–03–28
  19. By: Yakhontova, Elena Sergeevna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gavrilova, S.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper deals with theoretical approaches to the management of productivity, research the key factors that determine productivity in Russian companies and advanced productivity management practices. productivity management is seen in close connection of the production system and personnel management system. Special attention in this work is given to the study of best practices of domestic and foreign companies in the sustainable growth of labor productivity of staff.
    Keywords: management of productivity, Russian companies
    Date: 2016–03–31
  20. By: Koen Decancq; Marc Flerubaey; Erik Schokkaert
    Abstract: Standard measures of multidimensional inequality (implicitly) assume common preferences for all individuals and, hence, are not sensitive to preference heterogeneity among the members of society. In this paper, we measure the inequality of the distribution of equivalent incomes, which is a preference-sensitive multidimensional well-being measure. To quantify the contribution of preference heterogeneity to well-being inequality, we use a decomposition method that calculates well-being inequality in different counterfactual distributions. We focus on four sources of well-being inequality: the correlation between outcomes and preferences, the preference heterogeneity, the correlation between the outcome dimensions, and the inequality within each of the outcome dimensions. We find that preference heterogeneity accounts for a considerable part of overall well-being inequality in Russia for the period of 1995 to 2005.
    Date: 2016–06
  21. By: Morgunov, V.I. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In the modern world the most common method of monetary policy implementation is to control short-term money market interest rates. This paper discusses methodological and theoretical foundations of such policy, its instruments and procedures. The focus is on the method of monetary policy, that is called a symmetric interest rate corridor. The author investigates the role of open market operations and standing facilities, analyses the problem of forecasting the liquidity needs of the banking sector. The experience of the Bank of Russia in the management of short-term money market interest rates is analyzed on the base of modern theoretical concepts.
    Keywords: monetary policy, short-term interest rates, money market, symmetric interest rate corridor
    Date: 2016–03–21
  22. By: Aleh Mazol
    Abstract: The paper analyzes the short-run and long-run effects of imports of intermediate and capital goods on Belarusian economic growth for the period 2005 to 2015 taking into account large upward and downward exchange rate adjustments of Belarusian ruble. The empirical findings from the autoregressive distributed lag regressions indicate that there are negative effects of imports of intermediate goods on economic growth both in the short and long run. Second, contrary to the theory devaluation of the Belarusian ruble negatively influences both GDP growth and imports of intermediate goods in Belarus. Third, the results of Toda–Yamamoto causality test shows that GDP growth Granger causes growth in imports and exports, supporting the hypothesis that trade is more a consequence of the rapid economic growth in Belarus than a cause. Fourth, the findings from forecast error variance decomposition (VDC) confirm results obtained from TY causality test and additionally emphasize that changes in imports in Belarus are mostly driven by changes in exports especially in the long-run. Finally, the findings from VDC also indicate that the main contributor to growth fluctuations are domestic capital investments.
    Keywords: imports of intermediate and capital goods, domestic capital investments, economic growth
    JEL: C32 O11 O24 O33 O47 O52
    Date: 2015–11
  23. By: Barinova, V.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zemtsov, S.P. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sorokina, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This work analyzes the main patterns of development of fast-growing companies on the basis of domestic and foreign literature. Also, some hypotheses about the possible internal factors of increased competitiveness were put. These hypotheses were tested on the data about development of domestic high-tech companies - "gazelles" - with usage of statistical and econometric methods of data analysis and based on experience of different companies.
    Keywords: high-tech, fast-growing companies, econometrics, competitiveness, development
    Date: 2015–03–12
  24. By: Balabushko,Oleksii
    Abstract: The relationship between politicians and senior officials has been on the reform agenda in many countries, often on the premise that balance between technical, nonpartisan appointments and ensuring the responsiveness of public servants to the policies of the current government could be improved (Matheson et al. 2007). This paper examines an attempt to de-politicize senior civil service in Ukraine through the introduction of state secretaries, to understand whether the diagnosis of imbalance in this political/administrative interface was correct, and why the reform failed. The paper draws on a survey of government officials and experts as well as legal acts, available documents, articles, and personal interviews. The paper concludes that politicized civil service was a problem of form rather than function?the immediate problem was the undefined political role of the executive. It led to compression of the roles of policy makers and senior civil servants, making the reform ultimately irrelevant.
    Keywords: Corporate Law,Public Sector Corruption&Anticorruption Measures,Labor Policies,Government Diagnostic Capacity Building,Parliamentary Government
    Date: 2016–06–16
  25. By: Grishina, E.E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tyndik, A.O. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tsatsura, E.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In this paper, the focus is regional policy for people with disabilities, it is considered in the context of compliance with the principles of the UN Convention on the Rights of Persons with Disabilities and real families queries with disabilities, estimated on the basis of a poll. Taking into account the budget sufficiency six pilot regions and the volume of expenses for social policy analysis of their strengths and weaknesses, presents risks and opportunities for improving regional policy.
    Keywords: regional policy, people with disabilities, Russia
    Date: 2016–03–28

General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.