|
on Confederation of Independent States |
|
Issue of 2017‒06‒25
thirty-two papers chosen by Alexander Harin Modern University for the Humanities |
| By: | Radygin Alexandr (Gaidar Institute for Economic Policy); Apevalova Elena (RANEPA); Polezhaeva Natalia (RANEPA) |
| Abstract: | Russia’s market for mergers and acquisitions came into being in the early 1990s when mass privatization of state-owned property gained momentum. More specifically, it was not until after the Russian financial crisis of 1998 that mergers and friendly takeovers took place in Russia. Up until then there were ‘acquisitions through privatization’ that can be regarded as a primary manifestation of the initial stage of building a market for corporate control (from 1992 till the onset of the financial crisis of 1998). Reorganization proceeded privatization in 1/3 of cases, was coupled with privatization in 1/3 of cases and followed privatization in 1/3 of cases. Also, the practice of consolidating Russian assets through both M&A and outsider shareholding was adopted in the mid-1990s. In 1998, the equity of about 40% of surveyed enterprises was partially held by outside corporate shareholders, and more than 13% of those enterprises were integrated with suppliers or consumers. |
| Keywords: | Russian economy, bankruptcy, public enterprises |
| JEL: | G33 G38 P2 P31 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-288&r=cis |
| By: | Mamedov Arseny (Gaidar Institute for Economic Policy); Arlashkin Igor (Gaidar Institute for Economic Policy); Barbashova Natalia (Gaidar Institute for Economic Policy) |
| Abstract: | The revenue and expenditure structure of Russia’s consolidated budget reflects main trends in the relationship between various public administration levels. Fig. 20 presents data reflecting the percentage of tax revenues and expenditure of subjects of the Russian Federation in total tax revenues and expenditure of Russia’s budget system (the consolidated budget of the Russian Federation and of public off-budget funds). |
| Keywords: | Russian economy, intergovernmental relations |
| JEL: | H77 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-295&r=cis |
| By: | Drobyshevsky Sergey (Gaidar Institute for Economic Policy); Kazakova Maria (Gaidar Institute for Economic Policy) |
| Abstract: | In his Annual Presidential Address to the Federal Assembly on 30 November 2016, Russian President Vladimir Putin underscored Russia’s goal to catch up with the world average growth rates by 2019–2020. As a reminder, the IMF projects 3.7% for the average annual growth rate of the global economy in the coming three years. Earlier in November, Russia’s Ministry of Economic Development (MED) updated its forecast for Russia’s socio-economic development for 2017–2019[1] whereby a 0.6% decline is projected for Russia’s GDP in 2016, while its baseline scenarios (see below) predict that economic growth rates will be barely higher than 2% by 2020 amid low crude oil prices and a lack of structural reforms. |
| Keywords: | Russian economy, GDP |
| JEL: | F10 F14 F15 F40 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-275&r=cis |
| By: | Abramov Alexander (RANEPA) |
| Abstract: | In 2016, Russia's stock market, in terms of its rates of return, set a world record among all the other stock markets. Over that year, the RTS Index gained 52.3%, and the MICEX Index –26.8% (Fig. 1). The faster growth rate of the RTS Index, which reflects the price of shares in US dollar terms, can be explained by the ruble's strengthening in 2016. The other forces behind the growth of the Russian stock indexes were the rising oil prices, the inflow of non-residents' money in response to the strengthening ruble and the stably high key interest rate, and investor expectations of recovery economic growth. |
| Keywords: | Russian economy, stock market, share market, bond market, derivatives market |
| JEL: | G01 G12 G18 G21 G24 G28 G32 G33 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-273&r=cis |
| By: | Khromov Mikhail (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, Russian banks’ total asset holdings contracted by 3.5% in nominal terms – from Rb 83.0 trillion as of January 1, 2016 to Rb 80.0 trillion as of January 1, 2017. In 2015, Russian banks’ total asset holdings increased 6.9%. The decline in the nominal value of banks’ asset holdings in 2016 was recorded for the first time since asset-holding data began to be published in 1998. An appreciating ruble had a substantial adverse effect on the asset-holding dynamics. In 2016, the ruble gained 16.8% and 19.9% against the US dollar and the euro respectively, and therefore the ruble equivalent of assets held in foreign currency dropped considerably during the year. Banks’ asset holdings, as adjusted for the revaluation of assets held in foreign currency, increased slightly by 2.1% in 2016 after a 1.5% fall in 2015. Thus, the value of banking sector’s asset holdings was steady over the past two years. |
| Keywords: | Russian economy, banking sector, profit, capital, corporate loans, retail deposits |
| JEL: | E41 E51 G28 G21 G24 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-272&r=cis |
| By: | Knobel Alexander (Gaidar Institute for Economic Policy); Baeva Marina (Gaidar Institute for Economic Policy) |
| Abstract: | On August 22, 2012, the Russian Federation joined the World Trade Organization (WTO), as well as dispute settlement mechanisms designed to resolve WTO trade disputes and governed by the Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU). Hence Russia has since August 2012 been entitled to apply this instrument to uphold its commercial interests. |
| Keywords: | Russian economy, foreign trade, WTO, trade disputes |
| JEL: | F10 F13 F19 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-281&r=cis |
| By: | Izryadnova Olga (Gaidar Institute for Economic Policy) |
| Abstract: | The period of 2014–2016 saw mixed investment dynamics driven by the factors and conditions for (1) recovery from the crisis of 2009–2012 and (2) for Russian economy’s adaptation amid restricted access to global capital markets. Russia’s investment crisis hit a peak in H1 2009, and fixed investment recovered bouncing back to pre-crisis levels by 2011 year end. Fixed investment accounted for 19.7% of GDP, one percentage point below the average of 2007–2008, despite a faster rate than GDP growth in the period of 2010–2011. In 2012, the year-on-year fixed investment growth of 6.8% was bolstered by major infrastructure and social investment projects in progress. However, with the savings available at that time, the fixed investment share in 2012 was still smaller than what it was prior to the crisis. Although fixed investment growth rates was close to zero in 2013, the year-on-year growth of 0.8% influenced the investment demand dynamics in the years that followed. |
| Keywords: | Russian economy, fixed investment |
| JEL: | E20 E21 E22 E60 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-277&r=cis |
| By: | Bobylev Yuri (Gaidar Institute for Economic Policy) |
| Abstract: | The oil and gas sector is among principal sectors of the Russian economy and is the driving force in shaping the state budget revenues and the trade balance. In 2016, Russia’s crude oil production hit an all-time peak since 1990, and crude oil exports were close to an all-time high. Under the so-called tax maneuver in force in the oil industry, refining depth went up noticeably, production and export of fuel oil moved down and export of crude oil, a highly lucrative source of the budget revenues, increased. |
| Keywords: | Russian economy, oil and gas sector, oil production, oil prices, oil and gas export |
| JEL: | L71 L72 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-274&r=cis |
| By: | Mamedov Arseny (Gaidar Institute for Economic Policy); Fomina Elena (Gaidar Institute for Economic Policy); Tishchenko Tatiana (Gaidar Institute for Economic Policy); Khuzina Alfia (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, certain amendments were made to RF legislation, whereby the specific features of the budgeting process at the federal level were determined. In particular, the alterations introduced by Federal Law No 71-FZ dated May 30, 2016 'On Suspending Paragraph Four of Item 2 of Article 179 of the Budget Code of the Russian Federation' are designed to optimize the procedures for adjusting government (municipal) programs. With due regard for the complicated economic situation, the provision of the Budget Code of the Russian Federation (hereinafter to be referred to as RF BC) whereby all government (municipal) programs were to be brought in conformity with the budget law (or budget decision) by April 1, 2016 was suspended for one more year (until January 1, 2017). |
| Keywords: | Russian economy, budget system, tax revenues, budget parameters |
| JEL: | H61 H62 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-294&r=cis |
| By: | Kazenin Konstantin (Gaidar Institute for Economic Policy) |
| Abstract: | This section analyzes the main new trends that became visible in the North Caucasus during the past year. Bearing in mind the specific features of this region of the Russian Federation, it is important that our analyst should not be confined to examining only the changes that occurred in the economic realm, but also pay attention to those that took place in the sphere of regional politics and regional security. |
| Keywords: | Russian economy, North Caucasus |
| JEL: | H11 H70 H77 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-291&r=cis |
| By: | Klyachko Tatiana (Gaidar Institute for Economic Policy); Tokareva Galina (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, no events happened that would significantly influence the development of the Russian education system. The agenda that had emerged in 2012–2015 was being implemented. The regular monitoring of the effectiveness of higher education institutions was conducted, the average salary of teachers was raised, the principle of normative per capita financing of vocational education continued to be implemented, mergers of higher education institutions were carried out, the core higher education institutions were chosen. |
| Keywords: | Russian economy, higher education, vocational education, job skills |
| JEL: | I21 I23 I25 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-282&r=cis |
| By: | Uzun Vasily (RANEPA); Shagaida Natalia (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, record-high yields of grain, including wheat, maize, sunflower, soya and sugar-beet were received. A new record in poultry meat production was set. Despite economic recession, gross agricultural output has been growing in the past few years. Such results are attributed by many experts to the effect of the embargo on imports of food from some countries and import substitution measures. However, neither the embargo nor import substitution was a decisive factor behind growth in agriculture. The most important factors were the interest of the business in developing agriculture, depreciation of the ruble and favorable weather conditions of the past few years. |
| Keywords: | Russian economy, agricultural production |
| JEL: | Q13 Q14 Q15 Q16 Q17 Q18 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-279&r=cis |
| By: | Bozhechkova Alexandra (Gaidar Institute for Economic Policy); Trunin Pavel (Gaidar Institute for Economic Policy); Knobel Alexander (Gaidar Institute for Economic Policy); Kiyutsevskaya Anna (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, the Bank of Russia implemented a conservative monetary policy aimed at mitigating inflation. Commercial banks decreased their demand for central bank refinancing as the Reserve Fund was spent, in which case the central bank had to employ a set of instruments to prevent an increase in the money supply. It happened twice over the course of the year – on June 14 and September 19 – that Russia’s central bank cut 0.5 percentage points off the key rate, to 10% p.a. With a declining inflation rate and inflation expectations available during the year, a rather moderate decline in the key rate suggested growth of the real interest rate in the money market. Maintaining a positive real rate in the money market helps prevent prices from hiking upwards as the savings appeal strengthened, although there is risk of economic slowdown. |
| Keywords: | Russian economy, monetary policy, money market, exchange rate, inflation, balance of payments |
| JEL: | E31 E43 E44 E51 E52 E58 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-269&r=cis |
| By: | Mamedov Arseny (Gaidar Institute for Economic Policy); Fomina Elena (Gaidar Institute for Economic Policy); Belev Sergey (Gaidar Institute for Economic Policy); Shatalova Svetlana (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, fiscal revenues of the enlarged government surpassed 2015 volumes both in absolute terms (by RUB 1,253bn) and in relative terms by 0.5 percentage point of GDP (see Table 6). Expenditures of the enlarged government went up by 0.8 percentage point of GDP and by RUB 1,581bn in absolute terms. The fiscal deficit of the enlarged government in 2016 was up compared to the level of the previous year (3.7% of GDP in 2016 against 3.4% of GDP in 2015). It should be noted that the fiscal deficit reported in 2015–2016 surpassed manifold its 2013-2014 volumes both in absolute and in relative terms. |
| Keywords: | Russian economy, budgetary system, budget revenues, budget parameters, budget deficit |
| JEL: | H61 H62 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-270&r=cis |
| By: | Abasov, Muzaffar |
| Abstract: | China and Russia were two most important communist countries of 20th century which decided to have transition towards a more liberal market economy. China followed a gradual reform strategy while Russia followed a rapid one. This paper analyses the reasons why China’s transition experience was much more successful when compared to Russia. Paper concludes that initial conditions of the economies, the strategies chosen and some external factors such as political situation played important role in the outcome of the reforms. |
| Keywords: | transition economies, reform strategies, Chinese economy, Russian economy |
| JEL: | P2 P21 P27 |
| Date: | 2017–05–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79841&r=cis |
| By: | Zadonsky Georgy (Gaidar Institute for Economic Policy) |
| Abstract: | According to the data released by the Bank of Russia, as of July 1, 2016, the number of credit institutions issuing residential loans (RL) and housing mortgage loans (HNL) fell to 680 and constituted 85.3% of their number as of July 1, 2015 (Table 16). Herewith, the number of credit institutions issuing RL came to 522 and those extending HML – 499, and those attracting refinancing on the HML secondary market – 34. Moreover, the number of credit institutions extending housing mortgage loans secured by the right of foreclosure on agreements of participation in shared construction came to 212 as of July 1, 2016. |
| Keywords: | Russian economy, mortgage, land market |
| JEL: | G21 K11 L74 L85 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-283&r=cis |
| By: | Zatsepin Vasily (Gaidar Institute for Economic Policy); Tsymbal Vitaly (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, the main provisions of the military reform started in 2008 and approved by the Executive Order of President Vladimir Putin[1] of May 2012 were successfully realized as a whole. |
| Keywords: | Russian economy, military-industrial complex, military reform, defense order, military procurement, defense control |
| JEL: | D74 F52 H56 F51 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-292&r=cis |
| By: | Grishina Elena (RANEPA); Avksentiev Nikolay (Financial Research Institute) |
| Abstract: | In the following, we analyze the budget execution of the two main (in terms of size and value for the budget system) public off-budget funds: The Pension Fund of Russia (hereinafter – PFR) and The Federal Compulsory Medical Insurance Fund |
| Keywords: | Russian economy, pension fund, medical insurance fund |
| JEL: | D6 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-286&r=cis |
| By: | Volovik Nadezhda (Gaidar Institute for Economic Policy) |
| Abstract: | In early 2017, international financial organizations adjusted their short- and medium-term forecasts. The World Bank report Global Economic Prospects[1], released in January 2017, and estimated global growth in 2016 at a post-crisis low of 2.3%. It was noted that growth in emerging markets and developing economies (EMDEs) is projected to rise in 2017 to 2.7%, reflecting receding obstacles to activity in commodity exporters and continued solid domestic demand in commodity importers. An increase in commodity prices will trigger the bottoming out in the largest emerging markets, including Russia and Brazil. |
| Keywords: | Russian economy, foreign trade, terms of trade, regional pattern |
| JEL: | F10 F13 F19 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-280&r=cis |
| By: | Esin Cakan (Department of Economics, University of New Haven, USA); Rıza Demirer (Department of Economics & Finance, Southern Illinois University Edwardsville, Edwardsville, USA); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, South Africa); Hardik A. Marfatia (Department of Economics, Northeastern Illinois University, Chicago, USA) |
| Abstract: | This paper explores the relationship between stock and commodity markets from a novel perspective by examining the relationship between speculation in the oil market and investor herding in stock markets. Using firm level data from three energy importing and exporting nations, namely Russia, Brazil, and Turkey, we show that these markets often switch between herding and anti-herding states, while herding is more prevalent in the case of Russia. We also find that speculative activities in the global oil market significantly affect investors behavior in Russia and Brazil with greater oil speculation associated with herding in these markets. Our findings suggest that policy makers should watch measures of speculative activities in the commodity markets for possible signals in order to model and monitor investor behavior in their local markets. |
| Keywords: | Emerging markets, Herd behavior, Crude oil, Speculative ratio |
| JEL: | G14 G15 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201749&r=cis |
| By: | Polezhaeva Natalia (RANEPA) |
| Abstract: | Russia’s modern financial market, which emerged in the early 1990s, is nearing its 30th anniversary. Its development history may be conventionally divided into several phases |
| Keywords: | Russian economy, financial market regulation |
| JEL: | E44 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-289&r=cis |
| By: | Tsukhlo Sergey (Gaidar Institute for Economic Policy) |
| Abstract: | Business surveys of industrial enterprises have been conducted by the Gaidar Institute using a European harmonized method in monthly cycles since September 1992, covering the entire territory of the Russian Federation. The panel size is around 1,000 enterprises employing over 13% of industrial employees. The panel is shifted towards large enterprises for each of the segregated sub-industries. The ratio of returned questionnaires is in the range of 70-75%. Business survey questionnaire contains a limited number of questions (not more than 15–20). The questions are of a qualitative and not quantitative nature. Simple questions structure allows the respondents to fill out the questionnaire quickly and without using any documents. It is paramount that respondent at each enterprise is a manager of the highest level who has a full understanding of state of business and is directly linked to the business management. |
| Keywords: | Russian economy, industry |
| JEL: | C53 E37 L21 L52 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-278&r=cis |
| By: | Kuzyk Mikhail (Gaidar Institute for Economic Policy); Zudin N. (Gaidar Institute for Economic Policy); Simachev Yuri (Gaidar Institute for Economic Policy) |
| Abstract: | In the modern world, close interaction and productive cooperation between business companies, scientific research centers and universities plays a very important role in ensuring sustainable economic development. According to the evolutionary theory, innovation is produced by the interaction of various components of a national innovative system responsible for the distribution and practical application of new knowledge that can be put to economic use. |
| Keywords: | Russian economy, R&D, science, technology |
| JEL: | O31 O32 O3 I28 I2 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-297&r=cis |
| By: | Mau Vladimir (RANEPA) |
| Abstract: | The world is searching for a new socioeconomic development paradigm, which is sometimes referred to as the “new reality.” Judging by the previous structural crises (in the 1930s and 1970s), this search takes about a decade characterized by volatile economic trends, political crises, and social instability. Past experience should by no means be applied bluntly to the future, and the actual duration of the “turbulent decade” can only be determined by future economic historians. However, it is now evident that the key issue on the political and intellectual agenda is a new economic growth model, its potential rates and sources. |
| Keywords: | Russian economy, economic growth, economic crisis |
| JEL: | P16 P26 P48 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-271&r=cis |
| By: | Yulia V. Kuzmina (National Research University Higher School of Economics); Alina E. Ivanova (National Research University Higher School of Economics); Inna V.Antipkina (National Research University Higher School of Economics) |
| Abstract: | The main aim of this study was to estimate direct and indirect effects of phonological ability and vocabulary knowledge on subsequent mathematics and reading performance. To achieve our goals we used two-wave longitudinal data from the international Performance Indicators in Primary Schools (iPIPS) data set, which was produced in Russia in 2015-2016. We used rhyming skills and ability to repeat words/pseudowords as indicators of phonological ability, and identified three types of mathematical skills (digit identification, number manipulations and formal math). The results of our analysis confirmed the predictive role of preschool phonological ability as a domain-general precursor of later achievements. Phonological ability had a positive direct and indirect effects on the subsequent reading and math performance. Moreover, the direct effect was higher than the indirect effect. Reading fluency mediated the effect of phonological ability and did not mediate the effect of vocabulary knowledge. Vocabulary knowledge had insignificant direct effect on math achievement and positive indirect effect via phonological ability |
| Keywords: | iPIPS; phonological abilities; vocabulary knowledge; mathematics; reading comprehension, elementary school |
| JEL: | Z |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:76psy2017&r=cis |
| By: | Dezhina Irina (Gaidar Institute for Economic Policy) |
| Abstract: | Two ongoing parallel processes marked the year 2016. The first one had to do with the continuing implementation of previously planned measures, although it clearly fell behind the earlier established schedule. The scientific research community defined it as progressive stagnation. The second process involved the active elaboration, at the government level, of new strategic documents aimed at a fundamental revision of current policies in the sphere of science and innovation. These were the Strategy for Scientific and Technological Development of the Russian Federation, the National Technology Initiative (NTI) Strategy, and the draft federal law On Scientific, Scientific-technological and Innovation Activity in the Russian Federation, to supersede the Federal Law On Science and State Scientific and Technological Policy enacted in 1996. In August, a new RF Minister of Education and Science was appointed, and so it could be expected that the priorities of the government policy in the field of science and related measures would likewise be adjusted. The focus may well be shifted towards the sphere of education, which is also important from the point of view of science: the creation of high quality human resources in the field of scientific research begins in the secondary school education system. In spite of the introduction of a number of comprehensive measures aimed at support and promotion, some aspects of the issues that have to do with lack of personnel in certain key areas have never been resolved. Among other things, it is necessary to alter the hierarchical and age structure of research personnel, create proper conditions for their career growth, and properly adjust the highest-level qualification training system. |
| Keywords: | Russian economy, R&D, science, technology |
| JEL: | O31 O32 O3 I28 I2 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-290&r=cis |
| By: | Shadrin Artem (Gaidar Institute for Economic Policy) |
| Abstract: | According to the 2016 year-end data, the regional consolidated budget and local government off-budget funds’ budget ran a deficit of Rb 303.5m and thereby reached an almost deficit-free level. By comparison, the regional consolidated budget and local government off-budget funds’ budget amounted to Rb 178.7bn (0.22% of GDP) in 2015. |
| Keywords: | Russian economy, regional and municipal finances, loan market |
| JEL: | H71 H74 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-268&r=cis |
| By: | Radygin Alexandr (Gaidar Institute for Economic Policy); Malginov Georgiy (Gaidar Institute for Economic Policy) |
| Abstract: | In 2016, statistical data began to be published in the framework of the newly introduced System of Public Property Management Efficiency Estimates. It was approved by Decree of the RF Government of 29 January 2015, No 72 and introduced by way of replacing the public sector monitoring data, collected and released by the Federal State Statistics Service (Rosstat) since the late 1990s in accordance with the provisions stipulated in Decree of the RF Government of January 4, 1999, No 1 (as amended as of December 30, 2002). Among other things, the System of Public Property Management Efficiency Estimates contains data on the number of federal state unitary enterprises (FSUEs) and joint-stock companies (JSCs) with RF stakes in their capital, which previously were published as part of government privatization programs (from 2011 – for three-year period, and prior to 2011- for one-year period. |
| Keywords: | Russian economy, public sector, privatization |
| JEL: | K11 H82 L32 L33 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-287&r=cis |
| By: | Avraamova Elena (RANEPA); Loginov Dmitry (RANEPA); Grishina Elena (RANEPA); Florinskaya Yulia (RANEPA); Mkrtchian Nikita (RANEPA); Lyashok Viktor (RANEPA); Burdyak Alexandra (RANEPA); Maleva Tatiana (RANEPA); Poliakova Aleksandra (RANEPA) |
| Abstract: | Household real disposable income and real pensions decelerated by 6.1% and 2.5% in December 2016 in comparison with the same period of 2015 (Fig. 1). In contrast, real wage went up by 2.4% in December 2016 compared to the same period of the previous year. |
| Keywords: | Russian economy, households, labor market, social sentiment, internal migration, long-term migration, external labor migration |
| JEL: | D14 J01 J61 J62 F22 J11 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-285&r=cis |
| By: | Kireeva Anastasia (Gaidar Institute for Economic Policy) |
| Abstract: | A switchover from financing of budget-funded entities on the basis of a financial estimate to financing of the services they rendered was underway for more than a decade, however, real changes took place only in 2016 when calculation of the volume of budget allocations to those entities on the basis of baseline expenditure normals became mandatory for all the entities of the budget system. |
| Keywords: | Russian economy, public contract |
| JEL: | K12 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-296&r=cis |
| By: | Malginov Georgiy (Gaidar Institute for Economic Policy); Sternik Gennady (Gaidar Institute for Economic Policy); Sternik Sergey (Gaidar Institute for Economic Policy) |
| Abstract: | The paper deals with the issues of price dynamics on residential property on secondary and primary markets. |
| Keywords: | Russian economy, residential property prices, housing market, housing construction |
| JEL: | K11 H82 L32 L33 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-284&r=cis |
| By: | Zatsepin Vasily (Gaidar Institute for Economic Policy) |
| Abstract: | In administrating the 2016 federal budget, a single adjustment was made in November. Under the Law on the 2016 Federal Budget, allocations on the “National Defense” section of the budget expenditures were initially set at RUB 3,149 trillion, or RUB 32bn (1%) less than actual expenditures a year before. In November, allocations on the National Defense grew to RUB 3,895 trillion (an increase of RUB 746bn or 23.5%)[1] due to the government’s decision to repay ahead of schedule a portion of commercial loans taken against state guarantees for financing the state defense order in 2011–2016. Compared to 2015, allocations on the National Defense grew by 22.4% in nominal terms . |
| Keywords: | Russian economy, military-industrial complex, defense spending |
| JEL: | D74 F52 H56 F51 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2017-293&r=cis |