nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2017‒09‒10
six papers chosen by

  1. The Impact of Major Oil, Financial and Uncertainty Factors on Sovereign CDS Spreads: Evidence from GCC, Other Oil-Exporting Countries and Regional Markets By Nader Naifar; Syed Jawad Hussain Shahzad; Shawkat Hammoudeh
  2. The state of doctoral research in Uzbekistan: Results of a survey of doctoral students in agricultural economics By Ganiev, Ibragim; Djanibekov, Nodir; Hasanov, Shavkat; Petrick, Martin
  4. Agenda-Setting in Russian Media By Anastasia Kazun
  5. Uzbekistan's higher education and research system: Main actors and recent reforms of doctoral graduation By Wegmarshaus, Gert-Rüdiger
  6. Au rythme du métronome russe By Julien Vercueil

  1. By: Nader Naifar (Al Imam Mohammad Ibn Saud Islamic University (IMSIU), Riyadh, Saudi Arabia); Syed Jawad Hussain Shahzad; Shawkat Hammoudeh
    Abstract: The aim of this paper is to investigate the impact of oil price volatility and major financial and uncertainty factors on sovereign credit default swap (CDS) spreads in the case of the oil-rich Gulf Cooperation Council (GCC) countries, other oil-exporting countries and regional markets namely the G7, BRICS, Council of Europe (CE), Asia, North America (NA) and the N11 nations. We first employ the standard quantile regression analysis that allows one to investigate the dependence dynamics of the sovereign CDS spreads under different market circumstances. Consequently, we use the causality-in-quantiles, which allows for identifying the quantile range for which causality is relevant. Empirical results show that the sovereign CDSs of the non GCC oil-exporting countries (i.e., Venezuela, Mexico and Russia) are the most affected by oil prices, which is more than those of major global regions/blocs. However, the results show no or little dependence for Saudi Arabia, UAE and Norway which have the largest sovereign wealth funds. The results also show that the sovereign CDS spreads are more sensitive to global bond market uncertainty factors than to global equity market uncertainty factors. Finally, we find causality-in-quantiles between sovereign CDS and global financial risk and uncertainty factors and this causality relationship is different across countries and regions/blocs, particularly in the lower quantiles (i.e., bearish markets).
    Date: 2017–08–17
  2. By: Ganiev, Ibragim; Djanibekov, Nodir; Hasanov, Shavkat; Petrick, Martin
    Abstract: The present study assesses the state of doctoral research and postgraduate education in agricultural economics in higher education institutions (HEI) in Uzbekistan and outlines initiatives for change. To better understand the content, process, and outcomes of postgraduate education and doctoral research, a survey of 72 doctoral students in HEI was conducted. The survey data show that the respondents cooperate little with their peers outside of Uzbekistan, lack international peer-reviewed publications and training in relevant theories and methods, and are underrepresented in international scientific events and associations. Furthermore, the scarcity of research funds and individual research space, as well as an excessive teaching load were indicated as key factors affecting the quality of doctoral research. Almost all respondents were satisfied with their current supervision, but were interested in being co-supervised by foreign professors. Most PhD students wish to continue their professional career within academia. Future reforms should enhance the quality and relevance of structured education programmes for PhD students, raise the incentives for conducting high-quality research that is published internationally, and support national and international collaboration between researchers.
    Keywords: PhD survey,agricultural economics,postgraduate education system,student experience,Uzbekistan,Doktorandenbefragung,Agrarökonomie,Doktorandenausbildung,Studentenerfahrungen,Usbekistan
    JEL: I20 I21 I23 I28
    Date: 2017
  3. By: Imanzade, Afgan; Zeynalov, Anar; Hasanov, Seymur
    Abstract: The main goal of the research is to study what financial inclusion is and analyse its current status in the Azerbaijani economy. To that end, the monography analyses infrastructural elements to be shaped to make financial resources and services available, and the potential to deepen financial inclusion, researches international practice with respect to elements of financial infrastructure affecting stronger financial inclusion and includes case studies. The study also analyses the status of financial inclusion in the Republic of Azerbaijan as part of measuring financial inclusion and issues proposals on the actions to be taken.
    Keywords: access to finance,financial inclusion
    JEL: K20 G21 G30
    Date: 2017
  4. By: Anastasia Kazun (National Research University Higher School of Economics)
    Abstract: The purpose of this study is to test the agenda-setting theory, according to which the media has a significant impact on what people consider to be important events. We compare the results of the Levada Center surveys on the most memorable events of the month with the number of publications on these issues in the press. We focused on the period from January 2014 to December 2016. A total of 884 events were analyzed in the article. The results of the study confirm the impact of discussions in the media on people's attention to the problem. The results also show that the discussions in the media one week before the date of polling are more important than the issues covered over the entire month. People better remember those events which took place shortly before the polling, as well as the events the discussion of which intensified during this period. It is also important to note the role of regional publications in the sensitization of the public to various issues. The issues covered by the national newspapers and news agencies, but ignored by the regional press, are much worse remembered by the population. The results of the study are controlled for background of the discussion: the presence of important events in each relevant month, which monopolized the public attention, is taken into account.
    Keywords: agenda-setting, public opinion, media, press
    JEL: Z
    Date: 2017
  5. By: Wegmarshaus, Gert-Rüdiger
    Abstract: The objective of this study is to examine the conditions of higher education and the reform of doctoral graduation in Uzbekistan. The current system operates under strict government control. The President, the Supreme Attestation Commission at the Cabinet of Ministers regulating and monitoring academic graduation, and the relevant ministries fully determine the operation of the higher education and research institutions. State control leaves little room for academic selfrule or self-responsible university education. The teaching obligations of university staff fill the entire working day. This situation makes it almost impossible for university teachers to pursue an individual research agenda. The university system is chronically underfinanced. Technical equipment, library and information technology are not up to international standards, salary is comparably low providing few incentives for young researchers. The Uzbek Academy of Sciences serves as the main pillar of fundamental and applied research in the country. In 2013, doctoral graduation moved from a Soviet-style two-tier system including a PhD and a doctor of science degree to a more anglo-saxonian one-tier PhD system. The new President of Uzbekistan Shavkat Mirziyoyev announced to return to a two-tier system by July 2017 and intends to notably raise the level of international cooperation of Uzbek academic institutions.
    Keywords: university education system,Academy of Sciences,PhD-graduation,Supreme Attestation Commission,international research cooperation,System der Hochschulbildung,Akademie der Wissenschaften,Promotionund Habilitation,Oberste Attestierungskommission,Internationale Forschungskooperation
    JEL: I20 I21 I23 I28
    Date: 2017
  6. By: Julien Vercueil (Inalco - Institut National des Langues et Civilisations Orientales)
    Abstract: L’objectif de cette contribution est de proposer une évaluation synthétique des effets de la crise économique en Russie sur son voisinage. Elle se concentre sur les pays membres de l’Union Economique Eurasiatique (UEE : Arménie, Bélarus, Kazakhstan, Kirghizie), mais examine aussi les conséquences de la crise russe sur d’autres économies traditionnellement liées à la Russie. Elle tente de répondre aux questions suivantes : dans quelle mesure les facteurs à l’œuvre dans la crise russe ont-ils également touché ses partenaires ? Quels ont été les principaux canaux de transmission de la crise russe vers les autres pays de la région ? D’autres phénomènes n’ont-ils pas interféré avec la conjoncture de la Russie ?
    Keywords: Russia,Eurasian economic union
    Date: 2016–12–01

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