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on Confederation of Independent States |
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Issue of 2017‒09‒24
eighteen papers chosen by |
| By: | Julien Vercueil (Inalco - Institut National des Langues et Civilisations Orientales) |
| Abstract: | In this paper we try to assess the impact of recent macroeconomic fluctuations on Russian households income levels. We analyse the Russian trajectory in three different ways. First, we compare the evolution of the « middle class » in Russia with other (B)RIC and western countries, using the wealth-based definition of this group proposed in the Global Wealth Report (Crédit Suisse Research Institute, 2015). Second, we go deeper into the Russian case in order to show how regional disparities regarding incomes distribution can be interpreted, considering the country’s recent macroeconomic trajectory. For this purpose, we build a productive typology of the Russian regions and study the link between each type and the level of income inequalities, using the varying structures in sources of household’s incomes as a possible explanation of regional variations. We conclude by an assessment of the remaining challenges for incomes policy in Russia. |
| Keywords: | Russian regions,income inequalities,wealth distribution,productive structure |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01422338&r=cis |
| By: | Julien Vercueil (Inalco - Institut National des Langues et Civilisations Orientales) |
| Abstract: | In this paper we try to assess the impact of recent macroeconomic fluctuations on Russian households income levels. We analyse the Russian trajectory in three different ways. First, we compare the evolution of the « middle class » in Russia with other (B)RIC and western countries, using the wealth-based definition of this group proposed in the Global Wealth Report (Crédit Suisse Research Institute, 2015). Second, we go deeper into the Russian case in order to show how regional disparities regarding incomes distribution can be interpreted, considering the country’s recent macroeconomic trajectory. For this purpose, we build a productive typology of the Russian regions and study the link between each type and the level of income inequalities, using the varying structures in sources of household’s incomes as a possible explanation of regional variations. We conclude by an assessment of the remaining challenges for incomes policy in Russia. |
| Keywords: | income inequalities,Russia,Regional approach,Productive structure |
| Date: | 2016–04–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01422287&r=cis |
| By: | Victor Gorshkov (Faculty of International Liberal Arts, Kaichi International University) |
| Abstract: | Following recent government initiatives, such as the shift (turn) to the East and the possibility of establishing new economic and investment cooperation with the Asia-Pacific region and other regions, proposed in conditions of financial and economic sanctions imposed towards Russia by the West, the study aims to evaluate whether any significant structural changes in the Russian outward banking foreign direct investment emerged in 2013-17 as the result of the proposed initiatives. By analyzing both the macro-picture of outward banking foreign direct investment and behavioral patterns of Russian banks since 1990s, the study found that only a marginal number of Russian banks, comprising of large state-owned banks, banks closely related to the natural resource-type Russian multinational corporations, and large private banks, have the capacity to expand their operations abroad. While the increasing presence of the natural resource-type Russian multinational corporations in the Asian and African regions is slowly luring Russian banks into these markets, drastic structural changes in the outward banking foreign direct investment are unachievable in the short-term. The geographical distribution of Russian banks remains unchanged with offshore financial centers, Europe, and the Commonwealth of Independent States being the traditional destinations of Russian outward banking foreign direct investment. |
| JEL: | F23 F30 G20 G21 P29 P33 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:977&r=cis |
| By: | Berezinets, I.V.; Bulatova, L.A.; Ilina, Y. B.; Smirnov, M.V. |
| Abstract: | This paper empirically investigates average reaction of emerging markets of Russia and India to dividend surprises on the post-crisis period 2010-2014. Traditionally, unexpected dividend component has been measured in relation to the “naïve†model, which assumes that the next period expected dividend level equals the previously paid dividend. The study proposes different, rarely applied in the dividend announcements literature analysts’ expecta-tions-based approach to measure unexpected component of a dividend announcement. As a proxy for dividend surprise the difference between the actual dividend and the consensus ana-lyst forecast is used. The research was conducted using event study methodology on the sam-ple of Russian and Indian public companies, which regularly pay dividends. Obtained results of the study provide the grounds to make conclusions about the fact that Russian market on average reacts negatively to both good and bad dividend surprises; good dividend surprises on average trigger positive abnormal returns on Indian stocks, whereas bad and no surprises are associated with negative reaction of Indian market. In this research the results are discussed from the perspective of signaling theory of dividends, markets efficiency, behavioral finance, economic and legal issues. The results of the study could provide market players with an instrument of investments decision-making. For companies it is important to take into account market reaction when deciding upon dividend payments and improvement their dividend policies. |
| Keywords: | dividend surprise, stock market reaction, emerging markets, event study analysis, abnormal return, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6437&r=cis |
| By: | Denisova-Schmidt, Elena; Huber, Martin; Leontyeva, Elvira; Solovyeva, Anna |
| Abstract: | This paper examines how anti-corruption educational campaigns affect the attitudes of Russian university students towards corruption and academic integrity. About 2,000 survey participants were randomly assigned to one of four different information materials (brochures or videos) about the negative consequences of corruption or to a control group. Using machine learning to detect effect heterogeneity, we find that various groups of students react to the same information differently. Those who commonly plagiarize, who receive excellent grades, and whose fathers are highly educated develop stronger negative attitudes towards corruption in the aftermath of our intervention. However, some information materials lead to more tolerant views on corruption among those who rarely plagiarize, who receive average or above average grades, and whose fathers are less educated. Therefore, policy makers aiming to implement anti-corruption education at a larger scale should scrutinize the possibility of (undesired) heterogeneous effects across student groups. |
| Keywords: | Anti-Corruption Campaigns, Experiments, Corruption, Academic Integrity, University, Students, Russia |
| JEL: | D73 I23 C93 |
| Date: | 2017–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:fri:fribow:fribow00487&r=cis |
| By: | Julien Vercueil (Inalco - Institut National des Langues et Civilisations Orientales) |
| Abstract: | Within the general framework of comparative analysis of emerging economies, this paper explores the concept of 'emerging processes' and tries to show the ways in which a rent-based accumulation regime can shape them. It illustrates these reflections by the Russian case. |
| Keywords: | Rent extraction,Emerging economies |
| Date: | 2017–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01584719&r=cis |
| By: | Shirokova, G.; Ivvonen, L. |
| Abstract: | This study examines how components of strategic entrepreneurship (exploration and exploitation) relate to Russian SMEs performance during the economic crisis and to what extent combinations of firm resources determine these relationships. In order to address these issues we surveyed 651 Russian private SMEs. Our results show that during the economic crisis exploitation is positively associated with SME’s performance. However, we found positive association of exploration with SME’s performance during the economic crisis instead of negative association. Our results also indicate that relationship between exploration as well as exploitation and firm performance is dependent on different combinations of firm resources. |
| Keywords: | strategic entrepreneurship, exploration, exploitation, SME, sfirm performance, economic crisis, human capital, financial capital, Russia, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6454&r=cis |
| By: | Shirokova, G.V.; Bogatyreva, K.A.; Beliaeva, T.V.; Tsukanova, T.V.; Laskovaia, A.K. |
| Abstract: | The National Report GUESSS (Global University Entrepreneurial Spirit StudentsÙ Survey) in Russia (2016). |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:cpaper:7031&r=cis |
| By: | Ermolaeva, L. |
| Abstract: | This study aims to uncover the initiation stage of international M&A and indicate what type of experience affect the successful completion of this stage. Besides different types of experience are analyzed in different formal and informal institutional settings in order to reveal how institutional environment can moderate firm’s absorptive capacity implementation on M&A initiation stage. In the study sample of 509 international M&A deals initiated by Russian MNEs in the period of 2000-2012 is empirically tested by mean of logistic regression analysis. The empirical analysis indicates that prior experience in certain market always increases the probability of M&A deal announcement irrespectively the degree of proximity with formal and informal institutions of the host country. However firm’s negative experience impedes further internationalization especially if institutional environment is dissimilar. Positive M&A experience may as increase probability of M&A deal announcement as decrease it depending on familiarity with institutional environment. |
| Keywords: | Russian MNEs, absorptive capacity, M&A initiation stage, prior experience, institutional environment, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6443&r=cis |
| By: | Adam Szulc |
| Abstract: | The weights allowing calculation of life expectancy for a whole population as a weighted average of group-specific life expectancies are proposed. They are characterized by a minimum distance from the actual population shares that are different from those assumed in life tables. It is demonstrated how they may be obtained by means of constrained regression, using popular statistical/econometric software. The problem of negative solutions is also addressed. The empirical examples include longevity inequality calculations under various weighting systems. The data come from the Human Mortality Database and from Russia's regional statistics. |
| Keywords: | life expectancy, inequality, weighted indices |
| JEL: | I14 I18 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:sgh:kaewps:2017029&r=cis |
| By: | De Prato, Giuditta; López Cobo, Montserrat; Simon, Jean Paul |
| Abstract: | The paper describes the dynamic features of the ICT sector today, through a comparison among countries of the evolving role of investments in R&D in ICT. 41 geographical areas are analysed: 28 European member states, the EU as a whole, the United States, Canada, Australia, five Asian countries (Taiwan, South Korea, Japan, China and India), three European countries not belonging to the EU (Russia, Norway and Switzerland) and one Latin American country (Brazil). The analysis has been made possible by the development of comparable long time series (from 1995 to the most recent year, 2014 or 2015 depending on the indicator), based on official sources and covering an array of indicators related to the ICT content of economic activities, with a focus on R&D. |
| Keywords: | Business R&D expenditures (BERD),ICT share of the economy,labour productivity,employment,international comparisons,specialisation in ICT production,R&D personnel,value added,digital transformation |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsp17:168535&r=cis |
| By: | Kokoulina, L.; Ermolaeva, L. |
| Abstract: | We combine championing and industrial symbiosis perspectives with an ultimate goal to uncover the underlying mechanisms of industrial symbiosis. To study this emergent topic, we conduct single in-depth case study of industrial symbiosis between Russian company, Yandex, and local district heating provider in Mäntsälä, Finland. Growing concerns about the environment and rising demand for IT services add to this research practical importance. That is the fact because there is lack of research on how data center creators could decrease an environmental footprint through collaboration with other organizations such as municipalities, NGO, and other commercial firms. We rely on existing (yet sparse) theoretical understanding of industrial symbiosis and championing processes and conduct semi-structured and in-depth interviews of championing of industrial symbiosis on both organizational and individual levels. Overall 15 interviews were conducted with representatives of 5 organizations. |
| Keywords: | Industrial symbiosis, Champion, Championing, Regional development, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6446&r=cis |
| By: | Fomin, M. |
| Abstract: | Business and management literature pointed out on the existence of business cycles and on the importance of conducting countercyclical mergers and acquisition policy. However, according to the merger wave theory in practice acquisitions are likely to be procyclical because of real and behavioral factors. The majority of empirical papers finds positive link between M&A activity and state of the cycle, suggesting that acquisitions are procyclical. This paper tests whether M&A deals of metallurgical companies in China, Russia and India are procyclical. The results show that deals are indeed procyclical, but only at a glance. Introducing intermediate state of valuation in the metal market indicates that the majority of acquisitions were made when prices where close to the neutral state. As the result, acquisition policy can be characterized as neutral to the state of the cycle. |
| Keywords: | mergers and acquisitions, M&A, business cycle, metal prices, metallurgical industry, emerging markets, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6441&r=cis |
| By: | Shirokova, G.; Beliaeva, T.; Gafforova, E. |
| Abstract: | While there is a growing interest in management literature towards exploring multiple strategic orientations, their interactions and influence on firm performance, most research has been conducted in stable economic environments and developed countries. Taking into consideration the contemporary economic instability and its effect on business operations, it is timely to develop an understanding of strategic directions which may help firms create proper behaviors for managing their way through economic crises. In this study, we examine the role of entrepreneurial, market, and learning orientation in mitigating the nega-tive effects of economic crisis and sanctions on firm’s operations. Based on the dataset of 612 Russian small and medium-sized enterprises collected during the crisis period in 2015-2016, the results indicate that firms with a broader strategic direction are more affected by the unfavorable economic conditions compared to firms which are focused on a particular strategic orientation. |
| Keywords: | strategic orientations, entrepreneurial orientation, market orientation, learning orientation, economic crisis, small and medium-sized enterprises, Russia, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6444&r=cis |
| By: | Sierž Naurodski |
| Abstract: | The policy brief by Sierž Naurodski presents a review of potential effects of parametric pension reform in Belarus starting in 2017 for the population aged 50 and more in terms of unemployment, alcohol consumption, and poverty. It concludes that, despite the fact that raising the retirement age is overdue in Belarus to address demographic challenges, it may have a negative impact on the quality of life of people close to retirement age as well as a poorer GDP effect within current conditions on the labor market in Belarus. The paper presents a set of public policy improvement directions in Belarus, which could help mitigating vulnerability of the group 50+ during the pension reform. |
| Keywords: | Belarus, parametric pension reform, pre-retirement population vulnerability, 50+, social security, policy in transition countries |
| JEL: | H53 H55 J14 J26 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:sec:cnstan:0485&r=cis |
| By: | Latukha, M.; Veselova, A.; Selivanovskikh, L.; Artukh, E.; Mitskevich, E. |
| Abstract: | This work aims to provide an overview of new perspectives of talent management research linked to investigation of the relationship between talent management (TM) practices, absorptive capacity (AC), and a firm’s performance. We review the current theories in TM and provide the understanding of AC through TM lens. We discuss emerging market context as a setting for our study whereas Brazilian, Russian, Indian and Chinese firms will be analyzed to provide the link between TM and AC. |
| Keywords: | absorptive capacity, talent management, firm’s performance, Brazil, Russia, India, China, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sps:wpaper:6442&r=cis |
| By: | Julien Vercueil (Inalco - Institut National des Langues et Civilisations Orientales) |
| Abstract: | Au premier trimestre 2016, l’inflation a montré des signes d’apaisement, son rythme annuel étant pratiquement divisé par deux. En revanche, une nouvelle chute des prix du pétrole durant les deux premiers mois du trimestre a assombri les perspectives et a placé les finances publiques sous une pression accrue. La demande intérieure reste déprimée, entreprises et ménages continuant d’afficher un fort pessimisme. Enfin, la compétitivité de l’industrie nationale est battue en brèche par l’absence d’investissement et les débuts d’une appréciation réelle du taux de change. Dans ces conditions, le risque est grand que la politique de substitution aux importations se traduise par une coûteuse fuite en avant. |
| Keywords: | Russie,conjoncture économique |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01422286&r=cis |
| By: | Malik Makhlouf (Université Mouloud Mammeri de Tizi-Ouzou); Etienne Montaigne (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - CIHEAM - Centre International des Hautes Études Agronomiques Méditerranéennes - INRA Montpellier - Institut national de la recherche agronomique [Montpellier] - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier, Montpellier SupAgro - Centre International d'Etudes Supérieures Agronomiques) |
| Abstract: | The world dairy economy is entering a decade of relatively high and very volatile prices, with sustained demand for milk and dairy products, but also higher costs of production and new market instability. The main reason for the high price volatility typically lies in the imbalance between global demand for milk, driven by China and Russia, etc, and lacking and volatile supply. This dairy demand was previously proportional to the growth in world population, while in recent years, per capita consumption of several countries has increased significantly. From the supply side, global food markets are shrinking due to drought in countries traditionally over-suppliers, such as Australia, net exporters on the world market, and falling stocks in the European Union countries in connection with common agricultural policy options that aim to reduce export subsidies. The objective of this study is first to remind many milestones that have marked, over the past three decades, the dairy industry worldwide, following the movement of liberalization of this market. We then go back upstream of this sector to present the current situation of the global dairy herd and its geographic localisation, and the global dairy production and its availability in the continents. A particular focus will be on examining the current configuration of the world market, characterized by sustained demand and a supply that is expected to weaken slightly in the next decade, following the changes of policies in the exporting countries. The evolution of world prices of the main milk products, in an oligopolistic market, although lighten the tension that characterizes this market. The income of Algeria from oil is decreasing while the world price of milk and milk products is increasing. |
| Abstract: | L’économie laitière mondiale entre dans une décennie de prix relativement élevés et très volatiles, de demande soutenue de lait et de produits laitiers, mais aussi de hausse des coûts de production et de nouvelle instabilité des marchés. La principale raison de cette forte volatilité des prix, réside classiquement dans le déséquilibre entre la demande mondiale de lait, tirée par la Chine, la Russie, etc. et l’offre devenue insuffisante et volatile. Cette demande laitière était auparavant proportionnelle à la croissance de la population mondiale alors que, depuis quelques années, la consommation per capita de plusieurs pays a sensiblement augmenté. Du côté de l’offre, les marchés alimentaires mondiaux se réduisent du fait de la sécheresse dans les pays excédentaires, comme l’Australie, exportateurs nets sur le marché mondial, et la baisse des stocks dans les pays de l’Union Européenne en lien avec les options de politique agricole qui visent à réduire les subventions à l’exportation. L’objectif de cette étude est d’abord de bien rappeler les importantes étapes qui ont marqué, depuis ces trois dernières décennies, la filière laitière à l’échelle mondiale, à la suite du mouvement de libéralisation de ce marché. Nous remontons ensuite vers l’amont de cette filière pour présenter la situation actuelle du cheptel laitier mondial et sa répartition géographique, puis la production et la disponibilité laitière mondiale dans les différents continents. Un accent particulier est mis sur l’examen de la configuration actuelle du marché mondial, caractérisé par une demande soutenue et une offre qui devrait s’affaiblir légèrement, au cours de la prochaine décennie, suite aux changements des politiques des pays exportateurs. L’évolution des cours mondiaux des principaux produits laitiers, sur un marché oligopolistique, éclaire bien la tension qui caractérise ce marché. L’Algérie voit ses ressources pétrolières diminuer alors que le prix mondial du lait et des produits laitiers augmente. |
| Keywords: | lait,politique laitière,sécurité alimentaire,volatilité des prix,dairy policy,dairy world market,food security,price volatility,world market,dairy product,marché mondial,produit laitier,filière lait |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01427648&r=cis |