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on Confederation of Independent States |
| By: | Tanshina, Natalia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is dedicated to the comparative analysis of the state activities of Emperor Nicholas I and King Louis-Philippe of Orleans, as well as to the relationships between Russia and France during the reign of Nicholas I and the existence of the regime of the July monarchy in France (1830-1848). These years were one of the most difficult periods of the relationships, which was due to the rejection of Nicholas I the regime, caused by the July Revolution. At the same time, it was the first experience of interaction and peaceful coexistence of autocratic Russia and liberal France. The article analyzes the interaction of states with different political systems and ideologies in the conditions of a multipolar world within the framework of the "European concert" and the Vienna system. The object of the study is Russian-French relations during the reign of Emperor Nicholas I and King Louis-Philip of Orleans, mutual representations and stereotypes of mutual perception, intercultural dialogue between countries with different political regimes. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061816&r=cis |
| By: | Aurov, Oleg (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zorin, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is devoted to the problem of forms and methods of reception of ancient heritage in medieval Western and Eastern Europe. In the first case, the medieval states of the Iberian Peninsula (mainly Castile and Leon) act as the object of study, in the second - the Russian state from the era of Ancient Russia to the Moscow Kingdom of the XVI - XVII centuries. The presentation of the material is organized according to a chronological and historical-geographical principle. Four sections of the work are devoted to the role of the Roman heritage in the formation of medieval Castilian historiography during the reign of King Alfonso X of the Wise (section 1), analysis of the forms of interpretation in the domestic historiography of the role of the ancient heritage and its influence on the formation of medieval forms of social and political organization on the example of the scientific heritage of the outstanding Soviet medievalist Alexander Rafailovich Korsunsky (1914-1980) (section 2), the problems of the influence of the ancient heritage on the formation of the medieval literature as in the Latin West (section 3) and the study of the religious and cultural perspective of the formation and development of medieval Russian statehood (from Ancient Russia to the Moscow Kingdom), taking into account the wide external historical, cultural and legal context (section 4). |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061804&r=cis |
| By: | Magomedov, Rustam (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Idrisova, Vittoria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The main purpose of the project is to study and calculation of industry in the terms of trade for Russia. The following tasks were solved: the comparison of different methodologies of the calculation of terms of trade of countries and industries was conducted; the major advantages and drawbacks of different methods were reveales; the analysis of existing theoretical approaches and the review of existing databases were conducted; the analysis of theoretical literature on the impact of tariff and non-tariff measures, subsides, productivity and exchange rate on terms of trade was conducted; the differences in terms of trade for different countries were analysed; the terms of trade for Russian manufacturing industries were calculated; the recommendations for using the results of the study were proposed. To solve these above stated problems, we used data on customs declaration. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061822&r=cis |
| By: | Uzlaner, Dmitry (Узланер, Дмитрий А.) (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The focus of this work is the ideology of "traditional values" and, in general, "a turn to moral conservatism." This topic has gained relevance in Russia at least since 2012. Researchers have repeatedly drawn attention to the rise of moral conservatism in the past few decades. In fact, there is a transition from the economic (class) confrontation to the opposition of the moral (value). However, this turn in domestic policy is not a purely Russian phenomenon. However, it is important that all this described dynamics in the light of the processes of globalization ceases to be purely national. It acquires a transnational dimension. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061831&r=cis |
| By: | Agadzhanyan, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Razdyakonov, Vladislav (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Bolkunova, Svetlana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The present study, which relates the connection between the discourse "science and religion" and projects on socio-political change, also contributes to modern scientific discussions about the causes of the Russian Revolution of 1917. One aspect of the current debate is the social dimension of revolutionary activity in the context of disputes about the nature of secularization as a concept and phenomenon of European culture. An analysis of the spectrum of interpretations of the relationship between "science" and "religion" makes it possible to raise the question of the meaning of the discourse "science and religion" as an ideological factor of the secularization of the intellectual culture of the Russian Empire. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061817&r=cis |
| By: | Ponomarev, Yuriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The following tasks were solved in the paper: analysis and systematization of the existing theoretical and empirical approaches to assess the degree import price rigidity with respect to exchange rate fluctuations; analysis and systematization of the existing theoretical and empirical approaches to assess the degree import price rigidity with respect to importing firm characteristics; n empirical analysis and assessment of the degree of import price rigidity with respect to exchange rate fluctuations and importing firm characteristics in Russian economy. To solve these above stated problems, we used data on customs declaration and the currency data and other indicators, published by the Central Bank of the Russian Federation and the Federal State Statistics Service. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061829&r=cis |
| By: | Ponomarev, Yuriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rey, Aleksey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Radchenko, Darya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This study analyzes the interaction of intensity of bilateral trade in goods and volatility of pairwise exchange rates between Russia and its major trade partners. While the bulk of existing economic literature considers mainly the one-side causal link from exchange rate volatility to trade in goods, and the negative impact of exchange rate fluctuations on the normal course of export and import transactions, this paper estimates simultaneously (for the first time for Russian trade data) the inverse relationship. This paper synthesizes a wide range of macro- and microeconomic data, including variables drawn from customs declarations. It also explores the effect on real effective exchange rate (REER) volatility of differences in short-term interest rates and stock markets' rates of growth in dyadic relationships between Russia and its trade partners. The study does not find support in statistical data for the hypothesis of impact of REER volatility on bilateral trade intensity, while the inverse hypothesis is shown to be statistically significant. Credit rate, macroeconomic trade intensity, and microstructural (based on customs declarations' data) channels have major impact on REER volatility in the sample dataset. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061823&r=cis |
| By: | Aganbegyan, Abel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kleeva, Lyudmila (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Krotova, Nadezhda (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper analyzes the features of Russia's social and economic development in recent decades. Assessing the quality of economic growth in Russia, identifying its main sources, as well as the reasons that hamper socio-economic development, have made it possible to identify key opportunities for activating and improving the quality of economic growth by stimulating the development of human capital. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061820&r=cis |
| By: | Egor A. Krivosheya (National Research University Higher School of Economics) |
| Abstract: | This article evaluates the efficiency of current MIF rates for the Russian market and identifies the effects of their changes. In order to estimate the demand of end users and end-user surpluses the study uses the adopted version of the Bedre-Defolie and Calvano (2013) model as well as representative samples of 800 traditional (offline) Russian merchants, 1500 Russian individuals and 7 banks from the top 20 that cover more than 80% of the Russian issuing and acquiring markets and the end-user benefits. Results confirm the efficiency of currently set MIF rates. Comparative statics analysis confirms that the changes in MIF rates never lead to a Pareto improvement, while the total surplus changes are asymmetric across different market parts. The article also shows that once the realistic assumptions are introduced to the models (e.g., information asymmetry, imperfect pass-through of changes) the end-user welfare is distorted more severely as a result of the MIF rates changes. The first-best policy for the Russian regulator and legislators is the use of alternative (non-tariff) stimulating measures for a cashless economy in order to isolate the effect of changes to the intended groups |
| Keywords: | Retail payments; payment cards; interchange fees; efficiency; optimal regulation |
| JEL: | G21 D53 E42 L14 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:66/fe/2018&r=cis |
| By: | Lenskaya, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sazonov, Konstantin (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents the outcomes of the in-depth analysis of pre-tertiary education development in four countries, the world leaders in education, looks into the trends that shape this development and considers expert judgments on the success factors in Finland, Australia, Japan and Singapore. Several priorities are recommended for future mid-term educational policy planning in Russia on the basis of this analysis, so that our country could make a significant progress in the quality of educational outcomes and thus become more competitive worldwide. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061813&r=cis |
| By: | Sinyagin, Yury (Синягин, Юрий) (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sheburakov, Igor (Шебураков, Игорь) (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tyumentsev, Igor (Тюменцевб Игорь) (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tushkanov, Igor (Тушканов, Игорь) (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is a historical and psychological analysis of the use of class ranks and their analogues in Russia, the justification of the motivation mechanism in the civil service system, the generalization of the role and influence of class ranks on the motivation of modern state civil servants, the description of the feasibility and appropriateness of applying class ranks of the state civil service for managing the motivation of a professional performance of the classroom ranks as one of the key factors motivating the state civil servants. |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:071801&r=cis |
| By: | Sinyagin, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Podolskiy, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is devoted to the problems of developing mechanisms for diagnosing and evaluating the competencies of public civil servants, assessing the effectiveness of personnel work in the state civil and municipal service. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061810&r=cis |
| By: | Kuznetsov, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sedalishchev, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Knobel, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The presented study considers and calculates using the most relevant data for the Russian economy the measure of Upstreamness, which reflects the average position of the industries in a representative value chain. This measure was used to demonstrate the main trends of Russian foreign trade in terms of position in global value chains. The values of Upstreamness obtained are also used to analyze the position of Russian firms in global value chains. The main conclusion of the work is that Russian enterprises tend to increase over time the number of stages of the production chain they are engaged, which contradicts the mechanisms prevailing in the literature, which indicate the desire of firms for specialization. |
| Keywords: | export, import, foreign trade, value chains, input-output tables, Upstreamness |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061826&r=cis |
| By: | Kaukin, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The consequences of the crisis phenomena 2014-2015 led, among other things, to a decline, and then stagnant output in many key sectors of the economy. The market of air transportation, both internal and external, also faces negative impact of the latest macroeconomic and political changes. On the demand side there is a general decrease in the number of passenger traffic due to a fall in real incomes, on the company's offers side facing rising costs of the aircraft fleet and spare parts as a result of changes in the ruble exchange rate, reduced ability to attract external funding, the general negative expectations of domestic producers, including in the aircraft building sector, the state's unsustainable policy regarding the taxation of oil and oil products production. In this regard, it is especially important to search for key factors that have a critical impact on the development prospects of the industry and the development of appropriate economic policy measures. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061830&r=cis |
| By: | Knobel, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Chentsov, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper analyzes literature exploring the influence of exchange rate volatility on trade volume and it is shown that early estimates indicating a significant increase in trade between countries that are in currency unions are erroneous and are caused by a number of reasons related to the endogenous status of monetary unions and the existence trends in regression variables. One of the sections is devoted to a review of the literature on the general problems of the effects of exchange rates on trade; in it an extensive class of models describing consumers' demand for imported goods is considered. This is followed by a review of empirical studies, which, among other things, study the difference in the estimation of equations for cases of "small open economy" and "large open economy". In the practical part of the work, the influence of exchange rate volatility on the volume of trade is estimated using panel data for 214 countries of the world, using the proxy variable of the status of monetary unions. |
| Keywords: | Eurasion Economic Union; Integration policy; tariff and non-tariff barriers; volatility of exchange courses; international trade |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061824&r=cis |
| By: | Kukulin, Ilya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | History of the Cold War is obviously connected with tendencies of isolationism, especially if speaking of the USSR. However, one may suppose that there is an important but underresearched aspect of the Soviet isolationism: namely, how it influenced cultural dynamics in the USSR and what were its mental foundations taken for granted; particularly, one needs to discuss what were the main similarities and differences between “cold war” isolationism and policy of a “besieged fortress” that was realized in the USSR starting with the late 1920s. This paper is focused on the traits and historical evolution of the Soviet isolationism basing on the two methodological approaches: studies of governmentality and study of imagined community’s discursive borders, in other words, the Soviet isolationism is studied here as a specific type of social and political imagination. If revisiting the Soviet practices of isolationism on this level, one can see that mental structures caused by the Cold War considerably informed Soviet social imagination and remain to be influential in the post-Soviet culture. This conclusion is founded with a short discussion on Sergey Lukianenko’s series of fantasy novels on “Watches” (1998--2004), one of the most successful projects in the post-Soviet mass culture. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061807&r=cis |
| By: | Korishchenko, Konstantin (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Morozov, Stepan (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Bryanov, G (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper studies the implementation of the monetary policy of the Central Bank of the Russian Federation, namely, the transition from the exchange rate policy to the inflation targeting policy conducted since November 2014, and illuminates the issues of the world experience in the conduct of monetary policy by the example of central banks of foreign countries and discloses such methods of implementing monetary policy as (1) inflation targeting,(2) exchange rate regulation and (3) the targeting of money supply. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061801&r=cis |
| By: | Vakhshtayn, Victor (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Stepantsov, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This text is aimed at studying the transformation of strategies for economic behavior of the population of the Russian Federation. The main trigger that contributed to this was the economic crisis, which resulted in two general adaptation strategies. A passive strategy is to reduce expenditure while maintaining the same level of economic activity. Active strategy, on the contrary, implies a sharp increase in economic activity, but it is not usually associated with a reduction in expenditure. In the preprint, we focus on examining the differences between these behavior strategies, identifying the groups that follow them, and determining the factors that contribute to the choice of a strategy. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061803&r=cis |
| By: | Dmitriev, Mikhail (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Ayvazyan, Zaven (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The object of research in this work are methods of accounting and budgeting the costs of administrative processes in the provision of public services and control and supervisory activities in federal executive bodies and executive authorities of the subjects of the Russian Federation. |
| Keywords: | administrative processes, public expenditure, cost management, functional and cost analysis, process budgeting |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061809&r=cis |
| By: | Kuznetsov, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sedalishchev, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Knobel, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The purpose of this study is to assess the impact of various directions of economic integration within the framework of the EAEU on the economies of the countries of this association. The analysis is carried out on the basis of a computable general equilibrium (CGE) model, which is suitable for modeling non-tariff barriers and monopolistic competition. Based on the results obtained in the study, a conclusion is made on the priority of deepening economic integration within EAEU as compared to the expansion of the membership of the EAEU and to the FTA between the EAEU and the main trading partners of the EAEU countries. |
| Keywords: | computable general equilibrium model, ÅAEU, tariff liberalization, non-tariff barriers in trade |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061825&r=cis |
| By: | Kazenin, Konstantin (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Koroleva, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In the sociology of social movements, it is common to distinguish three main paradigms - the paradigm of collective behavior, the paradigm of collective action and the paradigm of new social movements. Within the evolution of these paradigms, there has been a shift from the notion of social movements as a manifestation of the dysfunction of the social system to the understanding that it's an integral part of its normal functioning; from the emphasis on the rigid organizational design of the movement to uncovering the potential of its informal character. In Russia, this scientific heritage is actively used in the analysis of civil society. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061802&r=cis |
| By: | BABULIA MGHEBRISHVILI (Ivane Javakhishvili Tbilisi State University) |
| Abstract: | Commencement of the process of creation of the scientific theory of management and marketing, at the turn of the 19th and 20th centuries was the logical continuation of the practical experience gained by the mankind in this area. This process was initiated in the USA, though managerial and marketing thinking and practices were characteristic of almost all countries. This is natural as effective performance of entrepreneurial activities is possible only in case of proper management and orientation to the consumer needs. In this respect, Georgia is not exclusion. Georgian noblemen, merchants, craftsmen and peasants used to apply managerial approaches in their businesses and they also took into consideration the consumers? needs. In our opinion, the hired stewards, i.e. the ?managers? administered the households of the noblemen. The leaders of the shops of merchants and craftsmen and their deputies were the managers as well. When selecting the managers the attention was paid to their organization skills, smartness, required for achievement of the goals set by the members of the shop. The noblemen and the peasants used to buy the consumer goods from the proceeds gained as a result of sale of the excessive agricultural products or exchanged them for the required commodities. The leaders of merchants and craftsmen performed their activities based on the consumers? requirements. In many cases the craftsmen produced the goods ordered by the consumers. In our opinion, only managerial and marketing thinking can explain the fact that the Georgians have created numerous varieties of the agricultural crops from the ancient period up to present. For example, currently, in small Georgia that has permanently resisted the enemies? attacks, there are recorded about 500 strains of grapes, up to 200 strains of apples, over 150 strains and forms of wheat. With this approach, Georgian farmers met different demands of the consumers on one hand and on the other ? distributed the risks and prevented expected losses. |
| Keywords: | management, marketing, scientific theory, thinking, requirements. |
| JEL: | M31 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5407766&r=cis |
| By: | Ana Akhvlediani (Ivane Javakhishvili Tbilisi state university) |
| Abstract: | This paper analyses the tendency of Georgian Public debt and its impact on the economic growth. Public debt plays important role in the process of developing state?s macroeconomic system. It can be explained by the fact that debt arising and its services greatly affect the country's financial status, the size of the savings, the amount of money, the investment environment, the consumption structure and the international relationship with the rest of the country. It is very difficult to find a country in the whole world which did not face Public debt problem at least once. The issue of Public debt problem can be also explained by the fact that most countries have a tendency to increase debt. The burden of the debt affects on the economic and social conditions of the country and consequently, it is crucial for the government to find ways to solve it. Stabilization of internal and external debt is one of the most essential factors for long-term economic development of the country. Nowadays budget deficit is not surprising, it is well-known method to use debt obligations to fund deficits.Current financial crisis in the modern world have changed the attitude of the countries to be more cautious when it comes to the Public debt. Public debt is mostly used to finance social and economic needs. Country?s solvency and its international reputation is related to the Public debt, so it is very important for any country to determine the exact amount of Public debt and develop an optimal system of management. Based on the above mentioned, this paper studies Georgian public debt effects on the economic growth, the debt management methods and ways of spending. As a result of this study, Georgian Public debt appears not to be big burden for the country, but it has the tendency of growing. At the same time, various problems have been identified in the debt management process. |
| Keywords: | debt, impact, management. |
| JEL: | H63 H69 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5408044&r=cis |
| By: | Nodar Kiladze (Ivane Javakhishvili Tbilisi State University) |
| Abstract: | Inflation is an indicator used by economists to assess the economic performance of the country as it shows percentage growth of price level. High inflation means higher growth rate of prices which is bad for the economy and for the country mainly because of the reduction of average labor purchasing power, caused by stickiness of wages, which decreases economic welfare. Another important factor is divergence between the price levels of different goods and services. Zero lower bound inflation (or deflation) can also cause serious negative results such as output collapse in response to various shocks leading to economic stagnation and high rate of unemployment. Both too high and too low inflation are problem that should be solved by policymakers to achieve sustainable economic growth and long-run development of the country. Because of the above-mentioned reasons low and stable rate of inflation is to be considered the most efficient for reaching high rate of economic growth and development. This paper reviews mentioned problems and outlines why it is so crucial to have inflation rate at low level and why is it vital to keep it stable. Most of the countries desire to have their inflation rate at 2%. Inflation targets mostly vary from 2 to 5% depending on the central bank and economic development of the country but with a long run inflation target of maximum 2-3%.The National Bank of Georgia adopted Inflation Targeting regime in 2009 while some economists had misconceptions and debates about this decision and some papers were criticizing Georgia for not being ready for this change yet mostly because of its institutional setup and imperfect monetary transmission mechanism (Billmeier & Bakradze, 2007). The results of this adoption are reviewed in this paper by assessing economic performance during Monetary Targeting regime and comparing it to the period after Inflation Targeting regime. This paper uses price level stability comparison between these two periods as well as relative price variability among different commodity groups. The model investigates the relationship between inflation rate and the relative price variability and shows that adopting Inflation Targeting regime significantly improved economic performance of the country. |
| Keywords: | Inflation Targeting Regime, Monetary Targeting Regime, Monetary Policy, Central Banks |
| JEL: | E42 E31 E50 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5408043&r=cis |
| By: | Akay, Alpaslan (University of Gothenburg); Bargain, Olivier (University of Bordeaux); Elsayed, Ahmed (IZA) |
| Abstract: | Terror has become a global issue. Terror acts perpetuated by religious, nationalist or political groups around the globe can propagate distress rapidly through different channels and possibly change political attitudes. This paper suggests the first evaluation of the impact of global terror on human welfare. We combine panel datasets for Australia, Germany, Russia, Switzerland, the UK and the US. Individual well-being information for 750,000 individual x year observations, recorded on precise dates, is matched with daily information on the 70,000 terror events that took place worldwide during 1994–2013. High-frequency data and quasi-random terror shocks of varying intensity provide the conditions for robust inference, while external validity is guaranteed by the use of large representative samples. We find a significantly negative effect of global terror on well-being, with a money-metric cost of around 6%–17% of national income. Among diffusion channels, stock markets and economic anticipations play a minimal role, while traditional media filter the most salient events. The effect is greatly modulated by the physical, genetic or cultural proximity to the terror regions/victims. For a subset of countries, we also show that global terror has significantly increased the intention to vote for conservative parties. Heterogeneity analyses point to the mediating effect of risk perception: individuals who exhibit stronger emotional responses to terror – possibly more exposed to potential threats – are also more likely to experience a conservative shift. |
| Keywords: | global terror, subjective well-being, media, political attitudes |
| JEL: | C99 D60 D72 D74 I31 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11597&r=cis |
| By: | Giuli Keshelashvili (Ivane Javakhishvili Tbilisi State University) |
| Abstract: | Work provides overview of the situation and trends in agricultural sector of Georgia. It mentions that Georgia is a country with small land area, where, as a result of improper land reform the lads were excessively fractured, with 75% of population holding up to 1 ha arable land. Working of such small parcels is unreasonable and economically ineffective. Taking this issue into consideration, for the purpose of stimulation of creation of the small farmers? associations, the legislative incentive was prepared on creation of the agricultural cooperatives. As a result of joint work of the Ministry of Agriculture and Agrarian Committee of the Parliament, on 12 July 2013, the Parliament of Georgia adopted the Law on Agricultural Cooperatives. On the basis of this law the LEPL Agricultural Cooperatives Development Agency was established to provide state support to the agricultural cooperatives. The main goal of the Agency is promotion of rehabilitation of the rural areas and agriculture through development of agricultural cooperatives.Of key legislative acts dealing with the activities of agricultural cooperatives, Georgian Law on Agricultural Cooperatives prevails over Georgian Law on Entrepreneurs. Therefore, the legal relations of the agricultural cooperatives are regulated by Georgian Law on Agricultural Cooperatives. According to the mentioned Law, the cooperatives provide regulation of the internal production relations by means of the economic participation, obligatory participation contributions, associated members of the cooperatives and other elements. The labor relations are decisive factors.Work provides analysis of the key operation principles of the agricultural cooperative; characteristics of cooperatives management provided for by the Law on Entrepreneurs and Law on Agricultural Cooperatives; rights and obligations of the cooperative shareholders; conflicts arisen in the course of performing of contracts made between the agricultural cooperative and its shareholder; agricultural cooperative monitoring functions. On the basis of analysis of legal regulations of leading European countries dealing with the cooperatives the recommendations are provided for improvement of cooperatives management in Georgia, for development of the entire cycle of production and sale of agricultural goods allowing generation of the increased incomes from sale of the end products by primary goods producers without any middlemen.The conclusion is made that formation of the cooperation systems of European type would be much more beneficial for the farmers, as well as for the country and its final results will be seen in its socioeconomic effects. |
| Keywords: | Keywords: agricultural cooperative, economic participation, shareholder, management organizational structure. |
| JEL: | M10 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5407673&r=cis |
| By: | Shota Bakhuashvili (International School of Economics at Tbilisi State University) |
| Abstract: | According to the Basel III Framework, the gap between Credit to GDP Ratio and its long-run trend is the single best indicator for setting the Countercyclical Capital Buffer (CCB). The aim of setting the CCB is to increase the Capital Adequacy Requirement (CAR), in order to increase the resilience of the banking system in the case of upcoming financial difficulties. For calculating the long run trend of the Credit to GDP Ratio, the Basel Committee suggests to use the Hodrick-Prescott (HP) filter. In order to detrend the Credit to GDP Ratio, the HP filter only relies on the Credit to GDP Ratio itself and does not take into account other variables, which may be relevant to the risks to financial stability. Economic theory immediately suggests the Real Gross Domestic Product and the Real Estate Price Index as these relevant variables. During periods of negative Real Gross Domestic Product and Real Estate Price Index gaps, a high Credit to GDP Gap is less dangerous than is indicated by the HP filter. The reverse is true when gaps of these two variables are positive, that is a high Credit to GDP Gap is more dangerous for the financial system and the economy than is indicated by the HP filter. The present paper provides a theoretical and empirical justification of using Real GDP and Real Estate Price Index gaps in the process of detrending Credit to GDP ratio. Since the HP filter cannot work with different variables simultaneously, the paper introduces the Kalman filter as a solution. Comparing credit to GDP gaps calculated using different filters, the paper shows two cases when the Kalman filter outperformed the HP filter in Georgia between the years 2000 and 2016. The first case is the financial crisis of 2007-2008, during which the HP filter could only signal that a crisis was occurring after the fact, while the Kalman filter could work as an early warning indicator, informing about an upcoming crisis in the beginning of 2006. The second case is the first half of 2016, when the HP filter suggested to set the CCB while there was no financial crisis, which was correctly indicated by the Kalman filter. |
| Keywords: | Credit to GDP gap, Countercyclical Capital Buffer, Financial cycles, Financial crisis, Hodrick?Prescott filter, Kalman filter. |
| JEL: | G01 G21 E61 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5408042&r=cis |