nep-cis New Economics Papers
on Confederation of Independent States
Issue of 2023‒08‒14
twenty-six papers chosen by

  1. The state of science and innovations in Russia in 2022 By Dezhina Irina
  2. Russian transportation complex in 2022 By Rostislav Kirill; Ponomarev Yuriy
  3. Municipal and sub-federal debt market in Russia in 2022 By Shadrin Artem
  4. Labor market dynamics in Russia in 2022 By Lyashok Viktor; Podverbnykh Ulyana
  5. Russian industry in 2022 By Tsukhlo Sergey
  6. The development of domestic tourism: the example of the Republic of Dagestan By Sitkevich Konstantin
  7. Corporate governance 2022: new regulation and practice By Apevalova Elena; Polezhaeva Natalia
  8. Влияние повышения цен на горюче-смазочные материалы (ГСМ) на инфляцию: опыт Казахстана. // The impact of the increase in prices for fuels and lubricants on inflation: the experience of Kazakhstan. By Чернявский Денис // Chernyavskiy Denis; Сейдахметов Ансар // Seidakhmetov Ansar
  9. The state and prospects of compound aquafeed production in Ukraine By Fihurska, Liudmyla; Iegorov, Bogdan
  10. Blowback: The Effect of Sanctions on Democratic Elections By Matthieu Crozet; Julian Hinz
  11. Влияние мировых и внешнеторговых цен на продовольственные товары на внутреннюю инфляцию Казахстана. // The impact of world and foreign trade prices for food products on domestic inflation in Kazakhstan. By Кожамкулов Канат // Kozhamkulov Kanat; Дәулетханұлы Елдос // Dauletkhanuly Yeldos; Агамбаева Саида // Agambayeva Saida
  12. Making sense of multi-level and multi-actor governance of recovery in Ukraine By Oksana Udovyk; Ievgen Kylymnyk; Daniel Cuesta-Delgado; Guillermo Palau Salvador
  13. Russia’s participation in the WTO’s trade disputes in 2022 By Baeva Marina; Knobel Alexander
  14. Sectoral dynamics of industrial production in 2022 By Kaukin Andrei; Miller Evgenia
  15. Analysis of the state of the hydropower market in modern conditions: the case study of the BRICS countries By Dmitriy Pavlinov; Oksana Savchina
  16. Значение и роль фондового рынка в повышении эффективности монетарной политики. // The importance and role of the stock market in improving the effectiveness of monetary policy. By Дускалиева Сауле // Duskaliyeva Saule; Белгібаев Заңғар // Belgibayev Zanggar
  17. Russian foreign trade in 2022 By Volovik Nadezhda
  18. In einer Zeit des Umbruchs: Eine Analyse zentraler Befunde des Forschungsverbunds "Ökonomie der Zukunft" zu Trends und Entwicklungen der globalen Arbeitsteilung By Horn, Gustav A.
  19. The role of social protection in environmental fiscal reforms By Malerba, Daniele
  20. Which Place for Radical Trial in Genetic Structuralism and in Pragmatic Approach? By Bikbov, Alexander
  21. Dynamics of the securities market in the information asymmetry context: developing a methodology for emerging securities markets By Kostyantyn Anatolievich Malyshenko; Majid Mohammad Shafiee; Vadim Anatolievich Malyshenko; Marina Viktorovna Anashkina
  22. Prospects for BRICS science and technology cooperation in the context of digital transformation By Vladislava Noga; Ekaterina Degtereva
  23. Reaching net zero while safeguarding competitiveness and social cohesion in Germany By Zeev Krill; Robert Grundke; Marius Bickmann
  24. 팬데믹과 전쟁 이후 국제경제질서 변화와 대응(Changes in the international economic order in the post-pandemic and war era and challenges for Korea) By Kim, Kyungsoo; Kim, Hongkee; Song, Chi-Young
  25. Teacher awareness of academic integrity in regional higher education institutions in Latvia By Anita Pipere; Dzintra Ili?ko; Je?ena Davidova; Sandra Zari?a; Irena Kokina
  26. Meta-Analyses on Teachers? and Students? Views on Academic Integrity and a Way Forward By Dzintra Ili?ko; Sandra Zari?a; Anita Pipere; Ir?na Kokina; Je?ena Davidova

  1. By: Dezhina Irina (Gaidar Institute for Economic Policy)
    Abstract: Sanctions were the main factor influencing the sphere of science and innovation in 2022. Quick measures to solve the issues that arose were developed only to a certain extent. The first priority steps were made in such areas of science policy as changing the composition of reporting and accounting indicators and revising the partners and directions of international cooperation. In technological field the agenda was reoriented toward ensuring technological sovereignty. For this purpose, first of all, the following were planned: strengthening support of applied research; growth of financing of innovations from regional budgets; identification of “niches” where there is a potential for the development of necessary technologies and products.
    Keywords: Russian economy, R&D, science, technology
    JEL: I28 O31 O32 I2 O3
    Date: 2023
  2. By: Rostislav Kirill (RANEPA); Ponomarev Yuriy (Gaidar Institute for Economic Policy)
    Abstract: The transportation complex is a key branch of the Russian economy, its most important connecting element. The development of traffic infrastructure is one of the main factors of economic growth and an important tool for overcoming the economic crisis. New economic environment has highlighted the need to ensure the stable operation of transport and logistics. Priority areas for the transportation complex in 2022 are adaptation to changes in the economy and overcoming of the sanctions challenges, promotion of import substitution, technological independence and restorative growth of the transportation sector. The key objectives of the transportation sector are always to support the connectivity of the country’s territory and increase the population mobility.
    Keywords: Russian economy, transportation industry, freight tariffs, passenger traffic, railways
    JEL: L91 L92 L93 L99
    Date: 2023
  3. By: Shadrin Artem (Gaidar Institute for Economic Policy)
    Abstract: According to data released by the RF Ministry of Finance, against the backdrop of deteriorating economic dynamic, the consolidated debt of the subjects and municipalities of the Russian Federation amounted to Rb3.16 trillion, or 2.09% of GDP, as of January 1, 2023. Despite an increase by Rb 312.1 bn in nominal terms, it declined in real terms by 3.4%, or 0.9% of GDP. As of January 1, 2022, its size was Rb2.85 trillion, or 2.18% of GDP. The volume of accumulated debt of the subjects of the Russian Federation stood at Rb2.79 trillion as of early 2023, with the share of budget loans in the total volume of accumulated debt grew at an outpacing rate from 55.4% to 71.0%. Accordingly, the share of market borrowings declined: the share of accumulated debt in the form of debt securities in the total amount of accumulated debt contracted from 32.3% to 23.4%, in the form of bank loans — from 10.4% to 4.5%.
    Keywords: Russian economy, regional and municipal finances, loan market, debt market
    JEL: H71 H72 H74 H76
    Date: 2023
  4. By: Lyashok Viktor (RANEPA); Podverbnykh Ulyana (RANEPA)
    Abstract: In 2022, the labor market saw an ambiguous situation. On one side, in 2022 it completely recovered after the coronacrisis: the level of unemployment fell below the pre-crisis values and wages kept growing in real terms. On the other side, as far back as the beginning of 2022, the Russian economy encountered various, mostly negative, implications related with the special military operation, including foreign economic sanctions and the exit from the Russian market of a number of foreign companies, while from September it was the partial mobilization and increased outflow of a portion of the workforce abroad. At the same time, the Russian economy demonstrated a high degree of resilience and economic recession turned out to be substantially lower than predicted at the beginning of the year. In the new economic environment, employers have been actively using the main mechanisms of adjustment to economic crises since last spring; these mechanisms have been developed during the past 30 years and helped overcome effectively the most acute phase of adaptation.
    Keywords: Russian economy, labor market, unemployment, employment
    JEL: J21 J22 J23
    Date: 2023
  5. By: Tsukhlo Sergey (Gaidar Institute for Economic Policy)
    Abstract: This section is based on the materials of opinion polls involving managers of industrial enterprises conducted by the Gaidar Institute for Economic Policy (IEP) according to the European harmonized methodology in the monthly cycle since September 1992. The survey contains a very small number of questions (not more than 15–20). The starting questions of the IEP questionnaire were prepared in 1992 based on recommendations of the Organization for Economic Cooperation and Development, which “supervises” the opinion polls in all countries of the world. The modern questionnaire of the IEP surveys consists not only of the minimum set of questions recommended by the OECD, but also includes other questions developed in light of many years of experience in monitoring of the situation in the Russian industry and allowing a better understanding of particular dynamics and condition of the industry. A systematic analysis of the situation in the Russian industry based on monthly opinion polls using a modified questionnaire amid “sanctions war” once again demonstrated the advantages of our data source.
    Keywords: Russian economy, industrial sector, industrial output
    JEL: C53 E37 L21 L52
    Date: 2023
  6. By: Sitkevich Konstantin (RANEPA)
    Abstract: The year 2022 saw continued growth in the domestic tourism volume in Russia. Though coronavirus restrictions were lifted in most countries last year, with many international borders closed and Russian banks cut off from international payment systems, holidays abroad became rather complicated for the Russians. At the same time, according to Maya Lomidze, 2 Executive Director of the Association of Russian Tour Operators the growth rates of the domestic tour flow became lower than expected owing to the closure of some airports in the Southern Federal Okrug (the Rostov region, the Krasnodar Krai and the Crimea) and restrictions on the transit to the Kaliningrad Region. The regional authorities’ data on the number of tourist arrivals — the highest growth is observed where no transport restrictions were introduced – prove it.
    Keywords: Russian economy, domestic tourism
    JEL: Z30 Z31 Z32
    Date: 2023
  7. By: Apevalova Elena (RANEPA); Polezhaeva Natalia (RANEPA)
    Abstract: The COVID-19 pandemic boosted such areas of corporate governance development as the drive to sustainability and digitalization, however, no significant changes were expected at this point.2 However, the events of 2022 resulted, and are likely to continue to result in notable changes in the management of Russian companies at both the regulatory and practical level. Interestingly, the management experience gained during the pandemic has largely prepared Russian companies to new adaptation challenges
    Keywords: Russian economy, corporate governance
    JEL: I18 I19 M15 M16 O31
    Date: 2023
  8. By: Чернявский Денис // Chernyavskiy Denis (National Bank of Kazakhstan); Сейдахметов Ансар // Seidakhmetov Ansar (National Bank of Kazakhstan)
    Abstract: В данной работе был оценен эффект переноса повышения цен на ГСМ в рост общего уровня цен. Оценка косвенного эффекта переноса была проведена с помощью метода локальных проекций и VAR-модели, описанных в работе Kpodar, K., & Liu, B. (2022)3. Дополнительно была оценена чувствительность отдельных групп товаров к колебаниям цен на топливо. В целом, результаты исследования показали, что отклик инфляции на шоки топлива значимы вне зависимости от используемой модели. Более того оценки эффекта переноса, полученные с использование VAR-модели, продемонстрировали больший эффект по сравнению с методом локальных проекций
    Keywords: цены на топливо, инфляция, косвенный эффект, inflation, prices for fuels, indirect effect
    JEL: E30 E31 H23
    Date: 2023
  9. By: Fihurska, Liudmyla; Iegorov, Bogdan
    Abstract: The study shows the information about the development of the aquaculture sector in Ukraine. The leaders in the cultivation of marketable products in aquaculture in 2021 were Sumy, Cherkasy, Vinnitsa, Kirovohrad, Zhytomyr and Kyiv regions. Cyprinid fish species remain traditional objects of aquaculture: carp, white and bighead carp, their hybrids and grass carp. However, other species have recently been actively cultivated: rainbow trout, European catfish, pike, catfish, crucian carp, tench, and among sturgeons the most common are sterlet, Russian sturgeon, stellate sturgeon, beluga, bester, paddlefish, etc. The market of fish feed production is the following: 50% - for carp, 23%- sturgeons, 10% - catfish, 10% - salmon and 7% - other fish species. 42 % of aquaculture farms use compound feeds (local or foreign), 17 % - produce feeds themselves, 8 % - use grain (majority for carp feeding), 33 % - use grain by products and oil cakes as fish feed ingredients. But the trend towards the gradual transition of many Ukrainian producers to intensive forms of aquaculture with the use of modern compound feed is becoming noticeable. Compound feeds for fish are being improved, adapted to new climatic conditions and fish breeds, and the field of feed sales is also developing. An important slogan of aquaculture: quality feed is the key to a successful business in aquaculture.
    Keywords: Production Economics, Productivity Analysis, Resource /Energy Economics and Policy
    Date: 2022–09–23
  10. By: Matthieu Crozet (RITM - Réseaux Innovation Territoires et Mondialisation - Université Paris-Saclay); Julian Hinz
    Abstract: Sanctions are meant to coerce political adversaries through economic measures. However, evidence for their effectiveness is scarce. In this paper we assess the impact of sanctions on a democracy-France-by studying the electoral consequences of the sanctions and countersanctions imposed between Russia and Western countries. Contrary to most of the existing literature we find clear evidence for exposure to the sanctions to cause an increase in the vote share for pro-Russian (and far-right) candidates during the French 2017 presidential election. Locally, the impact on voting is substantial. Back-of-the-envelope calculations indicate that about 16, 300 votes for the main far-right candidate can be directly attributed to the sanctions' impact. This is the total number of votes cast in a medium-sized French city. It is however not nearly enough to have affected the outcome of the election at the national level.
    Keywords: Sanctions, Elections, Embargo
    Date: 2023–07–04
  11. By: Кожамкулов Канат // Kozhamkulov Kanat (National Bank of Kazakhstan); Дәулетханұлы Елдос // Dauletkhanuly Yeldos (National Bank of Kazakhstan); Агамбаева Саида // Agambayeva Saida (National Bank of Kazakhstan)
    Abstract: В рамках данного исследования проведен анализ факторов, влияющих на продовольственную инфляцию в Республике Казахстан со стороны внешнеторгового канала, и получена эмпирическая оценка степени влияния мировых продовольственных цен Продовольственной и сельскохозяйственной организации Объединенных Наций (далее – ФАО), экспортных цен и импортных цен Республики Казахстан на продовольственные товары. Была апробирована методология построения индексов экспортных и импортных цен. Динамика стоимости внешнеторгового потока разложена на составляющие: индексы цен и индексы физических объемов поставок. Проведен литературный обзор теоретических основ и применяемых методологических подходов, на основе которого построена модель структурной векторной авторегрессии для получения импульсных откликов продовольственной инфляции на шоки со стороны индексов импортных и экспортных цен и индексов мировых цен ФАО.
    Keywords: индексы экспортных цен, индексы импортных цен, индекс ФАО, условия торговли, мировые цены на продовольствие, обменный курс, факторный анализ, индекс потребительских цен, инфляция, XPI, MPI, FAO index, terms of trade, exchange rate, CPI, inflation, food inflation
    JEL: C43 E31 F10
    Date: 2023
  12. By: Oksana Udovyk; Ievgen Kylymnyk; Daniel Cuesta-Delgado; Guillermo Palau Salvador
    Abstract: This paper sheds light on the complex recovery governance in Ukraine by providing a snapshot of the evolving national recovery actors' networks and examining them within a multi-level governance framework, using interviews, social network analysis, and a sense-making workshop. It highlights the ambiguity of the multi-level recovery governance structure in Ukraine, which shows characteristics of decentralization while representing a rather centralized machine and tends to be multi-actor while leaving some groups of actors behind.
    Keywords: Decentralization, Social networks, Bottom-up approach, Post-conflict recovery, Decentralized governance
    Date: 2023
  13. By: Baeva Marina (Gaidar Institute for Economic Policy); Knobel Alexander (Gaidar Institute for Economic Policy)
    Abstract: For several years now, the WTO system, in particular the mechanism for resolving trade disputes, is facing a crisis. The main reasons are as follows: growth of protectionism, trade wars, the COVID-19 pandemic, systemic problems, primarily, freezing of the Appellate Body (AB). According to the U.S., the AB exceeds authority, sometimes making decisions outside of the WTO law, which creates rights or obligations for member states that are not provided for in the existing WTO agreements, violating time limits for consideration of appeals. Many WTO member states agree on the need for reforms.
    Keywords: Russian economy, foreign trade, WTO, trade disputes
    JEL: F10 F13 F19
    Date: 2023
  14. By: Kaukin Andrei (Gaidar Institute for Economic Policy); Miller Evgenia (RANEPA)
    Abstract: In 2022, The trend component of the industrial production index exhibited growth, which was provided by both the extractive sector and the manufacturing industry. In the first case, owing to high prices and growth of external demand for energy resources. In the second case, due to the production of goods replacing foreign brands, which curtailed their activities on the Russian market after the launch of the SMO, as well as due to the growth of demand for intermediate products for the state defense order. For correct interpretation of the existing trends in separate sectors, it is necessary to decompose their output into components: calendar, seasonal, irregular and trend component;2 the interpretation of the latter is of substantial interest. The Gaidar Institute experts made seasonal adjustment of the series of indices of all the branches of industrial production for 2003—2022 and singled out the trend component3 on the basis of the current statistics published by Rosstat on the indices of production in industrial sectors of the economy.
    Keywords: Russian economy, production, external and internal demand, GDP structure
    JEL: G19 G28
    Date: 2023
  15. By: Dmitriy Pavlinov (Peoples' Friendship University of Russia (RUDN University)); Oksana Savchina (Peoples' Friendship University of Russia (RUDN University))
    Abstract: Today, hydropower remains its position as the main source of renewable energy in the world, though the share of it in the energy mix has decreased with the increase of other alternative sources such as wind and solar. On the hydropower market, the BRICS countries hold four positions out of the top-10 leading countries by overall installed capacity and electricity generation, with China being the absolute leader, followed by Brazil in the 2nd, Russia in the 5th and India in the 6th places3. This article aims to analyse the dynamics of hydropower development in these countries, seeing as together they make up more than half of the market (55.8% in 2021, an increase of 16.4 p.p. from 2012). The authors assess indicators such as electricity generation and capacity, as well as identify the overall role hydropower holds in the energy mix of these countries and on the world hydropower market. It is noted that over the past 10 years, China has been the key player amongst the BRICS countries, followed by Brazil.
    Keywords: Hydropower, renewable energy sources, BRICS, electricity, developing countries
    JEL: L94 Q42 Q25
    Date: 2022–10
  16. By: Дускалиева Сауле // Duskaliyeva Saule (National Bank of Kazakhstan); Белгібаев Заңғар // Belgibayev Zanggar (National Bank of Kazakhstan)
    Abstract: Центральные банки в процессе своей деятельности непрерывно стремятся повысить эффективность воздействия своей политикой на экономические процессы и уровень цен в стране. В данном исследовании анализировалась возможность использования фондового рынка в качестве потенциального канала трансмиссии центрального банка в борьбе с инфляцией. С этой целью изучалась взаимосвязь между доходностью рынка акций Казахстана и макроэкономическими показателями с применением модели векторной авторегрессии с экзогенной переменной до и в период инфляционного таргетирования.
    Keywords: фондовый рынок, векторная авторегрессия, денежно-кредитная политика, инфляция, денежная масса, stock market, VAR, monetary policy, inflation
    JEL: C32 D53 E44 E52
    Date: 2023
  17. By: Volovik Nadezhda (Gaidar Institute for Economic Policy)
    Abstract: In late 2021 and early 2022, the global recovery from the pandemic was expected to continue in 2022 and 2023, supported by continued progress in vaccination, favorable macroeconomic policies in major economies, and financial conditions. In December 2021, the OECD projected global GDP growth of 4.5% in 2022 and 3.2% in 2023.3 National accounts data in early 2022 were broadly in line with this forecast, with business activity recovering quickly in most countries following a decline in the number of people infected with the Omicron strain. However, higher food and energy prices, supply constraints associated with the pandemic, and a rapid recovery in demand since mid-2020 have accelerated inflation in most OECD countries, especially in the United States, Latin America, and many Central and Eastern European countries.
    Keywords: Russian economy, foreign trade, terms of trade, regional pattern
    JEL: F10 F13 F19
    Date: 2023
  18. By: Horn, Gustav A.
    Abstract: Die globalen Ökonomien befinden sich in einer Umbruchszeit. Digitalisierung, die Corona-Pandemie, der Krieg in der Ukraine und der Kampf gegen den Klimawandel verschieben die Parameter der globalen Arbeitsteilung. Während manche schon von De-Globalisierung sprechen, zeichnet das vorliegende Working Paper ein differenzierteres Bild des aktuellen Stadiums der Globalisierung. Aus den Befunden des Forschungsverbundes "Ökonomie der Zukunft" der Hans-Böckler-Stiftung destilliert es Veränderungsmuster und Trends - und beschreibt auf dieser Basis wirtschaftspolitische Handlungsoptionen für Deutschland.
    Keywords: Wirtschaft, Globalisierung, Industriepolitik, IRA, Krise
    Date: 2023
  19. By: Malerba, Daniele
    Abstract: Socio-ecological transitions need to address the pressing challenges of our time, namely climate change mitigation and social development - including poverty and inequality reduction - in a complementary manner. The importance of achieving resilient and sustainable societies has been made more evident by recent shocks such as the Covid-19 pandemic and the war in Ukraine. As a consequence, national and international development policies need to foster links between social and environmental goals and policies. One way to achieve such synergies is through environmental fiscal reforms, defined as the combination of carbon-pricing mechanisms and consequent revenue spending for environmental and socio-economic goals. Even though carbon pricing is just one of the instruments needed to achieve climate goals, it provides the complementary benefit of expanding revenues while incentivising a reduction in emissions though market signals. This paper discusses environmental fiscal reforms from the perspective of low- and middle-income countries and development cooperation, with a focus on how to improve the social outcomes of such reforms. While revenues can be recycled for different purposes - including compensating industries with high adaptation costs, further investments in environmental projects and research, and use for the general budget - the paper focusses on social spending. The revenue can be used to decrease poverty and inequality levels and to compensate the poorest for increases in prices by utilising social protection mechanisms. This is particularly important to garner broad societal support and to make environmental fiscal reforms and carbon pricing more socially acceptable and implementable at sufficient levels in more countries. The paper first presents the key features of different carbon-pricing policies and the revenues they can generate, especially for low- and middle-income countries that have limited fiscal space. It then shows how the revenue can be used to fund social protection mechanisms that can compensate the poorest and address distributional concerns. It underlines the gaps and limitations of current social protection programmes, especially in terms of low coverage of vulnerable populations. This also constrained the response to the war in Ukraine, as lower-income countries had to use price stabilisation mechanisms - which ultimately generated negative fiscal and environmental effects - to avoid inflicting greater burdens on the poor instead of providing targeted programmes. The paper also offers some design principles to best address distributional concerns, including sequencing and sectoral coverage. It then discusses the role that development cooperation can have in implementing environmental fiscal reforms in low- and middle-income countries. Overall, the paper suggests that environmental fiscal reforms can be used to achieve resilient societies and accelerate the fight against climate change, with the goal of building a more inclusive and sustainable future. Such reforms should become a priority of German development cooperation and a key lever for its strategic goals, instead of occupying a peripheral role, as it currently does. Most importantly, the analysis strongly underlines the case for environmental fiscal reforms rather than the current use of subsidies and price controls; this is true when considering both climate goals (as keeping prices low does not incentivise shifts in production and consumption) as well as social goals (e.g. cash transfers result in significantly greater levels of poverty and inequality reduction when compared to untargeted subsidies). Therefore, social protection investments are urgently needed, also in lower-income countries. The current energy crisis due to the war in Ukraine and the Covid-19 pandemic has made this clearer.
    Keywords: climate change, social security and inclusion
    Date: 2023
  20. By: Bikbov, Alexander
    Abstract: The article discusses the use of test / trial as a research tool proposed by different versions of sociology, namely by genetic structuralism owing to Pierre Bourdieu and by pragmatic approach assembled around the work of Luc Boltanski and Laurent Thévenot. The inquiry is contextualized in the author’s study of civic mobilization in Russia taking into consideration sustainability and contingencies of institutional frameworks which shape different types of test. A series of publications produced by both sociological currents and employing the concept of trial is examined in order to retrace its actuation in several research contexts. A special attention is granted to a problem of social structures in which test results are resumed. For this purpose, a more attentive reading is offered to Patrick Champagne’s and Dominique Marchetti’s paper on the affair of ‘contaminated blood’, and to the book by Nicolas Dodier on outcomes of AIDS epidemic. The results let conclude on the compatibility of pragmatic approach with the Foucauldian concept of dispositive, as well as on methodological implications of field theory in study of trials. Making use of examples from Russian protest movement, the article proposes to complete the typology of tests and to account radical tests which target the abnormal reality and the problematic self together with more conventional public trials and controversies mediated by sustainable institutions.
    Keywords: Boltanksi, Bourdieu, economy, science, court, normative grammar, pragmatic approach, sense of one’s place, test, trial
    JEL: Z13
    Date: 2021–12
  21. By: Kostyantyn Anatolievich Malyshenko; Majid Mohammad Shafiee; Vadim Anatolievich Malyshenko; Marina Viktorovna Anashkina
    Abstract: Developing a system of indicators that reflects the degree to which the securities market fulfils its key functions, is essential to assess the level of its development. In the conditions of asymmetric information it can also provide effective policies for securities market development. This paper is aimed to develop a set of indicators to assess the securities market performance, especially in the asymmetric information context. To this goal, we selected the Russian securities market as a case of asymmetric information context, in comparison with other post-Soviet countries, to investigate its success and failure in fulfilling its key functions. Regarding this, we developed research hypotheses and we conducted a normative research method, based on an ideal model of market functioning that is used as a criterion for testing the hypotheses. The results offer an original scale for assessing the performance of securities market of its functions. The findings also help practitioners with effective policy making in securities market regulation and its development toward its ideal state. The key contribution of this research is in developing a new scale for determining the performance and efficiency of the securities market, based on the conditions of information asymmetry.
    Date: 2023–07
  22. By: Vladislava Noga (RUDN University); Ekaterina Degtereva (RUDN University)
    Abstract: Today in the changing global geopolitical context we can record the increasing role of the growing impact of scientific and technological progress on international economic relations. Geopolitical tensions, objectively determined by structural shifts accompanying the ongoing change of technological modes, are a catalyst for the search for new scenarios focused on scientific and technological cooperation between countries.New institutional structures, such as the BRICS group of countries, play an important role in today's global economy. In recent years, cooperation with the BRICS countries has increasingly become a priority in a variety of areas, especially in science, technology and innovation.Effective use of scientific and technological potential by the countries is a fundamental factor of their stable economic development, improvement of competitiveness in the world global market, formation and development of national innovation systems. Emerging international science and technology relations (ISRT) are becoming a new systemic structure of international economic relations of the BRICS countries. In this regard, the issues of digital transformation of the countries are becoming increasingly important. In this paradigm, the experience of developing countries and regional associations, such as BRICS, is of interest, and has not been sufficiently studied so far.The BRICS digital transformation scenario as an imperative to transition to Industry 4.0 entails not only technological and economic changes, but also institutional ones. This factor may be a strength of BRICS, because since 2011, all the adopted documents in the field of digital transformation of the member countries of the interstate association are characterized by a high level of implementation.
    Keywords: BRICS, digital transormation, science, technology
    JEL: O19
    Date: 2022–10
  23. By: Zeev Krill; Robert Grundke; Marius Bickmann
    Abstract: Germany intends to reach climate neutrality in 2045, tripling the speed of emission reductions that was achieved between 1990 and 2019. Soaring energy prices and the need to replace Russian energy imports have amplified the urgency to act. Various policy adjustments are needed to ensure implementation and achieve the transition to net zero cost-effectively. Lengthy planning and approval procedures risk slowing the expansion of renewables, while fossil fuel subsidies and generous tax exemptions limit the effectiveness of environmental policies. Germany should continue to rely on carbon pricing as a keystone of its mitigation strategy and aim to harmonise prices across sectors and make them more predictable. Carbon prices will be more effective if complemented by well-designed sectoral regulations and subsidies, especially for boosting green R&D, expanding sustainable transport and electricity network infrastructure, and decarbonising the housing sector. Subsidies for mature technologies and specific industries should be gradually phased out. Using carbon tax revenue to compensate low-income households and improve the quality of active labour market policies would help to support growth and ensure that the transition does not weaken social cohesion.
    Keywords: Carbon Pricing, CGE climate modelling, Climate Policy, Energy, Environmental Taxation, Germany, Green Investment, Industrial Policy, Labour Market Analysis, Plant Closure, Social Consequences of Mitigation Policies, Transport
    JEL: H23 H54 J65 Q42 Q48 Q54 Q58 R48 C68
    Date: 2023–07–17
  24. By: Kim, Kyungsoo (Sungkyunkwan University); Kim, Hongkee (Hannam University); Song, Chi-Young (KOOKMIN UNIVERSITY)
    Abstract: 팬데믹과 전쟁 후 세계질서변화의 양상과 변화의 동인을 규명하고 새로운 국제경제질서를 전망한다. 포스트 팬데믹/전쟁 세계는 미국이 주도하는 선진국, 중국이 주도하는 유라시아, 글로벌 사우스로 3분되는 가운데 미중간의 전략경쟁으로 포장되는 신냉전은 쉽게 종식되지 않을 것으로 기대된다. 냉전시대와 달리 국가간 상호의존성이 높고 세계질서의 전환에 따른 지정학적, 지경학적 위험이 고조되는 상황하에서 경제안보의 중요성이 강조된다. 경제안보란 한 나라의 지속가능한 번영을 위한 지정학적, 지경학적 또는 기후변화와 같은 위험요인을 식별하고 이를 제어하는 능력이다. 전략경쟁의 신냉전 시대에 경제안보를 위한 우리나라 대외경제정책 방향을 제시한다. The COVID-19 pandemic and the Russo-Ukrainian War marked the end of the post-Cold War era and the beginning of a new Cold War era. From the global economic perspective, it was an event in which cracks occurred in the integration of the world economy, which was completed with China's accession to the WTO in 2001, and de-globalization has begun. However, these changes did not happen suddenly, and many factors have contributed to this turmoil. Among them, the most fundamental cause can be attributed to the United States’ declining status as a hegemon, which continued to lead the world order since World War II. The declining status as a hegemon is not simply due to the declining trend of the US share of world GDP. Compared to the advanced countries, including the United States, the economies of emerging countries have made a rather explosive growth in the recent decades. Above all, China has achieved strong economic growth and military power to the extent that the G2 has been crowned. However, the status of the dollar as a reserve currency is still dominant. The dollar occupies an overwhelming share in world foreign exchange transactions, and as a global safe asset and settlement currency for international trade and commodity transactions, it is incomparable to any other currencies. The US Federal Reserve's monetary policy is having a huge ripple effect on the world economy by generating a global financial cycle. The declining power of the United States’ status as a hegemon should be found within the failure of domestic politics, which has caused much societal conflict and polarization such that no consensus can be reached on everything from masks to abortions. The failure of domestic politics is largely responsible for the vast societal inequality. Loss of jobs caused by China trade shock, automation (from digital technology development) and labor outsourcing (from GVC enabled) has contributed significantly to inequality. The failure of domestic politics also occurred in other center countries of the global world, such as Britain and France.(the rest omitted)
    Keywords: 포스트코로나; 국제경제; 대외경제정책; 국제금융; 경제안보(postcorona; international economy; foreign economic policy; international finance; economic security)
    Date: 2022–12–30
  25. By: Anita Pipere (Daugavpils University); Dzintra Ili?ko (Daugvapils University); Je?ena Davidova (Daugavpils University); Sandra Zari?a (Daugvpils University); Irena Kokina (Daugavpils University)
    Abstract: AbstractRecently, the topic of academic integrity (AI) has regained its importance among scholars around the world. In Latvia, from 2019, these issues have been reconceptualized in initiatives of the Ministry of Education and Science and Higher Education Institutions (HEI). Considering the increasing scope of perplexities related to AI in the post-pandemic world, HEIs are in demand of research and academic environment based on a sustainable culture of AI. The given study is tailored to explore awareness of AI issues and views on the implementation of AI in their HEIs of teachers from Latvian regional HEIs. The sample of this study consisted of 11 teachers from four small regional universities in Latvia, working at three study levels (bachelor, master, and doctoral studies). Data were collected using semi-structured interviews consisting of nine open questions. Inductive thematic analysis was applied to qualitative data from the interviews. Teachers showed the good awareness and understanding on Ai, admitting that today AI is considered much more than before. Normative documents of HEI and study courses with integrated topics of AI are used in regional HEIs to communicate AI politics to students and teachers. Advising research work and integrating principles of AI in all study courses were reported as the most frequent forms of teachers? personal activities to prevent students from academic dishonesty. Teachers? suggestions for the promotion of AI were mainly related to the continuation of already implemented activities and adoption of activities administred in other HEIs. The findings of this research have essential implications for regional HEIs in Latvia to improve the communication and procedures of AI policy considering teachers? perspectives. One of the routes for further research would be the triangulation of the views of teachers with the perspectives of students and experts in the field of AI.
    Keywords: awareness, academic integrity, academic dishonesty, university teachers, higher education institutions, Latvia.
    JEL: I23
    Date: 2022–10
  26. By: Dzintra Ili?ko (Daugavpils University); Sandra Zari?a (Daugavpils University); Anita Pipere (Daugvapils University); Ir?na Kokina (Daugvapils University); Je?ena Davidova (Daugavpils University)
    Abstract: This paper presents a metanalyses on teachers? and students? awareness, their understanding and evaluation of the situation about academic integrity and the proposals to improve the situation in higher education by the experts in the field from different Universities of Latvia. The study is based on the analyses on two previous studies carried out by the team of researchers of Daugavpils University, Latvia. The first study was focusing on the awareness of social science teachers about academic integrity in regional higher education institutions in Latvia. This study included in depth exploration of the awareness of teachers, their conceptual understanding, evaluation of academic integrity among students and teachers, the analyses of the most frequent barriers to academic integrity among students and teachers, as well as the evaluation of communication of academic integrity politics in higher education. While the first study examines academicians perspectives and focuses on policies and procedures of academic integrity in higher institutions (HI), and whether the current policies and procedures are satisfactory as evaluated by the academic staff members to prevent plagiarism among students and staff members in higher education institutions, the other study was focusing on students? perspectives, their awareness and understanding about academic integrity in regional higher education institutions in Latvia. The questions were related to their awareness of academic integrity, evaluation of the politics about academic integrity and its implementation in higher education, as well as ways how to promote academic integrity in their institution. The current study offers meta evaluation of the situation based on the research findings of two previous studies by the experts in the field. The methodology employed in this study involves semi-structured interviews with three experts in the field about the situation with the academic integrity in the regional higher education institutions of Latvia. This paper contributes to the existing debate of academic integrity and how universities can respond to this emergent concern.
    Keywords: academic integrity, meta-analyses, regional universities, misconduct, dishonesty, Latvia
    JEL: I23 I23
    Date: 2022–10

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