nep-tra 2019-05-27 papers

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By:	Iwasaki, Ichiro; Ma, Xinxin; Mizobata, Satoshi
Abstract:	In this paper, we perform a meta-analysis of 736 estimates extracted from 31 previous studies to compare China and Eastern Europe from the viewpoint of the relationship between corporate ownership and managerial turnover. Our results strongly suggest the presence of asymmetric circumstances between the two: Namely, in Eastern Europe, private outside investors and large shareholders exert a positive influence on managerial discipline of the companies they invest in, and the government is also actively involved in the corporate governance of state-owned enterprises. In contrast, the Chinese government and the Communist Party of China have such significant control over companies as corporate owners that private shareholders only have limited influence over top management. In this sense, Chinese firms are more likely than their East European counterparts to face a greater problem in corporate governance.
Keywords:	corporate ownership, managerial turnover, meta-analysis, publication selection bias, China, Eastern Europe
JEL:	D22 G32 G34 G38 P21 P31
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:hit:hitcei:2019-1&r=all

By:	Malakhov, Vladimir (Малахов, Владимир) (The Russian Presidential Academy of National Economy and Public Administration); Letnyakov, Denis (Летняков, Денис) (The Russian Presidential Academy of National Economy and Public Administration); Simon, Mark (Симон, Марк) (The Russian Presidential Academy of National Economy and Public Administration); Motin, Alexander (Мотин, Александр) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	At present, Russia is already involved in the regime of international legal regulation of labor mobility, implementing the construction project of the Eurasian Economic Union. However, in the medium term, the issue of our country's participation in the development of a supranational, global migration management strategy is becoming increasingly topical. The paper analyzes a) the main international and regional migration management regimes (both labor and forced) and the role of key institutions for each of these regimes; b) the nature and dynamics of the main world migration flows, and the place of Russia as a country of immigration, emigration and transit; c) management efforts undertaken by Russia in the context of national, regional and international regulation of migration flows and management tools at the disposal of the Russian state; d) administrative forms of regulation of labor mobility in Russia in connection with the processes of economic integration within the EAEU.
Keywords:	international migrations, migration regimes, labor mobility, international cooperation, international institutions, Russian migration policy.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041923&r=all

By:	Gabueva, Larisa (Габуева, Лариса) (The Russian Presidential Academy of National Economy and Public Administration); Pavlova, Nina (Павлова, Нина) (The Russian Presidential Academy of National Economy and Public Administration); Gabueva, Liliya (Габуева, Лилия) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	At the turn of 2020, in the system of state administration and medical insurance of Russia, national priorities were formed, formed by the May 2018 Decree of the President of the Russian Federation. In this regard, for the adoption of regional programs of state guarantees to provide Russian citizens with free medical care associated with federal design decisions and indicative indicators, it is necessary to clarify the methodological approaches for making adequate financial obligations.
Keywords:	national priorities of public health management, strategic competencies, budget and extra-budgetary finances in the field of health, risk management.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041903&r=all

By:	Anping Chen (School of Economics, Jinan University); Nicolaas Groenewold (Economics Discipline, Business School, The University of Western Australia)
Abstract:	Since 2007 China’s real GDP growth rate has slowed from a level of over 10% per annum to below 7%. Given China’s regional diversity, an important aspect of the slowdown is the possible spatial variation in its experience. This is the issue we consider in this paper and we analyse this question in the context of the regional economic resilience framework. We proceed in two stages. In the first we analyse a measure of provincial slowdown (a sensitivity index) based just on growth rates and use cross-section regressions to investigate the determinants of this index, using a range of provincial characteristics common in the resilience literature. We find that economic structure, demographic factors and education all play a role, although with signs that are often at odds with the existing literature. In the second stage we decompose regional growth rates into national and province-specific components using a VAR model and argue that since resilience concerns the response of provinces to a national shock, it is properly analysed using just the national component of the growth rate rather than the growth rate as such. We therefore analyse a sensitivity index based just on the national component of growth and find many differences between the two sets of results. Using the second index matters for the determinants which are significant as well as for the magnitude of their coefficients. It appears that some of the influences found to be significant in the first stage are there only because of their influence on growth via the province-specific component of the growth rate and in this sense are spurious.
Keywords:	China, growth, provincial growth, provincial response, regional resilience
JEL:	E37 O47 O53 R12 R15
Date:	2019
URL:	http://d.repec.org/n?u=RePEc:uwa:wpaper:19-06&r=all

By:	Michaela Bednarik; Slavomir Hidas; Gabriel Machlica
Abstract:	Roma account for almost one-tenth of the population in the Slovak Republic. They live mostly excluded from the general population in concentrated settlements, separated neighbourhoods or ghettos. The majority live in poverty and face social exclusion in almost all aspects of everyday life. Only a small share of Roma work, and a majority suffer from long spells of unemployment, their educational attainment is low, and a large number are illiterate. Social exclusion is further exacerbated by rising general animosity and mistrust between Roma and non-Roma groups. This calls for immediate policy action. The government should ensure easy access to all public services and provide additional support for the disadvantaged Roma communities. Individual policies should be effectively coordinated, because the problems that the Roma are facing are interconnected. A necessary precondition for successful Roma integration is the support of the general population. Policy interventions towards Roma integration should be accompanied by measures to eliminate the prejudices among parts of the majority population against their fellow citizens.
Keywords:	inclusion, poverty, pre-school education, Roma
JEL:	I24 I32 J15 J48
Date:	2019–05–24
URL:	http://d.repec.org/n?u=RePEc:oec:ecoaaa:1551-en&r=all

By:	Chivu, Lumini?a (National Institute of Economic Research, Romanian Academy); Ioan-Franc, Valeriu (National Institute of Economic Research, Romanian Academy)
Abstract:	The paper focuses on the economic research organization and development in Romania during the last century, in three distinct periods: 1918-1947, 1948-1989 and 1990-2018. Each period is analyzed taking into account its features, by presenting the economic research interest areas and topics under the circumstances of institutional research network changes, highlighting the contribution of the main promoters and scientists, and the most representative works and publications in economics. As regards the post-communist period, the paper focuses on the academic research developed by the “Costin C. Kiri?escu” National Institute of Economic Research of the Romanian Academy, as well as the institutes and research centres included in its network, presenting their outstanding scientific achievements, including those related to the complex theoretical and practical issues of Romania’s transition to the market economy.
Keywords:	economic research; Romanian Academy; publications; economics scientists; research programmes and projects; institutional research network
JEL:	A1 B15 E02 I23
Date:	2018–12
URL:	http://d.repec.org/n?u=RePEc:ror:seince:181217&r=all

By:	Iancu, Aurel (Institutul National de Cercetari Economice al Academiei Române)
Abstract:	Romania’s lead-up to the accession to the European Union lasted quite a long time (1991-2007). The first steps had been taken by the conclusion and the enforcement of the Trade and Cooperation Agreement (1990) and the Association Agreement (1993) which paved the way for the transition to higher forms of cooperation and integration for expanding the domains and improving these forms. An important step for the accession was the negotiation for transposing and implementing the EC legislation in Romania, to be followed by economic, institutional and administrative changes and restructuring, which needed significant efforts. The wish of the majority of the Romanian citizens in favour of the country’s accession to the EU had a positive impact on the European Communities, which offered a substantial aid provided that the new candidate fulfils some requirements for ensuring the political, economic, institutional, legal and administrative compatibilities and all obligations of an EU member. The main actions taken by Romania, by the EU officials and by the EU member countries are presented below.
Keywords:	trade agreements, association agreement, accession criteria, negotiation for the accession to the EU
JEL:	F02 F15 F21 F33 F35 F36 F41 F53
Date:	2018–12
URL:	http://d.repec.org/n?u=RePEc:ror:seince:181219&r=all

By:	Gorlin, Yuriy (Горлин, Юрий) (The Russian Presidential Academy of National Economy and Public Administration); Grishina, Elena (Гришина, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Galieva, Nadezhda (Галиева, Надежда) (The Russian Presidential Academy of National Economy and Public Administration); Kartseva, Marina (Карцева, Марина) (The Russian Presidential Academy of National Economy and Public Administration); Fedorov, Vitaliy (Федоров, Виталий) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	One of the most common tools in most countries aimed at reducing income inequality is the tax policy instruments, including the standard tax deduction (non-taxable minimum), which to some extent can contribute to the reduction of poverty. A standard tax deduction, increasing disposable income, to some extent can contribute to poverty reduction.There is currently no such deduction in the Russian Federation. The work substantiates the expediency of introducing in Russia a standard tax deduction on personal income tax for low-income workers. This work analyzes various options for the provision of tax deduction, gives an estimate of falling budget revenues in the whole of the Russian Federation and for individual subjects of the Russian Federation. The possible ways to compensate for the reduction of tax revenues are considered.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041907&r=all

By:	Melnikov, Roman (Мельников, Роман) (The Russian Presidential Academy of National Economy and Public Administration); Margolin, Andrey (Марголин, Андрей) (The Russian Presidential Academy of National Economy and Public Administration); Ustenko, Viktoria (Устенко, Виктория) (The Russian Presidential Academy of National Economy and Public Administration); Ginoyan, Argishti (Гиноян, Аргишти) (The Russian Presidential Academy of National Economy and Public Administration); Teslenko, Valentina (Тесленко, Валентина) (The Russian Presidential Academy of National Economy and Public Administration); Turanova, Ekaterina (Туранова, Екатерина) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The study measures the efficiency of human capital investment at the individual, public, and social levels for different levels of educational attainment and specialist fields in the present-day Russia. The efficiency and risk evaluation of investment in the higher education (including postgraduate studies) and vocational education and training (VET) was based on the regression analysis of the data provided by the Russian Longitudinal Monitoring Survey as well as on financial models, which allowed us to compare costs, benefits, and risks of human capital investment for different stakeholders. To evaluate the impact of human capital on economic growth at the macroeconomic level, we conducted regression analysis of the panel data provided by Rosstat, which was used to assess the effect of human capital development on the growth dynamics of the Russian regions. The present research enabled us to formulate policy recommendations aimed at improving the mechanism of investment in human capital at the level of VET and higher education, with a specific emphasis on the training of academic and teaching staff.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041912&r=all

By:	International Monetary Fund
Abstract:	Poland’s financial system is dominated by the banking sector, with significant state participation and foreign ownership. Commercial and cooperative banks play a leading role in financial intermediation, channeling deposits to credit to households and corporates. State-controlled and foreign-owned commercial banks account for about 60 percent of the financial sector (or 83 percent of the banking sector). While interbank and cross-sectoral exposures are relatively limited, the cooperative banks are highly interconnected with their affiliating commercial banks through the affiliating “Apex” network structure.
Date:	2019–05–09
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/120&r=all

By:	Pavelescu, Florin Marius (Institutul de Economie Na?ionala al Academiei Române)
Abstract:	The paper assumes that the public healthcare system represents one of the public services which crucially contributed to Romania's economic development and social modernization after the Great Union of 1918. The healthcare system evolution is analyzed in three chapters related to the periods: 1919-1947, 1948-1989 and 1990-2015, following the transformations generated by the dramatic changes of the economic and social-political system which occurred in 1947 and 1989. In each chapter, the author reviews the changes of the institutional framework, the dynamics of the budgetary resources allocated for healthcare, the extension of the healthcare network, the dynamics and structural change of the medical-sanitary staff and the evolution of morbidity and life expectancy at birth. This way, it is possible to reveal both the positive and negative aspects of the healthcare system functioning during each phase of the analysed period and also the features of the reforms and other institutional changes adopted by public authorities in order to improve the health status of population.
Keywords:	institutional framework, budgetary expenditures, healthcare network, medico-sanitary staff, life expectancy at birth
JEL:	I12 I15 I18 N34
Date:	2018–12
URL:	http://d.repec.org/n?u=RePEc:ror:seince:181220&r=all

By:	Gromov, Vladimir (Громов, Владимир) (The Russian Presidential Academy of National Economy and Public Administration); Zakharenkova, Elena (Захаренкова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Korytin, Andrey (Корытин, Андрей) (The Russian Presidential Academy of National Economy and Public Administration); Milogolov, Nikolay (Милоголов, Николай) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The paper deals with various aspects of one of the most important problems of present day – tax evasion. The desire to minimize taxes often encourages taxpayers to look for ways to circumvent tax legislation in order to get tax benefits without being liable for that. Tax schemes are the challenge for any state, but to overcome this problem we need a comprehensive approach that includes institutional and technological, tax and legal solutions.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041908&r=all

By:	Danilov, Yuriy (Данилов, Юрий) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The paper deals with the promotion of long-term household investments in financial instruments. The use of both financial (tax) and non-financial (primarily institutional) incentives is analyzed. The main results of the analysis of foreign experience of similar incentives, as well as the first results of the application of individual investment accounts in the Russian Federation are given. Proposals were formulated for applying tax incentives, expanding the scope of application of individual investment accounts, including for forming pension capital, and developing mechanisms for suppressing non-market risks that impede household investments in the financial market, among which special attention was paid to the compensation fund project.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041904&r=all

By:	Julia Bluszcz; Marica Valente
Abstract:	With more than ten thousand casualties, the 2014 Ukrainian war between pro-Russian separatists and the government in the Donbass region, Ukraine's productive core, has taken a severe toll on the country. Using cross-country panel data over the period 1995-2017, this paper quantifies the short-term causal effects of the Donbass war on Ukraine's GDP. Results from the counterfactual estimation by the synthetic control method show that Ukraine's per capita GDP foregone due to the war amounts to 15.1% on average for 2013-2017. Separate analysis for the affected provinces of Donetsk and Luhansk indicate an average causal effect of 43% for 2013-2016. Confoundedness checks obtained by iteratively estimating synthetic controls on the pre-war period to account for previous Ukrainian-Russian disputes show robustness of the results.
Keywords:	Conflict, economic costs, Donbass, synthetic control
JEL:	D74 P16 C21 G14
Date:	2019
URL:	http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1804&r=all

By:	NYONI, THABANI; MUTONGI, CHIPO
Abstract:	This research uses annual time series data on CO2 emissions in China from 1960 to 2017, to model and forecast CO2 using the Box – Jenkins ARIMA approach. Diagnostic tests indicate that China CO2 emission data is I (2). The study presents the ARIMA (1, 2, 1) model. The diagnostic tests further imply that the presented best model is stable and hence acceptable for predicting carbon dioxide emissions in China. The results of the study reveal that CO2 emissions in China are likely to increase and thereby exposing China to a plethora of climate change related challenges. 4 main policy prescriptions have been put forward for consideration by the Chinese government.
Keywords:	ARIMA model; China; CO2 emissions
JEL:	C53 Q47 Q52 Q53 Q54
Date:	2019–05–06
URL:	http://d.repec.org/n?u=RePEc:pra:mprapa:93984&r=all

By:	International Monetary Fund
Abstract:	The present macroprudential policy framework provides a sound basis for macroprudential oversight of the financial system and was established by law in November 2015. Its relatively recent establishment implies that practical experience with the conduct of macroprudential policy under the framework is still limited. Initial experience is favorable, but it remains to be seen how the framework will function under more challenging circumstances.
Date:	2019–05–09
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/119&r=all

By:	Stepan Mikula (Masaryk University); Josef Montag (Charles University in Prague)
Abstract:	We study the effects of homeownership on labor force participation and unemployment. We exploit housing privatization and restitution after the fall of communism as a source exogenous assignment of homeowner/renter status, using a unique dataset from the city of Brno, Czech Republic. We do not find any evidence of homeownership hindering labor force participation. In fact, our estimates suggest that homeownership reduces unemployment by four to six percentage points. Homeownership appears to decrease the risk of unemployment by about one third to one half, relative to renters. The estimated effects on labor force participation are systematically around zero.
Keywords:	homeownership, labor force participation, unemployment, housing privatization and restitution
JEL:	J21 J64 P14 P25 P26 R31
Date:	2019–05–14
URL:	http://d.repec.org/n?u=RePEc:mub:wpaper:2019-06&r=all

By:	International Monetary Fund
Abstract:	This technical note provides an update and an assessment of the development of regulation and supervision of the Polish insurance sector since an assessment concluded in 2012. The note is part of the Poland 2018 Financial Sector Assessment Program (FSAP) and draws on discussions in Poland from January 8 to 20 and May 8 to 21, 2018. Most recommendations of the 2012 FSAP insurance assessment have been implemented. The current FSAP did not carry out a detailed assessment of compliance with the IAIS Insurance Core Principles (ICPs). Nonetheless, it is clear that implementation of the EU Solvency II Directive in 2016 has significantly strengthened regulation and supervision, introducing risk-based capital standards, comprehensive insurance group supervision, and new requirements on the suitability of key persons, risk management, and controls. The supervision of intermediaries has also been strengthened in line with a 2012 FSAP recommendation, and further improvements were to take effect in late 2018. Unlike in many EU countries, Solvency II was implemented without significant increases in staff numbers.
Date:	2019–05–09
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/121&r=all

By:	Gyorgy Molnar (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences); Attila Havas (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences)
Abstract:	This paper describes a Hungarian social microcredit programme, called Kiútprogram and discusses the major lessons drawn from its operation. It was launched some 10 years ago as an adaptation of the Grameen model to the Hungarian circumstances to decrease the level of prejudice and discrimination against the Roma and improve their living conditions in the most remote, deprived areas of Hungary; microlending has been understood and introduced as a device to achieve these aims –and not as a profit-seeking business activity.During the almost ten-year long learning process, from the simple adaptation of the Grameen model the Kiútprogram has arrived to the denial of the most important features of joint liability in group lending, namely the application of the devices of social collateral. Experience has also shown that a loan itself is not sufficient to assist escaping fromthe poverty trap. Without knowledge transfer and without inter-community connection building –at least in the case of discriminated minorities –the effect of the loan may even be detrimental. In a modern society not only physical, but also social and cultural capital is needed to run a successful business in the formal sector of the economy.In the Kiútprogram’s model the loan plays a crucial role in escaping from the aspiration trap, and thus helps overcome learned helplessness. Loans without any –financial or social –collateral signal that the lender trusts the client, not only in her honesty, but also in her abilities. This method of lending strongly suggests to the clients the conviction that she is able of achieving a business success. Neither financial aid, nor loan with (social) collateral is suitable to reach this effect.
Keywords:	microcredit, group lending, empowerment, poverty trap, aspiration trap, Roma minority
JEL:	G21 L31 J24 J71
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:has:discpr:1912&r=all

By:	Sinelnikova-Muryleva, Elena (Синельникова-Мурылева, Елена) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	This workpaper is devoted to the elaboration of approaches that can be used to estimate welfare costs of inflation, taking into account the peculiarities of the Russian economy, as well as obtaining quantitative estimates. The first section discusses theoretical models in the framework of the partial equilibrium approach, proposed in the papers of Bailey, Friedman, and Lucas, and giving ways to calculate costs of inflation. The second section provides an overview of international experience in costs of inflation estimation in countries with different levels of inflation; it is concluded that the results of the estimation are extremely sensitive to the choice of the functional form of the demand for money equation and, as a consequence, the estimated coefficients of the equation. The third section presents modifications of standard approaches used to estimate the costs of inflation, taking into account the prolonged growth of monetization in the Russian economy.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041921&r=all

By:	Larionova, Marina (Ларионова, Марина) (The Russian Presidential Academy of National Economy and Public Administration); Sakharov, Andrey (Сахаров, Андрей) (The Russian Presidential Academy of National Economy and Public Administration); Kolmar, Olga (Колмар, Ольга) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	Sustainable Development Goals’ retain their relevance to both international agenda and domestic socio-economic policy, especially in developing countries, such as Russia. The authors of this paper analyze the approaches and practices of six major international aid donors (Germany, Canada, Japan, China, Brazil, India) in assisting the developing countries in achieving the SDGs, as well as implementing the SDGs domestically. A comparative analysis of the leading donors’ best practices and the Russian experience in implementing the SDGs formed the basis for the recommendations on increasing the effectiveness of the Russian Federation’s policy in achieving the Sustainable Development Goals at the national and international levels.
Keywords:	sustainable development goals, international development assistance, agenda 2030, official development assistance.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041927&r=all

By:	(Багдасарян, Княз) (The Russian Presidential Academy of National Economy and Public Administration); (Баева, Марина) (The Russian Presidential Academy of National Economy and Public Administration); (Зайцев, Юрий) (The Russian Presidential Academy of National Economy and Public Administration); (Кнобель, Александр) (The Russian Presidential Academy of National Economy and Public Administration); (Лощенкова, Анна) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	Portfolio and foreign direct investment (FDI) is an important source of capital that complements domestic private investment and is often associated with new jobs, the stimulation of technological exchange and the promotion of overall economic growth in host countries. Important factors for FDI inflows are the level of the exchange rate and its volatility. The need for an empirical analysis of the impact of the exchange rate on FDI inflows to Russia is due to the currency crisis of 2014–2015, when the Russian ruble devalued due to a fall in world oil prices, as well as a number of foreign policy events.
Keywords:	exchange course, foreign investments, foreign direct investments, investment climate, import substitution, economic sanctions, globalization, Russian Federation
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041931&r=all

By:	Dobrolyubova, Elena (Добролюбова, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Tatarinova, Ludmila (Татаринова, Людмила) (The Russian Presidential Academy of National Economy and Public Administration); Yuzhakov, Vladimir (Южаков, Владимир) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The work is devoted to the problems of competitiveness of the level of wages in the civil service. The paper presents comparisons of the level of remuneration of civil servants with similar levels in foreign countries, as well as for comparable groups of positions on the Russian labor market. Based on the analysis of the competitiveness of the federal civil service and the state civil service of the constituent entities of the Russian Federation, key areas for improving the payroll of civil servants were identified, including proposals to increase the guaranteed (permanent) part of their remuneration in the general payroll on a variant basis.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041929&r=all

By:	Klyachko, Tatiana (Клячко, Татьяна) (The Russian Presidential Academy of National Economy and Public Administration); Kovalenko, Aleksey (Коваленко, Алексей) (The Russian Presidential Academy of National Economy and Public Administration); Polushkina, Elena (Полушкина, Елена) (The Russian Presidential Academy of National Economy and Public Administration); Fedotov, Aleksandr (Федотов, Александр) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The paper presents some generalized results of a comprehensive analysis of the state, structure, features of the NGO system, obtained on the basis of research materials conducted by employees of the Center for the Economics of Continuing Education of the RANEPA in 2013-2018. The paper defines the tasks, functions and mechanisms of functioning of the system of management of vocational education and professional educational organizations.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041906&r=all

By:	Kornienko, Nataliya (Корниенко, Наталья) (The Russian Presidential Academy of National Economy and Public Administration); Minina, Elena (Минина, Елена) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	This paper presents an analysis of current tax legislation and legislative initiatives on the issue of supporting the development of e-business in Russia. Based on the results of the analysis, taking into account international experience and the fact that Russia is a country member of the EAEU, proposals for improving tax legislation were prepared, including proposals to the RF Tax Code and at the supranational level within the EAEU.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041905&r=all

By:	International Monetary Fund
Abstract:	This Fiscal Transparency Evaluation estimated Lithuania’s public sector financial position to take a more comprehensive view of public finances in Lithuania. For 2017, it estimates consolidated public sector revenue and expenditures of 40 and 39 percent of GDP, public sector asset holdings and liabilities of 165 and 96 percent of GDP, and public sector net worth of 69 percent of GDP (Table 0.2). Inclusion of public corporations increases net lending from 0.5 percent of GDP reported for the general government sector to 1.2 percent of GDP, while it decreases financial net worth from negative 21 percent of GDP reported for the general government sector to negative 41 percent of GDP.
Date:	2019–05–03
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/122&r=all

By:	International Monetary Fund
Abstract:	Given its bulging working-age population, creating more and better jobs is the country’s overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchange liberalization, tax reform, and a major upgrade in statistics. Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first. The main short-term macroeconomic stability challenge is to prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures.
Date:	2019–05–09
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/129&r=all

By:	Shida, Yoshisada
Abstract:	The sanctions against Russia, beginning in early 2014, provide us with a unique opportunity to study whether, and how sanctions affect a vast territorial global superpower. This study attempts to empirically examine the economic impact of this event, paying particular attention to the existence or nonexistence of its regional heterogeneity. For these purposes, this study used a dataset from a survey that asked the executive managers of Russian regional companies to assess the impact on their management activities in late 2015. The key findings are as follows. First, approximately half of those interviewed perceived the economic sanctions as having a negative impact. Second, no regional variations in the impact of the sanctions could be found. It follows that financial sanctions, aimed at an entire nation, exert a significant and geographically uniform impact. Moreover, even regional businesses near the Asia-Pacific region, holding strong connections with Asian countries, cannot avoid its impact.
Keywords:	economic sanctions, enterprise survey, Far East, Russian economy
JEL:	F51 M21 P27
Date:	2019–05–10
URL:	http://d.repec.org/n?u=RePEc:pra:mprapa:93817&r=all

By:	Dobronravova, Elizaveta (Добронравова, Елизавета) (The Russian Presidential Academy of National Economy and Public Administration); Perevyshin, Yuriy (Перевышин, Юрий) (The Russian Presidential Academy of National Economy and Public Administration); Shemyakina, Kira (Шемякина, Кира) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	We examined the implementation of the law of one price in Russian regions, highlighted the factors affecting the differences in regional price levels and identified the causes of inflation differentiation across different regions. We also defined threshold of regional prices, which triggers market forces, causing the alignment of regional prices. The study shows that the law of one price in Russian regions fails for most goods.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041919&r=all

By:	Kleeva, Ludmila (Клеева, Людмила) (The Russian Presidential Academy of National Economy and Public Administration); Kleev, Ivan (Клеев, Иван) (The Russian Presidential Academy of National Economy and Public Administration); Nikitova, Anna (Никитова, Анна) (The Russian Presidential Academy of National Economy and Public Administration); Krotov, Alexander (Кротов, Александр) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	The paper examines the development trends of the elements of the national innovation system: research and development, education, innovation infrastructure, which includes small innovative enterprises and their supporting structures, real production, and government bodies of Russia. Particular attention is paid to the reasons for the low innovation activity of domestic enterprises.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041902&r=all

By:	Kurakova, Natalia (Куракова, Наталия) (The Russian Presidential Academy of National Economy and Public Administration); Zinov, Vladimir (Зинов, Владимир) (The Russian Presidential Academy of National Economy and Public Administration); Tsvetkova, Liliya (Цветкова, Лилия) (The Russian Presidential Academy of National Economy and Public Administration); Kupriyanova, Olga (Куприянова, Ольга) (The Russian Presidential Academy of National Economy and Public Administration)
Abstract:	One of the key strategic verticals of the modern science and technology policy of the Russian Federation is the translation of applied research into the format of full life cycle projects, including all stages from solving fundamental problems to developing a prototype market product. This paper is devoted to the development of methodological approaches for making management decisions aimed at improving the effectiveness of the KSTP, the analysis of typical problems of which is carried out on the example of the program “Post-Genomic Technologies: From Genetic Editing to Synthetic Biology”.
Date:	2019–04
URL:	http://d.repec.org/n?u=RePEc:rnp:wpaper:041901&r=all

By:	Karel Janda; Jakub Kourilek
Abstract:	This paper introduces residual shape risk as a new subclass of energy commodity risk. Residual shape risk is caused by insufficient liquidity of energy forward market when retail energy supplier has to hedge his short sales by a non-flexible standard baseload product available on wholesale market. Because of this inflexibility energy supplier is left with residual unhedged position which has to be closed at spot market. The residual shape risk is defined as a difference between spot and forward prices weighted by residual unhedged position which size depends on the shape of customers’ portfolio of a given retail energy supplier. We evaluated residual shape risk over the years 2014 - 2018 with a real portfolio of a leading natural gas retail supplier in the Czech Republic. The size of residual shape risk in our example corresponds approximately to 1 percent of profit margin of natural gas retail supplier.
Keywords:	natural gas markets, spot prices, forward prices, residual shape risk
JEL:	C51 C58 Q41 Q47
Date:	2019–05
URL:	http://d.repec.org/n?u=RePEc:een:camaaa:2019-34&r=all

By:	Yin-Wong Cheung (City University of Hong Kong); Sven Steinkamp (Osnabrück University); Frank Westermann (Osnabrück University)
Abstract:	We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany’s surplus has continued to increase throughout and after the crisis. Second, for these two countries, there is a remarkable reversal in the patterns of exchange rate misalignment: China’s currency has turned from being undervalued to overvalued, Germany’s currency has erased its level of overvaluation and become undervalued. Our empirical analyses show that the current account balances of these two countries are quite well explained by currency misalignment, common economic factors, and country-specific factors. Furthermore, we highlight the global financial crisis effects and, for Germany, the importance of differentiating balances against euro and non-euro countries.
Keywords:	Currency Misalignment; Current Account Surplus; Global Imbalances; Global Financial Crisis
JEL:	F15 F31 F32
Date:	2019–05–14
URL:	http://d.repec.org/n?u=RePEc:iee:wpaper:wp0114&r=all

By:	Laszlo Lorincz (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences and Corvinus University of Budapest); Brigitta Nemeth (Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences)
Abstract:	Previous studies have shown the impact of family, community, and ethnic networks on migration. Our research focuses on the role of social networks in Hungarian internal migration. We examine the factors determining out-migration rate from municipalities, and the factors influencing location choice by analysingmigration volumes on the municipality-municipality level. We measure social network effects by the migration rate of previous years, and by the intensity of user-user connections on the iWiW online social network (representing3.7million users) between two municipalities. The migration volumes and the characteristics of the municipalities are included in the analysis based on administrative data, and the distance between municipalities are indicated by the travel time. We analyselongitudinal data for the2000-2014 period, and cross-sectional models for the year 2014. Based on multilevel and fixed-effect regression models we show that both leaving and choosing municipalities is associated with network effects: the migration of previous years, and also the connections on iWiW social network influence the current migration rate, even after controlling for each other.
Keywords:	chain migration, internal migration, network effects, online social networks, social networks
JEL:	R23
Date:	2019–05
URL:	http://d.repec.org/n?u=RePEc:has:discpr:1913&r=all

By:	Chong-En Bai; Chang-Tai Hsieh; Zheng Michael Song
Abstract:	Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive personal benefits, either political or monetary, from providing special deals. Competition between local governments limits the predatory effects of special deals.
JEL:	E02 F00 N00 P0
Date:	2019–05
URL:	http://d.repec.org/n?u=RePEc:nbr:nberwo:25839&r=all

By:	Mercedes Vera-Martín; Dominique Fayad; Sergejs Saksonovs; Wei Shi; Fang Yang
Abstract:	CCA countries achieved gains in inclusiveness over the past 20 years as incomes increased and poverty, inequality, and unemployment declined. Most of the progress occurred before the 2008–09 global financial crisis. Since then, poverty rates have barely moved and, for oil importers, remain elevated.
Keywords:	Central Asia and the Caucasus;Inclusive growth;Financial inclusion;Inclusive Growth; Caucasus and Central Asia
URL:	http://d.repec.org/n?u=RePEc:imf:imfdep:19/09&r=all

By:	Zane Zeibote (LU - University of Latvia); Tatjana Volkova (BA School of Business and Finance); Kiril Todorov (UNWE - University of National and World Economy)
Abstract:	The objective of this study is to conduct an analysis of regional development and competitiveness in the EU and Latvia under current conditions of economic globalization. This paper makes an attempt to evaluate a theory of regional development and regional competitiveness concept in relation to regional competitiveness in the light of current global economic changes. The authors emphasise that the regional development is based on competitive advantages, which has been a subject of fundamental research by Michal Porter and that serves as a basis for the current scientific methodology to assess competitiveness of regions and countries. The authors support a view of many scholars to consider regional competitiveness as the capacity of a region (or country) to create and support competitive economic environment. Further research reveals the impact of globalization on regional development by analysing interaction between the Globalization Index (GI) and the Global Competitiveness Index (GCI). Quantitative and qualitative analysis, i.e. literature analysis, comparative analysis and correlation analysis performed for this study reflect that competitiveness under global economic conditions is determined by the development stage of each region – competitiveness of a less developed region is more dependent on production factors, while competitiveness of a higher developed region is based on innovation. The correlation analysis reveals that the impact of globalization is stronger for those EU countries, which are in the efficiency-driven stage of development thank for those, which are in the innovation-driven stage. The results of this research could be useful for economic policy makers to determine the role of institutions, policy instruments and factors, which are necessary for attaining higher productivity, efficiency and profitability better withstand forces of competition on global and regional markets.
Keywords:	Latvia,regional development,competitiveness,globalisation,impact,the EU
Date:	2019–03–30
URL:	http://d.repec.org/n?u=RePEc:hal:journl:hal-02115275&r=all

By:	Pier Paolo Raimondi (Fondazione Eni Enrico Mattei)
Abstract:	After the Soviet breakup, Central Asia has gained importance for several States because of its geographical location and abundance of hydrocarbon reserves. These hydrocarbon reserves are located mainly in three countries: Kazakhstan, Turkmenistan and Uzbekistan. Each of them has taken different path regarding its foreign policy and the regulation of investments and participation of external companies and States in its energy sector. Through the development, production and export of their oil and gas reserves, they have pursued a ‘multi-vector’ policy, consolidating differently their relations with other countries. The main States involved – at different levels and for different reasons – in the oil and gas sector of the Central Asian countries are: Russia, China, United States, European countries, Iran, India and Turkey. Among these players, Russia considers Central Asia still part of its sphere of influence for historical reasons, while it has to deal an increasing presence of Beijing. The Western countries has gained influence particularly in Kazakhstan, but they have no political leverage in Turkmenistan. This working paper provides an overview of the current situation of external players’ interests in the oil and gas industry of Kazakhstan, Turkmenistan and Uzbekistan. The working paper is structured into four different sections. In the first section, the paper gives an overview of the main interests and pillars of external involvement in Central Asia as a region. The other three sections are devoted to provide separately the current status of energy relations between each Central Asian country and external players, starting from the closest countries (Russia and China) to the regional ones (Iran, Turkey and India) until non-regional countries (United States and European countries). During these analysis, investments in the oil and gas sector as well as energy export routes and volumes are highlighted in order to understand the current situation of the energy relations. At the end of each country section, the main trends and interests of the countries in the regional oil and gas sector are outlined.
Keywords:	Energy Geopolitics, Oil&Gas, Central Asia, Russia, China, USA, European Union
JEL:	F50 N45 N75 Q40
Date:	2019–05
URL:	http://d.repec.org/n?u=RePEc:fem:femwpa:2019.06&r=all

By:	International Monetary Fund
Abstract:	Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality and accessibility of fiscal reports are being developed. To support the government’s efforts, a Fiscal Transparency Evaluation (FTE) was conducted in June 2018 to identify gaps and develop an action plan to address them. The evaluation found that Uzbekistan met the basic level of practice, or better, on 16 of 36 principles of the IMF’s Fiscal Transparency Code.
Date:	2019–05–01
URL:	http://d.repec.org/n?u=RePEc:imf:imfscr:19/118&r=all