Abstracts of Main Articles

FROM ECONOMIC POLICY UPGRADING TO A QUALITATIVE ECONOMIC GROWTH

  Author

Ivanter V.V., Fellow of RAS, Director, RAS Institute of National Economic Forecasting;

Porfiriev B.N., RAS corresponding member, deputy director of same Institute;

Shirov A.A., PhD (Economics), deputy director of same Institute.

 Abstract

The article looks into the key macroeconomic trends in recent years, identifies causes of 2015 downturn, and suggests basic characteristics of a constructive scenario of national economic development in medium and long-term perspective. A special emphasis is given to the opportunities and ways of relatively fast recovery of economic growth.

 Key words

macroeconomic trends, Russian economy crisis, updating of economic policy, strategic goal-setting, Russian corporations, novel production model, utilization of capacity; rapid, sustainable and qualitative economic growth

 

ROUBLE STRENGTHENING AS A FACTOR OF ECONOMIC RECOVERY AND RESISTANCE TO INFLATION

 Author

Yershov M.V., ScD (Economics), chief financial studies director with the Institute of Power Engineering and Finance;

Tatuzov V.Yu., PhD (Economics), Institute of Power Engineering and Finance;

Lupandina O.A., employee Institute of Power Engineering and Finance.

 Abstract

The authors once again resume, on the pages of Rossiisky Ekonomichesky Zhurnal, a notorious long-running theoretical discussion between the proponents and opponents of the idea of strong Russian currency, acting for the former. The article «takes stock» and compares the arguments pro and contra diverting the activities of mega-regulator (Bank of Russia) towards an active rouble exchange rate management, strengthens the «pro» arguments and, accordingly, approves the discourse stated in the article heading.

 Key words

macroeconomic dynamics, national currency of Russia, strong (weak) rouble, exchange rate policy, monetary policy, Bank of Russia, mega-regulator, exchange rate stability (destabilization), purchasing power parity, inflation, devaluation, «post-devaluation» effect, economic miracle, revalorization.

 

EVALUATION OF TAX BENEFIT ARISING FROM PROFIT SHIFTING FROM RUSSIA TO OFFSHORES AND SUBSTANTIATION OF MEASURES FOR ECONOMY DEOFFSHORIZATION

 Author

Petrov Yu.A., PhD (Economics), head, Lab for financial credit instruments of economic development under RAS Central Economic and Mathematical Institute;

Karapetyan A.K., senior research associate, Lab for financial credit instruments of economic development under RAS Central Economic and Mathematical Institute.

 Abstract

Building on the provisions and conclusions argued in their previous papers (largely presented on the pages of Rossiisky Ekonomichesky Zhurnal) the article authors review the issues of counteracting offshore tax evasion. Suggested is a method of measuring the benefits gained by business groups, working in Russia, when shifting Russian donor company profits to affiliated recipient offshore companies by resorting to international aggressive tax planning practices. The point is of estimation of a relative tax benefit by way of comparing full tax rates on multiplier (with taxes charged) profits, given standard and «offshorised» tax regimes. The possibility of taxable base erosion and profit shifting to offshores avoiding tax payment in Russia as the country of actual income origin are described as a cause of «skidding» of the declared policy of economy deoffshorisation in Russia. Hence, the conclusion: elimination of opportunities for accruing big benefits through the application of the above schemes is the main prerequisite for launching an effective policy of deoffshorisation. Suggested is a series of the policy measures aimed at closing loopholes in the «Russian international taxation system», including termination of double taxation agreements with «transitory offshores» such as Cyprus, Luxembourg, the Netherlands, etc.

 Key words

offshores (offshore companies, offshore jurisdictions, offshore states, offshore zones), onshores, offshorization (deoffshorisation), transitory offshores, tax avoidance (mitigation), aggressive tax planning, harmful tax practice, double taxation agreements, tax information exchange agreements.

 

FROM CU – CES TO EEU PROPER: WITH RESPECT TO HARMONIZATION OF INDUSTRIAL POLICY OF MEMBER-STATES (CONCEPTUAL CONSIDERATIONS)

 Author

Tkachuk S.P., projects and programs director, Scientific Center for Eurasian Integration under RAS Scientific Council on comprehensive problems of Eurasian integration, modernization, competitiveness and sustainable development

 Abstract

Final part of the article first published in Rossiisky Ekonomichesky Zhurnal No. 6 for 2015. In treating the criterion of Eurasian integration transition from CU - CES phases to EEU one as the beginning of economic policy harmonization by member-states, the author tries to substantiate the outlines of a coordinated industrial policy of EEU countries, primarily of the three integration «core» countries, i.e. Russia, Belarus, Kazakhstan. An attempt is made to identify potential priorities of this policy. The immediate statement of the relevant ideas, in the second and third sections of the article, is preceded by a brief review in the first section of the world economy development trends for medium- and long-term perspectives projected by authoritative international organizations.

 Key words

Eurasian economic integration, CU (Customs Union of Belarus, Kazakhstan and Russia), CES (Common Economic Space), EEU (Eurasian Economic Union of Belarus, Kazakhstan, Russia, Armenia and Kirghizia), international organizations, Eurasian Economic Commission, Eurasian Economic Union Treaty, industrial policy, industrial policy priorities, post-soviet transnational corporations

 

 UNDER THE SLOGAN «USEFUL». FREE ECONOMIC SOCIETY OF RUSSIA: 250 YEARS OF SERVICE OF THE COUNTRY (FRAGMENTS OF THE OPENING CHAPTER TO THE HISTORY AND RECORDS BOOK «BEES BRINGING HONEY TO HIVE» PUBLISHED BY EKONOMICHESKAYA GAZETA PUBLISHING HOUSE)

 Author

Yakutin Yu.V., ScD (Economics), Professor, meritorious scientist of the RF, academic adviser of Ekonomicheskaya Gazeta Publishing House and of its «Russian Classical Library» desk. Economics and spirituality, FES vice-president

 Abstract

Final fragments of the article; the beginning is in Rossiisky Ekonomichesky Zhurnal No. 5 for 2015 (which also briefly presented the entire book mentioned in the heading), breakover is to be found in No. 6 for 2015. The selected fragments of a lengthy (over three printer’s sheets) article are devoted to key milestones of the Free Economic Society (the biggest and oldest public organization in Russia founded upon approval of Catherine the Great in 1765) participation in preparing the abolition of serfdom. Standing out are three quite significant periods of FES anti-serfdom activities. First, it is theoretical treatment by FES scholars of economic and moral issues of serfdom (and slavery), studies into the respective experiences of other countries. Second, contribution to preparation and discussion of initial specific projects of serfdom abolition in Russia. Third, participation in development of the concept and events of the famous 1861 reform per se (and in part in their implementation). Assuming that far from all salutary lessons have been learned by today’s academic economists, political and public figures so far, the author calls to evaluate the then reform approaches from the standpoint of the tasks set by the future comprehensive modernization of the country

 Key words

Free Economic Society of Russia, Catherine the Great, Pavel I, Alexander I, Nikolai I, Alexander II, serfdom, 1861anti-serfdom reform, modernization, A.K. Storch, N.S.Mordvinov, K.D. Kavelin

 

THE LATEST CHANGES IN CPR’S FISCAL SYSTEM FOR THE SAKE OF SOCIOECONOMIC DEVELOPMENT OF THE COUNTRY

 Author

Novosiolova L.V., ScD (Economics), chief research associate with Institute of the Far East, RAS

 Abstract

Assuming that financial sphere reforms is a major line of socioeconomic transformations in PRC, specifically emphasized by the third plenum of CC CPC, 18th convocation (2013), needed for further strengthening of market principles in economy, the author describes in detail the latest changes in fiscal component of financial activities, upgrading of the respective system and the relevant policy of Chinese leadership. The review of key taxation components reforming is complemented with a description of fiscal relations improvement complicated by a sharper problem of territorial (local) government indebtedness and the respective tight budgets (provincial, urban, district, etc.)

 Key words

China ICPR), third plenum of CC CPC, 18th convocation, fiscal system, fiscal relations, tax policy, tax preferences, macroeconomic regulation, PRC credit rating