Abstracts of Main Articles

SANCTIONS AND OTHER CRISIS FACTORS IMPACT ASSESSMENT ON THE RUSSIAN ECONOMY’S STATE

Authors

Glazyev S.Yu., Doctor of Economic Sciences, Professor, Academician of the Russian Academy of Sciences, Adviser to the President of the Russian Federation on Regional Economic Integration,

Arkhipova V.V., Candidate of Economic Sciences, Senior Researcher of the RAS FGBUN Institute of Economics

Abstract

The main purpose of the research is to develop the methodology of assessment different kinds of internal and external factors caused the current crisis of Russian economy including sanctions and changes in monetary policy of the national Central Bank. Raising of interest rates, pushing ruble into a free­floating exchange rate regime and anti­Russian sanctions coincided with dramatic transition of national economy from sustainable growth (of 3–5%) position to stagflation trap. In this paper we compare the dynamic of target macroeconomic indicators of 2014–2016 with the same parameters within the pre­crisis trajectory of 2010– 2013. We also provided a detailed classification of the factors and used the elements of correlation analysis in order to determine the power of causal dependencies between them. The selection of target indicators is based on the division of Russian economy into sectors (trade, financial, budget and real). As a result, we estimated Russian losses expressed in the form of negative effects caused by current sanctions regime and the Central Bank policy by sectors. The authors came to a conclusion that negative consequences of sanctions took place and could increase during the analyzed sanctions’ period 2014–2016 not only because of external shocks (volatility of oil prices, current trends and the state of the world financial system, etc.), but also due to internal factors («failures» of regulation of the national economy).

Keywords

Regime of sanctions, pure sanctions’ effect, negative effect of Central Bank.

 

THE DESTRUCTIVE LIBERALIST DISCOURSE OF THE BUDGETARY THREE-YEAR PLAN 2018–2020

Author

Delyagin M.G., Doctor of Economics, Director, Institute of Globalization Problems, Editor-in-charge of “Free Thought” journal

Abstract

The article examines in detail the most urgent problems of the budgetary policy of modern Russia and their political significance. The execution of the budget in 2017 and early 2018 is analyzed, the scale of super profits and the reasons for their appearance are shown. Based on the official accounts of the Ministry of Finance, the liberal myth of the lack of money from the Russian government and the economic meaningfulness of the policy of increasing loans have been exposed. Particular attention is paid to the unevenness of budgetary financing during the year and by items of expenditure that seriously destabilize the entire socioeconomic development of Russia. Real, not fictitious, priorities and “pariahs” of the liberal government are singled out. Based on the analysis of the budget for 2018–2020, it is shown that liberal budgetary policy corresponds to the interests of Russia’s global competitors in the West, leading to a deepening economic crisis and social upheavals.

Keywords

Budget, liberalism, deficiency, budgetary reserves, corruption, oil price. 

FOREX IN RUSSIA: MECHANISMS OF PROTECTING MARKET PARTICIPANTS

Authors

Ershov M.V., full Doctor of Economics, Director of financial researchof Institute for Energy and Finance; professor of Financial University under the Government of the Russian Federation, Moscow,

Tanasova A.S., PhD, Economics, deputy head, Department of Financial Analysis of Institute for Energy and Finance; Financial University under the Government of the Russian Federation

Tatuzov V.U., PhD (University of Paris-1-Pantheon-Sorbonne), Economics, senior analyst, Department of Financial Analysis of Institute for Energy and Finance; Financial University under the Government of the Russian Federation,

Votiakov S.A., student of Financial University under the Government of the Russian Federation, Moscow

Abstract

FOREX is one of the significant segments of the world exchange market. In many leading countries the tendencies of more strict regulation are obvious. The regulation of forex in Russia has begun recently. There is large risk in the market currently, which leads to failure of its participants. Some measures aimed to protect participants that were implemented in Russia are relevant to best practices. However additional opportunities to enhance the level of protection and to prevent large losses for participants still remain.

Keywords

Foreign exchange, financial risks and risk management, regulation. 

SUBSIDIZATION AS A FACTOR OF THE RESILIENCE OF REGIONAL ECONOMIC SYSTEMS

Authors

Kazakova S.M., Expert, Institute for Public Finance Reform,

Mikhaylova A.A., Candidate of Economic Sciences, Associate Professor at the Department of State Regulation of Economy, School of Public Policy, Russian Presidential Academy of National Economy and Public Administration; Head of Department of Applied Economic Research, Institute for Public Finance Reform

Abstract

The article studies the influence of the resilience of the budgetary system of the regions on the stability of their economy and the intensity of economic growth. Based on the analysis of data from the Federal State Statistics Service for the period 1998–2016 it is shown that high resilience during periods of crises and the most intensive growth of the economy are observed in highly-subsidized subjects of the Federation. At the same time the dependence between the quality of financial management and the economic growth of highly-subsidized regions is not revealed.

Keywords

Regional finance, regional economy, budget system stability, economic stability, economic growth, intergovernmental transfers, highly subsidized regions.

DYNAMICS AND STRUCTURAL CHANGES OF THE RUSSIAN LABOR MARKET IN THE CONDITIONS OF «WAR OF SANCTIONS»

Author

Akhapkin N.Yu., Candidate of Economic Sciences, Leading research fellow of the Institute of Economics of the Russian Academy of Sciences

Abstract

The paper analyzes the problems of the development of the Russian labor market during the period of restrictive economic measures against Russia. The analysis of dynamics of key indicators of this market in 2014–2017 is carried out. The characteristic of the basic structural and institutional problems of the labor market in Russia is given. It is shown that during the action in relation to our country of the sanctions regime, the market, firstly, retained macroeconomic stability and, secondly, its structural and key institutional characteristics did not change. It is proved that sanctions did not have a significant impact on the development of the market. During the period under review, the prerequisites for a positive structural modernization of the Russian labor market have not been developed.

Keywords

Unemployment, employment, labor market, sanctions, structural changes.

EURASIAN INTEGRATION AND GROWTH DRIVERS

Author

Valovaya M.D., Doctor of Economic Science, Professor, Laureate of the Government of Russia award in the sphere of education, Professor of the Plekhanov Russian University of Economics

Abstract

Globalization and integration are the main trends of modern development of the world economy. And the formation of economic unions is an important part of this global process, which is covering all regions of the world. The Eurasian economic union came into force in 2015. The article is devoted to the problems of functioning of the Eurasian Economic Union and to the analysis of its experience. There is a need for deepening integration.

Keywords

Integration, Eurasian union, regional economic integration, mutual trade, Eurasian economic union, Customs Code.

NEW ECONOMIC COURSE OF PRC: GAME AHEAD OF SCHEDULE

Author

Novoselova L.V., Doctor of Economics, Chief Researcher of the Institute of the Far East of RAS

Abstract

At present, China is at a crucial point in its history. Exhaustion of the former economic model is accompanied by decelerating inertia of super-fast socio-economic development. Hence the need for a radical reconsideration of priorities in economic development, change of its main drivers, promotion of new social benchmarks. Solution of these tasks directly depends on the effectiveness of actual economic policy. First steps of the PRC to restructure the economy and stabilize its growth under the new conditions, testify to the highly skilled work of the government acting as a kind of institutional crisis manager. This article examines main directions and tools of China’s modern economic policy aimed at maintaining the emerging positive trends, which in the future will allow Chinese society to adapt to the current realities and move further.

Keywords

China (PRC), “new normal”, growth rates, innovation, monetary policy, investment, foreign capital, economic restructuring, stabilization of development.

THE CONCEPT OF «SERVANT» LEADERSHIP IN THE NATIONAL CONCEPT OF INTELLECTUAL LEADERSHIP OF THE KNOWLEDGE ECONOMY: REVIEW, RESEARCH TRENDS

Authors

Gumerova G.I., Doctor of Economics, Professor, Head of the direction of the Department of Educational Projects and Programs, Fund for Infrastructure and Educational Programs (RUSNANO),

Shaimieva E.Sh., Doctor of Economics, Professor at Management Chair, Kazan Innovative University named after V.G. Timiryasov (IEML)

Abstract

The study conducted a structured review of studies in foreign, Russian economic literature of the concepts of leadership in the knowledge economy since 1967 to 2015, identified gaps for consideration in the future studies. The review used the author’s approach based on management of explicit and implicit knowledge, the presence of the concept as a part of the Institute of intellectual property. The result of the research is the recommendations for further research having interdisciplinary character, for specific scientific disciplines, web-sites of scientific journals. The results of the study are of practical importance for theorists, methodologists of management of leadership, knowledge, Institute of intellectual property.

Keywords

Leadership theory, knowledge economy, explicit and implicit knowledge, the head-«servant» leader.

SOCIALISTIC PROJECT KEY IDEAS AND THE CONTRADICTIONS OF THEIR INCARNATION IN SOVIET HISTORY. THE ENDING

Author

Lyubinin A.B., Doctor of Economics, Professor

Abstract

The author considerates on the two collective works «Karl Marx, Friedrich Engels and Vladimir Lenin o Socializme I Kommunizme» (capital publishing house «Algorithm» participates in the book publishing) and «Ot Velikogo Оktyabrya k sovetskomu socializmu. Vzglyad 100 let spustya» which were prepared for the 100th anniversary of the October Revolution and published in 2017 by the Moscow publishing house «Mir filosofii». The first peer-reviewed publication is a carefully verified scientific and information source prepared by people who devoted themselves to the study and publication of Marxist texts (by the Institute of Marxism- Leninism under the CPSU Central Committee). The authors of the second book, famous philosophers, historians and political economists, give their detailed answers to key questions related to October 17. The article does not pretend to be a comprehensive system commentary on these works. At the same time, the severity of the stated subject matter and the personal involvement of the author in its development made it necessary for him to disclose, and at times in detail, his position, emphasizing, first and foremost, the political and economic aspects of the issues raised.

Keywords

October Revolution of 1917, dialectics of objective and subjective, Socialism in the USSR, Soviet counterrevolution, peace, freedom, equality, NEP, Russian World, Transitional forms, social justice and responsibility, national idea, N.I. Bukharin, N. Bakunin, K. Marx, F. Engels, V.I. Lenin, I.V. Stalin, G.G. Vodolazov, L. Anninsky, F. Hayek, M. Gefter, M.A. Lifshits.

INSTITUTIONS SUPPORT OF CONSUMPTION AND DEMAND FOR FOOD IN THE USA AND RUSSIA

Authors

Gaisin R.S., Doctor of Economics, Professor at the Department of Political Economy, RSAU-MTAA,

Migunov R.A., assistant at the Department of Political Economy, RSAU-MTAA

Abstract

In the article, the authors convincingly prove that for overcoming of the negative market institutions consequences in Russian agriculture, institutional changes, establishment and implementation of special institutions to support and expand the demand for food and agricultural raw materials are needed. Based on the accumulation of developed countries experience with positive practices of Russian regions, it is proposed to build such a system of institutions on the basis of three interrelated institutional subsystems: SNAP, WIC, CNP.

Keywords

Institutes, agriculture, food aid, conjuncture.

VICTOR NIKITICH CHERKOVETS

XXI RUSSIAN CONTEST «MANAGER OF THE YEAR — 2017»