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2012, Issue 3 (15). AbstractsYe.V. Balatsky, CEMI RAS, Moscow, Russia
Technological Diffusion and Investment Decision The article offers the model of investment decision, which allows to understand the microeconomic motivation of the company, when it chooses between the imitation and innovation strategies. Proposed and tested applied method for estimation of the technological frontier, which allows the change from the regime of borrowing technologies to the regime of their creation. The author gives the interpretation of technological changes in terms of technological traps theory. Key words: investment, innovation, imitation, technology, diffusion, technological trap
Why the West got Rich Before Other Countries and Why China is Catching Up With the West Today? New Answer to the Old Question The goal of this paper is to offer a non-technical interpretation of the "Great Divergence" and "Great Convergence" stories. After reviewing existing explanations in the literature, I propose a different interpretation. Western countries exited the Malthusian trap by destroying traditional institutions, which was associated with an increase in income inequality and even a decrease in life expectancy, but allowed the redistribution of income in favor of savings and investment at the expense of consumption. When the same pattern was imposed on some developing countries (colonialism – Sub-Sahara Africa, Latin America, and the former Soviet Union), it resulted in the destruction of traditional institutions, increase of income inequality, and worsening of starting positions for catch-up development. Other developing countries – East Asia, South Asia, the Middle East and North Africa – that were less affected by colonialism, managed to retain traditional institutions and by the end of the XX century found themselves in a better starting position for modern economic growth. The slow-going technical progress finally allowed them to find another exit from the Malthusian trap – increased income that permitted the share of investment in GDP to rise without a major increase in income inequality and decrease in life expectancy. Key words: economic history, rates of economic growth, gap in per capital GDP between countries, the West, developing countries, China
Applying Market Graphs for Russian Stock Market Analysis We study the structural properties of Russian stock market by means of analysis of the corresponding market graph. For this graph we found the distribution of correlations, edge density, maximum cliques and maximum independent sets. We also study the evolution of the structural properties of the market graph over the time. Key words: stock market; stock price; correlation coefficient; market graph; clique; independent set
The Role of Information Transparency in Public Procurement: the Example of Russian Regions It is an open question whether a more transparent public procurement leads to the more efficient outcomes. In the paper we show how transparency of the public procurement in the Russian regions is correlated with key factors that influence the outcomes of procurement procedures – competition, corruption, and control. Using the open information we evaluate availability and usability of different types of information presented on regional procurement websites by constructing a number of indices. Our empirical study shows that the transparency of information is significantly and negatively correlated with the level of corruption in the region and increases the utilization of control mechanisms. We also show that the more transparent systems are associated with the higher levels of competition.
Public and Private Enforcement of Law under the High Risk of Type I Errors: the Russian Case The authors explain comparative advantages of public enforcement of legislation by public authority by means of control and supervision, on the one hand, and private enforcement, on the other hand, in consumer protection law, labor law and antitrust law in Russia. Along with private and «pure» public enforcement we analyze selective public enforcement as a specific enforcement model. Selective public enforcement may be individually preferable in comparison with private enforcement, but the use of this model in certain circumstances decreases deterrence effect due to an increase of the probability of Type I errors (punishment of the innocents) and underperforms both private and «pure» public enforcement. Key words: public, private and «selective public» enforcement, type I errors, deterrence, consumer protection law, labor law, antitrust law
A.K. Solovyev, Pension Fund of Russian Federation, Department of Actuarial and Strategic Planning of the Pension Fund, Moscow, Russia
Pension Systems in the Context of Insurance Principles In the course of investigations of problems of long-term development of Russian pension system its influence problems on macroeconomics of the state and enterprise microeconomics, and also necessity of its adaptation to negative demographic processes were put forward. Problems of pension reform in the context of universal practice of creation and functioning on the basis of insurance principles of pension systems are considered in the article. Key words: pension reform, efficiency of pension system, long-term financial stability of pension system, adequacy of labour pension, replacement rate, deficiency of pension budget, actuarial balance Back | ||
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