A theoretical model of the relationship between value added elements and end product

This paper focuses on the development of a theoretical scheme describing the transformation of primary incomes into end consumption and savings in the Russian economy. This scheme is basically a system of interrelated tables reflecting the distribution of primary incomes across the institutional sectors and their further reallocation and use. The scheme makes allowances for the specific features of the Russian economy and existing statistics. In terms of methodology, it is coordinated with the interindustry balance in current buyer prices and, from the theoretical standpoint, describes the connection between Quadrant II and Quadrant III of the balance. Therefore, the proposed system of tables is treated in the paper as Quadrant IV of the interindustry balance. The theoretical scheme is used by the authors as a necessary basis for constructing an empirical model of the relationship between value added and end product, which will be published in the next issue of this journal.     

An empirical assessment of the relationship between competition policy and investment

The relationship between competition policy and investment is empirically examined. Empirical findings suggest that increasing market competition has a positive and robust impact on the share of total investment in GDP per capita. Developing countries enjoy benefits from competition legislation efficiency improvement, whereas the reduction of government anti-competitive price control intervention enhances the good investment environment in developed countries. In relation to the potential impacts of ASEAN competition policies, if ASEAN-4 countries (Indonesia, Malaysia, Philippines, and Thailand) become as competitive as Singapore, the investment shares are expected to increase to approximately 2–4%. Further, foreign direct investment inflows from the 30 OECD countries are expected to increase roughly 0.6–1.2%.     

Medium-term forecasting of Russian economy using cognitive model

The paper has substantiated the applicability of a cognitive approach to studying and forecasting a resource-dependent economy. The results of the modeling of a medium-term forecast for the Russian economy using a fuzzy cognitive map have been laid out.     

Foreign trade in the structure of the current model of the Russian economy

The article is devoted to the analysis of the current state of foreign trade and its role in the present model of Russia’s economic development. The basic directions, in which the world market situation affects the Russian economy, are defined.     

Scenario analysis of potential spatial transformations of the Russian economy: Procedural approach and empirical estimates

The article analyzes factors, conditions and methods of identifying lasting spatial variations in Russia’s socioeconomic development. It continues studies published in papers [1, 2]. Possible effects of parameters and assumptions of different scenarios of Russian economic development on the spatial structure of the Russian economy are discussed. Quantitative estimates of structural shifts that occurred between 2000 and 2004 are presented.     

The situation in the Russian economy

This article, written for a Project LINK international conference, looks at the medium-term growth trends of the Russian economy and analyzes the stability potential and crisis points of the prevailing economy reproduction model.The forecasting part examines measures used in three growth scenarios: “economic activism of the state,” “support of business” (both subject to a lasting favourable foreign economic situation), and “adaptive” (for the case of a fall in oil prices). The authors come to the conclusion that in the current situation, a greater growth potential is associated with the scenario of “economic activism of the state,” which envisions, in particular, investment in projects lessening infrastructural constraints on growth.     

The problem of reducing the dependence of the Russian economy on primary product exports and economic policy alternatives

This paper discusses the causes and consequences of the high dependence of Russia’s socioeconomic development on the world market prices of hydrocarbon resources and their production volumes. The author analyzed the mechanisms underlying this dependency using a model of centrally planned economy without technical progress. The author shows that growth in raw materials production and prices leads to the “Dutch disease,” which is, hence, an economic growth paradox typical of open economies and having a resource-technological and structural character. The author’s conclusion is that welfare growth opportunities are underutilized under Dutch disease conditions in case of government restrictions on primary product exports aimed at conserving the trading sector. The case is made for increasing labor productivity in the Russian economy in order to overcome its dependence on the oil and gas exports.     

Employment and effective employment in the Russian economy

This article deals with the problems of measuring and forecasting employment and labor productivity in the Russian economy. A necessity of forming employment calculation indices, which would to a greater degree reflect the real labor costs by industry for 1991–2010, is discovered. A method of calculating alternative (conditional effective) employment is offered.     

Board characteristics and efficiency of value added by banks: Evidence from an emerging economy

This paper estimates the efficiency of value added by banks using their total resources (physical capital resources and intangible resources) and finds an association between board characteristics and efficiency of value added. The paper is grounded in the theory of resource and knowledge based view of the firm, and agency theory, and tries to establish links between these two theories. This study departs from existing literature of examining the effect of board characteristics on financial performance, corporate sustainability, and corporate environmental responsibility, and tries to understand the relationship between board characteristics and the efficiency of value added by banks through their resources. This is also the first study of its kind to study the relationship between board structure characteristics and value creation in Indian banks using the Value Added Intellectual Coefficient (VAIC) methodology. Using the data for 41 commercial banks in India from 2008 to 2017 and by employing Prais-Winsten Regression, this study finds that board meetings and CEO-Chairman duality significantly and positively influence the efficiency of value added by banks through their total resources and intellectual capital resources. At the same time, independence in the boards negatively influences the efficiency of value added through physical capital resources. Overall, the findings of the paper indicate that board governance influences bank performance measured in terms of efficiency of value added. Policymakers, regulators, and bank managers should frame appropriate policies to ensure more board meetings, and the presence of board duality.     

ICT investment and internationalization of the Russian economy

In this paper the influence of ICT investments on the international activities of Russia is analyzed. Firstly, ICT investments are considered as a factor of the international competitiveness of the Russian economy (in comparison with some other countries). Dynamics of both export volumes and openness of national economies are used as the main criteria for comparison. Then, the role of ICT in the development of international activities on the regional level is analysed. Cluster analysis is performed for the set of data on the Russian regions. Finally, the accession of Russia to the WTO is considered in the context of the development of the ICT sector and the international activities of the Russian economy.     

An empirical examination of the role of vertical product differentiation in north-south trade

Conclusions Our results indicate that the general line of reasoning embodied in the recently developed models of North-South IIT would seem to be valid. The various measures of income and size similarity do seem to affect North-South IIT in the theoretically predicted way. Further, this type of trade is positively impacted by the direction of quality differences and, to a lesser degree, the extent of quality differences. Finally, it would appear that modeling this type of trade on a bilateral basis using data detailed by both industry and country has not only theoretial appeal, but is empirically useful. The results, however, do not address the mechanism which generates these quality differences between the exports of the North and South. The theoretical models use different assumptions concerning the process which generates the quality differences. Such differences may be related to capital abundance as in Falvey [1981]; a Ricardian form of comparative advantage as in Flam and Helpman [1987]; or a complex combination of the two.¹⁵ Some preliminary evidence on the role of quality differences has been given in this paper. The difficult task of explaining what generates these differences is an important issue left unaddressed at this point.     

简述商会与农村经济之关系：—读《天津商会档案汇编》札记

商会是诞生于20世纪初的一种近代民族资产阶段的团体,随着商品经济的发展,商会在社会经济中的影响也日益扩大,民国初年商会已经广泛发展到县城以外的市镇,从而与农村社会经济产生了千丝万缕的联系,但近年来研究商的著作中,对于商会与农村经济之间关系的研究尚极少见,本文主要利用《天津商会档案汇编》中保存的大量史料,通过分析商会与农村商业、农村工农业生产、农村赋税和交通运输之间的关系,阐述了商会对农村经济起的积极作用。     

The relationship between financial sector development and savings mobilisation in South Africa: An empirical study

This article examines the link between financial sector development and savings mobilisation in South Africa for the period 1980–2012. Taking the life-cycle hypothesis as our theoretical background and using Johansen co-integration that allows for hypothesis testing, the empirical results revealed a long-run relationship between savings, interest rates and financial sector development. We find an inverse relationship between the interest rate and savings, implying that South Africans are net borrowers because the income effect overwhelms the substitution effect. This in part explains the low level of savings in recent time. Important policy lessons for boosting the national savings rate are discussed.     

试论图书馆智力开发职能与知识经济的关系

本文通过横向比较,说明在智力资源开发上我国与发达国家的差距,指出开发智力资源的重要性,提出图书馆在智力开发中的优势和如何开发读者智力资源问题。     

The relationship between national saving and domestic investment in economy of Iran

In this paper, the relationship between national savings and domestic investment is examined in order to determine the degree of international capital mobility in Iran＇s economy over the sample period （1959-2007）. To this end, first the savings and investment correlation as postulated by Feldstein and Horioka was revisited using the recently developed bound testing approach （ARDL）. Amongst the key results, was a significant and robust positive association between the ratio of gross domestic investment to gross domestic product and the ratio of national savings to gross domestic product. Next, the coefficient of ECM derived from the ARDL test showed that the speed of adjustment in the estimated models was relatively high and has the expected significant and negative sign. The results indicate that deviation from the long-term path was corrected by approximately 63 percent over the following year. In addition, the savings-investment correlation relationship is examined in terms of an error correction model in order to gain some insight into the degree of capital mobility. The results show that savings and investment are to a great extent co-integrated. In other words, there is a significant long-run relationship between savings and investment in the Iranian economy. Also, the long-run relationship between these variables shows a low degree of capital mobility in Iran, because government policies have had no considerable effect on the savings-investment gap in Iran. The empirical findings suggest that liberalizing both the exchange rate system and interest rates and facilitating capital flow would increase international capital mobility.     

Macroeconomic dynamics of the Russian economy in the long term

The article presents the main provisions of the macroeconomic section of the regular long term forecasts of the Institute for Economic Forecasting, Russian Academy of Science, prepared in 2012. The key idea of the forecast is based on an assessment of the growth potential of the Russian economy. It is necessary for the definition of an economic policy aimed at achieving this potential result in the perspective until 2030.     

The empirical relationship between UK net corporate borrowing and stockbuilding

The literatures on net corporate borrowing and stockbuildingby firms are both based on a simple linear-quadratic (L-Q) model,but they have been developed independently. This paper exploresthe possibility that a firm may jointly optimise its borrowingand stockbuilding decisions, where previous papers have imposed‘decision rule decompositions’. The resulting modelis estimated using UK corporate data and demonstrates that netcorporate borrowing and stockbuilding are indeed used as substitutesin production smoothing.     

文化与经济增长关系的模型构建——基于文化价值取向功能的条件收敛性分析

许多学者都认为文化和经济增长的关联在理论上很强,但由于缺乏对文化确定性的整体信息,使得很难去建构两者间的关系模型。在对经济复杂系统认识的一定层面下,作者提出了非线性、间断理性行为的假设和文化价值取向功能、偏好与选择一致的假设,并运用模糊经济学的相关知识,建构了建立在价值取向基础之上的一个微观个体选择模型,从而为解释文化价值取向条件收敛性和经济增长的关系提供了一种方法。本文把文化视为经济增长的一个解释性变量,但逻辑起点并非以往研究的信任、信仰等,而是文化的价值取向功能。其研究的逻辑络线是:主体价值取向决定了行为的选择,而行为选择推进了团体非正式制度和正式制度的设计,进而与经济绩效发生关联。     

Inflation and problems of balanced development of the Russian economy

Problems of inflation from the perspective of balanced economic development of the Russian Federation are considered. The consequences of policy decisions taken in the financial sector and real economy are analyzed based on actual data. The necessity of carrying out such an analysis at the stage of developing policy decisions is rationalized.     

On the measurement of product quality in intra-industry trade: An empirical test for China

A relatively recent development in the intra-industry trade (IIT) literature is the measurement of the simultaneous import and export of quality-differentiated products, commonly known as vertical and horizontal IIT. A recent paper from Azhar and Elliott [Azhar, A. K. M. & Elliott, R. J. R. (2006), On the Measurement of Product Quality in Intra-Industry Trade, Review of World Economics, Vol 142 no 3, pp 476–495] analyses various approaches for disentangling vertical and horizontal IIT and suggests a complementary methodology. To investigate the robustness and sensitivity of the existing approaches we examine data on the nature of trade flows between China and its East Asian neighbours and show that in 2002 China tended to export low quality versions of its manufactured goods to Malaysia, Thailand and the Philippines.