Transport logistic services in Russia: Integration in the world market

This paper considers problems of increased foreign trade networks requiring faster growth of multimodal shipping and exact coordination of all points in the chain of freight delivery. Special attention is paid to rail and sea shipping integration in major directions of freight flows.     

Social entrepreneurship in the system of social policy: International experience and prospects of Russia

The article deals with a relatively new phenomenon for Russia, i.e., social entrepreneurship. Based on an analysis of international experience in the development of social enterprises, their characteristics have been studied, the advantages and risks in support of social enterprise in meeting the social needs have been revealed, and the problems and prospects of development of social entrepreneurship in Russia have been discussed.     

The condition and trends of the modern retail market system in Russia: Macroeconomic and financial aspects

The paper explores main trends of the retail market in Russia. The role and place of retail trade systems in the modern economy is described with due regard for international experience. The authors use their original approach to develop quantitative estimates of key financial measures of trade and attempt to appraise the macroeconomic effect of the development of retail trade systems.     

解析中国贸易大国的崛起

中国正在崛起成为一个世界贸易大国。2003年,在全球贸易仍处低迷的形势下,中国的进出口贸易增长取得了自1980年以来最高的发展速度,全年进出口总额高达8512.1亿美元,同比增长37.1%。其中:出口4383.7亿美元,同比增长34.6%,居世界第四位;进口4128.4亿美元,同比增长39.9%,成为世界     

Influence of oil prices on stock market indexes in Russia and Norway

The effects of oil price dynamics on share quotations are discussed in the paper for the 2000–2012 period for two oil exporting countries—Russia and Norway. It has been shown, using a vector autoregressive model, that, in spite of intuitive expectations, oil prices have not been a systematic risk factor for Russian and Norwegian stock market indices. In Norway, share quotations definitely responded to the dynamics of the US dollar exchange rate relative to the world’s main currencies and the S&P 500 stock index, as well as to fluctuations in the global and domestic interest rates, although to a lesser degree. In Russia, share quotations are practically exclusively affected by their own shocks (a factor that is explained by some specific features characterizing Russia’s major public companies).     

Forecast scenario for the development of the meat market in Russia until 2020

The forecast scenario for the development of the domestic meat market until 2020, on the basis of the author’s approach to the analysis of markets of commodity substitutes, which is related to the study of the behavior of structural changes in the consumption of these commodities, is presented. Reasoned criticism of measures for supporting the Russian meat production complex, which are suggested by the Russian Meat Union, is conducted.     

中国证券市场国际化之国际经验借鉴

本文从国际金融和国际经济学的理论出发，依次论述了中国证券市场国际化的必然趋势，以及证券市场国际化的涵义及特点。综观世界各国市场国际化的不同进程和背景并加以分类归纳，突出了发展中国家证券市场国际化的路线和客观规律。     

Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan

This paper investigates whether firms are able to substitute bank loans for public debt when the latter become less available to firms. To do so, this paper utilizes the 2008 financial crisis and its impact on Japanese markets as a natural experiment. Because the Japanese banking sector remained functional while the corporate bond markets were paralyzed, the data from Japan during this period provide us with an ideal environment to examine this hypothesis. I specifically examined whether firms with large holdings of corporate bonds maturing in FY2008 were financially constrained, by comparing the changes in their capital investment expenditures and borrowing conditions with those of bank-dependent firms. The main empirical results indicate that (1) firms with large holdings of corporate bonds maturing in FY2008 did not reduce investment expenditures; (2) instead, they exhibited higher increments in bank loans; and (3) firms that maintained relatively close bank-firm relationships had greater access to bank loans with low borrowing costs. These findings demonstrate that Japanese firms were able to substitute bank loans for public debt during the crisis and imply that the Japanese banking sector worked efficiently to replace public debt markets during the crisis.     

Unemployment on account of market imperfection in the Netherlands since the second world war

Summary By means ofUV analysis it has been attempted to gain some insight into the development of unemployment on account of market imperfection in the Netherlands between 1956 and 1975. Three conclusions can be drawn. (i) The imperfection of the labour market has increased not inconsiderably between 1956 and 1975. (ii) Since the beginning of the Seventies structural unemployment has been caused both by the qualitative discrepancies between supply and demand and by a quantitative shortage of jobs. (iii) The increase in market imperfection must be ascribed above all to the steadily growing imperfection of the sections of the labour market corresponding to the occupational groups.[/p]Professor of Economics and Graduate Assistant, Universtiy of Groningen, The Netherlands.The authors would like to thank Professor Th. van de Klundert and their colleagues of the Department of Economics for their valuable comments on the first version of this article.     

Harmonization of domestic and world prices for raw-material products in Russia’s strategy of economic development

This article discusses how in the modern Russian economy domestic and export prices for basic resources—oil, gas, oil products, metals, timber, chemicals, and grain—should be related. The correlation between the level of domestic prices for raw materials and industrialization processes is shown. The need for a coherent industrial policy aimed at a more rapid development of the processing and manufacturing industries is underlined. The conclusion is that the various measures of indirect regulation of domestic prices for basic resources are a natural constituent of a reasonable economic development strategy for Russia. Some possible actions to curb the growth in domestic prices for raw materials and primary products are considered.     

Bank consumer lending in Russia from the point of view of foreign experience: Competition and ways of development

Macroeconomic statistics of the bank sector of Russian consumer credit is analyzed, the consumer credit experience of the United States and Great Britain is studied and compared with Russian indices, competition features are studied in the area, its influence on the development of high marginal lending in Russia is estimated, and the prospects of bank consumer crediting are determined in the article.     

Growth accounting for a technology follower in a world of ideas: The case of Singapore

We account for the sources of Singapore's growth by being explicit about the channels through which Singapore benefits from international R&D spillovers. We find that 61.5% of Singapore's real GDP per worker growth over the 1970–2004 period is due to multifactor productivity growth. More specifically, 52.1% of the growth is explained by an increase in the effectiveness of accessing ideas through improvement in Singapore's educational quality as well as increases in machinery imports and foreign direct investment from the G5 countries. Taking account of technology transfer raises the average rate of return to capital to 12.5%.     

The determinants of sovereign risk premiums in the UK and the European government bond market: the impact of Brexit

International Economics and Economic Policy - This paper analyzes recent developments in the British and European government bond markets with reference to the UK’s decision to leave the...     

外国城镇化经验之三澳大利亚:依托特色景观打造人居典范

因地制宜发展特色城镇澳大利亚的城市规划建设充分利用山水地形等自然要素,科学合理.经过多年的发展,各城市创出了自己的品牌.堪培拉成为大洋洲的花园城市,悉尼成为世界上最美丽的海港城市,黄金海岸成为阳光下的天堂,墨尔本成为最适合居住的城市,这种独具特色的城市带避免了千城一面的发展模式.悉尼、阿德莱德还充分利用海岸线,沿岸布置大片绿地、文化娱乐建设等,城市建筑按离海岸距离成正比逐渐升高,不仅每排建筑都有良好的海景视野,从海面眺望城市也可见到逐层叠起的特色景观.在英国《经济学家》发布的全球最适合人类居住的城市排名中,澳大利亚的墨尔本摘得桂冠,成为全球人居典范.     

Short-term forecasting of prices for the Russian wholesale electricity market based on neural networks

The article considers the possibility of using neural networks for the short-term forecasting of electricity prices in the day-ahead market (DAM) based on factors strictly determined for the forecast period. A set of six factors has been determined, which allows an hourly forecast of the DAM price to be constructed for a month in each of the four seasons with a high accuracy. The proposed model shows low average errors in forecasting the price for each hour of the month and in turn allows possible significant price deviations to be anticipated.     

向市场经济过渡的路径选择：殊途？迷途？—评《向市场经济过渡：俄罗斯与中国》

在当今世界历史范围内充满矛盾而又复杂的过渡年代,对于许多国家和人民来说,一个极为重要的问题就是社会经济发展道路的选择问题.传统计划经济体制的改革实践是从50年代初南斯拉夫探索自治社会主义起陆续开始的,各国改革的内容与模式各不相同,改革的步伐有快有慢,成效也各异.