The service sector and economic growth: some cross-section evidence

It has often been claimed that a relative expansion of the service sector has a deleterious effect on economic growth. This paper uses cross-section country-level data from three decades –1960s, 1970s and 1980s – to see whether in fact this negative relation is reflected in the data. It is found that the effect is negative or positive depending on how the role of the service sector is measured, but there is a strong case that effect is in fact usually negative.     

Role of Input-Output Model in Macroeconomic Analysis and Forecasting

The current issue of the journal is dedicated to problems of using input–output models in modern scientific research and economic policy. Authors who applied the model in their scientific work and obtained significant scientific results are involved. This subject will take an important place in the further research practice of IEF RAS.     

Trends in the Development of Russian Currency Markets in the Context of Global Structural Transformations and Sanctions

The article analyzes factors, features and trends in the development of the Russian foreign exchange market as an integral part of international currency market in the context of global financial imbalances, de-globalization processes, new protectionism and sanctions regime in relation to Russia. Particular attention is paid to assessing the impact of forms and methods of managing international foreign exchange reserves on structure of Russian foreign exchange market, as well as characterizing the channels of impact of the current conditions for functioning of the Russian foreign exchange market on the currency policy strategy.     

Interrelations of Production and Investment Activities in the Construction Materials Industries

This paper presents one of the possible versions of the scenario for industrial development of the Russian economy. An analysis of the interrelation of production and investment in metallurgy in 1990–2017 was carried out. The need to consider the experience of investment development in individual industries and manufactures in the design of options for the economic development of the country and the implementation of a selective state policy is substantiated.     

The implementation of monetary policy in New Zealand: What factors affect the 90-day bank bill rate?

This paper discusses the implementation of monetary policy in New Zealand and its flow-on effects on the 90-day bank bill rate over the 1999–2005 period. The effects of external factors are considered as well. Our findings indicate that the maturity spectrum ratio exerted a positive effect on the 90-day bank bill rate while the allotment ratio did not. This interest rate had a tendency to revert to the level set by its Australian counterpart, though at a relatively slow speed. No such link exists between the NZ 90-day rate and the U.S. 90-day rate. Neither the maturity spectrum nor the allotment ratio contributed to the volatility of the most important short-term interest rate in New Zealand.