Financial Reform after the Crisis: An Early Assessment

Financial reform has been a core dimension of the initial global policy response to the financial turmoil of 2007-08.At the first G-20 summit of heads of state and government in November 2008,more than four-fifths of the action points in the final declaration were about financial regulation.Obviously,the crisis is not over at the time of writing,and the cycle of financial reform it triggered is very far from complete.But it can be said confidently that the crisis has been transformational for financial regulatory policy,at least in the United States and Europe.     

Migration Flows and Intra-Industry Trade Adjustments

In this paper we analyse the link between trade and migration. Focusing on the experience of Spain, we relate a marginal index of intra-industry trade to the stock of foreign workers—classified according to their country of origin and their situation in the Spanish labour market. We focus on the possibility that existing networks of foreign workers and their connections with their countries of origin could stimulate trade with the host country. Our results show a significant impact of the number of immigrants with work permits on intra-industry trade adjustment. However, this impact being positive or negative depends on whether foreign workers are employees or self-employed, the duration of the work permits and the type of job they occupy. JEL no. F10, F14, F15, F22     

Macroeconomic factors of growth of Russian cities and town planning policy objectives

This paper was prepared for the 70th birthday of Oleg Sergeevich Pchelintsev, but he did not live to see it in print. For memorials of O.S. Pchelintsev, see www.demoscope.ru Nos 243–244 of April 17–30, 2006. The paper analyzes the channels and ways by which macroeconomic policy impacts the development of urban settlement and individual groups of cities. Its findings are used to validate new directions and measures of urban policy     

The investment policy of the railroad sector under reform

The feasibility of the railroad sector reaching its long-term development goals and developmental factors and limitations are analyzed against the background of structural changes in the sector. Investment policy, investment attraction mechanisms under limited financial resources, the principles of development of regional investment policies, and regional investment programs and projects are discussed. The sector’s internal development reserves during its investment policy are analyzed.