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Method for Analyzing Economic Processes in Conditions of Instability (on the Example of Analyzing the Dynamics of Revenue of Russian Companies) 不稳定条件下经济过程的分析方法(以俄罗斯公司收入动态分析为例)
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-4-622-649
Yu. A. Polunin, A. Yudanov
New methods are proposed that allow using the properties of nonlinear dynamics models to analyze the dynamics of real socio-economic processes. For this, a complex of models has been developed in the form of connected nonlinear one-dimensional and multidimensional map pings that meet the general laws of socio-economic processes - development in a rapidly changing environment under resource constraints. The proposed set of models allows you to analyze the dynamics of processes under the assumptions of both their independence and interconnection with each other. The definition of interrelated processes is introduced as processes developing under conditions of general constraints. Three criteria are proposed for identifying interrelated processes based on empirical data. In the case of interrelation of processes, the parameters of one-dimensional and multidimensional models are also interrelated, which allows a deeper analysis of the situations under consideration. The use of the proposed method is demonstrated by the example of analyzing the dynamics of revenue of Russian companies in the pe­riod from 2006 to 2015 (38 thousand companies in total). All companies were divided into four groups, depending on the rate of revenue growth from 2010 to 2015. The hypothesis of a possible relationship between the decline of one and the parallel strengthening of another group of Russian firms after the crisis of 2008-2009 is investigated and rejected. Innovative firms that boosted their revenue growth potential after the crisis were targeting markets other than con ser­vative firms whose revenue growth potential was exhausted after the crisis. The peculiarities of the dynamics of revenue of groups of companies are visually presented in the form of normalized values, when the median estimates of each of the groups in 2007 are taken as a unit.
提出了新的方法,允许使用非线性动力学模型的性质来分析实际社会经济过程的动态。为此,以相互联系的非线性一维和多维图的形式开发了一个复杂的模型,这些模型符合资源限制下快速变化的环境中社会经济过程发展的一般规律。所建议的一组模型允许您在假定流程相互独立和相互连接的情况下分析流程的动态。相关过程的定义是指在一般约束条件下发展的过程。提出了基于经验数据识别相关过程的三个标准。在过程相互关系的情况下,一维模型和多维模型的参数也是相互关联的,这允许对所考虑的情况进行更深入的分析。通过分析2006年至2015年期间(总共38,000家公司)俄罗斯公司收入动态的例子,证明了所提出方法的使用。根据2010年至2015年的收入增长率,所有公司被分为四组。在2008-2009年危机之后,一个俄罗斯公司的衰落和另一组俄罗斯公司的平行加强之间可能存在关系的假设被调查和拒绝。危机后提高收入增长潜力的创新型公司瞄准的市场,而不是那些收入增长潜力在危机后耗尽的保守型公司。当将2007年每组公司的中位数估计作为一个单位时,各组公司收入动态的特殊性以规范化值的形式直观地呈现出来。
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引用次数: 2
Soft Budget Constraints and Investment Support in Estonian Agriculture 爱沙尼亚农业的软预算约束和投资支持
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-1-85-100
O. Aleksandrova
The article discusses the question of the financial constraints in Estonian dairy and crop farms in the transition period, and there are also identified the farms that have been mostly affected by these imperfections. For that, an investment accelerator model augmented with a cash flow variable was used. The empirical analysis is based on the unbalanced panel data containing 2263 dairy and 1762 crop farms in the period between 2000 and 2014. We have three periods of 5 years each: 2000-2004 (the pre-EU accession), 2005-2009 (being an EU member before the economic crisis), 2010-2014 (after the economic crisis). We used these periods to construct the fixed effect and random effect models for different types of farm: dairy and crop farms. In addition to the full sample estimate, we use farms characteristics to classify crop farms by area, and dairy farms by the average number of cows per year. The estimations of the standard augmented model obtained by different econometric methods for several subsamples have revealed a dissimilar level of the financial constraints. The obtained results clearly imply that the farm investment behavior is driven by the competitive output market conditions and the farm abilities to sell output and invest in such a market environment. Moreover, except for all farms farm the gross investment is positively and significantly associated with the cash flow, confirming for any farms the absence of the soft budget constraints for the farms. The results confirm that the financial variables significantly influence the farms’ investment subsidy, providing an empirical evidence of an imperfect capital market in the Estonian agriculture.
本文讨论了过渡时期爱沙尼亚乳制品和农作物农场的财政限制问题,并确定了受这些不完善因素影响最大的农场。为此,本文采用了一个增加现金流量变量的投资加速器模型。实证分析基于2000年至2014年期间包含2263个奶牛场和1762个种植场的不平衡面板数据。我们有三个时期,每个时期5年:2000-2004年(加入欧盟前),2005-2009年(经济危机前成为欧盟成员国),2010-2014年(经济危机后)。我们使用这些时间段来构建不同类型农场的固定效应和随机效应模型:奶牛场和种植场。除了全样本估计外,我们还使用农场特征按面积对农作物农场进行分类,并按每年平均奶牛数量对奶牛场进行分类。用不同的计量经济学方法对几个子样本获得的标准增广模型的估计揭示了不同程度的财政约束。所得结果清楚地表明,农场投资行为受到竞争性产出市场条件和农场在这种市场环境下销售和投资的能力的驱动。此外,除所有农场外,总投资与现金流呈正相关,这证实了任何农场都没有软预算约束。研究结果证实了金融变量对农场投资补贴的显著影响,为爱沙尼亚农业资本市场不完善提供了实证证据。
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引用次数: 2
The Impact of Greenfield-FDI on Socio-Economic Development of Pakistan 绿地fdi对巴基斯坦社会经济发展的影响
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-415-433
A. Raza, M. Azam, M. Tariq
A multinational corporation usually invests in foreign countries in two modes of Foreign Direct Investment (FDI) encompasses, Greenfield-FDI (GFDI) and Merger & Acquisition (M&A). Mostly Asian countries have experienced improved economic growth from the incoming Green­ field-FDI. The existing studies reveal that GFDI plays undeniably a very important role in the process of economic growth and economic development of a host country's economic performance. Thus, the goal of this study is to know the effect of GFDI inflow on education, health, living standard, and economic development for Pakistan, while using data set from 1990-2018. This study used the Correlation matrix, Augmented Dickey-Fuller (ADF), and Philips Peron (PP) tests for unit root, Auto Distributive Lag model (ARDL), and Error Correction Model (ECM) as estimation techniques. The empirical results indicate that there exists a long-run relationship between GFDI, health, and economic development by Human Development Index (HDI) only. In the long-run GFDI, remittances, and foreign trade have positive, while foreign aid by Official Development Assistance (ODA) and inflation rate negatively affect the life expectancy index, which might mean negative health effects. These findings suggest some important policy measures can be adopted to take more benefits of FDI and stimulate economic growth and socio-economic development.
跨国公司对外投资通常以绿地直接投资(GFDI)和并购(M&A)两种方式进行。大多数亚洲国家的经济增长都得益于绿色领域的外国直接投资。现有的研究表明,GFDI在东道国经济增长和经济发展的过程中发挥着不可否认的重要作用。因此,本研究的目的是了解GFDI流入对巴基斯坦教育、卫生、生活水平和经济发展的影响,同时使用1990-2018年的数据集。本研究采用相关矩阵、单位根的增广Dickey-Fuller (ADF)和Philips Peron (PP)检验、自动分布滞后模型(ARDL)和误差校正模型(ECM)作为估计技术。实证结果表明,仅从人类发展指数(HDI)来看,GFDI、健康和经济发展之间存在长期关系。从长期来看,全球直接投资、汇款和对外贸易对预期寿命指数有积极影响,而官方发展援助(ODA)的外援和通货膨胀率对预期寿命指数有消极影响,这可能意味着对健康有消极影响。研究结果表明,可以采取一些重要的政策措施来发挥FDI的效益,促进经济增长和社会经济发展。
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引用次数: 7
«An Imaginary Patient» or What Should Be the Financing of Patronized Goods 《想象中的病人》或《资助商品的融资应该是什么
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-434-464
A. Rubinstein
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引用次数: 1
Russia’s Budgetary System: How Much Sustainable? 俄罗斯预算体系:可持续性如何?
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-4-572-597
А. Mikhaylova, E. Timushev
The article clarifies the concept of fiscal sustainability and its main indicators and assesses fiscal sustainability of Russian regions. The topic is chosen due to importance of managing the risks of the budgetary system ceasing to perform its functions. Academic research and regulatory documents are reviewed, and the IMF data are analyzed. The paper distinguishes between fiscal and debt sustainability. It is established that fiscal sustainability means a functioning of the budgetary system when achievement of its goals in the present does not reduce achievability of the goals in the future. Debt sustainability provides the conditions for countercyclical fiscal policy, an essential element of fiscal sustainability. Thus, fiscal sustainability depends not so much on the amount of debt, but on the fiscal and public administration institutions. Russia's fiscal sustainability risks are highest at the regional level, where the authorities have a small amount of powers, including the regulation of debt parameters. New federal governmental methodology for assessing the regional debt sustainability (article 107.1 of the Bud­get code) reflects creditworthiness, provides flexibility and correctly differentiates regulatory measures based on the amount of debt. However, it does not fully reflect the institutional and economic aspects (which we propose to include in our fiscal sustainability index (FSI)), but further restricts fiscal independence of lagging regions. We conclude that it is more effective to limit only the debt powers of those regions without additional restrictions on spending.
本文阐述了财政可持续性的概念及其主要指标,并对俄罗斯地区财政可持续性进行了评价。选择这个主题是因为管理预算系统停止履行其职能的风险的重要性。对学术研究和监管文件进行了审查,并对IMF的数据进行了分析。该报告对财政可持续性和债务可持续性进行了区分。可以确定的是,财政可持续性意味着预算系统在当前目标的实现不影响未来目标实现的情况下的运作。债务可持续性为反周期财政政策提供了条件,而反周期财政政策是财政可持续性的基本要素。因此,财政的可持续性在很大程度上不是取决于债务数额,而是取决于财政和公共行政机构。俄罗斯的财政可持续性风险在地区层面最高,在地区层面,当局拥有少量权力,包括对债务参数的监管。联邦政府评估区域债务可持续性的新方法(《预算法》第107.1条)反映了信誉,提供了灵活性,并根据债务数额正确区分了管理措施。然而,它并没有完全反映制度和经济方面(我们建议将其纳入我们的财政可持续性指数(FSI)),而是进一步限制了落后地区的财政独立性。我们的结论是,只限制这些地区的债务权力而不对支出施加额外限制更为有效。
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引用次数: 7
Lending to Russian Small Businesses: From a Traditional to a Partnership-based Banking Model 向俄罗斯小企业提供贷款:从传统银行模式到基于伙伴关系的银行模式
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-2-191-214
N. Egorova, E. Koroleva
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引用次数: 7
Income Inequality in Russia. Measurement Based on Equivalent Income 俄罗斯的收入不平等。基于等值收入的计量
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-4-539-571
A. Surinov, A. Luppov
The relevance of the research, the results of which are presented in this article, is conditioned by the attention in society that is given today to the development of effective policy in the field of poverty eradication and inequality reduction at the global and national levels.The purpose of the article is to analyze the acceptability of using the equivalence scalesused in the EU and OECD in Russia, based on the characteristics of consumption of its population and to obtain the additional consistent to international practice indictors which assess poverty and inequality based on official statistics which are available to users. Equivalent income research on inequality and poverty is a widespread experience international organizations and national agencies abroad. However, in Russia, it has not received proper application. The only example is the estimation of the risk of poverty and social exclusion, by Rosstat which has implemented the Eurostat methodology.The study revealed that the use of the value of the equivalent income as a criteria of households significantly changes the composition of population groups in the social hierarchy. Thus, the poorest strata of the population with the minimum values of the equivalent incomelevels are more likely to include older people and to a lesser extent children compared to the groups of households according to the nominal income per capita. At the same time, the characteristics of income distribution, such as the Gini Index and Palma Ratio, practically do not change their values. Therefore, the inclusion of an equivalent income in the analysis of inequality and poverty makes it possible to identify additional characteristics and socially significant aspects of these phenomena and take them into account accordingly when developing policy measures and targeted support for needy groups of the population.The framework of the calculations that were performed in the study was the files of anonymized microdata available from a sample survey of population income and social programs participation, which were taken from the website of the Federal State Statistics Service.
本文中提出的研究结果的相关性取决于当今社会对在全球和国家两级消除贫穷和减少不平等领域制定有效政策的关注。本文的目的是根据俄罗斯人口的消费特征,分析欧盟和经合组织在俄罗斯使用的等效量表的可接受性,并根据用户可获得的官方统计数据,获得与国际惯例一致的评估贫困和不平等的指标。关于不平等与贫困的等效收入研究是国外国际组织和国家机构的普遍经验。然而,在俄罗斯,它并没有得到适当的应用。唯一的例子是实施欧盟统计局方法的俄罗斯国家统计局对贫困和社会排斥风险的估计。研究表明,使用等值收入的价值作为家庭的标准,显著地改变了社会阶层中人口群体的构成。因此,与按人均名义收入划分的家庭群体相比,同等收入水平值最低的人口中最贫穷阶层更可能包括老年人,在较小程度上包括儿童。与此同时,收入分配的特征,如基尼指数和帕尔马比率,实际上并没有改变它们的值。因此,在分析不平等和贫穷时列入相等的收入,就有可能查明这些现象的其他特点和具有社会意义的方面,并在制定政策措施和有针对性地支助人口中的贫困群体时相应地考虑到这些特点和方面。研究中进行的计算框架是来自联邦国家统计局网站上的人口收入和社会项目参与抽样调查的匿名微数据文件。
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引用次数: 5
Financial Repression in a DSGE Model with Financial Frictions 具有金融摩擦的DSGE模型中的金融抑制
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-4-475-502
M. Elkina, S. Pekarski
To explore the role of financial frictions for macroeconomic policy transmission, this paper compares macroeconomic effects of tightening financial repression in the standard medium-scale DSGE model which assumes perfect capital markets and the one with financial frictions. Introducing financial frictions into the model deepens negative impact of financial repression on private investment, it but leads to weaker initial negative response in output. This result is driven by two effects. Firstly, in the model with financial frictions, investment is more sensitive to changes in the economic activity because negative shock worsens financial health of entrepreneurs and leads to tighter borrowing conditions. Secondly, in the model with financial frictions, the problem of households who consume and save and that of entrepreneurs who invest in capital are considered separately. Financial repression reduces return on capital, which further worsens financial stance of entrepreneurs, but does not impact return received by creditors because it is fixed in the contract. Hence, the impact of financial repression on households and their consumption is smaller in the model with financial frictions. In the consumption-led economy the overall effect on output is less prominent if we model financial market explicitly. Quantitatively, this effect can be quite substantial, so we conclude that analysis of financial repression effects calls for explicit modeling of financial market and its specific characteristics despite possible benefits of a simpler model. Furthermore, when compared to various distortionary taxation measures as a way to finance an increase in government purchases, financial repression produces lower fiscal multipliers.
为了探讨金融摩擦对宏观经济政策传导的作用,本文在假设资本市场完善的标准中等规模DSGE模型和存在金融摩擦的DSGE模型中,比较了收紧金融抑制的宏观经济效应。在模型中引入金融摩擦会加深金融抑制对私人投资的负面影响,但会导致产出的初始负面反应减弱。这一结果是由两种效应驱动的。首先,在有金融摩擦的模型中,投资对经济活动的变化更为敏感,因为负面冲击恶化了企业家的财务健康状况,导致借贷条件收紧。其次,在存在金融摩擦的模型中,分别考虑了消费储蓄的家庭问题和投资资本的企业家问题。金融抑制降低了资本回报率,这进一步恶化了企业家的财务状况,但不影响债权人收到的回报,因为它是在合同中固定的。因此,在存在金融摩擦的模型中,金融抑制对家庭及其消费的影响较小。在消费导向型经济中,如果我们对金融市场进行明确建模,那么对产出的总体影响就不那么突出了。从数量上讲,这种影响可能相当可观,因此我们得出结论,尽管简单的模型可能带来好处,但对金融抑制效应的分析需要对金融市场及其具体特征进行明确的建模。此外,与为增加政府采购提供资金的各种扭曲性税收措施相比,金融抑制产生的财政乘数更低。
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引用次数: 1
The Fatherhood Wage Premium in Russia 俄罗斯的父亲工资溢价
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-2-157-190
Ощепков Алексей Юрьевич
Положение и поведение взрослых индивидов на рынке труда тесно взаимосвязано с наличием у них детей. Исследования традиционно показывают, что у женщин дети вызывают сокращение предложения труда и заработков. Менее исследованный вопрос - как дети влияют на мужчин? В данной работе анализируется связь между заработной платой и детьми у российских мужчин с использованием панельных микроданных РМЭЗ НИУ ВШЭ за 2010-2018 гг. В среднем за рассматриваемый период мужчины, имеющие детей, получали примерно на 25% больше, чем мужчины без детей, что указывает на заметную «премию» за отцовство. Оценивая уравнения заработной платы с учетом индивидуальных фиксированных эффектов, мы показываем, что после контроля различий между отцами и не отцами в наблюдаемых социально-демографических и ненаблюдаемых индивидуальных характеристиках преимущество отцов в оплате труда полностью исчезает. Это говорит о том, что оно полностью объясняется (само)отбором изначально более производительных мужчин в отцы, а как таковой «премии» за отцовство в России не существует. Однако оценивание моделей, учитывающих возраст и количество детей, а также их биологическое родство с мужчиной, все же позволяет выявить небольшую - в размере 2,5-3%, - но статистически значимую зарплатную «премию» за одного биологически родного ребенка в возрасте до трех лет. Мы показываем, что эта «премия» не связана с возможным обратным влиянием роста заработной платы мужчины на решение завести ребенка и может частично объясняться усилением гендерной специализации труда внутри домохозяйства после появления ребенка. Дополнительно мы находим у российских мужчин, состоящих в официальном браке, супружескую «премию» в размере около 3%.
成人在劳动力市场上的地位和行为与儿童的存在密切相关。研究传统上表明,在妇女中,儿童会导致就业和收入的减少。一个不那么复杂的问题——孩子对男人有什么影响?这份工作分析了俄罗斯男子工资和子女之间的联系,使用的是2010-2018年俄罗斯男子微观数据显示,在这段时间里,有子女的男子平均比没有子女的男子多获得25%,这表明父亲的报酬是显著的。根据个别固定影响评估工资方程,我们发现,在控制了父亲与非父亲之间的差异之后,父亲在社会人口和不为人知的个人特征上的优势完全消失了。这表明,这完全可以解释(本身)对最初更有生产力的男性父亲的选择,因此在俄罗斯没有“亲子奖”。但是,考虑到儿童的年龄和数量以及与男性的生理关系,评估显示,对于三岁以下的一名生物生身子女,只获得2.5 -3%的低工资。我们认为,这一“奖金”与男子工资增长可能对生育决定产生的负面影响无关,部分原因是家庭内部性别专业化的增加。此外,我们还发现,在正式结婚的俄罗斯男性中,已婚“奖金”约为3%。
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引用次数: 1
The Russian Electricity Reform: Achievements and Unresolved Issues 俄罗斯电力改革:成就与未解决的问题
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-323-339
Jakov Urinson, Igor Kozhukhovski, I. Sorokin, Russian Energy Agency
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引用次数: 4
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HSE Economic Journal
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