Russian business activities abroad are expanding rapidly. The recorded FDI outflow from Russia was $3bn in 2000, and is expected to increase. This article describes foreign operations of some 15 of Russia's most internationalised corporations, and discusses the role of their foreign activities in integrating Russia with the global economy.
{"title":"International Activities of Russian Corporations — Where Does Russian Business Expansion Lead?","authors":"K. Liuhto, Jari Jumpponen","doi":"10.1111/1467-9426.00197","DOIUrl":"https://doi.org/10.1111/1467-9426.00197","url":null,"abstract":"Russian business activities abroad are expanding rapidly. The recorded FDI outflow from Russia was $3bn in 2000, and is expected to increase. This article describes foreign operations of some 15 of Russia's most internationalised corporations, and discusses the role of their foreign activities in integrating Russia with the global economy.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131474047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
One of the main negative trends of the last decade in Russia has been an unprecedented rise in the numbers of the poor. The economic crisis has entailed an almost two-fold drop in average incomes, modernisation of income distribution has led to an unprecedented increase of income inequality, and the Soviet system of social benefits and privileges oriented to supporting the wealthiest groups has remained in place. The result has been a surge in the poverty rate. This article outlines major issues to be addressed in developing a poverty alleviation policy for Russia. They can be broadly summarised as follows: poverty identification and measurement; analysis of causes and determinants of poverty; adequate economic and social measures to reduce the poverty rate in the current socio-economic situation. Only comprehensive and consistent consideration of these issues will allow a strategy of poverty rate reduction to be formulated.
{"title":"What Kind of Poverty Alleviation Policy Does Russia Need","authors":"L. Ovcharova, D. Popova","doi":"10.1111/1467-9426.00160","DOIUrl":"https://doi.org/10.1111/1467-9426.00160","url":null,"abstract":"One of the main negative trends of the last decade in Russia has been an unprecedented rise in the numbers of the poor. The economic crisis has entailed an almost two-fold drop in average incomes, modernisation of income distribution has led to an unprecedented increase of income inequality, and the Soviet system of social benefits and privileges oriented to supporting the wealthiest groups has remained in place. The result has been a surge in the poverty rate. This article outlines major issues to be addressed in developing a poverty alleviation policy for Russia. They can be broadly summarised as follows: poverty identification and measurement; analysis of causes and determinants of poverty; adequate economic and social measures to reduce the poverty rate in the current socio-economic situation. Only comprehensive and consistent consideration of these issues will allow a strategy of poverty rate reduction to be formulated.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134577071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial‐Industrial Groups in Russia: Virtue or Vice","authors":"David Brown, S. Guriev, N. Volchkova","doi":"10.1111/1467-9426.00062","DOIUrl":"https://doi.org/10.1111/1467-9426.00062","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114328052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Arrears: The Tide that is Drowning Russia","authors":"N. Ivanova, Charles Wyplosz","doi":"10.1111/1467-9426.00033","DOIUrl":"https://doi.org/10.1111/1467-9426.00033","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128000554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
More than 10 years after Thane Gustafson characterised the condition of the Russian oil industry as ‘crisis amid plenty’, the situation has not changed for the better. Taking into account the huge resource potential, its performance is still far too weak. After a dramatic decline of oil output during the first five years of transition, production began to stagnate on a non-optimal level of about 300 mn tonnes per year. The main reason for this development is the absence of upstream investment due to an unstable institutional environment. Therefore, it seems to be necessary to implement new legal and tax instruments, which provide incentives to make Russian oil projects more attractive for investors, mainly foreign oil companies.
{"title":"The Russian Oil Sector: Finally Ready for Investors?","authors":"Gert Ziener","doi":"10.1111/1467-9426.00199","DOIUrl":"https://doi.org/10.1111/1467-9426.00199","url":null,"abstract":"More than 10 years after Thane Gustafson characterised the condition of the Russian oil industry as ‘crisis amid plenty’, the situation has not changed for the better. Taking into account the huge resource potential, its performance is still far too weak. After a dramatic decline of oil output during the first five years of transition, production began to stagnate on a non-optimal level of about 300 mn tonnes per year. The main reason for this development is the absence of upstream investment due to an unstable institutional environment. Therefore, it seems to be necessary to implement new legal and tax instruments, which provide incentives to make Russian oil projects more attractive for investors, mainly foreign oil companies.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126750597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The automotive industry ranks alongside export-oriented industries as one of the most promising targets for investment in Russia. On the demand side, its future prospects depend on growth of internal demand fuelled by improvement of Russian living standards and also on the capacity of Russian car manufacturers to regain and expand market shares on their traditional markets in the former Soviet Union, India, Latin America and the Middle East. At the same time, Russian car producers have to cope with a new competitive environment brought about by the presence of foreign car producers in the country. On the supply side, production of cars is supported, among other things, by fairly high levels of development in the Russian metallurgy and petrochemical industries. The car industry has outdated equipment and produces obsolete models, but overall its production base is quite strong, although in urgent need of restructuring.
{"title":"Industrial Cooperation in the Russian Car Industry","authors":"Victoria Ashrafian, X. Richet","doi":"10.1111/1467-9426.00198","DOIUrl":"https://doi.org/10.1111/1467-9426.00198","url":null,"abstract":"The automotive industry ranks alongside export-oriented industries as one of the most promising targets for investment in Russia. On the demand side, its future prospects depend on growth of internal demand fuelled by improvement of Russian living standards and also on the capacity of Russian car manufacturers to regain and expand market shares on their traditional markets in the former Soviet Union, India, Latin America and the Middle East. At the same time, Russian car producers have to cope with a new competitive environment brought about by the presence of foreign car producers in the country. On the supply side, production of cars is supported, among other things, by fairly high levels of development in the Russian metallurgy and petrochemical industries. The car industry has outdated equipment and produces obsolete models, but overall its production base is quite strong, although in urgent need of restructuring.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122697256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At the beginning of this year, Russia owed about $158 bn to foreign governments, Western banks, and multinational lending agencies such as the World Bank and the International Monetary Fund. Russia inherited a part of this debt burden from the former Soviet Union, while the rest of it has been accumulated during the transition years. The analysis in the report suggests that the problems of Russias ability to service its external debt and the solutions to these problems are to be found in structural issues (especially fiscal issues) rather than in features of the current account. The short-term alternatives for financing Russias external debt are limited. Significant budget cuts in government spending are unlikely in the near future, money printing would only add to inflation, and receipt of new credits is neither likely nor recommended. The hope of investors who are interested in Russia is that the government will take the route of structural reform. The money earned from Russias trade surplus remains a significant source for debt finance. However, the extent to which Russia can rely on this source depends greatly on world market developments, particularly changes in natural resource prices. Also the Russian authorities will only be able to reap the full benefit of the trade surplus if they can drastically reduce capital flight, which again leads us back to the necessity of structural reforms. In the long-run, without significant improvements in state finances and the investment climate, Russia will continue to have difficulty in making external debt payments and attracting new financing from international capital markets. A debt write-off deal with the Paris Club similar to that, which Russia reached with the London-Club, would ease the debt burden in the short-run. However, this would not solve the fundamental problems. Instead, the long-term solutions lies in new investments, which are the engine of sustainable economic growth. Structural reforms, starting with tax reform, will encourage investments and also encourage people to pay taxes. An increase in real income stimulated by investments also leads to an increase in tax revenue, provided that fiscal discipline is maintained. It remains to be seen whether Russian decision makers have enough political will and fiscal discipline to move from words to actions and implement long-promised structural reforms.
{"title":"Russia's External Debt, Solvency and Options for Alternative Capital Inflow","authors":"Niina Pautola","doi":"10.1111/1467-9426.00099","DOIUrl":"https://doi.org/10.1111/1467-9426.00099","url":null,"abstract":"At the beginning of this year, Russia owed about $158 bn to foreign governments, Western banks, and multinational lending agencies such as the World Bank and the International Monetary Fund. Russia inherited a part of this debt burden from the former Soviet Union, while the rest of it has been accumulated during the transition years. The analysis in the report suggests that the problems of Russias ability to service its external debt and the solutions to these problems are to be found in structural issues (especially fiscal issues) rather than in features of the current account. The short-term alternatives for financing Russias external debt are limited. Significant budget cuts in government spending are unlikely in the near future, money printing would only add to inflation, and receipt of new credits is neither likely nor recommended. The hope of investors who are interested in Russia is that the government will take the route of structural reform. The money earned from Russias trade surplus remains a significant source for debt finance. However, the extent to which Russia can rely on this source depends greatly on world market developments, particularly changes in natural resource prices. Also the Russian authorities will only be able to reap the full benefit of the trade surplus if they can drastically reduce capital flight, which again leads us back to the necessity of structural reforms. In the long-run, without significant improvements in state finances and the investment climate, Russia will continue to have difficulty in making external debt payments and attracting new financing from international capital markets. A debt write-off deal with the Paris Club similar to that, which Russia reached with the London-Club, would ease the debt burden in the short-run. However, this would not solve the fundamental problems. Instead, the long-term solutions lies in new investments, which are the engine of sustainable economic growth. Structural reforms, starting with tax reform, will encourage investments and also encourage people to pay taxes. An increase in real income stimulated by investments also leads to an increase in tax revenue, provided that fiscal discipline is maintained. It remains to be seen whether Russian decision makers have enough political will and fiscal discipline to move from words to actions and implement long-promised structural reforms.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115038481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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