In recent years Russia’s investment performance has been very disappointing. The Asian crisis, and then Russia’s own economic turmoil are currently jeopardizing plans for much needed investments. At the same time, the devaluation has created a situation in which investors could benefit from increased price competitiveness if producing domestically. Despite the current crisis, some foreign companies have recently made plans to expand their activities in Russia, taking advantage of the small, but real window of opportunity that has arisen due to the devaluation. These are companies that either rely on domestic inputs for their production, or are able to shift from imported to indigenous inputs, and thus take advantage of the increased price competitiveness.
{"title":"Foreign Direct Investments in Russia","authors":"P. Westin","doi":"10.1111/1467-9426.00034","DOIUrl":"https://doi.org/10.1111/1467-9426.00034","url":null,"abstract":"In recent years Russia’s investment performance has been very disappointing. The Asian crisis, and then Russia’s own economic turmoil are currently jeopardizing plans for much needed investments. At the same time, the devaluation has created a situation in which investors could benefit from increased price competitiveness if producing domestically. Despite the current crisis, some foreign companies have recently made plans to expand their activities in Russia, taking advantage of the small, but real window of opportunity that has arisen due to the devaluation. These are companies that either rely on domestic inputs for their production, or are able to shift from imported to indigenous inputs, and thus take advantage of the increased price competitiveness.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"8 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":"133736035","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 purpose of this note is to briefly review developments in the Russian banking sector in 1999, in particular the efforts towards restructuring. There are three main points that I would like to make: 1. The difficult situation of the Russian banking system is not primarily a consequence of the August 1998 financial crash. 2. The health of the banking system has not improved substantially in 1999, and this is partly due to slow progress in bank restructuring. 3. More fundamentally, the banking industry suffers from a set of structural problems in the real sector
{"title":"Bank Restructuring: Developments in 1999","authors":"K. Eggenberger","doi":"10.1111/1467-9426.00080","DOIUrl":"https://doi.org/10.1111/1467-9426.00080","url":null,"abstract":"The purpose of this note is to briefly review developments in the Russian banking sector in 1999, in particular the efforts towards restructuring. There are three main points that I would like to make: 1. The difficult situation of the Russian banking system is not primarily a consequence of the August 1998 financial crash. 2. The health of the banking system has not improved substantially in 1999, and this is partly due to slow progress in bank restructuring. 3. More fundamentally, the banking industry suffers from a set of structural problems in the real sector","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"4 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":"123923257","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}
Efficient corporate governance and the Russian economy have long been considered to be virtually incompatible. This viewpoint has been supported by numerous studies as well as by extensive anecdotal evidence, a substantial part of which, however, dates back to the early 1990s. This article presents new evidence on Russian corporate governance, obtained from a study of chief executive turnover in Russian companies. Its main finding runs contrary to widely held beliefs that corporate governance is non-existent in Russia. Managers of Russian firms do face the threat of dismissal if they perform inefficiently. The article also challenges the view that the state is a passive shareholder in Russian companies. Finally, it presents evidence of how managerial succession is influenced by the ownership structure of companies.
{"title":"Turnover of Top Executives in Russian Companies","authors":"A. Muravyev","doi":"10.1111/1467-9426.00162","DOIUrl":"https://doi.org/10.1111/1467-9426.00162","url":null,"abstract":"Efficient corporate governance and the Russian economy have long been considered to be virtually incompatible. This viewpoint has been supported by numerous studies as well as by extensive anecdotal evidence, a substantial part of which, however, dates back to the early 1990s. This article presents new evidence on Russian corporate governance, obtained from a study of chief executive turnover in Russian companies. Its main finding runs contrary to widely held beliefs that corporate governance is non-existent in Russia. Managers of Russian firms do face the threat of dismissal if they perform inefficiently. The article also challenges the view that the state is a passive shareholder in Russian companies. Finally, it presents evidence of how managerial succession is influenced by the ownership structure of companies.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"31 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":"129724638","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 European Union is an important trade partner for Russia. For example, in 2000 more than one third of Russia's foreign trade was with EU countries. By contrast, only a little over 1% of total EU foreign trade was with Russia. A quick look at the map shows that a substantial part of trade between Russia and the EU has to be transported through the region located between Russia and the European Union. Following substantial statistical work we present in this study summary statistics about volumes as well as previously unpublished statistics on values of transit transport flows and their distribution by different corridors between Russia and the EU. The largest transit transport flows (more than 60% of volumes and more than half in value terms) between Russia and the EU use the Central European transport corridors. The statistics also reveal that average unit value of transit merchandise from the EU to Russia was more than seven times higher in 1999 than the average unit value of transit merchandise from Russia to the EU. The obvious reason is the structure of trade between Russia and the EU: Russia exports mainly fuels and raw materials but imports manufactured high-value products.
{"title":"Transit Transports between Russia and the EU","authors":"J. Laurila","doi":"10.1111/1467-9426.00178","DOIUrl":"https://doi.org/10.1111/1467-9426.00178","url":null,"abstract":"The European Union is an important trade partner for Russia. For example, in 2000 more than one third of Russia's foreign trade was with EU countries. By contrast, only a little over 1% of total EU foreign trade was with Russia. A quick look at the map shows that a substantial part of trade between Russia and the EU has to be transported through the region located between Russia and the European Union. \u0000 \u0000 \u0000 \u0000Following substantial statistical work we present in this study summary statistics about volumes as well as previously unpublished statistics on values of transit transport flows and their distribution by different corridors between Russia and the EU. The largest transit transport flows (more than 60% of volumes and more than half in value terms) between Russia and the EU use the Central European transport corridors. The statistics also reveal that average unit value of transit merchandise from the EU to Russia was more than seven times higher in 1999 than the average unit value of transit merchandise from Russia to the EU. The obvious reason is the structure of trade between Russia and the EU: Russia exports mainly fuels and raw materials but imports manufactured high-value products.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"81 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":"127457400","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}
There has recently been a resurgence of calls for the Russian authorities to develop and implement an active industrial policy, identifying sectors and individual companies as priority targets for government support. However, in our view, the fundamental question still facing the Russian economy is not whether to support individual industries, let alone individual enterprises and projects, but how to attract private investment and improve the overall business climate.
{"title":"Support for Individual Investment Projects Versus Overall Improvement of the Investment Climate in Russia","authors":"P. Isaeva, P. Oppenheimer","doi":"10.1111/1467-9426.00163","DOIUrl":"https://doi.org/10.1111/1467-9426.00163","url":null,"abstract":"There has recently been a resurgence of calls for the Russian authorities to develop and implement an active industrial policy, identifying sectors and individual companies as priority targets for government support. However, in our view, the fundamental question still facing the Russian economy is not whether to support individual industries, let alone individual enterprises and projects, but how to attract private investment and improve the overall business climate.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"317 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":"114063804","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}
I. Cochrane, V. Gidirim, T. Carty, Zhanna Dobritskaya
{"title":"The Russian Tax System: Achievements in 2000 and the Possible Agenda for 2001","authors":"I. Cochrane, V. Gidirim, T. Carty, Zhanna Dobritskaya","doi":"10.1111/1467-9426.00129","DOIUrl":"https://doi.org/10.1111/1467-9426.00129","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"10 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":"132733232","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":"Inequality and Poverty in Post‐crisis Russia","authors":"S. Kolenikov, K. Yudaeva","doi":"10.1111/1467-9426.00063","DOIUrl":"https://doi.org/10.1111/1467-9426.00063","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"20 25-26 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":"123595352","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}
Whereas most research findings are similar as regards appraisal of shifts in enterprise ownership structure, findings of analyses of the ownership—performance relationship are often diametrically opposed or ambiguous. This paper focuses on the most controversial issues or those crucial for determining priorities of government regulation of the corporate sector. An original technique was used to develop a Corporate Conflict Index (CCI) which, based on indirect evidence, summarises the practices of corporate relations in specific companies based on a variety of indirect data, which enabled a relationship between the level of corporate conflicts and financial performance of enterprises to be established. This provides a rational basis for considering measures to protect minority shareholder rights in Russian firms as an important element of the modification of the emerging corporate governance system.
{"title":"Ownership Structure and Financial Position of Firms in Russia; Empirical Analysis","authors":"A. Radygin, S. Arkhipov","doi":"10.1111/1467-9426.00180","DOIUrl":"https://doi.org/10.1111/1467-9426.00180","url":null,"abstract":"Whereas most research findings are similar as regards appraisal of shifts in enterprise ownership structure, findings of analyses of the ownership—performance relationship are often diametrically opposed or ambiguous. This paper focuses on the most controversial issues or those crucial for determining priorities of government regulation of the corporate sector. An original technique was used to develop a Corporate Conflict Index (CCI) which, based on indirect evidence, summarises the practices of corporate relations in specific companies based on a variety of indirect data, which enabled a relationship between the level of corporate conflicts and financial performance of enterprises to be established. This provides a rational basis for considering measures to protect minority shareholder rights in Russian firms as an important element of the modification of the emerging corporate governance system.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"81 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":"125754316","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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