Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.103
Elena Efimova, A. Maltsev, D. Chupina
Although international environmental cooperation goes back several decades, negotiation and rule-making processes aimed at ensuring sustainable development of the individual regions and world economy have intensified in last years. In the context of the simultaneous intensification of international pressure to “green up” world economy and the growing contradictions between the international actors, the team of authors set a goal to identify the areas of common interest and main disagreements in the positions of key actors on the transition to low carbon development. The research is based on the use of historical and systemic approaches, analytical, bibliographic, logical, structural methods. The authors put forward and test the hypothesis about the primacy of the international approach to the “greening up” of the modern economy. The evolution of the perception of greenhouse gas emissions from a natural satellite of economic progress (before the 1960s) to the main cause of global warming (since the 1990s) is shown. Key international climate agreements and initiatives were systematized, to record the transition from strict top-down benchmarks of harmful emissions reduction to softer self-determined commitments and “green” projects. The conducted correlation analysis revealed the reasons for national differences in the formation of the climate agenda. For the studied group of countries, population and GDP have the greatest impact on CO2 emissions. Developed countries are characterized by an inverse relationship: population growth and GDP growth lead to a decrease in emissions, which can be explained by the predominant share of the service sector in the national economy. Industry and foreign direct investment are the key generators of hydrocarbon pollution in the EU, in India and China respectively. The impossibility of resolving problems at the regional level has led to the delegation of authority to national and international institutions. The article will be of interest to specialists involved in the shaping environmental programs, experts in the field of the regional economy.
{"title":"Green agenda in the modern practice of countries and regions: In search of a unified approach","authors":"Elena Efimova, A. Maltsev, D. Chupina","doi":"10.21638/spbu05.2023.103","DOIUrl":"https://doi.org/10.21638/spbu05.2023.103","url":null,"abstract":"Although international environmental cooperation goes back several decades, negotiation and rule-making processes aimed at ensuring sustainable development of the individual regions and world economy have intensified in last years. In the context of the simultaneous intensification of international pressure to “green up” world economy and the growing contradictions between the international actors, the team of authors set a goal to identify the areas of common interest and main disagreements in the positions of key actors on the transition to low carbon development. The research is based on the use of historical and systemic approaches, analytical, bibliographic, logical, structural methods. The authors put forward and test the hypothesis about the primacy of the international approach to the “greening up” of the modern economy. The evolution of the perception of greenhouse gas emissions from a natural satellite of economic progress (before the 1960s) to the main cause of global warming (since the 1990s) is shown. Key international climate agreements and initiatives were systematized, to record the transition from strict top-down benchmarks of harmful emissions reduction to softer self-determined commitments and “green” projects. The conducted correlation analysis revealed the reasons for national differences in the formation of the climate agenda. For the studied group of countries, population and GDP have the greatest impact on CO2 emissions. Developed countries are characterized by an inverse relationship: population growth and GDP growth lead to a decrease in emissions, which can be explained by the predominant share of the service sector in the national economy. Industry and foreign direct investment are the key generators of hydrocarbon pollution in the EU, in India and China respectively. The impossibility of resolving problems at the regional level has led to the delegation of authority to national and international institutions. The article will be of interest to specialists involved in the shaping environmental programs, experts in the field of the regional economy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782377","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.205
A. Tsyganov, D. Bryzgalov
The article examines the emergence of new insurance interests in Russia related to the COVID-19 pandemic. Research methods: empirical research methods — selective market research, general theoretical methods — analysis, synthesis, comparison and generalization. Research hypothesis is so that in Russia, specialized insurance services have appeared, are used, but have not found wide distribution, designed to compensate for the financial risks of a pandemic. The weak use of insurance as a way to protect against the risks of the financial consequences of the pandemic in the Russian economy is due not only to the level of knowledge about insurance, but also to the desire of Russian entrepreneurs to receive state rather than private protection and support. The purpose of the research is to study the preferences of enterprises when choosing mechanisms for compensating the risks of activities in a pandemic, to identify changes in insurance interests, options for their satisfaction and the prevalence of the use of insurance contracts, to identify the priority of obtaining public state support or insurance protection that takes into account the specific interests of the entrepreneur. In summary, the results of a market research of consumer preferences of enterprises in relation to insurance programs as a mechanism for compensating for the damage of the risks of a “coronavirus” infection are presented, the main insurance products, the level of use and factors preventing an increase in the level of insurance are highlighted. It has been proved that there is a significant proportion of enterprises using insurance to minimize the financial consequences of the pandemic, in the context of the prevalence of the paternalistic model of behavior of the owners and management of enterprises in terms of the formation of financial reserves in the context of the coronavirus infection, which leads to a pronounced priority of state financial support over the private form of financial support for enterprises. Taking into account the results obtained, recommendations were formulated for the development of insurance as a private form of support for enterprises in the context of coronavirus infection, allowing to take into account the peculiarities of the paternalistic behavior of the owners and management of enterprises in terms of compensating for “coronavirus” risks.
{"title":"Use of insurance by Russian enterprises to offset the risks associated with the financial consequences of the COVID-19 pandemic","authors":"A. Tsyganov, D. Bryzgalov","doi":"10.21638/spbu05.2023.205","DOIUrl":"https://doi.org/10.21638/spbu05.2023.205","url":null,"abstract":"The article examines the emergence of new insurance interests in Russia related to the COVID-19 pandemic. Research methods: empirical research methods — selective market research, general theoretical methods — analysis, synthesis, comparison and generalization. Research hypothesis is so that in Russia, specialized insurance services have appeared, are used, but have not found wide distribution, designed to compensate for the financial risks of a pandemic. The weak use of insurance as a way to protect against the risks of the financial consequences of the pandemic in the Russian economy is due not only to the level of knowledge about insurance, but also to the desire of Russian entrepreneurs to receive state rather than private protection and support. The purpose of the research is to study the preferences of enterprises when choosing mechanisms for compensating the risks of activities in a pandemic, to identify changes in insurance interests, options for their satisfaction and the prevalence of the use of insurance contracts, to identify the priority of obtaining public state support or insurance protection that takes into account the specific interests of the entrepreneur. In summary, the results of a market research of consumer preferences of enterprises in relation to insurance programs as a mechanism for compensating for the damage of the risks of a “coronavirus” infection are presented, the main insurance products, the level of use and factors preventing an increase in the level of insurance are highlighted. It has been proved that there is a significant proportion of enterprises using insurance to minimize the financial consequences of the pandemic, in the context of the prevalence of the paternalistic model of behavior of the owners and management of enterprises in terms of the formation of financial reserves in the context of the coronavirus infection, which leads to a pronounced priority of state financial support over the private form of financial support for enterprises. Taking into account the results obtained, recommendations were formulated for the development of insurance as a private form of support for enterprises in the context of coronavirus infection, allowing to take into account the peculiarities of the paternalistic behavior of the owners and management of enterprises in terms of compensating for “coronavirus” risks.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783516","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.203
G. Teplykh, Petr Parshakov
The paper estimates the influence of links between boards of directors on corporate performance at the world level in the framework of network analysis. The vast majority of empirical papers on the topic analyses the case of isolated countries. The current study estimates the effect of networking in large companies at the international level. It enables a more correct construction of the network between directors and eliminates the influence of national specificity. We construct an international network of boards and calculate three alternative centrality metrics: degree, closeness, and betweenness. Then the econometric analysis is applied to estimate the effect of centrality on performance. We consider two dependent variables which are responsible for the long-term and short-term effects (correspondingly, M/B ratio and ROE). The effect of boards’ networking on firm outcomes is found to be positive on average for large global companies. This resultis robust to used centrality metrics and financial indicators.The influence of networking is found to be similar in the short and long term. We found that closeness centrality is the most important aspect of network capital for firm outcomes; degree has a moderate impact; the effects of betweenness are the weakest and statistically close to insignificant. The study contributes considerably to existing literature summarizing particular empirical evidences. Obtained findings also raise new theoretical issues and provide some useful practical implications.
{"title":"Network board capital and performance of international companies","authors":"G. Teplykh, Petr Parshakov","doi":"10.21638/spbu05.2023.203","DOIUrl":"https://doi.org/10.21638/spbu05.2023.203","url":null,"abstract":"The paper estimates the influence of links between boards of directors on corporate performance at the world level in the framework of network analysis. The vast majority of empirical papers on the topic analyses the case of isolated countries. The current study estimates the effect of networking in large companies at the international level. It enables a more correct construction of the network between directors and eliminates the influence of national specificity. We construct an international network of boards and calculate three alternative centrality metrics: degree, closeness, and betweenness. Then the econometric analysis is applied to estimate the effect of centrality on performance. We consider two dependent variables which are responsible for the long-term and short-term effects (correspondingly, M/B ratio and ROE). The effect of boards’ networking on firm outcomes is found to be positive on average for large global companies. This resultis robust to used centrality metrics and financial indicators.The influence of networking is found to be similar in the short and long term. We found that closeness centrality is the most important aspect of network capital for firm outcomes; degree has a moderate impact; the effects of betweenness are the weakest and statistically close to insignificant. The study contributes considerably to existing literature summarizing particular empirical evidences. Obtained findings also raise new theoretical issues and provide some useful practical implications.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783556","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.104
D. Ershov, M. Sigova, I. Nikitina
The article discusses the reasons and factors that make it necessary to transform the structure of the energy sector and approaches developed to implement the state policy of energy transition in modern conditions without creating an additional burden on the environment. The relevance of the topic is confirmed by the global trend of transition to the use of alternative energy sources, the development of low-carbon technologies and considerations of the exhaustibility of sources of fossil raw materials with the objective need to find ways to develop alternative energy, as well as increased external sanctions pressure. A brief review of approaches to the development of energy strategies in several foreign countries is presented including relevant documents of the USA, European Union, Germany and France. The conclusion is made about the global nature of the energy transition processes and the seriousness of the challenges facing Russia in the context of current trends in the transformation of the world energy industry and attempts to use the energy transition factor to increase external pressure. The current Russian strategic planning documents at the federal, sectoral and regional levels are analyzed in terms of reflecting the state policy measures for the development of renewable energy and the decarbonization of the economy. Among the documents of the federal level, the strategies of national security, economic security, the strategy of socio-economic development with low greenhouse gas emissions (low-carbon strategy) and the strategy for the development of the Arctic zone are considered. Industry strategies for the development of metallurgy, energy, transport, construction, science and technology are analyzed, as well as regional strategies for some subjects of the Russian Federation. The conclusion is made that it is necessary to develop a systemic long-term state policy in the field of energy transition and its introduction in the strategies of industries and regions of Russia
{"title":"Reflection of the concept of energy transfer in the development strategies of industries and regions of Russia","authors":"D. Ershov, M. Sigova, I. Nikitina","doi":"10.21638/spbu05.2023.104","DOIUrl":"https://doi.org/10.21638/spbu05.2023.104","url":null,"abstract":"The article discusses the reasons and factors that make it necessary to transform the structure of the energy sector and approaches developed to implement the state policy of energy transition in modern conditions without creating an additional burden on the environment. The relevance of the topic is confirmed by the global trend of transition to the use of alternative energy sources, the development of low-carbon technologies and considerations of the exhaustibility of sources of fossil raw materials with the objective need to find ways to develop alternative energy, as well as increased external sanctions pressure. A brief review of approaches to the development of energy strategies in several foreign countries is presented including relevant documents of the USA, European Union, Germany and France. The conclusion is made about the global nature of the energy transition processes and the seriousness of the challenges facing Russia in the context of current trends in the transformation of the world energy industry and attempts to use the energy transition factor to increase external pressure. The current Russian strategic planning documents at the federal, sectoral and regional levels are analyzed in terms of reflecting the state policy measures for the development of renewable energy and the decarbonization of the economy. Among the documents of the federal level, the strategies of national security, economic security, the strategy of socio-economic development with low greenhouse gas emissions (low-carbon strategy) and the strategy for the development of the Arctic zone are considered. Industry strategies for the development of metallurgy, energy, transport, construction, science and technology are analyzed, as well as regional strategies for some subjects of the Russian Federation. The conclusion is made that it is necessary to develop a systemic long-term state policy in the field of energy transition and its introduction in the strategies of industries and regions of Russia","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782431","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.101
Alexey Vorontsovskiy, N. Bazhanova
This article examines the impact of a stock exchange’s migration on its trading activity and the performance of competing markets. It examines the importance of the location of trading floors for all market participants; analyzes the relationship between the location of a trading floor and the speed of transactions in the stock market, as well as the impact of accelerating transactions on trading activity. The migration of the Euronext exchange from Paris to Basildon on September 25, 2010, was chosen as the event under study. The method of matched pairs demonstrates the possibility of rationalizing of experimental and control sample for further analysis and modeling of the impact of the relocation of the considered stock market on its and competing exchange’s performance. It is illustrated multidirectional changes in the shares of the value volume of trading and the number of transactions on the Euronext exchange itself and four competing markets. In order to model the impact of the migration of the exchange the method of “difference-in-differences” is suggested, that bases on the use of experimental and control samples and on the construction of regression equations of a special kind. Theoretical bases, advantages and disadvantages of the application of the method of “difference of differences” in the analysis of the impact of certain events on economic results were analyzed. Empirical estimates showed a different expected increase in the value of trading volume after the event on the Euronext and Chi-X Europe exchanges. It is noted that as a result of the migration, the Euronext exchange became closer to the alternative trading floors located in London. This accelerated the execution of transactions between them, and stimulated the alternative markets to become more competitive, faster and more fully reflect the changes taking place on the main Euronext Paris market.
{"title":"Modeling the impact of stock exchange migration on trading volumes in competing markets","authors":"Alexey Vorontsovskiy, N. Bazhanova","doi":"10.21638/spbu05.2023.101","DOIUrl":"https://doi.org/10.21638/spbu05.2023.101","url":null,"abstract":"This article examines the impact of a stock exchange’s migration on its trading activity and the performance of competing markets. It examines the importance of the location of trading floors for all market participants; analyzes the relationship between the location of a trading floor and the speed of transactions in the stock market, as well as the impact of accelerating transactions on trading activity. The migration of the Euronext exchange from Paris to Basildon on September 25, 2010, was chosen as the event under study. The method of matched pairs demonstrates the possibility of rationalizing of experimental and control sample for further analysis and modeling of the impact of the relocation of the considered stock market on its and competing exchange’s performance. It is illustrated multidirectional changes in the shares of the value volume of trading and the number of transactions on the Euronext exchange itself and four competing markets. In order to model the impact of the migration of the exchange the method of “difference-in-differences” is suggested, that bases on the use of experimental and control samples and on the construction of regression equations of a special kind. Theoretical bases, advantages and disadvantages of the application of the method of “difference of differences” in the analysis of the impact of certain events on economic results were analyzed. Empirical estimates showed a different expected increase in the value of trading volume after the event on the Euronext and Chi-X Europe exchanges. It is noted that as a result of the migration, the Euronext exchange became closer to the alternative trading floors located in London. This accelerated the execution of transactions between them, and stimulated the alternative markets to become more competitive, faster and more fully reflect the changes taking place on the main Euronext Paris market.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782250","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.102
I. Nesterov
“Central Bank Digital Currencies (CBDCs)” is a relatively new but very fast developing story. The rush of central banks all over the world toward CBDCs proof-of-concept studying and piloting in recent years, as well as somewhere already the practical implementation of their own digital currencies have been motivated by a number of factors that are analyzed in this study. The potential gains of CBDC domestic issue and application can be distinctly outlined today. But, the leading central banks, following to the basic principle “do no harm!”, are acting as carefully and slowly as possible in order to avoid the negative consequences of an abrupt shifts in the contemporary financial landscape. However, successful progress of the People’s Bank of China in piloting the digital yuan, as well as the launch of CBDCs in the Bahamas, Nigeria, Jamaica and the countries of the Organization of Eastern Caribbean States, not only stimulate other states to intensify their own research developments for CBDC, but also raise the question of future implementation of CBDCs for international settlements. The study’s key hypothesis, put forward by the author, is that the inevitable approaching issue of central bank digital currencies will create unique opportunities to enhance significantly the quality of settlement and payment systems not only domestically, but, and especially, internationally. CBDCs’ implementation for cross-border transactions will help to overcome the long-known but still unresolved hurdles of the existing archaic infrastructure of international settlements: low speed, high costs, limited access and insufficient transparency.
“中央银行数字货币(cbdc)”是一个相对较新的但发展非常迅速的故事。近年来，世界各地的中央银行争相进行cbdc的概念验证研究和试点，以及一些地方已经开始实际实施自己的数字货币，这是由本研究中分析的许多因素推动的。今天可以清楚地概述CBDC国内发行和应用的潜在收益。但是，主要央行遵循“不伤害!”，都在尽可能谨慎、缓慢地采取行动，以避免当代金融格局突然变化带来的负面后果。然而，中国人民银行在试点数字人民币方面取得的成功进展，以及在巴哈马、尼日利亚、牙买加和东加勒比国家组织(Organization of Eastern Caribbean States)国家推出CBDC，不仅刺激了其他国家加强自己对CBDC的研究，而且提出了未来在国际结算中实施CBDC的问题。作者提出的这项研究的关键假设是，央行数字货币不可避免的发行将创造独特的机会，不仅在国内，而且在国际上显著提高结算和支付系统的质量。cbdc在跨境交易中的实施将有助于克服现有国际结算基础设施中众所周知但仍未解决的障碍:低速度、高成本、有限的访问和透明度不足。
{"title":"Central bank digital currencies: An innovative tool for enhancing domestic and cross-border payments and settlements","authors":"I. Nesterov","doi":"10.21638/spbu05.2023.102","DOIUrl":"https://doi.org/10.21638/spbu05.2023.102","url":null,"abstract":"“Central Bank Digital Currencies (CBDCs)” is a relatively new but very fast developing story. The rush of central banks all over the world toward CBDCs proof-of-concept studying and piloting in recent years, as well as somewhere already the practical implementation of their own digital currencies have been motivated by a number of factors that are analyzed in this study. The potential gains of CBDC domestic issue and application can be distinctly outlined today. But, the leading central banks, following to the basic principle “do no harm!”, are acting as carefully and slowly as possible in order to avoid the negative consequences of an abrupt shifts in the contemporary financial landscape. However, successful progress of the People’s Bank of China in piloting the digital yuan, as well as the launch of CBDCs in the Bahamas, Nigeria, Jamaica and the countries of the Organization of Eastern Caribbean States, not only stimulate other states to intensify their own research developments for CBDC, but also raise the question of future implementation of CBDCs for international settlements. The study’s key hypothesis, put forward by the author, is that the inevitable approaching issue of central bank digital currencies will create unique opportunities to enhance significantly the quality of settlement and payment systems not only domestically, but, and especially, internationally. CBDCs’ implementation for cross-border transactions will help to overcome the long-known but still unresolved hurdles of the existing archaic infrastructure of international settlements: low speed, high costs, limited access and insufficient transparency.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782353","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.105
V. Shcherbakov, D. Tereshchenko
In many cases the perfect capital mobility hypothesis is used by default. Therefore, if we follow this idea there should not be any connection between internal savings and investments in a country or at least this connection must be not significant. But some of empirical research demonstrate opposite results. In economic literature this concept is well-known as the “Feldstein — Horioka Puzzle”. Considering the relative lack of studies concerning this theme on the regional level, it seems quite perspective to research the hypothesis from the mesoeconomical point of view. So, the central aim of this article is the verification of regional capital mobility in the Russian Federation, following the logics of the Feldstein — Horioka Puzzle. The main peculiarity of the paper is based on the application a spatial econometric approach. The authors use SLX (spatial lag of X model) and SDM (spatial Durbin model) models to achieve the aim. As the result it was found out that there is almost perfect capital mobility situation on the regional level in the Russian Federation. Hereby the Feldstein — Horioka Puzzle was rejected. Along with it several significant direct and indirect effects were established (for instance, reinforced interaction between geographical neighbors-region, absent of capital flow from some regions and other). The results can be used for the consideration of relatively more efficient regional government policy.
{"title":"The verification of regional capital mobility in the Russian Federation: A spatial econometric approach","authors":"V. Shcherbakov, D. Tereshchenko","doi":"10.21638/spbu05.2023.105","DOIUrl":"https://doi.org/10.21638/spbu05.2023.105","url":null,"abstract":"In many cases the perfect capital mobility hypothesis is used by default. Therefore, if we follow this idea there should not be any connection between internal savings and investments in a country or at least this connection must be not significant. But some of empirical research demonstrate opposite results. In economic literature this concept is well-known as the “Feldstein — Horioka Puzzle”. Considering the relative lack of studies concerning this theme on the regional level, it seems quite perspective to research the hypothesis from the mesoeconomical point of view. So, the central aim of this article is the verification of regional capital mobility in the Russian Federation, following the logics of the Feldstein — Horioka Puzzle. The main peculiarity of the paper is based on the application a spatial econometric approach. The authors use SLX (spatial lag of X model) and SDM (spatial Durbin model) models to achieve the aim. As the result it was found out that there is almost perfect capital mobility situation on the regional level in the Russian Federation. Hereby the Feldstein — Horioka Puzzle was rejected. Along with it several significant direct and indirect effects were established (for instance, reinforced interaction between geographical neighbors-region, absent of capital flow from some regions and other). The results can be used for the consideration of relatively more efficient regional government policy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782442","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.106
E. Zakharova, D. Davydov, E. Zemtsova
In the past three decades, many analytical and quantitative models have been developed that seek to explain the inequalities in the spatial distribution of wealth and people, from international and regional to urban. We show that a number of theoretical and empirical works have shaped the New Economic Geography, whose framework is defined by general equilibrium models, heterogeneity, and microeconomic data of quantitative models. Early theoretical work focused on stylized analytical models that made empirical research difficult. The transition to empirical research required a revision of the canonical assumptions that are used in the basic models. Quantitative models focus mainly on applied issues of spatial economics with significant public policy implications. Quantitative models validate the results of analytical models using classic micro-foundations borrowed from urban and transport economies. The challenge for the New Economic Geography is an interdisciplinary dialogue with institutional economics, economic sociology, and endogenous growth theory to explore the problems of institutional heterogeneity and inequality of opportunity. In fact, we can talk about the fusion of disciplines, which will allow us to apply the provisions of the New Economic Geography to the analysis of historical, geographical and other modes of functioning of institutions.
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Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.204
N. Lukashov
The purpose of this article is to develop a theoretical mechanism for planning free cash flows of an innovative project, provided that it is necessary to ensure a highly probable possibility of its implementation. The review of special literature shows that the problem of resource risk management of investment projects in the world economic practice is not new, but the methodological apparatus of project risk management is not sufficiently developed. The result of applying the method of induction in the analysis of the General theory of project risk management terms the planned commercialization of innovation, identified areas of possible application of effort in the management of project risks in investment planning implementation of innovations, the main of which is recognized as a building of special reserve funds within the project budget for the relief of consequences of the possible manifestations related risks. Alternative methods for justifying the values of risk reserve funds for cash flows from operating activities and capital expenditures were created by means of an essential analysis and an actual methodology for constructing the values of risk reserve funds. Using classical deduction to previously obtained results, an algorithm for planning free cash flows of an innovative project was developed and formalized, provided that it is necessary to ensure a highly probable possibility of its implementation. The algorithm for accounting for project risks has been tested on practical material. The results of the study are not only of theoretical and methodological significance, but also have a high practical significance. The scope of their application is not limited to the use of high — tech innovations in the framework of investment design. They can and should be used in all cases when it is necessary to reliably achieve the priority goals set by the initiators of risky investments in the real sector of the economy in the future.
{"title":"Current approaches to resource risk-management of innovative projects","authors":"N. Lukashov","doi":"10.21638/spbu05.2023.204","DOIUrl":"https://doi.org/10.21638/spbu05.2023.204","url":null,"abstract":"The purpose of this article is to develop a theoretical mechanism for planning free cash flows of an innovative project, provided that it is necessary to ensure a highly probable possibility of its implementation. The review of special literature shows that the problem of resource risk management of investment projects in the world economic practice is not new, but the methodological apparatus of project risk management is not sufficiently developed. The result of applying the method of induction in the analysis of the General theory of project risk management terms the planned commercialization of innovation, identified areas of possible application of effort in the management of project risks in investment planning implementation of innovations, the main of which is recognized as a building of special reserve funds within the project budget for the relief of consequences of the possible manifestations related risks. Alternative methods for justifying the values of risk reserve funds for cash flows from operating activities and capital expenditures were created by means of an essential analysis and an actual methodology for constructing the values of risk reserve funds. Using classical deduction to previously obtained results, an algorithm for planning free cash flows of an innovative project was developed and formalized, provided that it is necessary to ensure a highly probable possibility of its implementation. The algorithm for accounting for project risks has been tested on practical material. The results of the study are not only of theoretical and methodological significance, but also have a high practical significance. The scope of their application is not limited to the use of high — tech innovations in the framework of investment design. They can and should be used in all cases when it is necessary to reliably achieve the priority goals set by the initiators of risky investments in the real sector of the economy in the future.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783568","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}
Pub Date : 2023-01-01DOI: 10.21638/spbu05.2023.206
S. Nefedov
The article is devoted to the study of the influence of customs policy on the economic development of Russia in the first half of the 19th century. If we do not take into account the demands of the coalition allies, then this policy was mainly determined by the struggle of two forces with opposing economic interests. One of the forces was “agrarians”, landowners-nobles, interested in free trade, that is, in the free export of agricultural products and the duty-free receipt of manufactured goods from industrial countries. Another force, whose role is still downplayed by historians, was the absolutist state, personified by the monarch and the central bureaucracy. The state was interested in maintaining military and financial power, and in economic independence. This implied an industry that had to be protected from foreign competition by high customs duties. The interests of these forces were reflected in the ideological confrontation. On the one hand, the ideas of Adam Smith’s “political economy” proclaiming freedom of trade were popular among the nobility. On the other hand, the bureaucracy used in its practice the ideas of traditional mercantilism. After the end of the Napoleonic wars, duties were significantly reduced (tariff of 1819), but the relative freedom of trade led to the massive ruin of Russian manufactories. As a result, the tariff of 1822 marked a decisive turn towards mercantilist politics. Although Treasury Secretary Kankrin was lip service to protectionism, he retained the most important mercantilist ban on metal imports by sea. In the absence of competition, the Ural industrialists were not interested in introducing new technology, and the industrial revolution passed by the Russian metallurgy. Thus, while the thoughtless transition to free trade in 1819 caused the ruin of a large part of the manufactures, the mercantelist policy carried to the extreme caused technical stagnation in the most important branches of the economy. This predetermined the further economic lag in the process of “great divergence”.
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