Pub Date : 2022-01-01DOI: 10.31737/2221-2264-2022-57-5-7
M. Bakeev
In this paper, we argue that economics faces two conflicting societal demands. On the one hand, there is a demand for a practical theory that can be successfully used in the framework of economic policy, in solving various applied problems, etc. On the other hand, the established scientific ethos sets high standards for the internal consistency and formalism of the theory, which often limits its realism and practical applicability. As we speculate in this article, based on the history of the post-war macroeconomic mainstream, the most successful schools of thought in terms of policy impact are those that attempt to respond to both of these demands. This is expressed in the choice of a middle, compromise path: the preservation of a formalized abstract core of the theory while introducing modifications that increase its realism. Based on the study of the influence of four schools in macroeconomics, namely, post-war mainstream Keynesianism (so-called “The Neoclassical Synthesis”), monetarism, new classical macroeconomics, and new Keynesian macroeconomics, on US monetary policy, we claim that New Keynesians turned out to be the most influential school, as they managed to combine the standards of formalism and realism as much as possible.
{"title":"A compromise between formalism and realism as a way to influence economic policy","authors":"M. Bakeev","doi":"10.31737/2221-2264-2022-57-5-7","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-57-5-7","url":null,"abstract":"In this paper, we argue that economics faces two conflicting societal demands. On the one hand, there is a demand for a practical theory that can be successfully used in the framework of economic policy, in solving various applied problems, etc. On the other hand, the established scientific ethos sets high standards for the internal consistency and formalism of the theory, which often limits its realism and practical applicability. As we speculate in this article, based on the history of the post-war macroeconomic mainstream, the most successful schools of thought in terms of policy impact are those that attempt to respond to both of these demands. This is expressed in the choice of a middle, compromise path: the preservation of a formalized abstract core of the theory while introducing modifications that increase its realism. Based on the study of the influence of four schools in macroeconomics, namely, post-war mainstream Keynesianism (so-called “The Neoclassical Synthesis”), monetarism, new classical macroeconomics, and new Keynesian macroeconomics, on US monetary policy, we claim that New Keynesians turned out to be the most influential school, as they managed to combine the standards of formalism and realism as much as possible.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69824635","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-56-4-8
Y. Goland
The article analyzes the experience of New economic policy (NEP), some of its features, the study of which may be helpful in solving the problems of the modern domestic economy. Certain similarities are obvious between the mixed economy of the NEP period, which V. Lenin called state capitalism, and the modern market economy with the growing role of the state. Within the framework of the chosen topic of NEP lessons, fi ve key research areas have been identifi ed: 1) selection of qualifi ed personnel, 2) limitation of the excessive control system, 3) monetary policy, combining fi ghting infl ation and stimulating economic growth, 4) a stable exchange rate of the domestic currency or devaluation; 5) attracting foreign capital. For each of these areas, the problems during the NEP period are highlighted. They were caused not only by the complexity of the economic recovery following the civil war. Contradictions in the ruling stratum of the Communist Party were also of great importance. The communists with high posts in the economy considered the development of productive forces to be the main priority and proceeded from the need to stimulate an increase in production. Party ideologists and apparatchiks, representatives of various control bodies, were guided primarily by political and ideological considerations. As a result of these contradictions, economic policy was often inconsistent. The study of the NEP experience lets us fi nd the positive lessons that can be used in modern conditions, and those negative features that should not be repeated.
{"title":"Lessons from the NEP experience for solving contemporary economic problems (to the 100th anniversary of the transition to NEP)","authors":"Y. Goland","doi":"10.31737/2221-2264-2022-56-4-8","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-56-4-8","url":null,"abstract":"The article analyzes the experience of New economic policy (NEP), some of its features, the study of which may be helpful in solving the problems of the modern domestic economy. Certain similarities are obvious between the mixed economy of the NEP period, which V. Lenin called state capitalism, and the modern market economy with the growing role of the state. Within the framework of the chosen topic of NEP lessons, fi ve key research areas have been identifi ed: 1) selection of qualifi ed personnel, 2) limitation of the excessive control system, 3) monetary policy, combining fi ghting infl ation and stimulating economic growth, 4) a stable exchange rate of the domestic currency or devaluation; 5) attracting foreign capital. For each of these areas, the problems during the NEP period are highlighted. They were caused not only by the complexity of the economic recovery following the civil war. Contradictions in the ruling stratum of the Communist Party were also of great importance. The communists with high posts in the economy considered the development of productive forces to be the main priority and proceeded from the need to stimulate an increase in production. Party ideologists and apparatchiks, representatives of various control bodies, were guided primarily by political and ideological considerations. As a result of these contradictions, economic policy was often inconsistent. The study of the NEP experience lets us fi nd the positive lessons that can be used in modern conditions, and those negative features that should not be repeated.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69824704","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-53-1-4
N. Myachin
According to the concept of the natural rate of crime the number of crimes committed in the long term depends not on the direct costs of society to combat them, but on the quality of the work of socio-economic institutions. Empirical verification of the presence of this phenomenon in some countries is reflected in foreign studies, while in Russia such works are more descriptive than applied. At the same time, determining the natural rate of crime is important for the strategic planning in the economy, as it allows minimizing the costs of combating crime and increasing the efficiency of budget expenditures. The purpose of this article is to check whether there is a natural crime rate in Russia. For this purpose the indicators of the crime rate in Russia from 1992 to 2020 are analyzed using unit root tests. We apply both conventional unit root tests and tests that take into account structural breaks and spatial correlation between the subjects of panel data, which are the federal districts. The results of the study allow to conclude that there is a natural crime rate in Russia for rapes, hijackings and traffic violations. In the context of the deterrence hypothesis, counteracting these types of crimes will lead to a temporary decrease in their level, which will inevitably return to its previous values. The author attributes the absence of a natural level for most types of Russian crime to the state of public institutions and the mobility of the institutional structure, as well as to the limitations of official criminal statistics.
{"title":"Is there a natural rate of crime in Russia?","authors":"N. Myachin","doi":"10.31737/2221-2264-2022-53-1-4","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-53-1-4","url":null,"abstract":"According to the concept of the natural rate of crime the number of crimes committed in the long term depends not on the direct costs of society to combat them, but on the quality of the work of socio-economic institutions. Empirical verification of the presence of this phenomenon in some countries is reflected in foreign studies, while in Russia such works are more descriptive than applied. At the same time, determining the natural rate of crime is important for the strategic planning in the economy, as it allows minimizing the costs of combating crime and increasing the efficiency of budget expenditures. The purpose of this article is to check whether there is a natural crime rate in Russia. For this purpose the indicators of the crime rate in Russia from 1992 to 2020 are analyzed using unit root tests. We apply both conventional unit root tests and tests that take into account structural breaks and spatial correlation between the subjects of panel data, which are the federal districts. The results of the study allow to conclude that there is a natural crime rate in Russia for rapes, hijackings and traffic violations. In the context of the deterrence hypothesis, counteracting these types of crimes will lead to a temporary decrease in their level, which will inevitably return to its previous values. The author attributes the absence of a natural level for most types of Russian crime to the state of public institutions and the mobility of the institutional structure, as well as to the limitations of official criminal statistics.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69821778","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-55-3-8
V. Ostapenko, E. A. Buglevsky
The paper considers the evolution of the money supply concept in economics through the lens of contemporary discussion on the degree of its endogeneity. It is stated that the model of exogenous money supply formation, widespread in the literature and actively criticized in recent decades, is an artifact of macroeconomic thought. Its dominance lasted a very short time period, and various forms of endogeneity were attributed to money supply much more often in the course of monetary theory development. Authors cover the debates between the currency and banking school in the XIX century, the birth of the theory of money multiplier, Keynes’ position, the monetarist view of money supply and its criticism by Post- Keynesians. Particular attention is paid to the turn in views within the mainstream, from the Real Business Cycles doctrine to state-of-the-art models of the New Synthesis. It is emphasized that the complete exogeneity of money supply is a distinctive feature only of the monetarist approach, which has relied on the specifi c assumption of the stability of money demand function. The paper shows that, despite the visible convergence between the New Keynesian and Post- Keynesian positions, based on the modeling of interest rate targeting rather than money supply targeting by the central bank, fundamental differences still remain between two camps regarding the endogeneity mechanism.
{"title":"Money supply in the history of macroeconomic thought: 50 shades of endogeneity","authors":"V. Ostapenko, E. A. Buglevsky","doi":"10.31737/2221-2264-2022-55-3-8","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-55-3-8","url":null,"abstract":"The paper considers the evolution of the money supply concept in economics through the lens of contemporary discussion on the degree of its endogeneity. It is stated that the model of exogenous money supply formation, widespread in the literature and actively criticized in recent decades, is an artifact of macroeconomic thought. Its dominance lasted a very short time period, and various forms of endogeneity were attributed to money supply much more often in the course of monetary theory development. Authors cover the debates between the currency and banking school in the XIX century, the birth of the theory of money multiplier, Keynes’ position, the monetarist view of money supply and its criticism by Post- Keynesians. Particular attention is paid to the turn in views within the mainstream, from the Real Business Cycles doctrine to state-of-the-art models of the New Synthesis. It is emphasized that the complete exogeneity of money supply is a distinctive feature only of the monetarist approach, which has relied on the specifi c assumption of the stability of money demand function. The paper shows that, despite the visible convergence between the New Keynesian and Post- Keynesian positions, based on the modeling of interest rate targeting rather than money supply targeting by the central bank, fundamental differences still remain between two camps regarding the endogeneity mechanism.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823963","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-57-5-8
A. Mustafin
In perspective of intellectual history, the article studies Soviet discussions on long cycles. The study analyzes in detail the connection between Kondratiev’s economic and epistemological ideas, as well as the connection between the debate on long cycles and the political conjuncture of the 1920s. In particular, the article shows that criticism from L. D. Trotsky and Soviet economists prompted N. D. Kondratiev to turn to the issue of epistemology. The article also shows that we should not take the methodological criticism of Kondratiev’s opponents seriously because they were biased against him. In the mid-1920s, Soviet economists’ negative attitude to the idea of long cycles refl ects the conflict between N. D. Kondratiev and employees of the State Planning Committee, which escalated under the influence of the inner-party struggle. The attention of L. D. Trotsky, in its turn, was attracted to the idea of long cycle in connection with forecasts both attributed to N. D. Kondratiev and those formulated by him. The article publishes a previously unknown forecast, declared by N. D. Kondratiev in 1926, about the upcoming economic crisis and the dynamics of military and social conflicts at the turn of the decades.
{"title":"Long cycles, the soviet authority and economists: From the history of discussions of the 1920s","authors":"A. Mustafin","doi":"10.31737/2221-2264-2022-57-5-8","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-57-5-8","url":null,"abstract":"In perspective of intellectual history, the article studies Soviet discussions on long cycles. The study analyzes in detail the connection between Kondratiev’s economic and epistemological ideas, as well as the connection between the debate on long cycles and the political conjuncture of the 1920s. In particular, the article shows that criticism from L. D. Trotsky and Soviet economists prompted N. D. Kondratiev to turn to the issue of epistemology. The article also shows that we should not take the methodological criticism of Kondratiev’s opponents seriously because they were biased against him. In the mid-1920s, Soviet economists’ negative attitude to the idea of long cycles refl ects the conflict between N. D. Kondratiev and employees of the State Planning Committee, which escalated under the influence of the inner-party struggle. The attention of L. D. Trotsky, in its turn, was attracted to the idea of long cycle in connection with forecasts both attributed to N. D. Kondratiev and those formulated by him. The article publishes a previously unknown forecast, declared by N. D. Kondratiev in 1926, about the upcoming economic crisis and the dynamics of military and social conflicts at the turn of the decades.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69825212","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-53-1-10
Y. Simachev, A. Fedyunina, N.A. Gorodny
New technologies, including Industry 4.0, are rapidly changing traditional and high-tech industries, and forming the advanced manufacturing sector within the industrial complex. By now Russia has been characterized by a modest presence in the world advanced manufacturing markets – Russia’ share is less than 0.6% in certain markets and less than 0.4% in global advanced manufacturing. This is partially explained by the scarce commodity range in the Russian export basket, which determines weak representation of Industry 4.0 goods. Large part in the Russian advanced manufacturing exports is traditional for the Russian economy goods — airplanes, turbojet engines, fuel rods. However, we observe positive structural changes in Russian exports caused by the COVID-19 pandemic. Russia has increased exports of goods with bio- and additive technologies, optoelectronics. It seems that the entry to new advanced manufacturing markets for Russia can form the basis for long-term growth. International experience shows that advanced manufacturing exports are often supported by advanced manufacturing imports. We find that Russian economy significantly underutilizes this channel. Although Russian advanced manufacturing imports are gradually growing, it is focused primarily on final consumer goods. We consider industrial robots as a case of advanced manufacturing imports that deserves special attention as a widespread cross-cutting technology that can significantly transform the technological level of industries. Our estimates show that, although the robotics market in Russia is relatively small and has low growth rates relatively to investment in fixed assets, companies importing industrial robots are larger and more productive. This evidence allows us to determine the import of industrial robotics as one of the priority directions of modernization of the Russian manufacturing. Based on the analysis we identify and discuss three growth opportunities for Russia in global advanced manufacturing: 1) support of exports of services in optoelectronics and ICT through the use of accumulated human capital and competencies and taking into account fast transformation of business models in industry, 2) support of exports of biotechnology products, taking into account positive reputational effects and expanding Russian pharmaceutical exports under the COVID-19 pandemic; 3) support of technology companies in wide number of advanced manufacturing taking into account current favorable environment for the birth of tech startups in Russia.
{"title":"Global advanced manufacturing markets — a new opportunity for Russia’s technological upgrade","authors":"Y. Simachev, A. Fedyunina, N.A. Gorodny","doi":"10.31737/2221-2264-2022-53-1-10","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-53-1-10","url":null,"abstract":"New technologies, including Industry 4.0, are rapidly changing traditional and high-tech industries, and forming the advanced manufacturing sector within the industrial complex. By now Russia has been characterized by a modest presence in the world advanced manufacturing markets – Russia’ share is less than 0.6% in certain markets and less than 0.4% in global advanced manufacturing. This is partially explained by the scarce commodity range in the Russian export basket, which determines weak representation of Industry 4.0 goods. Large part in the Russian advanced manufacturing exports is traditional for the Russian economy goods — airplanes, turbojet engines, fuel rods. However, we observe positive structural changes in Russian exports caused by the COVID-19 pandemic. Russia has increased exports of goods with bio- and additive technologies, optoelectronics. It seems that the entry to new advanced manufacturing markets for Russia can form the basis for long-term growth. International experience shows that advanced manufacturing exports are often supported by advanced manufacturing imports. We find that Russian economy significantly underutilizes this channel. Although Russian advanced manufacturing imports are gradually growing, it is focused primarily on final consumer goods. We consider industrial robots as a case of advanced manufacturing imports that deserves special attention as a widespread cross-cutting technology that can significantly transform the technological level of industries. Our estimates show that, although the robotics market in Russia is relatively small and has low growth rates relatively to investment in fixed assets, companies importing industrial robots are larger and more productive. This evidence allows us to determine the import of industrial robotics as one of the priority directions of modernization of the Russian manufacturing. Based on the analysis we identify and discuss three growth opportunities for Russia in global advanced manufacturing: 1) support of exports of services in optoelectronics and ICT through the use of accumulated human capital and competencies and taking into account fast transformation of business models in industry, 2) support of exports of biotechnology products, taking into account positive reputational effects and expanding Russian pharmaceutical exports under the COVID-19 pandemic; 3) support of technology companies in wide number of advanced manufacturing taking into account current favorable environment for the birth of tech startups in Russia.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69821241","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-53-1-14
I. Dezhina, A.G. Arutjunjan, A. Ponomarev
Modern animal breeding is a high-tech industry. It utilizes advances in genetics, biotechnology, and the Internet of Things. In Russia cattle breeding is characterized by high dependence on imported technologies and genetic material, the share of which is up to 90–100%. The domestic scientific and technological potential has had weak incentives to develop in recent years. The aim of the article is to identify, on the basis of patent analysis, scientific and technological areas in cattle breeding with sufficient scientific potential, and areas where domestic potential is insignificant, but it is critically important to develop it. The analysis for the period 2006–2020 in four technological areas — biotechnology, veterinary medicine, feed production and smart farming technologies, — shows that the main patentable developments of Russian applicants are concentrated in veterinary medicine and feed production. This is mostly the legacy of Soviet scientific schools. Modern technologies, especially biotechnology, are undeveloped. Possible solution is to develop technological capacity by licensing foreign technologies and the localization of production.
{"title":"High-tech landscape of the cattle breeding industry in Russia","authors":"I. Dezhina, A.G. Arutjunjan, A. Ponomarev","doi":"10.31737/2221-2264-2022-53-1-14","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-53-1-14","url":null,"abstract":"Modern animal breeding is a high-tech industry. It utilizes advances in genetics, biotechnology, and the Internet of Things. In Russia cattle breeding is characterized by high dependence on imported technologies and genetic material, the share of which is up to 90–100%. The domestic scientific and technological potential has had weak incentives to develop in recent years. The aim of the article is to identify, on the basis of patent analysis, scientific and technological areas in cattle breeding with sufficient scientific potential, and areas where domestic potential is insignificant, but it is critically important to develop it. The analysis for the period 2006–2020 in four technological areas — biotechnology, veterinary medicine, feed production and smart farming technologies, — shows that the main patentable developments of Russian applicants are concentrated in veterinary medicine and feed production. This is mostly the legacy of Soviet scientific schools. Modern technologies, especially biotechnology, are undeveloped. Possible solution is to develop technological capacity by licensing foreign technologies and the localization of production.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69822042","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-14
I.Kh. Ajupova
The article analyzes the relation of development potential of the creative industries with the historical & cultural heritage as well as the instruments to translate the cultural code by the means of creative economy. The most important potential of the regional development is its historic craft traditions. The development potential of different branches of the traditional historic crafts and setups is analyzed, including their contribution into advancing the competitiveness of the Region. Historic mapping of territories is considered as a management instrument of spatial development of the creative clusters. Hypothesis of changing the value-nature of land as a resource is proposed: from fertile to improved land. A tendency of enhancing the consumption value of some goods over the exchange value in the present life is analyzed. The problems of normative and legal regulation in the creative sector are analyzed. Terms “marketing on the territory” and “marketing of the territories” from the point of advancing the territory in the investment market, influence of historic & cultural setups on their marketing strategies are analyzed as well. Formation of a city creative environment, enhancing creative development, advancing the image of a territory as a factor to increase attractiveness of creative societies is developed.
{"title":"Creative industries and the cultural identity: The instruments of mutual promotion (example of the Tatarstan Republic)","authors":"I.Kh. Ajupova","doi":"10.31737/2221-2264-2022-54-2-14","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-14","url":null,"abstract":"The article analyzes the relation of development potential of the creative industries with the historical & cultural heritage as well as the instruments to translate the cultural code by the means of creative economy. The most important potential of the regional development is its historic craft traditions. The development potential of different branches of the traditional historic crafts and setups is analyzed, including their contribution into advancing the competitiveness of the Region. Historic mapping of territories is considered as a management instrument of spatial development of the creative clusters. Hypothesis of changing the value-nature of land as a resource is proposed: from fertile to improved land. A tendency of enhancing the consumption value of some goods over the exchange value in the present life is analyzed. The problems of normative and legal regulation in the creative sector are analyzed. Terms “marketing on the territory” and “marketing of the territories” from the point of advancing the territory in the investment market, influence of historic & cultural setups on their marketing strategies are analyzed as well. Formation of a city creative environment, enhancing creative development, advancing the image of a territory as a factor to increase attractiveness of creative societies is developed.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69822208","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-54-2-6
E. Vlasova, D. Luo
This study is concerned with the identification of the economic links and volatility spillover effects between the United States and the Russia–India–China triad from 2010 to 2019. This decade is characterized by a lack of major global financial crises in the economy, although the liberalization of the Chinese stock market and the reciprocal sanctions between Russia and developed countries, followed by the trade wars between the United States and China changed the relationship between stock markets. This study tests three hypotheses. The first hypothesis is associated with the post‑2014 change of interconnection between the Chinese and the Russian and the Indian stock markets. The second hypothesis tests the fact that the Russian market has become less dependent on the US market. The third hypothesis: the trade war between the United States and China increased the volatility spillover effects between financial markets. The multivariate GARCH BEKK model was used for calculations. The research results presented herein can be used to draw conclusions about the general current situation in the world stock markets and their future development trends, as well as for a more complete understanding of the mechanisms of interaction and mutual influence of financial markets for possible diversification of the investment portfolio.
{"title":"Volatility spillover between the Russia–India–China triad and the United States: A multivariate generalized autoregressive conditional heteroscedasticity analysis","authors":"E. Vlasova, D. Luo","doi":"10.31737/2221-2264-2022-54-2-6","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-54-2-6","url":null,"abstract":"This study is concerned with the identification of the economic links and volatility spillover effects between the United States and the Russia–India–China triad from 2010 to 2019. This decade is characterized by a lack of major global financial crises in the economy, although the liberalization of the Chinese stock market and the reciprocal sanctions between Russia and developed countries, followed by the trade wars between the United States and China changed the relationship between stock markets. This study tests three hypotheses. The first hypothesis is associated with the post‑2014 change of interconnection between the Chinese and the Russian and the Indian stock markets. The second hypothesis tests the fact that the Russian market has become less dependent on the US market. The third hypothesis: the trade war between the United States and China increased the volatility spillover effects between financial markets. The multivariate GARCH BEKK model was used for calculations. The research results presented herein can be used to draw conclusions about the general current situation in the world stock markets and their future development trends, as well as for a more complete understanding of the mechanisms of interaction and mutual influence of financial markets for possible diversification of the investment portfolio.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"94 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823103","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 : 2022-01-01DOI: 10.31737/2221-2264-2022-55-3-3
E. Dobronravova
This paper presents the econometric analysis of the heterogenous effects of monetary policy on industrial output and producer prices in manufacturing sector in Russia. The estimation of the differences in the impulce responses to the interest rate shock is conducted using structural VAR-models, the analysis of key industrial characteristics, explaining differences through monetary transmission channes, is based on principal components and correlations. Our findings reveal the strongest response to monetary policy in such industries as manufacture of rubber and plastic products, manufacture of non-metallic mineral products, manufacture of pulp and paper, manufacture of machinery nd equipment, manufacture of electrical, electronic and optical equipment and manufacture of motor vehicles and equipment. Besides, in these industries the response is usually deffered to 2–3 months after the shock. Our findings also show that the impact of monetary shocks on output is particulary strong in industries producing capital goods and supplies for construction but particularly weak in industries with high concentration and high profits. That means that differences in industrial responses to monetary policy can be described by two key channels of monetary transmission — interest rate channel (due to high demand sensitivity to interest rate changes) and bank lending channel (due to important role of bank loans in fi rms’ financing).
{"title":"Industry effects of monetary policy in Russia: Econometric analysis","authors":"E. Dobronravova","doi":"10.31737/2221-2264-2022-55-3-3","DOIUrl":"https://doi.org/10.31737/2221-2264-2022-55-3-3","url":null,"abstract":"This paper presents the econometric analysis of the heterogenous effects of monetary policy on industrial output and producer prices in manufacturing sector in Russia. The estimation of the differences in the impulce responses to the interest rate shock is conducted using structural VAR-models, the analysis of key industrial characteristics, explaining differences through monetary transmission channes, is based on principal components and correlations. Our findings reveal the strongest response to monetary policy in such industries as manufacture of rubber and plastic products, manufacture of non-metallic mineral products, manufacture of pulp and paper, manufacture of machinery nd equipment, manufacture of electrical, electronic and optical equipment and manufacture of motor vehicles and equipment. Besides, in these industries the response is usually deffered to 2–3 months after the shock. Our findings also show that the impact of monetary shocks on output is particulary strong in industries producing capital goods and supplies for construction but particularly weak in industries with high concentration and high profits. That means that differences in industrial responses to monetary policy can be described by two key channels of monetary transmission — interest rate channel (due to high demand sensitivity to interest rate changes) and bank lending channel (due to important role of bank loans in fi rms’ financing).","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":"14 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69823492","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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