Pub Date : 2023-04-05DOI: 10.32609/0042-8736-2023-4-5-28
M. Andreyev, A. Polbin
Since the beginning of Special Military Operation in Ukraine, the Russian economy has faced a large number of sanctions from unfriendly states. At the beginning of 2023, Russia’s export revenues remain high. However, there are high risks of revenues decline over the horizon of several years due to restrictions on the part of unfriendly countries. Based on a general equilibrium model for the Russian economy, we analyze the impact of an anticipated shock from a reduction in future energy export revenues. First, the paper shows that the anticipated shock of a fall in export revenues leads to a short-term and medium-term increase in domestic investment. Under a closed financial account, the effect of growth in investment remains even if other export doesn’t react to currency appreciation, while under an open financial account, investment decreases. This indicates the important role of the rainy day savings factor for investment dynamics, when the possibility of savings in external financial markets is limited. Second, in the short and medium term, the impact of revenues decline is highly dependent on whether the financial account is open or closed. Under a closed financial account, the drop in macroeconomic indicators turns out to be sharp and localized in the vicinity of the period of export revenues fall. Third, the central bank’s interest rate moves in exactly opposite directions under inflation targeting regime in response to the unanticipated and anticipated export revenues shock.
{"title":"Macroeconomic effects of the expected future decline in oil revenues for the Russian economy under capital control","authors":"M. Andreyev, A. Polbin","doi":"10.32609/0042-8736-2023-4-5-28","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-4-5-28","url":null,"abstract":"Since the beginning of Special Military Operation in Ukraine, the Russian economy has faced a large number of sanctions from unfriendly states. At the beginning of 2023, Russia’s export revenues remain high. However, there are high risks of revenues decline over the horizon of several years due to restrictions on the part of unfriendly countries. Based on a general equilibrium model for the Russian economy, we analyze the impact of an anticipated shock from a reduction in future energy export revenues. First, the paper shows that the anticipated shock of a fall in export revenues leads to a short-term and medium-term increase in domestic investment. Under a closed financial account, the effect of growth in investment remains even if other export doesn’t react to currency appreciation, while under an open financial account, investment decreases. This indicates the important role of the rainy day savings factor for investment dynamics, when the possibility of savings in external financial markets is limited. Second, in the short and medium term, the impact of revenues decline is highly dependent on whether the financial account is open or closed. Under a closed financial account, the drop in macroeconomic indicators turns out to be sharp and localized in the vicinity of the period of export revenues fall. Third, the central bank’s interest rate moves in exactly opposite directions under inflation targeting regime in response to the unanticipated and anticipated export revenues shock.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49101787","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 : 2023-03-05DOI: 10.32609/0042-8736-2023-3-24-39
G. Kleiner
The doctrine of Alexander Bogdanov, the forerunner of the comprehensive system analysis developed later, is considered in the article from the point of view of the typology of the basic factors of the systemic development of the economy. The paradigm of space-time as an environment for the functioning of the economy in Bogdanov’s interpretation is analyzed in connection with the well-known concepts of space and time in physics, which allows us to take a fresh look at the relationship and roles of macro-, meso-, micro- and nanolevels in the economy. The representation of human economic activity as a combination of the processes of cognition and creation of spiritual and material values makes it possible to expand the concept of the connectedness of economic phenomena through causal (successive) and induction (mirror) dependencies. From this perspective, the reasons for the dominance of short-range and long-range effects, short- and long-term effects in different periods of the development of the Russian economy are considered.
{"title":"Alexander Bogdanov’s system methodology from the perspective of the modern economic worldview","authors":"G. Kleiner","doi":"10.32609/0042-8736-2023-3-24-39","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-24-39","url":null,"abstract":"The doctrine of Alexander Bogdanov, the forerunner of the comprehensive system analysis developed later, is considered in the article from the point of view of the typology of the basic factors of the systemic development of the economy. The paradigm of space-time as an environment for the functioning of the economy in Bogdanov’s interpretation is analyzed in connection with the well-known concepts of space and time in physics, which allows us to take a fresh look at the relationship and roles of macro-, meso-, micro- and nanolevels in the economy. The representation of human economic activity as a combination of the processes of cognition and creation of spiritual and material values makes it possible to expand the concept of the connectedness of economic phenomena through causal (successive) and induction (mirror) dependencies. From this perspective, the reasons for the dominance of short-range and long-range effects, short- and long-term effects in different periods of the development of the Russian economy are considered.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41618365","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-83-101
L. Melnikova
The paper assesses the advantages of large cities as places of concentration of economic activity in terms of production efficiency. For this purpose; we made quantitative estimates of the relationship between the size of cities and indicators of productivity. The theory justifies the presence of such relationships by various agglomeration effects; estimates of which have been reduced over the last 20 years as the number of empirical studies has been growing. The calculations are based on Russian municipal statistics; taking into account its limitations. The study has demonstrated that the direction of the relationship between city size and productivity depends on the characteristics of the industry structure of the city economy; which; in turn; depends on the city’s place in the urban hierarchy. A negative relationship is characteristic of highly specialized cities; while a positive one emerges as industry localization declines and diversification of the city economy increases.
{"title":"Efficiency of large cities: Theory and empirics","authors":"L. Melnikova","doi":"10.32609/0042-8736-2023-3-83-101","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-83-101","url":null,"abstract":"The paper assesses the advantages of large cities as places of concentration of economic activity in terms of production efficiency. For this purpose; we made quantitative estimates of the relationship between the size of cities and indicators of productivity. The theory justifies the presence of such relationships by various agglomeration effects; estimates of which have been reduced over the last 20 years as the number of empirical studies has been growing. The calculations are based on Russian municipal statistics; taking into account its limitations. The study has demonstrated that the direction of the relationship between city size and productivity depends on the characteristics of the industry structure of the city economy; which; in turn; depends on the city’s place in the urban hierarchy. A negative relationship is characteristic of highly specialized cities; while a positive one emerges as industry localization declines and diversification of the city economy increases.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47542741","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-40-62
A. Nepp
To identify possible equity market implications of restrictions on foreign ownership and investment in Russia; as well as against Russian ownership abroad; we reviewed data from 38 countries and applied fixed effects models to panel data. We show that restrictive measures against foreign ownership and investment will have a negative impact on the capitalization of the domestic stock market. The effect will be amplified under the influence of such factors as corruption; freedom of investment; financial; trade and business freedoms. The quality of the judiciary is most important when examining the share of the domestic stock market in the world stock market. Tax incentives and increased fiscal freedom will not be able to have a positive impact in the face of restrictive measures against foreign ownership and investment.
{"title":"Is it worth limiting the ownership and investment of foreign companies? (Stock market case)","authors":"A. Nepp","doi":"10.32609/0042-8736-2023-3-40-62","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-40-62","url":null,"abstract":"To identify possible equity market implications of restrictions on foreign ownership and investment in Russia; as well as against Russian ownership abroad; we reviewed data from 38 countries and applied fixed effects models to panel data. We show that restrictive measures against foreign ownership and investment will have a negative impact on the capitalization of the domestic stock market. The effect will be amplified under the influence of such factors as corruption; freedom of investment; financial; trade and business freedoms. The quality of the judiciary is most important when examining the share of the domestic stock market in the world stock market. Tax incentives and increased fiscal freedom will not be able to have a positive impact in the face of restrictive measures against foreign ownership and investment.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48157174","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-5-23
О. I. Ananyin
The formation of economics as a science is traditionally referenced to Adam Smith and presented — even if with reservations — as an ascent from delusions to true theory, underlying almost all modern schools of economic thought. Despite the importance of Smith’s Wealth of Nations, such a view does not reflect the real course of the evolvement of scientific economic knowledge and prevents adequate perception of the logic of its subsequent development. The article substantiates the need to rethink the initial phase of the history of economic science on the basis of a closer linkage of this history with the scientific revolution, which created conditions for the emergence of a whole range of blueprints of scientific economics, associated with such names as William Petty, John Law, James Steuart. It is shown that the blueprint of theoretical economics, which set the course for the development of economic science and was personified by Adam Smith, relied heavily on the work of Richard Cantillon, who generalized knowledge and experiences of mercantilist writers on the methodological basis that arose during the scientific revolution of the 17th — early 18th centuries.
{"title":"How has economic science emerged: Competition of blueprints","authors":"О. I. Ananyin","doi":"10.32609/0042-8736-2023-3-5-23","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-5-23","url":null,"abstract":"The formation of economics as a science is traditionally referenced to Adam Smith and presented — even if with reservations — as an ascent from delusions to true theory, underlying almost all modern schools of economic thought. Despite the importance of Smith’s Wealth of Nations, such a view does not reflect the real course of the evolvement of scientific economic knowledge and prevents adequate perception of the logic of its subsequent development. The article substantiates the need to rethink the initial phase of the history of economic science on the basis of a closer linkage of this history with the scientific revolution, which created conditions for the emergence of a whole range of blueprints of scientific economics, associated with such names as William Petty, John Law, James Steuart. It is shown that the blueprint of theoretical economics, which set the course for the development of economic science and was personified by Adam Smith, relied heavily on the work of Richard Cantillon, who generalized knowledge and experiences of mercantilist writers on the methodological basis that arose during the scientific revolution of the 17th — early 18th centuries.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48077305","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-126-157
E. Goryunov
The indicator of monetization of the economy; equal to the ratio of nominal money supply to nominal GDP; is very popular among Russian economists and is used to assess the effectiveness of the monetary policy pursued and is often employed in cross-country comparisons. Many economists believe that the monetization of the Russian economy is excessively low; which reflects the underdevelopment of the national financial system and requires steps towards monetary expansion. According to this view insufficient monetization of the Russian economy is as an obstacle to its rapid development; therefore increase in monetization should be made a key priority of the Bank of Russia’s policy. Although widely accepted; the complex of theories; ideas and assumptions behind these recommendations; however; has never been adequately empirically tested. In this paper we formulate several statements that are shared by the majority of economists in this area; based on a review of relevant publications; and then test the statements on cross-country data. As a result of empirical testing; it was shown that most of the statements are not supported by evidence. The monetization indicator does not carry any additional relevant information about the macroeconomics conditions; having other indicators considered. High monetization does not create additional stimulus for economic growth; and the ability of central banks to affect monetization is limited significantly. In countries with low monetization; inflationary risks of monetary expansion are sharply higher. The conducted empirical study provides arguments against the broad use of the monetization indicator in macroeconomic analysis and casts doubt on the idea of laying responsibility for increasing the level of Russian economy monetization on the Bank of Russia.
{"title":"The monetization of economy: An indicator that indicates nothing","authors":"E. Goryunov","doi":"10.32609/0042-8736-2023-3-126-157","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-126-157","url":null,"abstract":"The indicator of monetization of the economy; equal to the ratio of nominal money supply to nominal GDP; is very popular among Russian economists and is used to assess the effectiveness of the monetary policy pursued and is often employed in cross-country comparisons. Many economists believe that the monetization of the Russian economy is excessively low; which reflects the underdevelopment of the national financial system and requires steps towards monetary expansion. According to this view insufficient monetization of the Russian economy is as an obstacle to its rapid development; therefore increase in monetization should be made a key priority of the Bank of Russia’s policy. Although widely accepted; the complex of theories; ideas and assumptions behind these recommendations; however; has never been adequately empirically tested. In this paper we formulate several statements that are shared by the majority of economists in this area; based on a review of relevant publications; and then test the statements on cross-country data. As a result of empirical testing; it was shown that most of the statements are not supported by evidence. The monetization indicator does not carry any additional relevant information about the macroeconomics conditions; having other indicators considered. High monetization does not create additional stimulus for economic growth; and the ability of central banks to affect monetization is limited significantly. In countries with low monetization; inflationary risks of monetary expansion are sharply higher. The conducted empirical study provides arguments against the broad use of the monetization indicator in macroeconomic analysis and casts doubt on the idea of laying responsibility for increasing the level of Russian economy monetization on the Bank of Russia.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"10 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69958373","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-102-125
D. Salimova, Y. Tsareva, Stepan Zemtsov
Studies of employment growth factors are more relevant during crises. Review of foreign studies and analysis of Russian data in 2005—2018 using a distributed lag model based on the Almon method shows that there are multidirectional short-term direct and longer-term indirect effects of starting a business on employment growth. The regional context is important; and the prevalence of one effect over another and the direction of influence of additional factors depend on the type of region. Thus; for large agglomerations with high labor productivity and an active SME sector; an S-shaped lag structure of the dependence of employment on the creation of new firms was revealed: with short-term positive; medium-term negative; and further positive effects. For regions with low urbanization; labor productivity and a less active SME sector; the most striking is the short-term positive impact on employment from the opening of firms; which is replaced by a negative one after 2—3 years. At the same time; in the latter regions; the total impact may be higher than in the former; and on average; a new firm (per 1;000 people in the workforce) leads to an increase in employment by 0.56 p.p. This provides grounds for some policy recommendations.
{"title":"New firm formation and regional employment in Russia: Direct and indirect effects","authors":"D. Salimova, Y. Tsareva, Stepan Zemtsov","doi":"10.32609/0042-8736-2023-3-102-125","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-102-125","url":null,"abstract":"Studies of employment growth factors are more relevant during crises. Review of foreign studies and analysis of Russian data in 2005—2018 using a distributed lag model based on the Almon method shows that there are multidirectional short-term direct and longer-term indirect effects of starting a business on employment growth. The regional context is important; and the prevalence of one effect over another and the direction of influence of additional factors depend on the type of region. Thus; for large agglomerations with high labor productivity and an active SME sector; an S-shaped lag structure of the dependence of employment on the creation of new firms was revealed: with short-term positive; medium-term negative; and further positive effects. For regions with low urbanization; labor productivity and a less active SME sector; the most striking is the short-term positive impact on employment from the opening of firms; which is replaced by a negative one after 2—3 years. At the same time; in the latter regions; the total impact may be higher than in the former; and on average; a new firm (per 1;000 people in the workforce) leads to an increase in employment by 0.56 p.p. This provides grounds for some policy recommendations. ","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41538668","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 : 2023-03-03DOI: 10.32609/0042-8736-2023-3-63-82
A. Mishura
The article analyzes the relationship between the price of housing and the volume of issued housing loans in Russia in 2009—2021. Has the development of the mort- gage lending market in recent years driven up housing prices; as has often been claimed? Using data from Rosstat and the Central Bank of the Russian Federation on average housing prices and lending volumes in Russia as a whole; as well as in Russian regions; the significance of mutual influence of their quarterly and annual changes is estimated using vector autoregression and panel vector autoregression models; taking into account exogenous variables. It has been found that mortgage lending dynamics was not a significant and stable factor in the growth of housing prices. The latter largely depended on the households’ solvent demand; macroeco- nomic conditions; the state of regional economy; and dynamics of the housing stock.
{"title":"Mortgage lending and housing prices in Russia: Unfounded accusations?","authors":"A. Mishura","doi":"10.32609/0042-8736-2023-3-63-82","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-3-63-82","url":null,"abstract":"The article analyzes the relationship between the price of housing and the volume of issued housing loans in Russia in 2009—2021. Has the development of the mort- gage lending market in recent years driven up housing prices; as has often been claimed? Using data from Rosstat and the Central Bank of the Russian Federation on average housing prices and lending volumes in Russia as a whole; as well as in Russian regions; the significance of mutual influence of their quarterly and annual changes is estimated using vector autoregression and panel vector autoregression models; taking into account exogenous variables. It has been found that mortgage lending dynamics was not a significant and stable factor in the growth of housing prices. The latter largely depended on the households’ solvent demand; macroeco- nomic conditions; the state of regional economy; and dynamics of the housing stock.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41610854","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 : 2023-02-03DOI: 10.32609/0042-8736-2023-2-18-42
L. Grigoryev, M.-Y. Y. Maykhrovitch
This article is aimed at examining institutional approaches to the theories of economic growth, and touches upon especially the influence of sociocultural codes on the development of the world economy. The presented study compares the rates of economic growth, taking into account various classifications of count- ries according to Angus Maddison, Ronald Inglehart, and the cluster approach. One of the main results is a proposal to move from the dichotomy and study of “advanced—emerging states” over long time periods, used in Maddison’s research, to the study of subgroups of countries, including cluster analysis, over a more compact period — 1992—2019. With the help of clustering, it was concluded that the group of the most developed countries retains an advantage in the level of development but does not demonstrate growth rates higher than the “catching up” groups. Thus, the convergence of levels of development does not actually occur. The article also illustrates that a disaggregated analysis of growth by clusters creates interesting opportunities for a further development of the research program.
{"title":"Growth theories: The realities of the last decades (Issues of sociocultural codes — to the expansion of the research program)","authors":"L. Grigoryev, M.-Y. Y. Maykhrovitch","doi":"10.32609/0042-8736-2023-2-18-42","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-2-18-42","url":null,"abstract":"This article is aimed at examining institutional approaches to the theories of economic growth, and touches upon especially the influence of sociocultural codes on the development of the world economy. The presented study compares the rates of economic growth, taking into account various classifications of count- ries according to Angus Maddison, Ronald Inglehart, and the cluster approach. One of the main results is a proposal to move from the dichotomy and study of “advanced—emerging states” over long time periods, used in Maddison’s research, to the study of subgroups of countries, including cluster analysis, over a more compact period — 1992—2019. With the help of clustering, it was concluded that the group of the most developed countries retains an advantage in the level of development but does not demonstrate growth rates higher than the “catching up” groups. Thus, the convergence of levels of development does not actually occur. The article also illustrates that a disaggregated analysis of growth by clusters creates interesting opportunities for a further development of the research program.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41734755","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 : 2023-02-03DOI: 10.32609/0042-8736-2023-2-61-82
A. Shastitko, A. Kurdin, I. N. Filippova
The importance of digital ecosystems in the economy is growing rapidly as more and more companies and consumers are involved in their circuit. At the same time, the regulation relevance is growing too, as evidenced by many antitrust cases involving companies such as Yandex, Google, Microsoft, which constitute the core of the respective ecosystems. The very concept of digital ecosystems does not have a generally accepted definition. However, national and supranational regulators must resolve disputes between the leader of the ecosystem and the complementary companies, as well as protect the interests of an indefinite number of persons (with the application of antitust law). Such disputes resolution leads to the fact that the regulator has to make decisions about the rules of interaction within the complex structure of relationships between all participants in ecosystems, de facto defining a framework for establishing institutional agreements. This paper proposes to apply the concept of “meso-institution” for some ecosystems rules, separating them from both hybrid institutional agreements (micro-level rules) and the institutional environment (macro-level rules). It is assumed that meso-institutions are a key element for digital ecosystems successful development. Using the example of companies and antitrust cases, the formation and evolution of meso-institutions, the capability of their design, and the regulator’s role are shown. The application of the meso-institutions concept makes it possible to justify the shift of focus of antitrust regulation in the field of digital ecosystems towards their self-regulation rather than strengthening legislative regulation.
{"title":"Meso-institutions for digital ecosystems","authors":"A. Shastitko, A. Kurdin, I. N. Filippova","doi":"10.32609/0042-8736-2023-2-61-82","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-2-61-82","url":null,"abstract":"The importance of digital ecosystems in the economy is growing rapidly as more and more companies and consumers are involved in their circuit. At the same time, the regulation relevance is growing too, as evidenced by many antitrust cases involving companies such as Yandex, Google, Microsoft, which constitute the core of the respective ecosystems. The very concept of digital ecosystems does not have a generally accepted definition. However, national and supranational regulators must resolve disputes between the leader of the ecosystem and the complementary companies, as well as protect the interests of an indefinite number of persons (with the application of antitust law). Such disputes resolution leads to the fact that the regulator has to make decisions about the rules of interaction within the complex structure of relationships between all participants in ecosystems, de facto defining a framework for establishing institutional agreements. This paper proposes to apply the concept of “meso-institution” for some ecosystems rules, separating them from both hybrid institutional agreements (micro-level rules) and the institutional environment (macro-level rules). It is assumed that meso-institutions are a key element for digital ecosystems successful development. Using the example of companies and antitrust cases, the formation and evolution of meso-institutions, the capability of their design, and the regulator’s role are shown. The application of the meso-institutions concept makes it possible to justify the shift of focus of antitrust regulation in the field of digital ecosystems towards their self-regulation rather than strengthening legislative regulation.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43713884","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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