Russian Journal of Economics最新文献

A commodity exporting economy under financial and trade restrictions: Aggregate and structural changes 金融和贸易限制下的商品出口经济体：总量和结构变化

Russian Journal of Economics Pub Date : 2024-07-04 DOI: 10.32609/j.ruje.10.127850

Maria S. Lymar, A. Reentovich, A. Sinyakov

{"title":"A commodity exporting economy under financial and trade restrictions: Aggregate and structural changes","authors":"Maria S. Lymar, A. Reentovich, A. Sinyakov","doi":"10.32609/j.ruje.10.127850","DOIUrl":"https://doi.org/10.32609/j.ruje.10.127850","url":null,"abstract":"We study the situation when a commodity-exporting economy is under sanctions and cannot use its accumulated fx-reserves or attract new fx-debt to smooth import restrictions amid slower decline of income flow from a commodity-export. Our study attempts to determine the adequate response of the economy, depending on assumptions about the possibilities of import substitution within a structural dynamic general equilibrium model calibrated on Russian data. We use a modified version of the Ramsey–Cass–Koopmans’ model to evaluate aggregate and structural changes in the economy in the shorter and longer run. We consider several scenarios with different assumptions about the efficiency of import substitution, which is defined along two dimensions (for consumers as well as for producers). The results show that trade restrictions make import substitution optimal, but only in those sectors where such substitution is relatively more effective. Limited labour resources in the economy are compensated with higher capital intensity of production in the optimistic and neutral scenarios. Reallocation of resources to build up the necessary capital intensity calls for temporarily higher saving rates. As a result, GDP may be higher, but consumption may be lower comparing to the baseline. The results mean that effectiveness of import substitution should be taken into account in decision making on industrial policy. If efficiency of import-substitution is asymmetric and biased to goods for final consumption relative to goods for investments, the structure of imported goods becomes biased to the latter. The results imply higher relative price of consumer goods.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":" 44","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141678956","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}

引用次数: 0

Financial performance of EU-27 fossil fuel companies and their counterparts after imposing energy sanctions on Russia: A comparative analysis 对俄罗斯实施能源制裁后欧盟 27 国化石燃料公司及其同行的财务业绩：比较分析

Russian Journal of Economics Pub Date : 2024-07-04 DOI: 10.32609/j.ruje.10.124364

Duc Huu Nguyen, I. Khominich

{"title":"Financial performance of EU-27 fossil fuel companies and their counterparts after imposing energy sanctions on Russia: A comparative analysis","authors":"Duc Huu Nguyen, I. Khominich","doi":"10.32609/j.ruje.10.124364","DOIUrl":"https://doi.org/10.32609/j.ruje.10.124364","url":null,"abstract":"The conflict between Russia and Ukraine, along with the imposition of energy sanctions on Russian energy sources, has prompted a reassessment of the global energy market. Utilizing the difference in differences model, this study investigates the financial performance disparities among fossil fuel companies operating within the EU-27 bloc, Russia, and countries such as the United States, the United Kingdom, Qatar, Norway, India, China, UAE, and Saudi Arabia (countries that have benefitted from exporting fossil energy to the EU-27 as an alternative to Russia) during the period spanning from 2016 to 2023. The result reveals that fossil fuel companies from the United States, the United Kingdom, Qatar, Norway, India, China, UAE, and Saudi Arabia experienced significant advantages from substituting Russia in supplying oil, natural gas, and LNG to the EU-27. This is evidenced by a notable enhancement in their financial performance compared to both Russian and EU-27-based fossil fuel companies. For fossil fuel companies, the study highlights the urgency of diversifying export and import markets, broadening partnerships for fossil fuel trading and refining, transitioning to the production of lower-emission energy forms, and enhancing sustainable development practices to mitigate risks. At the national level, the research results indicate that countries reliant on imported fossil energy, akin to most countries within the EU-27, must swiftly diversify their energy sources and focus on developing renewable energy. This strategy is crucial to avoid unexpected shocks in the energy market in the era of geopolitical conflicts and uncertainty.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":" 43","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141679595","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}

引用次数: 0

Antitrust risks of platform pricing 平台定价的反垄断风险

Russian Journal of Economics Pub Date : 2024-07-04 DOI: 10.32609/j.ruje.10.117650

A. Shastitko, O. A. Markova, A. Morozov

引用次数: 0

The geopolitics of technology: Evidence from the interaction between the United States and China 技术的地缘政治：中美互动的证据

Russian Journal of Economics Pub Date : 2024-07-04 DOI: 10.32609/j.ruje.10.118505

Osama D. Sweidan

{"title":"The geopolitics of technology: Evidence from the interaction between the United States and China","authors":"Osama D. Sweidan","doi":"10.32609/j.ruje.10.118505","DOIUrl":"https://doi.org/10.32609/j.ruje.10.118505","url":null,"abstract":"Recently researchers performed empirical economic studies to investigate how geopolitical risk impacts diverse economic sectors. We take a fresh perspective by exploring whether advancements in the U.S. IT sector can account for fluctuations in China’s geopolitical risk. The conflict between China and the United States regarding semiconductors revolves around technological supremacy, economic dominance, and national security concerns. China has been striving to become self-sufficient in semiconductor production to reduce reliance on foreign suppliers, particularly the United States. However, the United States has imposed restrictions on semiconductor exports to China. Our study constructs a theoretical framework and utilizes the bounds testing approach for cointegration to estimate the parameters of the Autoregressive Distributed Lag model. We use monthly data from January 1993 to November 2023. The findings reveal that the U.S. IT sector significantly and positively influences China’s geopolitical risk. From a policy implication perspective, the race to lead the global IT sector may emerge as the primary source of economic and political instability unless rival nations reach a compromise.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":" 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141677695","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}

引用次数: 0

Financialization and innovation activity of Russian companies: Empirical research 俄罗斯公司的金融化和创新活动：经验研究

Russian Journal of Economics Pub Date : 2024-07-04 DOI: 10.32609/j.ruje.10.112848

Igor V. Fokin, I. Rozmainsky

{"title":"Financialization and innovation activity of Russian companies: Empirical research","authors":"Igor V. Fokin, I. Rozmainsky","doi":"10.32609/j.ruje.10.112848","DOIUrl":"https://doi.org/10.32609/j.ruje.10.112848","url":null,"abstract":"In this paper, we conducted an empirical study to assess the nature of the relationship between financialization and the level of innovation activity in Russian publicly listed companies. We relied on previous research in this area and on the models proposed by the researchers. In the empirical part, we prepared four models, based on the sample including 245 Russian publicly listed companies and having the observation period from 2000 to 2021. We applied Ordinary Least Square (OLS), Pooled Least Square (PLS) models, as well as panel data models with fixed and random effects. According to our hypotheses, financialization has a negative impact on the level of innovation in firms and its impact is varying for firms with different levels of financial constraints. The results of the study have shown that these hypotheses were partially confirmed. We have been convinced of the negative impact of financialization on innovation activity, however, if financial constraints were taken into account, not all coefficients had an unambiguous interpretation. Our assumptions and the results obtained, which generally confirmed the hypotheses put forward, are based on a theoretical understanding of the role of shareholder value orientation in this process. Confirmation of these assumptions is set as the goal of further research.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":" 22","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141679145","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}

引用次数: 0

Beyond traditional defenses: Unraveling the dynamics of reserves and exchange rate volatility in the face of economic sanctions 超越传统防御：解读经济制裁下的储备动态和汇率波动

Russian Journal of Economics Pub Date : 2024-03-29 DOI: 10.32609/j.ruje.10.118769

Ahmed Alwadeai, Nataliia Vlasova, Hadi Mareeh, N. Aljonaid

{"title":"Beyond traditional defenses: Unraveling the dynamics of reserves and exchange rate volatility in the face of economic sanctions","authors":"Ahmed Alwadeai, Nataliia Vlasova, Hadi Mareeh, N. Aljonaid","doi":"10.32609/j.ruje.10.118769","DOIUrl":"https://doi.org/10.32609/j.ruje.10.118769","url":null,"abstract":"This study investigates the impact of economic sanctions on exchange rate volatility, with a specific focus on the role of foreign reserves in mitigating these effects across 21 countries from 2002 to 2022. Employing advanced econometric models, including Panel-Corrected Standard Errors (PCSE) and Feasible Generalized Least Squares (FGLS), our analysis identifies a positive correlation between economic sanctions and increased exchange rate volatility. A significant finding is that high reserves-to-GDP ratios do not fully stabilize exchange rate volatility in the presence of economic sanctions, challenging the traditional view of reserves as reliable stabilizers. It also demonstrates an inverse relationship between heightened reserves-to-GDP ratios and economic growth during periods of sanctions, indicating that larger reserves may reflect economic difficulties rather than strength. These findings implicitly call for a reevaluation of economic policies in favor of adopting strategies that mitigate global economic uncertainties. Supported by previous literature, the importance of international cooperation and governance that foster economic and trade diversification is highlighted. This approach can provide alternative sources of foreign exchange and reduce economic vulnerability to sanctions, enhancing overall economic resilience and stability.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":"31 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366717","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}

引用次数: 0

Time-varying parameters error correction model for real ruble exchange rate and oil prices: What has changed due to capital control and sanctions? 实际卢布汇率和石油价格的时变参数误差修正模型：资本管制和制裁带来了什么变化？

Russian Journal of Economics Pub Date : 2024-03-29 DOI: 10.32609/j.ruje.10.111503

N. Fokin, Ekaterina V. Malikova, A. Polbin

{"title":"Time-varying parameters error correction model for real ruble exchange rate and oil prices: What has changed due to capital control and sanctions?","authors":"N. Fokin, Ekaterina V. Malikova, A. Polbin","doi":"10.32609/j.ruje.10.111503","DOIUrl":"https://doi.org/10.32609/j.ruje.10.111503","url":null,"abstract":"This paper aims to analyze changes in the long-term and short-term oil price elasticities of the real ruble exchange rate, as well as the speed of convergence of the exchange rate to a long-term equilibrium. The analysis is conducted using an error correction model with time-varying parameters. The results indicate that the short-term oil price elasticity of the exchange rate has consistently increased after the 2008–2009 crisis, reaching its peak in 2015. This peak coincided with the implementation of an inflation targeting regime by the Bank of Russia, as well as economic crises caused by sanctions and a decline in oil prices. During this period, the short-term elasticity exceeded the long-term elasticity, leading to a significant “overshooting” effect in response to oil shocks. Subsequently, the short-term elasticity gradually decreased as the economic situation stabilized, and by 2022–2023, it became insignificant. This was influenced by such factors as the inaction of financial markets and the implementation of capital controls. On the other hand, the long-term oil price elasticity remained relatively stable throughout most of the observation period, although it decreased during crisis periods.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":"74 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140368579","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}

引用次数: 0

The impact of foreign investment in financing sustainable development in Sub‑Saharan African countries 外国投资对撒哈拉以南非洲国家可持续发展融资的影响

Russian Journal of Economics Pub Date : 2024-03-29 DOI: 10.32609/j.ruje.10.105745

T. Alhassan, Eugenia Owusu Ansah, Shakizada Niyazbekova, Tatiana K. Blokhina

引用次数: 0

Examining the impact of national open data initiatives on human development: A comparative study between Latin America and Africa 审查国家开放数据倡议对人类发展的影响：拉丁美洲和非洲比较研究

Russian Journal of Economics Pub Date : 2024-03-29 DOI: 10.32609/j.ruje.10.107500

Tosin Ekundayo, Amiya Bhaumik, Justine Chinoperekweyi, Zafarullah Khan

{"title":"Examining the impact of national open data initiatives on human development: A comparative study between Latin America and Africa","authors":"Tosin Ekundayo, Amiya Bhaumik, Justine Chinoperekweyi, Zafarullah Khan","doi":"10.32609/j.ruje.10.107500","DOIUrl":"https://doi.org/10.32609/j.ruje.10.107500","url":null,"abstract":"In an era where data-driven decision-making is crucial for sustainable development, the role of open data initiatives in shaping potential and strategic outcomes has gained increasing attention. This study investigates the potential impact of National Open Data (NOD) initiatives on human capital development, with specific emphasis on their contribution towards achieving United Nations Sustainable Development Goal 3 (SDG3) targets. It explores the relationship between these initiatives and the Human Development Index (HDI) across different countries and regions aiming to ascertain if there is a significant association between open data and human development. The results indicate a strong positive correlation between NOD initiatives and HDI, suggesting that open data can play a crucial role in enhancing human development and meeting SDG3 targets. However, the strength of this relationship varies significantly across regions, with a more pronounced impact observed in Latin America compared to Africa. These findings underscore the potential of open data in propelling human capital development but also highlight the need to contextualize such initiatives based on unique regional dynamics. The study serves as a resource for policymakers in leveraging open data to enhance human development outcomes and progress towards achieving SDGs.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":"32 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366991","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}

引用次数: 0

Improving pension savings investing: The case of Russia 改善养老金储蓄投资：俄罗斯案例

Russian Journal of Economics Pub Date : 2024-03-29 DOI: 10.32609/j.ruje.10.115594

A. E. Abramov, M. Chernova

{"title":"Improving pension savings investing: The case of Russia","authors":"A. E. Abramov, M. Chernova","doi":"10.32609/j.ruje.10.115594","DOIUrl":"https://doi.org/10.32609/j.ruje.10.115594","url":null,"abstract":"Many countries seek to improve their pension systems by introducing corporate and individual savings plans to address the challenges of demography, social security, and economy. However, the establishing of a long-term, reliable savings system encounters multiple impediments. The retrospective analysis of Russian pension reforms offers some recommendations on solving the typical problems faced by reformers. Thus, in 2002 the Russian pension system was implemented by a mandatory savings pillar, which 20 years later the Ministry of Finance substituted by voluntary savings. As this period appeared shorter than the average life span, this measure proved ineffective in increasing pension payouts for future retirees. The frequent regulatory changes and the shrinking workforce coverage as the state prioritized the welfare of the current pension recipients also infringed upon the interests of future retirees. Pension savings investments were further affected by the economic policy aimed at the minimal return requirements which resulted in a more conservative asset allocation strategy and inefficient active management in non-state pension funds. The study demonstrates that policy actions to overcome these impediments and to raise the replacement rates for future retirees should include (a) steady regulations within a pension savings system of no shorter than 40 years; (b) the savings pillar covering no less than 80% of the workforce; and (c) the asset allocation strategy involving a bigger share of equity, longer time horizon and clear benchmarks. These recommendations can be applied to emerging market economies concerned with improving and reforming their pension systems.","PeriodicalId":36642,"journal":{"name":"Russian Journal of Economics","volume":"16 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366057","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}

引用次数: 0