Voprosy Ekonomiki最新文献

{"title":"Modeling of the corporate capital structure","authors":"E. G. Demidova, E. Bogatov","doi":"10.32609/0042-8736-2023-6-62-75","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-6-62-75","url":null,"abstract":"The capital structure is determined by the ratio of the company’s own and borrowed funds. It has a direct impact on the financial stability of the company, profit and return on equity. Thus a reasonable calculation of the value of the specified ratio is an urgent problem for any large enterprise. The correct ratio of borrowed and own capital in the structure of the aggregate corporate capital will allow to provide the specified return from the use of own capital in changing market conditions. The methodology of optimizing the structure of capital proposed by the authors is based on a formula for increasing return on equity (ROE) as a function of three variables — return on sales (ROS), resource productivity (Y) and equity multiplier M. The interpretation of the DuPont model as a model with lagged variables is original, which allows to predict the change in the equity multiplier at the expense of possible increase in other variables: resource productivity and return on sales, provided that the return on equity will reach the target level. There have been obtained formulas which allow modeling the structure of capital that guarantees a given profitability. The heuristic principle based on the three-factor model of DuPont ROE = ROS×Y×M, was that keeping the return on equity at the same level (as compared with the reference period) should entail compensation for the multidirectional dynamics of return on sales, resource productivity and equity multiplier. The paper considers three variants of the dependence of changes in the ratio of equity and borrowed capital of the company: when resource productivity is unchanged (ΔY = 0), when return on sales is unchanged (ΔROS = 0) and when both indicators change simultaneously (ΔY ≠ 0 and ΔROS ≠ 0). The methodology presented by the authors also allows to calculate the structure of capital which would provide a given level of return on equity ROE based on the forecast of return on assets ROS and return on sales Y with reference to the values of ROS and Y calculated in the reference period. We present the testing of this algorithm (in all three variants) on the basis of the reporting data of one of the metallurgical companies of Russia for the period 2017—2019.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44642282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Wages, age, and economic growth: Estimates for Russia","authors":"A. Zamnius, A. Polbin, S. Sinelnikov-Murylev","doi":"10.32609/0042-8736-2023-6-94-116","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-6-94-116","url":null,"abstract":"We study the dependence of wages on ages of individuals based on RLMS-HSE microdata for individuals aged 25—55 years for the period 2000— 2019 in Russia. A quadratic dependence of wages on the age of an individual is assumed for cross-sectional models, while shifts of cross-sectional wage profiles over time are described by the dynamics of the gross regional product. The model parameters are estimated for different social groups, separated by gender and educational level, based on a model with random effects, which allows us to obtain the most effective parameter estimates based on both within-group and between-group variation in the data. The estimates obtained can be used in calibration of general equilibrium models with overlapping generations. We touch upon the problem of reducing wages in ages close to retirement and discuss possible reasons for this decrease. We also estimate minimal economic growth rates, forcing the wage rates to increase until the individual reaches the ages of 55, 60 and 65.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44142662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Authorship capital and reforming the Russian publication system","authors":"V. N. Polterovich","doi":"10.32609/0042-8736-2023-6-138-158","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-6-138-158","url":null,"abstract":"The article is devoted to the problem of improving the governance of publication systems, within which their actors interact in producing scientific publications, supplying them to readers, as well as in funding and coordinating corresponding processes. It is emphasized that the ownership of a scientific text includes two components: the right to a monetary reward for the use of the article by the consumer and authorship. The first component can be passed to another person, but the second cannot. Authorship is the basis for building up an individual intangible asset, which we call authorship capital. The desire to increase it determines the dual role of the author in the publication system: he is not only a producer of the knowledge embodied in the article, but also, along with the reader, its ultimate consumer. The dual role of the journal is also noted, which, organizing the review process, turns out to be not only a supplier of articles, but also a producer of knowledge. These two features give rise to a variety of possible financing schemes for publishing systems. The specific features of knowledge as a private and public good are analyzed. One of them is the high cost of knowledge consumption. Due to this and a number of other circumstances, the market model for financing publication systems is inefficient; the most important task is the transition to open access. Such a transition should be accompanied by improved methods for evaluating the performance of researchers and the quality of journals. The comparison of large groups of objects (e. g., journals or research institutions) is inevitably based on citation indicators, while expertise can play only a supporting role. On the contrary, when it comes to making decisions within a small group, e. g., when allocating given funds among laboratory members, expert evaluations must play a decisive role. The directions of reform of the Russian publication system are discussed, ensuring the reduction of rent-seeking activity and increasing the adequacy of the indicators used.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49613528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Comprehensive analysis of the effectiveness of social security regional financial models in Russia based on the DEA method","authors":"M. Dorofeev","doi":"10.32609/0042-8736-2023-6-117-137","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-6-117-137","url":null,"abstract":"The problems of financial regulation of poverty and income inequality in Russia are widely discussed in the scientific literature. One of the important aspects in this area is efficiency assessment, which should be the basis for developing solutions that contribute to the growth of the Russian population welfare. This article develops a comprehensive methodology for assessing the effectiveness of the system of state financial regulation of poverty and income inequality In Russian regions on the basis of the Data Envelopment Analysis (DEA) method and regression analysis. The information base contains the indicators of socioeconomic development of Russian regions for the period from 2017 to 2021. The analysis algorithm of the technical efficiency of budget expenditures on social policy has been developed and tested. The research novelty is the application of the DEA method taking into account the theory of regulation of income inequality by F. Bourguignon. The paper provides a comprehensive assessment of the regions’ efficiency and identifies the determinants of the efficiency indicators: the size of the regional economy and the level of income per capita; the share of poor citizens in the region; indicators of regional demographic development (fertility, mortality), etc.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44823207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional response after technological changes in telecommunications","authors":"A. Shastitko, К. A. Ionkina","doi":"10.32609/0042-8736-2023-5-50-67","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-50-67","url":null,"abstract":"Imbalances in law enforcement require some alternatives for an institutional response to challenges. Telecommunications is an example industry where technological changes in the environment condition the need to adjust approaches for implementing antitrust tools for competition protection. The article deals with the discussion regarding the choice of structural alternatives for the framework of telecommunications (the institutional framework of this industry). The paper reveals the characteristics of competing alternatives: deregulation (regulation “pending”), economic regulation, reconfiguration of antitrust taking into account the limitations on the side of the regulator. It is shown that the solutions proposed on the basis of the Austrian school of economics and Pigouvian ideas are easily accessible in the framework of public discussions. This is why the economic regulation or deregulation are the most promising directions in the field of public policy. The Coasian approach requires better knowledge of the subject and allows to take into account the limitations on the side of the regulator, however, it is not likely to be accepted. At the same time, this approach provides a wider range of tools as a condition for the adaptive effectiveness of regulation.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45660064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Federal transfers: Leeway to higher regional debt?","authors":"E. Timushev, A. Mikhaylova","doi":"10.32609/0042-8736-2023-5-23-49","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-23-49","url":null,"abstract":"The research focuses on the impact of substituting own revenues in Russian regions by federal intergovernmental transfers on the amount of public debt using the concept of vertical fiscal imbalance (VFI). Vertical imbalance emerges as a result of spending assignment exceeding revenue streams at the lower levels of the budgetary system. It leads to a lack of own revenues and creates risks of accumulating deficits and debt buildup. Vertical imbalance is analyzed as a whole and by its components — the deficit of a subject of the Russian Federation and the types of intergovernmental transfers. Shared revenue sources with sharing rates differentiating among regions and allotted at the discretion of regional authorities to local administrations are considered to be regional intergovernmental transfers as well. Quantitative analysis was carried out by panel regression with fixed effects of regions and observation periods based on the data for 2011—2020. It is found that vertical imbalance does not have a significant impact on the amount of debt, as federal intergovernmental transfers do not restrain growth of tax base or efficiency of spending, as laid out by the theory. We refer the low risk of negative consequences to the low powers of regions in generating revenues and big primary spending obligations.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44562231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sanctions within the European Union","authors":"M. Klinova, E. Sidorova","doi":"10.32609/0042-8736-2023-5-148-160","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-148-160","url":null,"abstract":"The article is devoted to the analysis of the practice of sanctions within the EU. Two groups of sanctions are identified — traditional ones, related to the country’s infringement of the main fiscal rules in the Economic and Monetary Union, and relatively new ones, related to non-compliance with the basic principles of the EU. This article’s attention is focused on the second group of measures, previously not studied in detail in the Russian scientific literature, which are aimed at resolving internal contradictions in the EU — between supranational structures and new Eastern European EU members. These are measures of financial nature in the form of freezing the EU funds payouts, although other measures are also envisaged. For these purposes, the conditionality mechanism has been fixed in 2020, providing for the dependence of payments from the EU funds on the respect of European norms and compliance with EU fundamental values. The ability to avoid blocking at the EU level decisions on sanctions against the violating country is also provided for. As a last resort, a sanction is fixed in the form of depriving the country of the voting rights in the EU Council. We conclude that it is possible to resolve problems without adoption of tough financial measures, by political will and by the institutional mechanisms for settling disagreements.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49198276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessment of food losses at the stage of agricultural production in the Russian Federation","authors":"N. Karlova, E. Payurova, E. Galaktionova","doi":"10.32609/0042-8736-2023-5-91-105","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-91-105","url":null,"abstract":"The article presents a method of quantitative measurement of food losses in agricultural production in Russia based on verifiable statistical data and the results of its application. The relevance of the study is related to the limited resources for agricultural production and the growing demand for food, considering climate change, leading to an increase in the risks of extreme weather events and epidemics. The estimates of losses presented in Russia are either based on the calculation of food resource balances and have limitations in terms of coverage of the types of losses considered, or are based on subjective assessments of respondents. The proposed method makes it possible to identify focal points of food losses in agricultural production. In addition, the results obtained can be used to assess the potential for reducing greenhouse gas emissions because of limiting food losses in Russian agricultural production.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47161966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the impact of fiscal rules on the cyclicality of government expenditures","authors":"A. Kudrin, I. Sokolov, O. Suchkova","doi":"10.32609/0042-8736-2023-5-5-22","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-5-22","url":null,"abstract":"The paper analyzes the impact of fiscal rules on the cyclicality of non- interest public spending. It is concluded that for both developed and developing countries for 1995—2019 non-interest public spending is procyclical, and having at least one fiscal rule at the national level reduces the procyclicality of spending. The reaction to the introduction of a fiscal rule depends on the existence of institutional conditions for its successful application. The presence and rigidity of the rules are offset by the possible non-compliance with them. Fiscal rules are not a sufficient condition for a counter-cyclical fiscal policy and do not guarantee a solution to the problems of debt burden and stabilization of expenditures. Hardly 22 out of 49 countries that have applied at least one fiscal rule for 5 years and for which data for at least 10 years of non-interest spending are available show counter-cyclical non-interest spending behavior, and only 7 of them managed to reduce their debt burden after the introduction of a system of fiscal restrictions.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43523665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On intangible cultural capital","authors":"V. Studentsov","doi":"10.32609/0042-8736-2023-5-131-147","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-5-131-147","url":null,"abstract":"In recent decades there has been a growing interest worldwide in the study of the relationship between various manifestations of culture and economic processes. Contrary to the reckless judgments of some researchers, culture is not universal or neutral, but diverse and has a direct and significant influence on the nature of organization and implementation of economic activity. Nevertheless, in spite the accumulation of numerous and irrefutable evidence of this, the integration of the concept of culture in some or other categorical forms into economic theory for one reason or another has not yet occurred. In characterizing the interaction of cultural and economic processes the author suggests broader use of the concept of cultural capital, similar in many of its “technical” parameters to other intangible capitals. Intangible cultural capital, defined as “habitual perceptions and values”, is a multi-layered and multidimensional phenomenon that contains not only stable and “strong” elements but also those amenable to change, susceptible to degradation and destruction, and therefore exhibits features both as a public good and as a common good.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42626025","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}