Voprosy Ekonomiki最新文献_第7页

Soaring public debt: Return of financial repression and high inflation? 公共债务飙升：金融抑制和高通胀卷土重来？

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Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-33-51

Y. A. HSE University, S. E. Pekarski

{"title":"Soaring public debt: Return of financial repression and high inflation?","authors":"Y. A. HSE University, S. E. Pekarski","doi":"10.32609/0042-8736-2024-1-33-51","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-33-51","url":null,"abstract":"The global economic crisis caused by the COVID-19 pandemic has once again shown the key role of fiscal stimulus. At the same time, in many developed countries, stimulating monetary policy was limited by the already achieved zero interest rates. But the fight against the consequences of the coronavirus with fiscal policy instruments had a negative effect in the form of an increase in the state budget deficit and, as a result, in public debt. According to the Institute of International Finance (IMF), by the end of 2022, global debt reached $297 trillion, or 349%. The public debt in the world reached 102% of GDP in 2022, which is a historically high value since the 1960s. In 2023, global debt continued to grow in nominal terms: according to the IMF, in Q1 2023, it has already increased by $8.3 trillion to $305 trillion. The risks of rapid growth in public debt in developed and developing countries were even before the COVID-19 pandemic. But after a period of stimulus fiscal measures in 2020—2021 the public debt problem has worsened, raising fears that the practice of financial repression could become a reality for the next decade. Accelerating global inflation increases incentives for governments to use financial repression to eliminate the public debt burden. At the same time, financial repression, in turn, may imply a decrease in the effectiveness of the inflation targeting policy, as a result of which there are risks that high inflation will become more sustainable.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448444","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

Determinants of public spending composition in the Russian regions 俄罗斯各地区公共支出构成的决定因素

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Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-5-32

E. T. Gurvich, N. Krasnopeeva

引用次数: 0

Alcohol policy in Russia in the last decade: A movement backwards 过去十年俄罗斯的酒精政策：倒退

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Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-75-93

M. Kolosnitsyna

{"title":"Alcohol policy in Russia in the last decade: A movement backwards","authors":"M. Kolosnitsyna","doi":"10.32609/0042-8736-2024-1-75-93","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-75-93","url":null,"abstract":"Since the mid-nineties of this century, Russia has intensified its state policy of combating excessive alcohol consumption. In particular, a minimum price threshold for vodka was introduced, excise taxes on alcohol in alcoholic beverages were substantially increased, and a mandatory ban on nighttime retail sales was introduced. A number of studies using Russian microdata have confirmed the effectiveness of these measures. From 2007 to 2017, the dynamics of alcohol consumption by the Russian population did show a consistent decline. Many researchers, both Russian and foreign, considered this trend as a success of government policy. Recently, however, official statistics have noted an annual increase in the consumption of alcoholic beverages: from 7.2 liters of pure alcohol per capita adult population in 2017 to 7.7 in 2021. Why has the alcohol policy, designed initially in line with international best practices, not reduced consumption in recent years? This article analyzes the practice of applying price and restrictive measures for the last 10 years on the basis of Rosstat data, federal and regional legislation. Excise duties and minimum vodka prices in real terms are calculated, as well as indices of the ratio of alcoholic beverage prices and average wages. The real excise taxes and prices for alcoholic beverages decreased after 2014, making them more affordable for consumers. After 2017, there is no increase in the number of Russian territories applying stricter temporary restrictions on alcohol trade compared to the norm of the federal law. Today, almost half of the country’s population lives in regions with the mildest possible time limits on alcohol sales that do not constrain its physical availability. We have to admit that the alcohol policy is inconsistent. The formal application of price and restrictive measures in the last decade has not prevented the growth of alcohol consumption.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139449034","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 for women (Nobel Memorial Prize in Economic Sciences 2023) 女性的时代（2023 年诺贝尔经济学奖）

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Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-52-74

A. L. Lukyanova

引用次数: 0

Economic education as a mirror of interdisciplinary discourse 经济教育是跨学科讨论的一面镜子

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Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-137-153

A. Shastitko

引用次数: 0

Microfoundations of dominance of fundamentalism in economic policy: Is there an antidote? 原教旨主义在经济政策中占主导地位的微观基础：有解药吗？

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-01-07 DOI: 10.32609/0042-8736-2024-1-94-114

N. Pavlova, A. Shastitko

{"title":"Microfoundations of dominance of fundamentalism in economic policy: Is there an antidote?","authors":"N. Pavlova, A. Shastitko","doi":"10.32609/0042-8736-2024-1-94-114","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-94-114","url":null,"abstract":"The article examines the possible reasons for the dominance of fundamentalism( in the form of Pigouvianism or market fundamentalism) over functionalism (Coasianism) in the practice of decision-making in economic policy. Continuing the study of the relationship between Coasianism, Pigouvianism and market fundamentalism, presented in previous works, the article focuses on finding the basis for the dominance of fundamentalism at the level of individual decisions and actions — in particular, in the field of cognitive bias and behavioral effects. Decision-making using an automatic cognitive system, subject to cognitive bias, as opposed to a reflective system, can lead to the choice of a fundamentalist solution to a problem where it is not the most efficient, and also reduces the efficiency of functionalism, since it prevents the correct identification of the problem itself, of the structural alternatives for its solution, as well as identifying and comparing the effects associatedwith each of the alternatives. The microfoundations of insufficient supply and demand of the Coasian approach are explored. Based on the identified problems of supply and demand for Coasianism, as one of the possible ways to promote it, it is proposed to consider the primary socialization of the individual in the learning process, the formation of substantive critical thinking. It is emphasized that adjustments to the socialization process are a matter of long-term strategy","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448885","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

Practice of antitrust and industrial policy (Proceedings of the round table discussion at the anniversary conference of the Chair of Competition and Industrial Policy of the Faculty of Economics, Lomonosov Moscow State University) 反托拉斯和产业政策的实践（莫斯科国立罗蒙诺索夫大学经济系竞争和产业政策教席周年纪念会议圆桌讨论记录）

IF 0.8

Voprosy Ekonomiki Pub Date : 2023-12-06 DOI: 10.32609/0042-8736-2023-12-141-153

A. Editorial

{"title":"Practice of antitrust and industrial policy (Proceedings of the round table discussion at the anniversary conference of the Chair of Competition and Industrial Policy of the Faculty of Economics, Lomonosov Moscow State University)","authors":"A. Editorial","doi":"10.32609/0042-8736-2023-12-141-153","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-141-153","url":null,"abstract":"In modern conditions, the issues of choosing a reasonable balance between antitrust and economic regulation, instruments of antimonopoly and industrial policy — vertical and horizontal — have become actualized. This is due to the fact that several factors have intertwined: digitalization that transforms the usual business models and ideas about acceptable conditions for the functioning of markets; the search for solutions to the problems of sustainable development (low-carbon economy); a dramatic change in geopolitical conditions of doing business in Russia. In 2023, the Chair of Competition and Industrial Policy of the Faculty of Economics of Lomonosov Moscow State University turned 10 years old. On June 14, 2023 an anniversary conference was held to discuss a wide range of issues that the school of institutional studies of competition, industrial and competition policy, which has been formed in Russia, touches upon in its research. Within the framework of the conference, a round table was held on applied issues of antimonopoly and industrial policies in new conditions. Researchers, practicing consultants, and business representatives were invited to the discussion.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138594862","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 world and Russia in the environment of transformation: Is the economic recovery sustainable? 转型环境中的世界和俄罗斯：经济复苏是否可持续？

IF 0.8

Voprosy Ekonomiki Pub Date : 2023-12-06 DOI: 10.32609/0042-8736-2023-12-31-47

M. V. Ershov

引用次数: 0

The Phillips curve for an open economy: The evolution of inflation processes in Russia 开放经济的菲利普斯曲线：俄罗斯通货膨胀过程的演变

IF 0.8

Voprosy Ekonomiki Pub Date : 2023-12-05 DOI: 10.32609/0042-8736-2023-12-103-119

A. Zubarev, A. M. Gorodnov

引用次数: 0

The effect of the ECB’s unconventional monetary policy on systemic risks in the eurozone 欧洲央行非常规货币政策对欧元区系统性风险的影响

IF 0.8

Voprosy Ekonomiki Pub Date : 2023-12-05 DOI: 10.32609/0042-8736-2023-12-86-102

E. P. Dzhagityan, O. Mukhametov

{"title":"The effect of the ECB’s unconventional monetary policy on systemic risks in the eurozone","authors":"E. P. Dzhagityan, O. Mukhametov","doi":"10.32609/0042-8736-2023-12-86-102","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-86-102","url":null,"abstract":"Systemic risks in the framework of central banks’ unconventional monetary policy (UMP) have so far received little attention in the modern economic literature. Based on evidence from the UMP of the European Central Bank (ECB), we contribute to this research area by differentiating systemic risks between materialized systemic risks (financial stress) and their potential level (expected capital shortfall in the banking system during crises). Besides, our paper assesses the asymmetric effects of expansionary and contractionary UMP. The empirical analysis covers the period from 2009 to 2022 and applies structural vector autoregressions with zero and sign constraints on the model parameters. We have found that materialized systemic risks decline in response to expansionary UMP and increase after the ECB’s contractionary measures. Potential systemic risks demonstrate a backlash, and their increase after the expansionary shock outweighs the decrease in response to the contractionary measures in modulus. The research results show the need to combine a long-lasting stimulating UMP together with the tightening measures in ensuring financial stability.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138601428","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