Voprosy Ekonomiki最新文献

{"title":"Russian industrial companies under the “second wave” of sanctions: Response strategies","authors":"Y. Simachev, A. A. Yakovlev, V. V. Golikova, N. Gorodnyi, B. V. Kuznetsov, M. G. Kuzyk, A. Fedyunina","doi":"10.32609/0042-8736-2023-12-5-30","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-5-30","url":null,"abstract":"The article presents initial findings of a research project aimed at analyzing the impact of the “second wave” of sanctions in 2022 on the behavior of Russian companies, assesses their actions to adapt to the new conditions. This paper is based on survey data collected from managers of 1860 Russian manufacturing companies between August and November 2022. Despite the severity and scope of the sanctions, one third of the companies did not take adaptation measures, particularly local, technologically backward firms without innovative activity. On the whole, firms integrated into the global economy reacted more actively to new threats than those confined to the domestic market. We found significant variability in companies’ responses to the sanctions shock. Four basic quasistrategies of firms’ response are identified. The first one involved reducing current activities, employment, and investments. These actions were most common in industries integrated into global value chains, notably automotive industry and wood processing. The second strategy included simplifying products to reduce dependence on imports, finding new markets, and changing investment directions — typically seen in pharmaceutical firms. The third one consisted of altering supply channels for materials and components, and it was frequently adopted by manufacturers of rubber and plastic products. The fourth strategy focused on digitalization, developing new products, and increasing interaction with authorities. This was characteristic of industries whose markets have carved out niches due to the exits of major foreign players, in particular, manufacture of furniture. We highlight the following recommendations for the state anti-crisis policy: In 2022, the relative success of companies’ adaptation was associated with the implementation of “easy” import substitution. However, in the future there will be a need to prioritize support for the development of domestic technologies and increased access to knowledge. In conditions of high uncertainty, it is crucial to assist companies in building their own value chains, and predictability of government actions appears to be a significant factor in enhancing private initiative.","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":"138601116","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":"Technological proximity of countries as a factor of inward foreign direct investment to developing economies","authors":"V. Pankova, D. I. Pekhalskiy","doi":"10.32609/0042-8736-2023-12-66-85","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-66-85","url":null,"abstract":"Over the past decades, incoming flows of foreign direct investment (FDI) to developing countries have increased significantly. However, the share of accumulated incoming direct investments of these countries in the global volume of incoming direct investments remains unchanged. This may indicate the shortterm nature of these investments due to the lack of investors’ motivation to make long-term investments in these countries. In our paper, we make an attempt to identify the most significant determinants of flows of inward foreign direct investment to developing countries based on statistics on bilateral flows of such investments for the period of 2009—2021. For this purpose, we have constructed a gravity model of foreign direct investment. In contrast to the previous studies we have focused on the factor of technological proximity between countries. Firstly, the estimation results allow us to conclude that technological proximity between a recipient country and an investor country has a significant impact on the volume of FDI inflows to developing countries. Secondly, this influence is heterogeneous. The proximity of the technological structure of exports between countries contributes to an increase in FDI inflows to a recipient country. At the same time, countries which are close to each other in terms of the level of technological development of exports have a smaller volume of mutual FDI, while a significant excess of the level of technological development of the investor country over that of the recipient one is a factor of additional FDI inflows driven by a resource-seeking motive. Thirdly, based on the obtained results, we have revealed a list of countries that are the most attractive for Russia in terms of increasing the volume of outward FDI.","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":"138600984","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":"Theory of the shifting modes of reproduction: Where do the non-nuetrality of money and economic cycles come from?","authors":"E. L. Goryunov","doi":"10.32609/0042-8736-2023-12-120-140","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-120-140","url":null,"abstract":"The theory of switching modes of reproduction (SMR) is a relatively new branch of heterodox macroeconomic theory. The SMR-models have two distinctive properties: they allow endogenous economic cycles and posess non-neutrality of money in the long term. The latter property means that in the SMR-models monetary expansion can effectively stimulate economic growth. The original form of the SMR-models (a complicated system of differential equations) makes them difficult for general theoretical analysis. In this article I propose a simpler version of the SMR-model in discrete time, for which, under certain assumptions, an explicit closed-form solution is derived. I use a formalism that is close to that accepted in the macroeconomic mainstream. All key structural features of the original SMR-model were retained, and the constructed model has the two properties mentioned. The model is used to identify particular assumptions that lead to existence of fluctuations and non-neutrality of money. It is shown that endogenous fluctuations are associated with very specific and not entirely realistic assumptions about the process of formation and depreciation of fixed capital. It is also revealed that the non-neutrality of money in the SMR-theory arises from the assumption that financial constraints are the only constraints of the investment process. Equivalently, this assumption can be re-formulated as a postulate of the unlimited labor supply with the exceptional ability of monetary expansion to employ it. If we adjust the model by adding the condition of limited labor supply, then money becomes neutral, and monetary stimulus loses its effectiveness. Based on the findings, the recommendation to rely on monetary easing in order to accelerate economic growth which is advocated by the authors of the original SRM-theory is called into question.","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":"138598613","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":"“Having leapt never look back”: Who stays with Russia and how are imports redistributed?","authors":"A. Gnidchenko, O. M. Mikheeva, V. A. Salnikov","doi":"10.32609/0042-8736-2023-12-48-65","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-48-65","url":null,"abstract":"We examine the division of countries according to their political attitude towards Russia after the launch of a special military operation in Ukraine and the introduction of large-scale sanctions, and illustrate the importance of sanctions and political attitude to Russia for countries’ exports there with the available statistical data. The countries are clustered by their participation in sanctions pressure on Russia and voting on six UN resolutions condemning Russia’s actions. Except for hostile countries, we distinguish three groups of friendly countries — “cautious” (voting for UN resolutions), “wavering” (non-systematic voting), and “sympathetic” (voting against resolutions or ignoring them). According to mirror data on foreign trade with Russia, most countries which increased their exports to Russia in 2022 belong to the “sympathizers” group. Relying on the evidence from the EU and China, we demonstrate that imports of sanctioned goods are redistributed more actively than other imports. We list major products which imports were redistributed successfully or unsuccessfully.","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":"138599006","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":"The non-payments economy: 30 years later","authors":"G. Kleiner","doi":"10.32609/0042-8736-2023-9-138-154","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-138-154","url":null,"abstract":"The paper analyzes the reasons and consequences of the dominance of the non-payments economy in Russia in the 1990s. Arguing with a recent paper by A.B. Chubais “Non-payments in the Russian economy of the 1990s: An unforeseen institution” (Voprosy Ekonomiki, 2003, No. 7), the author puts forward his own arguments for the emergence, spread and contraction of the phenomenon of non-payments. According to his point of view the fundamental reason for developing the barter economy in Russia was the need for directors and managers of enterprises to obtain empirical information and knowledge about the new structure and possibilities of the Russian economy. The methodological miscalculations of the authors of the concept of market reforms of the 1990s, associated with excessive trust in neoclassical economic theory, in particular, in the neoclassical concept of the firm, have been discussed. A broader view of the activity and interaction of economic agents has been proposed. It takes into account the achievements of institutional, evolutionary, behavioral, and system economic theories. An analogy between the early 1990s and the early 2020s in terms of the formation of the data economy and, in the future, the knowledge economy has been drawn. On the basis of the conducted analysis general recommendations for economic theory, policy and practice have been formulated.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48686131","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":"Food price volatility in 2021—2022 in the context of food security","authors":"N. I. Shagaida, S. Ternovsky","doi":"10.32609/0042-8736-2023-9-29-46","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-29-46","url":null,"abstract":"The article considers one of the aspects of food security — food price volatility. Assessing price anomalies in the food market, as used in the FAO’s FPMA, is adapted and tested on Russian statistics. Special periods in the dynamics of food price volatility were identified, based on the indicator of price anomalies. The contribution of various food products to the growth in food prices in 2020—2022 is calculated, the inexpediency of maintaining the rules in force since 2021 for imposing marginal prices for socially significant food products is justified. The levels of food security in Russia in 2020—2022 are assessed according to the original methodology, which can be used as a basis for improving the existing state system of indicators.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43688131","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":"Deepening cooperation with China in the context of its economic growth model","authors":"A. V. Gotovsky","doi":"10.32609/0042-8736-2023-9-84-102","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-84-102","url":null,"abstract":"The government of the Russian Federation has announced the transition to payments for energy resources supplied to the People’s Republic of China in yuan. It also provides for the use of the Celestial Empire’s currency in settlements with third countries and the rejection of the dollar and the euro. Similar processes are taking place in other member states of the Eurasian Economic Union, most intensively in the Republic of Belarus. However, the need for deepening cooperation for China itself is greatly underestimated. Beijing needs it at the current stage based on the features of the Chinese model of economic growth of the last 15 years. The article examines the role of the external and internal markets in the economic growth of the PRC, the features of the current stage, the restrictions associated with it and ways to overcome them through deepening cooperation with the Russian Federation. In this regard, bilateral cooperation is becoming a key factor for China to maintain dynamic growth rates and economic stability. For Russia, this gives an opportunity to build its own ambitious economic development strategy with the use of the potential of the Celestial Empire.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48700211","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":"New trends in capital flows in the world and Russia","authors":"A. Bulatov","doi":"10.32609/0042-8736-2023-9-65-83","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-65-83","url":null,"abstract":"In the aftermath of the global economic crisis of 2008—2009 new trends have emerged in the international capital flows: dynamics, volatility and geography of capital outflow and inflow have changed, the list of countries leading in these outflow and inflow have also changed, national restrictions on the import of capital have increased, international cooperation in monitoring international capital movements has expanded. The COVID-19 crisis and the geopolitical upheavals of 2020—2023 have added new trends to these processes. Russia’s participation in international capital flows has become noticeably smaller due to restrictions on Russian investments abroad and foreign investments in Russia, as well as problems with dynamics of the Russian economy.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44763883","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":"End-to-end digitalization factors: Challenges for Russian manufacturers","authors":"L. S. Ruzhanskaya, M. Kuzyk, Y. Simachev, A. Fedyunina","doi":"10.32609/0042-8736-2023-9-5-28","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-5-28","url":null,"abstract":"Despite clear progress in digitalization, Russia significantly lags behind global leaders in the use of digital technologies, including robots, artificial intelligence and 3D printing. In this study, we use the organizational characteristics of Russian industrial companies and the role of innovation diffusion channels to explain the digitalization factors of Russian industrial enterprises. The database is grounded on the results of a sample survey of 1.7 thousand companies; empirical estimates include the construction of logit regressions. The results of the study are mixed: digitized companies are focused on the domestic market, but are receptive to technology transfer from foreign investors, examples of other Russian and foreign companies in the industry, developments of research centers in the field of robotics and artificial intelligence. The study of the relationship between digitalization and firms’ use of innovation channels has shown the importance of market incentives and flexible public innovation policy instruments. Direct government involvement as an owner in stimulating digitalization affects innovative companies using robots and 3D printing, while indirect government support measures are significant for innovative companies using artificial intelligence. This suggests that Russian companies overcome the barriers of resource constraints and organizational rigidity in different ways, and are also selectively susceptible to external incentives, which should be taken into account by the government in its policies","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41634338","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":"Estimation of electronic procedures effects in public procurement under favoritism","authors":"S. G. Belev, V. V. Veterinarov, E. Matveev","doi":"10.32609/0042-8736-2023-9-47-64","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-9-47-64","url":null,"abstract":"This paper investigates the effects of electronic procedures for supplier selection in public procurement multi criteria auctions (with a selection of a winner based not only on the price criterion) for the results of research and development (R&D) work in Russia. The electronic procedures in public procurement can increase the number of bidders and lead to lower final contract prices. However, in the presence of favoritism, the effect of electronic procedures may be limited. To identify and evaluate the effects of introduction of electronic procedures, we collected microdata on 4517 composite auctions for R&D results for the period from 12/16/2016 to 12/20/2021. Until 2019, there were practically no electronic multi criteria auctions, and starting from 2019, all multi criteria auctions were in electronic form, which creates quasi-experimental conditions. Favoritism is evaluated based on the frequency of interaction between the customer and the supplier. The results of econometric modeling suggest that the introduction of the electronic procedures do increase competition in multi criteria auctions and lead to lower final contract prices, but the effect is weaker in auctions with potentially affiliated customer and supplier. Moreover, one of the main channels of the negative effect of favoritism is inflated quality criterion scores of affiliated suppliers.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42369091","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}