INVESTMENTS
AND ECONOMIC GROWTH
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POLITICAL ECONOMY
OF THE FINANCIAL SECTOR
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CORPORATE ECONOMICS
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FROM THE HISTORY
OF ECONOMIC THOUGHT
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IN AID TO THE LECTURER
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Abstracts
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M. Ershov. On Financial Mechanisms of Economic Growth
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The financial mechanisms that are necessary to sustain economic growth are reviewed in the article. The experience of the developed countries shows that the budgetary mechanisms are the prime source of the "money-creation" and national monetary authorities play a major role in this system. The need for active budgetary, monetary and foreign exchange policy aimed at providing stable economic growth is emphasized.
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V. Burlachkov. The Demand for Money: Theory and Practice of Estimation
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Using of modern econometric methods for the analysis of the demand for money has recently given the results, unexpected for monetary theorists. The connection between nominal prices and monetary aggregates appeared to be more complicated than mutual connections of many other economic variables. Besides, the experience of Russian reforms proved that the traditional methodology of analysis is not adequate for studying the demand for money in transition economies. The new methodology of money demand analysis presumes using the specific set of variables, in particular the volume of bank debits to deposit accounts. Wrong methods of money demand estimations in transition economies became a reason of serious mistakes in monetary policy.
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S. Moiseev. The Political Economy of Financial Repression
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Most developing countries have imposed different restrictions (named "financial repression") on the activities of the domestic financial sector of economy. Such restrictions have allowed governments to increase their revenues. The author discusses theoretical underpinnings of financial repression and the practices of restrictions in developing countries. The empirical estimations of financial repression in Russia are presented.
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V. Pishchik. Antiinflationary Policies in the European Union: Specifics, Problems and Prospects
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Tendencies and prospects of antiinflationary policies by the Eurosystem and its place in sustaining macroeconomic stability in the Euroarea are examined in the article. Limitations and opportunities of these policies in conditions of transitional period of Economic and Monetary Union formation, preservation of structural disproportions and weak coordination of various directions of financial and economic policies among Euroarea countries are investigated. The role of an independent single monetary policy in EMU in sustaining steady development of the European Union may be raised under condition of reforming administative structures in the Euroarea and increasing a degree of consolidation and coordination of fiscal and budgetary policy in the EMU.
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A. Vernikov. Foreign Banks' Strategies in Russia
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Foreign banks that penetrate the Russian market are guided by different motivations and pursue diverse strategies. The leaders of worldwide banking have so far followed organic growth strategy in Russia thus avoiding large-scale investments and commitments. This resulted in a negligible market share they control. Russian operations do not yet provide a critical financial contribution to the parent banking groups' results. A considerable share of banking services to clients in Russia is delivered offshore. Within the next few years one might expect a consolidation of foreign banks' business in Russia. Three or four global players may increase their market share, also via acquisition of local institutions, while a few other players will be marginalized or even quit the Russian market altogether.
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A. Radygin. Mergers and Takeovers in the Corporate Sector (Basic Approaches and Tasks of Regulation)
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An intense discussion of the role of mergers and takeovers in the economy has taken place over past 100 years. Recently, this issue has become urgent for Russia and other transitional economies. The present paper attempts to provide an overview of unique features of the Russian market for corporate control on the basis of existing theoretical approaches and domestic experience of empiric research, to evaluate drawbacks of the current law and mechanisms of regulation of mergers and takeovers.
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O. Ananyin. Macroeconomics of Henry Thornton, or What Economists Did Know as far as 200 Years Ago
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The paper is devoted to the 200th anniversary of Henry Thornton's work "An Enquiry into the Nature and Effects of the Paper Credit of Great Britain"(1802) - a remarkable attempt to develop macroeconomic theory long before K. Wicksell and J.M. Keynes. Essential historical, biographical and intellectual background of Thornton's book is provided as well as reconstruction of the logic of his macroeconomic thinking and presentation of the most innovative Thornton's contributions to economic theory.
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R. Nureev. Public Choice Theory. A Textbook. Chapter 5. Public Choice under Direct Democracy: Alternatives to Majority Rule
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The alternatives to majority rule under direct democracy are considered in the fifth chapter of the textbook. The specifics of elections and referendums are distinguished. The concept of rational ignorance is defined. The alternative procedures of voting are analyzed. The theory of clubs is briefly characterized. The chapter also includes further readings, control tests and questions.
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