• M. Ershov — World Economy: Prospects and Barriers for Recovery
• S. Narkevich, P. Trunin — Prospects of Russian Ruble as a Regional Reserve Currency: Theoretical Approach
• O. Butorina — Causes and Consequences of the Crisis in the Eurozone

• S. Sayfieva — The Russian Tax System: A View from the Inside

• S. Barsukova — The Shadow Economy in the Framework of "Razdatok"

• Danilov V. P. The History of Russian Peasantry in the 20th Century. Selected Works: In 2 vols.
• Kvint V. The Global Emerging Market: Strategic Management and Economics

Abstracts

The article deals with the evolution of approaches to the problem of "government failures". This trend of modern economic theory, which has arisen in opposition to the concepts of "market failures" can be seen as a search for a new strategy of political and economic analysis of the resource allocation mechanisms, as well as historical social institutions and their effect on the efficiency of economic processes. Special attention is paid to the problem of information retrieval, ways of funding the state, the impact of rent-seeking behavior, the role of the political process, negative externalities as a result of the lack of coordination, and of the overall presence of the state in the economy. Interdisciplinary approach to "government failures" takes into account the influence of legal rules and institutions on the nature of allocation of public resources, as illustrated by the examples of modern Russian economy.

JEL classification: B20, D02, D60, K40, L30, P20.
Keywords: government failures, public policy, public choice, allocational efficiency, information, privatization.

The paper is devoted to the new methods of evolutionary modeling. The author demonstrates the shortcomings of standard economic theory and suggests analyzing dynamic, non-equilibrium processes. The rejection of maximization and equilibrium postulates gives another perspective on the behavior of individual agents and organizations, industrial dynamics, economics of innovation, and macroeconomic parameters. The outcome of those developments can be a?new paradigm where the macroeconomic ideas of Keynes are synthesized with Schumpeter-like notion of technological change.

JEL classification:B41, B52, C53, E12, O30.
Keywords: Keynes, Schumpeter, evolutionary economics, disequilibrium, dynamics, economic growth, innovation.

According to the latest forecasts, it will take 10 years for the world economy to get back to "decent shape". Some more critical estimates suggest that the whole western world will have a "colossal mess" within the next 5–10 years. Regulators of some major countries significantly and over a short time-period changed their forecasts for the worse which means that uncertainty in the outlook for the future persists. Indeed, the intensive anti-crisis measures have reduced the severity of the past problems, however the problems themselves have not disappeared. Moreover, some of them have become more intense — the euro-crisis, excessive debts, global liquidity glut against the backdrop of its deficit in some of market segments. As was the case prior to the crisis, derivatives and high-risk operations with "junk" bonds grow; budget problems — "fiscal cliff" in the US — and other problems worsen. All of the above forces the regulators to take unprecedented (in their scope and nature) steps. Will they be able to tackle the problems which emerge?

JEL classification: E44, E51, E58, F34, G21.
Keywords: anti-crisis measures, long money, monetary policy, liquidity.

In recent years the discussion of the role played by reserve currencies in the world economy has reached a new level. Problems caused by the domination of the single reserve currency have not yet been resolved and it remains unclear when and how they will be solved in the future. At the same time quite often the discussion doesn’t include theoretical foundations of different alternatives. In this article we try to develop a strict foundation of the regional reserve currency concept, present theoretical arguments for the factors of reserve currencies’ formation and estimate the potential of the Russian ruble as a regional reserve currency.

JEL classification: E41, E42, E58, F31, F33, F34, F36, F42, F55, G15.
Keywords: global imbalances, international monetary system, reserve currencies, regional reserve currencies.

The author analyzes the crisis in the eurozone payin special attention to the weakness of the European monetary integration, which has caused the economic destabilization. The author points out three pro-cyclical factors: divergence of the euro-countries according to inflation and balance of payments; disappearance of the exchange risk and inflow of short-term capital in the countries, which couldn’t use it effectively because of structural problems; overreaction of capital markets on peripheral countries debt problems and capital outflow following it. In the end the author analyzes measures which could intensify European integration and raise the profile of the supranational level. The author concludes: the model of "soft integration" that allows international intensification between some country-groups in the EU is more likely in the future. If all proposed anti-crisis programs are realized, the crisis could be overcome in 2015.

JEL classification: E02, E40, E50, E60.
Keywords: crisis, eurozone crisis, European Union, inflation, bank crisis.

The article considers the tax potential of the composition of GDP by type of primary incomes in 2000—2010 by main economic activities and branches of industry. The analysis has shown that the components of GDP, which decline (net income), comprise the basis of the tax system; meanwhile the proportion of the components, hardly covered by taxation (hidden salary), or those, which taxation is difficult to control (net mixed income), increases. The author comes to the conclusion that the proportion of the industry tax burden and the share of gross value added in GDP should be balanced. Otherwise, the tax system becomes ineffective. The analysis of the structure of industry tax revenues over time suggests a high differentiation of taxes on economic activities and industries.

JEL classification: H21.
Keywords: GDP, tax potential, tax revenue, taxation model, industry.

The paper elaborates on the theory of "razdatok" economy that covers the institutional characteristics and historical forms of razdatok and was developed in O. Bessonova’s article (Voprosy Ekonomiki. 2012. No 8). The author analyzes the shadow economy in Russia. The theory of razdatok as a specific institutional matrix of Russia is a theoretical frame of this analysis. Razdatok-type economy has a cyclical nature with four phases — growth, stable existence, crisis and transformation. The model of razdatok economy is extremely important for understanding the essence of the shadow economy and its functional specificity on different phases of a cycle.

JEL classification: D73, E26
Keywords: razdatok-type economy, shadow economy, corruption, institutions.