• B. Zamaraev, T. Marshova — Investment processes and the Russian economy restructuring

The article discusses modern concepts and drivers that underlie economic growth models which serve as a basis for making economic and political decisions. Drawing on the fundamental economic growth mechanisms, the authors describe the differences among three competing Russian mid-term development strategies. They argue that some of the fundamental mechanisms seem to stop working (partly due to secular stagnation). Formulating the shapes of a new economic-investment model, the authors offer three hypotheses about new growth mechanisms that should be taken into account when building up an effective development strategy for our country.

JEL: E60, O11, O40.
Keywords: development strategy, economic growth, secular stagnation.

The article reviews the main problems of the current Russian economy and economic policy. The challenges of the economic development in the short-, medium and long-term periods are formulated. Special attention is paid to the principles of financing of economic growth and problems of management of the economy in the process of economic policy implementation. A description of a system of key indicators of the "Strategy of growth" program with the emphasis on changes in the quality and standards of life of the population is given.

JEL: E61, Е63, Е64.
Keywords: economic growth, economic strategy, long-term development, quality of life, investments.

The article analyzes investment processes and the resulting structural changes in the production potential of Russian industry and the gross value added of the national economy in 2004—2015. The major tendencies, qualitative and quantitative characteristics of these changes have been estimated. The influence of the 2014—2016 recession on the capacity utilization characteristics has been studied. It has been shown that the formation of the industrial branch structure of industrial capacities, investments and value added depended largely on the Russian economic reproduction model based on raw materials export.

JEL: Е22, Е23, L16, О11.
Keywords: economic structure, structural policy, economic growth, investments, production capacities, gross value added.

Relative stabilization of economic situation in a large number of countries is now coupled with the growing concerns about the political events. New US sanctions against Russia contribute to this. In economic sphere QE reduction plans, central bank balance sheet optimization which became excessively large, also create concerns. Growing interest of market participants to the high risk transactions, which is caused by lower volatility and low levels of yield, also raise doubts.

JEL: G1, G01, О23, О24, Н6.
Keywords: financial markets, financial crises, fiscal and monetary policy, foreign exchange policy, national budget.

Unlike the formally overcome global financial and economic crisis, which began in 2008, the global debt crisis, having passed an acute phase, continues. The article shows the features of the current global debt crisis and analyzes the main trends of its manifestation. The problems of the largest regions and countries with high debt burden — the EU, the USA, Japan, and China — are considered in detail. The main strategies worked out to overcome the current debt crisis have been singled out, and their positive and negative sides for stable economic growth have been assessed. The emerging prerequisites for aggravating the global debt crisis are shown. It is concluded that there is a need to attract more attention of the international community to debt problems, which should become one of the priority goals of global governance.

JEL: E44, E58, E61, F32, F34, H63.
Keywords: global debt crisis, state and corporate debt, debt overhang, quantitative easing, European Central Bank, Federal Reserve System.

The paper assesses the impact of FDI spillovers on the propensity to export for Russian firms in manufacturing industries. It conjectures that the effects of FDI spillovers on export propensity are higher for small and medium sized enterpises than for large firms. In 2014—2016, there has been observed an increasing propensity of export for Russian firms. Estimates show that spillovers were most significant in 2015 when a positive effect of currency devaluation was observed.

JEL: F14, F21, P25, R11.
Keywords: export, Russian regions, spillovers, foreign direct investment.

The evolution of money’s nature and functions to evaluate prices of goods and services, to preserve and increase assets holdings as well as to serve as a means of payments is presented by the author in connection with the development of advanced economies. Сredit money superiority over commodity money has been proved. The truth of the statement is supported by the fact that commodity money had been practically displaced in advanced economies by the beginning of the XX century. The 1970-s changeover from Bretton-Woods to Jamaica system of currency payments marked the end of commodity money era on a global scale. The research of money’s nature and functions development is of special interest due to original presentation by the author of such globally acute problems as USA persistent deficit of trade balance and federal budget as well as US national debt rise. The author has presented the trends observed as appropriate for the global industry development. He has also advanced the idea of a new approach towards economy globalization to make the process controllable.

JEL: F15, F30, F34, F40, F62, G10, G20, H62, H63, N10, N20.
Keyworlds: commodity money, credit money, money functions, financial instruments, financial crisis, global industrial complex, USA trade balance, US federal budget deficit, US national debt.

The review discusses the institutional theory of money considered in the books by King and Huber, and the conclusions that follow from it for economic policy. In accordance with this theory, at present the most of the money supply is created not by the Central Bank but by private banks. When a bank issues a loan, new money is created, and when the loan is repaid this money is destructed. The concept of sovereign money involves the monopoly of money creation of the central bank. In this case the most of newly created money is handed over to the ministry of finance to implement government spending.

JEL: E02, E42, E5, E52, E58.
Keyworlds: money as a social institution, bank money, trust in the issuer of money, sovereign money.

The paper deals with the research devoted to characteristics of high tech business development in Russia. Companies’ performance indicators have been analyzed with the help of regression analysis and author’s scheme of leadership stability and sustainability assessment. Data provided by Russia’s Fast Growing High-Tech Companies’ National Rating (TechUp) during 2012—2016 were used. The results have revealed that the high tech sector is characterized by high level of uncertainty. Limited number of regions and sectors which form the basis for high tech business have been defined. Relationship between innovation activity’s indicators and export potential is determined.

JEL: L25, O32.
Keyworlds: high-tech business, market positions, innovation activity.