• E. Vinokurov, M. Demidenko, D. Korshunov — Potential costs and benefits of monetary integration in the Eurasian Economic Union

Economic growth is the key challenge at the political agenda of the leading countries including Russia. This papers discusses existing hypotheses of “secular stagnation” and “productivity paradox” — demand side problems (cyclical factors); special features of technological innovations (technological factors); anti-crisis policy preventing “creative destruction” (political factors); irrelevance of GDP measurement (statistical problems). Limits of growth contribute to a new global policy trend — emerging of populism, and the paper discusses the prospects of transformation of political populism to economic one. Global challenges provide the basis for further analysis of Russian economic development, and particularly the results of 2015—2016 anti-crisis policy, which helped the national economy to adapt to new economic realities of the post-crisis world.

JEL: O52, P67.
Keywords: economic policy, structural crisis, new model of growth, Russia.

The article provides comparative analysis of the effectiveness of budget spending in Russia and OECD countries and examines the relation between effectiveness and the structure of budget expenditures. Effectiveness evaluation is based on the integral index, which includes a set of performance indicators for a number of areas and functions of budget expenditures: administrative, education, health, infrastructure, income distribution, stabilization and distribution of public goods. According to the results, in terms of the effectiveness of public sector expenditures Russia currently performs worse than all OECD countries, except Greece, and Lithuania.

JEL: H50, H61.
Keywords: government expenditures, budget expenditures effectiveness, budget structure, Russia, OECD countries.

The paper presents an overview of studies of the effects of inflation targeting on long-term economic growth. We analyze the potential channels of influence, as well as modern empirical studies that test performance of these channels. We compare the effects of different variants of inflation targeting (strict and mixed). Based on the analysis recommendations on the choice of optimal (in terms of stimulating long-term growth) regime of monetary policy in developed and developing economies are formulated.

JEL: C23, E52, O42.
Keywords: inflation targeting, economic growth, exchange rates, pass-through effect, monetary policy.

The Treaty of the Eurasian Economic Union (EAEU), in force in 2015, marked the transition to the deep regional economic integration, including the coordination of macroeconomic and monetary poliсies. The paper provides quanti­tative analysis of the costs and benefits of the ultimate scenario, namely of the hypothetical monetary union. The analysis indicates that the monetary union would require a large-scale preparatory work by the EAEU member states and is justified only in the long term.

JEL: Е52, Е61, Е63, F42, F45, F53.
Keywords: Eurasian Economic Union, monetary policy, monetary union, common market, macroeconomic convergence.

In the study, the general dimensions of public policy in national innovation systems are associated with the factors of its failures. The perspectives of policy facilitating the shape of actors’ motivation are analyzed in detail. The paper studies the problems of technology spillover regulation and of keeping a balance between innovation risk compensation and making actors willing to take innovation risks. The paper also considers the structural factor related to the peculiarity of innovation activity on various mesolevels of the system and to information asymmetries. The opportunities of the structural factor to enhance innovation performance are investigated.

JEL: O32, O33.
Keywords: technology spillover, innovation policy.

Basing on a series of in-depth interviews with top executives of Russian innovation companies, the paper analyzes qualitative effects generated by the support from the state development institutions. Non-financial impacts, in particular, changes in firms’ innovation behavior, turned out to be quite significant. At the same time, tightening of formal control of the development institutions increases the risks and costs faced by the supported companies. We have identified two models of firms’ innovation behavior associated with different demand for public support instruments. These models are conditioned not so much to firms’ characteristics, but rather by the values of top managers and their views on appropriate forms of state intervention in innovation processes.

JEL: D22, H59, L20, L21, L25, L26, O38.
Keywords: development institutions, support of innovation, qualitative effects of policies, innovative behavior of firms.

If we want securitization to become one of the main channels to attract funding in leasing activity, as the Bank of Russia predicts, one needs to revise some stereotypes. Relying on foreign and domestic research, the author gives a critical assessment of the postulate of the need for uniformity of securitized assets; proves that real estate, contrary to the traditional approach, rather than equipment and transport, prevails in securitization transactions, and explains why this happens. The article presents a new perspective on the behavior of issuers concerning the timing of securities circulation; considers feasibility approach to the calculation of variable character of leverage in leasing; explains pro and contra of evaluating the leasing market based on the volume of the portfolio of contracts; reveals the validity of ratings of bonds issued in the course of securitization of leasing assets.

JEL: D22, F34, G23.
Keyworlds: leasing, finance, securitization, real estate, credit risk, emission, leverage.

Based on a brief review of the book “The strategy of Russia’s economic development: A theoretical aspect” by L. P. Evstigneeva and R. N. Evstigneev, the author introduces the reader to its basic ideas and shares with him/her his thoughts. The key idea is the economic synergy (or symbol in the language of semiotics), the essence of which (reference) is disclosed in detail in the book; the emphasis is not just on the new paradigm, adequate to humanitarian civilization (referent), but also on the ability to ensure the transition from the reference to the referent.

JEL: A13, B41, O10, O30, Z10.