TO THE 110TH BIRTH ANNIVERSARY
OF N.D. KONDRATIEFF
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EXCHANGE RATE AND OFFICIAL RESERVES
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INTERNATIONAL FINANCIAL INSTITUTES AND RUSSIA
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THE ECONOMY OF THE CIS |
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NOTES AND LETTERS |
- O. Krasil'nikov - One More Time on the Criticism of Coase Theorem
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REFLECTIONS ON THE BOOK |
- S. Dzarasov - Is the Growth of the Russian Economy Possible? (On the Book by D. L'vov "The Economy of Development")
- Yu. Latov - Development Economics - for Developing Russia (On the Book by R. Nureev "Development Economics: Models of Establishing Market Economy")
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CRITIQUE AND BIBLIOGRAPHY |
- Uzbekistan: 10 Years on the Path of Forming Market Economy
Abstracts
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N. MAKASHEVA.
N.D. Kondratieff's Puzzle:
Unfinished Theory of Economic Dynamics and
Methodological Problems of Economic Science
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Basic elements of Kondratieff's cycles theory as well as his ideas concerning general theory of social and economic dynamics and his statistical and probabilistic approach are under consideration through the prism of the main methodological problems of economic science of the XX century. The very possibility of the theory of economic dynamics within the framework of neoclassical orthodoxy and Kondratieff's point of view on the question are treated.
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V. BURLACHKOV. Modern Problems of Exchange Rate Theory
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The increased volatility of exchange rates entails their sustained deviations from purchasing power parities (PPP). The modern econometric methods confirm the long-term relation between exchange rates and PPPs in the developed countries. But this relation is absent in a large group of the developing countries. The specific features of exchange rates formation in these countries are connected with their external indebtedness. The necessity of paying of external debts results in conducting the policy of exports stimulation by exchange rate decreasing. This policy entails an imbalance of demand and supply on the internal market and accelerates inflation. The external debt is nowadays a factor of exchange rates formation. The periodic falls of exchange rates coincide with the growth of indebtedness to foreign creditors. The connection of exchange rate dynamics with external debt is a characteristic feature of the modern Russian economy.
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T. ZOLOTOUKHINA. About the Issue of Reserve Adequacy Definition
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The paper presents the survey of known approaches to the definition of reserve adequacy and offers the approach that defines the indicator of the reserve adequacy as the level which guaranties accomplishment of its functions. The reserve functions are examined and the indicator of the Russian reserve adequacy is calculated. Possible limits on the increase of the Russian official reserves and the factors which define their currency structure are observed.
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S. VALENTEI, L. NESTEROV.
Russia in a Changing World:
External and Internal Challenges
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The article deals with peculiarities of modern period in human society development on the base of social alternatives theory. Economic backgrounds for modern society are analyzed in connection with transition to new quality of economic growth. The reasons for growing share of human capital in national wealth in the world are determined. The new methods of the Russian national wealth methodology are explained.
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INTERNATIONAL FINANCIAL INSTITUTES
AND RUSSIA
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The block of articles is dedicated to the topic of effectiveness of the World Bank projects. The first one is Chapter 3 of the report of the International Financial Institution Advisory Commission of the US Congress (known as Meltzer Commission). The paper highlights the shortcomings in the World Bank structure, strategies and the system of incentives that provide for low effectiveness of most of the bank activities. Major restructuring of the Bank is recommended.
The second survey based on the materials of the Chamber of Audit of RF analyses the effectiveness of the usage of credits provided by the World Bank and other international financial organizations in Russia. The data and examples presented in the article demonstrate poor effectiveness and lack of government control over the selection and monitoring of the projects implementation. It is stressed that effectiveness of most of the World Bank projects in Russia was never assessed since even the methodology of such assessment is not yet developed. A number of measures are proposed in order to overcome the said shortcomings.
The third article proposes the methodology of assessing effectiveness of the WB projects. The methodology is based on the system of criteria that any project must meet. The usage of the methodology is demonstrated on the example of analysis of the World Bank Housing Project.
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V. PAPAVA.
On Some Errors of the International Monetary Fund
in Georgia
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The IMF activity in Georgia is analyzed in the article. The author specifies that some of the recommendations of the IMF to the Government of Georgia were erroneous. Among them he points on introduction of VAT and progressive income tax simultaneously refusing the excise taxes. Because of this error Georgian budget didn't receive essential incomes. As to the author's opinion, the "tax therapy" providing reduction of the rates of the main taxes is necessary in transitional economies. It will stimulate economic growth.
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N. ZIYADULLAEV.
The CIS Economy under Conditions of Globalization
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The present article tackles with the process of the decade of transformation of the CIS-member countries, their external economic links, the present social and economic situation and national security, including the matters of non-traditional threats of international terrorism. It also investigates the rise and evolution of the CIS sub-regional institutions such as The Belarus and Russia Union State, Euro-Asian Economic Society, Central Asia Cooperation and other problems of globalization and mobilization of the resources permitting to integrate the CIS in the world economy; more active participation of the CIS in the international economic and financial organizations.
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YU. IVANOV, B. RYABUSHKIN.
The Results of the Development of the CIS-member
Countries Economy in 2001
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The article is based on the data of the CIS Statistical Committee obtained from the national statistical offices of the CIS countries. It contains characteristics of the economic development of the countries of the Commonwealth of Independent States in 2001. Some positive tendencies such as relative economic and financial stabilization, growth of real disposable income of households are discussed; at the same time unresolved problems in the real sector, investment activity and economic integration are noted.
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