• N. Rozanova, A. Nazarenko — The Influence of the Stock Market on Economic Dynamics in the Overlapping Generations Model

• E. Demidova — Hostile Takeovers and Anti-takeover Defenses in the Russian Corporate Market
• I. Kasparova — Mergers and Acquisitions Financing: The Russian Case
• B. Kuz’min, L. Vorobieva, O. Vorobieva — Gazprom’s Corporate Governance: Problems and Prospects

• Yu. Shishkov — CIS: Fifteen Years of Vain Efforts

• V. Gel’bras — The Cost of China`s Economic Success

• Yu. Shvetsov — Russia's Tax System: Is It Possible to Correct Existing Draw-backs?
• N. Shkolyar – Institutes and Instruments of State Support of Exports: Spanish Experience

• Rubin Yu. B. Competition: Regular Interaction in Professional Business

Abstracts

How can a non-democratic ruler provide proper incentives for state bureaucracy? In the absence of competitive elections and separation of powers, the ruler has to gather information either from a centralized agency such as a secret service or a decentralized source such as media. The danger of using a secret service is that it can collude with bureaucrats; overcoming collusion is costly. Free media aggregate information and thus constrain bureaucrats, but might also help citizens to coordinate on actions against the incumbent. We endogenize the ruler’s choice in a dynamic model to argue that free media are less likely to emerge in resource-rich economies, where the ruler is less interested in providing incentives to his subordinates. We show that this prediction is consistent with both cross-section and panel data.

The author analyzes Keynes—Tinbergen controversy in the context of Keynes’ methodological ideas, which he thinks are fully opposite to the methodology of modern economic theory. Using different Keynes’ papers the author considers this difference in detail and shows its links to the critical view held by Keynes towards econometrics

The article written by the classic of economic science in 1939, which is published in Russian for the first time, contains a critique of the application of econometric methods in economics. The object of criticism is one of the first large-scale econometric studies — the book by J. Tinbergen on business cycles. Keynes points at the arbitrariness of many econometric judgments, at the problems of causality and forecast in econometrics. He also mentions that a lot of economic problems cannot be analyzed by means of econometric technique.

In his polemic reply Tinbergen defends the econometric method he applied. He reproaches Keynes for the inaccuracy of his argument and justifies the applicability of linear relationships in economic analysis and their existence in economic interactions. Tinbergen also provides a detailed account of some methodological (primarily addressing the problem of causality) and economic issues of his analysis.
    In a comment to the Tinbergen’s paper Keynes clarifies his point of view on some particular points as well as on econometrics as a whole.

The article considers a simple overlapping generations model. The authors show that the existence of the stock market (which at the first stage of its evolution may be modeled as an increase in the number of firms in the economy) contributes to the reduction of volatility of economic growth.

This article analyzes definitions and the role of hostile takeovers at the Russian and European markets for corporate control. It develops the methodology of assessing the efficiency of anti-takeover defenses adapted to the conditions of the Russian market. The paper uses the cost-benefit analysis, where the costs and benefits of the pre-bid and post-bid defenses are compared.

The article considers the financial tools of corporate control transfers and mergers and acquisitions financing forms. In western countries tax and informative factors are more important, but in the Russian business market lack of development of the stock market and low cost of securities of Russian companies play the main role. The analysis has shown that in Russia the monetary form of M&A financing dominates over other financing forms (90% of reviewed cases), still there are individual cases of M&A financing by buying company’s shares (10% of reviewed cases).

This article considers problems of corporate management in joint-stock company «Gazprom» during restructuring. It analyzes macroeconomic questions: pricing for natural gas, arrears, image of Gazprom at the Russian market. Microeconomic issues are studied as well: outsider model of management in Gazprom, dynamics of human resource policy, etc.

During 15 years of its existence the CIS’s economic space has become less and less integrated. The article spotlights institutional, structural, and political causes of inevitable raveling out of this space that has formerly been a single whole. Russia as its gravitation center steadily loses its attractiveness for most of the partners, though continues to feed them up with hidden subsidies. Disbalance between growing costs of such subsidies and melting expectations of the integration has reached the critical level in 2005. Disintegration of the Commonwealth evidently has crossed the reversibility line.

China has achieved great results in economic growth. But the country has had to pay a high price for them. Slowing dynamics of the domestic market, growing gap in the social and economic development of regions, impoverishment of its rural population are a small number of existing problems caused by China’s attempts to catch up with the world leader — the USA.