• M. Mamonov, A. Pestova, O. Solntsev — Cash Cult in Russia: How to Debunk It and What Will Be the Consequences?
• S. Vlasov — Russian Fiscal Sustainability Analysis
• E. Fedorova, O. Bezruk — The Channels of Financial Crisis Transmission in Emerging Markets
• A. Orlov — The VAT and Reproduction Process

• Antill N., Lee K. Company Valuation under IFRS. Interpreting and Forecasting Accounts Using International Financial Reporting Standards. 2nd ed.
• Preobrazhensky E. A. Archival Documents and Materials (2006), New Economy (2008), Money and Global Capitalism (2011) / Compiled by M. M. Gorinov, S. V. Tsakunov

Abstracts

Modern theory identifies several sources of economic growth, such as capital accumulation, new technologies, secure property rights and contracts, and absence of rent seeking. This paper introduces new social technologies as yet another source of growth and emphasizes our incomplete knowledge of social system. It hinders the building of new institutions. The author introduces a framework for analyzing institutional policy and uses the case of modern biotechnologies to explain how uncertainty about social technologies, persuasion, and competing beliefs influence the evolution of property rights.

The article is devoted to the methodological contradictions of modern theories of crises and economic development. The critical analysis is carried out and the inconsistency of technological conceptions of global crisis is revealed. The key role of institutions in progress of technologies is proved. The necessity of synthesis of technological and institutional paradigms for the evolutionary economic theory is given reason. The author discusses positive features of the increase in transaction costs in a phase of post-crisis restoration of economy.

This paper offers an institutional theory of emergence and continuation of trust in monetary relationships. It suggests that individuals involved into monetary exchanges rely on orderly hierarchies of attendant institutions that shore up their trust in money. These hierarchical structures, however, fail to perform their supposed function of protecting trust in money, since their functioning is confronted with the inherent problems of infinite regress, lack of the guarantor of last resort and uncontrollability of complex monetary systems. The paper argues that the breakdown of institutional insurances and guarantees prompts economic agents to accept a weak form of trust in money, not being rationalized or substantiated by the power of auxiliary institutions, but merely combining blind faith with inductive inferences about the conditions of future circulation of monetary forms and instruments.

The article analyzes the most recent tendencies in the development of post-industrial economy. On the base of the virtualization concept this development is considered as a rise of glamour capitalism. Such a system transforms the glamour from the esthetic form and specific life style into the logic of production of goods, organizational design, and financial operations.

The paper reconstructs the conception of the Russian industrial evolution proposed by A. Korsak (1832—1874) who was a founder of the historical tradition in Russian political economy and the first Russian scholar who used a category “industrial revolution”. The author shows Korsak’s contribution to the analysis of the distinguishing features and institutions of Russian agriculture and manufacturing originating from national geography and history. The paper emphasizes elements of Korsak’s conception that predicted both Marx’s generalization of the stages of capitalist mode of production and research of German «Young» Historical School of political economy. The author considers Korsak’s heritage in a broad context of Russian intellectual history, including main political economy debates of the 19 ^th century.

Since 2010 the issues of development of retail payment systems in Russia have been discussed by the general public. But there is still a lack of assessments of possible macroeconomic effects. In our research we offer systematization of positive effects generated by broad implementation of retail payment systems and analyze the key tendencies in substitution of cash payments by non-cash payment instruments. We compare both potential of monetary policy and specific technical measures (growth in use of payment infrastructure, etc.) in stimulating households’ demand for retail payment systems in Russia. Using econometric analysis we conclude that technical measures are more effective. Besides, they are associated with lower macroeconomic risks in middle-term perspective.

This study examines the Russian fiscal sustainability under two possible socio-economic scenarios. It contains the calculations for the current fiscal strategy in the medium and long run under conditions of additional fiscal risks. The size of necessary fiscal consolidation under the current fiscal strategy is calculated, and the alternative strategy based on the "bird-in-the-hand" rule is investigated.

This article describes general monitoring of the global economic system status as the initial stage of anti-crisis state policy. Evaluation results may be used by governments to identify crisis situations in the domestic economy and take prompt actions. We propose for the first time the estimation of crises transmission channels and indicators for the 2008—2009 crisis basing on the evidence from developed and developing countries, including the CIS countries. We also suggest using the index of pressure on the financial market concept (EMP) as an indicator of financial crisis and evaluation criterion of anti-crisis policy.

The article estimates the negative influence of the VAT on economic development. The functional role of each element of production process is defined. On this base the three-sector model of social reproduction is worked out. The reason for increasing sums of the VAT compensation is considered. The conclusion about the necessity of replacing the VAT with other tax which does not demand compensation is made.

Problems of working out input—output tables and using them in economic analysis are considered. The experience of compilation of national and regional interindustry balances in the USSR and input—output tables in market economies is estimated. Features of compilation of input—output tables basing on the SNA methodology are specified. Examples of using input—output methods for analysis of actual economic problems are presented. Proposals on compilation of regional input—output tables are formulated.