• L. Yakobson — Economic Way of Thought and Legislation on Nonprofit Organizations
• I. Lipsits — Culture Transformation and Changing Consumption Patterns
• M. Klinova, Ye. Sidorova — Human Capital in the European Union: Public and Supranational Context

• M. Ellman — What Did the Study of Transition Economies Contribute to Mainstream Economics?
• O. Bessonova — Institutional Matrix for Russia’s Modernization

• V. Maevsky — Kornai, Schumpeter, and Economic Theory

• Abalkin L. I. Russia: Understanding the Fate of

Abstracts

The stability of Russian banking sector is threatened by three negative tendencies — overheating of the credit market, significant decrease of banks’ capital adequacy ratios, and growing problems associated with banks’ lending to affiliated non-financial corporations. The co-existence of these processes reflects the crisis of the model of private investments in Russian banking sector, which was observed during the last 20 years. This paper analyzes the measures of the Bank of Russia undertaken to maintain the stability of the banking sector using the methodology of credit risk stress-testing. Based on this methodology we conclude that the Bank of Russia’s actions can prevent the overheating of the credit market, but they can also lead to undesirable effects: further expansion of the government ownership in Russian banking sector and substitution of domestic credit supply by cross-border corporate borrowings. The later weakens the competitive­ positions of Russian banks. We propose a set of measures to harmonize the prudential regulation of banks. Our suggestions rely on design and further implementation of the programs aimed at developing new markets for financial services provided by Russian banks to their corporate and retail customers­. The estimated effects of proposed policy measures are both the increase in profitability and capitalization of Russian banks and the decrease of banks’ demand for government support.

JEL classification: G21, G28, G29, L51.
Keywords: banks, prudential regulation, Bank of Russia, stress-testing, capital adequacy, credit overheating, affiliated financial institutions.

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial system development procyclicality, mitigate the credit and financial cycles volatility.

JEL classification: G28, E58.
Keywords: countercyclicality, macroprudential policy, macrofinancial stability­, macroprudential instruments, systemic risk.

The article considers proper legislation as an essential prerequisite for actualization of NPOs’ comparative advantages. Restrictions imposed on NPOs are reasonable if they are compensated by benefits from greater trust. The rigidity of constrains and requirements should be optimized while accounting for peculiarities of a social medium, the state of the nonprofit sector, and the government’s readiness to encourage the development of the latter. As empirical data suggests, Russian NPOs being on different stages of maturity need separate legal treatment. In the meanwhile, interests that prevail in the NPOs community are not always conducive to rapid changes.

JEL classification: L31, L32.
Keywords: nonprofit organization, trust, legislation, optimization.

The paper analyzes the main trends of consumer markets in the post-crisis period. Particular attention is paid to the manifestation of global trends in Russia. The increasing value systems and lifestyle fragmentation leads to changes in even such fundamental elements of the human society as gender differentiation and models of family life. The growth of popularity of the economical consumption model is accompanied by a drop in loyalty to brands, as well as by increasing popularity of downshifting and minimalism. In these circumstances, those products­ that are able to take immediately into account several consumption trends and offer complete solutions have the best commercial prospects.

JEL classification: M31, M37.
Keywords: culture transformation, consumption patterns, economic crisis, trendwatcher, value system, lifestyle fragmentation, gender differentiation, LGBT-marketing, brand crisis.

The article examines the process of shaping and employment of human capital as a key factor in modern economic development. The interconnection between human capital and economic growth in the European countries is analyzed, as well as the role of human capital for realization of the Strategy "Europe 2020". The significance of European experience for managing human capital in Russia is reviewed.

JEL classification: E24, H52, H75, I20—I29, J24.
Keywords: human capital, social capital, economic growth, role of the state, education, competitiveness.

Basing on examples this paper shows that the experience of the post-communist transition, and the policy-related and academic discussion about it, have made a useful contribution to mainstream economics. In particular, such issues as the role of the state and social policy, institutions and banking system in economic development were reconsidered. The new perspectives on the issue of the efficiency of privatization, path dependence, and the role of political elites in institutional reforms were developed. The author shows which of the recommendations provided by international organizations proved to be inadequate and why.

JEL classification: E02, F35, O19, P21, P26, P34, P36.
Keywords: transition economies, institutions, reforms.

This article analyzes the formation of the Russian institutional matrix with regard to its previous development, but in line with the laws of economic evolution. The structure and development of an razdatok-type institutional matrix on three institutional cycles is considered. It is shown that in transformation phases the market institutional matrix masking the quasi-market is used. The author concludes that system crises could be overcome due to the mutual substitution of the two types of institutional matrices, and the cyclic path of Russia’s development became a consequence of that. The paper claims that the current institutional matrix will provide transition to a new level of high-quality growth only in case of synthesis of market and razdatok mechanisms.

JEL classification: B52, N43, N44, O52, P30.
Keywords: market, razdatok, institutional matrix, modernization, quasi-market, razdatok economy, transformation, institutional cycles.

The author claims that J. Kornai in his paper "Innovation and Dynamism" (Voprosy Ekonomiki. 2012. No 4) ignored the understanding of socialism as a specific type of culture and not just as an economic system. He also shows profound differences between Schumpeter’s theory and mainstream economic models. Evolutionary theory, he claims, may itself become mainstream if Schumpeter’s legacy is not interpreted straightforwardly and if evolutionary economists ­consider not only micro-, but also macro-level of analysis in studying macrogenerations of capital of a different age.

JEL classification: B52, O31.
Keywords: Kornai, Schumpeter, evolutionary economics, innovations.