Экономический журнал ВШЭ
Опубликовано на портале: 31-12-2010Марина Чингисовна Додлова, Мария Марковна Юдкевич Экономический журнал ВШЭ. 2007. Т. 11. № 3. С. 337-363.
Причины, лежащие в основе необъяснимых на первый взгляд альтруистических жестов в отношениях начальников и подчиненных, а также подчиненных между собой, могут быть объяснены в рамках теории обмена дарами (gift-exchange theory). Эта теория позволяет не только описать механизм работы неформальных соглашений между участвующими в обмене агентами, но и способствует построению стимулирующих схем вознаграждения, основанных на внутренней мотивации работника.Мы применяем теорию обмена дарами к анализу взаимоотношений государственных служащих в бюрократических организациях, причем как при горизонтальных, так и при вертикальных взаимодействиях. Именно в организациях государственного сектора неформальные отношения между начальниками и подчиненными преобладают над формальными взаимодействиями, хотя зачастую и остаются конфиденциальными.С помощью модели рынка экстерналий показывается, как обмен дарами может способствовать достижению эффективного уровня горизонтального взаимодействия между государственными структурами.
Опубликовано на портале: 31-12-2010Maryam Mokhtari, N Asgary Экономический журнал ВШЭ. 2006. Т. 10. № 1. С. 33-47.
This paper provides empirical evidence on the effects of quantity constraintson fertility. The results show that quantity constraints and fertility are positively related.Moreover, it is found that family earnings, male labor-force participation, andlarge living spaces positively affect fertility. However, divorced respondents appearto have fewer children. We also find that respondents who use birth control havemore children.
Опубликовано на портале: 31-12-2010Tuomas Komulainen Экономический журнал ВШЭ. 1999. Т. 3. № 1. С. 3-27.
This paper studies the currency crisis theories, and with the help of them it finds out the main reasons for the Russian crisis. It goes through the exchange rate determination, first and second generation theories and, particularly, the recent theories for the Asian crisis. The basic weaknesses of the Russian economy rendered the country inefficient for growth and inclined to crisis. The main reason for the crisis were the long-time federal budget deficits, which were mostly financed through short-term domestic debt. This created expectations of central bank financing. The Asian crisis was a trigger for the Russian crisis. Inadequate financial regulations and lack of information are some explanations for this contagion -effect. But the main mistakes, which led to the crisis, are Russians own - the long-time federal budget deficits. Thus, the repairs should also start from there.
Опубликовано на портале: 31-12-2010H Ersel Экономический журнал ВШЭ. 2006. Т. 10. № 2. С. 229-242.
Decision making problem of a bank consisting large number of branches andthe head office that supplies «collectively used inputs» is considered.
Опубликовано на портале: 31-12-2010Anders Aslund Экономический журнал ВШЭ. 2001. Т. 5. № 3. С. 311-327.
A few years after the demise of communism, it was clear that some postcommunist countries were soaring ahead, while others were stagnant at best. The discrepancy was truly astounding, and it has continued for years. The differences in economic performance are closely related to the economic reform policies pursued.
Опубликовано на портале: 31-12-2010Michel Camdessus Экономический журнал ВШЭ. 2001. Т. 5. № 3. С. 295-299.
Allow me first to express my deep sense of gratitude for the honor to address you, this second annual conference of the Higher School of Economic, in my new capacity as Chairman of the French Center for Prospective Studies and International Information (CEPII), at the invitation of Professor Yasin, with whom I had the privilege to cooperate closely over a long period of time and who has been, during all these critical years, a permanent example of lucidity, wisdom and courage. It was of course quite presumptuous to accept to speak here today with, as a topic: «drawing lessons from ten years of cooperation between Russia and IMF». We are too close to the events and I was too much – with my colleagues of the IMF – part of them, to be able, after just 15 months, to draw lessons with an academic objectivity. Remember what Chou en Lai used to say about the French 1789 Revolution «we are possibly still too close to the events to be able to pass a final judgment». Even without pretending, to share this Chinese wisdom, the only thing I can offer at this stage are a few temporary, honest but subjective conclusions, with only the modest ambition of contributing, in my strictly personal capacity, to a useful debate.
Efficiency Dynamics and Structural Characteristics of the Largest Commercial Banks in Turkey [статья]
Опубликовано на портале: 13-12-2011Y. Çınar Экономический журнал ВШЭ. 2011. Т. 15. № 3. С. 315-335.
Recent developments in Turkish economy have forced banks to account for expenses and loan losses while increasing their loan supply to become more profitable. In this context, this study evaluates the efficiency dynamics of the largest Turkish commercial banks, by focusing on their lending decisions and profit generating behaviors. Clustering methodology is used for grouping banks in terms of structural similarities. DEA Window Analysis method is applied in efficiency analyses. The results mainly indicate that, efficiency level in the sector improved during the study period in general. It was not dramatically affected by the global crisis (in 2008), as well. Individually, banks exhibit different efficiency patterns relative to each other. Foreign banks outperform the others with respect to the efficiency models including only interest expenses and revenues. However, large-scale Turkish banks improve their efficiencies, when we consider non-interest returns in addition to interest gains. This conclusion implies that, non-interest revenues earned from diversified financial services have a crucial role in bank management. Results also show that, risk-taking behavior was more beneficial than conservative strategies in our analysis period.
Опубликовано на портале: 31-12-2010Selçuk Caner, В Конторович Экономический журнал ВШЭ. 2004. Т. 8. № 3. С. 357-375.
Banks, in most countries, play a crucial role in providing financial intermediation between savers and those who demand credit. Providing low cost funds is essential for investment and growth while providing savers with a good return on their investments. In order for bank intermediation to be effective in economic growth, such intermediation should be done in an efficient manner. So, an efficient functioning banking system is essential for sustained growth. The efficiency of bank intermediation in the Russian Federation has not been addressed before. In this paper, we assess the level of efficiency of the Russian banking industry using bank specific data. We estimate the level of bank efficiency using a standard stochastic frontier model. We find the efficiency level of the Russian banks low compared to international evidence on other countries. Then, we estimate the contributions of different factors that influence the level of efficiency in the Russian banking system. The factors included in the estimations are bank specific factors summarized as CAMEL variables and macroeconomic risk factors such as interest rate and exchange rate risk. We find that equity to asset ratio, ratio of non-performing loans to total loans, interest rate volatility, inflation rate volatility and real effective exchange rate volatility significantly affect intermediation efficiency of banks in the Russian Federation.
Estimation of Effect of Taxation on Real Sector Investment in Russia: Calculation of Marginal Effective Tax Rates [статья]
Опубликовано на портале: 31-12-2010Ирина Викторовна Карзанова Экономический журнал ВШЭ. 2002. Т. 6. № 2. С. 225-250.
In this paper we present the theoretical framework, which can be used to examine the potential impact of the taxation system on the accumulation of physical capital in Russia. The modified version of M. King and D. Fullerton microeconomic simulation model of marginal effective tax rates (METRs) is applied to Russia in order to examine incentives provided by three different Russian tax legislations to save and invest in the private non-financial corporate sector. Changes in treatment of interest payment deductibility, in the rates and methods of depreciation of assets, in personal income taxation, as well as some other details of taxation were taken into account. METRs computed for investment projects financed by domestic households through bank loans under the old Tax Laws are not that different from the new Tax Code. They may be considered average by international standards. Under the new Tax Code, we observe a drastic reduction of the effective tax burden on the corporate level and a substantial increase of the tax load on interest income on the personal level. Results may be different when investment projects are financed out of retained earnings or through new share issues.
Factors Influencing the Corporate Governance of Post-Socialist Companies. Examples from the Oil Industry [статья]
Опубликовано на портале: 31-12-2010A Heinrich, H Pleines Экономический журнал ВШЭ. 2006. Т. 10. № 3. С. 402-419.
This article aims to explain the corporate governance performance of post-socialist companies and discusses strategies to improve it. The analysis of the corporate governance performance of post-socialist companies is of practical as well as theoretical value. The focus of this article is on factors which can explain corporate governance performance and thereby aid in the assessment of strategies for improvements.
Опубликовано на портале: 31-12-2010Maryam Mokhtari Экономический журнал ВШЭ. 2004. Т. 8. № 4. С. 520-541.
This paper challenges a substantial body of literature suggesting that regulators are often captured by the industries they control and therefore end up ignoring the interests of consumers. We present an analytical model examining the effect of international rivalry between regulators on firm-entry and consequent industry/market profits and product-pricing. Our analysis overturns previous findings and provides significant insight into whether strategic competition constrains regulators to pursue the public interest more effectively.
Опубликовано на портале: 31-12-2010Pekka Sutela Экономический журнал ВШЭ. 2002. Т. 6. № 3. С. 315-323.
An earlier version of this paper was presented at the Higher School of Economics (together with the World Bank and the Bureau of Economic Analysis) conference in Moscow, 3-4 April 2002. Most recent discussion on resource-based development has been in terms of a burden of resource abundance (Auty, 2001). Though the measurement of resource abundance is not self-evident at all, there is indeed much empirical evidence that resource-rich countries tend to perform badly both in terms of welfare levels and economic growth. Externally, resource abundance tends to contribute to high inequality. The society at large therefore tends to equate trade with the interests of the rich. There is therefore much ground for populism and – more recently – to antiglobalism as a variant thereof. There is also a tendency towards the Dutch Disease, where large revenue and perhaps investment flows lead to a real exchange rate which is detrimentally high for the competitiveness of the non-resource based part of the economy. A skewed production and export structure tends to associate with volatile export prices, contributing to economic and policy instability.
Опубликовано на портале: 31-12-2010Dale W Jorgenson Экономический журнал ВШЭ. 2001. Т. 5. № 1. С. 3-34.
Автор предлагаемой статьи Дейл Йоргенсон является одним из наиболее значимых современных экономистов. Его блестящие работы в различных областях экономики принесли ему заслуженное уважение коллег во всем мире. В своей стране профессор Д. Йоргенсон избирался председателем Американского эконометрического общества в 1987 г. В настоящее время он является президентом Американской экономической ассоциации. Значителен вклад профессора Д. Йоргенсона в воспитание молодых экономистов в знаменитых университетах: Беркли с 1959 по 1969 гг. и с 1969 г. - в Гарварде. Профессор Д. Йоргенсон любезно предоставил "Экономическому журналу ВШЭ" право опубликовать свое ежегодное обращение к членам Американской экономической ассоциации от 6 января 2001 г. Одновременно с "Экономическим журналом ВШЭ" это обращение будет напечатано в "American Economic Review" (Vol. 91, N 1, р. 1-32). Во время предстоящего визита в ГУ-ВШЭ, в середине мая 2001 г., профессор Д. Йоргенсон выступит с открытой лекцией, тема которой развивает содержание данной публикации.
Опубликовано на портале: 31-12-2010Paul J Welfens Экономический журнал ВШЭ. 2003. Т. 7. № 2. С. 173-220.
The paper highlights some international differences in fields relevant for growth in selected transition economies, in particular eastern European countries and in Russia. Initial problems of transition were natural in a sense that systemic transition to a market economy has effectively destroyed part of the existing capital stock that was no longer profitable under the new relative prices imported from world markets; and there was a transitory inflationary push as low state-administered prices were replaced by higher market equilibrium prices. The papers focuses in particular on the role of structural change, financial services and the New Economy, analyses how those factors affect economic growth. The paper discusses theoretical aspects of growth in transition countries, presents policy conclusions and some historical data.
Опубликовано на портале: 31-12-2010Павел О Лукша Экономический журнал ВШЭ. 2003. Т. 7. № 4. С. 471-495.
In this paper, economic development through knowledge-rich processing industries as a potential dominating path for countries in transition is examined. It is particularly important that all countries in transition are richly endowed with intellectual resources which is shown to be a factor (a) critical for transition, (b) receiving a growing value-added compensation, and (c) giving potential for intellectual rent. A two-industry dynamic model considering intellectual resources demonstrates that there exists optimal distribution of investment allowing to maximize national income, that is, a way for balanced growth in knowledge-rich economy. Government can support this process through re-direction of investment flows to achieve optimal investment distribution and investment into institutional capital. For successful growth through know-ledge-rich industries, R&D sector should also be enhanced to become market-oriented.