№ 5/2022

ISSUES OF ECONOMIC THEORY

 

A.A. Rubinstein

NON-NEUTRALITY OF MONEY IN THE CONTEXT OF THE SYNTHESIS OF INSTITUTIONAL AND REPRODUCTION THEORY

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Two channels of money issued by the central bank are considered. The first channel (it is called an “investment channel”) represents a chain financing investment via the budget. The phenomenon of long term non-neutrality of money follows from the calculations of 2019 and based on this channel. The second channel (it is called a “consumer” one) represents the financing chain of consumer demand. The use of this channel in the model of switching modes of reproduction also confirmed the existence of the phenomenon of long term non-neutrality of money. It is proved and confirmed by calculations on the model that the first, “investment” channel is more effective than the second, “consumer” one, in terms of real GDP growth and inflation.

The relation of these two channels to society institutions and to economies with the X- and Y-matrices is considered. It is shown that, in general, the “investment” channel is typical for economies with an X-matrix, the “consumer” channel is typical for economies with a Y–matrix. At the same time, the article gives a negative answer to the question whether the X-economy is inevitably more preferable than the Y-economy.

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ECONOMICS AND MANAGEMENT

 

L.V. Lapidus, Yu.M. Polyakova

GIG ECONOMY: THE NEW OPPORTUNITIES FOR BUSINESS DIGITAL TRANSFORMATION UNDER HIGH TURBULENT DIGITAL ENVIRONMENT

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The article is devoted to the study of gigonomics as an important part of the new socioeconomic model of the digital economy. Gigonomics is based on the transition to nonstandard forms of employment that accompanies the digital transformation of business in the current conditions of high turbulence in the digital environment. It is substantiated that the inclusion of gig workers in the workforce of an enterprise is already a popular practice. According to the authors, gigonomics helps to reduce the negative impact of the turbulence of the digital environment for business through a neutralizing effect on the degree of uncertainty of the effect of digital transformation and the uncertainty of the result of business response to the challenges of the digital economy.

The growth in the volume of gigonomics in Russia and the world is due to the advantages of this form of employment over traditional ones. Key reasons are the impact of the Covid-19 pandemic, which was a key driver of digital business transformation; economic benefits for employers. Particular attention is paid to the transformation of business models of organizations due to the transition to the remote format of work, taking into account the opportunities and threats of the gigonomics for business. A model of digital transformation of an enterprise with the involvement of gig workers reducing both the degree of uncertainty, and the level of turbulence of the digital environment is proposed.

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V.A. Golovin

IDENTIFICATION AND EVALUATION OF THE DEVELOPMENT OF REGIONAL ECONOMIC CLUSTERS

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The article proposes an algorithm for identifying and evaluating the development of regional economic clusters, which is based on the sequential elimination of economic activities of the region and calculated using both commonly used indicators and author methods. The algorithm was tested on the data of the Mari El Republic, a primary assessment of the development of two regional economic clusters (agro-industrial and machine-building ones) were identified.

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Е.N. Korepanov

IMPORT DEPENDENCE AND IMPORT SUBSTITUTION IN MECHANICAL ENGINEERING

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The article presents the results of the analysis of the interdependence of imports and domestic production in the mechanical engineering of the Russian Federation. It is shown that the group of investment industries with the least investment and innovation activity is characterized by the greatest import dependence. The science intensity in mechanical engineering industries in Russia and the USA is compared. The practice and results of import substitution in the Russian Federation are considered. The necessity to switch from solving individual problems to the policy of restoring technological sovereignty is substantiated.

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DEMOGRAPHY ISSUES

 

I.E. Kalabikhina, K.Yu. Bashkirova, Ya.A. Borisenko

DOES GENDER EQUALITY HELP IN THE WELL-BEING OF LARGE FAMILIES?

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Families with three and more children are a vulnerable group in terms of the risk of poverty and lack of time. The aim of the study is to typify Russian large families with an emphasis on the type of time distribution between spouses. The main hypothesis is that an egalitarian time distribution in a household with greater gender equality is associated with higher incomes per person than with the traditional one. For the first time the profiles of large families of the traditional and egalitarian type in terms of the gendered time distribution are shown on Russian microdata. We distinguished two main types of families using cluster analysis. Two-thirds of couples with many children are characterized by a patriarchal type of relationship with traditional gender division of labor. One fifth of families have the characteristics of an egalitarian type of relationship without gender division of labor in household. The level of income per person in egalitarian families is higher than in traditional families, even with slightly more time spent on childcare.

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FINANCE

 

T.N. Polyakova

RUSSIAN MARKET OF EXCHANGE-TRADED BONDS: PLACEMENT ANALYSIS

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The article analyzes the practice of placing exchange-traded bonds by Russian companies. The study provides an estimate of the volume and terms of borrowing, as well as the composition of issuers, the scale of their activities, industry and regional affiliation. The analysis shows, that despite unfavorable external conditions, a temporary market decline is followed by its recovery. It is concluded that the ongoing economic reforms contribute to the development of the Russian market of exchange-traded bonds.

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WORLD ECONOMY

 

A.S. Kachelin

STRATEGIC PARTNERSHIP OF THE RUSSIAN FEDERATION AND TURKMENISTAN IN CONDITIONS OF GLOBAL INSTABILITY

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The author analyzes the historical development of Russian-Turkmen relations. The multivector nature and flexibility in the development of strategic partnership with Turkmenistan are substantiated. The mutual interest of the two countries in the field of security is shown. It is concluded that Russian-Turkmen relations should not be limited only to cooperation in the gas sector, but should dynamically develop the existing potential of cooperation, in particular, developing of transport and logistics corridors and tourism.

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PUBLICATIONS OF YOUNG AUTHORS

 

D.V. Limin

MACROECONOMIC RESULTS OF THE TRANSITION OF THE CENTRAL BANKS OF THE RUSSIAN FEDERATION, UKRAINE AND KAZAKHSTAN TO THE FLOATING EXCHANGE RATE REGIME OF THEIR NATIONAL CURRENCIES

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This paper examines the consequences of the transition of the Central Banks of Russia, Ukraine and Kazakhstan to a floating exchange rate in 2014–2015. A comparative analysis of the results of the monetary policy of these countries and their impact on the rate of inflation, on the balance of payments and their international reserves is carried out.

It is shown that the shift to floating exchange rate policy contributed to settle the balance of payments not spending gold and foreign exchange reserves. However, increased volatility of exchanged rates led to higher inflation rates in all three countries. Central banks tightened monetary policy to achieve inflation targets; this reduced the rate of price growth by 2019, but rising raw material prices and rising geopolitical tensions in 2021–2022 led to an acceleration of inflation.

The article provides recommendations to the Central Bank of Russia to continue a floating exchange rate policy with interventions and to follow the terms of such a policy strictly.

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