2000. vol. 4. No. 3

This paper examines the effects of inflation on the budget deficit, demand for real money balances, and debt outstanding. Following Drazen (1985), Bruno-Fischer (1990), Smirnov (1997) and others, a simple model demonstrates nonlinear effects and bifurcation of inflation in the system, describing steady state budget deficit finance in high-inflation economies. 

The article presents the results of measurements of the main parameters that characterize the economic inequality of the Russian population, presented at the annual international conference "New stage of economic transformation", organized by the Bureau of economic analysis Foundation on April 24-26, 2000. Approaches are proposed for identifying social strata based on the results of regular surveys of household budgets conducted by the state statistics Committee of Russia. An attempt is made to assess the impact of the August 1998 crisis on the behavior of households with different material incomes in the labor market, goods, and capital.

In the 1990s, the international community adopted a number of important documents aimed at limiting anthropogenic emissions of "greenhouse" gases (GHGs) into the atmosphere, including carbon monoxide, methane, and others, in order to prevent global climate change. The Kyoto Protocol (1997) to the UN Convention on climate change proposed several mechanisms for international cooperation in reducing GHG emissions, including joint implementation projects and international trade in GHG emission quotas. This opens up wide opportunities for attracting investments in the environmentally friendly development of many countries of the world, including Russia. According to preliminary estimates, our country may be the largest supplier of quotas on the international market, with potential revenue estimated at $ 10 to $ 50 billion. only for 2008-2012. This article offers a long-term forecast of carbon dioxide emissions in Russia based on a macroeconomic model, explores the potential of our country in reducing GHG emissions, quantifies the effects of forward quota sales, discusses institutional aspects of creating a quota market in Russia and the "indirect" benefits of early quota sales transactions.

The article analyzes the state and trends in the development of property relations and corporate control in the Russian industry from the point of view of the processes of concentration of equity capital and its redistribution between internal and external owners. The analysis is based on the materials of a formalized survey and a series of in-depth interviews with managers of joint-stock companies conducted in 1999 by the HSE and the Bureau of economic analysis. It is shown that unequal conditions of access to the acquisition of equity capital contributed to the formation of various models of corporate control at enterprises of different sizes and industries.  Empirical data allowed us to identify these models and consider their advantages and disadvantages in the short and long term.

The article analyzes the factors that stimulate and restrain the development of structural components of inter-farm competition and contribute to reducing the barriers that prevent new participants from entering the production sector of the Russian economy, and offers recommendations to the Russian government on developing an appropriate strategy.