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315–323
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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. |
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324–342
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The paper studies the dynamics of population savings in 1996-2001 and the impact of the financial crisis of 1998 on changes in their volume and structure. The differentiation of savings behavior of households with different levels of material wealth on the basis of sample surveys of family budgets is analyzed in detail. |
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343–353
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In most industrialized countries, electricity tariffs are higher for the population than for industrial consumers. In Russia, as in some other countries with economies in transition, everything is exactly the opposite, while the overall level of tariffs is very low. Cross-subsidization of tariffs for the population at the expense of industrial tariffs has been repeatedly criticized by economists and international organizations. This article shows that while keeping tariffs below social costs is inefficient, cross-subsidization can still be effective. According to the estimations carried out in the article for Russia, at too low level of tariffs their structure may be effective. |
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354–378
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The focus of this article will be on developments in the in-ternational capital markets, combining mathematics, econom-ics and law, all of which, taken together, have revolutionized the capital markets over the past thirty years. Specifically, the refinement of the concept of an almost limitless divisibil-ity of economic interests, both as to present and future val-ues, resulting in infinitesimal economic interests, coupled with precise legal descriptions of such economic interests in order that the interest can be "securitized", that is, carved into economic interests that can be represented by legal de-scriptions, attached to "risk-bearing paper" (securities) and sold to investors on the world's capital markets. One of the most salient factors in the failure of Enron, Global Crossing and WorldCom is that key executives in all three companies were rather inexperienced. |
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379–401
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The next three lectures of the course "time series Analysis"are published in this issue. They are devoted to the methodology of application of the extended Dickey-fuller test (ADF-test) to check the presence of a unit root, or, in other words, to determine the type of time series unsteadiness. The dependence of the distribution of the so-called t-ratio on the presence of a free term and/or trend in the composition of regressors, as well as on the lag structure of the studied series is considered. The procedure of Dolado and its co-authors is proposed as a method. The case of multiple unit roots is considered. The tenth lecture is devoted to the study of the presence of single roots in the possible presence of a structural jump in the parameters of the model. The results of the Platform for exogenous jump time and Yawning with Andrews for endogenous are discussed. Examples of specific economic series are given. In the following lectures it is supposed to consider models of interrelation between stationary and non-stationary time series. |
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