2002. vol. 6. No. 4

Display abstracts

Lev Lubimov Service and Mission	437–445
In this article we are talking about the history of the higher school of Economics, ambition, plans and perspectives of development of the HSE, about the reformist change in educational system. About the creation of a University, from the walls of which graduates would come out, the most demanded in the national and global labor market.

Maarten Janssen, Vladimir Karamychev

Physical Depreciation and Discounting in Dynamic Markets with Adverse Selection

446–473

We investigate the nature of the adverse selection problem in a market for a durable good where trading and entry of new buyers and sellers takes place in continuous time. We focus on the role of the interest rate and physical depreciation. We show that when the physical depreciation rate is relatively small, infinitely many equilibria exist where all goods are traded within finite time after their appearance in the market. In contrast, when the physical depreciation rate is relatively large the trade of new goods will stop in any equilibrium after a finite moment in time. At intermediate values, stationary equilibria, different from the static equilibria, may emerge. For any given level of the relative depreciation rate the interest rate only determines the speed of evolution along the equilibrium path.

Andrey Kosarev Capital Flight from Russia: Macroeconomic Estimation of Current Tendencies	474–481
The article discusses the methodology of macroeconomic assessment of capital flight from Russia on the basis of balance of payments data and analyzes the main trends in its development in recent years.

Dirk Kiesewetter

Tax Neutrality and Business Taxation in Russia

482–497

The work consists of 4 parts.The first part is to determine the relevant aspects of tax neutrality. This is followed by an assessment of the General taxation of profits in Russia in terms of its impact on economic decisions. The third part discusses the government bill on a simplified single tax for small businesses. The last part presents a proposal to reform the Russian taxation of profits, which would make the income tax system neutral in relation to most business decisions.

Grigory Kantorovich

Time Series Analysis

498–523

The publication of the time series Analysis course continues. In this issue, we consider seasonality modeling in terms of ARIMA models, construction of autoregressive models with distributed lags (ADL), error correlation models (ECM), different types of exogeneity of variables, and consideration of multidimensional time series. In the next issue continues the exploration of models of multidimensional random processes, the cointegration regression, testing of cointegration.