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3–19
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After theoretically considering the problems of tax collection and corruption, we empirically analyzed our theoretical findings using a unique data set on Russian regional governments. Our theoretical models predict that the Russian system of transfers does not ensure an adequate level of incentives for tax collection by its subnationals and that, under certain condition, the numbers of tax inspection employees are inversely related to the tax collection. Empirical evidence strongly buttresses our theoretical findings and sheds significant light on one of the most contentious issue (intergovernmental fiscal relationship) in the Russian Federation. |
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20–49
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This paper contributes to the understanding of poverty determinants in Russia. We analyzed two methods of poverty measurement: the monetary one in absolute terms and the self-rated subjective measure. We compare these two approaches in order to understand the main differences between being poor and feeling poor. A particular attention was paid to various forms of employment status on the Russian labour market and their impact on poverty. Using five waves of RLMS (Russia Longitudinal Monitoring Survey, 1994-2000) individual panel data we conclude that working in undeclared additional activities (informal sector) helps individuals to avoid monetary poverty and even feel richer in spite of instability of informal sector. Individuals, having only one declared activity, have the highest probability to be poor and to feel poor. |
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50–64
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The uneven distribution over time of events in the financial market should be considered as an important element of information analyzed by market participants for the purpose of transactions. This article is an attempt to find a stable effect of time in the trade of government securities. Analysis of the statistics generated by the trading system of the Moscow interbank currency exchange revealed the presence of intraday and larger seasonality in OFZ 45001 trade in July 2002. Intraday trading dynamics resembles the letter U, which makes the Russian market similar to other markets of limit orders. This similarity is based on the same trading mechanism of electronic markets. Dynamics of bidding in the first week of July and the whole month of July is experiencing a strong influence of fluctuations in the level of Bank liquidity, which is expressed remains on correspondent accounts. There is a strong and statistically significant relationship between the account balances and the activity of banks in trading. At the end of the period of increased Bank liquidity or immediately after it, there should be more market buy orders than during the period of reduced liquidity. |
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65–78
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The article provides a brief overview of models of optimal forest resources management and assesses their applicability to Russian conditions. The model of behavior of the owner of the forest area is considered in detail, the preferences of which take into account the benefits derived from the conservation of their forests. The authors improve the existing model by introducing the dependence of the price of wood on the age of the forest. The basis for the article was the final qualifying work for the title of bachelor of Economics, protected at the faculty of Economics of HSE in 2002. |
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79–103
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The publication of the time series Analysis course ends. In this issue we consider the construction of economic models with non - stationary regressors, the concept of co - integration and its relationship with the VAR-representation of a multidimensional process, testing the presence of co-integration dependence, evaluation of the model parameters in the presence of co-integration. The models with clustered volatility, which are widely used in the analysis of financial time series, are considered separately. |
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