2022. vol. 26. No. 2

In order to estimate the elasticity of labor supply in Russia, we use an estimation approach based on the works of [Altonji, 1986; Kimmel, Kniesner, 1998], which allows one to obtain the values of the structural parameters of the utility function needed to calculate the Marshallian, Hicksian, and Frisch labor supply elasticities by estimating the marginal rate of substitution equation. Using a five-step estimation procedure we eliminate the important sources of estimation bias: measurement errors, selection bias, correlation of wages and consumption with unobserved preferences for consumption and leisure. The paper provides an econometric analysis of the labor supply function in Russia for the period 2000–2018 based on RLMS–HSE microdata for married men. The analysis indicates that wage rates for men in Russia are increasing at a decreasing rate. In addition, grow in inflation reduces consumer spending on non-durable goods, which may be due to the reaction of individuals to an increasing level of uncertainty in future income, expressing in decreased propensity to consume and increased savings, which is referred to as the precautionary motive. Estimates of the hours worked equation show that the labor supply of men in the Russian economy reacts weakly to permanent wage shocks, in contrast to transitive ones. Moreover, the change in hours worked in response to a negative permanent shock is positive, indicating that the income effect prevails over the substitution effect. Based on the calculations performed, estimates of Frisch (0,139), Hicksian (0,119) and Marshallian (–0,029) labor supply elasticities along the intensive margin for men were obtained. The calculated elasticities can be used in evaluating various tax policy measures.

The paper summarizes the estimates of the gender wage gap in the Russian labour market from 1996 to 2021 based on a meta-analysis. Parenthood is the most important factor that impacts the variation in the unexplained portion of the gap. Ignoring parenthood leads to a significant underestimation of the gender wage gap. In contrast, lack of controls for industry and profession leads to an overestimation of the unexplained portion of the gap. The explanatory power of the traditional factors, such as human capital or job characteristics, tends to decline over time. Including personality traits of men and women into analysis reduces the unexplained portion of the gap. Our analysis contradicts the hypothesis of the gender bias among researchers. Moreover, measure of pay is a major determinant of the gap, which is higher for monthly than for hourly wages. We found no significant differences in the gender gap estimates obtained with various assessment methods or data bases. Finally, Heckman's correction for self-selection does not affect the estimates of gender inequality.

Quantity and quality of human capital are important components of economic growth. However, assessing the relationship between human capital and growth is complicated both by the multidimensional nature of human capital itself, and by the fact that many of its characteri­stics are difficult to observe and to measure. Economic growth studies use various measures for different aspects of human capital – such as education, experience and health of workers. Choice of a particular measure depends largely on the objectives of the research, available data and established approaches; its motives and implications are often less visible, though.

In this paper, I discuss human capital measures that are used in macroeconomic studies. The main ones include quantitative and qualitative characteristics of education, returns to education, cognitive skills test results, work experience and health of workers. Choice of a measure is reflected in differences in estimates of human capital impact on economic growth, ranging from the complete absence of any influence to the fairly high role of human capital as a factor of economic growth. This paper discusses the strengths and weaknes­ses and the peculiarities of the respective measures. Specific research results obtained using various approaches to human capital measurement are presented for illustrative purposes.

The aim of the article is the development of a toolkit of models and methods for choosing a compromise rate for the management company and structural bu­siness unit within an integrated group of enterprises, making it possible to increase the efficiency of basic production activities of the holding company units and thus maintaining the stability of the financial sector and the profitability of corporate capital. The subject of the study is to investigate the influence of external factors of the market environment and controllable production factors of holding enter­prises on the effective rate for intercompany loans. The model calculations were carried out by the example of a virtual enterprise with a hierarchical organizational structure, for which the neoclassical dependence "labor-capital expenditures – out­put of commodity products" is valid for the divisions (technological divisions). As methods the article provides relevant economic and mathematical models for de­termining the effective rate of intra-company credit and a description of the origi­nal analytical method of selecting the compromise rate proposed by the aut hors. This rate was calculated by the example of test data, and the influence of each of the external factors on its value was studied. Interpretation of the results and specific steps for the holding enterprises to maximize the return on credit in the production sector and efficient corporate resource allocation is proposed.

In an unstable economic situation, the population has a high demand for money, which leads to an increase in credit risks of microfinance organizations (MFIs). This requires the development of system management solutions to minimize them. The need for a systematic approach to risk management in MFIs is caused by the peculiarity of the development of the microcredit market in the Russian Federation: limited time resources when implementing decision-making systems (DSS) due to the short loan term, insufficient qualifications of risk mana­gement compared to the banking sector, lack of resources of technical specialists, an increase in the degree of market regulation by the Central Bank (CB). One of the ways to manage credit risk, especially in microfinance organizations, is to set limits on loans issued depending on the degree of risk of the borrower and the expected profitability. This article is devoted to the study of the issue of setting credit limits and their impact on credit risk in the entire portfolio of MFIs. The purpose of this article is to develop a systematic mathematical approach to credit risk management by establishing optimal credit limits in MFIs. The article presents a methodo­logy and a practical example of modeling limits on the example of an MFI, which is in the top 10 of the Russian online microfinance market. Based on real historical data, a mathematical model is built for the segments of primary and repeat borrowers, which allows adjusting the limit policy of the organization to reduce the level of risk, considering the profitability of each customer segment. The weighted least squares method is used as a mathematical tool to estimate the coefficients of polynomial regression, as well as a logistic regression model. The scientific novelty of this article consists in the application of a separate mathematical model for setting limits in the MFI DSS, in addition to scoring. The practical significance of this article is the possibility of using the obtained model as an adviser in the formation of credit and risk policy of a particular MFI.

The article analyzes the emergence of the modern India-China trade. The authors exa­mine historic foundations of the mutual trade and its growth dynamics. Particular attention is paid to the recent changes in the bilateral trade connected with difficulties in India-China relations and economic problems caused by the global coronavirus pandemic. The article focuses on the commodity structure of the Indian export to China and import from the PRC, with the lack of clearly visible tendencies in annual supply along with a strong trend in purchase being detected. Special importance is attached to the analysis of the technology level of the mutual trade. Prevailing low-technology and medium-technology level products in the Indian export are assessed, and it is stated that the share of high-technology level goods is growing slowly. At the same time, it is underlined that the Indian import from China consists mainly of high value-added products. The authors study the importance of the bilateral trade, concluding that China’s role in the overall Indian trade is greater than visa versa. A range of trade indices are estimated that allow to evaluate the effectiveness of the mutual trade comprehensively. A relatively low intensity of India-China commercial ties is emphasized, and an average level of intra-industry trade, as well as high complementarity of India-China export and import are pointed out. The article also analyzes the trade in services the volume of which is almost impossible to assess due to the lack of statistical data. The authors identify the main problems impeding the effective trade development, including trade imbalances, namely the high trade deficit and une­ven export and import structure, the closed nature of the both countries’ markets, high tariff and non-tariff barriers and India’s trade dependence on China. Regarding the prospects of the trade, the authors examine the Indian policy aimed at overcoming the imbalances, identify the factors that promote bilateral interaction and assess the possibility of creating a free trade zone between India and China.