The article discusses the key factors of the ruble exchange rate dynamics, analyzes the features of Russian currency market in the context of inflation targeting and the application of the budget rule. The basic theoretical approaches to modeling the dynamics of real and nominal exchange rates are presented, including behavioral models of the exchange rate, the monetary model of the exchange rate, and the hypothesis of uncovered interest parity. The most important factors of long-term and short-term dynamics of the exchange rate are revealed. The results of an econometric evaluation of the models of the real and nominal ruble exchange rates using dynamic least squares method (DOLS) are presented. It is shown that the key factors shaping the dynamics of the nominal ruble exchange rate are the terms of trade, the interest rate spread, the VIX volatility index, and the operations of the Russian Ministry of Finance under the budget rule. The long-term trajectory of the real exchange rate is formed by the terms of trade conditions, the Balassa—Samuelson effect, the dynamics of net foreign assets of the private sector.

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

The paper examines the impact of oil price shocks on inflation, as well as the impact of the choice of the monetary policy regime on the strength of this influence. We used dynamic models on panel data for the countries of the world for the period from 2000 to 2017. It is shown that mainly the impact of changes in oil prices on inflation is carried out through the channel of exchange rate. The paper demonstrates the influence of the transition to inflation targeting on the nature of the relationship between oil price shocks and inflation. This effect is asymmetrical: during periods of rising oil prices, inflation targeting reduces the effect of the transfer of oil prices, limiting negative effects of shock. During periods of decline in oil prices, this monetary policy regime, in contrast, contributes to a stronger transfer, helping to reduce inflation.

The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.

The paper examines the evolution of individual political preferences under the influence of the parties and political groups of which they are members. Individual preferences are considered in terms of proximity to political doctrines of the political institutions in question. The change in political views can be considered as a combination of a steady trend with the imposition of random change, and in this sense it is similar to mutations in biology. The paper shows that stationary distributions of individuals on the political spectrum scale are defined by their utility functions and initial numbers. While the initial distribution was generated by membership of the central party and two groups conventionally called “left” and “right”, the stationary distribution has the form of three narrow peaks, the maximums of which are at the points characterizing political doctrines on the political spectrum scale. In addition, it is shown that in the stationary mode, the relative number of members of the “center” party will increase as compared to the initial period, and vice versa, the total share of “left” and “right” will decrease.

Recently, universal basic income (UBI) has become one of the most hotly debated issues in both academic and popular literature. The paper describes the conceptual core of this project, critically evaluates the philosophical, moral and economic arguments put forward both “for” and “against” it, and summarizes evidence on implementation of social programs close to it “in spirit”. It is emphasized that UBI should be viewed as a global politico-philosophical and ethico-economic project. This explains why its full-fledged version has never been put into practice anywhere and the consequences of its real introduction are unknown. The analysis is conducted in a comparative institutional perspective, which allows us to highlight the most important differences between this scheme and alternative forms of social support. Three lines of its justification are discussed — normative, positive and “alarmist” (referring to negative processes in the labor market) ones. The author concludes that UBI has no future as a real program of action. This project contradicts the latest trends in the evolution of welfare state; the costs associated with it are fiscally unbearable; most people perceive it as morally unacceptable. Most likely, UBI will end up as another cabinet utopia.

The article discusses the relationship between authorities and business in 19211922 using the example of the litigation at the end of March 1922 at the Supreme Tribunal of All-Russian Central Executive Committee (VTsIK) accusing a group of employees of the People’s Commissariat of Foreign Trade, Supreme Economic Council and private intermediaries in the sale and resale of imported paraffin at speculative prices. The uniqueness of this case was that the harsh sentence was quashed by the Presidium of VTsIK, and the case was dismissed. The deal lasted two weeks and was investigated by the Cheka and the Supreme Tribunal by denunciation of one of the customers who was dissatisfied with the growth in paraffin prices during this time. The process went in accordance with Lenin’s directive to combat the abuse of NEP, although the defendants did not break the laws. Investigations and the court attributed normal trading practice to those abuses. It is shown that Lenin’s instruction contradicted the principle of raising the productive forces at all costs previously put forward by himself. The article shows controversy between the leaders of economic departments, who spoke out in defense of the accused and for the development of NEP, and law enforcement officials who tried to limit NEP. The reasons for the cancellation of a severe conviction are analyzed. It is proposed how to use the lessons of the paraffin case to improve present relationships between business and authorities.

The article aims to explore the possibilities and contribution of the state in ensuring the competitiveness of the economy of the EU countries. Various definitions of the concept of national competitiveness are presented as well as directions in which the state affects national competitiveness. Among the latter, state procurements of goods and services and their varieties are considered. Special importance of the indirect influence of the state on the country’s competitiveness in the form of creating favorable investment climate, pursuing structural policy, and establishing clear rules for doing business is emphasized. The analysis of the possibilities and methods of state regulation of business activities based on a number of indicators of international organizations is presented. The use of new opportunities by the state in the context of digitalization of the economy to ensure competitiveness is highlighted. The role of the state and PPP in the development of infrastructure, which serves as a guarantor and stimulator of national competitiveness, is examined. The conclusion is made that the role of the state in national competitiveness is increasing, especially under the spread of COVID-19.