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Voprosy Ekonomiki

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No 10 (2024)
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ISSUES OF THEORY

5-27 692
Abstract

Economy is one of the basic systems of human being, and economic concepts are used in various sciences, sometimes in unexpected combinations. One of these is the concept of economic ideology, used for quite a long time, but most widely in recent decades, and in various meanings. At the same time, its actual economic studies are rare, so that in fact it is used in political science, sociology and psychology. This discrepancy defines the objectives of the article: to analyze the main practices of using the concept of economic ideology and to propose a way to organize them, or propose a typology, based on which it would be possible to identify the directions of economic analysis of this concept. Such studies would allow us to develop the study of the subjective information, in particular beliefs, impact on economic decision-making.

28-41 428
Abstract

The General Equilibrium Theory (GET) remains the cornerstone of the foundation of economic science. It is associated with the concept of the economy as a self-regulating system. However, its widespread application in economic analysis has not been observed. The theory does not allow one to find out the equilibrium point, a deviation and the relative direction of motion. The theoretical and practical value of such a theory is not obvious. The analysis of causal links underlying the GET does not give confidence in their sustainability, which deprives it of an empirical basis. Meanwhile, the classics described the basic mechanisms of self-regulation and defined the criterion of equilibrium, but the results were not formalized into a coherent theory. The equilibrium conditions of the classical and neoclassical approaches partially coincide. An example of the application of classical criteria is the analysis of some ambiguously interpreted problems. Against the backdrop of the uncertainty of the conclusions of the mainstream, classical approach gives a fundamentally different, dynamic and non-equilibrium picture of economic phenomena.

FINANCIAL ECONOMICS

42-76 553
Abstract

Achievement of the UN Sustainable Development Goals at global and national levels is possible only in case of successful implementation of ESG principles in corporate strategies, meaning development of corporate environmental responsibility, social responsibility, high quality and transparency of corporate governance. Characteristics of board of directors as a superior corporate governance body are among the key determinants of corporate ESG transformation. This research includes comparative analysis of board composition and human capital characteristics in the largest Russian public non-financial companies, qualified as “leaders” and “outsiders” in terms of ESG transformation basing on corporate ESG rankings by RAEX Europe. According to obtained results, companies with higher ESG rankings are characterized by higher level of board’s independence and national diversity. Moreover, higher presence of independent directors with academic degrees and diversified educational majors in “leading” companies is proved. Finally, significant difference in board members’ professional experience is identified for companies from different ESG ranking clusters. These results not only broaden an evidence on board role inц corporate ESG transformation, but also are relevant in the context of considerable changes of corporate governance composition in large Russian companies in 2022 and 2023 years.

77-93 1241
Abstract

Measuring the scale of money laundering is still in its infancy. This article presents a classification of economic concepts for assessing the volume of money laundering, traces their strengths and weaknesses, and provides the results of testing the authors’ modification of the method of the Australian economist J. Walker, based on official crime data in the country. The following estimates were proposed: 1) the probable proceeds of crime in Russia in 2023 and 2) the amount of money laundered for open use. These results can be used by law enforcement agencies as well as the Bank of Russia, Rosfinmonitoring and legislators to perfect measures on curtailing money laundering. Estimates can be improved on the basis of more detailed crime information in the country.

INDUSTRIAL ORGANIZATION

94-109 406
Abstract

Antitrust regulation is constantly evolving that enables the Federal Antitrust Service of Russia to timely respond to new economic and technological changes. The latest amendments to the antitrust law which came into force on September 1, 2023 include changes to the regulation of mergers and acquisitions and add a new criterion for a deal approval. In this study, we evaluate short-term effects of the changes in antitrust merger regulation and identify stealth mergers. We use data from the mergers.ru (Mergers and Acquisitions in Russia) to test hypotheses about possible effects of regulatory changes. We use the McCrary test (manipulation test) to reveal if there is continuity in the distribution of mergers prices and find a persistent discontinuity at the new threshold for deal price (7 billion rubles) both after the adoption of the amendments (from June 27, 2023) and after their implementation (from September 1, 2023). This may indicate the presence of manipulations in deal prices, which in the future can possibly lead to higher prices and distortions in innovation efforts.

LABOR AND SOCIAL ECONOMICS

110-127 655
Abstract

The article examines the impact of the rapid development of artificial intelligence (AI) technologies on the creative industries and the concerns of workers in this field regarding the potential deterioration of their working conditions and displacement from the labor market. The aim of the study is to identify the degree of concern among freelancers engaged in intellectual and creative professions regarding competition with AI and to assess their perception of AI’s current capabilities in making creative content. The empirical basis was provided by online survey data of 778 Russian freelancers receiving jobs through the Freelance.ru digital platform, conducted in spring 2024. It was found that many respondents are already actively using AI in their work. The majority of freelancers note AI’s high current capabilities in creating texts, images, translation, and other areas, and more than a third believe that in the coming years AI will be able to do their typical work as well or even better than they do it themselves. Those who were least likely to experience concerns about their future were individuals who had been trained in AI, used it to perform job tasks, satisfied with their work, and had a high level of income, i.e., generally had a stable position in the labor market. Despite the concerns of some workers, the development of AI opens up new opportunities for the creative industries; however, regular monitoring of the situation is required to develop measures to adapt the labor market.

ECONOMIC HISTORY AND HISTORY OF ECONOMIC THOUGHT

128-141 191
Abstract

The article is devoted to the first Russian loan made on the international money market. Having entered into another war with Turkey in 1768, Russia turned out to be economically poorly prepared for this conflict. Limited financial resources forced the tsarist authorities to search for sources of support for this campaign. In this regard, the government took various steps to stabilize the country’s financial situation, and implemented a plan for the transition to paper money circulation with the issue of significant volumes of banknote rubles. To ensure military expenses associated with the maintenance of the Russian fleet in the Mediterranean and strengthening the exchange rate of the Russian ruble, the government implemented in 1769—1773 the first domestic loan in the amount of 7,500 thousand guilders on the Dutch money market. The article discusses the process of producing the said loan and the participants in this monetary transaction. Two banking houses took part in its implementation. On the part of the Russian government, one of the first court bankers, Ivan Yuryevich Fredericks, spoke. On the Dutch money market, the brothers Raymond and Theodor de Smet were involved in the sale of Russian loans. They are credited with the success of this operation.

RESEARCH NOTES

142-155 353
Abstract

The multilateral regulatory system is undergoing an era of transformation. For a long time, the central role in theories of international trade has been played by the functional approach, as a part of the neoclassical economic school. Its dominance has been supported by the World Trade Organization (WTO). The WTO crisis, as well as the widespread use of trade policy measures that are incompatible with the spirit of the Marrakesh Agreement, question the relevance of the main principles for regulating international trade. Its theoretical basis and related regulatory institutions require systemic restructuring. Modern trends often fall into the logic of political economy and institutionalism; there is a growing need to expand interdisciplinary research when analyzing theories of international trade. The article shows that systemic rivalry between countries does not exclude the possibility of multilateral cooperation to manage the spillover effects of trade policies. However, in order to keep the WTO relevant, its members should recognize that international trade is increasingly linked to systemic competition and is often a tool for a nation’s success.



ISSN 0042-8736 (Print)