Alexander E. Abramov

Modern Approaches to Measuring the State Sector: Methodology and Empirics

This article attempts to estimate the scale of state participation in the Russian economy in temporal dynamics and in comparison with other countries. Our unique methodology suggests a set of alternative approaches to measuring 3 independent components: stateowned enterprises (SOEs), state unitary enterprises and the public administration sector. Our results reveal growth of state involvement in the economy up to 46% of GDP in 2016. The share of SOEs and public administration in GDP rose from 20.2% and 16.9% in 2006 to 25.3% and 19.2% in 2016, respectively, by conservative estimates. A crosscountry comparison suggests that market capitalization, employment and SOEs’ share in GDP are significant and increasing. The share of public administration corresponds to the same estimate for OECD countries, but it is also increasing. The total state share and its growth can be evidence of an alarming trend for the Russian economy. It is 6%-12% higher than the estimate for most developing countries and, unlike in China or India, it keeps growing. This leads to state expansion in the economy, growth of state influence on SOEs and a transfer of noneconomic risks to SOEs. Apart from increasing state involvement in added value creation, the state plays an active role in reallocation of financial resources, and there is some evidence that it is even more significant than the state share in creating added value measured by GDP.

Russian Institutional Investors And Privatization Policy

The resources of pension and investment funds for mobilizing domestic sav ings are particularly important in attracting investment and carrying out large-scale privatization considering restrictions associated with the sectoral sanctions. With all the limitations and disadvantages, the existing non-state pension funds and mutual funds managed by private companies have signifi cant potential in dealing with problems of domestic savings provided stable macroeconomic environment is maintained.

Russia's Financial Markets and Financial Institutions in 2012

In 2014, the domestic money market saw the onset of a new wave of crisis, manifesting itself in capital outflow, a world’s record plunge of the Russian stock indices, the ruble’s devaluation, the surge in the key interest rate and interest rates in the interbank lending market. It is external shocks that were mostly responsible for that, i.e. slumping crude oil prices and the introduction of sanctions which closed down Russian companies and banks from external capital markets. The adverse external eff ects were reinforced by internal problems such as forced growth in the refi nancing of the banking system amid announced free-fl oating exchange rate regime.

Исследование Рисков Российского и Зарубежного Финансовых Рынков в Условиях Возросшей Турбулентности Экономических Процессов (Study of Risks and Russian Foreign Market Turbulence in Increased Economic Processes)

Стремительное развитие финансовых рынков, появление новых и все более сложных финансовых инструментов, эволюция платежных систем – все это приводит к формированию новых рисков, а, следовательно, к необходимости совершенствовать методику прогнозирования кризисных явлений. В данной работе приводится обзор основных проблем и тенденций в российском финансовом секторе во взаимосвязи с процессами в мировой экономике, который является основой для изучения рисков финансовой стабильности в РФ.The rapid development of financial markets, the emergence of new and more complex financial instruments, evolution of payment systems - all this leads to the formation of new risks, and thus the need to improve the methods crisis forecasting. This paper provides an overview of key issues and trends in the Russian financial sector in relation to the processes of the world economy, which is the basis for the consideration of the risks to the financial stability of the Russian Federation.