Yuri Yevdokimov

Economic evaluation of climate chang impacts on road transportation in Atlantic Canada

Climate change impacts such as an increase in mean temperature, change in precipitation patterns and sea level rise are affecting regional road transportation network (RRTN) in Atlantic Canada. Those impacts cause direct and indirect economic consequences for the network and regional economy. In our study, we constructed a dynamic computable general equilibrium model (CGEM) to trace these consequences over time. Basic principles of the designed CGEM are discussed and the models architecture is presented. The models elements are estimated, and the obtained CGEM is tested with exogenously imposed shock. Evolutionary dynamics of regional temperature, precipitation and sea level is analyzed on the basis of comprehensive time series analysis. This dynamics will be later imposed on the designed CGEM as external productivity shocks. Some preliminary cumulative economic consequences are evaluated in monetary terms to obtain benchmarks for the mitigation measures associated with future development of the RRTN.

Economic Evaluation of Climate Change Impacts on Road Transportation in Atlantic Canada

Climate change impacts such as an increase in mean temperature, change in precipitation patterns and sea level rise are affecting regional road transportation network (RRTN) in Atlantic Canada. Those impacts cause direct and indirect economic consequences for the network and regional economy. In our study, we constructed a dynamic computable general equilibrium model (CGEM) to trace these consequences over time. Basic principles of the designed CGEM are discussed and the models architecture is presented. The models elements are estimated, and the obtained CGEM is tested with exogenously imposed shock. Evolutionary dynamics of regional temperature, precipitation and sea level is analyzed on the basis of comprehensive time series analysis. This dynamics will be later imposed on the designed CGEM as external productivity shocks. Some preliminary cumulative economic consequences are evaluated in monetary terms to obtain benchmarks for the mitigation measures associated with future development of the RRTN.

State regulation or state capitalism?: a systems approach to crisis prevention and management

The recent economic and financial crisis of 2007-2009 and the ongoing recession in Europe have shown the inadequacy of classic concept of capitalism. The rationality of economic agents and self-regulation of markets have been questioned. Views on the future of capitalism range from its fine-tuning to the complete overhaul. This paper argues that economic regulation might be a better option if a systems approach is used as its underlying methodology. To illustrate the point, we analyse the financial sector from the viewpoint of a network organisation. Without a systems administrator, the network effects, including the systemic risk, cannot be internalised by the markets themselves. Markets are living systems, similar to complex biological systems. Just as full spontaneity is absent in the world of living beings, so it is absent in the world of the economy. The sustained regulation of collective behaviour of economic agents is needed for capitalism to survive.