Part of this study had initially been completed at the Sberbank of Russia, and we are truly grateful to Konstantin Kozlov for helpful contributions to this research project. An early version of this paper was presented at the XII ESCB Emerging Markets Workshop in Saariselka (December 2014) hosted by the Bank of Finland Institute for Economies in Transition (BOFIT). We wish to thank the workshop participants and especially Heiner Mikosch for comments and suggestions. We also express particular gratitude to Michele Lenza for encouragement, as well as for providing valuable feedback and criticism. The views expressed in this paper are solely those of the authors and do not necessarily represent the official position of the Bank of Russia. All remaining errors are our responsibility.

Авторы выражают благодарность Е. Дерюгиной и К. Козлову за помощь в проведении исследования. Мнение авторов может не совпадать с официальной позицией Банка России.

We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback effects from money to wealth. However, the remonetization process lead to high income elasticities even when wealth is included in the model. System instability coincides with the arrival of the global financial crisis in late 2008.

This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental exfully explain the variation in the debt levels of companies in different sectors. According between fundamental factors and companies' debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important reserved. debt burden, capital structure, sector analysis, microdata of Russian companies, emerging

Redo surgery for anastomotic failure is associated with advanced mortality and need for permanent colostomy. Laparoscopic approach reduces incidence of complications after redo surgery and followed by better functional outcomes. Minimally invasive procedures are advisable for colorectal anastomosis failure without need for redo surgery. However, effectiveness of these methods is controversial due to few reports and no comparative trials.

Purpose: to evaluate the effect of somatic mutations of the KRAS, NRAS, BRAF genes and the status of microsatellite instability on the overall and disease-free survival of patients undergoing cytoreductive surgery with hyperthermic intraperitoneal chemotherapy.Material and Methods. From 2012 to 2018, the study included 45 patients who underwent surgery for synchronous peritoneal carcinomatosis with colorectal cancer. In all patients, mutations of the KRAS, NRAS, BRAF genes and MSI status of the tumor and peritoneum metastases were determined using Sanger sequencing, fragment analysis and digital droplet polymerase chain reaction. The effect of mutations on patient survival was evaluated.Results. The prevalence of somatic mutations was 69 % of patients. The discordance between the tumor and peritoneum metastases was 9 %. All tumors and peritoneum metastases were microsatellite stable. KRAS, NRAS, BRAF mutations did not affect the overall and disease-free survival (p=0.87 and p=0.85, respectively).Conclusion. Somatic mutations in the KRAS, NRAS, or BRAF genes are not a prognostic factor affecting the overall and relapse-free survival of colorectal cancer patients with peritoneal carcinomatosis. The molecular status of primary tumor may differ from the status of peritoneal metastasis. It should be taken into account when prescribing targeted drugs.

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We are grateful to Rodion Lomivorotov, the participants in seminars at the Bank of Russia and the Bank of Finland and would like to thank Michele Lenza especially for his valuable assistance. The views expressed in this paper are those of the authors. They do not necessarily represent the position of the Bank of Russia.