Potential Growth: Outlook and Options for the Russian Federation

Okawa, Yoki; Sanghi, Apurva

doi:10.1596/1813-9450-8663

Cited by 5 publications

(1 citation statement)

References 15 publications

(16 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…This points to the fact that in the recent years firms became even more heterogeneous than before. As Okawa and Sanghi suggest, this may be a sign of a weak market selection [10].…”

Section: Resultsmentioning

confidence: 96%

Effects of Market Selection in the Ural Federal District: Did Sanctions Bring Any Changes?

Mariev¹,

Pushkarev²,

Sennikova³

2020

Proceedings of the Ecological-Socio-Economic Systems: Models of Competition and Cooperation (ESES 2019)

View full text Add to dashboard Cite

In this research we assess the market selection effects on productivity and firm growth. Using data on more than 22 000 manufacturing firms in the Urals Federal District over the period from 2006 to 2017, we conduct aggregated labor productivity decomposition at the industry level and then proceed to estimate the expiatory power of the productivity components on revenue growth. Obtained estimates are compared between two periodsbefore the international sanctions on Russia and after that. Results of both approaches suggest overall weak role of market selection in the UFD for the whole observation period. We also fail to find statistically significant differences between two considered periods. We conclude that the sanctions have had mixed impact on the effectiveness of the market selection processes. While in some industries, the estimates on the strength of market selection have considerably risen; in other industries, we observe the opposite situation.

show abstract

“…This points to the fact that in the recent years firms became even more heterogeneous than before. As Okawa and Sanghi suggest, this may be a sign of a weak market selection [10].…”

Section: Resultsmentioning

confidence: 96%

Effects of Market Selection in the Ural Federal District: Did Sanctions Bring Any Changes?

Mariev¹,

Pushkarev²,

Sennikova³

2020

Proceedings of the Ecological-Socio-Economic Systems: Models of Competition and Cooperation (ESES 2019)

View full text Add to dashboard Cite

show abstract

Differentials in Countries’ Total Factor Productivity and the Factors Influencing Them

Radygin,

Abramov,

Chernova

2024

jour

View full text Add to dashboard Cite

The diminishing potential for enhancing productive resources in order to sustain economic growth demands greater emphasis on how efficiently they are used as measured by total factor productivity (TFP). Long-term trends, differences between countries, and macro-level factors were assessed using qualitative and quantitative analysis of economic and financial indicators for a sample of 74 countries from 1978 to 2022. The article confirms that Russia and most other countries have been experiencing a steady downturn in total factor productivity. In some cases, productivity has been falling since the 2008 global financial crisis because key factors changed in the post-crisis period. In particular, growth of TFP has become correlated with increasing fixed investment, a high level of domestic financial development and protection of property rights, and limitation of state intervention in the economy, as well as with following a model of capitalism that allows for a moderate level of state ownership. Those developing countries of Central and Eastern Europe that have consistently implemented market-oriented reforms have also been able to sustain growth. The increasing importance of highly country-specific variables suggests that countries are trying to make greater use of domestic economic policies to support TFP growth and thus counteract the global productivity decline observed by many economists. Although individual countries may succeed in maintaining their growth, such measures are not sufficient to prevent a global slowdown.

show abstract

The junctions of pension reforms: Russian and international experience

Gurvich

2019

Vopr. èkon.

View full text Add to dashboard Cite

Recent decision to raise retirement age in Russia is compared with alternative ways of pension system adjustment to population ageing. We conclude that postponing retirement was superior in terms of public welfare as compared to increasing public spending on pensions or lowering pension size relative to wages. Unlike advanced countries, which apply mainly a combination of higher effective retirement age, less generous pension benefits, and higher pension spending, Russia used various adjustment tools in sequence: sharp decline in pensions to wage ratio in 2002—2007 was followed by a marked increase in pension spending (which hiked almost 3 p.p. of GDP over 2007—2017). Some 2/3 of this growth was attributable to the cut in other spending (mainly “productive”, i.e. growth-enhancing), and 1/3 was financed by a redistribution of income from employees to pensioners. The general decision to raise retirement age thus was fully justified, but its parameters look reasonable only on average. Estimates based on cross-country analysis evidence that retirement age matching healthy life indicators anticipated for Russia would be 63/62 for men/women. Actual decision to increase retirement age to 65/60 maintains sharp gender distortions: the retirement age will remain too low for women and will get too high for men. Fiscal effect of higher retirement age are calculated by comparing pension spending ensuring constant pension to wage ratio under the old and new retirement ages. We find that this effect will stabilize around 3% of GDP in some 10 years after the start of reform. A bulk of this effect is in a sense “virtual”, as it mainly makes possible to evade further increase in pension spending. “Genuine” effect can be estimated as some 1% of GDP — these are public funds saved and available for different purposes, say for supporting programs increasing healthy life expectancy.

show abstract

Potential Growth: Outlook and Options for the Russian Federation

Cited by 5 publications

References 15 publications

Effects of Market Selection in the Ural Federal District: Did Sanctions Bring Any Changes?

Effects of Market Selection in the Ural Federal District: Did Sanctions Bring Any Changes?

Differentials in Countries’ Total Factor Productivity and the Factors Influencing Them

The junctions of pension reforms: Russian and international experience

Contact Info

Product

Resources

About