Graham / Oding Internationalization and Economic Policy Reforms in Transition Countries

1. Auflage 2005
ISBN: 978-3-540-29047-6
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 344 Seiten

Edward M. Graham, Nina Oding and Paul J. J. Welfens Eastern Europe and the former Soviet Union have achieved sustained economic growth in first half of the new decade in the 2V^ century. EU ac­ cession countries which have joined the EU have benefited mainly from high capital inflows, a reduced risk premium - with shadow effects of this already occurring in the years before explicit membership - and growing trade. While system transformation has undermined trade between Eastern Europe and Russia for several years there are medium prospects for grow­ ing trade in the whole of Europe. Russia's case, however, is different from the EU accession countries as a major driving force of economic dynamics is the oil and gas sector which has considerable backward and forward linkages. At the same time this sector apparently is politically quite sensi­ tive. The Transatlantic Transformation and Economic Development Re­ search Group has organized several workshops within a major interna­ tional research project. The project is devoted to analyzing the internatio­ nalization of the Russian economy and the associated changes in major policy fields. This book contains the revised analytical papers from the St. Petersburg conference in 2003 when the city celebrated its 300 year anniversary. We are very grateful to the Leontief Center for excellent organization of the conference. The paper by Paul J. J.

Autoren/Hrsg.

Graham, Edward

Oding, Nina

Inhaltsverzeichnis

1;Table of Contents;5
2;Introduction;12
3;A. Structural Change, Natural Resources Sector Expansion and Growth in Russia;16
3.1;1. Introduction;17
3.2;2. The Topic of Dutch Disease: A Theoretical Approach;21
3.3;3. Structural and Long- term Perspective of the Oil and Gas Sector;30
3.4;4. Policy Implications;42
3.5;Appendix;45
3.6;References;55
3.7;Comment on: Structural Change, Natural Resource Sector Expansion and Growthin Russia;57
3.7.1;References;61
4;B. Monetary and Financial Stability as a Basis for Russia's Sustained Economic Internationalization;62
4.1;1. Introduction;63
4.2;2. Elements and Conditions for Monetary and FinancialStability;63
4.3;3. Conclusion;70
4.4;Comment on: Monetary and Financial Stability as a Basis for Russia's Sustained Economic Internationalization;72
5;C. Core Inflation in Russia - Different Approaches for the Period from January 1997 to April 2003;77
5.1;1. Basic Framework;78
5.2;2. Criteria for Selecting a Measure of Core Inflation;79
5.3;4. Empirical Approaches for Russian Core Inflation;85
5.4;5. The Official Russian Measure of Core Inflation;93
5.5;6. Conclusions;94
5.6;References;96
5.7;Comment on: Core Inflation In Russia - Different Approaches for the Period from January 1997 to April 2003;97
6;D. Russia's Banking System, the Central Bank and the Exchange Rate Regime;98
6.1;1. Introduction;99
6.2;2. Original Sin and Beyond: Sources for Banlcing System Instability;101
6.3;3. The Unofficial Peg of thie Rubie;107
6.4;4. The Central Bank, Competition in tlie Banking System and Allocative Efficiency;114
6.5;5. Conclusions and Policy Options;126
6.6;References;128
7;E. Russia and International Economic Structures;130
7.1;1. Introduction;131
7.2;2. Russia and International Economic Organizations;131
7.3;3. Russia and Regional Integration Blocs;149
7.4;Comment on: Russia and Intemational Economic Structures;170
8;F. 1 An Increase of Energy Efficiency as a IVIajor Tool for Achieving Energy Security;173
8.1;1. Introduction;174
8.2;2. Increasing Energy Efficiency - a Major Challenge and Opportunity for Russia;174
8.3;3. Existing Barriers to Develop tlie Potential;176
9;F. 2 European Energy Security: Opportunities and Problems for Cooperation EU- Russia;182
9.1;1. Introduction;183
9.2;2. European Energy Sector;183
9.3;3. The EU-Russia Energy Partnership;184
9.4;4. Progress and Recent Developments in the EU-Russia Energy Partnership;186
9.5;5. Summary;191
10;G. Diversification of the Russian Economy and Growth;193
10.1;1. Growth Mechanism is Changing;194
10.2;2. He is Able who Thinks he is Able ( Budha, 6th Century BC);197
10.3;3. To Change and to Change for the Better are two Different Things ( German Proverb);203
10.4;4. Vivat, Crescat, Floreat! ( May it Live, Grow and Flourish!);208
10.5;5. Three Ways of Restructuring;211
10.6;6. Does the Central Bank's Monetary Policy Stimulate Restructuring?;215
10.7;7. Government Aims at Diversification;217
10.8;8. Banking Sector Restructuring and Growth;219
10.9;References;223
11;H. Internationalization of Russian Regions: The Role of MNCs and Outsourcing with Respect to Domestic and Foreign SMEs;224
11.1;1. Introduction;225
11.2;2. Role of FDI in the Globalizing World;226
11.3;3. Internationalization of Russia;231
11.4;4. Differentiations and Internationaiization of Russian Regions;236
11.5;5. Competitive Advantages in Northwest Russia;240
11.6;6. Outsourcing: Opportunities and Cliallenges;245
11.7;Appendix;249
11.8;References;250
11.9;Comment on: Intemationalization of Russian Regions: Thie Roie of MNCs and Outsourcing with Respect to Domestic and Foreign SMEs;252
12;I. Do Export Processing Zones Attract FDI and its Benefits? Experience from China and Lessons for Russia;255
12.1;1. Introduction;256
12.2;2. Some Background: the SEZs and the Opening of China to Foreign Investment during the 1980s;257
12.3;3. The 1991 Reforms and their Aftermath;262
12.4;4. The Period of the SEZs Re- examined;266
12.5;5. Implications of the Chinese Experience for Russia;270
12.6;References;275
12.7;Comment on: Do Export Processing Zones Attract FDI and its Benefits? Experience from China and Lessons for Russia;277
12.7.1;References;280
13;J. The Baltic Sea Regional Integration and International Trade: A Gravity Model Approach;281
13.1;1. Introduction;282
13.2;2. Theoretical Foundations for Using Gravity Models in Studying International Trade Flows;283
13.3;3. Specifications of Gravity Equations for Exploring Regional Integration in Trade;285
13.4;4. Modeling International Trade Flows in the Context of EU Eastward Enlargement;289
13.5;5. Trade Integration in tlie Baltic Sea Region (BSR);293
13.6;6. Conclusions;296
13.7;Appendix;299
13.8;References;302
13.9;Comment on: The Baltic Sea Regional Integration and Intemational Trade: A Gravity Model Approach;305
13.9.1;References;307
14;K. Russia's Foreign Economic Relations and Regional Integration in CIS Countries: Theory, Problems and Options;308
14.1;Comment on: Russia's Foreign Economic Relations and Regional Integration in CIS Countries: Theory, Problems and Options;308
14.2;1. Introduction;309
14.3;2. Russia's Foreign Economic Relations: Policy Performance and Development Perspectives;310
14.4;3. Political and Economic Issues of CIS Development;318
14.5;4. Regional Economic Integration in CIS: Problems and Development Prospects;323
14.6;5. Policy Conclusions;325
14.7;Appendix;327
14.8;References;329
14.9;Comment on: Russia's Foreign Economic Relations and Regional Integration in CIS Countries: Theory, Problems and Options;331
14.9.1;1. Conceptual Foundations of Empirical Studies;331
14.9.2;2. The Problem of Comparative Empirical Analysis and Benchmarking;332
14.9.3;3. Questionability of Certain Assertions;333
14.9.4;4. One- Sided Nature of Conclusions;333
15;List of Figures;335
16;List of Tables;340
17;List of Contributors;342