17/1 Malaya Ordynka Str., Moscow, 119017
Leonid M. Grigoryev
Natalia V. Supyan
World Economy Section
Section of Energy and Raw Material Market
Valery A. Krukov
World Trade Section
Alexey Pavlovich Portanskiy
Section of Global Economic Regulation
Vladimir N. Zuev
The paper is devoted to the assessment of the prospects of implementing clean energy sources in Russia, where the current energy policy goal is to increase the role of renewable and clean energy sources. The research is based on data from the Krasnoyarsk Region as one of the largest territories but also as a representative model of Russia. The aim of the study is to identify where and which renewable energy source (solar, wind, hydro and nuclear) has the highest potential. The novelty of our research lies in its holistic nature: authors consider both geographical and technical potential for renewable energy sources development as well as prospective demand for such resources, while previous research is mostly focused on specific aspects of renewable energy development. We also consider the level of air pollution as an important factor for the development of renewable energy sources. The results of the study show that there is a strong potential for clean energy sources in the Krasnoyarsk Region. The resulting matrix identifies the potential of energy sources across all the municipal entities and also indicates whether the source of energy is primary or supplemental and where several sources may be implemented in cooperation.
The trend on electricity grids digitalization is gradually leading to the shift of busi-ness value towards more sustainable and efficient electricity services. Sustainability and efficiency are challenged by the increasing demand for electricity which is fol-lowed by a dramatic transformation of energy systems. While smart grids seem to be crucial in this process, there is a discrepancy in understanding the costs and benefits for the multiple actors involved. In addition, there are benefits of smart grids that cannot be measured directly in terms of money, such as higher energy system reliabil-ity or commitment to carbon reduction. Despite the rise of interest to the managerial aspects of smart grids implementation and development, many aspects remain out of the scope. This paper contributes to the research of smart grids by providing a con-ceptualized business model that would allow for value co-creation, delivery and cap-ture. A Russian energy sector perspective is primarily considered throughout the pa-per and the results are supported by evidence from interviews with of industrial ex-perts
The institutional aspect of the post-crisis banking regulation reform (Basel III) still remains unsettled, and as such undermines regulators’ efforts in shaping a seamless platform for international financial intermediation. On the other hand, lack of perspectives for global acceptance of the Basel III standards amid internationalization of banking activities is one of the main reasons of regulatory asymmetries that are difficult to handle at the national level. Under these circumstances, efforts of the governments and financial regulators are a central core of their policy in protecting banking sectors from systemic risks: It becomes imperative to bring together national mechanisms of banking regulation and to develop a regional system of regulatory institutions, as is evidenced by the single supervisory mechanism in the euro area countries.
Strengthening stress-resilience of the national banking sectors in the Eurasian Economic Union (EAEU) and expansion of banking activities to the Eurasian economic integration will require a conceptual framework of the EAEU banking regulation system. However, different regulatory regimes in the EAEU member states along with the lack of supranational regulatory institutions may slowdown the progress of the Eurasian mechanism of banking regulation. This means that operationalization of the EAEU regulatory mechanism will depend on whether the “mini-Basel III” format as a methodological hub of the regionalization and supranationalization will act as an enabler of resolution of the regulatory trilemma among the feasibility, relevance, and opportunities of supranationalization.
The institutional aspect of “mini-Basel III” is intrinsically linked to the integrity and consistency of the supranational authority for regulation of the EAEU financial markets being an authority documented in the Treaty on the EAEU; however, the costs of regulatory alignment may exceed the advantages of a single-institution regulatory architecture owing to the existent and tacit risks of heterogeneity of the national regulatory models. Stemming from the complex financial sector environment that falls short of valid and reliable institutional fundamentals, we propose alternative scenarios for the EAEU regulatory mechanism that could be sought for optimization of regulatory logistics and algorithms of regulatory alignment. Based on systematization of the benefits and weaknesses of each of the scenarios as well as on comparative analysis as to whether the proposed scenarios would ensure continuum of financial intermediation and financial stability, we found that currently there are no priority approaches to the design of a supranational institutional system in the EAEU. At the same time, identical structure of the national banking sectors together with the least expensive scenario approach could underpin the process of regulatory supranationalization; however, to secure integrity of the EAEU supranational authority, it should be complemented with an authority that would be responsible for coordination of the EAEU-wide regulatory alignment.
Integration processes in the EAEU is associated with the development of regional banking regulation that secures the effectiveness of the integration policy and, ultimately, financial stability. The integrity of the regional regulatory mechanism will largely depend on the effectiveness of convergence and supranationalization of the economic and institutional aspects of banking regulation of the EAEU member states, and at the same time – on their synchronization with Basel III. In this regard, a regional regulatory mechanism – mini Basel III – should become the central core of the EAEU regulatory and supervisory system, a tool for mitigation of systemic risks, and a mean for maintenance of stress resilience of the national banking sectors, as well as a channel of interaction with international banking regulation authorities.
However, currently EAEU banking regulation lacks a complete framework, mostly due to the shortage of strategic vision on regulatory convergence and poor understanding of the integration risks due to the absence of reliable tools for measuring imbalances in the banking sector. Besides, a number of issues of institutional supranationalization, including the delegation of the regulatory power from national to supranational level, still remain open.
In this work, the author continues the study of the regionalization of banking regulation and supervision in the EAEU focusing on systemic risks and how the mini-Basel III mechanism could become a key tool in minimization of the system-wide instability and crises.
The study of economic growth and social inequality goes back to the works of S. Kuznets, A. Atkinson, P. Krugman, J. Stiglitz, T. Piketti, and B. Milanovic. Statistical analysis of social inequalities for a large set of countries, divided into seven clusters, was conducted for the period 2000–2016. The share of incomes of the 10th decile was used as a measure of inequality. The hypothesis of the positive impact of economic growth on the reduction of social inequality was tested. Stylized facts on an array of 106 countries for the period under review indicate a high degree of stability of the level of inequality in most groups, especially in the most developed countries, and in particular in the Anglo-Saxon ones. The distribution of key socioeconomic and even political indicators for clusters shows their strong relationship with the structure of cluster inequality. This makes it possible to significantly deepen the analysis, in particular the one concerning the stages of world development.
The Eurasian Economic Union (EAEU) is relatively new regional integration block formed in the beginning of 2015 and now consists of five members (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia). The main document that establishes the basic principles of the functioning of the EAEU is the Agreement on EAEU that also covers the specifics of application of non-tariff measures (NTMs) on a very aggregate level. Overall NTMs adopted within EAEU are equally applied by the members of the Union. But still these measures may find their reflection in the national legislation of the member-states.
In order to analyze EAEU NTMs two sources of information were used: website of the Eurasian Economic Commission and TRAINS/WITS database. They were used as complements and allowed to find the most up to date versions of the legal acts that cover trade- and NTM-related aspects of EAEU functioning.
The Republic of Kazakhstan became one of the first members of the Eurasian Economic Union (EAEU) that was formed on January 1, 2015. As a full member this country had to change its legislation in accordance with the EAEU legal acts. This article is devoted to non-tariff measures (NTMs) applied by the Republic of Kazakhstan in the context of the Eurasian economic integration. The importance of NTM research is defined by the fact that excessive regulatory policies may result in decreased growth rates of economy and overall loss of welfare. UNCTAD’s database (TRAINS/WITS database) was used in order to analyze national NTMs. In total 239 national actively applied NTMs were analyzed and systematized. Most of them are either import-related technical measures (Technical barriers to trade - TBT, Sanitary and phytosanitary measures - SPS measures) or export-related technical measures. Together they account for approximately 94.8% of applied national NTMs. In addition to the analysis of NTMs in terms of their type and type of affected product, author revealed the correspondence of Kazakhstan’s national NTMs to basic principles of the World Trade Organization (WTO): most-favored nation (MFN) and national treatment clause. Thus our research determined measures that represent a violation of MFN principle or national treatment clause. So these NTMs may be barriers to trade of the Republic of Kazakhstan with the other countries. Further research of ad valorem equivalents (AVE) of the measures is required in order to determine the economic effects of the non-tariff measures applied by the Republic of Kazakhstan.
The monograph deals with the issues of macroprudential policy that is organically linked to the system of international banking regulation. The author looks into interrelationship between macro- and micro-prudential regulatory mechanisms, explores the role of macroprudential regulation in minimization of systemic risks, as well as the extent to which the effectiveness of macroprudential tools and techniques will help ensure stress resilience of the banking sector. The author also delves into the most disputable topics on the tradeoff between macroprudential regulation and monetary policy. Without doubt the monograph is a landmark book that expands the most complex topic of macroprudential policy in the post-crisis recovery, as well as the specifics of macroprudential regulation in the post-crisis banking regulation paradigm shift.
The main purpose of the research is to identify key models of oil exporting countries inclusion into oil refining global value chains. The countries possess high potential of integration into the processing sector with higher value added, but tend to implement it with different degrees of efficiency. Positive balance of foreign trade in refined oil products, calculated in value added terms, can be accompanied by dependence of country’s exports on foreign value added content, and negative balance can be explained by country’s imports of intermediate products with low level of processing to insure domestic production. Five of eight analyzed oil exporting countries show positive dynamics of inclusion into oil refining global value chains. The world biggest oil exporter, Saudi Arabia, doesn’t rely on foreign value added in its exports, whereas country’s forward participation index in global oil
refining sector is very high. USA, Canada and Norway pursue specific models of integration into oil processing, which are developed in compliance with countries’ energy policies and aimed to create higher value added. Despite Kazakhstan dependence on Russian economy the country reduces foreign value-added content in its exports of oil refining products and improves participation in GVC. Two of the world leading oil exporters, Mexico and Brazil, demonstrate negative dynamics of inclusion into oil processing sector. High dependence of production on foreign value added, negative balance of foreign trade and poor integration into complex links within value chains are key parameters of ineffective GVC inclusion. The case of Russian Federation could be identified as positive integration with some obstacles. High volumes of Russian exports in oil refining products, positive trade balance in value added terms and high GVC forward participation index are accompanied by country’s increasing dependence on foreign value-added which forces Russia to rethink its participation in global refining sector and implement supporting policies.
The article considers the Russian oilfield services market formation process, structure and mechanism of operational activities of the main Russian and international market players. The prerequisites of the Russian oilfield services market formation have laid the foundation for the interaction among energy and oilfield service companies on the Russian oil and gas market. The resulting operational model is conceptually different from the approaches of interaction among energy and oilfield services companies in other developed and emerging markets. The peculiarities of interaction of national energy and international oilfield services companies in the Russian market are revealed, advantages and disadvantages of cooperation models are outlined. Examples of different countries and markets set out alternative approaches for the energy and international oilfield service companies interaction in terms of the types of work, the depth of outsourcing of oilfield services. Against the backdrop of various oilfield service market and oilfield service companies classifications existence, an additional classification of oilfield services companies in the world and Russian markets is proposed, according to the operating model type, which correlates with current trends in a dynamically developing market.
The main goals and tasks set by the state within the framework of the "Energy Strategy of the Russian Federation - 2035" project in front of the national oil and gas industry are illustrated, the main one of which is the intensification of extraction of hard-to-recover oil and gas reserves. The fulfillment of this task requires from energy companies modern technological solutions that the leaders of the oilfield service market have. In this regard, the concept of service integration as an effective solution to the problem of extracting hard-to-recover oil and gas reserves was proposed. The conditions under which the concept of oilfield services integration brings maximum efficiency is considered, as well as the advantages and risks of this type of operational interaction among key players in the oil and gas industry.
Subject This article deals with the issues related to the imbalance in the distribution of cities, which poses a threat to the economic development and social and political stability of Russia.
Objectives The article aims to estimate the temporal growth of Russian cities between 1897 and 2014.
Methods During the consideration of the subject matter, we applied Zipf's law, Gibrat's rule of proportionate growth, and the correlation method. The article analyzes the data of official statistics and archival materials for 1897–2014.
Results The article presents the results of the analysis of distribution of cities of Russia by number of inhabitants in the period of 1897–2014 and a temporal correlation matrix of Russian cities' growth rate during the specified period.
Conclusions The process of urban growth for the period 1897–2014 is ambiguous. Since 1989, large cities have been growing faster than the small ones due to the migration of people from small cities to larger ones. In general, the urban system of Russia is characterized as stable with uneven distribution of cities and high concentration of population in the largest of them.
Development of the russian energy sector seems to be rather promising (considering the speed and nature of the emergence of new technologies, such as digital power equipment, prognostic instruments, real-time payment techniques, etc.), however, there is no clear understanding of the potential demand level regarding specific technologies. frequently companies abandon research and development projects due to the uncertainty and risk of losing investments because of the absence of end-users. At the same time foreign suppliers of innovative solutions (including those for the energy sector) gain market power. Simultaneously, emerges the problem of strengthening competitiveness of the Russian federation regional economies in the view of tightening competition from foreign suppliers of innovative solutions including solutions for the energy sector.