Development of the Health Care Infrastructure in 2014–2016

Natalia Sisigina – Research fellow of the International Laboratory of Economics of Health Care Reform, Institute of Social Analysis and Forecasting, Russian Presidential Academy of National Economy and Public Administration. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2014–2016, total fixed investments in real terms in the health care system decreased to 50.4% against their peak seen in 2012. Budget investments reported the highest drop (in 2016 – 43.7% of the maximum. Dynamics of fixed investments at the expense of own funds of the medical institutions and raised funds demonstrated weaker magnitude of dynamics variation.

Key words: health care, investment in health care, sources of financing investments in health care.

April Sanctions: Implications for the Russian Economy

Yury Zaitsev – Senior Research fellow of the of Foreign Trade Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

On 6 April 2018 the United States imposed new round of sanctions against 15 Russian companies and 26 businessmen and public officials. Such a wave of sanctions creates problems for the entire Russian economy.

Key words: sanctions, Russian markets reaction to sanctions, Russian economy reaction to sanctions, countersanctions, RUSAL JSC.

Russian Regions in 2017 and Early 2018

Natalia Zubarevich – Main Research fellow of the Demography and Migration Research Department, Institute of Social Analysis and Forecasting, Russian Presidential Academy of National Economy and Public Administration, Doctor of Geographic Sciences, Professor. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In early 2018, Russian regions saw their socioeconomic status less problematic. However, none of them has reported sustainable development. Budgets have improved somewhat. Dynamics of income and expenditure less Moscow was rather moderate. Federal assistance is channeled to regions of geopolitical priority.

Key words: RF regions, socio-economic situation of regions, regional budgets.

Results of World Trade Development in Goods and Services in 2017

Alexander Pakhomov – Leading Research fellow of the Center for Macroeconomic Research, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Kniaz Bagdasaryan – Research fellow of the of Foreign Trade Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

in 2018 will slow down to 4.4% compared to 4.7% in 2017. The WTO Secretariat warns in its annual report that the US threats to introduce duties on imports from China and other principal trade partners are already reflecting on the global economy and the world trade.

Key words: World Trade Organization, forecast, export, import, protectionism, Russian Federation.

Small and Medium-Sized Business and Institutional Environment

Vera Barinova – Head of Innovation Economy Department of the Gaidar Institute; Head of Business Issues Studies Department and Leading Researcher of the Center for Economic Modeling of Power Industry and Environment, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Yulia Tsareva – Research fellow of the Business Issues Studies Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

A survey carried out by RANEPA experts showed that institutional factors were playing a key role in the development of small businesses and micro enterprises. Medium-sized businesses are more resilient to institutional environment features. Their number usually depends on the population size and extension of available markets.

Key words: small and medium enterprises, microenterprises, institutional environment, institutional factors.

Analysis of Export Support Volumes in OECD and BRICS

Anna Loshchenkova – Research fellow of the Foreign Trade Department of the Gaidar Institute, Candidate of Economic Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The relevance of the topic is due to the fact that despite the limitations by WTO to finance exports directly all countries promote exports through various mechanisms. The purpose of this article is to perform a comparative analysis of the total assets of export support agencies reflecting a country’s ability to support domestic exporters, as well as to identify the main tools of successful government support for exports. In addition, the article considers changes in the functions of export support agencies, which are a result of changes in world trade rules and a growing role of small and medium businesses in the economy, as well as differences between North American, European and Asian models of export support.

Key words: export support, export credit agencies, participation in supply chains.

Some Trends in the Dividend Policy of Public Companies

Alexander Abramov – Head of Department for Analysis of Institutions and Financial Markets, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander Radygin – Chairman of Academic Board, Head of the Center for Institutional Development, Ownership and Corporate Governance of the Gaidar Institute; Director of the Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Maria Chernova – Research fellow of the Department for Analysis of Institutions and Financial Markets, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The analysis demonstrated that the public companies are increasingly apply dividend policy for the implementation of their strategies. This fact is revealed in the growth of the amount of dividend payments and drawing on intermediary dividends – in case of private companies to a larger extent, and in case of public companies to a lesser extent. Availability of both net profits and operating cash flow represent notable factors in deciding dividend payment. The index of debt burden and the size of indirect public share in the ownership structure represent another notable factor in positive decision on dividend payment.

Key words: dividends, dividend policy, public companies, companies with state participation.

Russian exports to EU in 2017

Alexander Knobel – Head of Foreign Trade Department, Center for Real Sector of the Gaidar Institute; Director of the Center for Foreign Trade Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander Firanchuk – Senior Research fellow of the Center for Foreign Trade Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2017, Russia extended its market share in the European Union. EU imports from Russia went up from 119 to 145 bn euros, while Russia’s share in the overall European imports rose to 7.8% (+0.9 p.p.). Such growth was due to rising prices on principal products of Russian export – fuel raw materials and metals. At the same time, the rising volume of natural gas deliveries hit 12% while deliveries of crude oil moved down 7%.

Key words: export, European Union, commodity group.

Survey of Current Business (February-May 2018)

Sergey Aukutsionek – Head of the Center for Transition Economy Studies, Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences, Candidate of Economic Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Andrey Yegorov – Research fellow of the Center for Transition Economy Studies, Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences, Candidate of Economic Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Inessa Bachirova – Senior Research fellow of the Center for Transition Economy Studies, Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tatyana Serzhantova – Senior Research fellow of the Center for Transition Economy Studies, Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In February 2018, the indicators of current employment, output, wages, and some others looked very optimistic. The three-month expectations for the diffusion index of purchases of equipment has not been so high for more than five years. Cardinal positive changes were also revealed when last year’s values of such indicators as: employment, output, investment, capacity and labor utilization rates – were compared to their current values.

Key words: industry, industrial enterprises, price level, wages, employment, output, investment, indebtedness to banks, order-book level, stocks of finished products, capacity utilization rate, risk of bankruptcy, economic policy, crisis duration.

Fixed Investments in 2017: Growth Onset

Olga Berezinskaya – Research fellow of the Center of Structural Research, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration; Research fellow of the Department for Financial Studies of the Gaidar Institute. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Andrey Kosarev – Leading Research fellow of the Center of Structural Research, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

After three-year contraction, fixed investments in 2017 moved up by 4.4%. At the same time, Rosstat revised downwards 2016 data—fixed investment contraction constituted merely 0.2 percent (previously 0.9 percent).

Key words: fixed investments, sources of fixed investments, volume and structure of investment, resource constraints.

Level of Adaptability of Russian Industry in Q1 2018

Sergey Tsukhlo – Head of Business Surveys Department of the Gaidar Institute, Candidate of Economic Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In Q1 of 2018 Industry Adaptability Index notably fell just 74% of enterprises have assessed their main indicators as “normal”. Such negative change in consolidated indicators has not been registered since the crisis of 2009, when Index fell by 10 points. Note, that in Q1 2015 adaptability Index fell by only 2 points.

Key words: industry, industry adaptation index, demand, expected demand, stocks of finished products, output and employment.

Balance of Payments in Q1 2018: Analysis and Forecast

Alexandra Bozhechkova – Head of Monetary Policy Department of the Center for Macroeconomics and Finance of the Gaidar Institute; Senior Research fellow of the Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander Knobel – Head of Foreign Trade Department, Center for Real Sector of the Gaidar Institute; Director of the Center for Foreign Trade Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Leading Research fellow of the Center for the Study of Central Banks, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Russia’s positive balance of trade increased in Q1 2018 reflecting an increase of exports value amid slower growth of imports deliveries. Private capital outflow was observed triggered by the growth of foreign assets of Russian enterprises amid negative geopolitical expectations.

Key words: balance of payments, current account, trade surplus, capital outflow, capital inflow and exchange rate.

Industrial Output in Q1 2018

Andrey Kaukin – Head of Department for System Analysis of Sectoral Markets, Institute of Industry and Markets Infrastructures, Russian Presidential Academy of National Economy and Public Administration; Head of Sectoral Markets and Infrastructure Department of the Gaidar Institute, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Eugenia Miller – Research fellow of the Industrial Markets and Infrastructure Studies Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

By-sector analysis of industrial production indices shows that there are still no conditions for transition to sustainable growth in the majority of sectors. The trend component of the industrial production index points to a growth in manufacturing industry in the amount of 0.4% in March 2018 compared to December 2017. Extraction of mineral resources grew mainly due to gas and coal sectors.

Key words: industry, economic sectors, mining industry and manufacturing.