The roundtable discussed the issues of growth limitations for the Russian economy, sources of growth in conditions of isolation, import substitution opportunities, reserves for increasing the efficiency in the distribution of resources, and the role of the state in restructuring value chains.
Within the framework of the XXIII Yasin International Scientific Conference on Problems of Economic and Social Development, at session A-5-3. Macroeconomic policy and long-term growth, the report "Market defects, intersectoral interactions and industrial policy in the Russian economy" was delivered by Anton Tolokonnikov.
In the WP3 series "Labor Market Problems", Anton Tolokonnikov (HSE Productivity Research Center) published a paper "Market Imperfections, Intersectoral Relations and Industrial Policy in Russian Economy"
On March 24, 2022, a seminar on applied macroeconomic research was held under the guidance of Yuri Simachev. Ilya Voskoboinikov presented macroeconomic research: "The long-term growth of the Russian economy. The experience of the past for understanding the consequences of the Ukrainian crisis".
The inefficient distribution of resources leads to a lower rate of economic growth and a lower level of social development compared to what can potentially be reached. This is due to distorting taxes and subsidies, and market imperfections. Market imperfections are the costs incurred by economic agents to overcome obstacles related to imperfections of competition, information asymmetry, and barriers to market access. The impact of market imperfections is determined by the structure of intersectoral relations. Market imperfections in the upstream part of production chain (intermediate goods production) bring larger distortions than market imperfections in the downstream part of production chain (closer to final goods). The correlation of the sectoral structure of taxes and subsidies with market imperfections can increase the efficiency of resource allocation in the economy and, thus, increase output and social welfare. The instrument of such improvement is the industrial policy, which contributes to a change in the sectoral structure of net taxes with respect to market imperfections. To what extent do the criteria of the industrial policy used in Russia contribute to a more efficient distribution of resources in the economy? What are the possibilities for improving it? In this article we use approach from Liu (2019) and Input-Output tables for Russia in 2016 to arrange sectors in accordance with the size of the effect of a subsidy of 1 ruble on aggregate output. The highest effect is in supporting sectors, producing productive services, for instance, car and equipment rental services; financial intermediation services; some transport services. It is shown that support for industries with a high proportion of intermediate products in output leads to an increase in aggregate output. Support of sectors with a high employment-to-value-added ratio leads to a decrease in aggregate output.
Groningen Growth and Development Centre (GGDC), which developed the Penn World Tables, Maddison Historical Statistics, EU KLEMS and WIOD, and the HSE University Centre for Productivity Studies (CPS) are working together to intensify research on the welfare of post-Soviet countries in accordance with the agreement for scientific and educational co-operation between the HSE University and the University of Groningen.
At the 29th Annual NISPAcee Conference, Zhuldyz Dyuseekeeva reported on auditing financial statements in the digital economy, looking at directions of development and bibliographic mapping.
The year 2020 was a period of economic hardship and significant change in a wide range of sectors for most countries. A team of authors from HSE University has explored how Russia will recover from this crisis and which industries will be affected by the economic recovery. Their study was published in the journal Voprosy ekonomiki.
On April 26, Zhuldyz Dyussekeyeva presented her report at the Y-26-1 session “Instrumental methods in Economic and social Research-1”The study analyzes the development of auditing financial statements in the Digital Economy. Improving the methodological and practical basis in digital solutions for auditing financial statement can significantly reduce time and transaction costs. The empirical basis for the study was the bibliographic information system Web of Science Core collection, using a representative sample of works on the digitalization of auditing financial statements. The main findings of the research are that, since 2017, the use of digital technologies in auditing has been a promising direction and there has been a significant increase in the number of publications in this area. The bibliometric analysis revealed several directions of development in the industry that are of great interest to researchers and the "Big Four" auditors.
Experts believe that increasing productivity, diversifying the economy, as well as developing human capital and expanding non-resource exports will help boost Russia's economic growth. But the state policy has to be smart. This was discussed at a series of round tables and expert discussions on the topic of productivity at the XXII April International Academic Conference on Economic and Social Development, organised by HSE University and Sberbank.
