Ten Lessons on Debt Market Development

The paper identifies and assesses the closeness of the connection between incremental indicators of the financial development in the regions of Russia with the incremental regional GDP and the investment in fixed capital. It is shown that the positioning of the region as an independent participant of public debt market matters: the regional GDP and investment in fixed capital grow more rapidly in the regions which are regularly borrowing on the sub-federal bonds market. The paper also demonstrates that the poorly developed financial system in some regions have caused the imperfection of the growth mechanisms since the economy is not able to use the financial system’s functions.

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The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis

Voprosy Ekonomiki ◽

10.32609/0042-8736-2012-3-80-97 ◽

2012 ◽

pp. 80-97

Author(s):

B. Kheifets

Keyword(s):

Debt Crisis ◽

Strong Dependence ◽

Domestic Debt ◽

Debt Market ◽

State Paternalism ◽

High Level ◽

External Borrowing ◽

Pension Liabilities ◽

Policy Problems ◽

Debt Policy

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.

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On one event in the history of reforms in China

Voprosy Ekonomiki ◽

10.32609/0042-8736-2017-4-140-147 ◽

2017 ◽

pp. 140-147

Author(s):

A. Yakovlev

Keyword(s):

Market Development ◽

Market Reforms ◽

Deng Xiaoping ◽

Balance Of Interests ◽

History Of ◽

Party Congress ◽

Chinese Reforms

The paper analyzes confrontation concerning continuation of market reforms between main groups in Chinese elite after Tiananmen in 1989 and collapse of USSR in 1991. It considers in details the ‘southern tour’ of Deng Xiaoping in early 1992 and its impact on the balance of interests in Chinese elites before the 14th party congress. The paper shows also the specifics of Chinese reforms which combine market development with creation of rents for main elite groups.

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