ABSTRACTS

Manevich V.E., Yerokhin Yu.V. External Monetary Factors of Macroeconomic Processes in Russia. // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.1-7.
    Authors research the demand and supply of foreign currency influence for the GNP distribution, saving and investment. Demand and supply of foreign currency represented as function on exchange rate. Efficiency of currency market regulation depends on elasticity demand and supply curve, which may varied from zero to indefinitely. Strong elasticity of supply curve involve inefficient the traditional ways of currency market regulation (such as change in official reserves and stabilization fund) and lead to sharp growth of import of capital. Import of capital in the form of foreign currency inevitably related with redistribution of GDP in favor of recipients of foreign loans.

Andryushkevich O.A. Forming the Market Institutes in Transition Economics.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.8-22.
    The forming of the market institutes in transition economics is studied. This subject is treated as the process of growing the intermediate institutes.  We show involving the Chinese experience (that differs from the negative trials in Eastern Europe) how the traditional forms of property (both state and collective ownership) are transformed into the market ones (joint, share-holding and private ownership). We also analyze how China develops new institutional structures (including fund market).

Belkin V.D., Storozhenko V.P. The Forecast 2020 Requires Essential Completion.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.23-37.
    There was made a note in the article that was not enough paid attention to the social  sphere in the Governmental Prognosis 2020. The  necessity of getting  up is well-founded of the problems concerning getting over poverty, public health, education, agriculture and  the development of private business in the prognosis. It was suggested for the solving of these  problems to use the financial resources accumulated in the «Stabilization Fund» and Gold-currency reserves.

Kotyrlo E.S. The Human Capital and Economic Growth: the Analysis of Interrelation for Regions of the Russian North.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.38-52.
    Ahuman capital contribution in economic growth of northern Russian regions in comparing with «no-northern» is considered in the paper. The statement that using of human capital significantly increases regional economic growth is proved by panel data analysis. Influence of human capital on small business development in the North was analyzed already. Specific tendencies in human development in the North and interrelations with economic growth were founded. Northern economies differ by low decreasing of students of primary professional grade per 10 thou. of population in comparing with Russian trend. Also substitution effect between secondary and high professional grades under influence of income is more significant in the North.

Golichenko O.G., Samovoleva S.A. Institution Support of National Innovation System: the Tax Legislation.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.53-66.
    The paper considers the influence of legislation on national innovation system (NIS), its elements and links between them. The analysis of the Russian tax laws shows the absence of the system for innovative legislation in Russia. The situation leads to deformations in the system of legislation of national innovations and creates the system of antistimuls for innovation activities in the Russian enterprises.

Fridman A.A. Diamond  Production in the USSR and Russia and Relationship  with «De Beers».  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.67-81.
    The diamond  complex of the country was formed after industrial layers of rough diamonds were found in the USSR in the 50th of the last century. Due to a number of reasons this complex was (and practically remains up to now) one of the most closed for public. It’s enough to state that there has been no analytical review devoted to its current condition, history, developments and the future. However, there have been a lot of important problems and events in this area. Some of them (that the author has witnessed) are first revealed below, with corresponding documents provided.

Klochkov V.V., Gusmanov T.M. Economic Problems of Development of the Aviation Industry in Conditions of Instable Demand for Aviatransportations.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.82-98.
    In the paper the effect of air traffic instability on the world aircraft industry is described. The efficiency of various instruments stimulating and stabilizing the demand on aircraft industry product is analyzed. It is shown that even well-developed aircraft industry needs various kinds of government support.

Sternik G.M., Krasnopolskaya A.N. Non-Harmonic Decomposition of Price Trend of the Market of Habitation of Moscow.  // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.99-110.
    Discovered that dynamics of prices on realty market in Moscow in last 6 years cease have a cycle fluctuating character. In the article proposed a method of non-harmonic decomposition of price trend using which identified that fluctuations become from price area to increase price area. These fluctuations are aperiodic and consist of aggregation of cycles with different periods. Rely on identified rule, in the article showed price forecasts for realty market: long-term (for 10–15 years), medium-term (till end of 2007 year) and short-term (till end of 2006 year).

Ivashkovskaya I.V. The Model of Strategic Value Based Analysis of the Firm. // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.111-115.
    The author examines how the principles for financial analysis of the company should be adjusted to the requirements of knowledge-based economy. The proposed model for strategic financial analysis is based on stakeholder value added creation (STVA). The model includes residual income criteria for evaluation of corporate performance, new framework for measuring the capital and financial assessment of corporate strategies. Finally, the stakeholder value added toolbox based on new financial measurers and non-financial indicators is introduced for  STVA monitoring.

Potravny M.I. Incorporating Liquidity Risk in Investment Portfolio Management. // Economics of contemporary Russia 2008. ¹3 (39)  Ñ.116-128.
    This paper aims to analyse an up-to-date methods of market risk valuation under the assumption of low market liquidity. The detailed analysis of the different liquidity risk models has been done. We analyse the problems of investment risk estimation in developing countries stock markets under the assumption of low market liquidity and financial instability. The results are based on mathematical calculation according to the market history from MICEX and informational resource CBONDS.

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