Macroeconomics

Details Matter: How Skills Influence Economic Recovery
Opinions
Economics
Details Matter: How Skills Influence Economic Recovery
  |   Alexandra Glazova

Macroeconomic forecasts often assume shock-induced unemployment is temporary and that employment and output recover. However, the reality may be far more complicated. The loss of skills and the mismatch that arises when workers switch industries may stall a recovery for years.

Price Gap: Why New Builds Cost More Than Resale Properties
Opinions
Economics
Price Gap: Why New Builds Cost More Than Resale Properties
  |   Anna Litvinova, Yanina Roshchina, Olga Klachkova

The price differential between new builds and resale properties in Russia is driven by factors beyond macroeconomic conditions. What also matters is the housing market structure including the level of competition among developers and banks, and subsidised mortgage programmes.

‘The Mystery of the Ruble Exchange Rate’: What Factors Influence the Russian Currency
Economics
‘The Mystery of the Ruble Exchange Rate’: What Factors Influence the Russian Currency
  |   Irina Ryabova

Over the past year and a half, the ruble exchange rate has strengthened despite the turbulence and volatility of the foreign exchange market. Participants in the Bank of Russia’s Financial Congress discussed the factors influencing the dynamics of the ruble exchange rate.

Crowdfunding as a Trust Test: a Factor Model of Early Risk Capital in the Russian Economy
Economics
Finance
Crowdfunding as a Trust Test: a Factor Model of Early Risk Capital in the Russian Economy
  |   Natalia Voevodina, Ekaterina Bugaeva, Natalia Kuznetsova

Crowdfunding needs more than just money and internet access to grow. Interpersonal trust, institutional predictability, and cultural behaviour patterns are essential for collective investment: crowdfunding can serve as a mirror reflecting the level of trust in the economy.

Education and Economic Growth: The Role of Institutions
Opinions
Economics
Education and Economic Growth: The Role of Institutions
  |   Daria Avdeeva, Dmitry Veselov

Human capital and its key component – education – are strongly linked to economic growth. However, high levels of education do not guarantee economic growth if a weak institutional environment hinders efficient application of knowledge and skills.

Economic Mirror: Current Situation in Russian Labour Market
Economics
Economic Mirror: Current Situation in Russian Labour Market
  |   Irina Ryabova

The Russian labour market is gradually cooling, but high unemployment does not threaten it. The main challenge for the economy is not so much labour shortages as a lack of highly qualified specialists, analyzed the participants of the Financial Congress.

Growth, Growth Potential, and Inflation
Economics
Growth, Growth Potential, and Inflation
  |   Econs

Is it possible to ‘buy’ economic growth with high inflation, how demand ‘accumulated’ over years, what investments increase productivity, and where forecasters make a mistake: abstracts from the Financial Congress session dedicated to economic growth.

Real Estate Market and Monetary Policy: Searching for Balance
Opinions
Economics
Real Estate Market and Monetary Policy: Searching for Balance
  |   Zhanna Smirnova

Although the real estate market is a separate sector, it is characterised by what is called ‘macro-criticality’. This means that the effects of changes in the market extend beyond it and may have an impact on macroeconomic stability in general.

Russian Economy in Next Three Years: Path and Risks
Economics
Russian Economy in Next Three Years: Path and Risks
  |   Olga Volkova

Why should we expect a slowdown of the Russian economy, what traps has it fallen into, what will help curb inflation, and what are the fiscal policy risks? These issues were discussed by economists at the Financial Congress of the Bank of Russia.

Shifts on the Map
Economics
Shifts on the Map
  |   Olga Kuvshinova

The macroeconomic situation is the overall performance of the country’s regional economies. Experts at the Bank of Russia’s Financial Congress assessed which regions are benefiting and which are losing out as a result of the ongoing transformation and structural changes.

Russian Labour Market: ‘A Perfect Storm’
Economics
Russian Labour Market: ‘A Perfect Storm’
  |   Yekaterina Kravchenko

There is not a single industry in Russia in which the overhang of job vacancies is not rising. Although the renewed growth of real wages will reduce this overhang, the labour shortage may persist for many years, according to Rostislav Kapeliushnikov, a labour market expert.

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