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Book part
Publication date: 23 May 2019

Andrey I. Pilipenko, Olga L. Pilipenko and Zoya A. Pilipenko

The aim of the chapter is to develop some approaches to turn education, predetermining the quality of human capital, into the most important factor of national inclusive…

Abstract

The aim of the chapter is to develop some approaches to turn education, predetermining the quality of human capital, into the most important factor of national inclusive development. This problem is titled by the World Bank Report (2018) as “Learning: to realize education’s promise.” There has been revealed a fundamental contradiction between the two processes: the training technology is improved, the treasury of knowledge is enriched, the scientific progress accelerates, on one side, but on the other side, according to the international Program for International Student Assessment (PISA) study (2015), about 28% of the Russian 15-year-olds, for example, did not master the minimum necessary skills in at least one area of the three (natural science, mathematics, and communication in their native language). Meanwhile the correlation between educational and economic “failures” is high. Reduction in school failure in half (up to 15%) corresponds to the growth of the country’s GDP by 2% at the perspective of 10 years, by 5–6% – in 20 years, and by over 10% – in 30 years. The authors identify and substantiate the most important factor of the low basic knowledge of schoolchildren: it deals with the phenomenon of stable psychological and cognitive barriers in their minds. As a result of this theory, a model of educational consciousness has been developed, which makes it possible to overcome educational failure and to form algorithms for successful learning.

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Book part
Publication date: 23 May 2019

Andrey I. Pilipenko, Vasiliy I. Dikhtiar, Nina M. Baranova and Zoya A. Pilipenko

The chapter contains a methodology for formalized evaluation of the public fiscal policy from the view point of its impact on the financial stability of a national economy…

Abstract

The chapter contains a methodology for formalized evaluation of the public fiscal policy from the view point of its impact on the financial stability of a national economy using the example of the Russian Federation and taking into account the fiscal multipliers’ effects. The significance of this problem is predetermined by recent trends in Russia’s development, when the national economy legs twice behind the world indicators. Taking into account the importance of the Russian budget system as a mechanism for the redistribution of gross domestic product (GDP), the financial stability safeguarding has been connected with the public finance sustainability and with the federal budget revenues and expenditures equilibrium. There are used the methodology of analysis of economic systems’ dynamic factors of financial stability as well as fiscal multipliers’ effects, aiming at managing national economy’s long-term development with the ultimate purpose to maintain the GDP growth rates. Taking into account the fiscal multipliers’ values, the model comparisons of the macroeconomics and budget parameters’ dynamics prove the necessity of the budget consolidation policy in 2018–2020 provided that the budget expenditures efficiency increases. The latter has been proved by modeling dependences represented by the fiscal multipliers’ effects in terms of national financial stability.

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Book part
Publication date: 23 May 2019

Zoya A. Pilipenko

The chapter contains a methodology for formalized evaluation of the role of the Central Bank of the Russian Federation (Bank of Russia) in ensuring monetary and financial…

Abstract

The chapter contains a methodology for formalized evaluation of the role of the Central Bank of the Russian Federation (Bank of Russia) in ensuring monetary and financial sustainability with the help of the monetary policy transmission mechanism and its inflation target regime. The significance of the research of the Bank of Russia operations to ensure financial sustainability is due to a number of circumstances: the uniqueness of the Bank of Russia that appeared only 27 years ago and experienced several devastating events related to the 1998 financial crisis, the global financial crisis of 2008–2009, and the stagnation of the Russian economy in 2014–2016, as well as high volatility of world prices for Russian commodity exports and the latest contra-Russian sanctions that significantly affected the volatility of the Russian ruble. Taking into account all the above, the issue of the Bank of Russia’s effective activities in the long run is aggravated by the fact that there are still more open questions than proven relationships of causes and effects regarding the potential of specific monetary policy instruments in the context of low-growth and high-volatility environment. The modeling of the Bank of Russia strategic and operational targets has been based on the parameters’ dependencies presented by the money (credit) multiplier in the interpretation of G. Schinasi (2006) and on the instability of stable economy hypothesis of H. Minsky (2008). As a result, there have been established the marginal levels of definite indicators of the banking system performance that could allow the Bank of Russia to ensure financial sustainability in the low-growth and high-volatility environment.

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Book part
Publication date: 23 May 2019

Abstract

Details

Modeling Economic Growth in Contemporary Russia
Type: Book
ISBN: 978-1-78973-265-8

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