Browsing by Subject "O25"

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  • Yakovlev, Andrei; Freinkman, Lev; Makarov, Sergey; Pogodaev, Victor (2017)
    BOFIT Policy Brief 10/2017
    Tight budget constraints confronting the Russian authorities since the 2008 crisis urge the federal government to adjust the traditional system of its relations with the regions. The paper presents the case of the Republic of Tatarstan (RT) to analyze potential regions’ response to the emerging, considerably harsher “rules of the game.” Our main conclusion is that Tatarstan and other stronger Russian regions can take advantage of the current crisis for transitioning to a new economic development model resembling developmental states in Southeast Asia. This conclusion draws on analysis of the strategies recently implemented by the RT elites in response to external shocks the republic had to cope with in the post-Soviet period. Special focus is on identifying key factors that helped the republic successfully tackle the previous shocks, such as effective mechanisms of aligning the interests of the main regional elite groups and forming a consensus regarding the republican developmental priorities and the instruments for their attainment. The actual prospects for the formation of a developmental state model in Tatarstan will depend upon the success of the current regional elite in finding a consolidated response to new challenges facing the republic in recent years, as well as the constructiveness of the federal policy towards the regions. One of specific obstacles for Tatarstan to follow on Asian experience of catching up relates to a need to accelerate opening up of the regional economy for new, domestic and foreign, players.
  • Nurmi, Satu; Vanhala, Juuso; Virén, Matti (2020)
    Bank of Finland Research Discussion Papers 8/2020
    We analyze the demographics of zombie firms and durations of zombie spells as well as their determinants, including an application on public subsidies using firm level population panel data from Finland. Firm-level analysis of firm demographics reveals that zombie-firms, as commonly defined in the literature, are often not truly distressed firms but rather companies with temporarily low revenues relative to interest payments. More importantly, we find that roughly a third of these firms are in fact growing companies and two thirds recover from the zombie status to become healthy firms. We also show that the increase of zombie firms over the past 15 years has mainly been driven by cyclical factors, as opposed to a secular trend. In our policy application on government subsidies to firms, estimation results strongly suggest that subsidy-receiving firms are less likely to die, regardless of the type of subsidy. However, with regard to recovery there is heterogeneity in the effects depending on the type of firm and the type of subsidy received. Thus, we do not find a robust positive association of subsidies with zombie recovery.
  • Lyubimov, Ivan; Gvozdeva, Margarita; Lysyuk, Maria (2018)
    BOFIT Discussion Papers 8/2018
    Following Hausmann et al. (2011), we apply a network approach to measure the level of economic complexity and diversification opportunities of Russian regions. Using Russian and international export data, we find that the complexity of Russian regional economies varies substantially: rela-tively high in western and central regions, lower in southern and northern Russia and lowest in eastern regions. While Russian regions, on average, have poor diversification opportunities, regions can still diversify their exports by participating in international value-added chains or cooperating in developing group strategies. Our results are highly consistent with two well-established rankings of Russian regional R&D development based on numerous regional indicators, and imply that our network-based measure of complexity captures important features such as the level of regional R&D.