The Economic Crisis in Russia: Fragility and Robustness of Globalisation

It is now clear that the global economic crisis has hit the Russian economy. The resulting shock clearly shows not only the global economic imbalance but also the distinct characteristics of emerging Russian markets. The Russian economy already changed its structure under the high economic growth of the early to mid-2000s, and has since then become too sensitive to the global market and the oil price. However, the Russian markets involve the strong hand of the government, and the anti-crisis policy gives this hand constancy. The crisis process and the anti-crisis measures characterize the Russian market institutions. The current paper investigates the characteristics of the Russian markets under both the economic growth period and the crisis period, and offers perspective on the market transition.economic crisis, oil dollar, foreign capital, government, marketisation, transition, debts

Business Society and Corporate Social Responsibility: Comparative analysis in Russia and Japan

Comparative analysis of CSR allows characterizing both corporate society and market institutions. Even though transition economies have backwardness of corporate governance institutions and include premature CSR, Russian CSR, paradoxically speaking, can be regarded as hyper one, and specific stakeholders have played a decisive role in its establishment. The present paper empirically and descriptively analyzed evolution of the contemporary Russian CSR and described its characteristics. Observations made show that market-type changes are obvious in Russia, companies try to adapt to the market changes, but at the same time, the historical inertia is quite strong. Moreover, through a comparison of CSR in Russia and Japan it was proved that a certain type of hybrid CSR exists in both countries, due to the existence of path-dependence institutions and a new impact of globalization.Corporate social responsibility (CSR), comparison, corporate governance, public policy, stakeholder, Russia, capitalism

Institutional Transition and Local Self-Government in Russia

This paper includes the following parts: 1) "Vertical or Triangle? Local, regional and federal government in the Russian Federation after Law 131.", by Adrian Campbell, and 2) comments to the paper "Softness and hardness of the institutions in Russian ocal self-government" by Satoshi Mizobata, 3) "Local budget and local self-government in Russia" by Kazuho Yokogawa and 4) "The Struggle for Power in the Urals" by Adrian Campbell and Elena Denezhkina.

Russian Transformation and the State Failure

長砂賓教授古稀記念特集本研究は，平成14～17年度文部科学省科学研究費補助金 （基盤研究C,14530008) の研究成果の一部である

Emerging Multinationals in Russia

Recent developments in FDI show that more and more emerging economies are involved in exporting foreign capital. Transnational corporations (TNCs) are no longer a unique phenomenon of developed countries. The present paper analyzes the activity of Russian TNCs. While looking at both the inward and outward FDI structure, we try to understand preconditions for the emergence and development of Russian TNCs, their frmation process, evolution and motivation. Transnationalization process in Russia explicitly shows the domestic economic and business structure in Russia. Among the specific features of TNCs we identified the following ones: inclination towards natural resources, energy and metallurgy sectors; strong interrelation with the state; path-dependency in formation of TNCs and its impact on motivation for transnationalization (Soviet legacy); specific character of relations with CIS countries. Moreover, we indicated specific features related to the macro-economic structure of the Russian economy, namely the specific route for capital inflow and outflow and its strong relation with foreign liabilities structure, existence of offshore-type TNCs without clear property rights and industrial structure, usage of offshore schemes for tax evasion and as sources for transferring of the govemmental aid in conditions of crisis. The paper points out to the necessity of revision of TNCs (MNCs) theory in emerging economies and sheds light on existence of the so-called Russian type emerging TNCs