Choice of the substitution currency in Russia: How to explain the dollar's dominance?

The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency’s role in Russia's financial activities. The dollar is much preferred by economic agents for financial operations. This paper proposes a disaggregated approach to this issue by separating the ‘means of exchange’ and ‘store of value’ components of the use of substitution currencies. The influence of three main factors (inertial component, real trade relations and exchange rate fluctuations) on the relative demand for the euro by Russian economic agents is tested for the period 1999-2004. Finally we suggest a theoretical interpretation of the results based on the conventions theory approach.dollarisation; euroisation; transition; Russia; currency substitution; asset substitution; network externalities; hysteresis; conventions

Liquidity provision in transition economy: the lessons from Russia

This paper provides micro and macroeconomic analysis of the economic role of banks in the Russian economy. Using a large panel containing Russian enterprises’ balance sheet and income statement data, we evaluate the determinants of bank financing. Econometric model put out the existence of liquidity providing activity of Russian banks. Even though the overall liquidity provision system suffers from certain deficiencies, we demonstrate its importance in the macroeconomic context, using time series econometric analysis. Bank credit appears to be a significant factor in explaining the non-payment dynamics and use of informal financing. Finally, the uncertainty concept helps us to understand the reasons for a limitation of Russian banks in their liquidity providing role.liquidity; finance; transition; Russia; uncertainty; banks; inter-enterprise credit

La transition russe : une interprétation en termes d’incertitude keynésienne

Cet article propose une interprétation théorique de la transition en Russie en termes d’incertitude keynésienne. Cette trame théorique souligne la nécessité de politiques d’ancrage claires des attentes des acteurs. Celles-ci sont spécialement importantes pour la construction de systèmes financiers capables de susciter un développement durable. Les difficultés actuelles de satisfaire ces attentes qui tiennent à la profonde transformation du système économique en Russie et à l’absence de politiques institutionnelles claires ont entraîné une récession en incitant les acteurs à adopter une attitude de non coopération.Anna Kharchenko–Dorbec. The transition in Russia: an interpretation in terms of keynesian uncertainty This paper suggests a theoretical interpretation of problems during the transition in Russia in terms of Keynesian uncertainty. This theoretical framework suggests the necessity for clear policies of anchoring expectations especially important for the construction of financial systems capable of promoting a sustainable growth. The existing difficulties in making expectations relate to a deep transformation of the economic system in Russia and in the absence of clear institutional policies, have enforced the economic recession by inciting agents to adopt a non-cooperative behaviour

La transition russe : une interprétation en termes d’incertitude keynésienne

Cet article propose une interprétation théorique de la transition en Russie en termes d’incertitude keynésienne. Cette trame théorique souligne la nécessité de politiques d’ancrage claires des attentes des acteurs. Celles-ci sont spécialement importantes pour la construction de systèmes financiers capables de susciter un développement durable. Les difficultés actuelles de satisfaire ces attentes qui tiennent à la profonde transformation du système économique en Russie et à l’absence de politiques institutionnelles claires ont entraîné une récession en incitant les acteurs à adopter une attitude de non coopération.Anna Kharchenko–Dorbec. The transition in Russia: an interpretation in terms of keynesian uncertainty This paper suggests a theoretical interpretation of problems during the transition in Russia in terms of Keynesian uncertainty. This theoretical framework suggests the necessity for clear policies of anchoring expectations especially important for the construction of financial systems capable of promoting a sustainable growth. The existing difficulties in making expectations relate to a deep transformation of the economic system in Russia and in the absence of clear institutional policies, have enforced the economic recession by inciting agents to adopt a non-cooperative behaviour

Volume intensified dilution of a ring-closing metathesis in ethyl acetate by means of a membrane-assisted process in solvent recycle

BACKGROUND Ring-closing metathesis (RCM) for the synthesis of macrocycles has been used more and more often over recent years, including some interesting applications on industrial scale. However, like all macrocyclization strategies RCM is plagued by the traditional issue of low volume efficiency. To-date this is typically addressed in a molecule specific manner with varying degrees of success. Here we report a process intensification method of metathesis macrocyclization that reduces the solvent load required for the reaction significantly. RESULTS Metathesis macrocylizations were successfully carried out in a solvent volume of upto 82% lower than an equivalent batch reaction, with only minimal impact upon the reaction outcome. A switch of reaction solvent to ethyl acetate renders the process more benign and applicable to large scale. CONCLUSION A membrane-assisted processing method that relies upon organic solvent nanofiltration permitting an internal solvent recycling and concumittent in situ product removal. The method is also designed to be applicable to a wide range of metathesis cyclizations. (c) 2019 Society of Chemical Industr

Choice of a substitution currency in Russia: How can we explain the dollar's dominance?

The analysis of Russia's external economic relations reveals a paradox: while Europe is its main trade and direct investment partner, its currency's role in the Russian financial sphere is lower then that of the US $. This paper analyses this phenomenon by separating the currencies' use for transactional purposes from their role as a 'store of value'. The influence of three main factors (habits, trade relations and exchange rate fluctuations) on the relative demand of the euro in Russia is tested for the period 1999-2004. Finally, we suggest a theoretical interpretation of the results using the conventions theory approach.dollarisation; euroisation; transition; Russia; currency substitution; asset substitution; network externalities; hysteresis; conventions theory; euro; dollar; habits; trade relations; exchange rate fluctuations; emerging economies.

L’ouverture de l’Europe vers l’est

Le mot Europe recouvre une réalité qui a de nombreuses dimensions. L’Europe, c’est une terre ; ce sont des hommes ; c’est une civilisation, ou, plus exactement, c’est une civilisation composée de plusieurs peuples. Cet ouvrage contient les actes d’un colloque organisé par trois laboratoires de science juridique, de science administrative et de science économique, de l’université de Tours. La variété des communications témoigne des difficultés politiques, économiques, sociales, humaines et culturelles - mais aussi de la richesse de potentialités - de la construction européenne, au moment où celle-ci a choisi de s’élargir. Ce qui est sûr, c’est que celle-ci ne peut se faire que grâce aux Européens et pour eux