The Reachability of Techno-Labor Homeostasis Via Regulation of Investments in Labor and R&D: Mathematical Proofs

The goal of this paper is to provide accurate probes for Propositions 4.1 and 4.2 of Kryazhimskii et al. 2002, where these propositions play a central role in the analysis of a mathematical model of techno-labor development

The influence of global value chains participation on trade deficit in countries with small open economy

As countries become more and more involved in global value chains the share of domestic value added in gross exportlowers and foreign value added rises. In this paper the author analyses a number of conditions which should be met in order to attain surplus in balance of trade

The influence of global value chains participation on trade deficit in countries with small open economy

As countries become more and more involved in global value chains the share of domestic value added in gross exportlowers and foreign value added rises. In this paper the author analyses a number of conditions which should be met in order to attain surplus in balance of trade

New approaches to international reserves: The lack of credibility in reserve currencies

The ongoing international reserve paradigm based on trust will experience a major transformation despite being convenient, flexible and low-cost. The underlying issue is a loss of trust. Due to the massive financial sanctions imposed on Russia and other states, traditional reserve currencies have lost their footing, compromising confidence in international reserves. Consequently, countries will need a comprehensive revision of their reserve asset management options. This paper overviews these options, which range from trade-offs to non-orthodox solutions. In total, we list twelve options, which can be categorized into three groups according to their novelty and “degree of orthodoxy­.” The first group implies countries can expand the use of available instruments, i.e., investments in gold, renminbi, and currencies of friendly countries, and enlarge the network of swap lines and the toolbox of sovereign wealth funds. In the second group, options call for the introduction of new mechanisms for international reserves functions, such as accumulating physical resources and private cryptocurrencies­, issuing stablecoins by central banks, and building up assets of regional financing arrangements. The third group includes options to shift the energy standard (currency) paradigm and establish a synthetic international currency or form a macroeconomic paradigm with no international reserves. Furthermore, applying our analysis, we move beyond Russia and look at the issue from the perspective of the Shanghai Cooperation Organization members and observers, as it is a leading platform where countries openly discuss this matter

New approaches to international reserves: The lack of credibility in reserve currencies

The ongoing international reserve paradigm based on trust will experience a major transformation despite being convenient, flexible and low-cost. The underlying issue is a loss of trust. Due to the massive financial sanctions imposed on Russia and other states, traditional reserve currencies have lost their footing, compromising confidence in international reserves. Consequently, countries will need a comprehensive revision of their reserve asset management options. This paper overviews these options, which range from trade-offs to non-orthodox solutions. In total, we list twelve options, which can be categorized into three groups according to their novelty and “degree of orthodoxy­.” The first group implies countries can expand the use of available instruments, i.e., investments in gold, renminbi, and currencies of friendly countries, and enlarge the network of swap lines and the toolbox of sovereign wealth funds. In the second group, options call for the introduction of new mechanisms for international reserves functions, such as accumulating physical resources and private cryptocurrencies­, issuing stablecoins by central banks, and building up assets of regional financing arrangements. The third group includes options to shift the energy standard (currency) paradigm and establish a synthetic international currency or form a macroeconomic paradigm with no international reserves. Furthermore, applying our analysis, we move beyond Russia and look at the issue from the perspective of the Shanghai Cooperation Organization members and observers, as it is a leading platform where countries openly discuss this matter

Конкурентоспособность Республики Беларусь в торговле современными наукоемкими услугами / А. М. Гарбуз, М. В. Гричик, Д. А. Сайковская

This study analyses competitiveness Republic of Belarus’s trade in modern knowledge-intensive services which compose more than 1/5 of its services exports. The authors compare dynamics and structure of Belarus’ export performance with its neighbor-countries and world leaders based on balance of payments statistics. The paper also examines reasons behind the development of modern knowledge-intensive trade – human capital, infrastructure and institutions – comparing counties’ rankings in the Global Innovation Index. Moreover, the authors characterize exports development and its prospects of each type of modern knowledge-intensive services. Authors conclude that despite a number of positive trends observed in trade in modern knowledge-intensive service, its results so far are insufficient proceeding from Belarus potential. Because of their low rate of foreign value added, self-sufficiency and relatively high geographical diversification modern knowledge-intensive services can play much bigger role in ensuring trade balance surplus and balance of payments’ sustainability. Therefore, it is necessary to continue work on implementing support measures for export of other business, financial and insurance services, and further develop incentive measures for IT-services. = Анализируется конкурентоспособность Республики Беларусь в торговле современными наукоемкими видами услуг, составляющими более 1/5 белорусского экспорта услуг. На основе статистики платежного баланса сравниваются динамика и структура экспорта данных услуг из Беларуси с показателями стран-соседей и мировых лидеров. На основе сравнения показателей стран в индексе глобальной конкурентоспособности анализируются факторы развития торговли современными наукоемкими видами услуг. Рассматриваются перспективы отдельных видов современных наукоемких видов услуг. Делается вывод о том, что, несмотря на позитивные тенденции в торговле, достигнутые результаты нельзя считать достаточными, исходя из потенциала, которым обладает Республика Беларусь. Ввиду низкой импортоемкости, самодостаточности и сравнительно высокой географической концентрации современные наукоемкие услуги могут играть более значимую роль в обеспечении внешнеторгового профицита и устойчивости платежного баланса. Отмечается необходимость продолжения работы по реализации мер, направленных на поддержку экспорта прочих деловых, финансовых и страховых услуг, а также стимулирующих мер по развитию экспорта IT-услуг