Russia after the Global Financial Crisis

Two prominent American specialists on the Russian economy present a fundamental analysis of basic economic factors explaining how the global financial crisis has played out in Russia and its implications for the country's future. More specifically, the authors examine the consequences of Russia's dependence on and addiction to resource (oil and gas) rents and of the management system put in place under Vladimir Putin to maintain, secure, and distribute these rents. They then investigate how each of these factors has emerged from the crisis and how it might evolve in the years ahead. Focusing on the distinction between rent dependence and addiction, the authors question the conventional wisdom that diversification of Russia's economy (away from oil and gas) is a desirable objective that will render it less vulnerable to external shocks. Journal of Economic Literature, Classification Numbers: E020, F020, G010, O130. 15 figures, 44 references.     

The Global Economic Crisis and Unemployment in China

Two noted academic specialists on labor economics and population statistics of China examine the impacts of the global economic crisis of 2008-2009 on the job security of urban workers, and the ensuing repercussions for the Chinese society and economy. More specifically, they probe and determine the magnitude of urban unemployment in China in 2008 and 2009 as it appears to be reported in different segments of the country's immense labor market. A particular focus of the paper is on differences in unemployment among two groups of workers (those with urban hukou vis-à-vis rural migrant workers) with significantly different sets of rights and privileges, as well as levels of job security. The authors also provide an estimate of the urban unemployment rate in 2009 that differs from the official rate. They argue that measures toward further integration of rural and urban labor markets and reducing natural unemployment are ultimately more beneficial than short-term interventions to adjust cyclical joblessness stemming from the global economic crisis and recession.     

The Global Economic Crisis and China's Foreign Trade

Two noted academic specialists on China's economic geography are joined by a research assistant to examine the impact of the current global economic crisis and recession on China's trade with the rest of the world. Relying on statistics collected by the country's customs administration through the first half of 2009, the authors identify and analyze trends in China's imports and exports (detailing countries of origin and destination) as well as balance of trade. They also develop and present an input-output model in order to gain a more precise understanding of the country's trade dependence (both before and during the crisis) than afforded by analyses based on conventional statistics, and explore some of the implications of the decline in trade on levels of domestic unemployment.     

Crisis Amid Plenty Revisited: Comments on the Problematic Potential of Russian Oil

Two economic geographers specializing in the mineral resources of the former Soviet Union and Russia discuss a paper on Russian oil published in this journal by a seasoned oberserver of this critical subject since the early 1970s. The authors comment on the behavior of Russian oil companies such as Yukos, Russian economic policy in mid-2004, and the role of foreign companies, capital, and advanced technology. Recalling mistaken estimates of declining Soviet oil output in the late 1970s, they outline factors that suggest a somewhat more optimistic outcome could be possible, but note that the drift toward government control, which runs counter to the oil industry's efficiency, is not a positive sign. Journal of Economic Literature, Classification Numbers: L71, O13, O18, 27 references.     

Russian Fiscal Federalism under Stress: Federal Support of Regions during the Global Financial Crisis

A former high-ranking Russian Ministry of Finance official examines the consequences of financial support extended to regions by the Russian Federation government during the global financial crisis in 2008-2010, for the purpose of exploring its potential impact on the regions' financial health in 2011-2012. The paper is structured around an analysis of the three major dimensions of that support: (1) legal and administrative actions undertaken at the federal level to reduce financial pressure on the regions; (2) increased issuance of intergovernmental fiscal grants in 2009; and (3) loans granted to the regions from the federal budget. The author argues that the financial crisis has provided a "stress test" that is useful in assessing the efficiency and flexibility of the Russian system of fiscal federalism.     

国际金融危机影响及中国旅游饭店的经营策略

如何在正确认识国际金融危机对世界经济、世界旅游市场、我国经济、我国旅游市场和我国旅游饭店影响基础上,借鉴国际旅馆的经营策略,说明我国饭店的经营策略,这是当前我国旅游业发展的一个重要课题。本文据此命题,运用统计数据与典型样本分析,讨论阐明下列问题：（1）世界经济发展的主要趋势;（2）世界旅游市场发展的主要趋势;（3）国外旅馆的经营策略;（4）中国经济发展的主要趋势;（5）中国旅游市场发展的主要趋势;（6）中国旅游饭店的经营策略。     

金融危机对青海地方税收的影响及对策

由美国次贷危机引发的全球金融危机,给我国经济发展带来了一定影响,进而对地方税收也产生了较大影响。本文结合青海实际,首先分析了金融危机背景下青海地方税收呈现的主要特点;进而从不同角度深入分析了影响青海地方税收增减的主要因素;最后提出了金融危机背景下促进青海地方税收增长的路径选择等。     

The Global Economic Crisis and Foreign Investment in Russia from the EU: Empirical Evidence from Firm-Level Data

This paper empirically examines the impact of the recent global economic crisis on foreign investment from EU countries in Russia by estimating a location choice model for foreign firms' entry in Russian regions for the period 1997-2011. It also examines the relative importance of various determinants of location choice on the redistribution of foreign-owned firms among Russian regions before and after the crisis. Strong evidence during the post-crisis period (2008-2011) of a decrease in market-seeking foreign investment in manufacturing and resource-seeking foreign investment in trade is examined not only in light of the crisis but also (in the latter case) within the context of the new Russian law for foreign investment in strategic industries, which went into effect in 2008.     

Infective Economies: Empire,Panic and the Business of Disease

The Third Plague Pandemic in Asia during the 1890s, and the institutional stresses it produced, exposed inherent vulnerabilities within the global networks that sustained the British Empire. While commercial and informational routes meshed disparate imperial dominions, they also functioned as pathways for disease and conduits of panic, undermining imperial commerce and threatening social order. Focusing in particular on the 1894 outbreak of bubonic plague in Hong Kong, the paper suggests that an analysis of a ‘local’ epidemic episode and its wider reverberations provides a new perspective on the often heated debates during the turn of the nineteenth and twentieth centuries about the meaning and scope of empire in relation to new communication networks. The paper shows how expanding global networks were construed alternatively as sustaining and jeopardising imperial power. The bubonic plague in Hong Kong—a hub of ‘free trade’ in East Asia—and the panicked reactions elicited by the disease's diffusion westwards revealed the economic priorities that informed colonial public health concerns as well as the challenges posed to laissez-faire economic policy and ‘free trade’ by the expanding influence of capital in the ‘New Imperialism’. In so doing, the paper suggests that contemporary preoccupations with ‘globalisation’, ‘biosecurity’ and ‘emerging diseases’ have antecedents that lie beyond the Second World War and the interwar period in a late-nineteenth-century imperial biopolitics.     

Myths, Motivations and 'Misunderestimations': the Bush Administration and Iraq

This article explores the myths and motivations behind US foreign policy towards Iraq in America's 'war on terrorism'. It argues that the foreign policy of the Bush administration is widely misunderstood and that much of the debate about Iraq policy that has taken place has been conducted at an unhelpful level of analysis. It addresses arguments that the Bush administration is motivated by oil, revenge or hubris as well as the more mainstream arguments that an attack on Iraq would provoke instability through the entire Middle East, as well as encouraging further acts of and support for murderous terrorism; that there is no urgency to act against Iraq as containment and deterrence remain adequate means to manage this threat; and that Iraq should be a lower priority than dealing with North Korea. It does this by analysing the development of American foreign policy thinking on the war on terrorism, what motivates it, and why it rejects the arguments of its critics. The article explains the intellectual process by which the US decided upon this course of action and how Europe's failure to understand this process added to its incomprehension of American policy. It does not argue that European's opposition would have been swept aside had they better understood the Bush administration, the central disagreement about the necessity and prudence of military action versus containment remains, but that such an understanding would have allowed for a better and more focused level of debate than the one which has got us to this point. Nor does it argue that the Bush administration approach is necessarily persuasive or justified, merely that its case is reasoned and explicable in terms of America's foreign policy traditions.