Conference Agenda

List of Participants

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IMF Seminars, Conferences and Workshops

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Russian Federation and the IMF

A three day conference/seminar on the "Investment Climate and Russia's Economic Strategy" was held in Moscow on April 5–7, 2000. The event was organized by the State University Higher School of Economics with the support of the World Bank and the IMF. Participants included representatives from government, the Duma, business, and academia, as well as from the international financial institutions (IFIs), including the EBRD and OECD, and foreign experts.

The event was divided into three sections. The first day featured a conference with wide participation of mainly technical experts. It was based on a large number of papers prepared by Russian experts and the IFIs covering a range of macroeconomic and structural issues, and divided into the following four working groups (running in parallel): (i) macroeconomic conditions for economic growth; (ii) institutional and structural limitations to economic growth; (iii) social policy and economic development; and (iv) state regulation of the economy--freedom and the rule of law. The second day featured a plenary session with addresses by Mr. Kudrin (First Deputy Minister of Finance), the chairmen of the four conference working groups (Messrs. Gavrilenkov, Shokhin, Yakobson, and Kuzminov) and Mr. Yasin (all HSE), Mr. Fischer (Acting Managing Director of the IMF), and Mr. Linn (Vice President for Europe and Central Asia at the World Bank). Several hundred people attended the plenary session, which was also open to the press. The third day featured a high level seminar with participation of business leaders and policy makers, in the format of a roundtable discussion of the main issues covered in the conference.

The agendas for the conference and seminar are shown below, along with the list of participants in the seminar. There is a link to Mr. Fischer's speech that was presented at the plenary session.

There was a high degree of consensus regarding the key macroeconomic and structural problems faced by the Russian economy as well as the priority areas of reform and direction of main policy steps. All agreed that there was no alternative to proceeding with the establishment of a market economy based on private initiative and entrepreneurship. The key challenge now was to improve the investment climate. This required preserving macroeconomic stability and broadening and accelerating structural reforms. The government needed to be streamlined through tax and expenditure reforms while providing greater clarity in relations between the different levels of government. In general, there should be increased deregulation of economic activities in tandem with a strengthening of the rule of law and weeding out of corruption. The process of bank and enterprise restructuring had to be speeded up through promoting competition and corporate governance and firming the procedures for exit of unviable businesses, including through bankruptcy. The restructuring process needed to be supported by a strengthening of the social safety net. These reforms should go a long way toward eliminating the problem of nonpayments in the economy. However, their success would depend intimately on the ability to foster broad based support and stand up to vested interests.

Agenda

Wednesday, April 5

10.00–12.00	Session I. Macroeconomic policy and economic development scenarios (Chairman: Ye. T. Gaidar)
	Medium-term macroeconomic outlook Speaker: T. Laursen
	Russia's economy: alternatives of development and prospects of growth Speaker: A. R. Belousov
	Russia's economic strategy (key theses) Speaker: Ye. Ye. Gavrilenkov
12.00–12.15	Coffee Break
12.15–14.00	Session II. Budget policy, government debt, financial markets (Chairman: I. S. Materov)
	Macroeconomic limitations for budget reforms in the short-term and long-term perspective Speaker: A. V. Dvorkovich
	Issues in public expenditure policy Speakers: A. Morozov, M. Sandberg
	Budget policy and economic growth Speaker: A. N. Illarionov
	Tax policy and administration for Russia Speaker: J. Davis
14.00–15.00	Lunch
15.00–17.00	Session III. Post-crisis economic growth: mechanisms, factors, limitations (Chairman: W. Schrettl)
	Factors and limitations of Russian economy growth in the post-crisis period Speakers: G. O. Kuranov, I. S. Materov
	Banking system restructuring in Russia Speakers: D. S. Hoelscher, W. Alexander, M. Fuchs
	The model of debt and sovereignty path: the Russian default of 1998 Speaker: A. D. Smirnov
17.00–17.15	Coffee Break
17.15–19.00	Session IV. Investment and industrial growth (Chairman: S. V. Aleksashenko)
	Investment programs Speaker: V. V. Kossov
	Capital flight from Russia Speaker: P. Loungani
	Structural factors of investment growth Speaker: B. E. Brodsky
19.00	Summing up
Section 2. Institutional and structural limitations to economic growth Convenors: A. N. Shokhin, V. V. Radayev, A. A. Yakovlev Academic Secretary T. V. Pustovalova
10.00–12.00	Session I. How to restructure the economy (Chairman: A. N. Shokhin)
	Overview of structural reforms in Russia after 1998 financial crisis Speaker: S. A. Vasiliev
	Structural and institutional constraints on economic growth Speaker: A. A. Yakovlev
	Competition and entry in Russian industry Speaker: H. Broadman
	Restructuring of RAO UES Speaker: V. Yu. Sinyugin
	Enterprise Restructuring Speakers: I. Goldberg, A. Watkins
	Foreign economic relations as an important factor of economic growth Speaker: A. V. Kuznetsov
	Proposals on the agro-industrial sector development concept Speaker: E. V. Serova
12.00–12.15	Coffee Break
12.15–14.00	Session II. How to protect property rights (Chairman: A. N. Shokhin)
	Corporate governance in Russia: is there any chance of improvement? Speaker: D. V. Vasilyev
	Corporate governance and the Russian enterprises' performance Speaker: P. V. Kuznetsov
	Forming corporate control models in the Russian industry (from surveys of enterprises) Speaker: T. G. Dolgopyatova
	Corporate governance problems in the telecommunications industry Speaker: D. B. Zimin
	The role of law in transaction strategies of Russian enterprises Speaker: K. Hendley
14.00–15.00	Lunch
15.00–17.00	Session III. How to get out of the shadow economy (Chairman: V. V. Radayev)
	Institutional traps: is there a way out? Speaker: V. M. Polterovich
	Financial situation of Russian enterprises Speaker: P. A. Karpov
	De-monetization of the Russian economy Speaker: J. Litwak
	Barter and arrears in Russia: Principles of a solution strategy Speaker: C. Mumssen
	From the economy of non-payments to a cash economy Speaker: A. N. Klepach
	Prospects for direct investment to Russian economy (example of Italian producers of durables) Speaker: C. Boffito
17.00–17.15	Coffee Break
17.15–19.00	Session IV. How to create incentives for development (Chairman: A. A. Yakovlev)
	Major vectors of institutional transformations in Russian economy Speaker: V. V. Radyev
	How rational a small businessman's behavior is Speaker: A. Yu.Chepurenko
	Promoting competition and entrepreneurship Speaker: S. Fries
	Russian enterprises: some aspects of assessing investment attractiveness Speaker: I. V. Lipsits
	Institutional limitations of Russian enterprises' investment behavior Speaker: Yu. Danilov
	Overriding institutional limitations while realizing investment potential of high-technology firms Speaker: I. B. Gurkov
19.00	Summing up
Section 3. Social policy and economic development (Room 102) Convenors: L. I. Yakobson, Ye. Sh. Gontmakher Academic Secretary—S. N. Smirnov
10.00–12.00	Session I. The role of social policy in forming an investment climate (Chairman: L. I. Yakobson)
	Principles and main elements of social strategy Speakers: E.Sh. Gontmakher & V. V. Trubin
	Functions of the social policy in economic growth mechanisms in the present-day Russia Speaker: K. I. Mikulsky
	Social orientation of economic mechanisms Speaker: L. S. Rzhanitsyna
	Strengthening of the role of the state in ensuring social progress Speaker: I. A. Ilyin
	Social reforms in transition economies: first steps and their lessons Speaker: L. S. Degtyar
	Social orientation of economic mechanisms Speaker: L. A. Gordon
	Social dynamics, social capital and economic development Speaker: I. Ye. Diskin
	Social factors of economic growth Speaker: V. V. Kulikov
	Social factors favorable for capital willing to work in Russia Speaker: B. V. Rakitsky
	The Russian society's moral climate as economic development environment Speaker: O. L. Shakhnazarov
	Social policy in a federative state Speaker: S. N. Smirnov
12.00–12.15	Coffee Break
12.15–14.00	Session II. Labor relations and their impact on investment climate (Chairman: Ye. Sh. Gontmakher)
	Re-production of workforce and social policy Speaker: D. F. Shavishvili
	Integration of employment in the system of macroeconomic factors of economic growth Speaker: L. S. Chizhova
	On controversies between the policy of employment and the macro economic stabilization policy Speaker: A. V. Kashepov
	Assessment of investment costs for creating direct and related jobs Speaker: A. S. Semenov
	Job separation as an efficient government policy measure in the lab market Speaker: M. G. Kolosnitsyna
	Social partnership and the development of the economy Speaker: V. K. Kashin
	Tasks of optimizing the government personnel policy Speaker: L. S. Ruban
	Russian labor values in the context of international comparisons Speaker: V. S. Magun
14.00–15.00	Lunch
15.00–17.00	Session III. Social restructuring (Chairman: L. I. Yakobson)
	Reports by representatives of P&G ("Start" Labor Fund and restructuring of AK "Novomoskovskbytkhim" [1997-1999]), Norilsk Nickel (On social implications of the coal sector restructuring).
17.00–17.15	Coffee Break
17.15–18.00	Session IV. Revenue policy and investment climate (Chairman: L. I. Yakobson)
	Russia: Note on social protection Speaker: H. Sederlof
	Living standards: conceptual and parametric approaches Speaker: V. M. Zherebin
	Regional specifics of differentiation of population by current cash revenues Speaker: V. N. Bobkov
	Problems of overcoming poverty in the country Speaker: V. G. Zinin
	From the new poor to the middle class: a strategy of transition Speaker: L. N. Ovcharova
	Problems of optimizing the price policy and household incomes Speaker: S. V. Pronin
	Capitalization of insurance contributions (premiums) in mandatory and voluntary social insurance systems in Russia: possibilities and prospects Speaker: G. P. Degtyarev
18.00–19.00	Session V. Problems of development of the social and cultural areas (Chairman: L. I. Yakobson)
	Housing policy as an economic development factor Speaker: N. B. Kosareva
	Single-industry cities: socio-economic problems and solutions Speaker: V. Ya. Lyubovny
	Strategy of reforming health services Speaker: S. V. Shishkin
	Investment situation in Russia's tourist industry Speaker: P. M. Shulgin
	Education as an instrument of the social and economic development Speaker: T. L. Klyachko
19.00	Summing up
Section 4. State regulation of the economy: freedom and the rule of law Convenors: Ya. I. Kuzminov, M. P. Afanasiev, Yu. A. Tikhomirov Academic Secretary—N. V. Rostovtseva
10.00–12.00	Session I. Functions of the state in the economic sphere (Chairman: Yu. A. Tikhomirov)
	Modernization of the state Speaker: Ya. I. Kuzminov
	On the system of legal support of the economy Speaker:Yu.A. Tikhomirov
	The sphere of state regulation and control Speaker: E. N. Renov
	Development of legislation in the management of economy field Speaker: I. L. Bachilo
	Legal means and boundaries of the state regulation of the economy Speaker: O. M. Oleynik
	Defects of the market: normative regulation Speaker: Ye. A. Kulkov
	State influence on economic relations in Russia Speaker: V. D. Mazayev
12.00–12.15	Coffee Break
12.15–14.00	Session II. On corruption Speaker: Ya. I. Kuzminov
	Anti-corruption priorities in Russia Speaker: S. V. Stepashin
	Corruption in Russia Speaker: J. Roaf
	Anti-corruption policy in Russia Speaker: G. A. Satarov
	Does corruption eliminate failures of the state? Speaker: M. I. Levin
	Principles of building government service Speaker: A. G. Barabashev
	Corruption in Russia and problems of criminal law resistance to it Speaker: K. F. Shergina
	Russia: Public administration reform: Issues and Options Speaker: Neil Parison
14.00–15.00	Lunch
15.00–17.00	Session III. Court reform (Chairman: Ye. A. Kulkov)
	Judiciary protection of businessmen Speaker: O. V. Boikov
	Contractual disputes: ways of their settlement Speaker: A. A. Auzan
	Prospects of the administrative law development Speaker: A. V. Fedosenko
17.00–17.15	Coffee Break
17.15–19.00	Session IV. Federalism and the role of local governance (Chairman: Ya. I. Kuzminov)
	Economic and social reforms: controversies at the regional level Speakers: V. N. Leskin, A. N. Shetsov
	Fiscal decentralization in Russia: Economic performance and reform issues Speaker: E. Dabla-Norris
	Intergovernmental fiscal controversies Speaker: Ye. S. Sapiro
	Budget federalism Speaker: D. Sutherland
	Fiscal federalism in the Russian Federation: Problems and reform options Speaker: A. M. Lavrov
	Decentralization of power and economic growth in Russia: What should a "strong center" be like? Speaker: L. I. Polischuk
	Federalism dejure, regionalism de facto Speaker: A. V. Butakov
19.00	Summing up
Thursday, April 6
PROGRAM OF PLENARY SESSION
13.00–14.00	Registration of participants
14.00–14.15	Welcoming remarks of Ya. Kuzminov
14.15–14.30	Representative of the Russian Federation Government A, Kudrin (State University—Higher School of Economics)
14.30–14.45	Convenor of the section I Ye. Gavrilenkov (State University—Higher School of Economics)
14.45–15.00	Convenor of the section II A. Shokhin (State University—Higher School of Economics)
15.00–15.15	Convenor of the section III L. Yakobson (State University—Higher School of Economics)
15.15–15.30	Convenor of the section IV Ya. Kuzminov (State University—Higher School of Economics)
15.30–16.00	J. Linn (the World Bank)
16.00–16.15	Coffee break
16.15–16.45	I. Visco (Organization for Economic Cooperation and Development)
16.45–17.15	S. Fischer (International Monetary Fund)
17.15–17.45	Ye. Yasin (State University—Higher School of Economics)
18.00	End of plenary session
April 7, Seminar Program
10.00–11.45	Session I STRUCTURAL REFORM AND INSTITUTIONS
	1. Should the thrust of reforms be continued, should the implementation of the designed measures be intensified, or should the course of reforms be reversed? How? The role of IFIs.
	2. Is it true that the main factor contributing to growth and higher efficiency is enterprises restructuring? How soon can direct and indirect subsidies be discontinued and fair and equitable competition be installed? How should economic deregulation be achieved? What is the role of regional authorities in streamlining competition?
	3. Barter and non-payments: underlying causes and impact on economic development. Is the inefficiency of the non-market sector the main factor supporting the barter-arrears economy? What measures should be taken to monetize the economy, inter alia, to address payments through off-shore zones and curb capital flight?
11.45–12.00	Coffee break
12.00–13.45	Session II Structural reforms and institutions (continued)
	1. Banking system and financial markets. What should be the role of state and foreign banks in the Russian banking system? What is the future of Sberbank? What type of financial system is preferable for Russia? Does Russia need a national insurance system or would foreign insurance companies be sufficient once the insurance market is fully liberalized?
	2. What is the role of the government in economic modernization? What measures could facilitate anti-corruption efforts? What services could the government delegate to the private sector and on what terms? How important is the judicial reform and how to ensure the independence and accessibility of courts? Is there a need for vigorous industrial reform? Is there a need for a public service reform?
	3. How to reform natural monopolies in the short-term?
13.45–15.00	Lunch
15.00–16.45	Session III MACROECONOMICS
	1. General macroeconomic issues and prospects, the link between macroeconomic issues and structural reforms. Should a decline in growth be expected as a result of the drop in energy prices and the diminishing effects of devaluation?
	2. How important is the elimination of the inefficient non-market sector in the real economy? How quickly should it be eliminated, or would a spontaneous restructuring be more preferable?
	3. Public debt and capital flight. Could capital flight be curbed over a short period to repay debts, or should there be a comprehensive debt restructuring scheme implying a partial debt write-off to allow Russia to revive its economy and pay out its debts?
	4. Fiscal issues and tax reform. Tax burden and public expenditures. The concept of tax reform.
16.45–17.00	Coffee break
17.00–18.45	Session IV SOCIAL POLICIES AND SOCIAL REFORM
	1. Labor reform. Is there a need to set statutory wages and working hours? How to cut employment and dismissal costs?
	2. Pension reform. Would it be expedient to immediately introduce a funded payment system? How to provide incentives for employers to create a voluntary pension insurance system?
	3. Social support of economic modernization and structural reforms. How to ensure cooperation between business and the government in the social support of restructuring? How to ensure targeted social safety and increase the share of the poor in social transfers?
	4. Housing and utilities reform. How to accelerate the pace of reforms?
	5. What is the role of international financial institutions in the social support of modernization?