Year of Graduation
Impact of Direct Investments in Russian Industrial Markets
Double degree programme in Economics of the NRU HSE and the University of London
This paper assesses the impact of the fixed capital investments on the technical efficiency of the Russian industrial markets. There are tested two separate hypotheses whether which parameter may indicate technological progress: material costs per output value and labor expenses per output value. General results suggest, that both parameters are affected by the fixed capital investments in the long run, while in the short run the evidence is mixed due to specifics of each industry and its labor market. But it is important to note, that there is strong evidence on a long-run impact of fixed capital investments on the level of expenses (both material costs and labor expenses) per output value.