Advances in Economics and Business Vol. 3(1), pp. 33 - 39
DOI: 10.13189/aeb.2015.030103
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Estimation of the Middle Ural Transaction Sector


Evgeny V. Popov 1,2,*, Anna Y. Veretennikova 1,2
1 Institute of Economics of the Ural Branch of the Russian Academy of Sciences Russian Federation
2 Institute of Public Administration and Entrepreneurship of the Ural Federal University Russian Federation

ABSTRACT

In this study the authors reviewed the definition and the structure of the transaction sector as well as methods used for measuring its size. In the paper the authors presented the analysis, comparison, and systematisation of existing approaches to the estimation of the transaction sector and offer a method for measuring the transaction sector in the region. This method was based on the North's and Wallis's approach however adjusted to the peculiarities of statistical data in the area. The transaction sector was considered to include: (1) transaction activities and (2) activities aimed at the optimization of transaction costs of economic agents. The size of the pure transaction sector (financial activities) was taken as provided by the Federal State Statistics Service. To quantify the share of transaction activities in the mixed section the authors used the technique suggested by North and Wallis for the estimation of the transaction sector within firms. The share of transaction activities in the mixed section was taken as equivalent to the share of wages paid for transaction activities in the total wages paid in each section. The findings of this study clearly showed the growth of the share of the transaction sector in the Middle Urals (Russia) in 2005-2009 from 26.8% to 29.8%. Analysing the reasons underlying these changes, the authors have attempted to determine the factors having affected the transaction sector dynamics.

KEYWORDS
Transaction Sector, Transformation Sector, Institutional Environment, Estimation, the Middle Urals

Cite this paper
Evgeny V. Popov , Anna Y. Veretennikova . "Estimation of the Middle Ural Transaction Sector." Advances in Economics and Business 3.1 (2015) 33 - 39. doi: 10.13189/aeb.2015.030103.