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Depositor Discipline in Russian Regions: Flight to Familiarity or Trust in Local Authorities?
Bank of Finland Institute for Economies in Transition
,
2017.
No. 1/2017.
We analyze whether a depositor’s familiarity with a bank affects depositor behavior during a financial crisis. Familiarity is measured by the presence of regional or local cues in the bank’s name, while depositor behavior is considered in terms of depositor sensitivity to observable bank risk (market discipline exerted by depositors). Using the 2001–2010 bank-level and region-level data for Russia, we show the evidence that depositors use quantity-based discipline on all banks in the sample. The evidence of a price-based discipline mechanism, however, is virtually absent. We find that depositors of familiar banks were less sensitive to bank risk after a financial crisis than depositors at unfamiliar banks. To assure the results are driven by familiarity bias and not implicit support of regional governments to banks with regional cues in their names, we interact the variables with measures of trust in local governments and regional affinity. We find a “flight to familiarity” effect strongly present in regions with strong regional affinity, while the effect is rejected in regions with greater trust in regional and local governments. This suggests that the results are driven by familiarity rather than implicit protection from trusted regional or local governments.
Semenova M., Shapkin A., / Высшая школа экономики. Series FE "Financial Economics". 2016. No. 57/FE/2016.
Market discipline in the personal deposit market is of great importance for regulators. In developing economies, which rely much and are dependent on the dollar and euro, changes in the currency structure of the deposits may be strategic and work as an additional disciplining mechanism. Our study sheds light on this mechanism of currency shifts ...
Added: October 22, 2016
Semenova M., Shapkin A., Emerging Markets Finance and Trade 2019 Vol. 55 No. 10 P. 2149-2163
In developing economies, which rely considerably on the dollar and euro, changes in the currency structure of bank deposits may be strategic and may work as an additional market discipline mechanism. This study sheds light on this currency shifts mechanism in the Russian market for personal deposits. Using data on 900 banks for 2005–2015, we ...
Added: March 28, 2019
Semenova M., Andrievskaya I. K., / Высшая школа экономики. Series FE "Financial Economics". 2012. No. 07.
Market discipline is usually studied in the retail or the corporate deposit markets, while the interbank loan market is disregarded. Banks' abilities to exert market discipline are taken for granted, as they are expected to have the expertise to assess correctly the riskiness of other banks. However, the “crises of trust” (as one in 2004 ...
Added: December 4, 2012
Schoors K., Semenova M., Zubanov A., / National Research University Higher School of Economics. Series WP BRP "Financial Economics". 2016. No. 58/FE/2016.
We analyse whether depositor familiarity with a bank affects depositor behaviour during a financial crisis. We measure familiarity by looking for regional or local cues in the bank’s name. We measure depositor behaviour by the their sensitivity to observable bank risk (market discipline). Using 2001–2010 bank-level and region-level data for Russia, we find that depositors ...
Added: October 20, 2016
Schoors K., Semenova M., Zubanov A., Journal of Financial Stability 2019 Vol. 43 P. 25-39
We analyze whether bank familiarity affects depositor behavior during financial crisis. Familiarity is measured by regional or local cues in the bank’s name. Depositor behavior is measured by the depositor’s sensitivity to observable bank risk (depositor discipline). Using 2001–2010 bank-level and region-level data for Russia, we find that depositors of familiar banks become less sensitive to bank risk ...
Added: May 31, 2019
Semenova M., Козлова А. А., Экономический журнал Высшей школы экономики 2017 Т. 21 № 1 С. 66-88
We study the market discipline by retail depositors of the foreign bank subsidiaries in Russia. We analyze the effect of the direct signal about the bank’s foreign origin – the bank’s title - to deposit growth (quantitative discipline) and interest rates (price discipline) sensitivity to the bank riskiness. We assume that the banks having direct ...
Added: April 7, 2017
Semenova M., Bondarenko M., / National Research University Higher School of Economics. Series WP BRP FE "Financial Economics". 2018. No. 65FE2018.
In recent years the Russian banking system has witnessed numerous bank license withdrawals. Many of the failed banks had significant volumes of retail deposits in their liabilities, thus, transmitting the default burden to the Deposit Insurance Agency and ultimately to the taxpayers. In their attempt to stay in the market banks may try to attract ...
Added: June 7, 2018
Semenova M., Andrievskaya I. K., Eastern European Economics 2015 Vol. 53 No. 2 P. 69-98
The efficiency of the interbank market depends largely on its inherent disciplining mechanisms. This paper investigates the discipline mechanisms of Russia’s interbank market, testing the hypothesis that market discipline in Russia was strong enough to constrain excessive risk-taking by participating banks before, during, and after the 2008–2009 financial crisis. The existence and efficiency of quantity-based ...
Added: July 16, 2015
Schoors K., Semenova M., Zubanov A., Journal of Financial Stability 2019 Vol. 43 P. 25-39
We analyze whether bank familiarity affects depositor behavior during financial crisis. Familiarity is measured by regional or local cues in the bank's name. Depositor behavior is measured by the depositor's sensitivity to observable bank risk (depositor discipline). Using 2001-2010 bank-level and region-level data for Russia, we find that depositors of familiar banks become less sensitive to bank risk during a financial crisis relative to depositors of unfamiliar banks. To validate that our results stem from a flight to familiarity during crisis and not from implicit guarantees from regional governments, we ...
Added: October 25, 2019
Saritas O., Kuzminov I., Foresight 2017 Vol. 19 No. 2 P. 218-250
Purpose – This paper aims to analyse the mainstream and emerging global challenges and trends in the global agriculture sector. The analysis leads to a discussion on the present state of the Russian agroindustry and possible future strategies for adaptation in the context of the rapidly changing global environment.
Design/methodology/approach – The design of this study is based on the ...
Added: June 23, 2017
Oshchepkov A. Y., / DIW Berlin, German Institute for Economic Research. Series 750 "Discussion Papers of DIW Berlin". 2007. No. 750.
Interregional differentials in nominal wages in the Russian Federation are huge compared to other countries. Using the NOBUS micro-data and a methodology based on the estimation of the wage equation augmented by aggregate regional characteristics, we show that these differentials have a compensative nature. Russian workers receive wage compensations for living in regions with a ...
Added: October 29, 2012
Россия в глобальном мире. Сборник научных трудов 10-й Всероссийской научно-теоретической конференции
СПб. : Издательство Политехнического университета, 2012
Сборник содержит материалы по проблематике: Россия в условиях глобального кризиса: внутренние и внешние угрозы; эволюция взглядов на роль государства в экономии; модель многополюсного мира; преемственность политической власти в России: история и современность; опыт управления развитием по пути национального проектирования; энергетическая безопасность Запада как вызов России; перспективы вступления России в ВТО: экспертные оценки и прогнозы; Россия ...
Added: February 14, 2013
Smirnov S. V., Balashova E., Posvianskaia L., Problems of Economic Transition 2010 Vol. 53 No. 3 P. 69-95
The article considers different approaches, all based on detailed statistical data, to determine which industries and commodities have high, medium, or low sensitivity to exchange rate fluctuations. The authors conclude that any exchange rate policy is an inappropriate tool to influence the structure of Russian economy. ...
Added: April 12, 2013
Proskuryakova L. N., Ермоленко Г. В., М. : Издательский дом НИУ ВШЭ, 2017
В аналитическом докладе представлены результаты форсайт-проекта «Исследование глобальных вызовов и долгосрочных тенденций инновационного развития в сфере возобновляемых источников энергии», проведенного ИСИЭЗ НИУ ВШЭ при информационной и финансовой поддержке Группы компаний «Ренова».
Исследование было сфокусировано на трех тематических областях: преобразование энергии солнца в электрическую; преобразование энергии ветра в электрическую; преобразование энергетической биомассы в тепловую и электрическую энергию. ...
Added: April 4, 2017
Proskuryakova L. N., / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2015. No. 44.
The Foresight study presented in this paper is devoted to the sustainable use of water resources in Russia. The authors analyse possible trajectories of development in the three thematic areas (i) sustainability of water systems; (ii) water use by households and in industry; and (iii) new water products and services.
The Foresight methods cover expert interviews ...
Added: August 31, 2015
Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2013. No. 2223686.
This paper tries to assess some of the effects from industrial policy of growing state-controlled "national champions" in the Russian banking industry. We look at market concentration and competitiveness and average bank efficiency. A modified method of calculating the indicators of market concentration suggests that main segments of the market have crossed the threshold of high ...
Added: February 25, 2013
Ермоленко Г. В., Proskuryakova L. N., Ермоленко Б. В., Foresight 2017 Vol. 19 No. 5 P. 528-540
Purpose – The purpose of the study is to show the technical potentials of a variety of renewable energy sources in Russia, as well as benefits from their deployment including hydrocarbon savings, emission reduction and lower energy cost. Design/methodology/approach – In the paper, Russia is compared with other countries in terms of actual installed capacity ...
Added: September 25, 2017
Rozhkova K., Roshchin S., Solntsev S., Russian Management Journal 2020 Vol. 18 No. 2 P. 217-234
Wage adjustments for employees are a reactive mechanism to changing market conditions and form a significant part of pay policy. Though various attempts to explore wage levels and wage differentials have been made, wage adjustment policies remain an understudied topic. This paper analyses the determinants of wage adjustments based on data from Russian companies 2015–2017. ...
Added: July 28, 2020
fgh g., Libman A., Post-Soviet Affairs 2015 Vol. 31 No. 4 P. 304-338
Corruption is widespread throughout the former Communist states, and it is particularly severe and entrenched in Russia. Despite the fact that Russia's contemporary corruption has recently become a subject of analysis, there is, however, no study that has addressed the role of the Communist legacy in the development of various aspects of corruption. This paper ...
Added: September 3, 2015
Penikas H. I., Andrievskaya I. K., Model Assisted Statistics and Applications 2012 Vol. 7 No. 4 P. 267-280
According to the strategy of the banking system development until 2015, the Central Bank of Russia is going to implement Basel II Internal-Ratings-Based (IRB) approaches in 2015, while Basel III is planned to be introduced in full starting from 2019. Taking into account the effects of the Basel II regulation during the crisis 2008-2009, in ...
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Anna Bykova, Felix Lopez-Iturriaga, Baltic Journal of Management 2018 Vol. 13 No. 1 P. 20-40
Purpose - The purpose of this paper is to examine the relationship between export activity and firm performance for a positive impact of foreign direct investments. We also analyse two possible causes of the effect: technology transfer and financial support. The theoretical background is rooted in the resource-based approach taking into account multinational companies’ perspective ...
Added: October 15, 2016
Dabrowski M., Russian Journal of Economics 2016 Vol. 2 No. 3 P. 302-326
Since the collapse of the Soviet Union, its successor states have suffered from cyclical currency crises. The most recent episode of 2014–2016 was caused by a combination of external and domestic factors. The former include tighter US monetary policy, slower global growth, and declining commodity prices, whereas the latter include the former Soviet Union (FSU) ...
Added: October 27, 2016
Chulok A., Slobodianik S., Moiseichev E. Y., Foresight 2017 Vol. 19 No. 5 P. 511-527
Purpose
This study aims to assess future prospects for Russian energy exports until 2040, as global energy markets are undergoing major changes, with possible impacts on Russia.
Design/methodology/approach
Qualitative and quantitative approaches are integrated under a proposed foresight framework. The qualitative method involves an expert survey aimed at identifying major energy trends and their influence on ...
Added: October 3, 2017
Abankina T., International Journal of Culture,Tourism and Hospitality Research 2013 Vol. 7 No. 1 P. 3-10
Purpose – The purpose of this paper is to introduce findings of comparative analysis and various models based on cultural heritage resources to foster regional development.
Design/methodology/approach – Comparison of operational schemes, market positions and branding of three successful cultural heritage centers in Germany, Great Britain and Russia demonstrates a variety of regional development models based ...
Added: October 22, 2013