Грозящая рецессия и как с ней бороться?: эмпирический анализ российских реалий и мирового опыта
To elevate forecasting precision of bankruptcy models the impact of macroeconomic factors on the company's operation has to be considered as well as financial indicators transformed and multidimensional logit analysis made. Besides, differences in the stages of bankruptcy process play an important role.
Favourable tax climate is one of the factors of a country's investment attractiveness. Any changes in fiscal policy can result in decrease (or increase) in inflow of capital investments - both private domestic and foreign direct ones. The article dwells on the expedience of profit tax, which is characterized by low budget's earnings generation and high costs of legislation observance. It is underscored that the major emerging disadvantage of this investment regulation instrument is the transfer of tax burden to individuals through growth of prices, reduction in employee pay and return on capital. The author points to the fact that government interventionism may significantly decrease the volumes of direct investments. Consideration is given to the influence of taxation on private investments via labor market channels, savings sector and household consumption.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.