Article
Конкурентоспособность российской экономики в контексте вступления в ВТО
The article analyzes the competitiveness of the Russian economy in comparison with the leading economies of the world in the context of Russia's WTO accession on aspects such as the level of interest rates and the availability of financial resources, the dynamics of energy prices, condition of fixed assets and investment activity, investment climate. We outline the basic negative tendencies, hindering the development of the economy and reducing its attractiveness to investors. Based on these results it can be argued that WTO accession will not lead to significant improvement of the investment climate and economic efficiency, and without the implementation of measures to address the problems considered, it can be a catalyst for the negative trends in Russian economy.
Relations of public entities concerning sustainable use and protection of natural resources are regulated by international environmental law. But after natural resources gain their value and move from one’s state economy to the economies of other states, they become an object of international economic law regulation. Thus, for example, fixing up carbon dioxide emissions quotas is a matter of international environmental law. At the same time international trade relations concerning these quotas are regulated by international economic law (international trade law, in particular). The concept of sustainable development should be the basic element of interaction of international environmental law and international economic law. The concept of sustainable development is a ground not only for environmental international treaties, but also for economic international treaties. Thus according to the Preamble of the Marrakesh Agreement establishing WTO, economic development is determined by “allowing for the optimal use of the world’s resources in accordance with the objective of sustainable development, seeking both to protect and preserve the environment”. Further on we may see specification of that statement in other multilateral WTO agreements and in practice of the WTO Dispute Settlement Body. On the other hand, about 20 multilateral environmental agreements stipulate restrictions in the sphere of international economic relations. For instance, Convention on biological diversity of 1992 settle non-tariff measures of international trade aimed at protection of biodiversity. Thus, multilateral environmental agreements and multilateral economic agreements often regulate the same international relations between the same subjects
The article discusses the impact of import tariff reductions, prescribed by the terms of Russia's accession to the WTO, on a number of industries based on the proposed concept of critical product analysis. We identify a number of changes in customs regulations, that create serious risks in such sectors as ferrous and non-ferrous metallurgy, chemical industry, timber industry complex, aerospace complex, engineering, that create an urgent need for the government to develop a plan of compensatory measures.
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.