Транспортная инфраструктура: внебюджетное финансирование и инвестиции
The article discusses prospects of future developments in the field of Russian investment law. The author analyses new laws «On investment partnerships» and «On usiness partnerships», as well as certain draft laws. The author also deals with the perspectives of legal regulation of public-private partnerships as part of investment law.
The article deals with longevity risk, which is faced by non-state pension funds, and possible methods of its management. Longevity risk arises from uncertainty in future mortality trends and is related with the guaranteed lifelong pension payments. The emphasis is put on the impact of this risk on solvency of non-state pension funds. Results of the estimation show, that the effect is quite significant and longevity risk has to be controlled. Two possible methods of risk management for longevity risk are discussed: special reserves and life expectancy forecasting.
The article gives the main ways of practical realization of risks, which appear during the process of cooperation between non-state pension funds and commercial banks on the basis of deposit agreements. Methods and mechanisms of prevention and elimination of risks’ realization are aggregated. The article summarizes the important experience that can be useful during the process of developing a non-state pension fund’s investment strategy.
To compete on value providers must embrace a series of strategic and organizational imperatives. How can health care providers create more effective strategies and improve their performance? The starting point for strategy is to define the right goal. For every health care provider, the primary goal must be excellence in patient value. Value is the health outcomes achieved per unit of value compared to peers. A provider's size, range of services, reputation, and whether it earns a comfortable operating surplus are secondary. Unless a provider is delivering value to the patients it serves, it is failing at its fundamental mission even if it is financially successful. A provider that delivers superior patient results will be in a position to prosper even in the current system.Patient value can only be measured at the level of medical conditions, and assessed relative to peers. Competence alone is not enough. A provider must be able to achieve results that compare favorably to others that provide similar services.Excellent value in some services does not offset mediocrity in others. Patients, not to mention the entire health care system, are not well served if providers maintain even one service line in which they do not achieve results equal to or better than peers. In value-based competition, excellence, not breadth or convenience, should shape the choice of services by providers and the overall configuration of the health care system. While the goal of patient value may seem self-evident, goal definition in health care delivery has been clouded by a variety of factors. Financial viability often appears as an important goal. But financial results are an outcome, not the goal in and of itself. A comfortable operating surplus cannot offset mediocrity in serving patients. In a value-based system, as we will discuss, excellent results will lead to more patients, greater efficiency, and higher margins.The starting point for developing strategy in any field is to define the relevant business or businesses in which an organization competes. Health care delivery is no different. Health care providers do not think of themselves as businesses, but they are in the business of providing services to patients.
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.