Между рынком и утопией: либеральные экономисты и начало эпохи Великих реформ
The article analyzes ideological and institutional background of the program of economic reforms, formulated in the 1850s by a group of influential Russian economists. The author traces the impact of French financial institutes and ideas (especially the saint-simonian doctrine) on this program and its realization.The article analyzes ideological and institutional background of the program of economic reforms, formulated in the 1850s by a group of influential Russian economists. The author traces the impact of French financial institutes and ideas (especially the saint-simonian doctrine) on this program and its realization.
The paper analyses how the individuals' deposits influences the resources of Russian banks. We show that the depositors panic in the crisis has a serious effect on stability of both bank and national bank system. We show the tendencies how the volume and structure of individuals' deposits change; how to avoid the rash of withdrawals by individual depositors; and how the resources of Russian banks shrank because of such withdrawals happened in the period of the crisis. We also present our assessment of how the resources of Russian banks reduced because of the rash of withdrawals in the crisis.
This book presents a new picture of the politics, economics and process of government in the Soviet Union under the leadership of Nikita Khrushchev. Based in large part on original research in recently declassified archive collections, the book examines the full complexity of government, including formal and informal political relationships; economic reforms and nationality relations in the national republics of the USSR; the treatment of political dissent; economic progress through technological innovation; relations with the Eastern bloc; corruption and deceit in the economy; and the reform of the railways and construction sectors.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
The monograph focuses on innovative activity as an indicator of economic progress in the XXI century. The book analyzes especially innovative reforms in various stages of development of the economy in Russia, issues of innovative development of the regions, to determine the degree of state support of the Russian Federation in the sphere of stimulating innovations. Separate chapters are devoted to the issues of taxation and the introduction of international financial reporting standards. The book is intended for the scientific community, senior executives in public administration professionals, as well as university professors, graduate students and undergraduate students.
This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is for us a criterion of market-proven value, so we use the standard valuation tool, i.e. price-to-book-value of equity (P/BV) multiple, as the dependent variable. The set of corporate governance parameters whose materiality for a would-be external investor we would like to test includes: the degree of concentration of ownership and control; maturity of corporate governing bodies; degree of Board independence; qualification of external auditors; stability of governing bodies (Management Board and Board of Directors); and availability of external credit ratings from the world’s leading rating agencies. We test our approach on a sample of acquisition deals and public offerings over the period 2004-2008 that we develop for the first time. Firstly, we find out which factors are statistically significant and relevant to a bank’s selling price. Secondly, a least squares multiple linear regression model is devised to check how each individual variable impacts the dependent variable. We discover that external investors attach value to high concentration of ownership, external credit rating coverage, stability of the Board of Directors, and involvement of well-established external auditors. Investors of a strategic nature tend to pay a higher acquisition premium. Independence of the Board of Directors might be perceived by external strategic investors as a disadvantage and might destroy shareholder value.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.
The article presents the analogy of the pre-revolutionary and modern interpretations of the role of ministries in the discussion of the draft law. The thesis about the fact, that the ministries were mandatory participant of the stage of discussing the draft law in the course of implementation of law-making activities of the legislative and law-consultative bodies in the Russian Empire.