Мир. Вызовы глобального кризиса. Германия
The economic crisis of 2008-2009 highlighted new problems in the development of the German social market economy model and brought to the forefront the factors of its resilience that have ensured Germany's leadership positions in the EU. Changes in economic policy have affected in the ﬁrst place the energy and the ﬁnancial sectors. Shifts in the political landscape have led to the appearance of new political parties. These changes have affected the results of the 2013 elections, the liberal democrats failure to enter the Bundestag has made the winner - CDU - seek new coalition partners.
The analysis of competition policy during economic crisis is motivated by the fact that competition is a key factor in productivity levels. The latter, in turn, influences the scope and length of economic recession. In many Russian markets, buyers’ gains decline because of weak competition, since suppliers are reluctant to cut prices despite decreasing demand. Data on prices in Russia and abroad in the second half of 2008 show asymmetric price rigidity. At least two questions are important in an economic crisis: the “division of labor” between proactive and protective tools of competition policy and the impact of anticrisis policy on competition. Protective competition policy is insufficient in a transition economy, especially during a crisis, and it should be supplemented with well-designed industrial policy measures that do not contradict the goals of competition. The preferred tools of anticrisis policy are those that do not restrain competition.
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.