Контроль сделок экономической концентрации в отраслях, вовлеченных во внешнюю торговлю
Economic concentration may lead to formation of a dominant market position of the merging companies and reduction in social welfare. On the other hand, economic theory predicts some positive outcomes from mergers between large export trading companies due to increase in their production efficiency and international competitiveness. The balance between benefits and losses in social welfare from economic concentration is not evident; national interests do not always coincide with the development of competition at the supranational level. In this paper we analyze the practice of antitrust enforcement in Russia and foreign countries, in order to reveal the use of balanced approach when making decision on acceptability of a merger between exporters.
This collection has been prepared by leading lawyers and economists who are professionally engaged in antitrust regulation. Acting legislation is listed as of September 1, 2019. For students, postgraduates of higher education institutions, practicing lawyers, economists, entrepreneurs.
We investigate the 2008–2009 trade collapse using microdata from a small open economy, Belgium. Belgian exports and imports mostly fell because of smaller quantities sold and unit prices charged rather than fewer firms, trading partners, and products being involved in trade. Our difference-in-difference results point to a fall in the demand for tradables as the main driver of the collapse. Finance and involvement in global value chains played a minor role. Firm-level exports-to-turnover and imports-to-intermediates ratios reveal a comparable collapse of domestic and cross-border operations. Overall, our results reject a crisis of cross-border trade per se.
This article assesses the level of openness of Russian economy. It is shown that the open-ness indicators used in the Concept of Long-term Social and Economic Development of the Russian Federation differ from those employed by international organisations. The present research analyses both the intensity of Russian trade in terms of its gross domestic product and the relative strength of import penetration in Russia. Methodological differences determine the differences in the analysis results.
As antitrust regulation of economic concentration processes in the developed world becomes more intense corrective measures that allow neutralizing negative effects of transactions are widely introduced. The results of applying this management tool by the Russian antimonopoly practice in 2006-2008 marked by the antitrust law change were investigated. The main features and existing trends were revealed, an attempt to explain the current situation in terms of the institutional approach was made.
This study analyzes the effects of reducing trade barriers in the context of the objectives of competition policy. Separate chapters are devoted to the assessment of the height of Russian trade barriers, the analysis of the impact of international trade on domestic prices and concentration of production.
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.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.