“Was Deng Xiaoping Cleverer than Mikhail Gorbachev? Early Stages of Transition in former USSR and People’s Republic of China”
“Was Deng Xiaoping Cleverer than Mikhail Gorbachev? Early Stages of Transition in former USSR and People’s Republic of China” // “Asia and Africa Today”, 1999 № 10
The chapter traces the evolution of Mikhail Gorbachev's attitudes towards Vladimir Putin's performance throughout the years of his political career. Although Gorbachev tends to become more critical over time, on the whole he remains loyal to Putin.
This article is based upon newly discovered archival documents from the Russian Archives of Social and Political History (RGASPI), including Deng Xiaoping's personal files as well as personal files of his classmates. It thoroughly examines Deng Xiaoping's days in Moscow in 1926-27 when he took classes at Sun Yat-sen University - leading Comintern school of higher learning. The authors meticulously research ideological and political impact of the Bolshevik education on the future great Chinese reformer. They conclusively demonstrate that Deng's study in Moscow at the time when the New Economic Policy was emphasized in the USSR greatly enriched his Marxist views. It laid theoretical foundations for the imminent emergence of the so-called Socialism with Chinese Characteristics in the People's Republic of China.
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.