Долговые стратегии российских регионов
Debt practices and strategies of Russian regions are surveyed, as constrained by federal legislation. Major factors that impact debt policy reviewed and regions are grouped depending on their approach to debt financing.
A decline in EU funding in 2016 has driven a contraction in infrastructure investment in both Poland and Latvia. As a result, GDP growth in both countries slowed in 1Q16. Household consumption, meanwhile, continues to advance, thanks to rising wages and lower unemployment. Economic growth is expected to accelerate again in 2017, however, due to a recovery in EU budget expenditures.
In recent decades, the regions of Russia have taken different paths of regime transition. Despite the consolidation of an autocratic regime at national level and the centralization steered by Vladimir Putin’s government, the variation across sub-national regimes persists. Using an innovative theoretical framework, this book explores both causes and consequences of democratization in the regions of Russia. It is the first study in the field to systematically integrate structural and agency approaches in order to account for economic, social, historical and international causes of democratization and to trace its consequences. By focusing on the challenging and under-studied topic of sub-national regimes, the book provides a unique perspective on regime transition and the new theoretical framework contributes to a better understanding of democratization world-wide. The book will be of key interest to scholars and students of democratization, sub-national regimes, East European politics, comparative politics, post-communism, and international relations.
The deepening rift between the system's potential and the challenges of rapidly changing socio-economic conditions make the transformation of Russia's state apparatus a matter of the nearest future; while, barring a radical overhaul, its preservation until 2025 is virtually impossible. Two major trends and resulting changes in administrative organization will determine Russia's political development processes in the coming years: reformatting relations between the authorities and society and reconfiguring arrangements between the federal center and regions. The center-regions relations dynamics is analyzed in terms of long pendulum oscillations with pendulum moving now from the model of 'federation of corporations' to the model of 'federation of regions'.
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.