Влияние инвестиций в развитие транспортной инфраструктуры на интенсивность межрегиональной торговли
In Russia, the question of development of transport infrastructure is the hot is-sue. It is not only a necessary requirement for innovation program of economic growth, created by the president, but also an improving the quality of life and competitiveness of national economy factor. Till now, no attempts were made to systemize and provide a clear and just classification of airports` infrastructure development. This study is to fulfill this gap. Such a classification of the world can be of great practical importance for all the evolving airports, wishing to reach the world level of innovations. The study attempted to identify the transitional moments in the development of airports from a simple airfield to a modern hub. It is anticipated that the results of this study will be applicable to most companies conscious of the problem; and therefore the recommendations of the study will be generic for the private investors, the government and all the stakeholders.
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.