This paper discusses the current stage of economic development in Russia. In particular, the authors analyze the problems caused by both the inefficiencies accumulated during the previous years, and the deterioration of the external conditions in 2014. They also stress the factors that can support and prevent the restructuring of the Russian economy and its further growth. In conclusion they list a couple of economic policy scenario appropriate for new situation.
The article presents based on author's surveys of the leasing market for 19 years its dynamics on the value of new contracts, the structure of the Russian leasing market in critical industries, such as railway rolling stock, vehicles, air transport, energy, engineering and major lessors in these industries, the article presents the structure of leasing 10 sources, including loans, own funding, advances, bond issue, etc.; features of power equipment leasing and renewable sources of energy; analysis of bad debts; Variant calculation of leverage in leasing on the basis of the author's methodology; tax design of the Russian leasing.
This article is devoted to quantitative analysis of the costs and benefits of 5G networks infrastructure creation by using two alternative forms, such as single wholesale network or competing mobile networks. Calculations, based on the principle of discounting, allow us to establish whether savings are possible in the model of single wholesale network. The limit of investment savings due to the use of single wholesale network is estimated at 160-220 billion rubles covering a five-year period, given 360-480 billion rubles as investments required by four mobile operators. We show that infrastructure sharing agreements between mobile operators on a voluntary basis allow achieving a comparable amount of savings of 148-197 billion rubles for a five-year period. Taking into account estimates of additional costs in the model of single wholesale network caused by delay in implementation, increase of market power and regulatory costs, the authors conclude that the model of single wholesale network is economically inefficient.
Territorial development and attraction of investments is a priority task of authorities of all levels in the current economic situation. Demanding regions, a single-industry city, and also territories of the Arctic zone of the Russian Federation require restoration and development. In the article special economic zones, territories of advanced social and economic development, zones of territorial development are considered. Particular attention is paid to special economic zones, including the history of their appearance, development and current status in the Russian Federation. An assessment of the quality of development tools and recommendations for their application in the territories of the Arctic zone of the Russian Federation is given.
The search and design of links between the company’s performance indices and results of logistics activity nowadays is a relevant tool for increasing competitiveness of Russian companies. Situations when influence of certain logistics costs groups on financial performance indices is underestimated occur considerably often. These cases imply a huge amount of financial resources involved. Thus, the attempt of designing analytical models to assess the correlation between logistics and business performance indices is a relevant issue requiring further investigation and improvement. The article gives analysis of Russian and foreign literature sources devoted to the topic studied; identifies main trends and determines a possible way for further investigations. The article has analytical models to assess the influence of different logistics costs groups on ROI (return on investment) index; numerical example is provided.
This article focuses on the two recently established multilateral development banks (MDBs) dominated by emerging economies: Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB). The creation of these institutions was stimulated by the growing demand for infrastructure financing, insufficient potential of “traditional” MDBs to respond to this demand and their terms of funding conditionality, as well as developing countries’ aspiration for a greater influence in the global economic governance The authors explore the main economic and political incentives that lie behind the creation of these institutions, examine challenges and opportunities they are likely to face, and provide a forecast of their loan portfolios growth in the coming years. The forecast includes two scenarios: basic and optimistic, and is based on the analysis of NDB and AIIB differences from traditional banks, and potential benefits and challenges they can bring. The methodology used for assessment allows projecting the financial capacity of the two banks based on their announced shareholder capital and likely financial performance determined by membership, governance arrangements and other factors, and takes into account recent developments in both banks. Based on the forecast, the authors conclude that in ten years the new banks will be able to provide infrastructure financing at the level of traditional institutions working in the area. In order to develop in accordance with the optimistic scenario, the new banks should adhere to their basic alternative principles, but also rely on the experience of traditional banks in areas where they have proved their effectiveness. These include exchange of experience on selection of projects, social and environmental safeguards, and monitoring results. Apart from addressing the global infrastructure gap, the new banks could also stimulate traditional ones to reform their governance and change operational modalities and thus become more responsive to developing countries’ interests. However, even in ten years the contribution of the NDB and AIIB will be insufficient to substantially narrow the gap in infrastructure financing. In this regard, the potential of the new banks can obviously be used most effectively if they cooperate with traditional MDBs. This article contributes to better understanding the potential of such cooperation.
National Research University – Higher School of Economics (Moscow) and author has been researching the leasing market of Russia for 20 years. The article presents based on the author's survey of the leasing market by results of 2016, its dynamics on the value of new contracts and leasing portfolios, structure of the Russian leasing market in critical sectors, such as railway rolling stock, motor transport, air transport, energy, engineering, etc., the structure of leasing for regions of the Russian Federation. The article presents the structure of leasing 10 sources, including loans, own funding, advances, bond issue, etc.; a comparative analysis of the level of concentration of leasing in Russia and Italy; analysis of bad debts; Variant calculation of leverage in leasing on the basis of the author's methodology; tax design of the Russian leasing.