Kampf um das Eigentum. Staat und Wirtschaft in Russland
Ownership rights in Russia have not been secured since the authoritarian regime in the country brought the judicial system under its control. Entrepreneurs have developed various strategies in order to avoid losing their property. During the 1990s, they voiced their interests through business associations, whereas during the 2000s, they sought protection through international commercial and arbitration courts. In recent years, the growing self-isolation of the country - exacerbated by Western sanctions - has made it increasingly difficult to pursue this avenue. Manifestations of loyalty and gestures of submission are now almost the only option left available.
The article deals with the relationship of business and government through the various aspects of the conflict interaction. The author analyses border state of relationship between business and power, factors and possible solutions of conflict situations. The author makes an assumption that development of social relations in general can lead to transformation of inefficient system of relationships between business and power.
State Capitalism could be characterized by a triple role of the state: the state performs as a “programmer” to guide economic activity; it acts as a “protector” to safeguard national economic interests; and it also plays the role as a “producer” to create national wealth through its state-owned enterprises (SOEs). However, the influences of State Capitalism in a country are not only limited to the domestic sphere. They often extend internationally, either through the globalization of SOEs, or through Sovereign Fund investments, or by means of other influences. Many recent acquisition projects by SOEs, often in strategic sectors, highlight the importance of understanding this new geopolitical investment which has created special relations between State Capitalism and the free market. They also raise the question of the need for updating national economic security concerns in the context of globalization. As the value of Sovereign Funds reaches several trillion dollars, the controversy surrounding these Funds is evolving. For many, these Funds do not necessarily always look for maximizing business performance, but are sometimes also accompanied by political and strategic ambitions of the respective states from where they originate. The phenomenon of State Capitalism has gained prominence in recent years especially in several emerging markets. It appeared, firstly, because of multiple government interventions in the economy,and secondly, emphasis given to the globalization of their SOEs / economic organizations in international markets (China, Russia, Brazil, Malaysia, Saudi Arabia, India, Korea, etc.). In January 2012, The Economist published another special article on State Capitalism and wondered if the new balance of power that is being built-up with the emergence of market oriented SOEs will pose a challenge to the liberal capitalist model. The objectives of this conference are manifold: to examine the characteristics of State Capitalism in the world economy, especially in emerging countries, to assess its real impact on economic development, to identify its scope to other developing countries, and also to explore the major challenges that it poses to the liberal capitalist model in the world of free-markets.
This paper develops a strategy for investigating the new institutionalism in economic sociology. An analytical scheme is proposed to link institutional arrangements, structure of incentives, and conceptions of control. Questions regarding the legitimacy of claims on resources and profits, contract enforcements, and business networking are discussed on the theoretical level.
The paper consists of three main sections. The first is devoted to a discussion of the "state capitalism" concept and the reasons for the growing interest to this phenomenon. It is proposed here to consider the state capitalism not only in terms of the state ownership in major national industrial enterprises and banks, but also taking into account the efficiency of SOEs. In the second section, the new data on the state involvement in the Russian economy are represented, including the shares of the state in the authorized capital of the largest industrial enterprises and banks. Their economic indicators are compared. Contrary to some assumptions P / E values for national champions are lagging behind the average for emerging markets. The third section examines the hypothesis that one of the major challenges faced by the state capitalism is the development of investment incentives for SOEs and their performance. It is shown that the interests of the state as an owner of business enterprises are often in conflict with the interests of the state as a social institution. A number of examples are demonstrated. In order to solve this problem the state should reduce its stakes in SOEs except for those that are of strategic importance. The output of the analysis is that the state capitalism as a social phenomenon has no a long-term perspective. Most of so called “state capitalist” countries will take in future the path of traditional mixed market economy.
Effective property rights protection plays a fundamental role in promoting economic performance. Yet measurement problems make the relationship between property rights and entrepreneurship an ambiguous issue. As an advancement on previous research in this paper we propose a new approach to the evaluation of the security of property rights based on direct measures that overcomes some limitations of previous studies. We apply this new metrics to a survey of manufacturing firms in Russia to identify the economic effects associated with the lack of property protection in a transition economy. Our analysis supports the view that there is a close relationship between institutions, property rights and economic growth. Our findings confirm that redistributive risks provide a depressing effect on investment and innovative activity of manufacturing enterprises and potentially result in a huge loss in efficiency and economic growth, which in other institutional settings could have been avoided.
Истражујући историјске везе Србије и Русије стиче се утисак да је у досадашњем времену већа пажња поклањана уметничким, културним, духовним и политичким, а знатно мање економским односима наших држава и народа. Управо због тога историјат економских веза нема тако богату прошлост, какав је случај са дугом традицијом и богатством српско-руске сарадње на осталим пољима. Први документи о економској сарадњи ове две земље потичу из 15. века када су први трговци путовали из Србије у Русију и обратно. Србија је први кредит од Русије добила 1867. године за изградњу железнице од Радујевца до Ниша. У новије време економски односи се значајно интензивирају и може се рећи они сада представљају прву и главну линију српско-руске сарадње. Србија је са Русијом 2000. године склопила Споразум о слободној трговини који омогућава нашој земљи да преко 95% домаћих производа извезе у Русију без царине. То је веома важан адут наше земље у привлачењу страних инвестиција, али и у бољем искоришћавању сопствених ресурса кроз покривање тражње на огромном руском тржишту. Србија и Русија су током 2008. године закључиле Споразум о сарадњи у нафтногасној области и Меморандум о разумевању за реализацију гасовода ЈУЖНИ ТОК, чија изградња је почела крајем 2012. године. Ради се о крупном и изузетно значајном пројекту чијом реализацијом ће се обезбедити енергетска сигурност наше земље, уз низ пратећих погодности за убрзани економски развој читаве привреде. Највећа руска банка СБЕРБАНКА започела је пословање у нашој земљи, а у најави су и стратешко партнерство руских компанија са смедеревском железаром, као и улагања у читав низ пројеката у нашој земљи. Под повољним условима започиње реализација руског кредита у износу од 800 милиона долара намењеног реконструкцији и модернизацији наших железница, а ускоро се очекује нови кредитни аранжман од једне милијарде долара. Велике инвестиције очекују се кроз војно-техничку сарадњу, као и на реализацији читавог низа других развојних пројеката. Потпуно је излишна дилема да ли се Србија окреће истоку или западу. Најбоља је солуција за све да Србија буде мост за повезивање истока и запада, пре свега у економској, али и не мање важним подручјима културне, научне, безбедносне, политичке и сваке друге корисне сарадње која ће бити на ползу земљама и народима који се у ту сарадњу укључују.
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.
We address the external effects on public sector efficiency measures acquired using Data Envelopment Analysis. We use the health care system in Russian regions in 2011 to evaluate modern approaches to accounting for external effects. We propose a promising method of correcting DEA efficiency measures. Despite the multiple advantages DEA offers, the usage of this approach carries with it a number of methodological difficulties. Accounting for multiple factors of efficiency calls for more complex methods, among which the most promising are DMU clustering and calculating local production possibility frontiers. Using regression models for estimate correction requires further study due to possible systematic errors during estimation. A mixture of data correction and DMU clustering together with multi-stage DEA seems most promising at the moment. Analyzing several stages of transforming society’s resources into social welfare will allow for picking out the weak points in a state agency’s work.