Институциональные особенности политики отрицательных процентных ставок Европейского Центрального Банка
In this work the research of the negative interest rate policy of the ECB has been conducted. The study explores the motivation of the ECB to moving towards a policy of negative interest rates, studies of the current experience of the ECB in applying this policy, highlights the specific features of this policy measure for the Eurozone, in particular, for its banking system. The analysis that was carried out from the work made a drawing of a number of conclusions possible. The institutional features of the Eurozone not only made it possible for the ECB to use the new measure of the monetary policy, they determined specifics of the implementation of the ECB of this measure. They also determined the response of the Eurozone economy to this policy. An analysis of the experience of applying the negative interest rate policy of the ECB confirmed the assumption that the application of a new non-standard policy measure (a negative interest rate policy) continued the implementation of the ECB’s old monetary policy strategy: the use of non-standard measures for improving the standard monetary policy impact mechanism.
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.