The article presents the results of the analysis of the impact of changes in the pension legislation adopted in October 2018 on the main parameters of the mandatory pension insurance system. It is shown that without raising the retirement age and maintaining the current structure of the insurance pension system until 2050, it would be possible to ensure the annual indexation of pensions in terms of inflation even with minimal economic growth. However, to maintain the ratio of the average pension to the average wage at the current level, raising the retirement age is only one of the necessary measures to stabilize the situation in the period up to 2028. The paper presents the impact of reducing informal employment, increasing the requirements for the length of insurance tenure and increasing the minimum number of individual pension points on the replacement rate. The estimates of tax rates and budget transfer amounts at which it is possible to ensure the replacement rate at the current level (33%) or increase it to 40% are given in for the period up to 2050.
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.