Estimating mincer-type wage equations on the micro-data of Occupational Wages Survey, 2007 we first receive estimates for returns to higher education for all regions-subjects of Russian Federation. Our results show that interregional differentces in returns are very large in Russia. Returns to higher education received from the estimation of basic mincerian equation lie in the range from 32 to 140% (from the average wage of workers with secondary education), and the country level of return equals to 65%. Variation in estimates based on an augmented wage equation (which additionally includes industries and ownership) is much lower, but it still remains quite substantial: estimates differ from about 60 to 150%, and the country level of return equals to 90%. In this regard, the standard approach producing one estimate of return to education for the whole country seems to be a serious simplification, and an answer to the question what is the level of return to education in Russia is no more trivial.
отдача от образования, РЕГИОНЫ, РОССИЯ, Return to Education, Regions, Russia
The paper uses meta-analysis to investigate the evolution of returns to education in Russia during the economic transition. We present the evidence of strong increase in returns to education in the 1990s. The returns to education peaked at 8% per additional year of schooling in the early 2000s. Since the mid-2000s the positive trend has been reversed. We find that the estimated returns are sensitive to sample design, specification and estimation methods. On average the estimated returns are higher if one uses imputed (instead of actual) years of education and estimates earnings equation with the OLS. Among covariates, the form of ownership and settlement type (urban/ rural) has the largest effect on the estimated returns to education. Regional variables have significant impact on the estimated returns only being included into the earnings equation at the oblast (province) level.
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.