Китайский фактор в трансформации промышленности США
Rapid quantitative increase and qualitative change of the U.S. trade relations with China led to the formation of complimentary economical system and to the conjugated development of two countries. This paper examines the substitution effect of U.S. industrial production by import from China. The typology of the U.S. industry branches based on the indexes of the substitution effect is carried out and the substitution factors are examined. Industrial development of China is the important prerequisite of the U.S. post-industrial development and structural optimization of the economy and industry.
Spatial development of U.S. industry and geography of foreign trade in manufactured goods are closely interrelated in the process of their synchronous geographic transformation. It is caused primarily by internal factors in the development of U.S. industry, in particular Kondratieff – Schumpeter long waves. This process allows to optimize the U.S. industry space structure and favors the U.S. specialization branches through the reallocation of labor and capital from less efficient industries. Example of electronics shows that in times of acute crises, the relationship of domestic and foreign trade processes becomes even stronger. Modern conditions require a “global regional geography” – a simultaneous analysis of spatial processes at national and international 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.