The Effect of Paid Parking and Bicycle Subsidies on Employees’ Parking Demand
Employers usually offer free parking to employees, which may lead to welfare losses. Using exogenous variation in daily peak-hour parking tariffs, monthly subscription fees and bicycle subsidies faced by hospital employees, we demonstrate that employees’ parking demand is reduced by about 5 percent for every euro per-day tariff increase, and that it is reduced by about 2 percent for every euro subscription fee increase. The introduction of higher parking prices particularly reduced demand during peak hours. We offer compelling evidence that bicycle subsidies reduce parking demand. Hospitals that offer free parking to employees, but then introduce a parking tariff equal to marginal parking costs, induce modest yearly welfare gains of € 60 per parking space, about 8 percent of parking resource costs. This is slightly less than previously found in the literature.
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.