Влияние неопределенности экономической политики на инвестиции российских компаний
This paper is devoted to determining the impact of economic policy uncertainty on corporate investment of Russian manufacturing companies. By applying fixed effects models on panel data, it was found that under increasing level of economic policy uncertainty, the companies reduce their investment activity. The effect is most pronounced for large companies. It is important to note that public companies are not affected by the uncertainty of Russian economic policy, however, the European and global economic policy uncertainty has a negative impact on their investments. Testing the robustness by applying the methods of instrumental variables confirms the results. The study suggests that maintaining transparency and stability of economic policy can increase the level of corporate investment.
Forty years ago the analysis of “The Club of Rome’s” for the first time set the problem of the limited recourses on the world’s agenda. In 2004 the same authors conducted the recurring analysis showing that the global society has not only comprehended the problem but made attempts to resolve it more or less successfully. At the same time, the world crises of the last ten years demonstrated that the problem of sustainability is not limited to resources or ozone depletion. How can we think of a sustainable environment in a non-sustainable economy or society? Aren’t these two sorts of sustainability closely linked together? The answers could depend on many factors, among which we distinguish the influence of the corporations and managerial behavior on the modern world. So, the question is: How the corporations designed to be the pillars of stability and dynamic development influence on the sustainable development of the entirely society? This paper shows major fundamental trends of the corporal and societal development, the dynamic of the formation of the managerial class. We explore the internal contradiction of modern corporations, which in practice become (financial institutions in particular) a risk factor not only to their own stability, but also to the society as a whole. Our concept could lead to a more dynamic approach to corporate regulation. The solution to the problems described in this paper can be a key factor for further sustainable development as for corporations as well for the modern society.
The December protests in Moscow do not represent a “Russian Spring,” “Orange Revolution,” or new version of Perestroika. Rather they have more in common with the Progressive movement that fought corruption in the U.S. during the early part of the twentieth century. The demonstrations made clear that Russian citizens now want to play an active role in their country’s political life.
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.