Классические облигации — альтернатива банковским вкладам для граждан?
In the Russian financial market, there is a significant redistribution of individual investment: funds flow from deposits to the securities market as citizens purchase bonds. The two types of investment appear to be similar, but bonds are much more complex and require more attention than deposits. Their comparison reveals that each investment tool has its own advantages and disadvantages, while bonds carry a higher risk of loss.
The paper analyses how the individuals' deposits influences the resources of Russian banks. We show that the depositors panic in the crisis has a serious effect on stability of both bank and national bank system. We show the tendencies how the volume and structure of individuals' deposits change; how to avoid the rash of withdrawals by individual depositors; and how the resources of Russian banks shrank because of such withdrawals happened in the period of the crisis. We also present our assessment of how the resources of Russian banks reduced because of the rash of withdrawals in the crisis.
The new 2014 edition features: The Global Leasing Report provides an exclusive overview of the international leasing industry providing data on volume and growth by region, market penetration, GDP penetration ratios and market shares; A ranking of the top 50 leasing markets by size worldwide; Detailed reviews of developments in Europe, North America, emerging markets, Islamic leasing, law and operating leases; Industry professionals discuss the implications of the revised lease accounting exposure draft due in 2014 and the changes it will bring to the global leasing markets; An in-depth information technology report projects leasing software trends for 2014; An extensive software section provides product reviews for all of the major lease software providers outlining product capabilities, recent enhancements, compatibility and availability; Concise market reviews for over 50 different countries worldwide cover all leasing sectors, each including detailed tables and charts offering data breakdown of growth rates, market penetration and business volumes.
Argentina, the second largest country in Latin America, hardly recovered form the recession of the year 2001, faces the crisis again in 2008. First of all, the crisis affected the credit and banking sphere of the country, reducing the volumes of credit and deposit. But during the crisis, Argentina managed to carry out the restructuring of the financial system. The Global financial and economic crisis has shown the importance of the investors' confidence.
During 1998-2010 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
National Research University – Higher School of Economics (Moscow) and author has been researching the leasing market of Russia for 15 years. The results of the annual review shows that the 2011 year was successful for the leasing business. According to Leaseurope and author of Russia took the 5-th place in Europe after Germany, Britain, France, Italy. The article presents the dynamics that characterizes the development of market in the country by value of new contracts, the largest leasing portfolios, calculated author of segmental structure of the leasing market and regional structure. Particular attention is paid to the analysis of the factors influencing the big-ticket deals, because they account for about 70% of the total portfolio. The article presents results of regression analysis for large-scale transactions, 247 correlation of price formation on leasing services depending on the cost of funding, advances, interest rate, duration of contracts, the margin of the lessor. Exploring the structure of financing of leasing operations, the author has developed a new approach to determining leverage leasing projects.
The new 2012 edition features: The Global Leasing Report provides an exclusive overview of the international leasing industry providing data on volume and growth by region, market penetration, GDP penetration ratios and market shares; A ranking of the top 50 leasing markets by size worldwide; Detailed reviews of developments in Europe, North America, emerging markets, Islamic leasing, law and operating leases; Industry professionals discuss the implications of the revised lease accounting exposure draft due in 2012 and the changes it will bring to the global leasing markets; An in-depth information technology report projects leasing software trends for 2012; An extensive software section provides product reviews for all of the major lease software providers outlining product capabilities, recent enhancements, compatibility and availability; Concise market reviews for over 50 different countries worldwide cover all leasing sectors, each including detailed tables and charts offering data breakdown of growth rates, market penetration and business volumes.
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.
The article is devoted to a particular form of freedom of assembly — the right to counter-demonstrate. The author underlines the value of this right as an element of democratic society, but also acknowledges the risk of violent actions among participants of opposing demonstrations. Due to this risk, the government may adopt adequate measures restricting the right to counter-demonstrate, certain types of which are analyzed in this paper.
Development of standards of international controllability is reviewed in the article. Institutional approach is applied to development of international legal regime of Energy Charter. Definition of controllability is connected to development of international standards of dispute settlement, which are described in the article in detail. In connection with controllability, Russian interest, defense of investment in European Union and ecological investment encouragement, is reviewed in the article.
мировое управление и управляемость, Мировая экономика, международное экономическое право, энергетическая хартия, International control and controllability, International economics, international economic law, Energy Charter
международное частное право; недвижимость; ; школа бартолистов; бартолисты; теория статутов; статуарная теория/