Некоторые механизмы формирования в России экономики устойчивого промышленного роста и проблемы при их реализации
Article covers study of two basic groups of mechanisms of Russian economy transformation from non-effective export raw model to sustainable industrial growth model – financial and non-financial. Authors analyze main problems blocking mechanisms implementation in Russia, including, non-financial mechanisms failure in improvement quality and competitiveness of domestic goods; gap between investments in national economy supply and demand, demonstrated imbalances in financial distribution among economic sectors; investment financing preferably by real sector of economy companies’ own funds etc.
This article discusses the theoretical and methodological issues proposed for use in Russia of a new funding mechanism for big ticket investment leasing projects. To achieve this goal are the following: a new version of the classification of leasing with the view in her special place leveraged-leasing; a critical analysis of the model of leveraged leasing, identifying its strengths and weaknesses; developed proposals for the formation of the Russian model leveraged-leasing; analyzed the feasibility of a mechanism of syndicated lending in the leveraged-leasing; is the formation of quantitative and qualitative criteria for big ticket transactions for Russian leasing market, taking into account the foreign and domestic experience; set a price on leasing contracts on interest rates, taking into account the necessary redundancy associated with the assessment of welfare and allowances for losses on defaulted lessors and lessees; using regression analysis, the hypothesis is that, despite the increased risks from the lessor, are associated with increased incidence and duration of contracts, reduce the advances, the relative reduction of prices on realization of investment projects in the leveraged-leasing; developped а methodology for determining leverage leasing projects; prepare recommendations on formation of pricing models leverage-leasing; analyzes the proportions between financial institutions in overseas leasing transactions and in the Russian leasing market; is determined by the relevance and benefits of using this model for Russia.
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.