Влияние ликвидности, предоставленной Центральным банком, на банки с высоким уровнем иностранных заимствований во время кризиса
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.
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.
Crisis as a phase of an economic cycle is of most interest. Study of crises in historical retrospective is necessary for understanding of the main mechanisms, regularities and causes of crisis phenomena. The article deals with the history of the world economic crises and classification of their causes.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
The conference is organized in collaboration with Polish Economic Society Branch in Toruń and Brno University of Technology (Czech Republic), BA School of Business and Finance (Latvia), Daugavpils University (Lithuania), Pereyaslav-Khmelnitsky Hryhoriy Skovoroda State Pedagogical University (Ukraine), University of Angers (France), University of Pablo de Olavide (Spain), University of Latvia (Latvia). The conference is addressed to economist from all European Union countries and Eastern Europe. It aims to bring together economists form Western, Central and Eastern Europe to discuss issues in economics, finance and business management. Main conference tracks include: 1. Macroeconomics; Microeconomics; Econometrics; International Economics 2. Financial markets; Labour markets; Institutions; 3. Business environment; Management and Marketing.
This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is for us a criterion of market-proven value, so we use the standard valuation tool, i.e. price-to-book-value of equity (P/BV) multiple, as the dependent variable. The set of corporate governance parameters whose materiality for a would-be external investor we would like to test includes: the degree of concentration of ownership and control; maturity of corporate governing bodies; degree of Board independence; qualification of external auditors; stability of governing bodies (Management Board and Board of Directors); and availability of external credit ratings from the world’s leading rating agencies. We test our approach on a sample of acquisition deals and public offerings over the period 2004-2008 that we develop for the first time. Firstly, we find out which factors are statistically significant and relevant to a bank’s selling price. Secondly, a least squares multiple linear regression model is devised to check how each individual variable impacts the dependent variable. We discover that external investors attach value to high concentration of ownership, external credit rating coverage, stability of the Board of Directors, and involvement of well-established external auditors. Investors of a strategic nature tend to pay a higher acquisition premium. Independence of the Board of Directors might be perceived by external strategic investors as a disadvantage and might destroy shareholder value.
The economic crisis of 2008, starting from US banking crisis, affected the economic and political developments in varied ways around the world. This edited volume examines the imact of the crisis on Eastern Europe and Russia, and the resulting policy responces. Taken as a whole, the economies of the former state social countries - frequently still referred to as transition economies - were hit hard by the crisis, suffering falls in GDP in 2009 that were deeper than the average around the world. However, there was considerable variety in the effects on individual countries, whilst some continuing to grow , others suffered quite exceptional falls in output. Policy responces were also quite diverse and do not obviously fit with the nature and severity of economic factors. The more general impacts on political life were also varied. In many cases very much the same governments continued in power, while in othere there were significant changes and signs of a growing instability in party and political structures. The articles in this book explore these differencies between countries and set them in a wider international context.