Аритмия лизингового рынка
This paper examines what influences Russian households‟ decisions to save and borrow. We use the 2008 data from the 17th round of the Russia Longitudinal Monitoring Survey (RLMS-HSE). Our results show that the determinants of saving and borrowing are not only those suggested by economic theory but also include psychological and sociological considerations: smarter respondents, who are satisfied with their lives and inclined to help other people, are more likely to save. Those who enjoy stable or improving financial conditions and/or are satisfied with them are more likely to save and less likely to borrow. Financial literacy, a factor cited by institutional theory as positive for both saving and borrowing from banks, lost its significance at the onset of the financial crisis. Household income, suggested by economic theory as a basis for choosing a financial strategy, was found to have much less influence on savings and to have a positive influence on borrowing, confirming the rationing theory rather than intertemporal choice theory. Surprisingly, the fear of job loss does not make people save more, contrary to the precautionary motive.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.
The chapter studies a dynamic risk model defined on infinite time interval, where both insurance and per-claim reinsurance policies are chosen by the insurer in order to minimize a functional of the form of variation coefficient under constraints imposed with probability one on insured's and reinsurer's risks. We show that the optimum is achieved at constant policies, the optimal reinsurance is a partial stop loss reinsurance and the optimal insurance is a combination of stop loss and deductible policies. The results are illustrated by a numerical example involving uniformly distributed claim sizes.
We present a complex analysis of business models for large, medium and small Russian commercial banks from 2006 to 2009. The Russian banks are grouped based on homogeneity criteria of their financial and operational outcomes. The banks’ structure of assets and liabilities, profitability and liquidity ratio are taken into account. The results show how the banks are adjusted their business models before and after the financial turmoil taken place in 2008. In addition, the prevailing banking business models observed for the leading banks in Russia are defined. The banks often changing their business models are found and analyzed.
In this manual all the information presented in the form of illustrative material: inter-related schemes, tables, formulas. It consists of six thematic sections, covering various aspects of the insurance business: on the characteristics of the types of insurance to the financial analysis of the insurance company. The Handbook is an important contributing element to the author of the educational-methodical allowances (SAR): the abstract of lectures «Insurance business» and «Insurance» (test-tasks). The scheme-course you can use when reading the following disciplines: «Insurance», «Insurance of investment», «finances of insurance organizations and the analysis of the insurance operations», «risk Management», «Actuarial calculations and insurance». Students should be familiar with the basic economic categories, methods and tools of financial analysis. It is intended for students and listeners of the programs of higher professional education, training on the specialty «Finance and credit», «accounting and audit», «Economics and management at enterprises», «Management of organization».
How are professors paid? Can the "best and brightest" be attracted to the academic profession? With universities facing international competition, which countries compensate their academics best, and which ones lag behind? Paying the Professoriate examines these questions and provides key insights and recommendations into the current state of the academic profession worldwide. Paying the Professoriate is the first comparative analysis of global faculty salaries, remuneration, and terms of employment. Offering an in-depth international comparison of academic salaries in twenty-eight countries across public, private, research, and non-research universities, chapter authors shed light on the conditions and expectations that shape the modern academic profession. The top researchers on the academic profession worldwide analyze common themes, trends, and the impact of these matters on academic quality and research productivity. In a world where higher education capacity is a key driver of national innovation and prosperity, and nations seek to fast-track their economic growth through expansion of higher education systems, policy makers and administrators increasingly seek answers about what actions they should be taking. Paying the Professoriate provides a much needed resource, illuminating the key issues and offering recommendations.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.