Налоговый интервенционизм: влияние на частные инвестиции
Favourable tax climate is one of the factors of a country's investment attractiveness. Any changes in fiscal policy can result in decrease (or increase) in inflow of capital investments - both private domestic and foreign direct ones. The article dwells on the expedience of profit tax, which is characterized by low budget's earnings generation and high costs of legislation observance. It is underscored that the major emerging disadvantage of this investment regulation instrument is the transfer of tax burden to individuals through growth of prices, reduction in employee pay and return on capital. The author points to the fact that government interventionism may significantly decrease the volumes of direct investments. Consideration is given to the influence of taxation on private investments via labor market channels, savings sector and household consumption.
The authors investigate behavioural assumptions underlying the normal performance of market economy. It is assumed that a model of man adequate for market economy can be deduced from the ideal-typical properties of the latter. The main components of such model are rationality and morality. Main ethical categories relevant for market economy are analyzed: trust, justice, equality, virtues, freedom as well as their treatment in modern economics. Behavioural properties specifi c for modern Russian economy are discussed.
The chapter provides an historical account of changing ideas about the role of state in an economy, reveals cycles and general trend of these changes from mercantilism to recent days, specific features of contemporary scientific and ideological discussions in this area.
On December 27, 2019, the HSE-Saint Petersburg hosted its first scientific and practical conference for researchers of Economics, business and society. This event was aimed at summarizing the results of 2019 in various fields of science and practice: Finance, Economics, mathematics, politics, sociology, culture, history, and education. The conference was attended by researchers from Russian and foreign universities. Postgraduates and students from Russian and foreign universities, as well as practitioners, made their contribution. It is important that this event brought together all socially important disciplines and became a platform for sharing knowledge, summarizing the results of the year and building plans for future research. This collection contains abstracts of papers selected for participation in the conference program, as well as selected articles.
We study the risk sharing implications that arise from introducing a disaster relief fund to the cat insurance market. Such a form of intervention can increase efficiency in the private market, and our design of disaster relief suggests a prominent role of catastrophe reinsurance. The model predicts buyers to increase their demand in the private market, and the seller to lower prices to such an extent that her revenues decrease upon introduction of disaster relief. We test two predictions in the context of the Terrorism Risk Insurance Act (TRIA). It is already known the introduction of TRIA led to negative abnormal returns in the insurance industry. In addition, we show this negative effect is stronger for larger and for low risk-averse firms -- two results that are consistent with our model. The seller's risk aversion plays an important role in quantifying such feedback effects, and we point towards possible distortions in which a firm may even be overhedged upon introduction of disaster relief.
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.