The Russian Leasing Market 2011
The paper presents the conclusions of the author according to the results of his analysis of the market of leasing services in Russia. Particular attention was focused on the activity of leasing companies, statistics, financing of leasing operations, the regional structure of leasing, the main segments of the leasing contracts, the duration of the leasing agreements.
Abstract. The need to improve the investment climate and form a new efficient system of economic relations requires the use of new economic mechanisms, among which leasing is one of the most effective for the development of the real economy. The paper deals with the risk management problems of leasing companies and leasing projects. It discusses the activities of specialized leasing companies and methods of risk management of leasing transactions based on basic risk management processes in project management, analyzes various types of risks associated with lessors, discusses methodological approaches to managing risks of leasing companies in general, and economic and mathematical methods for assessing risks of default for lessees. An econometric model has been created that allows predicting confidence in the payment of lease payments or the default of the lessee. The obtained model excludes the subjective methods for assessing the potential client's solvency and is less labor-intensive in comparison with the scoring model and the method of expert assessment.
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.