Prospects and difficulties for OPEC-style gas cartel
Natural gas demand growth has been increasing for the past decades. The us, China and India are becoming large gas importers, without mentioning the eu. The chase for cleaner environment drives developed countries into the "gas-or-nuclear" corner, and most of them go for the gas option, while their developing peers may not have a second option at all. The eu and the us gas production is declining, and they are becoming, therefore, increasingly dependent on imports. Most other big gas consumers are initially dependent due to not having their own natural gas reserves. In the meantime, the world leading gas producing countries already want to coordinate their actions. The issues such as gas pricing, directions of exports, coordination of volumes and new project development are in focus of their attention. The importers, on the other hand, have good reasons to be afraid of such alliance and the "gas weapon" – ironically, most of the major gas producers and reserves-holders are Middle-East Arabic countries, some of which are already members of oil cartel.
Importance of the investments in the modern economy stipulates necessity of increase of accuracy in researches on it. This aim could be reached by sectoral factors including in investigation. The article shows significance of sectoral factors for investment behaviour, brings recommendations for empirical research, and classifies factors in oil and gas industry.
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. The existing research on emerging markets covers only few countries within this group and does not provide empirical results for all classical capital structure concepts. The main research question of this paper is to explore whether the firms from Eastern and Central Europe follow the pecking order of financing. Does the pecking order concept underlie the motives for long term financing policies in industrial firms in emerging capital markets of Eastern and Central Europe?
The author from portuguese translated the Brazilian Law № 11.909 of 4 March 2009 г. «On legal regulation of the activity of transportation of natural gas, regulated by the article 177 of federal Brazilian Constitution and on activity of using, processing, storage, liquefication, regasification and marketing of natural gas; amendmends to the law № 9.478 of 6 August 1997 etc.»
The paper presents a brief overview of theoretical and empirical literature on collusion in public procurement. We discuss the main economic models of collusion, the impact of market factors on the appearance and sustainabil ity of collusion, and the ways of hindering collusion in public procurement through different stages of procurement cycle. We also describe the main empirical and econometric models of detecting and classifying collusion in public procurement.
The present article is devoted to a legal regulation of investments in gas industry of Russia. The author points attention of the scientist on it its perspectives in view of BRICS, on the possibilities that this form of cooperation can provide. The object of the article is the characterization of the actual legal regulation and of the investment climate in general. In the conclusion the author proposes the new approach for cooperation in the domain of the gas production in 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.