Dinero, Estructuras Financieras y Financiarización [Money, Financial Structures and Financialization]
Desde la perspectiva de la autora del presente estudio, esta última visión explica las recurrentes y cada vez más profundas crisis financieras del último tercio de siglo XX —especialmente la gran debacle económica de 2008—, que los gobiernos han enfrentado con políticas económicas erróneas porque, sin tener en cuenta la génesis de estos fenómenos, en lugar de generar crecimiento económico han priorizado el “rescate” de las instituciones financieras.
The article presents the Efficient Market Hypothesis, developed by Eugene Fama. It contains discussions on martingale and random walk models
The article authors dwell on the international practices gained in promoting industrial diversification. One of the key barriers that hamper the process in the emerging economies is the existence of the underdeveloped financial system backed by the vast amount of natural resources and the lack of a chain of production that could integrate the domestic hi-tech companies. As a result, the costs associated with the attraction of borrowed funds become quite high. This is especially true it you take the innovative companies that operate in the SME sector. The article authors identify the ways to form hi-tech sectors on the basis of resource-intensive sectors.
This book explores the contradictory development of gender roles in Central and Eastern Europe including Russia. In light of the social changes that followed the collapse of communism and the rise of new conservatism in Eastern Europe, it studies new forms of gender relationships and reassesses the status quo of female empowerment. Moreover, leading scholars in gender studies discuss how right-wing populism and conservative movements have affected sociopolitical discourses and concepts related to gender roles, rights, and attitudes, and how Western feminism in the 1990s may have contributed to this conservative turn.
Mainly focusing on power constellations and gender, the book is divided into four parts: the first explores the history of and recent trends in feminist movements in Eastern Europe, while the second highlights the dynamics and conflicts that gained momentum after neoconservative parties gained political power in post-socialist countries. In turn, the third part discusses new empowerment strategies and changes in gender relationships. The final part illustrates the identities, roles, and concepts of masculinity created in the sociocultural and political context of Eastern Europe.
Business Issues is a new Businss English course which helps students get ahead fast with skills and business vocabulary, it also gives students grammar practice in business contexts.
The main idea of the paper is that the persistence of the current global crisis can be explained by phenomenon of investor myopia. When agents exclude from the consideration values of future variables after some “threshold” time point they may refuse from investing in durable productive assets. So, investor myopia – as an extreme form of short-termism – inhibits long-run economic development and can prolong crisis.
The underlying causes of investor myopia have institutional and cultural nature and exert influence on the human behavior with time lags.
On the one hand, investor myopia is a reaction on the higher uncertainty due to ineffective institutions leading to a lack of enforcement or lack of punishment for opportunistic behavior. These aspects are very serious problem in some post-socialist countries like Russia or Ukraine. On the other hand, investor myopia is a reflection of values of economic culture emphasizing the importance of maximizing short-term financial gains and/or current consumption. It means that in the developed countries investor myopia can be a product of both evolution of money manager capitalism (including financialization) and dynamics of mass consumption society. Therefore prolonged crises are, perhaps, the inherent features of the modern capitalistic societies characterized by the dominance of financial markets (where institutional investors rule the roost) and values of consumptive society.
In the real world both money and power turn out to be manifestations of a broader phenomenon – might, and are related to each other.
The collection includes papers of participants of the XVIII International scientific-practical conference, organized by the company "Rosgosstrakh" and the Kostroma state University with the participation of the Second scientific society of insurance. In the publications considered: the place of insurance in financial system of Russia and problems of regional and global insurance markets, different types and forms of insurance protection, as training for the insurance industry. The edition is addressed to experts in the field of insurance, students, graduate students, scientific employees and teachers of educational institutions.
The Summer School “Governance, Markets and Institutions: Russia and Germany Compared” was held from September 27 to October 10, 2015 under the coordination of the Institute for East European Studies, Free University of Berlin (Berlin) with the participation of Hertie School of Governance (Berlin), German Institute for Economic Research (Berlin), Higher School of Economics (Moscow) and European University at St. Petersburg (St. Petersburg). The Volkswagen Foundation (Volkswagen Stiftung) provided the Summer School with necessary financial support. Around thirty doctoral students and postdoctoral scholars (both EU and non-EU) from a variety of disciplines including sociology, political science, economics, social anthropology, law, history and geography took part in this academic event. In addition, eight Russian MA students from social and political sciences were admitted as participants with special support from the Higher School of Economics.
The keynote speakers and lecturers from the Higher School of Economics (Moscow) were Alexander Chepurenko, Victoria Antonova, Fuad Aleskerov, Lilli DiPuppo, Andrei Melville, Yuval Weber, Andrei Yakovlev, Vladimir Zuev, Alexey Zakharov and Christopher Gerry. Nikita Lomagin presented his research on behalf of the European University at St. Petersburg (St. Petersburg). Among the participants from the Free University of Berlin (Berlin) were Katharina Bluhm, Carsten Schröder, Sabine Kropp, Tanja Börzel, Klaus Hoffmann-Holland, Philipp Engler, Klaus Segbers and Aron Buzogany. A number of scientists and researchers from other universities also took part in this academic event, including Klaus Desmet (Southern Methodist University, Texas), Volker Schneider (University of Konstanz, Konstanz), Nikolaus Wolf (Humboldt University, Berlin), Panu Poutvaara (Ludwig Maximilian University of Munich, Munich), David Woodruff (London School of Economics and Political Science, London).
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.