This book is intended for students in economics, sociology of education, students of training programs in educational administration (such as management and staff of universities), and researchers working on the internals of academic markets. It may also interest a wider group of readers who are concerned by problems of educational policy and the functioning of academic markets in different countries.
Performance measurement is one of the main issues in managerial decision-making. Credit ratings hold a specific place as an assessment tool. As an integral characteristic of fi nancial risks, they provide unifi cation and borrowing costs reduction as well as disclosure of an independent opinion. They can underpin regulatory actions and counterparties’ internal risk-management systems.
This monograph reveals the perception of ratings which has been established in the recent years. The focus is on studies about comparing rating scales, default probability modeling and constructing rating models, including topics on internal and external ratings for fi nancial institutions.
The book is based on research in these fi elds carried out by the author and his colleagues in the past ten years as well as on the experience in teaching master’s degree students at the Higher School of Economics and other universities. It sheds light on the contemporary trends in the research agenda and can be applied to develop a full-fledged master’s course. This book aims at a wide audience of professionals and can be practically applied by regulators and commercial banks.
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.