Drivers of Regional Integration: Value Chains, Investment and New Forms of Co-operation
This collection of papers is a combined initiative of EPF member think tanks and is the result of two round-table discussions under the Regional Integration research stream. The first event, ‘Drivers of Regional Integration’, took place in Cape Town, 25-27 November 2014; the second, ‘Regional Integration and Regional Value Chains’ was held in Moscow, 21 May 2015.
The article discusses prospects of future developments in the field of Russian investment law. The author analyses new laws «On investment partnerships» and «On usiness partnerships», as well as certain draft laws. The author also deals with the perspectives of legal regulation of public-private partnerships as part of investment law.
This article is dedicated to the analysis of effectiveness of special economic zones (SEZ), a rather new, but promising phenomenon in Russian Federation economy. It includes general analysis of SEZ, its reaction to the world financial crisis, analysis of innovation implementation SEZ (II SEZ), and, in particular, its IT-potential. At the end, the cases related to IT products realized in these zones are described and some economic and financial indicators suitable to describe the dynamics of development of these agglomerations of IT enterprises are given.
The article is dedicated to fiscal incentives for business angels. Business angel, a comparatively new phenomenon in Russia, is defined in the first part of the article. The second part is a research of fiscal incentives intended for private investors in order to encourage them to support small innovative enterprises. The research is based on European and North American experience. Finally, the third part suggests the ways of creating a system of fiscal incentives for business angels in Russia.
The historical changes in Central and Eastern Europe demanded suitable paths for the transition from centrally planned to market based economies. The lack of relevant experience added to the challenge, giving rise to the incalculable risks of implementing untested policies. By focusing on monetary policy, trade, and convergence, this volume addresses some of the most urgent economic policy issues in the transition economies of Central and Eastern Europe and beyond.
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Strong distinction between contractual claims and claims arising out of bilateral investment treaties (BIT) exists in modern investment disputes resolution. This distinction has a practical importance when the competence of international tribunal to decide the claim is in question, because investment contract and BIT contain different dispute resolution provisions. The common mechanism of dealing with this conflict is introduction of umbrella clause in the particular BIT. Umbrella clause is the clause lifting the breach of contract between investor and host state to the level of breach of BIT between this state and investor’s home country. The role of umbrella clauses in international investment law and the issue of competence conflicts arising of them are analyzed in this article.
During 1998-2010 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
National Research University – Higher School of Economics (Moscow) and author has been researching the leasing market of Russia for 15 years. The results of the annual review shows that the 2011 year was successful for the leasing business. According to Leaseurope and author of Russia took the 5-th place in Europe after Germany, Britain, France, Italy. The article presents the dynamics that characterizes the development of market in the country by value of new contracts, the largest leasing portfolios, calculated author of segmental structure of the leasing market and regional structure. Particular attention is paid to the analysis of the factors influencing the big-ticket deals, because they account for about 70% of the total portfolio. The article presents results of regression analysis for large-scale transactions, 247 correlation of price formation on leasing services depending on the cost of funding, advances, interest rate, duration of contracts, the margin of the lessor. Exploring the structure of financing of leasing operations, the author has developed a new approach to determining leverage leasing projects.