Энциклопедия рейтингов: экономика, общество, спорт
This article conducts a study of multiplying the credit rating agencies efforts. These opportunities are practically important in connection with implementation of the IRB approach. The author considers Russian commercial banks as one of the main examples of using proposal methods, so in addition to literature overview the paper includes review of the Russian banking system and rating activities.
Firstly, the author discussed the rating scales mapping for comparison of rating estimations of different agencies. Then, he proposed the distance method with the connected extremum problem to find compatible mapping functions for rating scale correspondence.
Secondly, the paper considered the possibility of rating model system creation for financial institutions. The bank rating models in order logit interpretation are discussed simultaneously for resident (Russian) and non-resident institutions. In addition, the specification of bank models’ characteristics and their quality were considered for the three largest international rating agencies also as econometrical models for corporates and sovereign were presented.
The results reviewed can help to apply basic instruments for practical applications of such models to the risk management problems, which are based on the public information and remote estimation of ratings. Commercial banks and government financial regulators may be perspective consumers of the proposed methods.
The article comprehensively considered the protection of the rights of investors in the securities market.
Though the issue of economic cycles has been subject to numerous studies, this problem has retained its high importance. What is more, the current crisis has confirmed in an extremely convincing way the point that, notwithstanding all the successes achieved by many states in their countercyclical policies, no economy is guaranteed against uncontrollable upswings and unexpected crises and recessions that tend to follow such upswings. In addition to this, the financial globalization has increased substantially the risks of such cyclical fluctuations.
The notion of economic cycles is regarded ambiguously in economic science. In modern theories, business cycles are frequently defined as fluctuations of actual output around its potential value which is achieved in full employment conditions (see, e.g., Fischer, Dornbusch, and Schmalensee 1988). However, quite frequently economics does not achieve on the rise the potential GDP volume when a recession phase starts (such situations are described in more detail in Гринин, Коротаев 2009а: ch. 1). Thus, economic cycle, in our opinion, can be defined as periodical fluctuation around medium line of production volume, where repeating phases of rise and decrease can be specified.
In the model that we propose below we have tried to briefly describe the main features of medium-term cycles of business activity, or business cycles (7–11 years) that are also known as Juglar cycles after the prominent 19th-century French economist Clement Juglar (1819–1905), who investigated these cycles in detail (Juglar 1862, 1889).
 Many economists maintain that business cycles are quite regular with the characteristic period of 7–11 years. However, some suggest that economic cycles are irregular (see, for example, Fischer, Dornbusch, and Schmalensee 1988). As we suppose, comparative regularity of business cycles is observed rather at the World System scale than in every country taken separately. This corroborates the important role of exogenous factors for the rise and progress of business cycles (for more detail see below).
 Medium-term cycles (7–11 years) were first named after Juglar in works by Joseph Schumpeter, who developed the typology of different-length business-cycles (Schumpeter 1939, 1954; see also Kwasnisсki 2008).
The collection contains research papers prepared based on research works of students Natsionalnoogo Research University Higher School of Economics in Nizhny Novgorod, participating in 2013 in the HSE - Nizhny Novgorod for the best research work . Results of the work were presented April 18 2013g.na XI scientific practical conference of students and teachers ' Current issues in economics, management , business informatics , law and social sciences and humanities . "
The up-to-date problem of improvement of the quality of higher equation is discussed in the present article. Results of the world rating of the higher-educational institutions for 2011 and 2012 as well as its Russian positions are given by the QS research agency. «Strategy-2020» is being discussed (paragraph 10. Professional education). The author of the article shares with her experience in arrangement of original student work in the form of on-line study. The article deals with the thesis «High-quality education today is deserving life in the future».
The monograph based on a study of legal acts of the World Trade Organization and periodical literature examines the history of the creation of the GATT / WTO, its structure, goals and principles. On the basis of statistical data and other sources describes the process of Russia's accession to the WTO, analyzed the socio-economic consequences, examines the process of adaptation of Russian business, higher education and the ability of the Customs Union in the framework of Russia's membership in the WTO. The author focuses on the possible negative effects on the regional level and in various sectors of the economy. On the basis of the analysis carried out by forming conclusions and provides guidance for the development of adaptation to Russian WTO rules.
Work is aimed at specialists in the field of economics, law, customs, university students, as well as all those interested in the consequences of Russia's entry into the World Trade Organization.
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.