Внешнеэкономическая политика России в условиях глобальных вызовов
The article examines the experience of China's investment policy aimed at creating favorable conditions to attract investment, particularly foreign direct investments, to the most important country's industries. In recent years, this policy (the establishment of free economic zones, trade liberalization, the establishment of an appropriate legislative framework, state support for investors) has brought noticeable positive results, but with the beginning of the global financial crisis allowed to avoid the most painful consequences. This experience taking into account all its particularities can be useful for our economy.
In early 2010 Russia once again entered a turbulent period. From the system of property distribution, to structure of the political elites and relations between the Center and the regions - various spheres of Russian life are in a state of flux. Two major factors are driving this change: oil prices which are unlikely to grow the way they did in the 2000s and the rapidly deteriorating efficiency of governance. Relations between federal and regional elites, as well as public activism, are derived from these two factors and play an important role of their own. Will change take an evolutionary path or is Russia facing another revolution? The book offers a view of the Russian future until 2025 based on thematic scenarios created by an international team of Russia scholars whose expertise range from politics and economics to demographics and foreign policy.
In the article reveals an influence of various stages of life cycle of the company on its investment activity. For this purpose it is necessary to follow the dynamics of a life cycle of the separate organization and to find new approaches tin the management policy of the company. The article contains the description of features of a corporate investment policy for each stage of life cycle, the phase of revival of business is separately considered. The methodological basis of research is presented, the constructed models are empirically tested.
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.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.