Российский финансовый рынок: факторы развития и барьеры роста
The paper studies the patterns in the development of the Russian financial market after the crisis of 2008. It’s shown that along with positive phenomena, such as the creation of a modern financial market infrastructure and financial stabilization in 2015-2016, there are tendencies of deterioration of quantitative characteristics of the domestic stock market, it’s lagging behind external competitors, and a decline in the role of this market in the economy. As the key reasons restraining the growth of the financial market, the study addresses the problems of the scarcity of attractive instruments of domestic savings, excessive administrative burden on the business, restrictions on internal competition, the lack of a strategy for developing the financial market, linked to the priorities of economic policy.
The review provides a detailed analysis of main trends in Russia's economy in 2013. The paper contains 6 big sections that highlight single aspects of Russia's economic development: the socio-political context; the monetary and credit spheres; financial sphere; the real sector; social sphere; institutional challenges. The paper employs a huge mass of statistical data that forms the basis of original computation and numerous charts.
In this monograph revealed the key theoretical and practical issues in the field of investment projects funding with financial market instruments used by the real sector corporations. The authors proposed a scientific model of forecasting the level of interest rates in the economy with the aim of building plans for its activities, and also provides a mechanism to identify the most effective instrument of investment project funding. The main provisions are designed for the real sector of corporate economy. The authors have discussed in detail the tools of state regulation of the process of interaction between the financial and real sectors and put forward recommendations to address the shortcomings in the existing regulation. This monograph is intended for students, teachers and researchers, as well as professionals working in the field of financial management in business organizations.
The paper represents the review of contemporary approaches to the analysis of financial market imperfections and financial crises and their impact on fluctuations of the key macroeconomic variables during the business cycle as well as the transmission mechanism of financial shocks on the real economy in the framework of New Keynesian dynamic stochastic general equilibrium models. These models are widely used for the evaluation of monetary policy effects on macroeconomy and constitute the theoretical base for elaboration the optimal monetary policy not only during the crisis but for the further perspective. The construction of such models types for different economies including the Russian economy requires considering the institutional features and specific development and functioning characteristics of the of the national financial sector and economy as a whole.
The review provides a detailed analysis of main trends in Russia's economy in 2008. The paper contains five big sections that highlight single aspects of Russia's economic development: the socio-political context; the monetary and credit and financial spheres; the real sector; social sphere; institutional challenges. The paper employs a huge mass of statistical data that forms the basis of original computation and numerous charts.
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.