Экономический анализ права
This article reviews the functions of transaction avoidance in German insolvency law. First it considers the effectiveness of transaction avoidance law from the point of economics. The author evaluates what incentives are created by the actual transaction avoidance provisions and how do they affect the moment the insolvency petition is filed and the possibility of rescuing the company. Separately the author gives the evaluation of strategies of the secured creditors, whose interests are not the same with the general body of creditors. The second part analyzes the prerequisites which are mandatory for the successful avoidance of the transaction.
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.