Лизинг морского транспорта в России. Управление рисками лизинговых проектов.
One of the issues most discussed currently by the economic expert community is the transition of the Russian economy to a new growth model, involving higher levels of competition and economic activity and the creation of an appropriate investment climate. To achieve these objectives, it is necessary to significantly improve the system of economic relations between financial institutions and enterprises of the real economy, using appropriate financial and credit tools.
One of these tools is the financial lease widely adopted in the world economic practice. However, the current use of this tool in the Russian economy is insufficiently active.
In this article, the authors analyze the situation in the leasing market in 2011. The analysis of the market is based on the survey conducted by the Russian Statistics Committee (Form DAFL) to produce a synthesis of the opinions of leasing operators on the main development trends of the leasing market, distinctive features of their businesses, their intentions, and the degree of adaptation to changing economic conditions.
This article was prepared in the framework of the Program of fundamental researches by NRU HSE.
The institute of investment operations guarantees is designed to ensure, through legal measures, a relative stability of reproduction and freedom of capital movement in the world economic system amid the backdrop of social, economic and political crisis. The notion of investment guarantee stands for the investment insurance mechanism both on the state and the state-by-state basis, aimed at compensation for damages caused to a foreign investor upon occurrence of events economically affecting the investment. The article discusses the activity of the Multilateral Investment Guarantee Agency (MIGA) established under the Seoul Convention. MIGA's guarantee opportunities, conditions for granting investment guarantees and risks which could be covered by the Agency's guarantees are specified.
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.