Межбюджетные отношения в Российской Федерации. Теория и практика консолидации субсидий: монография
The paper reviews the problem of Russian regions’ inequality and the current system of intergovernmental fiscal relations, which is used as the main smoothing mechanism of the regional disparities. To use only the minimum level of fiscal capacity as the main calculated indicator of the intergovernmental transfers is not effective, because the real differences between the regions should be considered by taking into account socioeconomic variables (income levels, standard of living). Moreover the problem of a large grant amount to the sub-national government must be solved not only at the federal level. The detection of the reasons revealed that an active regional policy is required. There are also suggestions and recommendations to the federal and regional authorities how to improve the system of intergovernmental fiscal relations in the Russian Federation in the article.
The paper reviews the problem of Russian regions inequality and the mechanisms for its solving. To use only the minimum level of fiscal capacity as the main calculated indicator of the intergovernmental transfers is not effective. In the article there are suggestions for improving the system of intergovernmental relations and the perspectives to use the Investment Fund for smoothing regional disparities.
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.