Издержки торговых компаний по поддержанию систем наличных и безналичных платежей
Bank stabilization measures adopted by the Russian authorities since 2008 have benefited core state-owned financial institutions to a greater extent than other market participants. Public sector keeps swelling at the expense of domestic private sector. According to the author’s methodology, by January 2010 state-controlled banks possessed over 50 percent of all bank assets, thus putting Russia in the same league with China and India. Development banking and policy lending expand. A feature distinguishing Russia is gradual substitution of direct state control by indirect state ownership in the shape of corporate pyramids headed by state-owned enterprises and state-owned banks. We construct a dataset of bank-level statistical data for the period between 2001 and 2010 and find that quasi-private banks (indirectly state-owned banks) were the fastest growing subgroup. Nationalization and rehabilitation of failed banks was carried out by state-controlled banks and entities rather than by federal executive authorities directly. We suggest that the response of the Russian authorities to bank instability was consistent with long-term trends in the banking system evolution. Anti-crisis measures of 2008-9 re-aligned the sector with the traditional model of banking that rests upon dominant state-owned banks, directed lending, protectionism, administrative interference and elements of price controls. Increased government ownership of banks and control over lending activity are unlikely to be fully dismantled after the crisis is over. This scenario can nevertheless accommodate a tactical retreat of the state from non-core assets in the financial sector, leaving control over 3 largest institutions intact.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.
Economy is embedded in ongoing concrete social networks, and economic processes are increasingly international in character. Three interrelated processes are crucial for setting the frame of analysis for this book: globalisation, development of post-industrial societies, and transformation of European post-socialist countries. Within this framework the main issues will be as follows: economies in transition - reliable patterns, imitation, local adaptation, cultural embeddedness; multiplicity of markets - commodification of life, new markets in old societies; economic behavior - households, micro-enterprises, local and global influences; and, contemporary polities i.e. states, the European Union and global corporations. The stress will be placed on actors, relations and institutions as the driving forces of the above described processes. The authors of this collection analyze, based on their empirical material, very interesting socio-economic issues. These are: ethical consumption from the perspective of the moral economy and its connection to political institutions in Europe (and particularly in Hungary); the cultural context of consumption, both in the case of social networks in Bangladesh and of counterfeited goods on the Russian market; the new and old, individual and organizational actors in transition economies, for instance in Poland and Croatia; the new approach to corporations as global actors, stressing their social responsibility; the dynamics of managerial practices in the example of Russia; the influence of EU funds and policies on the Polish SMEs market; the cultural embeddedness of economic behavior, in the case of Poles working in the Scottish market and of entrepreneurs in Damascus; the retirement policy in the fast aging societies of Spain and Poland; and, the emergence of the new markets, like that of health services, in Russia and that of the property market in Eastern and Central Europe.
This paper uses the banking industry case to show that the boundaries of public property in Russia are blurred. A messy state withdrawal in 1990s left publicly funded assets beyond direct reach of official state bodies. While we identify no less than 50 state-owned banks in a broad sense, the federal government and regional authorities directly control just 4 and 12 institutions, respectively. 31 banks are indirectly state-owned, and their combined share of state-owned banks’ total assets grew from 11% to over a quarter between 2001 and 2010. The state continues to bear financial responsibility for indirectly owned banks, while it does not benefit properly from their activity through dividends nor capitalization nor policy lending. Such banks tend to act as quasi private institutions with weak corporate governance. Influential insiders (top-managers, current and former civil servants) and cronies extract their rent from control over financial flows and occasional appropriation of parts of bank equity.
Several approaches to the concept of fatherhood present in Western sociological tradition are analyzed and compared: biological determinism, social constructivism and biosocial theory. The problematics of fatherhood and men’s parental practices is marginalized in modern Russian social research devoted to family and this fact makes the traditional inequality in family relations, when the father’s role is considered secondary compared to that of mother, even stronger. However, in Western critical men’s studies several stages can be outlined: the development of “sex roles” paradigm (biological determinism), the emergence of the hegemonic masculinity concept, inter-disciplinary stage (biosocial theory). According to the approach of biological determinism, the role of a father is that of the patriarch, he continues the family line and serves as a model for his ascendants. Social constructivism looks into man’s functions in the family from the point of view of masculine pressure and establishing hegemony over a woman and children. Biosocial theory aims to unite the biological determinacy of fatherhood with social, cultural and personal context. It is shown that these approaches are directly connected with the level of the society development, marriage and family perceptions, the level of egality of gender order.