Корпоративное управление и саморегулирование в системе институциональных изменений
This article sets out to describe the current situation in the social housing sector in Russia. The author presents the historical background of social housing in Russia, it’s development and current conditions in the context of the transition from planned housing sector to one governed by market relations. The article also contains the analysis of the key structural elements of the social housing sector and expert evaluation of how well the social housing works as a mechanism for improving the housing conditions of the poor and vulnerable groups of population. The important role in the article is given to the legal status of social housing tenants, rent-setting policies and the problems of social housing finance. The main development opportunities and the main challenges for housing policy are revealed in the final sections of the article.
This paper puts forth a comprehensive set of measures to address the current economic crisis, prevent its further aggravation and ensure sustained and ongoing development of the Russian economy. In this study we seek to adopt the viewpoint of common sense and keep free from political and ideological bias. This is why we believe the proposed solutions should be implemented by any reasonable government irrespective of its political coloration. This text presents our vision of the Russian economy and its problems.
In this paper we study convergence among Russian regions. We find that while there was no convergence in 1990s, the situation changed dramatically in 2000s. While interregional GDP per capita gaps still persist, the differentials in incomes and wages decreased substantially. We show that fiscal redistribution did not play a major role in convergence. We therefore try to understand the phenomenon of recent convergence using panel data on the interregional reallocation of capital and labor. We find that capital market in Russian regions is integrated in a sense that local investment does not depend on local savings. We also show that economic growth and financial development has substantially decreased the barriers to labor mobility. We find that in 1990s many poor Russian regions were in a poverty trap: potential workers wanted to leave those regions but could not afford to finance the move. In 2000s (especially in late 2000s), these barriers were no longer binding. Overall economic development allowed even poorest Russian regions to grow out of the poverty traps. This resulted in convergence in Russian labor market; the interregional gaps in incomes, wages and unemployment rates are now below those in Europe. The results imply that economic growth and development of financial and real estate markets eventually result in interregional convergence.
In the article the necessity of institutional changes on the way to sustainable ecological-economic development and the multidirectional nature of the process is proved. The authors offer the ways of forming effective institutional mechanism. And the features of institutional transformations in Russia are emphasized.
This volume intends to fill the gap in the range of publications about the post-transition social housing policy developments in Central and Eastern Europe by delivering critical evaluations about the past two decades of developments in selected countries’ social housing sectors, and showing what conditions have decisively impacted these processes.
Contributors depict the different paths the countries have taken by reviewing the policy changes, the conditions institutions work within, and the solutions that were selected to answer the housing needs of vulnerable households. They discuss whether the differences among the countries have emerged due to the time lag caused by belated reforms in selected countries, or whether any of the disparities can be attributed to differences inherited from Soviet times. Since some of the countries have recently become member states of the European Union, the volume also explores whether there were any convergence trends in the policy approaches to social housing that can be attributed to the general changes brought about by the EU accession.
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.