Экономика культуры: новый ракурс старых проблем
Tourism development in St. Petersburg, which is a major cultural centre, has improved in terms of the tourist flow; both tourism types and tourist products have become more diverse. These improvements give ground for a fairly optimistic prognosis for the tourist industry in St. Petersburg. At the same time, there are a number of factors which tend to endanger sustainable development of tourism in St. Petersburg. The current situation calls for a more flexible and innovative approach to industry development. Among these factors we can single out the pronounced seasonal character of tourism, short-term visits of most of the tourists, the rather conservative, academic image of the St. Petersburg culture, which compromises the city’s appeal as a tourist destination for certain tourist segments. Apart from that, the critical limitation imposed on the development of cultural tourism in general and of creative tourism in particular is the low involvement of the population in cultural and tourist events held in the city. All in all this makes it relevant to look for new approaches for creative tourism development in St. Petersburg as an important tool for the sustainable development of the industry.
The article aims at considering the existing and potential competitive advantages of St. Petersburg as a tourist destination on the basis of creative tourism development.
Institutions affect investment decisions, including investments in human capital. Hence institutions are relevant for the allocation of talent. Good market-supporting institutions attract talent to productive value-creating activities, whereas poor ones raise the appeal of rent-seeking. We propose a theoretical model that predicts that more talented individuals are particularly sensitive in their career choices to the quality of institutions, and test these predictions on a sample of around 95 countries of the world. We find a strong positive association between the quality of institutions and graduation of college and university students in science, and an even stronger negative correlation with graduation in law. Our findings are robust to various specifications of empirical models, including smaller samples of former colonies and transition countries. The quality of human capital makes the distinction between educational choices under strong and weak institutions particularly sharp. We show that the allocation of talent is an important link between institutions and growth.
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.