Evaluating Efficient Multilateral Interchange Fees: Evidence from End-User Benefits
The article presents the experience of implementation of the Federal Target Programs within the territory of the North Caucuses Federal District and concludes that implementation of the dirigist model only does not ensure the desired result. It is proposed to focus the regional economic policy on development of the direct investment funds. Meanwhile, to take a region to the catching-up development curve requires a combination of the dirigist and institutional economic growth models.
In the article key global trends and shifts of recent development in large value payment systems and retail payment systems since the middle of 1980-s are analyzed. The paper shows growth of hybrid payment systems, expansion of multicurrency payment systems, increase in electronic payments, and decline in the use of traditional payment instruments.
Usually DEA methods are used for the assessment of the regions disaster vulnerability. However, most of these methods work with precise values of all the characteristics of the regions. At the same time, in real life, quite often most of the data consists of expert estimates or approximate values. In this regard, we propose to use modified DEA methods, which will take into account inaccuracy of the data. We apply these methods to the evaluation of wildfire preventive measures in regions of the Russian Federation.
Recent changes in world payment infrastructure affect the area of retail payments. This article considers frontiers and specific features of small money transfers, as well as major payment instruments and operational structures, which are functioning now in world developed countries. Special attention is paid to innovations in retail payments, their forms and scope of usage.
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.