Can the EU overcome its enlargement impasse?
Professor R.G.Suny wrote a review of the book by Adrian Brisku "Albanian and Georgian Discourses on Europe, 1878-2008".
European History Quarterly is a quarterly peer-reviewed academic journal that publishes articles in the field of history. The journal was established in 1971 as the European Studies Review and obtained its current title in 1984. It covers a range of subjects from the later Middle Ages to post-1945.
The article deals with well-known Laval case of European Court of Justice. This case has provoked, on one hand, the big discussions over the theoretical problem of collision of labour and economic rights. On the other hand, it has illustrated the problems that followed the European Union enlargement, associated with incomes’ gap of workers in the “old” and “new” EU member-states. Both aspects of Laval case are interesting for Russia from comparative perspective in light of balancing social rights and economic freedoms and prospects of economic integration of Russia with other countries within the Eurasian region.
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.