Динамический анализ бизнес-моделей российских банков в период 2006–2009 гг.
We present a complex analysis of business models for large, medium and small Russian commercial banks from 2006 to 2009. The Russian banks are grouped based on homogeneity criteria of their financial and operational outcomes. The banks’ structure of assets and liabilities, profitability and liquidity ratio are taken into account. The results show how the banks are adjusted their business models before and after the financial turmoil taken place in 2008. In addition, the prevailing banking business models observed for the leading banks in Russia are defined. The banks often changing their business models are found and analyzed.
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.
The purpose of this paper is to assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. We distinguish between banks that are majority-owned by federal executive authorities or Central Bank of Russia, by sub-federal (regional and municipal) authorities, by state-owned enterprises and banks, and by "state corporations". We estimate their combined market share to have reached 56% of total assets by July 1, 2009. Banks indirectly owned by public capital are the fastest-growing group. Concentration is increasing within the public sector of the industry, with the top five state-controlled banking groups in possession of over 49% of assets. We observe a crowding out and erosion of domestic private capital, whose market share is shrinking from year to year. Several of the largest state-owned banks now constitute a de facto intermediate tier at the core of the banking system. We argue that the direction of ownership change in Russian banking is different from that in CEE countries.
This is a compilation of all presentations given at the 14th Central Asia Media Confirence, organized by the Representativ’s office, which brought together international and local experts from five Central Asia participating States of the OBSE. This publication is designed to serve as a record of the events of that conference and is intended for journalists, government and regulatory officials and students.
The process of the IPO of banks in Russia is its infancy but the rapid growth is forecasted. This context raises the issue of the factors determining the floated banks stock value. The results of the research on 2007-2009 Russian data showed that the bank stock price is dependent on the macroeconomic indicators (such as the oil prices and the Dow Jones index volatility) and the some banking system indicators(the interbank interest rate, the bank’s ROA, and ROE). However, the results adjusted to the global financial crisis effect proved to exclude the ROE factor and showed the dependence of the stocks prices of the floated banks from the historic trend of the American economy. The models developed are of the practical application and can be used by the institutional as well as the private investors.
The purpose of this paper is to carefully assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. For the state-owned banks, we distinguish between those that are majority-owned by federal executive authorities or Central Bank of Russia, by sub-federal (regional and municipal) authorities, by state-owned enterprises and banks, and by "state corporations". We estimate their combined market share to have reached 56% of total assets by July 1, 2009. Banks indirectly owned by public capital are the fastest-growing group. Concentration is increasing within the public sector of the industry, with the top five state-controlled banking groups in possession of over 49% of assets. We observe a crowding out and erosion of domestic private capital, whose market share is shrinking from year to year. Several of the largest state-owned banks now constitute a de facto intermediate tier at the core of the banking system. We argue that the direction of ownership change in Russian banking is different from that in CEE countries.
Data Correcting Algorithms in Combinatorial Optimization focuses on algorithmic applications of the well known polynomially solvable special cases of computationally intractable problems. The purpose of this text is to design practically efficient algorithms for solving wide classes of combinatorial optimization problems. Researches, students and engineers will benefit from new bounds and branching rules in development efficient branch-and-bound type computational algorithms. This book examines applications for solving the Traveling Salesman Problem and its variations, Maximum Weight Independent Set Problem, Different Classes of Allocation and Cluster Analysis as well as some classes of Scheduling Problems. Data Correcting Algorithms in Combinatorial Optimization introduces the data correcting approach to algorithms which provide an answer to the following questions: how to construct a bound to the original intractable problem and find which element of the corrected instance one should branch such that the total size of search tree will be minimized. The PC time needed for solving intractable problems will be adjusted with the requirements for solving real world problems.
The author traces the analysis evolution of the monetary shocks effects on the economy, exploring the key approaches to modeling of the monetary transmission mechanism. The article emphasizes the necessity of the monetary transmission mechanism modification in the conditions of current financial crisis: the active role reflection of the financial intermediaries, accounting of the development degrees of institutional capacity in the economy.
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.
How seriously does the degree of trust in basic social and political institutions for people from different countries depend on their individual characteristics? To answer this question, three types of models have been estimated using the data of the fifth wave of the World Value Survey: the first one based on the assumption about a generalized relationship for all countries, the second one taking into account heterogeneity of countries (using introduction of the country-level variables), the third type applying a preliminary subdivision of countries into five clusters. The obtained results have been used for suggestion of possible actions to increase public confidence in the basic institutions.
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.