Vernikov Andrei, Mamonov Mikhail
The paper examines cot efficiency of various Russian banks over 2005-2013. The authors amend the method of computation of comparative cost efficiency within stochastic frontier analysis (SFA). Namely, they control for the polluting effect of the revaluations of foreign currency items on bank balance sheet and the revaluation of securities, in order to focus on essential aspects of operational efficiency. All public banks are split into the core ones and other state-controlled banks, for the sake of additional insight and specificity. The results on comparative bank efficiency are qualitatively different from those in mainstream papers. The efficiency scores of Russian banks are higher and less volatile, and spreads between the scores of different bank types are narrower than hitherto believed. Foreign subsidiary banks appear as the least cost-efficient type of market participants, while the core state banks are, on average, nearly as efficient as domestic private banks. These findings can have research implications and policy ones as well, with regard to the regulation of state banks and their upgrading.
The article deals with contemporary aspects of Robert Mundell’s optimal currency zones theory and overviews other authors’ contribution to the development of the regional currency union model based on single currency. However, we support the alternative theory of regional economic and currency union that was developed by T.D. Valovaya in mid-1990
Badassen Polina, Kartaev Filipp, Khazanov Aleksey
In this paper we analyze the effect of ruble exchange rate dynamics on economic activity in Russia. We consider the dynamics of both total production and the distinct industries’ output. We apply the SVAR-X approach and analyze the most recent Russian data. We show that the devaluation of Russian currency has positive impact on export-oriented industries, on industries with low share of imports in costs. The negative impact is observed only in the construction industry. The rouble devaluation has no significant impact on the economic activity indicators in other industries including the key industries and the industrial production index.
In the article the attention is paid to increasing of the importance of system of the intrabank control over development of financial sector of the country. Importance of the internal control is proved, its place in a control system of a bank and the role of the top management of a bank in the organization of the monitoring system are shown. It is offered to consider system of the internal control of a bank as a component of system of quality management of a bank product or service. Administrative function of the control is considered.
The article deals with the problems of Russian economy, monetary and financial policy in the context of the global systemic crisis, complicated by foreign economic sanctions.