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«Национальные Чемпионы» В Структуре Российского Рынка Банковских Услуг
[National champions and the competitive structure of the Russian banking market]

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Author Info

  • Vernikov, Andrei

Abstract

We assess the effects from the industrial policy of growing state-controlled national champions on the Russian banking system, its concentration and competitiveness. Some light is shed on comparative financial performance of state-controlled banks versus other market participants. We also show that direct stare ownership is being replaced by indirect ownership and control. The period of observations spreads from 2000 through 1Q 2012. We modify the method of calculating the indicators of market concentration to reflect public ownership of the core market players. As a result of this modification, most market segments cross the threshold of high concentration (HHI ≥ 0.25), whereas household deposits market becomes close to monopoly. Supremacy of public banks enhances their market power and enables collecting rent that boosts profitability. In terms of institutional dynamics, we find a growing similarity between the Russian case and the evolution of the Chinese banking industry.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40236.

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Date of creation: 23 Jul 2012
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Handle: RePEc:pra:mprapa:40236

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Related research

Keywords: Russia; state-owned banks; public sector; industrial policy; national champions; market structure; concentration; Herfindahl-Hirschman Index;

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  1. Bertay, Ata Can & Demirguc-Kunt, Asli & Huizinga, Harry, 2012. "Bank ownership and credit over the business cycle: Is lending by state banks less procyclical?," CEPR Discussion Papers 9034, C.E.P.R. Discussion Papers.
  2. Rafael La Porta & Florencio Lopezde-Silanes & Andrei Shleifer, 2000. "Government Ownership of Banks," NBER Working Papers 7620, National Bureau of Economic Research, Inc.
  3. Xavier Vives, 2001. "Competition in the Changing World of Banking," Oxford Review of Economic Policy, Oxford University Press, vol. 17(4), pages 535-547.
  4. Anzoategui, Diego & Pería, María Soledad Martínez & Melecky, Martin, 2012. "Bank competition in Russia: An examination at different levels of aggregation," Emerging Markets Review, Elsevier, vol. 13(1), pages 42-57.
  5. Karas, Alexei & Schoors , Koen & Weill, Laurent, 2008. "Are private banks more efficient than public banks? Evidence from Russia," BOFIT Discussion Papers 3/2008, Bank of Finland, Institute for Economies in Transition.
  6. Fungacova, Zuzana & Poghosyan, Tigran, 2009. "Determinants of bank interest margins in Russia: Does bank ownership matter?," BOFIT Discussion Papers 22/2009, Bank of Finland, Institute for Economies in Transition.
  7. Vernikov, Andrei, 2009. "Russian banking: The state makes a comeback?," BOFIT Discussion Papers 24/2009, Bank of Finland, Institute for Economies in Transition.
  8. Bonin, John P. & Hasan, Iftekhar & Wachtel, Paul, 2005. "Bank performance, efficiency and ownership in transition countries," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 31-53, January.
  9. Zuzana Fungácová & Laura Solanko & Laurent Weill, 2010. "Market power in the russian banking industry," Economie Internationale, CEPII research center, issue 124, pages 127-146.
  10. Fungacova, Zuzana & Herrala, Risto & Weill, Laurent, 2011. "The Influence of Bank Ownership on Credit Supply: Evidence from the Recent Financial Crisis," BOFIT Discussion Papers 34/2011, Bank of Finland, Institute for Economies in Transition.
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