This paper tackles state participation in the Russian financial sector. We take the case of the banking industry to suggest criteria for a more accurate definition of public sector boundaries and an assessment of the actual scale of state presence in the national banking market. The approach for...

State-controlled banks are currently at the core of financial intermediation in Russia. This paper aims to assess the magnitude of government banking, and to reveal some of its special features and arrangements. We distinguish between directly and indirectly state-controlled banks and construct...

The Working Paper employs the paradigm of new institutional economics to examine peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks...

This paper applies an analytical paradigm of institutional economics to the transition of the Russian banking sector, focusing on the interplay between ownership change and institutional change. We find that the state's withdrawal from commercial banking has been inconsistent and limited in...

This paper aims to add to the literature on the connection between corporate governance and company valuation. Conventional wisdom predicts a positive effect of good governance on stock price, and empirical papers claim to have proven this effect for a number of large emerging markets including...

This article assesses the effect of Russia’s industrial policy of growing “national champion” state banks, on concentration and competition in 2000–2010. An alternative method for estimating concentration shows that the main market segments have crossed the high-concentration threshold...

This paper looks at the populations of state-owned banks and foreign-owned banks in Russia in dynamics from 1991 to 2023, focusing on the number of entities and their market shares. The paper also features subsamples within each of those two ownership types, thus improving the homogeneity of...

In this paper we rely on empirical data to develop a classification of state-influenced banks. An estimate of such banks’ combined market share by July 1, 2009 is suggested. We identify 53 state-controlled banks in Russia, including state-owned banks and state-governed banks. Public sector in...

We compare banking in economic systems of different type, namely X-type (redistributive economy) and Y-type (market economy). In an X-type economic system banking has a peculiar institutional design and is organized “top-down”, whereas in a Y-type market economy we see a “bottom-up...