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(Boot, Thakor, 2000).

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,
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"Information Reusability, Competition, and Bank Asset Quality" (Chan, Greenbaum, Thakor,
1986),
,

. . . . . "The Effect of Credit Market

Competition on Lending Relationships" (Petersen and Rajan, 1995) ,
,
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soft information (Boot, 2000)

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. "Can Relationship Banking Survive Competition?"
8

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Thakor, 2000).
,
, .
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,

. . .
"Competition and Regulation in the Banking Sector: A Review of the Empirical Evidence on the
Sources of Bank Rents" ,

" ".

(market power hypothesis Carbo-Valverde et al., 2009)
.
, ,

, ,
.
, (Vives, 2001).
, ,
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,
(Claessens, Laevine, 2005; Demirg-Kunt A., Laeven L., Levine R., 2004; Rajan,
Zingales L., 1998, etc.).

.

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Berger A. N., Klapper L. F., Turk-Ariss R., 2009) ,

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2003).
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2005).

:
,
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10


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. . "Credit Rationing in Markets with Imperfect Information" (Stiglitz,
Weiss, 1987).
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, ,
( too big to fail)
. ,
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-
, (Neumann,
Weigand, 2004).
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(Schaeck et al., 2006).

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12

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, - (HHI) 5 .
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6

. , . . [Baumol, Panzar, Willig, 1982]

13

 .
.
, . 1997 ,
, HHI
, (Hannan, 1997). .
. 2005 ,

(Panzar, Rose, 2005).

,
(P MC)/P. .
,
. 2,5-3% ,

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.

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. -, . . "Regulations, Market Structure,
Institutions, and the Cost of Financial Intermediation" (Demirg-Kunt, Laeven, Levine, 2004).
,
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14

, .

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, 50%
, , ,
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.
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. ,
, . ,
, ,
,
. .
"The economics of property rights: a review of evidence" (De Alessi, 1980).
, , . .
" Politicians and Banks: Political Influences on Government-Owned Banks in Emerging
Markets" 43 ,
, . , ,

, ,
. , -
, ,
. , ,
(Din, 2005).

17

, ,
, .
,
.
, , ,

(Bonin, Hasan, Wachtel, 2005a; Megginson, 2005; Otchere, 2005)
. -, . -- . "Governemnt Ownership
of Banks" ,

. 92 , ,
,
, ,
.
,
(La Porta, Lpez-de-Silanes,
Shleifer, 2000).
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(Barth, Caprio, Levine, 2003).

(development view) (political view).
. 1962 .
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18

 , ,

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(Gerschenkron, 1962).
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(La Porta, Lpez-de-Silanes, Shleifer, 2000).

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"Government Ownership of Banks, Institutions, and Financial Development".

,

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19

,
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Demetriades, Shortland, 2008).
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20

 , ,
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(IPO)
,
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, (Clarke, Cull,
Shirley, 2005; Otchere, 2005). , . ,

, , ,

, (Otchere,
2005; p. 2070)

.
,
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, ,
. "Do Privatized Banks in Middle- and Low-Income Countries Perform
Better Than Rival Banks?"
.

, ,
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- ,
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(Otchere,
2005). ,
Bank of China Hong Kong (Chen, Li, Moshirian, 2005).
,
, ,
21

, ..
. ,

,

. . , . . "Market Power in the Russian
Banking Industry", ,
, .
,
2000- ,
(Fungacova, Solanko, Weill, 2010).
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.. (, 2009). ,

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24


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, "" 2009 ,
2003 2009 :
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25

. , ,
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),
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(1) ( ,
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) ,
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26

 , ,
, ,
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.
,
, ,
, , ,
. ,
. .
(Fungacova, Poghosyan, 2009),
, ,

.
, i- t :
Marginit = it + 1*staff_costsit + 2*staff_costs_stateit + 3*loss_provisionsit +
4*loss_provisions_stateit + 1*state_ownershipit + 2*top5_concentrit + 3*gdp_growthit +
4*rating_russiait + 5*cb_ref_rateit + 6*libor
i
("bank-specific" ), i ,
,
, ("non-bank specific" ).
Marginit , ,
.
staff_costsit
. ,
, ,
, , (Fungacova, Poghosyan, 2009;
Glushkova, 2010 etc.), ,
,
, ,
, , ..,
:
,
27

 -

.

,
Margin

staff_costs
staff_costs_state
loss_provisions
loss_provisions_state
state_ownership
top5_concentr
gdp_growth

rating_russia

cb_ref_rate
libor

:

(loss_provisions*state_ownership)
,

:

(loss_provisions*state_ownership)
-, :
"1" , "0"
5

(
2003 )
,
,

Fitch .
0 AAA 8,5 B- .
,
.


LIBOR

loss_provisionsit i- t-
.
, , ,
. ,

.
. , ,
.
(
, ) .
28


state_ownershipit
top5_concentrit. ,
,

. state_ownershipit dummy- ,
"1" (
) "0" . ,

" " 7 .
.

, ,

,
dummy-,
dummy. ,
,
, , , ,
. , staff_costsit,
loss_provisionsit state_ownershipit, staff_costs_stateit
loss_provisions_stateit ,
staff_costsit loss_provisionsit dummy state_ownershipit.


. ,
, -
. ,
dummy-,
.

SCP structure-conduct-performance 1- ;
,
(, HHI), ,
: - ,
.

29

 . " " ,
gdp_growthit,
rating_russiait, cb_ref_rateit liborit.
( 2003 ),
Fitch, LIBOR (
).
" "
(environmental factors) . rating_russiait
, .
,
. ,
,
.
, LIBOR ,
, , ,

,
, ,
- .
, ,
STATA 8.
Random-effects GLS regression
Group variable: bank_id

Number of obs
Number of groups

=
=

144
24

R-sq:

Obs per group: min =

avg =
max =

6
6.0
6

within = 0.4481
between = 0.2293
overall = 0.3331

Random effects u_i ~ Gaussian

corr(u_i, X)
= 0 (assumed)
margin

Coef.

staff_costs
staff_cost~e
loss_provi~s
loss_provi~e
state_owne~p
top5_conce~r
gdp_growth
rating_rus~a
cb_ref_rate
libor
_cons

-1.407269
2.898686
1.383372
3.26087
-.1920835
-2.555035
-3.033642
.2138313
-5.381927
.5055989
1.541938

Wald chi2(10)
Prob > chi2

Std. Err.
.5750211
.7606021
.4117408
1.368298
.0679056
1.934621
3.099778
.059404
2.070113
1.036452
1.082776

z
-2.45
3.81
3.36
2.38
-2.83
-1.32
-0.98
3.60
-2.60
0.49
1.42

30

P>|z|
0.014
0.000
0.001
0.017
0.005
0.187
0.328
0.000
0.009
0.626
0.154

=
=

97.56
0.0000

[95% Conf. Interval]

-2.53429
1.407933
.5763751
.5790553
-.325176
-6.346822
-9.109095
.0974017
-9.439274
-1.525809
-.5802639

-.2802483
4.389438
2.190369
5.942684
-.0589911
1.236752
3.041811
.330261
-1.32458
2.537007
3.66414

 , 5%- gdp_growthit,
top5_concentrit liborit .
,
.
,
, ,
,
, ,
.
.

,
,
, , , .
, ,
.
,
.
LIBOR , , ,
- ,
. , , ,

, LIBOR.
,
LIBOR
.
, , 2 4
, ,
-,
, .
:
Marginit = it + 1*staff_costsit + 2*staff_costs_stateit + 3*loss_provisionsit +
4*loss_provisions_stateit + 1*state_ownershipit + 2*rating_russiait + 3*cb_ref_rateit

31

 STATA 8.
Random-effects GLS regression
Group variable: bank_id

Number of obs
Number of groups

=
=

144
24

R-sq:

Obs per group: min =

avg =
max =

6
6.0
6

within = 0.4151
between = 0.2311
overall = 0.3198

Random effects u_i ~ Gaussian

corr(u_i, X)
= 0 (assumed)

Wald chi2(7)
Prob > chi2

margin

Coef.

Std. Err.

staff_costs
staff_cost~e
loss_provi~s
loss_provi~e
state_owne~p
rating_rus~a
cb_ref_rate
_cons

-1.163366
2.88727
1.313677
3.079186
-.1934892
.14206
-3.302767
.2926317

.5542663
.7619968
.4154947
1.379267
.0680711
.0342684
1.058128
.0633165

sigma_u
sigma_e
rho

.09546092
.08678713
.54748577

(fraction of variance due to u_i)

-2.10
3.79
3.16
2.23
-2.84
4.15
-3.12
4.62

P>|z|

=
=

88.43
0.0000

[95% Conf. Interval]

0.036
0.000
0.002
0.026
0.004
0.000
0.002
0.000

-2.249708
1.393784
.4993225
.375872
-.3269062
.0748951
-5.37666
.1685336

-.0770242
4.380757
2.128032
5.782499
-.0600723
.2092248
-1.228873
.4167298

, ,
R2
32%. ,
.

dummy-

state_ownershipit "1" "0" ,

, .
:
Marginit = 0.1 + 1.724*staff_costsit + 4.393*loss_provisionsit + 0.142*rating_russiait
3.303*cb_ref_rateit
:
Marginit = 0.293 1.163*staff_costsit + 1.314*loss_provisionsit + 0.142*rating_russiait
3.303*cb_ref_rateit
, ,
19,3 .
, ,
32

 , , a priori
, .
,
, .
,
-

. 1
1,7 .

, , . ,
,
. , ,

. ,
, ,

.
,
. .

, ,
,
,
, . , ,
.
, ,
, 1 ,
, 2008 ,
, . 2003 2004

2 . ,

,
("significantly overstaffed relative to their rivals" Otchere, p. 2089).

33

 1.

9%
8%

8,2%
7,2%

7%

6,8%

6%

5,2%

5%
4%
3%

5,8%

4,0%

3,7%

4,4%

4,8%
2,8%

3,7%

2,7%

2%
2003

2004

2005

2006

2007

2008

2003 2004 ,

,
. 2003 ,
2004 .

,
. , , ,
, .
.
, .
2005
, ,
2008 ,
. -,
,
,
, a priori
.
,
, .. , ,
, ,
34

. , ,
( , ,
)
,
.
,
4,3 ,
1,3 . , -,
, , ,
, ,
.
2:
,
.

2.

6%
5%

4,9%
4,1%

4%

3,9%
3,6%

3%
2%

3,1%

2,7%

2,5%

3,1%

2,3%

2,4%
1,9%

1%

1,7%

0%
2003

2004

2005

2006

2007

2008

.
- , , ,
,
. ,
:
2004
(. 3).
35

 3.
70%
60%

59.1%

62.1%

58.6%

52.9%

50%

50.5%

47.4%

40%
30%
20%
10%
0%
2003

2004

2005

2006

2007

2008

,
.
, ,
,
,
, .
.
,
,
, ,
.
,
.
, ,
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3,03 1 .
:

, , ,
.
,
. ,
. ,

36

 , .

. ,
,
,
.
, , ,
2008
, .
,
,
. 47% ,
-
.
3.2.


, .

4.
70%
64.5%
64.0%

65%
60.4%
60%
55%

61.1%
56.4%

56.1%

53.9%
50.9%

52.5%

50%

48.6%

49.7%
45%
44.5%
40%
2003

2004

2005

2006

2007

2008

4 ,
. 2004
.
, 2004
37

 , .

, , .
,
,
, ,
. 2004 ,
,
,
.
,
, . , ,
2004 ,
, .
,

( 90%
) .
.
.
, 2005 ,
, ,
,
,
.

,
.
, 2007
. ,

. 2006-2007
8 . 2007 ,
, 5,1 12,1% 17,2%.
8

50%
.

38

 , 2006 3,8
, 2006 0,7 (. 5).
, 2007
,

2007 ,
30-40% .

.
2008
.
4,1 .
2008
, .

5.

20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%

17.2%

18.7%

12.1%
7.4%

7.6%

2003

2004

8.3%

2005

2006

2007

2008

,
,
.
,

"How Corruption Affects Bank Lending in Russia",

,
,

39

 ,
. ,
, , .
2008 2,3
, 5,2.
,
,
.
,
.
, , ,
2007 ,
. ,
,
, ,
. ,

,
,
.

6.

10%
9%

8.83%

8%
7%
6%

6.78%
6.57%

6.66%

6.55%

6.62%

6.60%

6.70%

6.21%

6.09%

5.96%

2005

2006

5.84%

5%
4%
2003

2004

2007

2008

, 2007
.
,
40

 ,
.
,

.
, ,
.
, ,
. ,
"2- 3- ",
1- . 2- ,

.
. , 5
Top30 , , ,
. 2009
47,9% , .. .
, , ,
. .
,
, . ,
,
.

(), 2009 , 36%
,
. 24%
, , 16%
[11, . 10].

,
, ,
.
,
41

.

, , .

,
.

,
. 7 ,

.

7.

5.0%
4.59%

4.5%
4.0%
3.5%
3.0%

2.87%
2.44%

2.5%
2.0%

2.92%

3.70%

3.22%

2.65%

2.88%
2.64%

2.41%

2.33%

2.27%

1.5%
2003

2004

2005

2006

2007

2008

, , ,
.
,
, ,
, "" ,
.
:

, , , ,
, , ,

. ,
42

 . ,

, ,
, ,
,
. ,

, .

43


,
24
, ,

.
, ,
, , 44
49% .
, 4449%
. ,
,
, -
( -), ,
.
- , , . , ,
, ,
- .

.
, ,
,
. , ,
,
.
,
, ,
. ,
, ,
, .
,
,
(Claessence, Laevine,
2005; Demirg-Kunt A., Laeven L., Levine R., 2004 etc.). ,
44

 ,
. ,
,
(Berger A.
N., Klapper L. F., Turk-Ariss R.; Schaek, 2006 etc.).

.
.
.

,
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