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The Impact of Proportional Regulation on Competition in the Russian Banking System

Student: Kochetkova Irina

Supervisor: Natalia V. Gorelaya

Faculty: Faculty of Economic Sciences

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2021

The policy of the Central Bank of Russia is aimed at developing competition, improving the quality of banking and providing conditions for the development and stability of the banking sector as a whole. In June 2017, a new law came into force, according to which the Russian banking system was divided into banks with a universal license and banks with a basic license. Proportional regulation aims to create equal conditions for banks of different sizes and ensure their stability. The aim of this paper is to estimate the impact of proportional regulation on competition in the Russian banking system. The research is based on data from 260 banks from Q1 2015 to Q3 2020. The non-structural Panzar-Ross model was applied to measure the level of competition. As a result, it was found that the Russian banking system is characterized as monopolistically competitive, and proportional regulation did not have a significant impact on the level of competition in the general sample.

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