Становление европейского банковского союза и "кипрская антикризисная модель" Ч. 1.
The article summarizes the main reasons for establishing the banking union – the necessary institutional structure of the Economic and Monetary Union (EMU). The article describes the main “ building blocks” of future banking union and its new resolution mechanism. It closely studies the case of resolving the banking crises in Cyprus (“bail-in” method).
The effectiveness of monetary policy depends not only on the transfer of shock on the economy, but also on the institutional environment in which it operates. Creating the required institutional environment is an important way to increase the effectiveness of the impact of monetary policy. To solve this problem the institutional factors should be included in the macroeconomic models. This work researches the questions of the inclusion of the institutional factors in the analysis of macroeconomic models monetary policy.
In reviewing a range of factors of the current debt crisis in Western Europe, the authors single out the major one, notably, evolution of internal contradictions of European integration. There are attempts at resolving the contradictions by legislative reforming of EU economic policy, primarily of monetary and fiscal ones.
The article examines the specific features of the unconventional monetary policy measures undertaken in the emerging market economies (EME) during the world financial and economic crises of 2007-2010. It deals with the institutional and macroeconomic peculiarities that determined the differences in the choice and in the usage of unconventional monetary instruments in the emerging market economies compared to the advanced economies, as well as the causes of the distinctions in the central banks’ stabilization policies in different EME countries.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.