Определение характеристик международной валюты с учетом особенностей современного международного права
Many economists share idea of introduction of supranational world currency, but so far its lines remain not obvious. The purpose of this work is to specify characteristics of supranational currency. In work various options of providing supranational currency are analysed. The analysis is carried out taking into account modern international law as the international agreements concerning questions of the international currency system submit to norms of international law.
The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyse and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.
In the conditions of modern economy the USA receive a direct economic prize due to loss of other countries, being the global issuer of the reserve currency. This situation doesn't suit many countries therefore the countries enter other reserve currencies which rotate between group of the countries (ECU, euro and other collective currencies), some countries plan their introduction further. In this article losses of the countries from use of national reserve currency and supranational reserve currency are compared. Further taking into account the analysis of statistical data prizes and losses of the countries are estimated and the conclusion about expediency of use of supranational currency in the conditions of the modern economy is provided.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.