Этическая компонента в международных финансах
Ethical issues have a decisive impact on many aspects of the activity in the sphere of international Finance. Without their accounting and analysis is impossible, not only to develop recommendations for the sustainable and crisis-free development of the world economy, but also the explanation of the processes in international financial relations.
The main linking idea of the monograph is the heterodox approach to disclosing a problem of methodology of economic research, the evolutionary theory of capital, institutional economic theory. Readers are invited to apply research and development in the field of evolutionary and institutional economics, as well as system analysis. The authors hope that this monograph will start subsequent collective work of Russian heterodox economists.
The University training discipline “International financial markets” studies the behavior of economic institutions (business, fi nancial institutes, governments, individuals) in the multicurrency environment. The text consists of two sections, 6 chapters. The world monetary system, exchange rates and “forex” markets are considered in part I. The international money and capital mar kets, and multicurrency investments are studied in part II. The text is focused on the university students of the undergraduate and graduate levels, and business practitioners. Authors intended to instill in the readers a taste for work with the theoretical concepts, the empirical data, describing the evolution, current con- ditions and prospects of the international financial environment’ development in the framework of business decisions making.
We present a complex analysis of business models for large, medium and small Russian commercial banks from 2006 to 2009. The Russian banks are grouped based on homogeneity criteria of their financial and operational outcomes. The banks’ structure of assets and liabilities, profitability and liquidity ratio are taken into account. The results show how the banks are adjusted their business models before and after the financial turmoil taken place in 2008. In addition, the prevailing banking business models observed for the leading banks in Russia are defined. The banks often changing their business models are found and analyzed.
We present an integrated framework for the study of the inter- national nancial economy with trade, at money, monetary and s- cal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international nance pricing results obtain. Market incom- pleteness and positive default in equilibrium allow for the study of the transmission of default through the international nancial markets and imply a positive role for policy. Finally, we present an example where, due to the trade-o? between the non-pecuniary cost of default and the resulting allocation, a Pareto improvement occurs following an increase in interest rates.
We present an integrated framework for the study of the international financial economy with trade, fiat money, monetary and fiscal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international finance pricing results obtain. Market incompleteness and positive default in equilibrium allow for the study of the transmission of default through the international financial markets and imply a positive role for policy. Finally, we present an example where, due to the trade-off between the non-pecuniary cost of default and the resulting allocation, a Pareto improvement occurs following an increase in interest rates.
The 2008 economic and financial crisis marked the beginning of a period of social transformation and uncertainty that continues to characterise present and future social development in unplanned and unexpected ways, with frequently harmful effects. It has highlighted the need for a deeper understanding of crises phenomena and how these affect the overall course of human development. On the one hand, the social sciences constitute a means for acquiring a better understanding of the character of the rapid and complex social transformations associated with crises. On the other hand, they can orientate people and social practices on how a greater degree of collective and democratic control can be acquired over the manner and direction of social processes in crises contexts. This book brings together a team of international scholars to address the notion of crises. Two main strains of inquiry orientate this study. First, it questions how different sociological and theoretical approaches might contribute to explain crises phenomena, analyse their effects, and identify their potential future paths of development. Secondly, it considers how crises processes and their effects on human social existence demand a re-thinking of the role of the social sciences in society, and what such a role might be. This volume not only opens up future lines of research by providing a comprehensive approach to crises phenomena, but also fills an important gap in the literature about crises which is frequently focused on only one of these dimensions and on particular historical contexts, rather than producing more comprehensive frameworks regarding the study of crises processes as a whole.