Организационно-экономический механизм оценки кредитоспособности контрагента на рынке межбанковского кредитования
The modern market of interbank lending is subjected to strong variations because of an unstable internal economic and external political situation in the country. The number of transactions of interbank loans and the number of participants of the market decreases because of Central Bank internal policy of the inefficient credit organizations reduction. There is a narrowing of the interbank lending market, because the counterparties are not sure in each other and there is a mistrust crisis. The transition’s difficulties of the Russian banking system to the international standards Basel III have a negative impact on the interbank market, as not all credit organizations can sustain strict requirements of the international standard, which increases the number of mergers and acquisitions of credit institutions. Such a trend can lead to increase of credit risk for the bank lender. The unstable economic situation which is observed in the permanent fluctuation of the Russian currency, increases the interbank lending’s cost, that in turn restricts the number of participants of the interbank related with the introduction of sanctions against the large Russian corporations actualize the interbank lending market by the impossibility of cheap credit abroad. Because of sanctions, corporations are forced to pay attention to the Russian banking sector, and the interbank loan is an easy way to obtain liquid money. Considering all above listed factors, it implies the need to create express – techniques to estimate of the contractor in the interbank lending market. The primary goal of this article is to present the results of our research which is aiming to the development of the algorithm of making decision on issuance of credit.
The paper presents a review of stochastic framework for term structure modeling and shows comparative advantages of commonly used techniques. The main application of the research is coherent modeling of credit and interest rate risk for Euro zone issuers.
In textbook the main issues connected with organization of credit analysis in a commercial bank were considered. The role of credit analysis in risk management system is shown. The methodology and specific methods for assessing the creditworthiness of borrowers used by banks are set out by complex approach. The textbook includes international recommendations for introduction of internal credit risk assessment systems in banks. With the aim at presenting the material examples from the practice of commercial banks, analytical tables, diagrams and figures were used.
The paper considers the financial choice of entrepreneurs at their initial stage of development as a key criterion of a new firm potential riskiness. The main objective of the research is the methodology elaboration aimed at the numerical estimation of the role of informal financial resources involved in the small business creation. Two fundamental considerations have been tested. The former implies that informal investment is a substitution for unavailable formal sources, including venture capital (because of the lack of essential networks and connections with business associations). The latter performs the opposite concept of negative effects: economic reasoning discouragement and inefficient resources allocation. A special technique is introduced in order to measure the credit quality of early entrepreneurial activity and to estimate its contingency with the financial strategy. The methodology validation is realised under Global Entrepreneurship Monitor conceptual framework. The results are received for 42 countries in 2006-2007, depicting the influence of informal support on potential losses under the second consideration. As a result, informal investments are inefficient when the concentration of credit risk in the economy is rather high. Investorsђ expectations about the entrepreneurial growth of the firm are pessimistic, anticipated returns on investments are too low to be economically reasonable. The outcome leads to the irrecoverable losses, both financial (short-received profitability) and nonfinancial (decreased output, the lack of innovativeness, flexibility, and inventiveness).
The mortgage crisis that started in the U.S. in 2007 and lasted until 2009 was characterized by an unusually large number of defaults on the subprime mortgage market. As a result, it developed into a global economic recession and placed the stability of the world banking system in jeopardy. Therefore, the issues of credit risk modeling showed the shortcomings of the current credit risk practice. Truncation, or partial observability, and simultaneous equations bias causes sample selection bias. As a result, parameter estimates are biased and inconsistent. Firstly, we provide an overview of current approaches in the mortgage literature to control for the sample selection bias correction, such as the Heckman model and bivariate probit model with selection. Secondly, a review of the most significant mortgage studies discussing this problem is introduced. Specifically, different structural models, specific datasets and empirical results are regarded. In addition, we discuss such key credit risk determinants as borrower characteristics, terms of the mortgage contract, mortgage characteristics, and macroeconomic conditions. Finally, we conclude the discussion with possible research questions.
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.