Regional Dimension of the New Russian Crisis
The article is focused on the new crisis in Russia and its projection on the regions including the impact on regional economic development, labor markets and household money incomes in 2014. Factors and spatial features of the new crisis are compared with the previous crises of 19902000. Different territories prospects are analized as well as the state anti-crisis policy to support the regions.
While much of the world worries about increasing population, this book looks the other way. It highlights the dramatic fall in fertility rates in all regions of the world. Demographers suggest that by 2050 this will lead to population decline. While environmentally this may be welcomed, there may also be negative impacts on our economies: less workers, an increasing number of elderly, and more unwanted childlessness. In this book, key experts untangle the reasons for not having children; international case studies demonstrate that there are similar but also different reasons operating in different areas and psychologists and sociologists explore the possible impact on children, parents and the elderly. Given that fertility trends are not easy to reverse, the book concludes that more needs to be done to maximize the potential of all children; particularly those who have been at the margins of society.
Crisis as a phase of an economic cycle is of most interest. Study of crises in historical retrospective is necessary for understanding of the main mechanisms, regularities and causes of crisis phenomena. The article deals with the history of the world economic crises and classification of their causes.
The conference is organized in collaboration with Polish Economic Society Branch in Toruń and Brno University of Technology (Czech Republic), BA School of Business and Finance (Latvia), Daugavpils University (Lithuania), Pereyaslav-Khmelnitsky Hryhoriy Skovoroda State Pedagogical University (Ukraine), University of Angers (France), University of Pablo de Olavide (Spain), University of Latvia (Latvia). The conference is addressed to economist from all European Union countries and Eastern Europe. It aims to bring together economists form Western, Central and Eastern Europe to discuss issues in economics, finance and business management. Main conference tracks include: 1. Macroeconomics; Microeconomics; Econometrics; International Economics 2. Financial markets; Labour markets; Institutions; 3. Business environment; Management and Marketing.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.