Does Economic Policy Uncertainty Lead Systemic Risk? A Comparative Analysis of Selected European Countries
We study the relationship between economic policy uncertainty and systemic risk for nine European countries in January 2010–September 2016 by applying conventional Granger causality tests and advanced techniques (wavelet analysis and Bayesian VARs). The country-level analyses show that the lead-lag patterns vary considerably in the short and longer run as well as at diﬀerent frequencies. Nonetheless, the pivotal role of uncertainty tends to strengthen over longer time horizons (at lower frequencies) and in the BVAR framework. This is true for ﬁnancially fragile economies such as Ireland, Italy, Russia, Spain. A panel BVAR model conﬁrms this ﬁnding for the whole sample.
World financial crisis has vividly demonstrated systemically important financial institutions to be subject of great attention in both mature and emerging market economies. The paper aims at summarizing the approaches to systemically important financial institutions identification and regulation. Qualitative and quantitative methods are discussed, as well as the demand for systemically important financial institutions identification for the case of Russian banking sector.
In July 2013. Basel Committee on Banking Supervision published a new version of the document concerning the identification and regulation of systemically important financial institutions. In this paper modified version of the Basel Committee’s method is proposed, taking into account the features of the banking sector in Russia and approbation of the proposed method on official statements of the largest Russian banks.
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.