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Shadow banking: reasons of emergence and directions of development
International Journal of Civil Engineering and Technology. 2019. Vol. 10. No. 2. P. 1747–1754.
Shadow banking is a relatively new, quickly spreading financial phenomenon, which can be observed in both developed and developing countries. Its essence consists in the transformation in the course ofsecuritization of loans granted to commercial banks and held on their balance sheets into financial assets (bonds) and their subsequent realization in the financial market. As a result of securitization, the Basel Committee standard of capital/assets activity decreases, and commercial banks gain the opportunity to increase the lending volumes. Experts point to a decrease in the level of the shadow sector customers’ safety, its unpredictable and destructive impact on the monetary policy of leading countries, the growth of the number of ineffective mergers and acquisitions, a reduction in taxes wired to the budget. Shadow banking institutions bear a systematic risk that adversely af ects the state of the entire system of financial markets or its individual key segments. Ef orts taken by national and international organizations during the past few years to impose tougher regulatory requirements on the operation of shadow institutions aim to substantially improve the business climate in this area. The purpose of the paper is to conduct a comprehensive research of the peculiarities related to shadow banking, reveal reasons behind the emergence of shadow banking and assess consequences of shadow banking for the performance of the financial system.
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Рябов О. В., Рябова Т. Б., Вестник Пермского университета. Серия: Политология 2024 № 4 С. 173–183
The article is the first to address the discourse of age as a resource for constructing the image of the enemy. It is based on the Russian government's official statements, politicians' comments and the country's leading media sources, as well the authors' sociological research. The first part of the paper examines approaches to the analysis ...
Added: January 27, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Soldatova A., Сберегательное дело за рубежом 2025 № 1 С. 21–33
The article is devoted to the peculiarities of the functioning of the Chinese stock market, its development prospects and opportunities for investors. Key aspects of regulation, classification of shares, stock exchanges and specifics of market participants are considered. Various types of shares, features of each class and access rules for foreign investors are described. The ...
Added: January 21, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Рамич М. С., Piskunov D., Вестник Российского университета дружбы народов. Серия: Международные отношения 2022 Т. 22 № 2 С. 238–255
With the development of information and communication technologies (ICTs), the Internet has become increasingly important in terms of national security, economic development, and global leadership. Apparently, conflicts and contentious issues in cyberspace requires creating rules and development of regulation. The authors examine the process of making up rules in cyberspace from the perspective of M. ...
Added: September 5, 2025
Cham: Springer, 2025.
This edited volume explores the complex relationship between AI, media and international security, focusing on key criteria. First, identifying AI applications like automated content and deepfakes. Second, evaluating security risks, including AI-driven information and psychological warfare, while considering geopolitical factors in a shifting global landscape. Written by a collection of international experts across diverse disciplines ...
Added: July 27, 2025
Soldatova A., Банковские услуги 2023 № 10 С. 9–18
Sanctions have limited many foreign reinsurance markets for Russian insurers. Among the main areas of development of the Russian financial market for the period 2023-2025, adopted by the Bank of Russia, is the securitization of reinsurance through the issue of catastrophe bonds by insurers. For insurance companies, this may mean the possibility of transferring insurance ...
Added: July 7, 2025
Ochirova E., Miriakov M., Financial Innovation 2025 Vol. 11 No. 1 Article 11
Mergers and acquisitions (M&A) with financial technology (fintech) companies can be an effective way for firms to obtain new technologies and capabilities. However, the market reaction to fintech M&A announcements has received limited attention in the empirical academic literature. This study assesses the impact of fintech M&As on stock returns and examines whether macroeconomic variables ...
Added: January 4, 2025
Entin M., Entina E., Бабкина С., Международные процессы 2024 Т. 22 № 1 С. 148–169
Western officials and media accuse Russia, conducting its special military operation in Ukraine, of worsening the situation on the global food and energy markets. In addition to existing financial, diplomatic, political and other restrictions, the West is waging an anti-Russian information campaign, blaming Moscow for the global food and energy crises. In practice, the food ...
Added: May 13, 2024
Davydov V., Krymov A., Yanovich Y. et al., , in: 2023 IEEE 43rd International Conference on Distributed Computing Systems (ICDCS).: IEEE, 2023. P. 1017–1020.
This paper demonstrates the use of blockchain technology in asset-backed securitization (ABS) and presents Quicktoken, a blockchain platform for ABS. Financial institutions can use Quicktoken to assign a correspondence between initial assets and securities, deploy smart contracts for securities issuance, and store the correspondence between assets and non fungible tokens (NFTs) on the blockchain. Investors ...
Added: December 21, 2023
Idahosa S. O., Denis Andreevich Degterev, Ikhidero S. I., African Security Review 2021 Vol. 30 No. 3 P. 338–367
Security in the Sahel region has traditionally been studied through a realist prism, emphasising military concerns and the pre-eminent influence of great powers in shaping local security concerns. The paper reviews the securitisation initiatives in Africa's Sahel. It specifically explores Buzan and Waever's ‘securitisation' framework to re-evaluate securitising discourse and the contemporary initiatives of the ...
Added: September 7, 2023
Шуранова А. А., Chistikov M., Анализ и прогноз. Журнал ИМЭМО РАН 2023 № 2 С. 24–42
Climate change is one of the most pressing issues on the world political agenda, with the largest economies setting carbon neutrality targets for 2050-2070. States’ positions in the world climate politics are largely determined by their environmental power, which has “positive” and “negative” aspects reflected in either promoting or intentionally decelerating the pace of climate ...
Added: September 3, 2023