За и против регулирования финансовых пузырей монетарными методами
The article discusses the negative consequences of financial bubbles and the appropriateness of the monetary regulation thereof. The pros and cons of the monetary authorities' possible responses to financial bubbles and the options for the regulator's behavior during the inevitable collapse of the bubble are analyzed based on the availability and effectiveness of the regulatory instruments, possible negative consequences and externalities of different tactics and the ability of the regulator to spot the bubble.
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 the paper some prominent features of a modern financial system are studied using the model of leverage dynamics. Asset securitization is considered as a major factor increasing aggregate debt and hence systems uncertainty and instability. A simple macrofinancial model includes a logistic equation of leverage dynamics that reveals origins of a financial bubble, thus corresponding closely to the Minsky financial instability hypothesis. Using ROA, ROE, and the interest rate as parameters, the model provides wide spectrum of leverage and default probability trajectories for the short and long run.
The book is a first edition of a collection of articles published by the Law Faculty of the Nizhny Novgorod branch of the Federal Autonomous Educational Institution of Higher Professional Education "National Research University "Higher School of Economics". It is devoted to researching various aspects of the power and society interaction in a historical and modern context of the state development. The book is the first edition of a collection of articles published by the Law Faculty of the Nizhny Novgorod branch of the Federal Autonomous Educational Institution of Higher Professional Education "National Research University "Higher School of Economics". The special attention is paid to the history of public institutions and relationship of the power and society from antiquity prior to the beginning of the XX century. A number of problems of the Russian history of this period is considered on materials of the Nizhny Novgorod region.
The edition is addressed to the scientists, students, graduate students, teachers of higher education institutions, all interesteind problems of law and government, history of the state and law.
The historical changes in Central and Eastern Europe demanded suitable paths for the transition from centrally planned to market based economies. The lack of relevant experience added to the challenge, giving rise to the incalculable risks of implementing untested policies. By focusing on monetary policy, trade, and convergence, this volume addresses some of the most urgent economic policy issues in the transition economies of Central and Eastern Europe and beyond.
The author traces the analysis evolution of the monetary shocks effects on the economy, exploring the key approaches to modeling of the monetary transmission mechanism. The article emphasizes the necessity of the monetary transmission mechanism modification in the conditions of current financial crisis: the active role reflection of the financial intermediaries, accounting of the development degrees of institutional capacity in the economy.
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.