The article deals with the start of negotiations London – Brussels on Brexit. The author considered the first stage of talks from July till beginning September 2017, approaches and positions of both parties, particularly, the main aim of Britain - to achieve favorable trade conditions with the EU after Brexit with minimal concessions. Possible scenarios of their future economic and trade relations are presented. The author emphasized on several sharp contradictions between the parties on Brexit price. Problem of many banks and financial companies relocation in other EU countries is also considered. Unresolved tensions among the political class between ‘brexiters’ and ‘remainers’ are highlighted.
Can Anti-Russian sanctions achieve its goal, i.e. have an impact on Russian autorities political position? Ther are different opinions over this question. Russian people do not believe it could be realistic. Nevertheless, Russian economy remains vulnerable.
According to recent empirical studies, the new regulatory proposals concerning capital and liquidity standards as well as monitoring of global systemically important financial institutions may lead in a decline of the annual growth rates of GDP due to increase in lending rates and reduction of lending activities of commercial banks. At the same time, some studies show that the new measures may stimulate stability of financial system and help to reduce the probability of banking crises. This paper reviews the results of empirical studies on potential influence of new Basel III standards on functioning of the banking system, economic growth and financial stability.
International banking regulators are yet to find the instruments of unbiased measurement of systemic risks. In these circumstances, stress resilience and soundness of systemically important financial institutions mainly depend on understanding of the limits and the extent of their interconnectedness with macro-level dynamics, while their «de-riskization» remains a decisive contributor to soundness of the post-crisis conceptual framework of banking regulation. Challenges to regulatory reform in Russia are further complemented by macroeconomic uncertainty and higher market volatility that puts on the agenda of banking regulation reform the issue of systemic risk buildup resolution. Based on systematization of stress-driven factors in the Russian banking sector, the author of the article proposes further approaches on fine-tuning of the banking regulation policy in Russia and in the Eurasian Economic Union.
The aim of this work is to analyze the financial stability indicators of Russian banking sector over a period 2008–2012. The analysis based on data published and used by the International Monetary Fund for assessing financial stability of various countries. During the research the factors affecting the level and dynamics of analyzed indicators were identified. Comparative financial statement analysis of Russian, BRIC and advanced countries’ banking sector was implemented as well.
This article undertakes an analysis of U.S. banking regulation reform exposure on merger and acquisition (M&A) processes involving American financial institutions. Risk management in the banking industry is emphasized as being a focal point of regulation paradigm shift ensuring macroeconomic stability. The primary driving forces of the M&A processes are studied; the factors underlying rethinking of corporate consolidations strategy are revealed; the approaches in applying the U.S. experience in Russia are developed.
This article provides an analysis of the socio-demographic characteristics of borrowers Siberian federal district and their influence on the credit behavior and creditworthiness in the retail. The analysis is conducted in three time periods (pre-crisis period, the period of crisis and recovery).
This review deals with new book of journalist and writer Andrei Ostalski “The Saviour of Capitalism. John Maynard Keynes and His Cross” published by Palmira publishing house. The book is intended primarily for the mass reader. The author does not compete with the dozens of studies on great economist written by professionals and designed for professionals. He tries in simple words and a fun way to provide the reader without economic background with the essence of Keynesian theory, with its critics and antagonists, as well as with the place that theoretical heritage of John Maynard Keynes takes in the contemporary battle of ideas. The reviewer believe that A.Ostalski successfully coped with the task and his book certainly will find its reader.
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.
This article provides empirical analysis of the macroeconomic effects of state presence in the financial sector. We develop a set of criteria and execute statistical estimates of the phenomenon based on BRIC country-level data. We assume that at macro-level negative effects of state presence are not indisputable but considerably depend on the country's stage of economic development. According to our estimates government control over banking industry might stimulate financial intermediation only if economic development is low. In terms of other economic development indicators we conclude that for low-income countries state presence might impede investment activity and productivity growth but as the economy develops these effects flicker out or even reverse.
The article is the historical and legal research of the evolution of monetary circulation in the Russian Empire from the beginning of the 19th century until 1917. The author analyzes the problems of money circulation through significant historical events: the Great Patriotic War of 1812, the Russian-Turkish War, the Russian-Japanese War, the First World War. Paticular attention is paid to the historical experience of the introduction of platinum coins and formation of the gold standard in the reform of 1895—1897.