The paper focuses on finding distinctive features of the transmission mechanism of unconventional monetary policy measures: quantitative easing and credit easing. The analysis carried out in the paper suggests that the transmission of traditional and unconventional monetary policy measures is fundamentally different only at the initial stage of the transfer mechanism: the impact of monetary shock on the financial market. At the middle stage (the impact of the financial market parameters on the behavior of macroeconomic agents), as well as at the final stage (the impact of macroeconomic agents' behavior on the real sector), the transmission mechanism of unconventional measures (quantitative easing and credit easing) is similar to traditional measures. Distinctive features of the impact of unconventional policy measures on the financial market are their directional, targeted, character, as well as the novelty of the impact of mode: in quantitative easing, the transfer of monetary shock goes through a change in reserves; private assets.
Modern financial crisis has shown the ineffectiveness of the traditional measures of monetary policy. This prompted the Bank of England, like many Central Bank move to use unconventional measures of monetary policy. In the paper the classification and comparison of different programs unconventional policy used by the Bank of England at different stages of the crisis. The analysis showed that, overall, his actions were similar to the actions of major central banks, due to the similarity of the problems encountered leading economies during the crisis. At the same time, implementing the strategy, similar strategies leading CB, the Bank of England to apply measures caused by institutional features of the UK financial market. This conclusion is also supported by the work carried out by comparing the actions of the Bank of England and the Federal Reserve to achieve the same goals: increasing liquidity in the economy and the impact on long-term interest rate.
The paper provides an overview of the Russian studies of the family business. It defines the main trends and directions of research and describes the evolutionary process of the "family business" category in the Russian scientific community from the initial interpretation of the family business as the business of the family’s head with involving his or her relatives in the business process to the family’s assets transferred by succession. Also the paper focuses on the specificity of the conceptual approaches to the family business phenomenon studies developed by Russian authors. The similarities and differences of research topics, used methodological approaches and tools in the Russian and Western studies of family business have been identified. The paper concludes improving scientific and practical interest of Russian researchers to the problem of institutionalizing of the family business succession and building an effective organizational culture in the family companies.
The article presents an analysis of the monetary policy of the European Central Bank (ECB) under the conditions of the present crisis. The article systematizes of ECB monetary policy in today's crisis, researches the ECB's monetary policy at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve). Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.
In modern economic literature there are many publications concerning innovative development of clusters and global value chains (GVCs). But still the interaction between these two structures is not studied completely. What are the main features and mechanisms of their interaction? Can clusters stimulate companies’ involvement in GVCs? Do they facilitate competition between participating companies and countries? These are just a few of those issues that are covered in the article. The efficiency of incorporation to GVCs depends both on the type of embedded cluster, and the management of particular links within the chain. In order to explain the cooperation between companies, the institutional approach is used, paying much attention to the issues of moral risks in the context of multiply goals, the effect of gauge, and the development of long-term relational contracts among agents. Thus, the recommendations concerning the role of clusters and GVCs for the raise of competitiveness of countries are provided with regard to the integrated research of global suppliers and customers’ motives.
The article discusses the three stages of the economy digitalization: development of the Internet, the formation of network society and the genesis of advanced digital technologies. In the article increasing role of these technologies in international trade is also considered, as well as the first steps of digitalization in Russia
The paper analyzes the causes of migration from the Republic of Armenia from 1980 to 2011. The study of migration in the country showed that the majority of migrants (75%s) migrated to the countries of the former Soviet Union (of which 80-85% in Russia). The remaining quarter of migrants was distributed among European countries (50%), U.S. (40%) and other countries (10%). In this article conducted a factor analysis, based on which were constructed two econometric models of migration flows from Armenia in 2000-2011 to Russia and the EU, as a major recipient of Armenian citizens