Концептуальные положения современной финансовой науки: сборник научных статей ФГОБУ ВПО"Финансовый университет при Правительстве Российской Федерации
In this paper a two-country static model is developed in order to analyze short-run fiscal multipliers and fiscal spillovers in a monetary union. Both countries are large open economies representing core and periphery countries in the Euro zone. This paper implements a structural VECM framework recognizing short-run and long-run cross-economy relationships in order to empirically investigate
the signs and magnitudes of the multipliers. Empirical analysis covers the period of 1979–2011 quarterly. The results demonstrate that domestic fiscal multipliers are positive but small suggesting that private consumption and investments might be crowded out. In addition, the domestic tax shocks have less impact on the output than the government spending shock. Effect on inflation is more significant. Cross border multipliers are also positive. Moreover, a spending spillover effect is larger than the spillover effect from a tax shock.
The current financial crisis has revealed serious flaws in models, measures and, potentially, theories, that failed to provide forward-looking expectations for upcoming losses originated from market risks. The Proceedings of the Perm Winter School 2011 propose insights on many key issues and advances in financial markets modeling and risk measurement aiming to bridge the gap. The key addressed topics include: hierarchical and ultrametric models of financial crashes, dynamic hedging, arbitrage free modeling the term structure of interest rates, agent based modeling of order flow, asset pricing in a fractional market, hedge funds performance and many more.
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.