Book
International Financial Markets
The University training discipline “International financial markets” studies the behavior of economic institutions (business, fi nancial institutes, governments, individuals) in the multicurrency environment. The text consists of two sections, 6 chapters. The world monetary system, exchange rates and “forex” markets are considered in part I. The international money and capital mar kets, and multicurrency investments are studied in part II. The text is focused on the university students of the undergraduate and graduate levels, and business practitioners. Authors intended to instill in the readers a taste for work with the theoretical concepts, the empirical data, describing the evolution, current con- ditions and prospects of the international financial environment’ development in the framework of business decisions making.
We present an integrated framework for the study of the international financial economy with trade, fiat money, monetary and fiscal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international finance pricing results obtain. Market incompleteness and positive default in equilibrium allow for the study of the transmission of default through the international financial markets and imply a positive role for policy. Finally, we present an example where, due to the trade-off between the non-pecuniary cost of default and the resulting allocation, a Pareto improvement occurs following an increase in interest rates.
We present an integrated framework for the study of the inter- national nancial economy with trade, at money, monetary and s- cal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international nance pricing results obtain. Market incom- pleteness and positive default in equilibrium allow for the study of the transmission of default through the international nancial markets and imply a positive role for policy. Finally, we present an example where, due to the trade-o? between the non-pecuniary cost of default and the resulting allocation, a Pareto improvement occurs following an increase in interest rates.
In this article the question about advantages of on-line international marketing research is considered. It is compared on-line sample with offline sample sources. Also, the high degree of correlation between researches conducted off-line vs. on-line is marked.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.