Commodity Cycles and Financial Instability in Emerging Economies
Bank of Russia , 2020. No. 57.
Commodity exporting economies display procyclicality with the price of commodity exports. Although financial frictions may amplify commodity price shocks, how they do so for net exporters is unclear. Using Russian data from 2001-2018 we estimate a small open economy New Keynesian model with a banking system and leveraged domestic firms who issue secured debt and may default on their unsecured domestic debt. The collateral constraint and default generate financial intermediation wedges that vary endogenously over the business cycle, amplify the estimated contribution of commodity price shocks, and reduce the importance of investment and discount factor shocks. With financial frictions, optimal policy is characterized by monetary policy with a lower inflation and GDP target, but has a significant role for targeting the creditto-GDP ratio through a combination of macroprudential tools.
, , et al., Russian Journal of Money and Finance 2019 Vol. 78 No. 3 P. 3-37
We study a small open economy New Keynesian model calibrated to the Russian economy with a banking system that trades secured and unsecured debt. Firms endogenously default on their unsecured debt obligations over the business cycle. We examine the effectiveness of four alternative countercyclical policies that respond to the growth in unsecured credit in the ...
Added: June 4, 2020
, , International Journal of Computational Economics and Econometrics 2014 Vol. 4 No. 1/2 P. 148-180
This paper constructs a DSGE model for an economy with commodity . exports. We estimate the model using Russian data, making a special focus on quantitative effects of commodity price dynamics. There is a widespread belief that economic activity in Russia crucially depends on oil prices, but quantitative estimates are scarce. We estimate an oil ...
Added: September 26, 2014
, , et al., International Economics 2020 Vol. 164 P. 86-114
Added: March 28, 2023
, , , in : The Routledge Handbook of Comparative Economic Systems. : Routledge, 2023. P. 664-675.
Added: January 5, 2023
, , Горизонты экономики 2016 № 6(33) С. 7-24
This article provides an overview of different approaches to defining financial stability, presented in a modern foreign economic literature and in the publications of Central banks, as well as examines the main directions of the analysis of this concept. The article also addresses the missing links in the characteristics of financial stability and the ways of ...
Added: February 14, 2017
, , М. : Русайнс, 2019
В монографии исследованы теоретические, методологические и практические аспекты финансовой стабильности. Разработана методология многоуровневой системы диагностики и регулирования финансовой стабильности. Предложены новые индикаторы рыночной и институциональной финансовой стабильности, а также критерии качественной оценки финансовой стабильности. Разработаны критерии сбалансированности рыночной и институциональной финансовой стабильности. Предложен механизм формирования Карт рисков и выявления на их основе финансовых дисбалансов межуровневого характера. Предложен аналитический инструментарий ...
Added: December 16, 2019
, , Вопросы статистики 2021 Т. 28 № 2 С. 24-41
The article proposes a new set of composite indicators-predictors in business tendency surveys, which allow identifying early information signals of a cyclical nature in the economic behavior of business agents. The main criterion for the efficiency of such indicators is their sensitivity to a cyclical pattern and changes in the dynamics of statistical referents. Property ...
Added: May 11, 2021
, , et al., Applied Economics 2022 Vol. 54 No. 18 P. 2067-2076
We investigate how Covid-19 affects the emerging market (EM) bonds by analysing, on a standalone basis, investment grade (IG) and high yield (HY) debt per type of issuer. We document evidence that the option-adjusted spreads (OAS) of the IG and HY financials have recovered to the pre-Covid levels by the end of year 2020, while ...
Added: October 12, 2021
, , Journal of Corporate Finance Research 2020 Vol. 14 No. 1 P. 7-19
Although corporate capital structure has been intriguing to scientists for a number of years, very little research has been conducted on the topic for companies in emerging markets. The purpose of this paper is to investigate the determinants of capital structure using a sample of 195 non-financial firms from emerging markets in 2012-2016. The inclusion of ...
Added: October 31, 2020
A global perspective on macroprudential policy interaction with systemic risk, real economic activity, and monetary intervention
, , , Financial Innovation 2021 Vol. 7 No. 1 Article 41
The study empirically assesses how macroprudential policy interacts with systemic risk, industrial production, and monetary intervention on a global level from January 2006 to December 2018. We adopt the aggregate proxies of these variables, capturing their global effects, and use a novel econometric technique, namely, smooth local projections. The study finds that global macroprudential policy ...
Added: October 31, 2021
, Вопросы статистики 2020 Т. 27 № 4 С. 97-113
The last decade was characterized by the improvement of the financial systems’ monitoring mechanism at the national and international levels aimed at making effective decisions on financial stabilisation. The purpose of this study is to assess the sustainability of banking sectors of the leading economically developed and developing countries for the period 2009-2018, taking into ...
Added: September 13, 2020
Frontiers of Monetary Policy: Global Trends and Russian Inflation Targeting Practices (Review of the Book Advancing The Frontiers of Monetary Policy Ed. By T.Adrian, D.Laxton, M.Obstfeld)
, Russian Journal of Money and Finance 2018 Vol. 77 No. 2 P. 95-100
The IMF published in April 2018 the book Advancing the Frontiers of Monetary Policy written by its experts and edited by Tobias Adrian, Douglas Laxton, and Maurice Obstfeld, providing a rare chance to learn the views of people who could be called the architects of inflation targeting. The book deals with practical issues of using ...
Added: April 18, 2022
, , , , in : Research Handbook of Marketing in Emerging Economies. : Edward Elgar Publishing, 2017. P. 241-264.
Understanding emerging economies is one of the most important issues on the research agenda in the marketing field. Claims have been made that emerging economy contexts require revisiting extant marketing theory, paradigms and practices (Sheth, 2011), marketing tools and research approaches (Burgess and Steenkamp, 2006). More studies should be conducted in emerging economy contexts to provide us with insights and ...
Added: June 29, 2017
, Вопросы статистики 2022 Т. 29 № 5 С. 96-109
The purpose of this study is to investigate how the Covid-19 pandemic affected the stability of Russian banks .To achieve this goal, an economic and statistical analysis of the risk and liquidity indicators of the Russian banking sector for the period 2008-2020 was performed. The analysis was based on the methodology for assessing the financial ...
Added: November 24, 2022
Springer Nature 2021 Vol. 157, pages417–442 (2021) No. 157 P. 0-34
This paper is an empirical study that used econometric techniques to analyze the causal relationship between income inequality and financial disturbances in developed economies. The author used annual data from panels of OECD countries. In this study, income distribution is represented by the share of GDP that accrued to the top 10 percent earners, wage ...
Added: November 30, 2021
, Social Indicators Research 2021 P. 1-26
This paper is an empirical study that used econometric techniques to analyze the causal relationship between income inequality and financial disturbances in developed economies. The author used annual data from panels of OECD countries. In this study, income distribution is represented by the share of GDP that is accrued to the top 10 percent earners, ...
Added: July 12, 2021
, , Annals of Operations Research 2021 P. 1-29
This study addresses interest rate sensitivity of emerging market corporate debt. Previous research suggests that interest rate sensitivity of corporate bonds depends on residual maturity of issues, creditworthiness of issuers, embedded options and other idiosyncratic factors. However, the dependence of interest rate sensitivity on phases of the business cycle has not received an appropriate academic ...
Added: September 22, 2021
, , , Russian Management Journal 2020 Vol. 18 No. 1 P. 5-28
E-commerce market development depends on the configuration of factors which both enable its further development, but might as well hinder its adoption by consumers. In particular, emerging markets provide numerous opportunities for e-commerce; however, they are also associated with specific barriers, limiting the potential for fully exploiting these opportunities. With an Internet audience of 93 ...
Added: May 19, 2020
GSOM Emerging Markets Conference 2016: Business and Government Perspectives. St. Petersburg : Graduate School of Management, St. Petersburg University
Graduate School of Management, St. Petersburg University, 2016
GSOM Emerging Markets Conference 2016: Business and Government Perspectives. St. Petersburg : Graduate School of Management, St. Petersburg University ...
Added: July 19, 2018
, , , Journal of Business Research 2018 Vol. 86 No. C P. 457-467
This study revisits one of the most widely used concepts in marketing - customer orientation (CO) - in the context of the Russian emerging market. Analysis of three sets of survey data, combined with insights from in-depth interviews with industry experts, suggest that customer orientation in the Russian market consists of two distinct dimensions: customer-centric ...
Added: February 25, 2018
, , Управленец 2019 Т. 10 № 2 С. 11-20
The research provides the theoretical ground of customer centricity attributes and discusses their popularity among FMCG companies in Russia. The methodology rests upon theoretical principles of strategic marketing, the findings of the studies conducted by global consulting agencies and holding marketing research. In academic publications, there is still no single approach to understanding the concept ...
Added: May 16, 2019
, , Вестник международных организаций: образование, наука, новая экономика 2022 Т. 17 № 3 С. 48-74
The Global Financial Crisis of 2007–2009 followed by sweeping overhaul of international banking regulation urged financial regulators to apply a tailored supervisory regime to global systemically important banks (G-SIBs). This approach was caused by exacerbation of G-SIBs’ systemic risks and their transmission during macro-level instability. The size of G-SIBs, the extent of their market power, ...
Added: June 29, 2022
, , , Comparative Economic Studies 2015 Vol. 57 No. 1 P. 168-182
Added: March 28, 2023
, , Journal of Corporate Finance Research 2019 Vol. 13 No. 1 P. 107-119
In this paper, the authors focus on two primary governance mechanisms which can be considered as sources of support for startup companies: the company’s ownership contingent and the company’s management personnel. Based on descriptive statistics from a sample of 416 Skolkovo start-ups from the ‘Nuclear’ and ‘Space’ clusters, and a Start-up-Barometer survey of 300 IT-entrepreneurs, ...
Added: August 28, 2019