Is COVID-19 triggering a new emerging-market crisis?
Bruegel , 2020.
Dabrowski M., Dominguez-Jimenez M.
Emerging economies have received little attention in the economic debate regarding the COVID-19 pandemic, yet the performance of their primary market indicators, chiefly sovereign debt, foreign exchange and equities, indicate a deep deterioration is taking place. Times of crisis often lead to capital flight from emerging markets as investors seek safe haven assets, while the localised effects of the disease and the collapse in the price of certain key commodities have also been damaging. More worryingly, this appears to be the beginning of the storm, and emerging economies have far less room for fiscal and monetary manoeuvring.
, , / Bruegel. Series Bruegel blog "Bruegel blog". 2020.
Central banks in emerging markets with weak currencies should not resort to unorthodox monetary tools such as quantitative easing as a response to the crisis triggered by COVID-19. Preferable alternatives include shifting public spending away from less pressing needs, moderately increasing public debt and falling back on official development assistance. ...
Added: October 29, 2020
, Рынок ценных бумаг 2014 № 8 С. 57-59
С помощью анализа риск-нейтрального распределения для капитализации российского рынка акций получена оценка его уровня, соответствующего сценарию, когда с рынка уходят нерезиденты. ...
Added: August 18, 2016
, / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 04.
This paper analyses the optimal monetary policy under incomplete pass-through and asymmetric price rigidity. In a general equilibrium sticky price model of a small open economy we fi nd that the optimal interest rate rule is to respond to all types of shocks in an economy: real exchange rate shocks, supply shocks and demand shocks. ...
Added: March 12, 2013
ВЛИЯНИЕ ИЗМЕНЕНИЯ ВАЛЮТНЫХ КУРСОВ НА ДЕНЕЖНЫЙ ПОТОК ПРЕДПРИЯТИЯ ПРИ ПРОВЕДЕНИИ ИМПОРТНО-ЭКСПОРТНЫХ ОПЕРАЦИЙ
, , , Научное обозрение 2015 № 11 С. 343-350
This article examines the influence of changes in the tax burden on the cash flows of the company and provides the results of evaluation of changes in cash flows during modernization and diversification of production. ...
Added: January 19, 2016
, , Эффективное антикризисное управление 2010 № 4(63) С. 24-29
В последние месяцы динамика курса рубля была необычной. В отличие от большинства других развивающихся рынков, где наблюдался значительный рост экономики и приток капитала, в России в 2010 году отмечается отток капитала. Одни эксперты не исключают, что Банк России в ближайшее время может повысить процентные ставки. Другие считают, что необходимости в этом нет. ...
Added: November 7, 2012
, Panoeconomicus 2012 Vol. 59 No. 2 P. 201-216
Solving the problem of stabilizing the economy is directly tied to the necessity of keeping the main macroeconomic variables stable. However, macroeconomic stability is not in the general case a purely fiscal or a purely monetary problem. How the central bank and the government interact is of principle importance. We investigate the impact of macroeconomic ...
Added: October 30, 2012
, / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 02.
In this paper I reflect on my first year as Governor of the Bank of Israel, which I joined in May 2005. I start by describing the current state of the Israeli economy and monetary policy and economic developments during the past year. I then review a series of issues that have arisen during the past ...
Added: March 12, 2013
, , / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 17.
The paper investigates the ability of monetary authorities to keep the real exchange rate undervalued over the long run by implementing a policy of accumulating foreign exchange reserves. We consider a model of a three-sector, small, open economy, where the central bank continuously purchases foreign currency reserves and compare the results to Russian and Chinese ...
Added: March 14, 2013
, , , / Social Science Research Network. Series SSRN Working Paper Series "SSRN Working Paper Series". 2015.
Abstract The primary goal of this article is to investigate and compare the impact of economic and non-economic factors on the capital outflows from Russia. Many recent studies in Russia have focused on studying the impact of economic factors on capital outflow. However, few studies in Russia evaluate and explain the impact of non-economic factors ...
Added: August 5, 2015
, , , / SSRN. Series Social Science Research Network "Social Science Research Network". 2015. No. 2648220.
The primary goal of this article is to investigate and compare the impact of economic and non-economic factors on the capital outflows from Russia. Many recent studies in Russia have focused on studying the impact of economic factors on capital outflow. However, few studies in Russia evaluate and explain the impact of non-economic factors on ...
Added: August 27, 2015
, Russian Journal of Economics 2022 Vol. 8 No. 2 P. 95-121
The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet Union (FSU) from 1992 to 2021, after obtaining political and economic independence in 1991. Special attention is given to problems of macroeconomic stabilization and economic growth. As a result of structural distortions inherited from the Soviet economy and ...
Added: September 3, 2022
Взаимодействие консервативного центрального банка и правительства в экспортоориентированной экономике
, , Горизонты экономики 2015 Т. 23 № 4 С. 37-45
This paper focuses on the role of central bank conservatism while an optimal macroeconomic policy in export-oriented economy is conducted. The main research question is whether monetary policy should be carried out by the central bank, which gives higher priority to inflation rather than output, regardless of the form of strategic monetary and fiscal policy ...
Added: October 1, 2015
, , , Revue Economique 2016 Vol. 67 No. 5 P. 168
We investigate the impact of banks disclosure on the evolution of their CDS spreads during the European sovereign debt crisis. We focus on the CDS spreads changes following the announcements of sovereign credit rating downgrades. The disclosure of information helps investors in building expectations and may participate into the reduction of the information risk premium and of ...
Added: October 9, 2017
, Экономическая политика 2010 № 4 С. 82-91
Либерализация валютной политики увеличит волатильность курса рубля выше характерных для основных валютных пар уровней. Анализ показывает, что это может привести к увеличению волатильности финансовых потоков несырьевых отраслей, снижению роста спроса в моменты благоприятной ценовой конъюнктуры, повышению издержек вследствие дорогого хеджирования валютных рисков. Автор полагает, что валютный курс не должен отражать сырьевую ренту и предлагает ряд ...
Added: October 23, 2012
, 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
, , Экономический журнал Высшей школы экономики 2018 Т. 22 № 2 С. 228-250
This paper measures the effects of the Russian Government and the Bank of Russia’s verbal interventions on the USD/RUB exchange rate. To take into account the verbal interventions by the Bank of Russia, we analyze the announcements made by the members of its Board of Directors and by the press-service. Concerning the communication policy of ...
Added: September 14, 2018
Оценка зависимости спрэда доходности корпоративных облигаций от динамики валютного курса (на примере рынка облигаций РФ)
, Финансовый бизнес 2015 № 4(177) С. 54-63
In this paper we analyze what are the channels of exchange rate dynamics effect on corporate bond yield spread. Under the uncovered interest rate parity (UIP) exchange rate level and interest rates are linked so that the yields in two countries are equal. There is an evidence in literature that exchange rate volatility also plays ...
Added: February 24, 2016
, , Труды Института системного анализа Российской академии наук 2018 Т. 68 № 2 С. 42-45
A methodology is presented that allows to analyze and forecast dynamics of Russia’s foreign trade indicators published in balance of payments. Basing on the methodology, a model is constructed consisting of econometric and balance ratios. This model gives an opportunity to describe balance of payments variables with high accuracy. Model is adapted for midterm forecasting ...
Added: July 28, 2018
, Журнал институциональных исследований 2012 Т. 4 № 4 С. 83-101
The article examines the specific features of the unconventional monetary policy measures undertaken in the emerging market economies (EME) during the world financial and economic crises of 2007-2010. It deals with the institutional and macroeconomic peculiarities that determined the differences in the choice and in the usage of unconventional monetary instruments in the emerging market ...
Added: February 24, 2013
, , / Высшая школа экономики. Series WP9 "Исследования по экономике и финансам". 2005. No. 02.
This paper studies exchange rate pass-through effect (PTE) on consumer and producer prices in Russia using Error Correction Model. We find that PTE is significant on most prices studied and very diverse, but it is incomplete even in the long run. We also find some asymmetry in price reactions to exchange rate appreciation and depreciation. ...
Added: March 18, 2013
A Joint Non-Parametric Approach to the Decomposition of Bond Yields and CDS Spreads: Application of Eurozone Market Data
, , / Высшая школа экономики. Series FE "Financial Economics". 2012. No. 13/FE/2012.
In this paper we develop a joint non-parametric approach to the problem of the decomposition of bond yields and CDS spreads. The proposed approach is essentially an infinite-dimensional modification of the Heath-Jarrow-Morton framework and is general enough to capture even very non-trivial shapes of the yield and hazard-rate curves. The approach allows us to jointly ...
Added: March 18, 2013
, Вопросы экономики 2015 № 12 С. 3-30
The fall in the oil prices from mid-2014 is causing a decrease in domestic demand and a strong devaluation of the ruble, which in turn promotes the growth of the price competitiveness of Russian producers, stimulates supply side of the economy (especially in foreign markets, where there is no recession), and thus creates, the possibility ...
Added: October 21, 2015
, Финансовая экономика 2021 No. 6 P. 284-290
Covid-2019 pandemic has led to unprecedented economic crisis and had a devastating impact on almost all spheres of business activities. Being an unexpected exogenous shock, it has also strongly affected the worldwide M&A market. This paper aims to investigate the impact of pandemic on the worldwide M&A activity and outline its major characteristics. It outlines not only the ...
Added: July 7, 2021
Does corporate governance really predict firms' market values in emerging markets? The case of Russian banks
, / Высшая школа экономики. Series MAN "Management". 2013. No. WP BRP 12/MAN/2013.
This paper aims to add to the literature on the connection between corporate governance and company valuation. We refer to the case of Russian banks to suggest that this connection cannot be established in a convincing way due to data scarcity. ...
Added: June 6, 2013