Исследование эффекта переноса валютного курса в России
In this work the research of the negative interest rate policy of the ECB has been conducted. The study explores the motivation of the ECB to moving towards a policy of negative interest rates, studies of the current experience of the ECB in applying this policy, highlights the specific features of this policy measure for the Eurozone, in particular, for its banking system. The analysis that was carried out from the work made a drawing of a number of conclusions possible. The institutional features of the Eurozone not only made it possible for the ECB to use the new measure of the monetary policy, they determined specifics of the implementation of the ECB of this measure. They also determined the response of the Eurozone economy to this policy. An analysis of the experience of applying the negative interest rate policy of the ECB confirmed the assumption that the application of a new non-standard policy measure (a negative interest rate policy) continued the implementation of the ECB’s old monetary policy strategy: the use of non-standard measures for improving the standard monetary policy impact mechanism.
The problem of optimal monetary policy is extremely relevant for Russia. Although the monetary authority claims that inflation targeting is the main goal of the monetary policy, empirical finding suggest that the real exchange rate targeting is of major importance (see Vdovichenko / Voronina 2004). Due to the rising flow of petrodollars, the rouble is currently experiencing a significant real appreciation. The fear to harm exports causes the monetary authority to respond by accumulating dollar reserves and increasing the money supply, thus preventing a nominal appreciation. Such policy leads to high inflation which benefits of some groups at the expense of others. That is why the optimal degree of intervention is in the centre of the current political and economic debate.
The Chapter examines the evolution of the modern system of currency regulation in Russia. Special attention is paid to sustainability of the national currency, the causes and consequences of capital outflow, as well as measures of deoffshorization of the Russian economy.
Using a panel data set of 180 countries spanning from 1971 to 2000, we find evidence that exchange rate policy affects macroeconomic performance for the sample of non-industrialized countries. We consider two measures of economic performance: i) per capita GDP growth and ii) the volatility of per capita GDP growth and investigate the nature of their dependence on de facto/de jure mix of exchange rate policies. Our characterization of exchange rate policy measures whether a country's de facto policy is consistent with its publicly stated de jure exchange rate regime. Employing the Rogoff and Reinhart (2002) de facto classification we find the significant statistical relationship between exchange rate policy and growth which is robust to the inclusion of conventional growth control variables. Our nuanced characterization shows that the non-industrialized countries exhibiting `fear of floating,' have higher GDP growth. With respect to GDP volatility a division of policy into fixed versus floating exchange rates using the de facto/de jure metrics is significant and indicates that `fear of floating' is stabilizing for the non-industrialized but destabilizing for industrialized countries.
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.