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Potential impact of financial innovation on financial services and monetary policy
CASE Reports. 2017. No. 488. P. 1-26.
Dabrowski M.
The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry’s business model in both its banking and non-banking components. It has already revolutionised financial services and, most likely, will continue to do so in the future. If not responded to adequately and timely by regulators, it may create new risks to financial stability, as occurred before the global financial crisis of 2007-2009. However, financial innovation will not seriously affect the process of monetary policymaking and is unlikely to undermine the ability of central banks to perform their price stability mission.
Rozanova N. M., Кокорин В. С., Terra Economicus 2013 Т. 11 № 3 С. 20-33
An adequate interaction between government and economy is the key problem of modern countries. How can we improve the functioning of the government if this conflict of interests would be systematic and unavoidable by its nature? What would be better: to have more government – and more limitations for business; or less regulation (with more ...
Added: October 30, 2013
Chirkova E. V., Финансы: теория и практика 2012 № 1 С. 79-87
In this article the author analyses the characteristics of the economic assets the most suitable for financial bubbles appearance and the preconditions thereof. The best objects for bubble inflation are the investment assets with long life, rare and hard-to-value objects. The development of the bubbles is frequently based on the «new world» paradigm in its ...
Added: March 20, 2013
Напалков В. В., Novak A., Shulgin A. G., Деньги и кредит 2021 № 80(1) С. 3-45
This research analyses regional heterogeneity in the reaction of core inflation to shocks of a single monetary policy on the example of Russia. We use a global vector autoregression model to estimate impulse response functions of core inflation in Russian regions to monetary policy shocks. The average 5-year cumulative response of regional core inflation to ...
Added: March 31, 2021
Абрамова М. А., Криворучко С. В., Свирина Е. М., Банковские услуги 2015 № 5 С. 2-9
Приведены мнения экспертов по некоторым дискуссионным вопросам современной государственной денежно-кредитной политики России. Акценты сделаны на анализе целей деятельности Банка России в области денежно-кредитной политики, современного инструментария денежно-кредитного регулирования, вопросов применения режима таргетирования инфляции в России. ...
Added: May 22, 2018
Timofeev D. V., / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2015. No. 20.
Russian recession of 2014/2015 began with ruble run and rise of inflation. It is just the opposite of the western-type deflationary slump combined with money hoarding. Does it mean that Russians need different micro-model to describe saving and consumption behavior? This study show that work-horse log-linearized rational SDF with CRRA utility still provides good explanation ...
Added: November 20, 2015
Dobrynskaya V. V., Levando D. V., / 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
Suchkova E. O., Господарчук Г. Г., 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
Sokolova A., / Высшая школа экономики. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2013. No. 3.
The aim of this research is to identify the process that guides the evolution of infl ation expectations in Russia. The signifi cance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both infl ation dynamics and the effectiveness of disinfl ation measures introduced ...
Added: January 23, 2014
Sokolova A., International Journal of Computational Economics and Econometrics 2014 Vol. 4 No. 1/2 P. 254 -268
The aim of this research is to identify the process that guides the evolution of inflation expectations in Russia. The significance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both inflation dynamics and the effectiveness of disinflation measures introduced by the Central Bank. ...
Added: April 25, 2014
Krupkina A., Journal of International Scientific Publications: Economy & Business 2013 Vol. 2 No. 7 P. 68-76
The research introduces multi-period model of financial innovations, based on Hotelling approach. There exist two banks (Innovator and Imitator), which compete in prices and quality of services. The Innovator invents a financial innovation, while Imitator may reproduce this service with low (almost zero) costs of imitation. The level of the initial service quality is uncertain ...
Added: November 28, 2013
Dabrowski M., / CASE - Center for Social Economic Research. Series CASE Reports "CASE Reports". 2020. No. 501.
Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, ...
Added: October 26, 2020
Sapunkova N. A., Экономические науки 2010 № 68 С. 29-35
В статье представлена динамическая стохастическая модель общего равновесия (DSGE), учитывающая несовершенства на финансовых рынках, неполный эффект переноса валютного курса на внутренние цены, экспортоориентированность экономики и наличие Резервного фонда и Фонда национального благосостояния. Модель может быть использована для анализа и определения путей повышения эффективности трансмиссионного механизма монетарной политики в России.
Мировой экономической кризис поставил ряд вопросов перед ...
Added: October 14, 2012
Novak A., Khvostova I., Кабаев В. Н., Финансовая аналитика: проблемы и решения 2012 № 47(137) С. 24-35
В статье проведены систематизация и анализ теорий выбора валютного режима для стран, либерализующих свою финансовую систему. Рассмотрены проблемы и варианты их преодоления в рамках различных валютных режимов. Авторы исследуют валютные привязки для пяти стран методом скользящей регрессии. Полученные траектории оценок коэффициентов позволили проследить изменение курса национальной валюты по отношению к изменению курса базовой валюты. Эмпирическая ...
Added: December 28, 2012
Borzykh O., Прикладная эконометрика 2016 Т. 43 № 3 С. 96-117
Implementation of inflation targeting by the Bank of Russia depends on the effectiveness of the chan-nels of monetary policy transmission mechanism. In this article we use a TVP-FAVAR model to examine the bank lending channel. This channel describes the connection between monetary policy impulses and the amount of bank loans that are among the main ...
Added: November 14, 2016
Dobrynskaya V. V., Turkisch E., Post-Communist Economies 2010 Vol. 22 No. 3 P. 283-302
Despite the impressive economic growth in Russia between 1999 and 2007, there is a fear that Russia may suffer the Dutch disease, which predicts that a country with large natural resource rents may experience a de-industrialisation and a lower long term economic growth. In this paper we study if there are any symptoms of the ...
Added: October 4, 2012
Dobrynskaya V. V., / 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
Demidova O., Karnaukhova E., Коршунов Д. А. et al., Вопросы экономики 2021 № 6 С. 77-102
We analyze the heterogeneous influence that monetary policy has on the growth rates of real personal income in 79 Russian regions over the period from 2Q2015 to 4Q2019, taking into account some of the channels of monetary policy transmission mechanism and spatial effects. The analysis was performed on the basis of panel data and a ...
Added: June 11, 2021
Slobodyan S., International Journal of Central Banking 2018 Vol. 14 No. 2 P. 337-346
I argue that the rather unfavorable conclusions of the three papers in the session on "Coordination and Tradeoffs" might not be as bad as they seem. In particular, I dwell on challenges facing the central bank using an interest rate that is different from the risk-free rate in its Taylor rule, and show that proper ...
Added: October 7, 2018
Borzykh O., Могилат А. Н., Деньги и кредит 2017 № 9 С. 48-54
The article studies the role of monetary analysis in inflation targeting and Bank of Russia’s monetary policy. We place emphasis on the approaches to inflation monetary risks estimation (these risks are caused by enhanced growth of monetary aggregates). We found out that currently money growth is not a key factor of inflation in Russian economy. ...
Added: August 24, 2017
Mamonov M. E., Pestova A., Солнцев О. Г., Вопросы экономики 2011 № 7 С. 79-100
Начиная с 2010 года вопросы развития розничных платежных систем в России стали активно обсуждаться широкой общественностью. Однако оценка возможных макроэкономических эффектов от развития розничных платежных систем в России осталась за рамками последней дискуссии. В нашем исследовании представлена систематизация позитивных эффектов, связанных с развитием безналичных платежей, а также проанализированы ключевые тенденции в замещении наличных средств платежа ...
Added: December 28, 2012
Zamulin O. A., Sosunov K. A., / ЦЭФИР и РЭШ. Series WP101-1 "Научные труды ЦЭФИР и РЭШ". 2007. No. 101.
The paper studies monetary policy in an economy, in which the manufacturing sector is ousted completely by the presence of a large natural resource industry. Thus, the economy produces only non-tradable goods, which can complement or substitute imported goods, and the primary shock to the economy comes from the ”uctuations in the world price of ...
Added: April 22, 2013
Dabrowski M., CESifo Forum 2016 Vol. 17 No. 4 P. 3-11
Political and economic changes in Central and Eastern Europe (CEE) and the former Soviet Union (FSU) at the end of 1980s and early 1990s resulted in just two episodes of monetary disintegration. Firstly, the end of Soviet geopolitical control over CEE led to the demise of the Council for Mutual Economic Assistance (CMEA or Comecon) ...
Added: February 5, 2017
Mukhametov O., Asian Economic and Financial Review (AEFR) 2021 Vol. 11 No. 5 P. 396-405
The principal objective of this paper is to scrutinize the relationship between central bank independence and foreign direct investment (FDI) inflows. The relevance of this goal is based on the results of recent studies, which indicate that the inflow of direct investment into the economy depends not only on its indicators of economic development, but ...
Added: September 13, 2021
Karminsky A. M., Dyachkova N., M. : IEEE, 2019
In our research, we examine what macroeconomic factors determine and influence the credit cycle. In addition, our study contains four sections with theoretical and empirical parts, in which we describe how to measure credit cycles for developed and developing countries, and then introduce an important measure of the credit gap. Our results show a comparative analysis of credit ...
Added: October 29, 2019