Komissarov Gennady, Efimkin Andrei
The article is dedicated to analyzing tendency of growing demand for safe assets in the context of supply compressing. Scarcity of safe assets is reflected in rising of interdependencies between banks, that are considered to be main holders of safe assets and countries-issuers of safe assets. Eventually it can be externalized in transmission of fiscal risks to banking sphere in consequence of deterioration of the economic situation.
Basko Oleg, Pisanova Liudmila
Stezhkin Aleksandr, Malykh Nikholai
The article analyses Russian and foreign experience of market risk estimating. The main features of market risk determining in Russia are marked out and described. International experience is given from Basel I (1988) to Fundamental review of the trading book (2012). The key attention is focused on general principles of this consultative document: standardized and internal model-based approaches, the main specialities and borders of applicability.
In this article the results of the study of transmission mechanism of monetary policy in Russia are presented. The aim is to obtain an overview of the opportunities for effective functioning of three channels of transmission mechanism: the interest rate channel, exchange rate channel and the credit channel. Feature of the study is the clustering of the original data, use of the results of the Bank of Russia monitoring of enterprises and the Bank of Russia survey of changes in conditions of the bank lending.
The article concludes that stock markets in oil exporting countries are characterized by excessive level of market risk making them comparatively unattractive for investors. High risk of Russian stocks is detrimental not only for healthy development of stock market but for national financial sector as a whole.
In Russia discussions about shortage of long-term resources are surrounded with many myths. The most persistent one is the myth that foreign banks operate using much longer-term recourse base than Russian ones. In reality, however, maturity structure of liabilities in foreign banks is, by and large, similar to what we are having now in Russia. Household deposits are primarily up to 3 years, while 10-year deposits are rather an exception. Also many foreign banks have large liquidity gaps while Russian banks prefer to operate with liquidity surplus. The main reason why foreign banks can afford to take risks of extending longer-term loans using short-term funding is availability of the effective refinancing system. CBR has an instrument (loans collateralized by non-marketable assets) that could potentially develop into the main refinancing instrument, but now it is largely accessible to a small group of the largest state-owned banks, against limited volume of respective assets. CBR ought to broaden the access to these loans for larger group of banks, to increase acceptable collateral types adding portfolios of retail and SME loans, as well as other corporate loans. At the same time it would be acceptable to limit the use of these loans only to redemption of other bank liabilities, with borrower banks having no substantial weakness elicited by supervisor. Dependence of the access to refinancing on supervisory assessment, in a situation of a bank run, is viewed as a powerful stimulus for transformation of the Russian banking system, similar to the actual re-licensing before introduction of deposit insurance 10 years ago.
The role of the credit loan in the development of farms of the Azerbaijan Republic is discussed in the article. It is noted that the credit, advanced in the industry, along with labour, plays a catalytic role in productivity growth in the farm economy. The author proposed organization of a four-peasant system of credit cooperatives, which includes rural credit and savings and credit cooperatives, united in the district unions of credit cooperatives, credit associations of regional cooperatives headed by the Central Agricultural Cooperative Bank.
Yarovoy Vladimir, Mishina Victoria
The article highlights liberalization processes and the rising demand for the use of national currencies Chinese yuan and Russian ruble in bilateral trade and investment which indicates a great potential of the CNY/RUB market on Moscow Exchange.
3 апреля 2013 года в Колонном зале Дома Союзов состоялся XXIVсъезд Ассоциации российских банков. В ежегодном форуме участвовали руководители банков, представители Федерального собрания Российской Федерации, Администрации Президента, Правительства, федеральных министерств и ведомств, Банка России, представители научной общественности, зарубежные гости. Ключевая тема съезда - «Банки и общество: роль кредитных организаций в социально-экономическом развитии России».