In this article are considered analytical and forecast opportunities of the central banks divisions of the different countries and other institutions in sphere of studying of a conjuncture of the world commodity markets, especially the oil market, and also the applied researches of a condition of the world market of oil. Theoretical bases of the known models used for the forecast of demand, the supply and the prices in the world oil market are described.
The article analyses some features of the Bank of Russia's payment system as an object of management. The debatable questions of its further development connected with the implementation of the System of bank electronics urgent payments (BEUP) are discussed. The payment turnover analysis means as the tool of payment system's oversight are considered.
Silivanov Viktor, Zubrilova Natalia
The article presents an attempt to designate dominating academic concepts of central banks as lenders of last resort. The base of the survey includes both classical and contemporary concepts of lender of last resort, introduced in foreign economic literature.
Yegorov Aleksei, Kovalenko Olga
In this article we propose an approach to the Russian financial market pricing analysis and modeling. The basic attention is given to estimation and interpretation of the direct, indirect and generative interconnections between price indicators of separate segments of the market (credit and deposit market, interbank lending market, government and corporate bond market, bills market). The constructed models are used for the analysis of functioning of the Russian financial market during global financial crisis of 2007 - 2009.
This paper reviews the conduct of monetary policy in the New Zealand and the role of inflation targeting in the country's gradual convergence toward price stability. A key lesson from the experience of the inflation targeting in the New Zealand is that the foundations for successful, full-fledged inflation targeting are built on the following: a strong fiscal position and entrenched macroeconomic stability; a well developed financial system; central bank instrument independence and a mandate to achieve price stability; a reasonably well understood transmission mechanism between monetary policy actions and inflation; a sound methodology for constructing inflation forecasts; and transparency of monetary policy to build accountability and credibility.
The article covers problems of resolution of the global economic and financial crisis. The author examines theoretical aspects of government policy in terms of crisis, highlights goals and directions of anti-crisis measures and analyzes world and Russian practices of crisis resolution measures. The author draws several conclusions on the nature of modern crisis and opportunities of using the world experience of policy responses to financial crisis in Russia.
Pekarskii Sergei, Atamanchuk Maria, Merzliakov Sergei
This paper analyzes a stylized model of an export-oriented economy. It investigates the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund and consider different forms of strategic interaction between the government and the central bank. It is shown that the effective interaction of fiscal and monetary policies is possible under Stackelberg interaction with the government as leader and under cooperation.
Департамент операций на финансовых рынках Банка России подготовил очередной Обзор деятельности Банка России по управлению валютными активами - выпуск 1 (13), 2010 г. Первый раздел данного выпуска посвящен результатам управления валютными активами Банка России за период с июля 2008 по июнь 2009 г. включительно. В течение рассматриваемого периода основные подходы к управлению валютными активами, большинство изменений в структуре валютных активов, а также в значительной мере изменения динамики их доходности по-прежнему были обусловлены нестабильностью на мировых финансовых рынках. (Результаты управления валютными активами публикуются с временным лагом не менее 6 месяцев.) Полный текст Обзора будет размещен в феврале 2010 г. в представительстве Банка России в сети Интернет.