Деньги и кредит


Cooperative Loan System - a Reliable Means of Poverty Elimination

Bubnov Igor

The article is devoted to a role of the cooperative credit in overcoming poverty, its genetic roots are opened, features of its organization are shown.

Developing a System of Professional Competences in Russian Financial Market

Murychev Aleksandr, Mashtakeyeva Diana, Novikov Petr

One of the most important aspects of the functioning of financial markets is the improvement of the system of regulation. Development and management of sectoral system of professional qualifications of specialists as an integral part of the National qualifications system meets the needs of social practice in the current economic situation, meets the requirements of complicating the structure of the economy and financial market. In the article the most important directions and main results of the Council for professional qualifications of the financial market are considered.

Disinflation Challenges for Banking System (Viewpoint)

Matovnikov Mikhail

The article discusses the implications for the banking and financial system of inflation dropping to the target level of the Bank of Russia - 4%. The reduction of inflation is a serious stress to the economy and the banking system. The transition to low inflation brings to the banks lower margins by about a quarter and the inability to reach pre-crisis profitability. The quality of loans will recover, but not as fast as could be under softer monetary and fiscal policy. Also, low inflation means lower growth rates of non-interest income. However, low inflation entails not only stress, but also opportunities for development associated with the increased potential of some markets, especially mortgages, as well as with the development of non-bank financial intermediaries.

Financial Accessibility of Payment Services Infrastructure in the Altai Territory

Antipov Andrey, Lipatov Aleksandr, Mishchenko Valery

In the article the regional aspects of the financial inclusion of the payment services infrastructure in the Altai territory are considered. The authors suggest the methodology and present the results of the study of the physical equipment of the districts, cities and other settlements of the region with the infrastructure of payment services received during activity of the territorial establishment of the Bank of Russia on oversight and supervision in the national payment system.

Historical and Legal Aspects of Banking System Evolution in Iceland

Topornin Nikolay

In this article the author examines some historic and legal aspects of the development of banking system in Iceland. Though the first banking institutions in Iceland were set up in the end of XIX century, the establishment of modern country banking system began only after Iceland had become independent in 1944. The central bank of Iceland was established in 1961, however the contemporary legal status of the main country bank is based on the Law Act of 2001 (36/2001) with important amendments and changes made in 2009. A deep financial crisis, which occurred in Iceland in 2008-2009, provoked radical changes in Iceland credit and banking system resulting in nationalization of all commercial banks and introduction of tough regulation measures from the state authorities. By now the Iceland government and central bank were able to overcome deep financial and economic crisis and to restore confidence in the national banking institutions. In this article the legal status of the Iceland central bank, evolution of commercial banks system, Iceland' disputes with foreign investors in framework of the «IceSave case» and some other matters are being considered.

Issuing a Mortgage Loan: Significant Risk Factors

Yazykov Andrey, Tsyganov Aleksandr

Bases of forming of sources of problems (defaults) in mortgage housing lending and mechanisms of their overcoming in many respects are explained by the theory of the credit taking into account established practices of mortgage lending. In article essential risk factors in case of issue of a mortgage loan in modern Russian conditions are considered and analyzed.

Monetary and Fiscal Policy Interaction in Central and Eastern Europe

Golovnin Mikhail

The countries of Central and Eastern Europe have faced two large-scale external economic shocks over the past decade: the global economic and financial crisis and the European debt crisis. Their impact led to a significant slowdown in economic dynamics and posed new challenges to the economic policies of these countries. The best results from the point of view of economic dynamics were demonstrated by countries that were able to combine active monetary and fiscal policies (Poland, Albania, Romania). In the period 2010-2015 the most balanced dynamics of macroeconomic indicators was characterized by members of Economic and Monetary Union, but the opportunities for its expansion at the expense of countries, the benefits of the transition to the euro for which clearly outweigh the costs, in the near future are almost exhausted. Some of the instruments used by the CEE countries are of special interest: aimed at overcoming the euroization of domestic economies and at reducing dependence on external financing.

Normalization of US Monetary Policy

Usoskin Valentin

Deep financial crisis of 2007-2009 hit the economies of most developed countries and led to profound changes in the character and methods of monetary policy. Ordinary tools to stimulate economic activity were not effective in a situation of vast shortage of liquidity, panic sales of financial assets and bankruptcy of big financial institutions. The Federal Reserve System (FRS) was compelled to introduce emergency credit support programs for financial institutions and later to buy оп unprecedented scale government securities and mortgage-backed obligations to foster economic growth and reduce level of unemployment. Now, after slow and incomplete improvement of economic situation FRS takes measures to return to traditional model of monetary regulation. This article contains a short review of measures taken by FRS during the crisis and the following recession and focuses on analysis of plans to restore traditional model of monetary policy.

Origin of the Russian Empire’s Debt: Macroeconomics and Financial History Lessons

Moiseyev Sergey

First time Russia entered the foreign debt market during the reign of the Empress Catherine II. The first abroad issue of government bonds was the first public debt, because the domestic financial market in the Russian Empire was absent. The reasons for foreign borrowing were considerations of the payment balance and foreign financing of the Russian army. Subsequently, the chronic budget deficit led to impossibility of the Russian authorities live without new borrowing. From the macroeconomic point of view the government made a several mistakes related to the smoothing of taxation under temporary shocks, as well as fiscal dominance. As a consequence, the first debt expansion in the external market resulted the first debt restructuring in the history and the inflation of paper money in the domestic market.

Scenario Analysis of Pension System Parameters in the Context of Resilience of Russian Government Finances

Vlasov Sergey, Mamedli Mariam

Fiscal sustainability aspect may require significant cuts of public spending to GDP in the long run. Partly it can be done via decrease of pension spending. Potential fiscal risks worsen by the demographic trends, whose role in defining pension spending seems to increase in the future. The effect of the abolishment of indexation of pension for working pensioners and increase of the retirement age for public servants will be limited. The paper presents the estimates of the Russian pension fund's revenue as well as pension expenditures until 2035 under different assumptions about economic growth, demographic characteristics and potential pension reforms.

To Preserve the Audit Market

Nikiforov Sergey

The paper analyzes the main provisions of the proposals of the Bank of Russia on amending the Federal Law regulating audit activities in the Russian Federation. Using the statistical data available to the author, possible changes in the key parameters of the audit market resulting from the adoption of these proposals are analyzed. Based on the analysis results, the author draws conclusions that the Bank of Russia's proposals can become the framework for reforming the Russian audit market.


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