During the financial crisis of 2007-2009 world central banks provided liquidity on unprecedented scale to support their financial systems by way of making short-term loans through discount window and purchasing securities in the open market. Due to exceptional severity of the crisis and the danger of disruption of important segments of the money market central banks changed their traditional approach to the use of monetary policy tools, expanded liquidity facilities for depository institutions, launched new programs to support other financial intermediaries and engaged in direct purchases of private assets and government securities. This article reviews causes and special features of the crisis, central bank measures to provide liquidity and changes in banking sector after acute phase of the crisis has finished.
The article is dedicated to the research of the national deposit insurance system as an instrument to provide economic safety of the banking system. The author discloses approaches to determination of deposit insurance system, its functions and role in credit system. The analysis of the main elements of the deposit insurance system is conducted; comparison of the Russian system with foreign systems is made. Recommendations to improve some elements of modern Russian deposit insurance system are given.
Ischenko Evgeny, Alekseev Petr
The paper considers main issues of public export policy: the role of export in development of the national economy, the public export promotion as the important direction of the external economic policy of Russia, as well as some problems connected with the improvement of the existing export promotion mechanism and institutions. Possible directions of the improvement of the export promotion mechanism in Russia are proposed, taking into account the foreign experience.
Krupkina Anna, Doroshenko Marina
The paper suggests the econometric analysis of determinants of demand for and supply of personalized financial services in Russia. The study is based on surveys of providers and business customers of financial services that were conducted by Institute of Statistical Studies and Economics on Knowledge of NRU HSE together with ROMIR research company in 2007-2013. Empirical models support the hypothesis about domination of standardized financial services supply at Russian market. Their providers, though highly innovative in general, tend to generate replicable financial innovations. Russian customers thus have but limited experience with customized financial services. Nevertheless as far as they use services more intensively, their demand for personalized solutions increases. Within this framework Russian financial companies should prepare for meeting the increscent quality competition by diversification of standardized services in the short run and by personalization of services in the medium run.
The post-crisis specifics of the global economic order have called for new approaches to maintain sustainable economic growth. Institution of the New Development Bank (NDB) marks a turning point in building up the more resilient BRICS economic platform that is expected to result in further opportunities in multilateral cooperation and regional integration. We suggest criteria of NDB’s successful development and integration into a global network of development banks. Risks of institutionalization are systematized according to their economic background as well as through the prism of the ‘multi-institutionalism’ at the regional level.
In December 2014 when russian ruble significantly devaluated and interest rates raised, some commercial banks assumed negative economic scenario with double digits inflation and interest rates for a long time. At the same time professional depositors expected the repetition of the 2009-11 scenario, when inflation and interest rates were high over a short time. The professional depositors signed many long term deposit contracts and fixed crisis high interest rates over the period beyond financial turbulence. Later when financial stability comes and market interest rates fall, banks will not get crisis high interest rates, which they will have to pay to depositors’ existing contracts. The research article discloses the professional depositors’ nature and crisis behavior, quantifies their negative impact on banks’ profit and develops some regulatory frames against their rides.
In the article the aspects of monetary policy convergence of the EEU countries has analyzed. Underlined, that monetary convergence is the component of the macroeconomic convergence, it actively influences on the reproduction and monetary conditions in the Union' countries, and also allows to protect Union economy against external shocks. The level of monetary convergence is offered to be defined on the basis of the criteria following from base principles of the Theory of Optimum Currency Area - on a degree of synchronism of reaction of the financial markets in reply to external shocks. The analysis of monetary convergence lead on the basis of the offered approach in EEU has allowed to draw a conclusion, that for the countries of the Union the sufficient degree of synchronism of the response to external shocks is characteristic. At the same time, a bottleneck of the further development of monetary integration - the absence of the uniform supranational unit which is carrying out coordination of approaches to monetary policy. For the decision of the given collision it is offered to use the experience of the Uniform issuing bank in Union State Russia-Belarus and also experience of the Interbank monetary committee.
The article analyzes presented in the economic literature interpretations of the concepts «real sector», «banking sector» and «interaction between banking and real sectors of the economy» in order to clarify their content and differentiate from other, similar in meaning concepts. With the proposed methodology for determining the content of the concepts, the author provides own interpretations of key concepts in the context of relevant researched theme.