Solovyev Pavel, Malyshev Pavel
The analysis of Russian FOREX market indicates it as a significant part of foreign exchange market along with the exchange-traded sector. However, new legislation system focused on consumer protection includes some disputable regulations, which may act as obstacles for the market development. The proposals to optimize these regulations include allowing FOREX dealers to hedge their risks, reducing the minimum required amount of their internal funds, increasing the maximum possible leverage ratio and waiving the requirement to keep fixed quotes for at least 5 seconds.
This article is devoted to analysis of the derivative market place in the financial markets. Identification of essential economic differences between securities and derivatives allows the author to conclude the existence of derivative market as a separate financial market sector requiring self-regulatory system. The author also formulates the signs of the derivatives, allowing to uniquely distinguish them from other financial transactions and to formulate evidence-based, clear, consistent definition of derivatives as an object of regulation, which can be used in the financial legislation.
Kuznetsova Olga, Merzlyakov Sergey
Since 2013, the Bank of Russia has been applying the signals about the future policy moves as an instrument of forward guidance. The goal of the paper is to understand the effectiveness of this policy and its future prospects in Russia. To this purpose, the authors reconsider the main issues of time-based and data-based forward guidance in communication strategy of central banks. After that, they discuss the Bank of Russia's forward guidance in 2013-2016 and suggest the ways for its further improvement.
Cherkasov Vsevolod, Kontsevich Olga
Global ambitions and the most serious challenges for China's future since the Asian financial crisis pushed the country to the most large-scale reforms for two decades in wide spectrum of economic policies at once. Within this article we consider reforms on FX arrangement and FX regulation, monetary policy and fiscal framework for the purpose of systematization of the changes happened during the last three years for better understanding of developments in the world's largest economy which money applies for a role of one of the international settlement and reserve currencies.
In the offered to the reader's attention article there are viewed new rules in general provisions of the Russian Civil Law upon loan agreement, among which there is being analyzed a number of mistakes, contradictions and vagueness in the article 807 of the Civil Code of Russian Federation.
Malyi Yevgeny, Alekseyeva Liudmila
The structure of the Kaliningrad region economy and conditions of its development are examined in the article. The examples of points of increase and decrease are given. Special attention is paid to the analysis of the regional credit market in the first half of the 2016: the tendencies of the dynamics of the credit volume (including the sectoral aspect), price and nonprice terms of the bank lending, level of overdue payments.
The article discusses evolution of stress-testing of banks on micro- and macrolevel; the main challenges on the way to improving stress-testing techniques are defined. International and Russian experience of stress-testing is summarized with special emphasis on main types and techniques of stress-testing. The author formulates suggestions regarding promising ways to advance stress-testing in banks.
The term «non-standard» monetary policy is used in contemporary financial literature to designate massive monetary interventions realized by western central banks to counteract the development of crisis in banking sphere and to stimulate business activity in real sector of the economy. This kind of policy deviates from the principles of monetary actions of central banks that have prevailed before the world financial crisis of 2007-2009 and became ineffective аs an instrument of economic stabilization when market interest rates have fallen sharply. This article reviews the main methods and instruments of central banks' «non-standard» monetary policy and the results of their practical use to stabilize the euro area economy.