The article describes a calculation of a set of threshold exchange rate values, which bring profitability of certain activities in Russian economy to a zero level. The calculation factors in not only price increases of imported components following the previous literature on the subject, but also exchange rate pass-through and increases in rouble denominated export revenues. The analysis reveals that rouble depreciation increases vulnerability of investment and consumer goods producers, which ceteris paribus induces simplification Russian economy structure.
The article studies the existing regulation in CLS, reflects its major work streams in 2014, analyses the fundamentals of liquidity risk management in CLS, reviews the on-boarding perspectives of selected new participants. The article emphasizes that the Federal Reserve System of the U.S. implements the supervision of CLS Bank, responsible for the operation of this multicurrency cashless settlement system, coordinates the cooperation between participating central banks and supervisory analysts from FRS, controls the activities of the CLS Oversight committee that implements the cooperative oversight of CLS.
Boldyreva Natalia, Aleksandr Parfenov.
The article covers theoretical and methodological positions of diagnosis of the stock market crisis. The principles of forming the crisis phenomena indicator system are substantiated. Methodology of diagnosis of the stock market crisis is offered and tested. It is based on analysis P/E ratio (price-to-earnings ratio), P/BV ratio (price-to-book ratio), zero-coupons yield curve for Russian government securities.
Nosenkov Valery, Usov Dmitry
Based on the accounts of the balance of payments and intertemporal decisions of microagents of country we built short-term dynamic model of the exchange rate of the rouble against the U.S. dollar. The resulting formula is the dependence of the internal and external prices and aggregate output, as well as factors capital mobility, which plays a central role in the modeling. We discuss the relationship results from the fundamental equilibrium exchange rate in the framework of the author's conceptual approach to the assessment of the equilibrium exchange rate based on international flows (IFEER). Based on the modeling results we built the analysis of the dynamics of the nominal exchange rate in 2014 and the balance of payments of Russia.
This paper proposes a method of raising funds in housing construction, which is aimed at developing a particular area based on the mechanism of co-financing of voluntary pension contributions of citizens. This mechanism allows to increase the interest of the public and the efficiency of the funded part of the pension, as well as to encourage regional authorities and businesses to the development of the territories.
Krivoruchko Svetlana, Lopatin Valery
The structural features of the money turnover mechanism are discussed in the article. Material signs of information about claims to the money issuer built in the material carrier of information considers as a basis of the money turnover mechanism. Authors introduce the concept of the money turnover system, define more exactly the notion of the money turnover mechanism, introduce notions of the procedure rules, technical system and interface of the mechanism, explain ideas of stage of the money turnover, mechanism of the stage and procedure of mechanism.
Zhevaga Aleksandr, Morgunov Aleksei
The research objective is to receive the most reasonable and exact calibration of models based on using economic cycles. In the article the approaches to the construction of aggregated macroeconomic indicator based on the definition of the economic cycle were proposed. The mechanism of building the macroeconomic indicator was demonstrated step by step. Ways to use the obtained indicator were suggested, in particular to assess and predict the frequency of delinquency. Approaches to the calibration of internal rating models based on the macroeconomic indicator were described.