On the basis of the theoretical analysis of the essence and role of the credit the author defined the meaning of the credit relations in the current context of the development of the financial market and its main sector - the credit market. There is defined the «credit product» as the key category generating the theoretical approach for the research and the improvement of the credit relations and the credit market; disclosed the essential attributes and the role of credit products.
In this article, the author proposes the basis for decomposition of the structured derivatives payouts that provides an opportunity to calculate, inside of the common procedure, the fair (theoretical) value of structured derivative and provides a processing capability for work with it in terms of differential operators. Moreover, the basis is needed to the structured products development. The proposed model is intriguing within the context of unique framework absence for the structured derivatives pricing that is consistent with market usage. The main object for the model verification is an author’s product The Barrier Bermuda Foreign Exchange (EURUSD) INTERESTing swaption.
The article discusses the recent trends in the dynamics and structure of the global trading in crude oil futures contracts: rapid recovery of crude oil futures trading volume on the global futures exchanges NYMEX and ICE after the global financial crisis of 2008/2009; accelerated development of trading in Brent oil futures; attempts of the Dubai Mercantile Exchange to launch a new global oil benchmark. The article concludes that the successful launch of crude oil futures on Shanghai International Energy Exchange could potentially transform price discovery mechanism in global crude oil market.
The development of central counterparties highlighted a number of vulnerabilities in central clearing. To address these issues, the G20 and national regulators recommended a series of reforms. This paper focuses on several issues: pro-cyclicality of margins, covering of general business risk, collateral, interlinkages with others central counterparties.
After world financial crisis of 2008-2009 leaders of the European Union are looking for means to strengthen banking sector of the euro area countries. In this article new supervisory system for large banks in euro area under the direct responsibility of the European central bank is observed.
This paper contains the description of the methods that are applied for the estimation of consumers’ inflation expectations at the monetary policy department of the Bank of Russia. There are three broadly used methods of expectations quantification: the probabilistic, the regression-based and the balance-based ones. Based on the data availability and the implied assumptions of these methods the author makes his choice in favor of the probabilistic approach which is applied in three modifications under assumptions of normal, uniform and noncentral t-distributions of the populations’ beliefs about the future inflation.
Ryzhanovskaya Liudmila, Stakhovich Liudmila
Leading international financial organizations initiated study on responsible lending as a modem standard of interaction of the lender and the borrower. The article deals with the definition of «responsible lending» through the prism of the United Nations approach to the management of sustainable development of countries, trends of socialization of banking and microfinance activities, credit risk management and giving public utility to the lending process as a whole.
Zhukov Pavel, Minchenko Roman
Modem lines of development of the retail credit market in Russia are analyzed. Two econometric models are constructed - for an explanation of risks of a credit portfolio and for an explanation of rate of its growth. Index FICO is used as the indicator of risk of a credit portfolio. The conclusion that in modern conditions a primary factor influencing index FICO is the rate of increase of a portfolio which, in turn, depends mostly on the interest rate.
От объема и качества государственной программы кредитования малого и среднего бизнеса зависит работа многих предприятий, создающих новые технологии и виды продукции, поэтому роль МСП Банка - дочерней структуры Внешэкономбанка, созданной специально для поддержки малого и среднего предпринимательства (МСП), - принципиально важна. О том, что делает Банк сегодня для создания комфортной бизнес-среды для малых и средних компаний и о своем видении перспектив дальнейшего развития этого сегмента рассказывает Председатель Правления МСП Банка Сергей Павлович Крюков.