Radchenko Tatiana, Kovaliov Sergei, Kovaliov Valerii
The article analyzes the underlying reasons for foreign exchange reserves accumulation in emerging markets. It shows the specific features of this trend (including the influence of the recent financial crisis) and arrives at the conclusion that it should remain during the medium-term period. It studies the sources and mechanics of foreign exchange reserves build-up displaying the difference between government and central bank reserves. On the basis of retrospective analysis the article concludes that it's necessary to evaluate alternative costs in order to create the optimal structure of the foreign exchange reserves portfolio.
Usoskin Valentin, Belousova Veronika
In the article key global trends and shifts of recent development in large value payment systems and retail payment systems since the middle of 1980-s are analyzed. The paper shows growth of hybrid payment systems, expansion of multicurrency payment systems, increase in electronic payments, and decline in the use of traditional payment instruments.
In article conceptual, analytical and methodological problems of the statistical analysis of the Russian financial markets are considered. It is especially important and actual in current conditions when the Bank of Russia plans to pass to realization of inflation targeting at which operations play a paramount role the open markets. The special attention is given directions of the statistical analysis of the financial markets. Key and auxiliary problems which should be solved in the course of introduction of a new monetary policy are revealed.