Вестник Московского университета. Серия 6: Экономика



Bank of Russia's Shifts in Policy Guidelines: Transition to the Floating Exchange Rate Regime

Dubinin S.K., Miklashevskaya N.A., Karlovskaya S.B., Patron P.A.

The paper analyzes the Bank of Russia's policy during its transition to the floating exchange rate regime. We show that this transition logically follows the general regulation strategy towards price stability. After thorough study of reasons and consequences of the transition, we conclude that internal and external shocks to Russian economy in 2014 accelerated the shift to the flexible exchange rate. We emphasize the assessment of stabilization policy at the foreign exchange market.

Guest Editorial

Doroshenko M.E.

Mega-Regulation in Russia amid Financial Crisis: First Lessons Learned

Doroshenko M.E., Berezin I.S.

The paper generalizes the beginnings of institutional design and development of financial mega-regulator in Russia within the challenging economic environment. Empirical background involves qualitative studies in the form of expert interviews with staff members of the Bank of Russia and with financial market stakeholders. We use expert assessments supported by our own desk research for analytical treatment of successes and potential institutional failures at the first steps of financial mega-regulation in Russia.

Mega-regulator as a Result of Evolution of Financial Regulation

Buklemishev O.V., Danilov Y.A., Kokorev R.A.

Current transition to mega-regulation is the main trend of the financial regulatory reform. The paper examines this transition in a historical context as a natural result of evolution of the industrial organisation under globalization and conglomeration of financial sector. Alternative models of mega-regulation are dicussed: the “integral” approach, under which regulatory functions are concentrated within a single body, and the model of “twin peaks”, when regulatory mandates are distributed between two institutions on the functional principle (macro stability and consumer financial protection). We prove that despite current bias towards integrated approach, demerging of regulators within the framework of the “twin peaks” model has a key advantage of eliminating intra-institutional regulatory trade-offs.

National Bank of Kazakhstan and Economic Faculty of Lomonosov Moscow State University: First Steps in Cooperative Research

Auzan A.A.

Switching to Floating Exchange Rate in Russia under the Strategy of Price Stability

Dubinin S.K., Miklashevskaya N.A.

The article focuses on the implementation of the exchange rate policy of the Bank of Russia aimed to switch from the managed arrangement to floating under inflation targeting. It provides a theoretical framework of such policy with special regard to emerging countries. The main part of the article deals with the policy issues, which Russia has been facing within the western sanctions and oil price falling at the world market. It contains the analysis of risks, which countries implementing the switching to floating may be exposed to and which should be taken into account by government authorities. Special attention is paid to the measures of economic policy to minimize the risks. It is concluded that the switching to floating may be appropriate only in case of availability of a set of required conditions.

Top Challenges Facing Financial Systems in Developing Economies

Kelimbetov K.N.

Transnational Mega-Regulation for Eurasian Economic Union Foreign Experience and Prospects

Tabakh A.V., Podrugina A.V.

The paper analyses prerequisites for development of the transnational financial regulator for Eurasian Economic Union (EAEU). It reviews theoretical researches on integration of financial regulators. The EU's integrated financial regulative practices are introduced as a possible exemplary pattern. EAEU formation is treated within its historical context, and with its allowances for robust integrated financial regulation. Policy recommendations for transnational financial regulations are proposed in the light of the member countries specifics.

Use of a Method of Road Maps for Formation of Perspective Vision of Development of Mega-Regulation of Financial Sector in Russia

Karasyov O.I., Doroshenko M.E.

The paper introduces both methodology and practical implementation of roadmapping in the sphere of financial mega-regulation in Russia. We expertise performance of the Bank of Russia who is set to take on the role of a mega-regulator of the whole of the country’s financial system since September 2013. We discuss expert assessments of the key challenges facing Russian financial system, and of the feasibility of the first mega-regulative measures by the Bank of Russia. By matching both groups of expert results we develop a series of road maps along the most significant fields of mega-regulation, and derive analytical conclusions about mega-regulator’s efficiency in meeting contemporary and future challenges.

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