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Abstract - Can the World Monetary System be Saved from Collapse by Monetary Gold
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Abstract: The world community is gripped by the expectation of significant changes in the international monetary system, which has been permanently in crisis for decades. The uncertainty of the future gives rise to a sense of impending catastrophe, which must be prepared now, finding reliable anchors for preserving capital and providing an equivalent exchange in commodity markets. Historically, during a period of aggravation of the crisis of the international monetary system, monetary gold invariably remains as a reliable anchor, which is due not only to its unique properties, but also to the mentality of economic entities of all levels. The article deals with the basis of the emergence and periodic aggravation of the crises of the international monetary system, the causes of the new exacerbation, and the changing role of monetary gold in the process of globalization of the world economy. The role of international reserves in the gold reserve in the maintenance of socio-political stability is shown, the reasons determining the need to preserve and increase the gold reserves of central banks are substantiated. Keywords: International monetary system, monetary gold, international reserves, gold reserves. |
Abstract - The Main Directions of the Bank of Russia’s Activity in the System of Integrated Financial Regulation
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Abstract: Actuality: The transition to integrated financial regulation brought the issue on the central banks’ role in the new configuration of financial supervision; on the necessity of resistance to financial crises and systemic risks; on overcoming of sectoral fragmentation in the area of regulation and supervisory activities’ standardization based on best supervisory practices. Keywords: Megaregulator, banking system, financial system, non-credit financial organizations, microfinancial organizations, the role of the Bank of Russia. |
Abstract - А Quantitative Assessment of the Impact of Credit on Economic Growth in Russia
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Abstract: The Russian credit market reflects the significant range of problems faced by the national economy. Among them are structural and regional imbalances; restrictions that prevent the free movement of funds in the interbank market; uncertainty that leads to a slowdown in the rates of attraction and placement of credit resources. As a result, the question arises as to how effective the credit market in Russia is and whether it has a stimulating effect on the national economy. The purpose of this article is to assess the impact of credit on economic growth as one of the criteria for the effectiveness of the credit market in the national economy. Growth rates of real quarterly GDP levels cleared of seasonality as well as quarterly growth rates of real household consumption in Russia cleared of seasonality are viewed as indicators of economic growth. Indicators of the credit market include quarterly growth rates of real loans to households and quarterly growth rates of real loans to non-financial organizations. In addition, such events as the global economic crisis of 2008 – 2009 and its impact, Western sanctions and the increase of crude oil prices were taken into account. As a result of the study conducted by the authors using an open econometric model of vector autoregression, the conclusion was drawn that loans to households and non-financial organizations in the long term have a stimulating effect on the Russian economy. Keywords: Credit market, loans to households, loans to non-financial organizations, gross domestic product (GDP), vector autoregression model. |
Abstract - Unbalanced Liquidity Management Evaluation of the Russian Banking Sector
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Abstract: The monetary policy content both in the world and in Russia is changing. The past five years confirm that banking systems are experiencing unprecedented influence of both external and internal macroeconomic factors. Keywords: Liquidity, factors, liquidity surplus. |
