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Abstract - Banks as the Actors of a Modern Monetary Policy in Russia: Effects of Exposure on the Econom
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Abstract: The article's relevance is determined by the fact that in the conditions of a bank-oriented financial system the “signals” from the central bank regarding decisions about the monetary policy go to the economy via banks, through which the main channels of the transmission mechanism of the monetary policy are implemented. The analysis of the effects of banks as the actors of the monetary policy is therefore relevant. The article, based on a study of the elements of investment potential for their impact on GDP, contains conclusions about the possibility of achieving economic growth as one of the strategic goals the monetary policy through the main channels of the transmission mechanism using its standard tools. The article is to identify and quantify the factors that have significant effects on economic growth through the impact on investment potential. The change in the Bank of Russia’s key interest affects only some of the investment potential elements such as deposits of legal entities in rubles. Such impact can slightly improve GDP. The use of monetary policy tools will enable the influence on the change of the nominal interest rate and, therefore, the adjustment of real rates, and it may also affect aggregate demand (consumption and investment potential). Keywords: Investment potential, monetary policy, interest rate, economic growth. |
Abstract - Factor Analysis of the Russian Stock Market
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Abstract: A quarter of a century after the first Russian joint stock companies were set up, the Russian equity market has become the leading market in Eastern and Central Europe. Russia has a state of the art trading and settlement system, with the Moscow Exchange (MOEX) being its centerpiece. The Russian joint stock companies successfully introduce the best practices of corporate governance. The accounting system is becoming more and more adequate and transparent. However, in the last decade the Russian stock market has demonstrated one of the worst returns in the world among the 20 largest economies. Judged by the main indicators (P/E, P/B, Dividend Yield) the Russian market looks very much undervalued. Keywords: Stock market, Russia, financial markets, emerging markets, regulation. |
Abstract - Impact of Bank Cards Transactions on Banking Fee Income Growth in Russia
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Abstract: The article covers the advent of new sources of income which banks should concentrate on in the light of digitalization and development of new technologies. In spite of dynamic bank cards market development, there are many unresolved issues and challenges in this sphere, which generally relate to the necessity to enhance legal framework regulation; development of effective anti-fraud methods; utilization of innovative technologies and others. The Russian economy and society are in need of highly efficient, safe and economically viable and independent payment system, including such method of payments as bank cards. The conducted analysis revealed that there is a correlation between individual indicators of the bank card market development and the level of a bank's income. The latter depends not only on the revenue flows generated by the growth of interest rates on loans or other conventional types of banking transactions, but on the level of bank cards transactions. It is important to identify correlation between the growth of banks’ fee income from card transaction and the amount of funds raised by commercial banks, the numbers of ATM, the average income per card, the number of operating cards, and per capita income of the population. Keywords: Bank card, bank fee income, regression analysis, transaction. |
Abstract - The Influence of the Credit Policy of Commercial Banks on the Modernization of the Russian Economy Structure
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Abstract: The model for the development of the Russian economy is based on the need for its structural adjustment. A big role in this process is played by commercial banks, whose credit policy is not yet aimed at actively supporting of investment processes in the economy. Keywords: Investment, bank lending, government support instruments, mortgage. |
