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Abstract - Central Bank Policy and Cryptocurrencies
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Abstract: Private cryptocurrencies became an integral part of the financial market. Central banks expressed various positions with respect to cryptocurrency from strong denial to non-intervention. We found out a common and dominating trend in the central bank’s policy to lead the further development of crypto-currency by restrictions, robust surveillance and licensing. The first section contains common information about central banks’s approach to regulation cryprocurrencies. Next section summarizes the treatment of cryptocurrency by central bankers, also it cointains 2 tables devoted to typology of cryptocurrency legality by countries and recognition of cryptocurrency by countries. Section 3 is devoted to the impact of global crisis on the dissemination of digital cryptocurrencies and contains 5 tables with information about banknotes and coins in circulation and a tables with top-10 cryptocurrencies. Section 4 describes the typology of warning signals sent by central banks to general public, investors, and market players. Section 5 concludes the material. Keywords: Currency, Money, Central Bank, Monetary Policy, Cryptocurrency. |
Abstract - The Concept of Fair Pricing in the Regulation Framework of the Russian Securities Market
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Abstract: High risks and volatility in the stock market of Russia hinder the transformation of savings into investments and increase the speculative nature of transactions. Russian business does not use the securities market mechanism of financing investments widely enough. One of the causes of this is the faults in the model of securities market regulation in Russia and the legislative gaps. The aim of this article is developing suggestions concerning the improvement of government regulatory practice and self-regulation in securities market in Russia. The study is based on the methods of institutional, comparative and graphic analysis. Solving the problems connected with the set aim, the authors were the first to suggest the analysis of the relationship between the ability of the Russian capital markets to implement its allocative functions on the basis of fair pricing and the efficiency of the capital markets regulatory system. A relationship has been revealed between the speculative character of the Russian securities market and the faults in the model of its regulation. Suggestions have been grounded on the improvement of the existing rules and regulation in the Russian securities market, working out the foundations of long-term public policy for securities market regulation. Keywords: Fair pricing, financial market regulation, volatility overflow, insider information, stock price manipulation. |
Abstract - Optimal Carry Trade Strategy Based on Currencies of Energy and Developed Economies
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Abstract: Optimal investment strategy depends on the loan in currencies of developed economies (EUR, JPY) and lending in currency of energy economies (RUB, BRL). Since 2014, there has been a shift to euro funding as the currency of financing for carry trade against the backdrop of the European Central Bank (ECB) not changing the volume of incentives to accelerate economic growth. There is some evidence to support the use of euro as a funding currency for carry trade, such as the irrational behavior of the currency during the Greek shock in the middle of 2015. Thus, the impact of yen-based trading strategies on the Japanese stock market is unconventional. It also became evident that the relationship between the dynamics of US dollar and S&P 500 index is extremely uncertain. When risk appetite waned due to the high volatility, the money was back. The ECB's zero-rate monetary policy has some impact on the global stock market. Keywords: Carry trade, Uncovered interest parity, CRB industrial return, Monetary policy, Optimal parametric portfolio. |
Abstract - Mortgage Lending to Individuals in Russia during the Financial Crisis
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Abstract: In this paper, the authors gave an overview of the main models of mortgage lending, and presented the results of their comparative analysis. The experience of mortgage lending in developed countries during the financial crisis of 2008 is considered. It is noted that a two-level model of mortgage lending in Russia is currently used, which allows the state to control the mortgage lending market, to realize refinancing of commercial banks issuing mortgage loans using securitization. The authors considered mortgage lending in Russia during the financial crises of 2008 and 2014, and its qualitative analysis was carried out. The results of the analysis allowed the authors to conclude that the state, represented by the Agency for Housing Mortgage Lending (AHML), played a crucial role in supporting mortgage lending in Russia during financial crises. It is shown that the government subsidized the interest rate on mortgage lending, which allowed not only to stabilize its volumes after the financial crisis of 2014, but also to ensure growth. The authors used the regression model for analyzing the statistical data of mortgage lending, which made it possible to identify factors that significantly influenced the volume of mortgage lending in Russia in the period under review. The results of the study have been summarized, specific recommendations aimed at further development of mortgage lending in Russia have been prepared. Keywords: Mortgage lending, model of mortgage lending, crises, factors that significantly affect the volume of mortgage lending. |
Abstract - World Market of Credit Derivatives: Problems of Development and Regulation
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Abstract: The article substantiates the authors approach to the definition of credit derivatives. The analysis of development and functioning of the world market of credit default swaps is conducted. The problems of regulation of the world market of credit derivatives are revealed and ways of their solution are suggested. Keywords: Credit derivative, CDS, credit default swap, regulation of the world derivatives market. |