Abstract

The subject / topic The present article deals ith the main economic problems of the European Union which may lead to the destruction of the united economic system in modern Europe.

Goals / objectives The mail goal of this article was to investigate the basic problems which had already led the modern economic system of the European Union to the critical shape.

Methodology. During the research such scientific methods as theoretical analysis and synthesis, comparison and classification have been employed.

Results. As a research result the recommendations aimed at reducing of the EU economy crisis have been developed.

Conclusions / relevance This article analyzes the main problems in the functioning of the European Union economy, which has undergone a major transformation of evolution over the years of its existence and reached the level of developed global economic and innovative community oriented on the permanent growth.

Keywords: The European Union, crisis, inflation, export, product

JEL: F20, F30

Abstract

Rationale. Economic volatility and the political situation instability have forced Russia and other EEU countries to take a new path of economic development, which would be able to exist regardless of external factors. In connection with the imposed sanctions against Russia, the problem of the united monetary system development with the EEU has recently gained greater urgency.

Objectives. The goal of this work was to investigate the possibility of creating a unified currency system within the EAEU. In order to reach this goal the following objectives have been attained: • the peculiarities of the creation of the monetary system have been analyzed; • the further analysis of the introducing a single currency risks has been made; • the additional analysis of the dollar impact on the economies of the EEU countries has been conducted: • an analytical forecast of the development of the EEU monetary system has been done on the example of the road map.

Methodology. The scientific methods of analysis and statistics have been employed within the following research. Results The creation of a monetary union witn the EEU may develop national economies despite the current problems as well as contribute to strengthen the Eurasian Economic Union. The united currency can be eventually used both as the international method of payment and as the reserve currency, which provides considerable economic independence for EEU countries.

Conclusions and Relevance. The only possible way to reduce the level of dollarization may be found in the products with prices formed in one of the EEU countries’ currencies or over the long term in the united EEU currency. It is concluded that the monetary union appears to be the most sustainable form of the EEU economic development.

Keywords: monetary union, integration, crisis, collective currency, financial market

JEL: F15

Abstract.

Rationale. The article deals with the matters of development of the integration between the Russian Federation and the EU and has been aimed on the standards of living in the Kaliningrad region improvement and the economical level of the Kaliningrad region increase.

Objective. The paper presents the problems of integration between the RF and the EU. The authors come up with the legal compromise decision of Kaliningrad region problems. The main objectives attained include comparative analysis of the peculiarities of the Kaliningrad region and the possibility of its’ integration into EU as well as the consideration of the EU’s international relationships and the development of the integration concept.

Methodology. The comparative-legal, system-structural, modeling and general scientific methods have been employed within the conducted research.

Conclusions and Relevance. The integration of the Kaliningrad region with the European Union is possible in the context of the best international practice of EU analogously implementation. The proposed concept corresponds to the international law, EU law and the Russian constitutional law provisions.

Keywords: Kaliningrad, European Union, EU, Russian Federation, free trade, special zone, Swiss, overseas territories

JEL: K33

Abstract

The article deals with the debatable aspects of monetary issue. The author allocates the directions of both the regulator and credit institutions influence on the currency issue amount: the increase of refinancing volume in the banking sector, including systemically important banks; change of monetary base by the means of the standard of obligatory reserves change and carrying out deposit operations by the Bank of Russia, credit activity of banks, toughening of credit institutions activity supervision.

Keywords: currency issue, money supply monetary base, bank supervision, bank risks

JEL: E 50

Abstract

Rationale. This article presents the practical measures of Russian real economy support based on the critical analysis of expert judgment on monetary policy.

Objectives. This mail goal of the following research was to evaluate Bank of Russia policy as well as to determine monetary measures of the real secor of Russian Federation economy.

Methodology. General scientific methods of analysis and synthesis as well as the inductive and deductive approaches have been employed to evaluate Bank of Russia monetary policy.

Results. The necessity of the support measures for the real sector of the Russian Federation economy have been stated and determined.

Conclusions and Relevance. It’s been concluded that the monetary policy implemented by Bank of Russia (which aimed on the inflation rate reducement) generally suits the current Russian economic conditions, but it’s urgent to provide conditions for the monetary support of the real sector.

JEL: E29, E31, E40, E42, E50

Keywords: monetary policy, inflation, real economy, Bank of Russia.

Abstract

Rationale. In connection with the crisis of the national economy the problem of consideration the history of development and formation of monetary policy becomes increasingly important.

Objectives. The main goal of the following research was to review the general information about the history of the development of monetary policy as well as to study the negative effects and summaize the conclusions based on the conducted study.

Methodology. General scientific methods of analysis and synthesis as well as the inductive and deductive approaches have been employed by the authors in order to study the reference points of the formation of monetary policy.

Results. The mail result of the study was the determination of a fact of the necessary and sufficient to change the mode of monetary policies premises existance.

Conclusions and Relevance. It has been concluded that the implemented technology, which impactson the rate of inflation, is based on the management of interest rates and the formation of the algorithm of current refinancing rate establishment, orienting the money market rates.

Keywords: targeting, reforming, the currency corridor, the central bank, monetization, competitiveness, inflation.

JEL: E22, G01, G14, G17

Abstract.

The main goal of the article was to describe the directions of the development of macroprudential instruments in the structure of the Russian banking system stability factors. The main idea of the research is that measures of macro-prudential policy and anti-crisis regulation must be integrated into macroeconomic tools and micro-prudential policy. The author has conducted the analysis of the methodology for capital adequacy requirements, both the liquidity and market concentration risks as well as the counter-cyclical capital buffer within the Basel III provisions in the context of providing the financial stability of the Russian banking sector.

Keywords: Banking system, macro-prudential regulation, Basel III, capital adequacy, concentration risks, liquidity risks, counter-cyclical capital buffer.

JEL: E 52

Abstract

Rationale. The Russian economy is going through the phase of severe depression at the present time. In such a case the analysis of the effectiveness of the Central Bank monetary policy as a tool of crisis resistance is taking on special significance. Is the inflation targeting regime suitable for the raw-materials economy? Is the crisis faced by Russia really structural? These issues have become the subject of the research.

Objectives. The goal of the study was the analysis of the Bank of Russia policy in terms of long waves of Kondratieff economic conditions. The three main tasks were as follows: 1) to determine the nature of the current economic cycle; 2) to analyse the effectiveness of the monetary sphere regulations; 3) to identify the possible regulaton adjustment measures.

Methodology. General scientific methods of analysis and synthesis as well as the inductive and deductive approaches have been employed in order to study the nature of the economic cycle and to analyse various aspects of the mega-regulator’s management of the monetary policy.

Results. The conducted analysis of the monetary policy allows to trace the evolutionary development of goals and to determine the qualitative characteristics of the transition to the inflation targeting regime results. The results sttained can be used as the basis for the further research.

Conclusions and Significance. It is concluded that the application of rigid inflation targeting regime is not appropriate under the conditions of strong dependence on the resource-raw materials base and the amenability of the Russian economy to the effect of Groningen. Having the analysis in terms of the perspective of Kondratieff waves carried out, the author has formulated the factors for the crisis recovery and the directions of the mega-regulator’s policy asdjustment.

Keywords: monetary policy, Bank of Russia, cycles, inflation targeting, financial crisis

JEL: E30, E50, E52, E58, E59

Abstract

Rationale. The necessary condition for the modern economy functioning is the development of small and medium enterprises. Analysis of the impact of monetary policy on small business attaches particular importance nowadays.

Objectives. The main goal of the study was to conduct the research of the interrelationship of monetary policy instruments and the development of small and medium enterprises.

Methodology. Such general scientific methods as induction and deduction, analysis and synthesis, comparison have been employed within the conducted research.

Results. The important guidelines, which are aimed at the improvement of the functioning of small and medium businesses have been offered.

Conclusions and Relevance. The correlation between the instruments of monetary policy and inflation have been defined. The dependence of the Central Bank key rate and interest rates on lending to small business have been studied. The proposals on the small and medium-sized enterprises status have been developed..

Keywords: monetary policy, the key rate of the Central Bank, inflation, credit, small and medium enterprises.

JEL: E50, E52, E58

Abstract

Rationale: As history shows, the Russian economy has to face various difficulties every year which hinders Russia to reach the same level of economic development as the countries of Western Europe have. These difficulties are linked not only with the problems on the international arena, but also with the internal difficulties in the structure of Russia’s economy. The main problem of the national economy is its dependence on the oil export industry and, in consequence, on the US dollar. The policies aimed at limiting the foreign currency are necessary for Russia and should be developed in the nearest future.

Objectives: The main goal of the research was to justify the necessity of the policy changes is mandatory. In order to reach this goal the following objectives have been attained: identification of the most important advantages of the US dollar abandon and at the same time study of the emerging difficulties and disadvantages of such a policy.

Methodology: The article presents the Bank of Russia materials reflecting the real picture of the Russian economy at the moment. The actions of the monetary authorities in the past few years in the financial market have been analuyzed. The author has studied the statistical material of the APORC and conclusions based on them.

Results: The result of the study is the understanding of the policy effectiveness and its potential applicability at the present time.

Conclusions: The main conclusion of the conducted research is that despite the benefits there are many disadvantages of this policy, which could not be seen at the first glance. Also, it was concluded that the solution to all economic problems depends primarily on the state, particularly the Ministry of Finance and the Central Bank of Russia. Thus the state should take the first steps towards the development of our country.

Keywords: dollarization, export, intervention, currency swap.

JEL: F31

Abstract

Rationale. In terms of active expansion of electronic money occurring simulteniously with the rapid development of telecommunication technologies that can radically change the existing mechanism of the Russian monetary system functioning, the study of an effective institutional environment formation for the emission and circulation of electronic money and also the process of finding the solution to the problem of state control over this area becomes relevant.

Objectives. The main goals of this research were to identify the development problems and to formulate ways of improving the electronic money system in Russia.

Methodology. The scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed within the current research.

Results. The recommendations on improvement of usage mechanisms of electronic payment instruments have been proposed.

Conclusions and Relevance. It is concluded that the formation of an effective system of risk management and legislative regulation of electronic money can provide obtaing the leading position in the Russian payment system by such a form of money.

Keywords: electronic money, payment system, electronic payment products, payment technologies.

JEL: Е40, E41, E49, E51

Abstract

Rationale. The article deals with the experience of megaregulation in the UK at the present stage of development and also presents the main institutions involved in the regulation of the financial system. The recommendations on adaptation of experience of megaregulation in the Russian context have been given.

Objectives. The main goals of this research were to review the experience of megaregulation in the UK, to identify the main features of the English approach to megaregulation and to give recommendations for its adaptation in the framework of the Russian economic conditions.

Methodology. In this paper, by using empirical, experimental and theoretical methods the peculiarities of the English approach to megaregulation have been analyzed and recommendations on the application of the approach in Russia have been given given.

Results. As the result of the conducted research the special aspects of the megaregulation experience in the UK have been studied and the description of separate institutional entities responsible for the financial system regulatiuon have been given. The authors have also proposed the ways of English approach integration into the Russian system of megaregulation.

Conclusions and Relevance. Conclusions about the possible application of the English approach to megaregulation in Russian conditions have been made as well as the guidelines and limitations for implementation of this approach have been developed.

Keywords: mega-regulation, financial system, banking system, prudential supervision and control.

JEL: G18, G23, G29, G38, G39

Abstract

Rationale.The matter of the level of economy monetization non-inflationary increase of the economy has become the immediable global problem. The most important condition for this occurence should be the comprehensive development of the financial intermediation institution.

Objectives. The main goal of this research was to examine the mechanisms by which it is possible to raise the level of monetization. In order to achieve this goal the following the objectives of the relationship establishment between some macroeconomic indicators and the level of monetization of the economy and the development of a set of measures designed to support the monetization at an optimal level have been attained.

Methodology. Within the following paper the methods of statistical data isage obtained from official sources and such general scientific methods as analysis and synthesis have been employed.

Conclusions and Relevance. It is concluded that is it is necessary to ensure the optimal level of the national economy optimisation as well as to use the state regulation mechanisms in order to consistently produce the in funds economy by the non-inflationary methods.

JEL: E52, E42,G18

Keywords: monetization, the level of monetization, monetization gain, non-inflationary Methodology, refinance rate

Abstract

Rationale. Nowadays in the conditions of globalization and the amount of economic information increase the importance of innovations in economic payments systems usage becomes more significant. Thus the usage of the block chain technology appears to be one of the most perspective methods to solve the problems restraining the development of electronic payment systems. Also the block chain techonology could be also used to reduce the transaction costs.

Objectives. The mail goal of the current research was to study the advantages and disadvantages of the block chain technology usage. The following objectives have been attained in order to reach this goal: the branches of the techonology potential usage have been analyzed, the investment interest level in such a techonology has been determined and the existing startups based on the block chain techonology have been overviewed.

Methodology. In order to reach the goal authors have employed such scientific methods as analysis and synthesis, formalization, induction and deduction.

Results. Various branches, where the block chain technology can be possibly used, have been determined. Also the ways of solving all problems in using of this technology have been developed as well as the advantages and investment attraction of using the block chain technology for Russia and foreign countries have been proved.

Conclusions and Relevance. The research about the necessity of involving innovations in electronic payment systems has been conducted. The mechanism of the block chain technology as a barter of cryptocurrency has been overviewed. Also, the scopes of block chain technology usage both for the present time and as a prospect have been analyzed. The advantages and disadvantages of using block chain technology have been overviewed as well as the investment potential of using technology has been determined.

Keywords: technology of block chains, electronic payment service providers, computer crimes, electronic technologies, innovation.

JEL: 49

Abstract

Rationale. Due to the permanent high level of inflation in the Russian Federation, the analysis of current economy monetization level seems extremely relevant.

Objectives. The mail goal of the current research was to investigate the current monetization level in Russia and other foreign countries and to define the interrelation between monetization and inflation.

Methodology. Within the conducted research the scientific mehods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Results. The recommendations on the Bank’s of Russia monetary policy improvements have been suggested.

Conclusions and Relevance. The analysis of economy monetization in Russia and developed countries has been conducted. The assessment of current Bank’s of Russia policy has been given and several suggestions based on statistical data and other central banks experience have been made. These suggestions are dedicated to the stimulation of the economic growth by means of changing the level of monetization.

Keywords: money demand, inflation, anti-inflationary policy, economic growth, Bank of Russia

JEL: E50, E60, G28

Abstract

Rationale. In connection with the retail payment services market development in the Russian Federation the analysis of the impact of non-cash payments on the national economy becomes a genuine concern.

Objectives. The main goal of the research was to study the development of non-cash payments and their role in the economy.

Methodology. The scientific methods employed within the conducted research are theoretical analysis and synthesis, induction and deduction, modeling.

Results. The growth rate of non-cash payments is increasing every year, which leads to a reduction of costs for emission and encashment and provides the business transparency in the detection of money shadow sector. However, the necessity to improve management and control of this type of calculation from the state still exists. This is only a matter of time before non-cash payments will become more popular and finally displace cash. The emergence of different payment systems and the cryptocurrency occurrence contribute to the development of cashless payments.

Conclusions and Relevance. There is a tendency to promote the usage of non-cash forms of payments through the payment cards, Internet bank, Internet wallets, so the non-cash payments can displace cash in the nearest future. The cryptocurrency emergence contributes to the development of cashless payments and questiones the main function of the Central Bank of the Russian Federation – the emission of money.

Keywords: non-cash payments, bank card, cash payments, issue bank cards.

JEL: C51, E40, E47, E49

Abstract

Rationale. The matter of possibility to use the cryptocurrencies as a legal payment measure is one of the most compelling issues nowadays.

Objectives. The main golas of the conducted research were consideration of the problem of cryptocurrency distribution, identification of the main pros and cons of their usage and evaluation of its development prospects.

Methodology. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Results. The recommendations for possible resolution of the distribution of cryptocurrencies in Russia problem have been given as well as potential ways to incorporate bitcoin into the market relations have been developed

Conclusion and relevance. It is concluded that the cryptocurrency will take its place in the monetary world system in the nearest future. The inferences on the possible scenario of this technology development in Russia have been proposed.

Keywords: electronic money, currency, cryptocurrency, bitcoin, payment instrument

Acknowledgments. We express our deep appreciation to the Financial University under the Government of the Russian Federation for the opportunity of writing and publishing this scientific work. We are especially grateful to PhD in Engineering Mr. S.S. Matveevskii for the support and continued interest in the present research and to Department of Monetary Relations and Monetary Policy for the valuable advice and comments.

JEL: G18

Abstract

Rationale. As a socio-economic category the living standard of the population represents the degree of repletion of wants of citizens. Due to the economic crisis the study of the standard of living by analysis various indicators and taking effective measures to stabilize the situation assume great importance.

Objectives. The main goal of the conducted research was to analyze the dynamics of living standards through monetary characteristics study.

Methodology. Using statistical data in this work the dynamics of living standards has been analyzed. The data has been calculated either in absolute terms or as a percentage of the previous period which allows to find out the real changes of certain indicators.

Results. According to the estimates, the growth of the incomes of the population had been detected, which was broken last year. Despite these results the problem of socio-economic differentiation that affects the standard of living still exists. In order to solve this problem it is necessary to take several measures in the coming years.

Conclusion and Relevance. It is concluded that in the current context the introduction of a progressive tax system, the minimum wages increase and the establishment of control over the real incomes of the population appear to be the most effective measures for improving the living standards and reduce differentiation.

Keywords: standard of living, dynamics, monetary indicators, differentiation

JEL: E23, E42, J31

Abstract

Rationale. Sustainable development of national economy and its banking system is being procured, besides the other factors, by the monetary market steady functioning and efficient regulation of forming national payment system money flows. In connection to the abovementioned facts the consideration of the Russian National Payment System (NPS) organization by reference to its specific measures and apprehension of primary ways of its development form a subject of indubitable scientific and practical interest.

Objectives. The main goal of the conducted research was to evaluate the current status of Russian Federation NPS and studying its main problems and formulating the prospects on its development.

Methodology. Comparative method, systems analysis and logical approach have been employed within the current research to educe aspects of NPS formation and development.

Conclusions and Relevance. It is concluded that further broadening of payment instruments and technologies as well as further development of National System of Payment Cards is going to conduce to NPS functioning efficiency

Keywords: financial system, Central Bank of Russia, National Payment System, payment cards

JEL: E42, G20, O11, O14, O30