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Analysis of methodical approaches to development of indicators of financial literacy of population

Alifanova E.N. Doctor of Economics, Professor, Dean of Financial faculty, the Rostov State Economic University ( alifanovaen@mail.ru )

Evlakhova Yu.S. PhD in Economics, Associate Professor, Department «Corporate Finance and Financial Management», the Rostov State Economic University ( evlahova@yandex.ru )

Journal: Finance and Credit, #12, 2013

In the article the techniques of measurement of level of financial literacy of the population developed by domestic and foreign scientists are systematized and analyzed. The conclusion is drawn on existence of two methodical approaches: the first assumes development of the uniform indicator, the second – a complex of indicators of financial literacy of the population. The research of their advantages and shortcomings allowed to determine the great practical value of the approach focused on development of a complex of indicators of financial literacy.


Comparative assessment of the reputational risk as a tool to regulate 'too-big-to-fail' banks in Russia

Evlakhova Yu.S. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Digest Finance, #2, 2016

Importance The article presents the loss of business reputation as a tool to regulate the Russian 'too-big-to-fail' credit institutions. I substantiate that the reputational risk of 'too-big-to-fail' banks has its theoretical significance for sustainability of the banking sector and should be assessed. I propose my own approach to assessment of the bank's reputational risk and describe how the approach has been tested and approved for a group of the Russian 'too-big-to-fail' banks, according to the data for FY 2014.
Objectives The research substantiates that it is practically important to amplify the spectrum of tools for regulating and supervising the Russian 'too-big-to-fail' banks by assessing their reputational risks.
Methods We used methods of statistical analysis, and ranking techniques.
Results I devised my own approach to the reputational risk assessment in the credit institution and did it in relation to the Russian 'too-big-to-fail' banks in 2014. I determined such banks were exposed to the business reputation risk differently.
Conclusions and Relevance First, whereas 'too-big-to-fail' banks can indemnify damage caused with the loss of business reputation with budgetary funds, it is necessary to amply the spectrum of amplify the spectrum of tools for regulating and supervising the Russian 'too-big-to-fail' banks by assessing their reputational risks. Second, as the money laundering risk and reputational risk in the banks require to examine how the bank's AML/CFT activities influences its business reputation.


Developing a system of indicators of national financial security

Alifanova E.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( alifanovaen@mail.ru )

Evlakhova Yu.S. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Finance and Credit, #29, 2017

Subject The article addresses methodological approaches to national financial security evaluation.
Objectives The purpose of the study is to formulate selection principles and classification system of indicators, which will enable to solve existing methodological problems in the realization of integrated approach to creating a system of indicators of financial security.
Methods The study employs logical and comparative analysis, generalization of theoretical material, methods of tabular and graphic representation of data.
Results We created a two-level system of indicators of the national financial security, developed selection principles, and presented a system of classification criteria of the indicators. The findings may be used at the theoretical level for further studies of the national financial security, at the application level for monitoring the national financial security. This will help implement a risk-oriented approach based on identification of threats, susceptibility and their implications, which generates a country risk profile in the context of financial security at the global level.
Conclusions and Relevance The complexity in creating the system of indicators, which is revealed as one of important elements of the methodological approach to the study of the national financial security is implemented in the interconnected analysis of the following systems: a two-level system of indicators of the national financial security; a system of selection principles of the indicators; a system of classification criteria of the indicators; a system of monitoring the indicators to assess financial security.


Russian microfinance organizations: Development trends and the problem of involvement in illegal financial transactions

Evlakhova Yu.S. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Finance and Credit, #7, 2018

Subject The article addresses operations of microfinance organizations, their development indicators, triggers and checks of their growth, particularly those connected with involvement in illegal financial transactions.
Objectives The objective of the research is to identify development trends of microfinance organizations for the entire period of their existence in the Russian financial market, i.e. for 2009–2017.
Methods The study draws on theories of institutional dynamics, the theory of finance, and concepts of financial market functioning. General scientific and empirical methods include the comparative analysis, methods of tabular and graphic interpretation.
Results The findings demonstrate a positive trend in the development of Russian microfinance organizations during 2009-2017 and an apparent demand for their services. Nevertheless, the paper unveils that these institutions substantially lag behind banks in terms of issued loans.
Conclusions Toughening the regulatory requirements will have a positive impact on the sector development, as it balances the level of risk and degree of coverage. Strengthening the positions of microfinance organizations in the consumer lending niche and increasing their role in the structure of sources of funds for small businesses represent a perspective area of the sector growth. Engaging in roguish schemes and money laundering processes, activity of illegal creditors can put brakes on microfinance companies' development. To prevent their involvement in illegal financial transactions, the paper offers to range regulatory measures depending on the specifics of such transactions.


Developing the methodological approaches to money laundering and terrorist financing risk assessment In the banking sector of the Russian Federation

Evlakhova Yu.S. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Finance and Credit, #19, 2016

Subject The article discusses the assessment of risk of money laundering and financing of terrorism (ML/FT risk) in the Russian banking sector based on risk level assessment in systemically important banks of the Russian Federation. It presents the results of testing this approach with regard to making risk profiles of Russian systemically important banks that reflect an indirect assessment of ML/FT risk level inherent in the banks in 2014.
Objectives The purpose of the study is to offer directions of developing the methodological approaches to assessment of risk intrinsic in money laundering and terrorist financing in the Russian banking sector.
Methods The study employs methods of statistical analysis and techniques for ranking creation.
Results I developed an original approach to ML/FT risk assessment at the level of the banking sector; performed a partial testing of the offered approach. Based on the testing results, I formulated recommendations for ML/FT risk mitigation in Russian banks.
Conclusions The paper distinguishes three types of risk profiles of Russian systemically significant banks: with domination of one risk, domination of two risks, and without emphasis on a certain risk; reveals two zones of vulnerability of Russian systemically important credit institutions, i.e. areas of interrelations of country risk and ML/FT risk, reputation risk and ML/FT risk; and identifies the lack of banks' vulnerability zone in the interrelation of operational risk and ML/FT risk.


Trends in regulating the global systemically important financial institutions

Evlakhova Yu.S. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Financial Analytics: Science and Experience, #35, 2015

Importance Considering crisis phenomena in global economy, it gets even more important to regulate operations of global and systemically important financial institutions. National regulators follow guidelines of international organizations in order to address risks of local units of 'too big to fail' institutions. The recommendations guide the practice of mitigating risks of systemically important institutions.
     Objectives The objective of the research is to analyze trends in developing the measures for regulating financial institutions marked as systemically important or 'too big to fail'. I select some financial institutions for the research if their operations are of such a large scale that may considerably influence the global financial stability, and regulation mechanisms and tools, which are devised for them, become the best-in-class examples for the national regulators.
     Methods The research analyzes standards and recommendations of international financial organizations, which formulate mechanisms and tools to globally govern various types of financial institutions and global banks, and insurance companies.
     Results I determine components of the mechanism for tackling insolvency of financial institutions, stakeholders, possible strategies, and identify the key role of the national regulators in managing insolvency of systemically important financial institutions. The article indicates new trends in setting up new requirements to capital of systemically important banks and insurance companies.
     Conclusions and Relevance I conclude that a combination of insolvency regulation mechanism, intensified oversight and increased capital base of systemically important financial institutions generates synergy for mitigating inherent risk at the global level.


Vulnerabilities of financial institutions and households to the risk of money laundering and terrorist financing: An analysis of mutual relations and implications in terms of financial security

Alifanova E.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( alifanovaen@mail.ru )

Evlakhova Yu.S. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( evlahova@yandex.ru )

Journal: Financial Analytics: Science and Experience, #18, 2016

Importance The article presents the outcome of a research into kinds of vulnerability of financial institutions and households to the risk of money laundering and terrorist financing. We also examine and complement a matrix depicting the risk implications per type of implication (economic and structural) and influence (economy, financial institutions, households).
Objectives The research analyzes how financial institutions and households convey their vulnerability to the risk of money laundering and terrorist financing in terms of its areas and forms, and determines how this risk may impact households, financial system and economy as a whole.
Methods The research is based on methodological approaches of the Financial Action Task Force (FATF) to identifying the risk of money laundering and terrorist financing, and its components at the global and national levels.
Results We determined areas of financial institutions and households' vulnerabilities to the risk of money laundering and terrorist financing, and their respective forms through their evaluation. We complemented the matrix describing implications of the risk of money laundering and terrorist financing with a new level, i.e. financial institutions. The article indicates economic and structural implications of the risk.
Conclusions and Relevance Financial institutions and households convey their vulnerabilities to the risk of money laundering and terrorist financing in various forms. The mechanism resembles the contagion effect, rather than the risk allocation. When vulnerabilities are conveyed, the contagion effect is extrapolated at the level of implications arising from the money laundering and terrorist financing risk, which have economic and structural effects on various levels of the economic system.


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