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The contactless MasterCard PayPass technology and prospects for its development in Russia

Kozyr' N.S. Kuban State University, Krasnodar, Russian Federation ( )

Getmanova A.V. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #4, 2015

At present, millions of people use bank cards, however, cardholders face many problems: loss of a bank card, its damage, theft of funds from bank account, ill-designed scheme of application. The developed contactless cards, including MasterCard PayPass, intend to solve these problems. The article describes the purpose of the contactless system MasterCard PayPass, analyzes the experience of the system development in Russia and abroad, and reveals the causes of its success and main advantages. We systematized its functionality for users and developed recommendations to promote the PayPass system and contactless payment systems in Russia. The article describes the NFC (Near Field Communication) technology as a basis of the mechanism of contactless bank payments. We present the main models of smartphones and the forecast of further development of the NFC technology. In this work, we define the elements of a contactless payment system, their interrelation and impact on the performance of MasterCard PayPass. The conclusion is that there are prospects for the system's further development, including the Russian Federation. We studied the popularity of PayPass in the Krasnodar Territory. The study confirmed that the popularity of MasterCard PayPass depends directly on the support of issuing banks. We emphasize that the measures to be taken by the issuers of the PayPass technology to promote the proposed system include awareness raising about contactless technologies. We also conclude that the speed and scale of using the MasterCard PayPass technology in Russia depends solely on the marketing policy of banks.

Approaches to determining the global competitiveness

Kozyr' N.S. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( )

Journal: National Interests: Priorities and Security, #26, 2015

Importance The article overviews contemporary approaches to evaluating the global competitiveness of the State, and focuses on Global Competitiveness Index (GCI) and World Competitiveness Yearbook (WCY).
     Objectives The research analyzes whether it is possible to use rankings of WEF and IMD to prepare guidelines on Russia's economic policies. The research pursues examining the premises for formulating contemporary methods to evaluate the national competitiveness and identify key aspects of probable approaches. Comparing statistical data of reports issued by the Institute of Management Development and World Economic Forum, I make an attempt to assess the unbiased nature of the States' competitiveness indices.
I analyze estimated competitiveness of the global leaders during the last decade. I compare the ranking of Top 10 countries in terms of GCI and WCY and present the data on Russia. My conclusions rely upon official reports by WEF and IMD. The research contains a significant amount of statistical data derived from foreign sources.
I present my judgments on comparability of estimated approaches of WEF and IMD. The analysis reveals the heteropolar orientation of methods that tend to institutions relating to GCI and WCY. I demonstrate that the methods are useful indices in terms of improving the national competitiveness system. I conclude that the evaluation and ranking scale is subjective, and propose my recommendations for enhancing the national competitiveness indices.
     Conclusions and Relevance As compared with the majority of researches into the national competitiveness that analyze ranking data, this research presents a comparative analysis of WEF and IMD approaches and statistics for the 2005 to 2014 period.

The competitiveness of credit support to small and medium-sized businesses in the Krasnodar Krai

Kozyr' N.S. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( )

Lobov A.V. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( )

Journal: Finance and Credit, #23, 2015

Importance We consider the competitiveness of credit support to small and medium-sized businesses of the Krasnodar Krai. The subject covers the aspects of the global competitiveness of the Russian Federation, where the assessment of credit support to enterprises is a part of the State's ability to ensure stable economic growth.
     Objectives The objective of the study is to identify aspects of the financial market competitiveness on the case study of lending to small and medium-sized businesses in the Krasnodar Krai.
     Methods We analyzed statistical data, information from official sources, legal documents, academic works, expert reports, and information of credit institutions.
     Results The study identified the areas of enhancing the competitiveness of the financial market that allow improving the financing of small and medium-sized businesses. We defined factors curbing the growth of small businesses; formulated the areas of improving the policy of the State and regions in relation to small and medium-sized enterprises; proposed some solutions, including those based on alternative forms of support to SMEs.
     Conclusions and Relevance We considered lending to small and medium-sized enterprises as an element of the Global Competitiveness Index to assess the level of financial market development. Using the case of lending to small and medium-sized businesses, we analyzed the issues related to an increase in competitiveness of other key aspects (quality of institutions, efficiency of the goods market, competitive ability of businesses) impacting the rating of the Russian Federation under the WEF technique.

The key rate influence on the macroeconomic stability of Russia during the 2014 crisis

Kozyr' N.S. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( )

Tolstov N.S. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( )

Journal: Finance and Credit, #1, 2016

Importance Refinance rate existed in Russia until November 2013. For present-day Russia, principles of the key rate formation and management are very important.
     Objectives The study aims to identify the influence of the key rate on the Russian Federation economic stability indicators.
     Methods We analyze the period over 2014 and the first half of 2015, considering the behavior of the key rate and loan rates, interest rates on deposits, inflation, oil prices, foreign exchange rates, and foreign capital flight.
     Results The key rate is extremely important for the banking sector. Bank interest rates depend on a number of factors. A rise in the key rate entails a significant reduction in commercial banks’ liquidity and instantly increases bank interest rates. These changes have a negative impact on the macroeconomic stability of Russia.
     Conclusions and Relevance The key rate enables to manage inflation expectations, which are traditionally high in the Russian Federation; to refinance commercial banks at interest rates determined on the basis of an auction for prompt regulation purposes. The key rate will not be sufficient to balance the economy of the Russian Federation due to the fall in world oil prices. The low degree of diversification of the Russian economy makes it dependent on external factors impacting the ruble rate. This significantly limits the effect of the key rate on foreign capital flow and inflation caused by rising prices for imported goods and raw materials under the national currency weakening.

Stress testing as a method for analyzing banking risks

Kozyr' N.S. Kuban State University, Krasnodar, Russian Federation ( )

Epranosyan A.A. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #22, 2015

Importance Risk assessment is an integral part of corporate activities. However, considering the economic volatility, stress testing gains special relevance for the banking sector. Notwithstanding different methodological approaches are actively applied to define the concept of stress testing abroad, the Russian businesses do not use the risk assessment system extensively and broadly.
     Objectives The research aims at setting methodological guidelines on increasing the stress testing efficiency in commercial banks of the Russian Federation. The research pursues examining theoretical preconditions for stress testing, overviewing scientific approaches and foreign expertise in building the risk management system, reviewing contemporary approaches to stress testing in the Russian banking sector, analyzing disclosure of anti-risk policies the Russian commercial banks adhere to.
     Methods The research relies upon such methods for banking risk assessment (stress testing) that would be capable of protecting the banking sector from negative implications at the preliminary stage of threats identification. We use foreign regulatory and legislative documents, scientific periodical editions that publish works of the Russian researchers, information from official websites of commercial banks.
     Results We analyze key concepts, principles, approaches, specifics, practical examples, which underlie the process of organizing and implementing stress tests in banking. We perform a comparative analysis of approaches used to assess banking risks in Russia and abroad. The article puts a special focus on analyzing the stress testing methods applied by the Russian commercial banks. We review annual reports of some commercial banks in order to identify anti-risk activities they undertake in their operations. We conclude that credit and financial institutions pay insufficient attention to the methodological framework of the risk management policy.
     Conclusions and Relevance We propose a methodological approach to points-based risk assessments. The approach includes methods for assessing liquidity indicators and structure of liabilities. The research is designated for bank employees who specialize in risk assessment and mitigation.

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