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A situational analysis on the development of electrical motor transport

Aleksandrov I.K. Doctor of technical sciences, the head of the department of safety and industrial ecology, Vologda state technical university ( alex@mh.vstu.edu.ru )

Rakov V.A. Assistant of chair of safety and industrial ecology, Vologda state technical university ( vyacheslav.rakov@mail.ru )

Journal: Economic Analysis: Theory and Practice, #37, 2011

This article discusses the prospects of replacing vehicles with environmentally hazardous and energy-inefficient internal combustion engines for electric vehicles, taking into account the trends in fuel and energy sector of Russia.


Historic stages of the financial liberalization process and theoretical approaches to its assessment

Urumov T.R. Financial Research Institute, Moscow, Russian Federation ( TUrumov@nifi.ru )

Rakov I.D. Financial Research Institute, Moscow, Russian Federation ( rakov@nifi.ru )

Journal: Finance and Credit, #2, 2016

Subject The article addresses the financial liberalization process and its main historic stages. During the 20th century, financial liberalization in a varying degree was observed in many different countries; however, sometimes its results were far from being unambiguous.
     Objectives The main purpose of the article is to define advantages and disadvantages of financial liberalization in different periods of time.
     Methods The retrospective analysis of financial liberalization development based on consideration of major stages of the international financial system’s evolution served as a methodological basis of the study.
     Results We analyzed and described all international monetary systems that existed in different periods of time. The article presents the views of both the followers and opponents of the financial liberalization, critical comments made by post-Keynesian economists and their suggestions on reforming the international financial system.
     Conclusions and Relevance The findings enable to conclude on the ambiguous impact of liberalization on the economy and to identify its significant disadvantages.


The process of financial liberalization in small open economies

Rakov I.D. Financial Research Institute, Moscow, Russian Federation ( rakov@nifi.ru )

Journal: Financial Analytics: Science and Experience, #4, 2016

Importance Capital account liberalization becomes a very topical issue since previous crises proved the vulnerability of economies to global capital flows. It is especially true for small open economies.
     Methods The methodological framework is based on retrospective and econometric analysis of capital account liberalization in South Korea and Iceland.
     Objectives I study the effect of capital account liberalization and external shock on capital flows.
     Results As a result of the analysis, I identified the principal steps of capital account liberalization in Iceland and South Korea and describe them briefly. I scrutinize crisis periods in the above countries, and their policies for lifting (imposing) capital flow limitations. The article presents a system of statistical indicators and econometric analysis of the effect capital account liberalization and external shock have on capital flows in South Korea and Iceland.
     Conclusions and Relevance The capital account liberalization policies and external shock of supply, jointly and separately, have a very considerable effect on capital flows in small open economies and direct investment in Iceland and South Korea, in particular. As the empirical analysis shows, capital account liberalization process has a very ambivalent influence on small open economies.


Theoretical concepts of financial liberalization

Rakov I.D. Financial Research Institute under Ministry of Finance of Russian Federation, Moscow, Russian Federation ( rakov@nifi.ru )

Journal: Finance and Credit, #8, 2019

Subject The article discusses the theoretical concepts of financial liberalization.
Objectives The research conceptually differentiates economic thoughts as part of financial liberalization, spotlighting its strengths and weaknesses to look into the propagation of external shocks caused by cash flow regulation. I also attempt to find an appropriate solution balancing between cushioning external factors and raising funds for relevant industries.
Methods The methodological underpinning comprises methods of theoretical research, such as the historical method and generalization. I also conducted the analysis and comparison.
Results The findings summarize viewpoints of renown scholars on financial liberalization and the impact it has on national economies, including the spill-over of external shocks through capital flows and foreign exchange rate. The article also outlines the concept of financial liberalization and associates similar concepts with its in accordance with the applicable deregulation tools.
Conclusions and Relevance Reflecting my own attitude to the above process, theoretical research into financial liberalization also provide for a mechanism for redistributing the cash flow among countries and its impact on national economies. Some studies call the State to regulate cross-border cash flows. The findings can be helpful to economists, considering the growing financial instability worldwide to articulate the national economic policy and protect national interests.


The role of small manufacturing enterprises in the economy of the Vologda oblast

Rakov V.A. Vologda State University, Vologda, Russian Federation ( vyacheslav.rakov@mail.ru )

Belov S.S. Vologda State University, Vologda, Russian Federation ( belov-sergei-s@mail.ru )

Rakova S.S. Department of Pension Fund of Russian Federation in Vologda Oblast, Vologda, Russian Federation ( ss_rakova@mail.ru )

Journal: Regional Economics: Theory and Practice, #4, 2017

Importance The article deals with the issues of the Vologda oblast economy's development, considering the role of small industrial enterprises in the oblast's budget revenues and the economy as a whole.
Objectives The article aims to search for ways of sustainable development of the oblast's economy, primarily due to the development of small forms of industrial enterprises.
Methods For the study, we used a statistical method of analysis of economic indicators, and the deductive method to find the reasons for the slow development of the oblast's industrial production and ways to properly meet the challenges.
Results The article presents the results of the analysis of the economic performance of small industrial enterprises of the Vologda oblast over the past five years, and the development of knowledge-based manufacturing enterprises, as well. The paper shows the main ways to solve certain problems from the standpoint of the Vologda oblast Government. Considering the case of China, the article studies the foreign experience in the successful target achievement. As well, the paper offers certain recommendations on the problems solution.
Conclusions The article concludes that low demand for industrial products of regional producers has certain reasons which is backed by concrete examples.


Benefits and threats of the floating exchange rate regime

Kabir L.S. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( lkabir@nifi.ru )

Yakovlev I.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( iyakovlev@nifi.ru )

Savinskii S.P. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( savinskiy@nifi.ru )

Nikulina S.I. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( snikulina@nifi.ru )

Rakov I.D. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( rakov@nifi.ru )

Journal: National Interests: Priorities and Security, #41, 2015

Importance The research examines financial globalization as reflected in the emerging economies' experience of currency liberalization (Brazil, India, China, South Africa).
     Objectives The research structures the main components of the policy and practice the countries implemented for currency liberalization in terms of consistency of measures undertaken.
     Methods Using general research methods, this article considers various aspects of currency liberalization policies, identifies trends specific to the state-of-the-art and development of the policy and its main directions.
     Results In the above countries, currency liberalization was run concurrently with reforms arising from the crisis of the balance of payments and financial crisis, or concurrently with large socio-economic reforms for creating a socialist market economy, being ingrained in the reforming process. As seen in the above countries, it becomes possible to switch to a flexible exchange rate after macroeconomic conditions are created, thereby making the use of the flexible exchange rate reasonable and effective. It allows identifying the following factors ensuring a favorable result: the currency liberalization policy should be consistent with national priorities; preparedness of the national economic structure and the development of institutions and infrastructure of financial markets should determine liberalization pace.
     Conclusions and Relevance If currency liberalization is studied as a process on the basis of foreign experience, with periods and measures identified, it will allow finding national specifics of regulating cash flows and foreign exchange rate, and provide an understanding of factors that ensure favorable results of liberalization.


The key principles of responsible lending and regulatory approaches applied in developed countries and Russia

Nikulina S.I. Research Financial Institution, Moscow, Russian Federation ( SNikulina@nifi.ru )

Urumov T.R. Research Financial Institution, Moscow, Russian Federation ( TUrumov@nifi.ru )

Rakov I.D. Research Financial Institution, Moscow, Russian Federation ( rakov@nifi.ru )

Journal: Financial Analytics: Science and Experience, #12, 2015

Importance In contrast to developed countries, the system of responsible lending in Russia is at its initial stage of development. Despite the enactment of Federal Law "On Consumer Credit (Loan)" of December 21, 2013 № 353-FZ, the consumers of financial services are underprotected in our country. In the conditions of difficult economic situation, the problem of implementing responsible lending principles in the Russian banking practice assumes particular relevance. The use of successful experience accumulated by developed countries may help establish a solid basis for the future system of socially responsible lending in Russia.
     Objectives The main purpose of the study is to determine the fundamental principles of responsible lending in developed countries and the most effective regulatory approaches. The objectives include considering the elements of responsible lending system and identifying the ways of consumer credit market regulation in developed countries. The paper provides an analysis of the situation in the Russian consumer lending market and appropriate regulatory mechanisms for this area regulation.
     Methods The analysis of practical experience and legal framework in the field of responsible lending in developed countries served as a methodological basis of the study. The focus of the analysis was on efficient implementation of statutorily prescribed legislative provisions.
     Results On the basis of the analysis, we have identified the main principles of responsible lending in developed countries and determined the most effective tools to regulate relationships between lenders and debtors. We have developed recommendations for possible use of responsible lending experience of developed countries in Russian environment. The recommendations may be useful for lawmaking activity to improve social responsibility of credit and financial institutions of the Russian Federation.
     Conclusions and Relevance We concluded about the need for implementing responsible lending principles of developed countries in the Russian banking practice. This measure will facilitate enhancing the quality of financial services, improve and strengthen the banking system in general.


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