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303–307
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In my opinion, there are no well-established opinions about the crisis. The picture is complex, constantly changing. We can say that the estimates of liberal economists are similar. And they are true. The acute financial crisis broke out in Russia, apparently, since August 17 this year. It was expressed in the devaluation of the ruble by 2.5-3 times, then in the default (suspension of payments) on the domestic debt, a moratorium on the obligations of Russian resident banks to non-residents, which created a wave of subsequent events that significantly aggravated the situation. There was a big jump in prices, in General for August - September prices rose by 44% - a level close to the level of hyperinflation. Since the price increase was not associated with a significant emission, but with the fall of the ruble and the rise in price of imports, in the last weeks of September and early October, it slowed down somewhat, although there is no certainty that this growth will not resume due to the financial problems faced by the Russian government today. The crisis was also reflected in the fact that due to the outbreak of mistrust, tax collection was reduced by more than 2 times. This is a terrible blow, because tax collection has been a weak point of the budget before. |
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308–321
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The main statement of the article is that capital investments are necessary for the exit of the Russian economy from the severe crisis, the like of which was not, at least in the current century. They are the lever that allows this to be achieved. The fulcrum for this lever is the institutional transformation aimed at strengthening the role of the owner. These changes clear the field for the effective application of investments. The talk that the Russian economy can be brought out of the crisis without a significant increase in investment in the production of goods and services, I think, at least, not serious.
The analysis of the economic crisis is based on formal definitions of its beginning and end. A physical model of the crisis is presented, which gives a visual representation of the peculiarities of its individual phases. Models linking economic growth with accumulation are considered, which brings quantitative certainty to the topic under discussion.
Economic growth is seen as a prerequisite for reducing social tension in society, which is extremely dangerous in a systemic crisis. |
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322–341
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The phenomenon of transformational crises of transitional economic systems is studied on the basis of the structuralist paradigm in economic theory. The definition of the transition economy as a bipolar institutional structure is given and the models of inflation and economic growth in transition economies of various types are considered taking into account institutional and structural factors. |
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342–357
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In all countries, transport, communications, electricity production and supply and other public utilities are subject to varying degrees of government regulation. In the case of natural monopolies, the government often forms commissions to regulate prices and set standards for the services provided. At the local government level, state ownership of electricity and water utilities is quite common. In Russia, the influence of natural monopolists has reached unprecedented proportions. There is still no unified approach to regulating these influential giants. One thing is clear: without a comprehensive analysis of possible solutions to the problem, they cannot be overcome. |
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358–378
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This work is devoted to the process of formation of the institution of intermediaries in the market of trust goods in a situation where the existing distribution of costs of measuring the quality of goods is inefficient and creates incentives for the manifestation of opportunistic behavior on the part of sellers. Special attention is paid to the influence of information asymmetry on the structure and value of measurement costs.
As an example, the market of computer equipment is considered. |
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379–384
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The article deals with one of the aspects of the investment portfolio theory - the formation of an effective portfolio with restrictions on the shares of its assets. The paper presents the basic models and algorithms for solving the problem. |
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385–409
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Valuation of various options is of great practical importance in the development of strategies in the world financial and stock markets. To evaluate options created a complex mathematical theory, which is devoted to dozens of books and thousands of journal articles. Nobel prize winners in Economics were Samuelson, Merton, Scholes, who made a fundamental contribution to the creation of this mathematical theory. This mathematical theory is a unique tool for calculating option prices. This paper provides an overview of the main methods of options valuation. The presentation is conducted on the example of stock options, but similar methods are used for calculating the prices of other options, as well as for calculating the prices of futures, swaps, bonds with the right to buy and a number of other securities. |
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