Abstract: The purpose of this article is to assess the role of neoliberal ideas in shaping Russia's transition to a market economy. The prevailing ideas of the “Washington Consensus" undoubtedly pushed Russian leaders to carry out radical reforms, but Russian reformers did not blindly follow the ideological agenda set for them in Washington. The actual policy that was implemented differed significantly from the prevailing neoliberal orthodoxy and was largely determined by the personal interests of the elites who made political decisions. While prices have been lowered and international trade and currency flows have been opened, the privatization process, dominated by insiders, has left the Russian economy in the hands of a narrow circle of oligarchs. Russia's corrupt, oil-dependent and state-oriented economy is far from the decentralized, competitive market system that the reformers envisioned. Democracy, which was initially seen as an integral part of the transition process, has also faded into the background. While critics claim that Russia has suffered from an overdose of “market fundamentalism,” the neoliberals themselves still insist that Russia has not gone far enough in unleashing genuine market forces. One way or another, Russia has now joined the global market economy, while at the same time preserving many institutional features that are a product of its unique geography and historical heritage
Mortgage bonds: prospects for development in Russia
ID number: J202232
Abstract: The development of the mortgage bond market has become an increasingly important topic in recent years as politicians and investors look for ways to support the growth of the mortgage market and make home ownership more affordable. Mortgage bonds allow mortgage lenders to raise funds from investors by issuing bonds backed by a pool of mortgages. This could help increase the availability of mortgage finance and support the growth of the mortgage market. In this regard, the purpose of this discussion is to analyze the mortgage bond market in Russia, including the current state of the market, the challenges it faces and the prospects for its development. In addition, this discussion will explore the potential benefits of the mortgage bond market in Russia for borrowers, investors and the economy as a whole
Key-words: mortgage bonds; investments; financial market; mortgage credit lending; securitization; mortgage; borrowed funds; home ownership; real estate; securities
Mezin Konstantin Vladimirovich, Tyazhchenko Dan Pavlovich
Modern cryptocurrencies: features of functioning and development trends
ID number: J202233
Abstract: The article discusses the main functions and investment opportunities of cryptocurrencies. The factors that influenced the adoption and value of cryptocurrencies, such as the regulatory framework, market demand and investor sentiment, are investigated and considered. The article explores current and future trends in the development of the cryptocurrency landscape, including the growth in the number of projects based on blockchain technology and interchangeable tokens (NFT). In general, the article highlights the potential of cryptocurrencies to disrupt traditional financial systems and provide greater financial accessibility and innovation, and also recognizes the problems and risks associated with this new technology
Features of cash flow management of development companies in Russia and effectiveness improvement in the context of crisis
ID number: J202234
Abstract: Relevance and novelty of the problem: COVID-19 is a unique event. However, this can certainly happen in the future, in which case firms should prepare now to protect themselves in the future. In addition, real customer data was used to model the company's financial results, which reflect the company's current market position. The purpose is to assess the net cash flows of the developer X and Y, as well as the subsequent preparation of the cash-flow model in order to apply banking products that can reduce the debt burden of the companies under consideration. The chapter includes the economic concept of development, the development business development model, as well as the basic basics of putting buildings into operation. The second chapter is devoted to the study of the development market in Russia. It describes three sectors of the industry: commercial real estate, warehouse real estate, and retail space. Consequently, the deterioration of performance in the industry has led to a decrease in the cash flow of a particular developer. The third chapter presents calculations that demonstrate the Bank's ability to indirectly manage the developer's cash flows: debt restructuring, refinancing under Government Resolution No. 1764, and lending under Program No. 1764. It also provides recommendations for beneficiaries on improving the business as a whole. In conclusion, the work done is summarized.
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