"Scientific research" Almanac

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  THE TOBIN TAX AND THE SPECULATIVE CURRENCY TRANSACTIONS

  The purpose of this paper is to outline the Tobin Tax ability to solve certain problems related to the instability of financial markets, conditioned by speculative transactions. First proposed in the early 70’s of the 20th century, Tobin’s idea has re-tained its relevance and is still subject of attention both in academic circles and in terms of ... The purpose of this paper is to outline the Tobin Tax ability to solve certain problems related to the instability of financial markets, conditioned by speculative transactions. First proposed in the early 70’s of the 20th century, Tobin’s idea has re-tained its relevance and is still subject of attention both in academic circles and in terms of its practical implementation. Briefly reviewing the unsuccessful experience of Swe-den to introduce its own type of the Tobin Tax, the paper seeks the lessons learned through it and identifies the most significant obstacles and challenges before the finan-cial transactions taxation from financial, political and organizational point of view.

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  INFLUENCE OF FINANCIAL DERIVATIVES ON THE CAPITAL MARKET OF MAJOR EUROPEAN EXCHANGES

  There are still opinions in professional circles about the danger of financial derivatives and their blame for the current crisis. At the same time there are isolated studies regarding the specific effects of derivatives and they have a narrow focus – a separate tool, limited market and time. The current study looks for arguments about the actual ... There are still opinions in professional circles about the danger of financial derivatives and their blame for the current crisis. At the same time there are isolated studies regarding the specific effects of derivatives and they have a narrow focus – a separate tool, limited market and time. The current study looks for arguments about the actual influence of financial derivatives on the capital market in terms of studying the biggest West European exchanges with options and futures based on their instruments. An analysis is made of the most fundamental market indicators: exchange turnovers – in a premium value and number of contracts, open positions, movement of indexes, volatility, etc. The results of the correlative, comparative and traditional investment analyses lead to the fundamental findings: derivative trading improves market liquidity of the basic capital instruments and aids their risky management, the activity of derivative exchanges is more stable in years of crisis than that of the stock exchanges, which indicates a better risk-return correlation; an analogous analysis of the Russian markets for the same period corroborates some findings and shows some interesting differences in investment behaviour. In terms of methodology the parallel analysis between main indicators such as: exchange volumes, option rate and open positions enable the indication of fundamental changes in investment behaviour and of occurring financial and economic cataclysms.

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  STRESS TESTING ISSUES IN THE MODERN BANKS WORK

  The present article provides critical analysis of the existing practice for carrying out of stress-test in the banking sector in our country and abroad. It provides good grounds for accentuating on a number of unsolved or discussion issues, concerning: significance of the stress-tests; scope and periodicity of their implementation; identification ... The present article provides critical analysis of the existing practice for carrying out of stress-test in the banking sector in our country and abroad. It provides good grounds for accentuating on a number of unsolved or discussion issues, concerning: significance of the stress-tests; scope and periodicity of their implementation; identification of the specific risks, with potential negative effects; scenario modelling with specifying key risk parameters (factors), subject of shocking changes; performance of comparative analysis of the methods for implementing stress-tests and outlining of their advantages and disadvantages; specifics of implementation of the so-called „reverse” stress-tests, etc.