Архипов Артем Валерьевич

Arbitrage as a new normal in contemporary financial markets?

2022 · ARTICLE · en

The global financial system is constantly changing, rapidly reacting on the external changes. These changes include evolving macroeconomic policy tools, creation of new regulations in financial markets (affecting both banking institutions, financial markets’ benchmarks, etc.), imposition of legal restrictions of dealing with certain types of financial institutors on the basis of decisions of particular governments, and other developments. All these create grounds for appearance of fragmentation between financial markets and jurisdictions, which, in turn, creates a phenomenon of arbitrage. In the paper certain sources of such price disparities is analysed and illustrated. It becomes evident that the arbitrage might become a new normal for the contemporary financial markets, and that this phenomenon seems to be overlooked and undervalued, while its consequences might be large and long-lasting.

Процентный диспаритет как необходимое условие политики отрицательных ключевых ставок

2022 · ARTICLE · ru

Для борьбы с последствиями глобального финансового кризиса 2008 г. многие центральные банки начали переходить к использованию инструментов нетрадиционной монетарной политики. Наиболее дискуссионным инструментом стала политика отрицательных процентных ставок, которая противоречила теоретическим представлениям о природе процентных ставок. В статье исследуется вопрос нарушения принципа паритета процентных ставок в контексте нетрадиционной монетарной политики и, прежде всего, политики отрицательных процентных ставок. В качестве базы исследования использовались данные по уровню процентных ставок и валютным курсам с 1998 по 2020 год. По итогам проведенного исследования установлено, что после кризиса 2008 г. на международном рынке капитала наблюдается устойчивое отклонение от паритета процентных ставок. По мнению авторов, нарушение принципа паритета процентных ставок обеспечивает долговременную имплементацию политики отрицательных процентных ставок и обусловлено ужесточением мер по ограничению и контролю над денежными расчетами в исследуемых странах, повышением рисков ведения бизнеса и зарубежных инвестиций, деглобализацией мировой финансовой системы и возникновением крупных региональных финансовых кластеров.

Peculiarities And Trends Of Banking Systems Development

2021 · CHAPTER · en

Regulation of Financial Risks in Emerging Markets: Past, Present, and Future

2021 · CHAPTER · en

Dynamic modeling of the impact of socio-economic restrictions and behavior on COVID-19 outbreak

2021 · ARTICLE · en

The COVID-19 pandemic had an enormous social and economic impact on societies in 2020. The epidemiological situation is evolving on a daily basis, and the methodology of how to evaluate the impact of the pandemic and the severity of its consequences is lacking. The only available high-frequency data now are the number of people who have contracted the illness, and the restrictive measures that authorities have implemented to contain the outbreak. The most important question now is whether authorities can prevent subsequent waves. The contribution of the paper is a dynamic model of COVID-19 outbreaks, on the basis of which we investigated the possible impact of the socio-economic behavior and restrictions on its waves. To build the model, a large database for different countries with a wide range of economic and social institutions was collected. We give a detailed description of the model and a comparison of the results with trajectories of the outbreaks in the countries under consideration. The proposed model describes the empirical results and can be used for timely and contemporary predictions of the stages of pandemics. Despite this, the model needs future development and verification because the pandemic is not over, and the accumulation of empirical information continues. Yet the model might also be useful as a basis for researching the impacts of other socio-economic and medical actions for containing pandemics.