Russian Abstract: Кризисные явления 2007–2009 гг. продемонстрировали, что финансовые рынки ведущих экономик мира могут быть подвержены масштабным системным потрясениям....

The aim of this paper is to analyze the increasing importance of banks in the Russian economy over the period following the financial crisis of 1998. We use several measures to assess the role of banks in domestic financial intermediation in Russia. The traditional macro-level view is...

Generalized autoregressive conditional heteroscedasticity in-mean model allows accounting for both time-varying variance and risk premium in financial time series data. This paper introduces an extension of this particular model with more flexible parameterization of the way variance enters the...