The future of the global financial system downfall or harmony

Lecture Notes in Networks and Systems 57 Elena G. Popkova Editor The Future of the Global Financial System: Downfall or Harmony Lecture Notes in Networks and Systems Volume 57 Series editor Janusz Kacprzyk, Polish Academy of Sciences, Warsaw, Poland e-mail: kacprzyk@ibspan.waw.pl The series “Lecture Notes in Networks and Systems” publishes the latest developments in Networks and Systems—quickly, informally and with high quality Original research reported in proceedings and post-proceedings represents the core of LNNS Volumes published in LNNS embrace all aspects and subfields of, as well as new challenges in, Networks and Systems The series contains proceedings and edited volumes in systems and networks, spanning the areas of Cyber-Physical Systems, Autonomous Systems, Sensor Networks, Control Systems, Energy Systems, Automotive Systems, Biological Systems, Vehicular Networking and Connected Vehicles, Aerospace Systems, Automation, Manufacturing, Smart Grids, Nonlinear Systems, Power Systems, Robotics, Social Systems, Economic Systems and other Of particular value to both the contributors and the readership are the short publication timeframe and the world-wide distribution and exposure which enable both a wide and rapid dissemination of research output The series covers the theory, applications, and perspectives on the state of the art and future developments relevant to systems and networks, decision making, control, complex processes and related areas, as embedded in the fields of interdisciplinary and applied sciences, engineering, computer science, physics, economics, social, and life sciences, as well as the paradigms and methodologies behind them Advisory Board Fernando Gomide, Department of Computer Engineering and Automation—DCA, School of Electrical and Computer Engineering—FEEC, University of Campinas—UNICAMP, São Paulo, Brazil e-mail: gomide@dca.fee.unicamp.br Okyay Kaynak, Department of Electrical and Electronic Engineering, Bogazici University, Istanbul, Turkey e-mail: okyay.kaynak@boun.edu.tr Derong Liu, Department of Electrical and Computer Engineering, University of Illinois at Chicago, Chicago, USA and Institute of Automation, Chinese Academy of Sciences, Beijing, China e-mail: derong@uic.edu Witold Pedrycz, Department of Electrical and Computer Engineering, University of Alberta, Alberta, Canada and Systems Research Institute, Polish Academy of Sciences, Warsaw, Poland e-mail: wpedrycz@ualberta.ca Marios M Polycarpou, KIOS Research Center for Intelligent Systems and Networks, Department of Electrical and Computer Engineering, University of Cyprus, Nicosia, Cyprus e-mail: mpolycar@ucy.ac.cy Imre J Rudas, Óbuda University, Budapest Hungary e-mail: rudas@uni-obuda.hu Jun Wang, Department of Computer Science, City University of Hong Kong Kowloon, Hong Kong e-mail: jwang.cs@cityu.edu.hk More information about this series at http://www.springer.com/series/15179 Elena G Popkova Editor The Future of the Global Financial System: Downfall or Harmony 123 Editor Elena G Popkova Institute of Scientific Communications Volgograd, Russia ISSN 2367-3370 ISSN 2367-3389 (electronic) Lecture Notes in Networks and Systems ISBN 978-3-030-00101-8 ISBN 978-3-030-00102-5 (eBook) https://doi.org/10.1007/978-3-030-00102-5 Library of Congress Control Number: 2018953030 © Springer Nature Switzerland AG 2019 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Preface This volume contains the best works that were presented at the conference “The Future of the Global Financial System: Downfall or Harmony,” which took place on April 13–14, 2018, in Limassol, Cyprus The conference was devoted to reconsideration of the role and meaning of the global financial system in the modern global economy in the context of the crisis, which started in 2008 and is still observed in a lot of countries, and to development of conceptual and applied recommendations for activation of development of the global financial system All works underwent peer-review and conform to strict criteria that include high level of originality (more than 90%), elements of scientific novelty, contribution into development of economic science, and wide possibilities for practical application The target audience of this scientific work includes postgraduates, lecturers of higher educational establishments, and researchers who study the modern global financial system Based on the authors’ conclusions and results, representatives of the target audience will be able to build their new scientific research The topics of the works contained in this volume cover (but are not limited to) the following issues, which are interesting for the modern economic science and practice: – Financial globalization as a foundation of modern times; – new role of finances in the global economy: from background to foreground; – transition of financial system from infrastructure to new vector of development of the global economy in the twenty-first century; – fiasco of the modern financial system and ways of overcoming it; – problems and perspectives of harmonization of the global financial system; – scenarios of development of the global financial system Materials of the volume are divided into the following parts: development of financial systems of micro-, meso-, and macro-levels, financial infrastructure of the modern economy, legal issues of development of the modern financial system, and management of the global financial system The conference was organized by the v vi Preface Institute of Scientific Communications (Volgograd, Russia) Almost 2,500 scholars participated in the conference as visitors and speakers, with more than 500 scientific works Introduction The recent global financial and economic crisis attracted attention of international society to the modern global financial system, showing its unsustainability and causing threats to its further development in the long term Obvious, the current trajectory of its movement is not perfect for participants of international financial relations and requires correction If these corrections are not timely, the next crisis might lead to downfall of the whole modern financial system On the contrary, selection of right direction of its development will ensure harmonization of interests of its participants and establishment of balance at the global financial markets Due to this, topicality of determining new outlines of the global financial system, which allow making it more sustainable against crises, grows constantly Materials of this volume are devoted to generalizing the accumulated experience in transformation of financial system and discussing perspectives and developing recommendations for modernization of the modern financial system in view of new challenges of the modern times for increasing its sustainability For this, efforts of various experts in the sphere of finance are united, which allowed comparing various points of view on the future of the global financial system and compiling its various forecasts and scenarios This will allow reducing uncertainty and risk of execution of international financial operations and will increase international financial flows This volume contains the best works that were presented at the conference “The Future of the Global Financial System: Downfall or Harmony,” which took place on April 13–14, 2018, in Limassol, Cyprus The conference was devoted to reconsideration of the role and meaning of the global financial system in the modern global economy in the context of the crisis, which started in 2008 and is still observed in a lot of countries, and to development of conceptual and applied recommendations for activation of development of the global financial system The conference was organized by the Institute of Scientific Communications (Volgograd, Russia) This volume contains scientific studies in the sphere of economic, management, and law—which ensured a multi-disciplinary approach to studying the modern global financial system and substantiation of the offered recommendations from the organizational and managerial and normative and legal points of view One of the most interesting works of the volume is the article by Elena Sysoeva, Elena Budilova, Oksana Kachur, and Olga Dolgova “Financing of Russian Companies in the Conditions of Distortion of International Trade Relations and Economic Sanctions,” which contains the authors’ opinion on the problem of deficit Preface vii of financial resources for development of the modern Russian entrepreneurship and offers the means for its complex and highly effective solution The work of Tatiana Malova and Marina Pivovarova “The Dilemmas of Macroeconomic Management: Impact on Global Financial Stability” is very interesting for researchers, as it contains framework strategic recommendations for provision of sustainability of the global financial system on the basis of macroeconomic regulation tools Legal aspects of future development of the global financial system are reflected in the work “Peculiarities of Protecting the Rights of Participants of Financial Markets in Court”— this article contains practical recommendations for modernizing the normative and legal and institutional provision of supporting stability of the global financial system This work is logically continued by the work of N V Tskhadadze and N V Chernorizova “International Financial Markets in the Conditions of Transformation of the Financial System.” These and other works contain objective and various opinions on the future of the global financial system and offer perspective solutions to the problem of activation of its post-crisis growth and prevention of new crises, as well as restoration of its leading role in the global economy Conclusions As a result of the conference, it is possible to conclude that the future of the global financial system is not ambiguous Joint efforts of the authors of the works of the volume allowed determining the main factors and risks of development of the global financial system, tracking transformation of its role in the global economy before, during, and after the 2008 global crisis, and determining perspectives of its sustainable development in the long term The most important result of the series of research is actualization of the problem of development of the global financial system We hope that these works will attract attention of the global society to this problem and will lead to implementation of complex measures (including our recommendations), aimed not only at provision of highly effective execution infrastructural role of the global financial system in economic systems of various scale but also at assigning a new role to it—accelerator of growth and development of the global economy One of the advantages of this volume is that it contains studies not only in the sphere of macroeconomics but also meso-economic and microeconomics Due to this, it was possible to study the issues of including regions of national economic systems into the global financial systems, development of separate financial markets and financial organizations, and the issues of overcoming of financial barriers on the path of development of entrepreneurship We’re proud that our joint efforts were able to cover such large layer of scientific and practical issues, thus reducing uncertainty as to future development of the global financial system At the same time, we acknowledge topicality and lack of viii Preface solutions to such issues as provision of balance (overcoming disproportions) of the global financial system’s development, standardization and unification of functioning of national financial markets and activities of financial organizations, harmonization of the level and rate of its development with the needs of global economic subjects, etc., and call for scholars and experts to conduct research aimed at solving them Contents Development of Financial Systems of the Micro-, Meso-, and Macro-Levels Influence of Integration Processes on Economy of the Agro-Industrial Complex: A View from the Positions of Various Models of Economic Systems Larisa V Popova, T A Dugina, A V Malofeev, I S Korabelnikov, and E A Likholetov Economic Analysis of Labor Resources Usage in Regional Markets Tatiana N Gogoleva, Pavel A Kanapukhin, Margarita V Melnik, Irina Y Lyashenko, and Valeriya N Yaryshina Technical Forensic Technique of Human Hair Examination: Forensic Practice Eduard E Genzyuk, Lyudmila A Spektor, Viktoria S Kirilenko, and Aleksandr V Sukhanov 10 20 Project Finance for Africa’s Construction Sector: Can Stabilization Funds Work? Lubinda Haabazoka 32 The Shift of the Competition Paradigm in the Banking Sector of Russia Anna Kladova, Marina Alpidovskaya, and Valeriy Gordeev 61 Socio-Cultural Activities in the Implementation of Educational Programs for Tourism Based on the Competence Model Irina V Borisenko, Tatyana V Degtyaryova, and Gulmira B Grigoryeva 69 Communicative Tolerance of Students of Higher Educational Establishments in the Context of Social and Economic Dimension of the Region Snezhana V Yavon and Tatyana N Ivanova 77 ix 1272 I N Shapkin Banking associations are the oldest and the most powerful business unions of the country They are the main subject of dialogue between the state and the banking community Created as public non-profit structures, association perform representative tasks, fulfil lobbying functions, addresses tasks for institutional change of business environment This article is to analyse the directions and mechanisms of banking associations for ensuring institutional changes in the business space The process of formation of the modern Russian banking system began in the late 1980s The difficult economic and political situation in the country, the absence of State authority, the weakness of the legislative base pushed the banking community to unite Moscow Banking Union, Leningrad Association of commercial banks, later transformed into the Association of the banks of the Northwest, were established in 1989 In 1990, the Russian banking union (Association of Russian banks, ARB) appeared (General information on ARB) The first wave of the foundation was accompanied by the emer‐ gence of the following regional structures: Altai Bank Union, Perm Bank Union, Omsk Bank Union, etc In December 1990, managers of 37 commercial banks created on the base of the territorial branches and 13 provincial filiations of Promstroybank of the USSR, signed the Treaty on establishment of the Association “Russia” for the protection of the rights of its members and representation of the interests in the public bodies In 1999, it was renamed to be “Association of Russian regional banks”, and in 2017 - “Association of Russian banks (ARB) The Association of Russian banks is the largest banking union It currently counts more than 300 members Among them there are those systemically important: credit institutions of the federal level, banks with foreign capital participation, small and medium-sized regional banks and non-bank credit institutions, social organizations, mass media The Association sees its mission in promoting stability and liquidity of the banking system in Russia; in formation of constructive relationship between the banking community and Government at all levels - federal, regional, municipal, involving all its branches -legislative, executive, and judicial; in the development of a legislative and regulatory framework for the activity of credit institutions Today the ARB considers the following to be its top priorities: increasing the capitali‐ zation of banks and the creation of conditions for the formation of long-term investment resources; strengthening of the confidence in the national banking sector of the investors and depositors; reducing the cost of banking services and enhancing the efficiency of banking business; ensuring equal conditions of competition for all credit institutions, including State-controlled banks (Association “Russia” About The Association) In March 1991, at the initiative of Bank unions a Congress of commercial and coop‐ erative banks of Russian Federation was held One of its decisions was to establish the Association of Russian banks (ARB) The Association of Russian banks cooperates with regional banking associations in 52 subjects of the Federation and with 18 ARB repre‐ sentatives in other regions of Russia On January 1, 2018 Association of Russian banks counts 656 members, including 440 credit institutions Associate members counted, ARB is composed of 762 participants, including 526 credit organizations They Russian Bank Association as a Driver Force of Institutional Changes 1273 accounted for 80% of the banking institutions in Russia, which owns more than 90% of the assets of the Russian banking system The ARB includes the largest Russian banks, the “big four” of audit firms, 19 representative offices of foreign banks, 65 banks with foreign participation in the authorized capital (General information on ARB) The mission of this lobby organization is to improve legislation, including tax one, through promotion of draft laws and amendments to the legislation in the State Duma, the Government, the Bank of Russia and other bodies of The Executive and Legislature The main tasks of ARB are the following: development of banking in the Russian Federation; participation in the activities of State bodies and administration, as well as Central Bank of Russia to stabilize the economy, monetary circulation and implemen‐ tation of monetary policy; protection of interests of credit institutions in the legislative and executive organs of State power and administration, CBRF, judicial, law enforce‐ ment, fiscal and other State bodies; consolidation of resources of credit institutions to address major economic programmes; provision of credit organizations with informa‐ tional and analytical, methodical, legal and other assistance in their work on the basis of foreign and domestic experience; support of mutual confidence, business partnership in the relationship between credit institutions themselves and with clients; cooperation of Russian credit organizations with foreign banks, their unions and associations, inter‐ national financial organizations (General information on ARB) Currently, these associations remain the most influential and powerful unions in the banking industry Despite some differences, they have similar goals: protecting corpo‐ rate interests and rights of the members of the banking community by all means, allowed by the legislation of the Russian Federation; promoting the development of interbank cooperation in Russia and in the world; ensuring mediatory function between credit organizations and Government authorities; preparation of banking specialists and improvement of their qualifications, etc The Activities of Banking Organizations Over the Forging of Institutional Environment Banking associations are devoting their prior attention to development and improvement of institutional space “Institutional framework has a decisive influence on what kind of organizations emerge, and on how they evolve, - states D North But in their turn organizations have an impact on the process of changing the institutional framework” (North 1997) There are two institutional platforms on which associations operate External institutional (formal) environment is a set of rules, restrictions, which outline the acceptable boundaries of modern credit organizations’ activity It is designed through various laws, regulations and administrative documents It is usually created in the process of interaction of State bodies with an organized banking business Internal institutional (formal and informal) environment is a mandatory set of rules, generated by the banking community, informal restrictions, voluntarily assumed by its members to ensure the activities of banks to be carried out in compliance with unified rules, so that it was more predictable, understandable, transparent, and thus more effec‐ tive and of higher quality 1274 I N Shapkin Internal institutional environment includes a number of structural elements Banking unions affect the unification of a “corporate” space through standardization, regulation of Bank activities, the transfer of the latest experience of doing business “… To ensure the functioning of the system, as D North noted, within the Community rules should be supplemented by standards and penalties.” (North 1997) This space is created through the adoption of a code of conduct for banks and bank employees, development of internal standards and normative documents, regulation of the banking operations, maintenance of a common accounting and financial reporting, etc These specific, standardized rules and regulations narrow the uncertainty Establishing fixed rules, standards of conduct, business conduct standards, based on best practices, narrow the field for conflicts within the community, as well as with other actors of the market and the State Internal institutional environment is the result of long and considerate work All the activity of the banking associations in all these areas, ultimately, aimed at adapting to constantly changing business conditions The Activities of Banking Associations Over the Forging of an External Institutional Contour Nowadays financial and banking spheres are facing persistent institutional problems Development and improvement of external institutional environment is carried out through cooperation of banking alliances with power to implement existing ones and create new rules and regulations Banking associations seek to establish long-term bounds with public institutions at all levels They collaborate with the presidential administration, the Government, the State Duma, the Federation Council, regional and local authorities, with the structures regulating financial markets, primarily with the Central Bank of Russia Lobbying structures, they use methods of “direct” and “indirect” influence and pres‐ sure on the Government to create a flexible and efficient national financial and credit system, to enhance its reliability and independence, to reduce bank risks by improving the regulatory and legal framework of financial and credit sector The Association take an active part in the meetings with the leaders of the largest Russian companies and business alliances, which are held by the country’s President and Prime Minister In addition to the direct contact, Association uses such form as a direct written application to the legislative or executive power Generally, this form of association is used in case of wrong decision threatening the stability of the banking sector There are few examples of such application in the history of banking unions, because at the preparatory stage Associations are already seeking to withdraw or amend the documents, disadvantageous to them Banking associations widely and actively cooperate with the legislature - the State Duma and the Federation Council, which form the legal basis for the country’s banking system Representatives of the Associations take a very active and effective participation in the parliamentary hearings of both chambers of the Federal Assembly, in the work of interregional Bank Council, which is chaired by the head of the upper House of the Russian Parliament (the Association of Russian banks Annual report-2016) Russian Bank Association as a Driver Force of Institutional Changes 1275 Representatives of the banking associations participated in the work of specialized committees of the two chambers, in parliamentary hearings, in the work of the Expert Council on the law of Committee of the State Duma on financial market, the State Duma Committee on constitutional legislation and State construction They have initiated a large number of amendments to laws concerning the banking system The Association has established close relations with the management of the Central Bank The practice of regular meetings between the leadership of the Central Bank and members of the Banking Association was developed They are held to discuss the prob‐ lems of country’s economic development and the banking sector, to elaborate mecha‐ nisms to resolve them Before the adoption of important decisions a regulator, as a rule, consult with the banking unions For the development of normative documents regu‐ lating the activities of banks, large expert-analytical work is held, the establishment of joint working groups is widely practiced Banking Associations actively collaborate with the Executive power-ministries, departments, regional authorities These relationships are built on the basis of treaties and agreements on cooperation The first such document “On cooperation in the field of ensuring banking security” was signed by ARB in December 1995 with the Ministry of Internal Affairs of the Russian Federation, in 1997 - with the Federal Agency for Government communications and information under the President, in 2001 -with Governments of Moscow and Moscow region, in 2004- with the Federal Antimonopoly Service (FAS), etc.1 These agreements allow the Union to build partnership relations with authorities, have a direct influence on the development and adoption of decisions, including those of an institutional nature The main forms of work of Associations with the power are the following: meetings, talks, participation in conferences, work in various temporary and permanent commis‐ sions and working groups to prepare draft decisions on specific economic issues They are in constant communication with representatives of the profile Ministry, they meet with the Minister of Finance Among the discussed topics are the issues of increasing capitalization and expanding the resource base of banks, reducing of their operating costs, ensuring fair competition of market participants, tax collection and banks taxation Proposals are included in the regulations, orders and instructions issued by the ministries Interregional meetings organized by departments widely engage regional banking unions, the partners of ARB and ABR Establishing of personal contacts with the heads of federal bodies does not preclude formal appeals to him to explain laws and regulations, preparing solutions The Activities of Banking Associations Over the Forging of an Internal Institutional Contour Internal institutional environment formation is done by the business itself by creating temporary working groups, permanent economic situation monitoring committees, the The Association of Russian banks The report is based on the ARB Annual report for 2010-2016 years 1276 I N Shapkin conjuncture of financial and credit spheres, legal status of banks; by preparation of analytical reports, certificates with their recommendation on the improvement of the legislation and normative documentation of banking institutions; by holding various organizational activities, etc ARB has formed specialized committees on monetary policy and banking supervi‐ sion; banking law and practice; payment systems and organization of settlements; regional policy; international activities; mortgage lending; information policy and public relations; IT; taxation, accounting and reporting, etc The Association created: Coordi‐ nating Committee on quality standards of banking activities; working groups: on debts and promissory notes, on the establishment of a mechanism for addressing collateral vehicles, on preparing proposals on the organization of interaction of banks-members of the Association working at the market of precious metals, on the improvement of legislation on pledge and the improvement of foreign exchange legislation, etc (The Association of Russian banks Committees) Within the framework of the ARB have been established: Council on monetary policy, Committee on banking law, Committee on the development of mortgage lending programs, Committee on improving settlement and payment system, Committee on banking and information technology, Committee on small and medium-sized businesses, etc Along with them working groups on securitization, new payment technologies, etc were created The activities of the specialized committees and working groups of the Association aim at developing recommendations and specific action programmes, at the provision of practical assistance to its members (Association «Russia» About The Association) Banking unions face various professional tasks The most important of them is the prompt response to the needs of the banking community To accomplish this mission, the Associations created an organization to perform specific tasks In some cases, they rely on affiliates Legal assistance to credit organizations is provided by the established under the ARB in 2006 Law Office “21 century” Its primary areas of activity are: the involvement in the legislative work of the union; preparation of drafts of normative and legal acts; consulting members of the union; organization of deals to acquire banks by the Russian and foreign investors, A&M consulting; organization of pre-sale audit; representation of interests of banks in arbitration courts and courts of general jurisdiction, economic and administrative disputes; opposition to hostile takeovers; consideration of claims of citizens, etc (The Association of Russian banks (General information on ARB) Since 2000s, the Association has paid great attention to professional assistance to banks It has taken a number of steps to promote innovations and innovation activity A project of EvaBeta is one of them ARB has created a company that possesses advanced technology in the field of certified risk management EvaBeta provides an opportunity for managers and investors to assess the quality of assets that they own or manage, offers methods and techniques for measuring and evaluating the financial and non-financial risks (the Association of Russian banks ARB Projects) The most important activity of the ARB is modernization of the institutional business environment on the basis of the application of best global practices Drawing upon the law “on international commercial arbitration” of 1993 and Federal law of 2002 “On arbitration courts in the Russian Federation”, the Association created an arbitration court Russian Bank Association as a Driver Force of Institutional Changes 1277 for conciliation of the parties and settlement of disputes arising in the bank environment Legal status, the order of organization and functioning of the arbitral tribunal, the rules of the proceedings are defined by Provisions and Regulations of the arbitral tribunal The arbitration court has a right to settle civil disputes involving Russian and foreign legal entities and physical persons Over the twenty years of work the court has consid‐ ered nearly 2000 cases To resolve disputes between banks and customers, a new structure of out-of-court dispute resolution was created It was headed by the Financial Ombudsman or public mediator Currently the head of it is P Medvedev (Association of Russian banks The Court of arbitration) To ensure security, the Association has established Interbank security service “AMULET” Its creation was motivated by the need to consolidate the efforts of the banking units that provide security and counteraction to criminal attacks on credit insti‐ tutions Not being a substitute for the security services to banks, it optionally helps to solve emerging problems “AMULET” exercises: facilities protection, cargo escort, transport of valuables, personal protection; technical security, consultation of clients in matters of safety and security management in organizations, banks: security audits; legal services; informational and analytical support; provides computer security of business (Association of Russian banks The security service “AMULET”; The Association of Russian banks About company “AMULET”) With the direct participation of ARB, in 2005 on the basis of the Federal law on credit histories” there was established a joint-stock company “National Bureau of credit histories (NBCH) Today the database of credit histories of individuals and legal entities established by NBCH is formed as a result of cooperation with over 3000 organizations from all regions of the country, which is many times higher than the performance of the rest of the credit Bureaus in Russia altogether Bureau works with the largest financial organization The success of its activity is ensured by a wide range of services NBCH attributes great importance to the development of partnerships, the joint search for solutions to issues in the field of technological development of business processes The Bureau develops long-term mutually beneficial relationships with its partners, TransUnion (United States), CRIF (Italy) and Fair Isaac (United States), world leaders in the development of information solutions, offering clients the most modern, advanced and coordinated technology Thanks to this cooperation, NBCH is ahead of other credit bureaus on the quality of services that meet the highest international stand‐ ards (the Association of Russian banks National Bureau of credit histories) The interest of the banks to this structure is confirmed by the growth in demand for the calculation of the scoring assessment Credit organizations show great interest in checking on the customers with the usage of databases of vehicles and FMS passports database Attaching great importance to the quality of the information provided, the Bureau developed new algorithms for detecting errors and improve the accuracy of the information provided One of the activities of the ARB is a search for business partners for credit organi‐ zations Agency relations is an agreement between large and medium-sized banks with financially stable regional credit organizations to move to bank products and programs on a commission basis into the regions, to develop the interbank market and other forms 1278 I N Shapkin of cooperation These measures allow banks to mitigate the financial flows on the terri‐ tory of Russia and saturate the regions with Bank services Regional banks, while keeping autonomy, gain an opportunity to develop new technologies and to increase the resource base and capitalization (the Association of Russian banks Interbank business cooperation Agency relations) Banking unions have made significant efforts in the area of harmonization and standardization of work of banks, exchange of modern experience of doing business RBA formed a Coordinating Committee on quality standards of banking activity, which developed several projects of quality standards Now, on a voluntary basis, credit insti‐ tutions can use 17 quality standards To assess the quality of banking services according to the criteria of the accepted standards and standards of the European Foundation of quality management, the Asso‐ ciation, in conjunction with the all-Russian quality organization started the implemen‐ tation of the program “Best banks of Russia” Without comparing credit institutions, this program establishes two levels of management of the banks: an excellent manage‐ ment and a good management The Bank, whose management evaluation matches one of the listed requirements receives a certificate and the right to use the program label Participation in the program provides a credit organization with an opportunity to eval‐ uate the management system on the basis of modern banking practices evaluation criteria, to promote its reputation and increase customer confidence (the Association of Russian banks “Best banks of Russia” Program) Enhancing the skills of managers and specialists of credit organizations is carried out through the organization of retraining of bank personnel, training of specialists in Russia and abroad Under the ARB a non-governmental educational institution of addi‐ tional professional education is created, namely an Institute of banking, which is a member of the European Banking & Financial Services Training Association (EBTN) This Institute provides educational services to banks, holds seminars with experts on a regular basis, organizes corporate programs to improve their skills (the Association of Russian banks Institute of banking) In modern conditions all credit institutions ace the challenge of transition to a customer-oriented strategy, which assumes that bank products become so comprehensive and technologically advanced that they could be flexible to adapt to the needs of the clients The determination of banks to improve the quality of work with clients shows that even under conditions of low growth pace in the Russian economy, credit organizations continue to evolve at the expense of consumer credit and steadily improving products The Association pays considerable attention to the implementation of automated banking systems in everyday work, including the areas of planning and management, specialized information and Internet technologies, protection of personal data, effective functioning of national payment system, creation of a corporate system to counter the growth of fraud in the systems of remote banking service, etc Banking associations lead rich conference activities Various solutions to problems banks face in everyday practice are offered at national and international conferences, round tables, presentations, meetings of the representatives of banking community with Government and political leaders Among the most frequently discussed topics of recent times are the following: quality standardization of banking, credit and operational risk Russian Bank Association as a Driver Force of Institutional Changes 1279 management, harmonization of banking activities in the field of banking and financial reporting, consideration of innovative forms and methods of bank work, in particular in the field of IT, combating money laundering and financing of terrorism, etc The successful development of financial and credit sphere depends on improvement of the financial literacy of citizens With the help of the ARB an Internet tv channel of financial literacy and Banking tv television company were created The aim of the project is to raise awareness of the society about financial products and services, economic and entrepreneurial activity of banks, to ensure effective business information exchange between regions, to contribute to the growth of social responsibility of financial insti‐ tutions, etc The Association attach great importance to the information and PR activities They organize conferences, symposia and exhibitions on the questions of the improvement of banking sector, carry out publishing activities The Association of Russian banks publishes: “National Bank magazine”, “ARB annual report” “ARB Herald” (“Vestnik ARB”) is a magazine covering the activities of the Associa‐ tion and its partners It contains materials of congresses, the minutes of the meetings of the Association Council and the Bureau of the Board of ARB, information on participation of bankers in parliamentary hearings and meetings of the committees of the State Duma, the Federation Council, meetings and negotiations with the heads of the legislative and exec‐ utive authorities, foreign guests, the texts of treaties and agreements Particular attention is paid to the business correspondence of the Association with organizations, regulators and government bodies: the President, the Federal Assembly, the Government, the Bank of Russia, the Russian Ministry of Finance of Russia, the highest arbitral tribunal and others In each issue new normative documents in the field of banking activities are announced, issues of banking regulation and taxation are covered, bills and regulations are assessed Readers are invited to get acquainted with the information in the field of security, banking technology, staff training and retraining, public relations and advertising, including announcements of specialized conferences, seminars, symposiums and training courses (The Association of Russian banks ARB Publications) “Herald of banking” of ABR has an electronic version It can be found on the portal “banks.ru” With the participation of Associations specialized literature - books, brochures, guides, etc., - are issued in order to help in the day-to-day work of employees of banks, auditors and experts On its official website the ARB publishes materials of the Ministry of finance, Central Bank and other regulators, information on the representatives of Union participation in parliamentary hearings and meetings of the committees of the State Duma and the Federation Council, their meetings and talks with the leaders of the legislature and the Executive, the texts of treaties and agreements with foreign partners, etc., The website has an own search engine and news feed It also gives an opportunity to submit a complaint to the Financial Ombudsman Banking associations support the on-line Edition, using TV, participate in the discus‐ sion of pressing issues at RBC channel Listed activities aim at increasing the level of trust of the Russian society to the banking community The Association works closely with regional business associations, regional units of the Central Bank and the territorial bodies of the Executive and legislative branches 1280 I N Shapkin The work with regional Associations is carried out in two directions: through direct contacts with the leadership of the constituent entities of the Russian Federation and through a systematic cooperation with regional banking institutions Regional policy of the Associations is conducted in the constituent entities of the Federation in accordance with their characteristics and aims at strengthening the finan‐ cial sustainability of regional banks, increasing their role in the implementation of socioeconomic programmes, assistance in finding additional resource base and the growth of capitalization of banks, providing them with legal protection, expansion of credit activity etc Banking unions are concentrated on a stable and effective functioning of regional banks A large number of workshops, conferences and meetings they hold with departure to the regions Representatives of the administration of the constituent entities of the Russian Federation necessarily take part in these activities, as well as local filiations of the Central Bank and other structures responsible for economic development of the region and its financial and credit sector The activity of banks-members and their branches covers the whole territory of the Russian Federation In 2002, at the initiative of the Association of an all-Russian banking Council was created for consolidation of the banking community, strengthening regional banking associations and their role in the places of their location Currently, the union includes Bank Communities from 69 regions of Russia -from Kaliningrad to Kamchatka Thanks to the Council’s activities interaction between banking institutions at all levels has intensified in the sphere of tackling the pressing problems of regional banks, bank costs optimization, improving banking supervision, efficient measures to reduce interest rates, credit expansion of production, management of problem loans, etc Interbank cooperation allows capital banks to divide financial flows on the territory of Russia on the basis of agreements, to promote modern banking products and programs in the regions, fill them with new banking services Interbank cooperation allows regional banks to get access to new technology, and, keeping independence, to increase the resource base and capitalization Independent direction implies the development of partnerships with international financial institutions and organizations with a view of the examination of modern foreign practices and innovations and their subsequent implementation on national market and in the activity of national banks, search for business partners, establishing personal relationships and bounds with the heads of international financial institutions and banking associations Since 1997 ARB has been an associate member of the European Banking Federation, which brings together nearly three thousand European banks In 2010 The Association received the “associate” status in the International Banking Federation, representing the interests of the largest banking associations of United States, European Union, Australia, Canada, Japan, India, China, South Africa, South Korea, (Association of Russian banks (General information on ARB) The Russian banking association study and learn the experience of their foreign counterparts on cooperation with international, governmental and financial institutions, attract foreign banks to work on the financial market of Russia, acquaint them with the Russian financial system, participate in international forums and conferences outside Russian Bank Association as a Driver Force of Institutional Changes 1281 the country, organize international meetings and meetings with representatives of inter‐ national banks and banking associations, etc Unfortunately, international activities of the Association is severely limited because of the adoption of so-called “sanctions” Conclusions The modern market economy exists in close relationship with the State It implies an active involvement of business in the process of improvement of the market, market structures, mechanisms and institutions A certain load in fulfilling these tasks falls on the shoulders of business alliances In the context of high levels of risk, uncertainty and instability, banking associations pronounce in favour of institutional transformation References The Association of Russian banks Annual report (2016) https://arb.ru/upload/iblock/810/ GO_2016_PDF.pdf The Association of Russian banks ARB publications https://arb.ru/arb/journals/ The Association of Russian banks Institute of banking https://ibdarb.ru/about/ The Association of Russian banks Committees https://arb.ru/arb/bureaux-and-committees/ The Association of Russian banks Interbank business cooperation Agency relations https:// arb.ru/arb/projects/383/ The Association of Russian banks National Bureau of credit histories https://www.nbki.ru/ company/ The Association of Russian banks About “Amulet group” http://www.amulet-group.ru/ The Association of Russian banks General information on ARB https://arb.ru/arb/about/ The Association of Russian banks Program “Best banks of Russia” http://arb.ru/arb/bureauxand-committees/29634/andwww.cepvok.ru The Association of Russian banks ARB projects https://arb.ru/arb/projects/ The Association of Russian banks The security service “Amulet” https://arb.ru/arb/projects/ 815961/ The Association of Russian banks Court of arbitration https://arb.ru/b2b/judge/ The Association of Russian banks Management Associations https://arb.ru/arb/management Association «Russia» About Association http://www.asros.ru North, D.: Institutions, institutional change and economic performance Moscow, “Nachala”, 189 p (1997) Pawroz, A.V.: Theory of Political Pluralism: Essence, Contradictions, Alternative, 178 p Publishing House of Petersburg University, St Petersburg (2009) Pawroz A.V.: Lobbying: the Institutional Framework and Practice of Political Power in a Democratic Society, 172 p Russian Christian Humanitarian Academy, St Petersburg (2016) Rosefielde, S.: Comparative Economic Systems: Culture, Wealth, and Power in the 21st Century Russ, 430 p Rosspen, Moscow (2004) Author Index A Abutalimova, Safia S., 516 Ageeva, Galina E., 545 Akhmetzhanova, Galina V., 813 Akimova, Olga E., 871 Akimova, Olga, 962 Alekhina, Larisa L., 219 Alekhina, Tatiana A., 765 Alekseev, Alexander N., 341, 578 Alferova, Tatyana V., 407, 1013 Alieva, Natalia Z., 1020 Aliyeva, Natalia Z., 236 Alpidovskaya, Marina L., 432 Alpidovskaya, Marina, 61 Andryashina, Nataliya S., 741, 748 Anisimova, Julia A., 813 Anopchenko, Tatyana Y., 414 Artemov, Alexander Y., 161 Artemyeva, Marina V., 947, 1138 Astafeva, Nonna, 836 Avdeyuk, Oksana A., 673 Avlasenko, Ilona V., 774 Avlasenko, Lyudmila M., 774 Azamatova, Gyuldzhan K., 176 B Baizulayev, Salikh A., 666 Barashyan, Liana R., 505 Barashyan, Liana, 622 Barcho, Mariana K., 1200 Bardovskii, Viktor P., 896 Bazhenov, Alexander A., 309 Belayeva, Irina, 241 Belokon, Lyudmila V., 803 Belousova, Anastasiya V., 774 Berezhnaya, Elena S., 364 Bezrukov, Boris A., 1261 Bezrukova, Tatiana L., 461, 1261 Bitarova, Maria A., 183 Bogoviz, Aleksei V., 154, 334, 578, 789, 1200, 1208, 1216, 1224, 1231 Bokov, Yuriy A., 126 Bolgova, Victoria V., 553 Bondarev, Vladimir A., 364 Borisenko, Irina V., 69 Boriskina, T B., 537 Bormotova, Tatiana M., 195 Bormotova, Tatiana N., 142 Borshcheva, Alla V., 273 Borzenko, Ksenia V., 357 Brizhak, Olga, 1181 Budilova, Elena, 487 Budovich, Yuliya, 97, 734 Bugai, Yury A., 789 Bugrova, Olga S., 1145 Bujor, Evgeniya, 1169 Buklanov, Dmitry, 294 Burtseva, Margarita N., 219 Burtseva, Tatiana A., 1085 Buryakova, Olga S., 236, 783, 1020 C Chaikina, Zhanna V., 1193 Charykova, Olga G., 273 Chepurko, Galina V., 862 Cherney, Olga T., 1193 Chernorizova, Nina V., 757 Chernyshev, Mikhail A., 1036 Chistyakova, Marina K., 1238 Chugumbaev, Roman R., 922 © Springer Nature Switzerland AG 2019 E G Popkova (Ed.): ISC 2018, LNNS 57, pp 1283–1287, 2019 https://doi.org/10.1007/978-3-030-00102-5 1284 Chugumbaeva, Nina N., 922 Chugurova, Tatiana V., 545 Chumachenko, Svetlana G., 1036 Churakova, Ekaterina N., 545 D Danilova, Olga, 241 Davydova, Marina L., 126 Degtyaryova, Tatyana V., 69 Denshchik, Marina N., 1094 Dneprovskay, Irina, 962 Dneprovskaya, Irina V., 972 Dolgorukova, Irina V., 142, 195 Dolgova, Olga, 487 Donichev, Oleg A., 251 Dubova, Yulia I., 213 Dugina, T A., Dybina, Olga V., 1124 E Efremova, Anastasia D., 947 Egorova, Elena N., 167 Endovitskaya, Elena V., 229 Evdokimov, Konstantin N., 495 Evtushenko, Oxana, 260 F Fedotova, Gilyan V., 908, 922, 1043, 1104 Fetisov, A V., 537 Fetisova, Olga V., 1013 Filatova, Natalya, 836 Fokina, Olga V., 1085 Fomicheva, Tatiana V., 142 Fomicheva, Tatyana V., 195 Fraymovich, Denis Y., 251 G Garin, Alexander P., 726, 748, 987 Garina, Ekaterina P., 309, 726, 741, 748 Gashenko, Irina V., 932 Gavrilov, Alexander I., 309 Genzyuk, Eduard E., 20, 505, 622, 637 Getmantsev, Konstantin V., 105, 183, 348 Glinskaya, Olga S., 829 Godina, Olga V., 1094 Gogoleva, Tatiana N., 10 Golikov, Vyacheslav V., 213 Golubeva, Olga V., 1193 Gontar, Anastasia A., 1104 Gorbunova, Valentina V., 795 Gordeev, Valeriy, 61 Gornostaeva, Zhanna V., 213 Goryacheva, Tatyana V., 1113 Goykher, Oleg L., 1145 Author Index Grabar, Anna A., 1085 Grachev, Sergey A., 251 Grazhdankina, Lilianna Y., 795 Grechenkova, Oksana Y., 612 Grigorieva, Lyubov V., 371 Grigoryev, Aleksey I., 947 Grigoryeva, Gulmira B., 69 Gruzdeva, Marina L., 1193 Gundorova, Marina A., 251 Guryanov, Nikolai, 836 Guryanova, Anna, 836 H Haabazoka, Lubinda, 32, 1246 I Ilin, Ivan V., 896 Ilminskaya, Svetlana A., 219 Ilyasov, Ruslan K., 908 Ilyasova, Elena V., 183 Ilyukhina, Irina B., 883 Ivanov, Alexey A., 114, 987 Ivanova, Natalia A., 516 Ivanova, Natalia, 1027 Ivanova, Tatiana B., 954 Ivanova, Tatyana N., 77, 813 Ivushkina, Elena B., 236, 783, 1020 K Kachur, Oksana, 487 Kakushkina, Marina A., 325 Kanapukhin, Pavel A., 10 Katkova, Marina, 1130 Ketko, Natalia, 962 Khachaturyan, Mikhail V., 718 Khafiyatullina, Elmira, 836 Khanova, Marina N., 176 Khavzhokova, Z B., 572 Khryseva, Anna A., 871 Khubulova, Veronika V., 443 Kichalyuk, Olga N., 421, 473 Kilinkarova, Sofiya G., 803 Kireev, Egor Y., 195 Kirilenko, Viktoria S., 20, 473, 622, 637 Kirillova, Svetlana S., 461 Kirina, Lyudmila S., 399 Kladova, Anna, 61 Kleitman, Aleksandr L., 954 Klochko, Elena, 1181 Kokova, D A., 572 Koloskova, Natalya V., 364 Konina, Olga V., 205 Konobeeva, Elena E., 765 Konobeeva, Oksana E., 765 Author Index Korabelnikov, I S., Korablev, Ruslan A., 161 Korda, Nadia I., 461 Korlyakova, Alla F., 384 Koshelev, Egor V., 114, 987 Kovalenko, Oksana A., 908 Kovanova, Ekaterina S., 666 Kovazhenkov, Mikhail A., 1043 Kozhanchikova, Natalia Y., 1238 Kozhanova, Tatiana E., 673 Kozhukhova, Margarita T., 316, 871, 972 Kozlova, Elena P., 987, 1138 Kozlova, Marina Y., 563 Krylova, Ekaterina M., 183 Kudryakov, Roman I., 1145 Kudryashova, Inna V., 282 Kuksova, Irina V., 461 Kulikova, Anna A., 473, 505, 586, 622 Kurbanov, Timur K., 1043 Kurilova, Anastasia A., 813 Kushnir, Irina B., 783, 1020 Kuzina, Elena, 1169 Kuzmenko, Yulia A., 612 Kuzmina, Emma V., 922 Kuznetsov, Victor P., 114, 947 Kuznetsov, Viktor P., 309, 741, 748, 844 Kuznetsova, Svetlana N., 741, 1138 L Lang, Petr P., 545 Lanskaya, Daria V., 105, 348 Lapaev, Dmitry N., 1138 Lapteva, Ekaterina A., 1113 Lapygin, Yuri N., 528 Lebedev, Konstantin, 97, 734 Lebedeva, Anna, 734 Lesnikova, Elvira P., 273 Lesnikova, Elvira, 852 Levchuk, Valery V., 726 Ligidov, Ramazan M., 862 Likholetov, E A., Lipinsky, Dmitry A., 495, 553, 603 Litvinova, Tatiana, 205 Lobova, Svetlana V., 341, 1208, 1216, 1224, 1231 Lokova, Mariana Y., 176 Lomakin, Nikolai I., 1104 Loshkarev, Andrei V., 545 Lyashenko, Irina Y., 10 Lysochenko, Alla A., 1036 M Magomedov, Magomedgabib, 294 Makarov, Pavel Y., 528 1285 Maksimenko, Liudmila S., 1094 Makusheva, Julia A., 844 Malofeev, A V., Malova, Tatiana, 683 Malyavkina, Ludmila I., 883 Malyutina, Tatiana D., 908 Marchenkova, Liliya M., 883 Mayboroda, Tatyana A., 803 Mazaev, Yuri N., 142 Medvedeva, Nina I., 795 Melnik, Margarita V., 10 Melnikova, Natalia S., 708 Menshchikova, Vera I., 325 Minenko, Aleksey V., 789 Mitrofanova, Inna V., 708 Mitrofanova, Svetlana V., 795 Mizikovsky, Igor E., 309 Momotova, Oksana N., 803 Mordvintsev, Ivan A., 205 Morozova, Irina A., 871, 972 Morozova, Irina, 205 Morozova, Nelli I., 236, 783 Morozova, Oksana A., 421, 473 Mosalev, Anton I., 167 Mramornova, Olga V., 516 Mukhomorova, Irina V., 167 Musaeva, Aynulkhat Z., 516 Musatkina, Aleksandra A., 495, 553, 603 Myasnikova, Tatiana A., 105 Myasnikova, Tatyana A., 348 Mytareva, Leyla A., 371 N Nalchadzhi, Tatiana A., 862 Nazarova, Natalia A., 399 Nazvanova, Karina V., 1155 Nechaeva, Svetlana N., 273 Nechaeva, Svetlana, 852 Nizovaya, Irina, 852 Novoselova, Natalia N., 443 O Oshkina, Alla A., 135 Ostrovskiy, Vladislav I., 414 Otstavnova, Liliya, 1027 P Panfilova, Olga V., 774 Parakhina, Valentina N., 939 Parshina, Anna A., 726 Pchelintseva, Irina N., 1113 Peskova, O S., 537 Pivneva, Svetlana V., 813 Pivovarova, Marina, 683 1286 Plotnikov, Arkadiy P., 1113 Podkolzina, Irina M., 862 Polyakova, Anna A., 1238 Popkova, Elena G., 407, 939, 1013 Popov, Elena V., 718 Popova, Elena V., 1261 Popova, Larisa V., Posazhennikov, Artur A., 1155 Potashnik, Yaroslav S., 1138 Pozdnyakova, Ulyana A., 316 Pozdnyakova, Viktoria V., 357 Prokopova, Olga V., 829 Prom, Natalya, 260 Przhedetskaya, Natalia V., 357 Przhedetskaya, Viktoria Y., 357 Przhedetsky, Yuri V., 357 R Ragulina, Julia V., 154, 341, 578, 1200, 1208, 1216, 1224, 1231 Razgonyeva, Vera V., 161 Reshetnikova, N N., 572 Reshetnikova, Natalia, 294 Reshetnikova, Natalya N., 176 Risin, Igor E., 229 Romanovskaya, Elena V., 741, 748 Rostovshchikov, Igor V., 563 Rudkovsky, Viktor A., 563 Rumyantsev, Pavel A., 603 S Sadykova, Ksenia, 852 Samorodova, Elena M., 883 Sandu, Ivan S., 334 Sankova, Larisa, 1027 Santalova, Marianna S., 273, 852 Savina, Anna G., 219 Sazonova, Svetlana L., 451 Semenova, Elena I., 154, 334 Shaker, I E., 819 Shaker, N S., 819 Shakhovskaya, Larisa S., 705 Shalneva, Maria S., 1002 Shapkin, I N., 1270 Shapovalova, Irina B., 325 Shchukina, Natalia A., 673 Shepeleva, Yulia L., 649 Shishkin, Aleksei A., 586, 637 Shkarupa, Ekaterina A., 371 Shokhnekh, Anna V., 657, 829 Shpilevskaya, Elena V., 726 Shurdumova, Elmira G., 666 Shustova, Svetlana V., 384 Sidunova, Galina I., 657 Author Index Simonova, Evgenia V., 765 Sintsov, Eduard V., 947 Sinyavsky, Nikolai G., 1054 Skobliakova, Irina V., 219 Skorikova, Irina S., 829 Skuba, Roman V., 1145 Slavnetskova, Lyudmila V., 1094, 1113 Slepakov, Sergey S., 443 Smirnova, Elena V., 795 Smirnova, Zhanna V., 1193 Sokolova, Natalia N., 896 Sokolova, Olga Y., 516 Sozinova, Anastasia A., 1085 Spektor, Lyudmila A., 20, 421, 586, 637 Spesivtsev, Valery A., 1261 Starikova, Liubov I., 883 Starostin, Aleksandr M., 649 Stel, Yevgeniy V., 126 Stepanova, Maria A., 765 Strelkov, Vladimir E., 1145 Strelkova, Lyudmila V., 844 Strichko, Anna V., 364 Stroi, Galina V., 803 Strukov, Yuriy V., 161 Sukhanov, Aleksandr V., 20, 421, 505, 586 Sukhanov, Evgeny V., 325 Sukhinin, Alexander V., 922 Sysoeva, Elena, 487 T Tappaschanova, Elizaveta O., 666 Tarasov, Dmitriy I., 844 Tarasova, Irina A., 673 Timacheva, Elena V., 954 Timofeeva, Elena A., 1075 Timonina, V I., 705 Tkachenko, Denis D., 908, 1104 Toporkova, Olga, 260 Tovanchova, Elena N., 649 Tregubov, Vladimir, 1130 Treschevsky, Yuri I., 348 Treshchevsky, Yuri I., 183, 229 Treshevsky, Yuri I., 105 Trofimov, Oleg V., 844 Troshina, Elena V., 896 Tsikin, Alexey M., 432, 692 Tskhadadze, Nelli V., 757 Tufyakova, Ekaterina S., 1085 U Uchurova, Elena O., 1043 Urova, O V., 537 Ushakova, Irina V., 1238 Ushvitsky, Lev I., 1094 Author Index V Vindizheva, Albina O., 176 Vitaleva, Helen, 962 Vlasova, Maria A., 896, 1238 Volchanskaya, Alena N., 563 Volobuev, Alexey, 1169 Vorontsova, Galina V., 862 Vysotskaya, Inna, 260 Y Yalmaev, Rustam A., 708 Yalmaeva, Makka A., 708 Yanchenko, Elena, 1027 Yaryshina, Valeriya N., 10 Yashin, Sergey N., 114, 987 Yavon, Snezhana V., 77 Yovanovich, Tamara, 260 Yudina, Tatiana N., 142, 195 1287 Z Zabaznova, Tatyana A., 1013 Zakharchenko, Elena, 294 Zakharov, Pavel N., 1155 Zakharova, Yuliya V., 114 Zakharova, Zhanna A., 87 Zakirova, Maria I., 251 Zazulina, Yevgeniya V., 364 Zelikov, Vladimir A., 161, 1036 Zemlyanukhina, Svetlana, 1027 Zerenova, Baira I., 1043 Zhidkov, Vladimir, 213 Zhirova, Saida A., 666 Zhukova, Tatyana V., 774 Zima, Yulia S., 932 Zinchenko, Yuliya V., 1002 Zolotovskiy, Vladimir A., 126 Zumakulova, Z A., 572 ... Forum The indicator of external integration is the index of economic globalization according to the KOF The level of development of economy of the AIC is evaluated on the basis of the index of. .. result of the conference, it is possible to conclude that the future of the global financial system is not ambiguous Joint efforts of the authors of the works of the volume allowed determining the. .. Chernorizova “International Financial Markets in the Conditions of Transformation of the Financial System. ” These and other works contain objective and various opinions on the future of the global