Modern trends of international financial regulation: impact on global economy

A tendency to toughening financial regulation and integration of financial regulators into national and transnational ones is observed in the post-crisis period. On the one hand, it leads to homogeneity and harmonization of national and transnational financial regulatory systems. On the other hand, tougher financial regulation results in a slowdown of economic growth. The economic situation has a significant impact on consequences of imposing new financial standards: regulatory failures in the crisis period, present monetary policy, low interest rates, credit crunch. The purpose of the paper is analysis of the consequences of financial regulation toughening - Basel II and Basel III agreement, FATCA (American law toughening regulation of taxation of foreign financial accounts), tendencies towards the integration of financial regulators and establishment of megaregulators in the light of current economic environment. Prospects of the influence of new financial standards on the global economy in the short-run and medium-term periods are revealed using theoretical research and contrastive analysis of macroeconomic statistical data. All discussed measures lead to both positive and negative consequences. The positive side is financial market stabilization (in the case of FATCA - tax revenue stabilization and increase); the negative side is the slowdown of economic growth. The authors believe that the tendency to toughening financial regulation, comprehensive coordination on at the country, region and global levels, enhancing transparency of financial regulation will intensify in the short-run and medium term. However one-sided measures such as as FATCA are losing popularity.В посткризисный период наблюдается тенденция усиления финансового регулирования, интеграция финансовых национальных и транснациональных регуляторов. С одной стороны, это приводит к единообразию и гармонизации национальных (и наднациональных) систем финансового регулирования. С другой стороны, ужесточение финансовых норм приводит к замедлению роста. Существенное влияние на последствия ужесточения финансовых стандартов имеет внешний экономический фон - провалы регулирования в кризис, современная монетарная политика, низкие процентные ставки и «паралич кредита». Цель исследования состоит в том, чтобы проанализировать последствия мер по ужесточению финансовых норм на экономику с учетом текущего экономического контекста, в частности второе и третье Базельские соглашения, американский закон о налогообложении иностранных счетов FATCA, а также тенденции интеграции финансовых регуляторов и создания мегарегуляторов. С помощью теоретического исследования и сравнительного анализа макроэкономических статистических данных получены выводы о перспективах влияния вышеописанных мер на экономику в краткосрочном и среднесрочном периоде. Все описанные меры влекут за собой как положительные последствия от стабилизации финансовых рынков (или в случае FATCA - стабилизации и повышения поступлений в государственный бюджет), так и отрицательные в виде замедления темпов роста экономики. По мнению авторов, в краткосрочном и среднесрочном периодах будет усиливаться тенденция к регулированию финансовых рынков, всесторонней координации на страновом, региональном и глобальном уровнях, повышению прозрачности финансового регулирования, однако при этом такие односторонние меры, как FATCA потеряют популярность

Инвестиционные банки США в свете посткризисной реформы международного банковского регулирования

The article looks into the reasons underlying the outspread of the full-scale mechanism of banking regulation over U. S. investment banks. We analyze the effect of the Basel III standards on stress-resilience of investment banks and examine the role of U. S. investment banks in ensuring financial stability. Based on regression analysis we found that minimum capital adequacy standards of Basel III do not have negative effect on ROE of the U. S. investment banks that are G-SIB category-designate; however, additional capital requirements (Higher Loss Absorbency (HLA) surcharge) that depend on G-SIB’s systemic significance according to their bucket as per Financial Stability Board classification do have significant and negative effect on ROE in the post crisis period. Besides, leverage requirements that also depend on G-SIB’s systemic significance have a statistically significant effect on ROE.В статье рассматриваются предпосылки распространения полноформатного механизма банковского регулирования на инвестиционные банки США в посткризисный период; исследуется значение стандартов Базеля III для обеспечения стрессоустойчивости глобальных системно значимых инвестиционных банков; анализируется роль инвестиционных банков США в обеспечении финансовой стабильности. На основе регрессионного анализа выявлено, что стандарты Базеля III в части минимальной достаточности капитала не оказывают статистически значимого влияния на показатель рентабельности капитала (ROE) глобальных системно значимых инвестиционных банков США, однако дополнительные требования к капиталу (Higher Loss Absorbency (HLA) surcharge) в зависимости от категории системной значимости по методологии Совета по финансовой стабильности оказывают негативный статистически значимый эффект на ROE в посткризисный период. Кроме того, на рентабельность собственного капитала влияют требования к левериджу, которые также зависят от категории системной значимости инвестиционного банка

Tightening Financial Regulation: The Impact on the Credit Cycle in the USA

The credit cycle is one of the most important elements of the business cycle. Credit expansion after the crisis is one of the key ways of economic recovery. The tightening of financial regulation in response to the crisis of 2007–2008 largely slowed down the credit expansion phase and was reflected in an abnormally prolonged phase of credit contraction for the non-financial private sector. The normal course of the credit cycle was disrupted by the increased demands of Basel III and the reform of theUSAfinancial system. The credit cycle after the crisis of 2007–2008 differs from previous crises: the recovery of credit activity was slower; the volume of credit to the non-financial private sector has not recovered even now. The article presents a comparative analysis of the behaviour of credit after crises from the point of view of the duration of recovery. In this article, the author presents the results of the research of the nature of the incident called “the credit paralysis” based on Minsky’s hypothesis of financial instability and Crotty’s theory of the endogenous formation of credit standards. It is assumed that bank credit standards are set in accordance with the level of macroeconomic variables — the level of GDP, interest rates, the volume of loans taken. Using the vector autoregressive model, the author analyzed the change in credit activity in response to changes in credit standards, as well as the process of forming credit standards depending on macroeconomic indicators. Therefore, the author concluded that the excessive increase in credit standards due to the introduction of Basel III requirements in response to the crisis that violated the normal course of the credit cycle. Based on the author’s econometric study, the author built a stylized model of theUSAcredit cycle, taking into account the influence of specific factors of the crisis of 2007–2008: pre-crisis financial innovation and post-crisis tightening of financial regulation

Carbocyanine-Based Fluorescent and Colorimetric Sensor Array for the Discrimination of Medicinal Compounds

Array-based optical sensing is an efficient technique for the determination and discrimination of small organic molecules. This study is aimed at the development of a simple and rapid strategy for obtaining an optical response from a wide range of low-molecular-weight organic compounds. We have suggested a colorimetric and fluorimetric sensing platform based on the combination of two response mechanisms using carbocyanine dyes: aggregation and oxidation. In the first one, the analyte forms ternary aggregates with an oppositely charged surfactant wherein the dye is solubilized in the hydrophobic domains of the surfactant accompanied with fluorescent enhancement. The second mechanism is based on the effect of the analyte on the catalytic reaction rate of dye oxidation with H2O2 in the presence of a metal ion (Cu2+, Pd2+), which entails fluorescence waning and color change. The reaction mixture in a 96-well plate is photographed in visible light (colorimetry) and the near-IR region under red light excitation (fluorimetry). In this proof-of-concept study, we demonstrated the feasibility of discrimination of nine medicinal compounds using principal component analysis: four cephalosporins (ceftriaxone, cefazolin, ceftazidime, cefotaxime), three phenothiazines (promethazine, promazine, chlorpromazine), and two penicillins (benzylpenicillin, ampicillin) in an aqueous solution and in the presence of turkey meat extract. The suggested platform allows simple and rapid recognition of analytes of various nature without using spectral equipment, except for a photo camera

Carbocyanine-Based Optical Sensor Array for the Discrimination of Proteins and Rennet Samples Using Hypochlorite Oxidation

Optical sensor arrays are widely used in obtaining fingerprints of samples, allowing for solutions of recognition and identification problems. An approach to extending the functionality of the sensor arrays is using a kinetic factor by conducting indicator reactions that proceed at measurable rates. In this study, we propose a method for the discrimination of proteins based on their oxidation by sodium hypochlorite with the formation of the products, which, in turn, feature oxidation properties. As reducing agents to visualize these products, carbocyanine dyes IR-783 and Cy5.5-COOH are added to the reaction mixture at pH 5.3, and different spectral characteristics are registered every several minutes (absorbance in the visible region and fluorescence under excitation by UV (254 and 365 nm) and red light). The intensities of the photographic images of the 96-well plate are processed by principal component analysis (PCA) and linear discriminant analysis (LDA). Six model proteins (bovine and human serum albumins, γ-globulin, lysozyme, pepsin, and proteinase K) and 10 rennet samples (mixtures of chymosin and pepsin from different manufacturers) are recognized by the proposed method. The method is rapid and simple and uses only commercially available reagents

Cis-(3-benzyloxy-1,1-cyclobutanedicarboxylato κ2O,O′)bis(1-methyl-1H-pyrazole)platinum(II)

A huge variety of types of cancer makes it necessary to search for new effective drugs with a defined molecular target. Modification of substituents in ligands based on 3-hydroxy-1,1-cyclobutanedicarboxylic acid are one of the effective directions to design a better version of carboplatin. In the present study, we combined in one molecule a derivative of 3-hydroxycyclobutane-1,1-dicarboxylic acid and N-methylpyrazole as a carrier ligand. The antiproliferative of the novel complex Pt(II) was established for cell lines HCT116, MCF7, A549, and WI38 by means of a standard MTT colorimetric assay

Immobilized Phthalocyanine Aluminum Complexes in Synthesis of α–Aminophosphonates. Phosphorylation of Various Imines

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