Unlike Russian citizens, immigrant workers in Russia have faced massive layoffs: about half of them have lost their jobs during the lockdown but a study shows that almost no one is thinking of leaving.
What should be the basis for policymaking and the focus of the research in times of COVID-19: Esther Duflo in conversation with Kseniya Yudaeva.
The Bank of Russia is taking over the administration of the RUONIA rate, a benchmark interest rate for Russia's monetary policy and public debt. This is a part of the global benchmark interest rate reform consequential to the global financial crisis.
Economics distinguishes inequality of outcomes and inequality of opportunity. The latter is both unfair and inefficient.
The unprecedented crisis will require fundamental changes in Russia’s fiscal policy. Financing anti-crisis measures will involve not only using the National Welfare Fund, but also moving away from fiscal rule and using unconventional fiscal and monetary tools.
The unconventional nature of the crisis requires unconventional measures. About one third of all jobs in Russia are at risk, and the main objective is to enable those who have lost their jobs and income to return to paid work quickly when the lockdown is lifted.
Adherence to high standards of corporate governance in the banking sector can reinforce the resilience of the banking system. However, existing corporate governance practices do not help curb the risks banks take.
Most Russians believe that loans make their life tougher, but almost 50% of households have outstanding loans. Many borrow impulsively without regard to consequences, although the majority manage to pay them off.
In 2020 Russia will see the birth of investment platforms, which are financial organizations of a new type. Through them, individuals and companies can secure loans directly from investors. However, in the majority of countries they are not subject to financial regulation.