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.
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.
Can private cryptocurrencies affect monetary policy, will the digital renminbi challenge US dollar, will populism make central banks lose their independence: Kenneth Rogoff answers Ruben Enikolopov's questions.
Bad debts can be both a consequence of the borrower’s reduced financial circumstances and an instrument of unfair banking. Each of these problems has its regulatory solution but the key principle should be market responsibility of the owners and managers.