No 1 (2009)

The article is focused on the world economic crisis and role of the state in coping with its consequences, short term and long term perspectives for different countries to overcome the crisis, first of all the prospects for Russia. The subject is widely discussed not only among professional economists, it somehow effects the interests of many people. The article includes analytical overview of the opinions of number of reputed experts, it also gives the author's own point of view on the causes and consequences of the crisis in Russia and on needed methods of state regulation, it contains comprehensive statistics.

This article is devoted to evaluation of financing strategies of investments in Russian energy market during its reform, i.e. its division into government-monopoly sector and competitive sector. The authors have discussed the main approaches to formation of financing strategies of investments, and done a comparative analysis of sources of financing in Russian and foreign energy companies in 2006-2007. They have also evaluated perspectives of attracting of various sources of financing in power generation companies and distribution grid companies. Analysis below examines perspectives of attracting various sources of financing in power generation and distribution grid companies.

The article touches upon the history of the foundation, gives a review of the basic documents and describes the institutional structure of the Eurasian Economic Community. It draws the conclusions of the possibility to meet goals proclaimed in charter, that are based on the figures of social-economic situation in the member-states. Special attention is paid to the statistics of trade development between the member-states as the main markers of mutual integration.

The article is dedicated to the analysis of the methods of mortgage loan repayment modeling. The issues examined: base elements of a mortgage loan, interrelation of these elements and their influence on the value of payment and the total amount of the interest paid for a loan. The two most widely spread in Russia methods of mortgage loan repayment modeling are represented: annuity payments and variable (reducing) payments. The mathematical formulas deducted for calculating principal and interest payments in both methods. Special attention is paid to the issue of partial principal prepayment, its' influence on the structure and the amount of payment in the annuity payments method. The issues analyzed could be applied in the development of mortgage lending programs within credit organizations, and also could benefit to individual borrowers while choosing the optimal terms of a mortgage loan.

According to activization of the commodity-money relations the special urgency is take on development of the concept of financial flows. To development of inter-economic communications and integral processes renders a plenty transformation processes and structural reorganizations connected to search of the most effective forms of organization of production and realization of produce. In conditions of market economy the effective management assumes optimization of resource potential of the enterprise. The financial flows criterion reflect levels of dynamism and content of the vertically integrated corporate structure, and also organizational and corporate specificity of self-organizing hierarchical system.

The history of the creation and main ideas of the construction of Mei Moses Fine Art Price Index, which is used for the US art-market analysis, low correlation of the art index with other assets are considered in the work. The values of Mei-Moses fine art index from 1875 to 1999 are given. Statistical data of annual returns and risks for different types of investments of the US financial market from 1955 to 2004 are given. The conclusion of the important role of the art investment as a way of the diversification of any port folio is made.