Eurasian reserve system: why establish and develop?

V. Karpunin and T. Novashina
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V. Karpunin: National Asset Management Fund
T. Novashina: Moscow University of Industry and Finance

Journal of Modern Competition, 2009, issue 1, 11-21

Abstract: There are now many people who try to identify the reasons why the world economy has found itself in a rather difficult financial situation and to find out the recipes of how to find the way out of it. Bloomberg Agency published a Financial Conditions Index that took into account the monetary, share capital and bond market figures in mid-October 2008. The FCI's slump was so unprecedentedly huge that the analysts were talking about the Black Swan effect that was contributing to the world market situation change. The article authors argue that in essence, the thing that underlies the global economy systemic crisis is the deep crisis of moral values and standards. Setting a profit as the prioritized goal to be reached on all levels from the rank-and-file citizens to the members of the establishment was the basis underlying the on-going process that could in theory undermine not only the foundation of the world financial system

Date: 2009
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