Development options for the world monetary system

Выявлены факторы влияния валютной политики на валютный рынок и реальный сектор экономики Российской Федерации. Составлена модель для анализа факторов, влияющих на уровень заниженности или завышенности валютного курса Российской Федерации по отношению к паритетному валютному курсу. Показано, что уровень заниженности валютного курса отрицательно коррелирует с сальдо платежного баланса и ростом ВВП, при этом положительно коррелирует с уровнем инфляции, уровнем природной ренты в экономике и уровнем коррупции в стране. Предложены организационные мероприятия для повышения эффективности валютного контроля в России. The factors of influence of monetary policy on the foreign exchange market and the real sector of the economy of the Russian Federation are revealed. A model has been compiled to analyze the factors that influence the level of undervaluation or overvaluation of the Russian Federation exchange rate in relation to the parity exchange rate. It is shown that the level of undervaluation of the exchange rate negatively correlates with the balance of payments and GDP growth, while positively correlating with the level of inflation, the level of natural resource rent in the economy and the level of corruption in the country. Organizational measures are proposed to improve the efficiency of currency control in Russia.

Spin density matrix elements in exclusive $$\omega $$ meson muoproduction

We report on a measurement of Spin Density Matrix Elements (SDMEs) in hard exclusive $$\omega $$ ω meson muoproduction on the proton at COMPASS using 160 GeV/c polarised $$ \mu ^{+}$$ μ + and $$ \mu ^{-}$$ μ - beams impinging on a liquid hydrogen target. The measurement covers the range 5.0 GeV/$$c^2$$ c 2 $$< W<$$ < W < 17.0 GeV/$$c^2$$ c 2 , with the average kinematics $$\langle Q^{2} \rangle =$$ ⟨ Q 2 ⟩ = 2.1 (GeV/c)$$^2$$ 2 , $$\langle W \rangle = 7.6$$ ⟨ W ⟩ = 7.6 GeV/$$c^2$$ c 2 , and $$\langle p^{2}_{\mathrm{T}} \rangle = 0.16$$ ⟨ p T 2 ⟩ = 0.16 (GeV/c)$$^2$$ 2 . Here, $$Q^2$$ Q 2 denotes the virtuality of the exchanged photon, W the mass of the final hadronic system and $$p_T$$ p T the transverse momentum of the $$\omega $$ ω meson with respect to the virtual-photon direction. The measured non-zero SDMEs for the transitions of transversely polarised virtual photons to longitudinally polarised vector mesons ($$\gamma ^*_T \rightarrow V_L$$ γ T ∗ → V L ) indicate a violation of s-channel helicity conservation. Additionally, we observe a sizeable contribution of unnatural-parity-exchange (UPE) transitions that decreases with increasing W. The results provide important input for modelling Generalised Parton Distributions (GPDs). In particular, they may allow to evaluate in a model-dependent way the contribution of UPE transitions and assess the role of parton helicity-flip GPDs in exclusive $$\omega $$ ω production.

Spin Density Matrix Elements in Exclusive Production of Omega Mesons at HERMES

Exclusive electroproduction of [Formula: see text] mesons on unpolarized hydrogen and deuterium targets is studied at HERMES in the kinematic region of [Formula: see text], [Formula: see text], and [Formula: see text]. The data were accumulated during the 1996-2007 running period using the [Formula: see text] longitudinally polarized electron or positron beams at HERA. The determination of the virtual-photon longitudinal-to-transverse cross-section ratio shows that a considerable part of the cross section arises from transversely polarized photons. Spin density matrix elements are derived and presented in projections of [Formula: see text] or [Formula: see text]. Violation of s-channel helicity conservation is observed for some of these elements. A sizable contribution from unnatural-parity-exchange amplitudes is found and the phase shift between those amplitudes that describe transverse [Formula: see text] production by longitudinal and transverse virtual photons is determined for the first time. Good agreement is found between the HERMES proton data and results of a pQCD-inspired phenomenological model that includes pion-pole contributions.

Purchasing Power Parity Exchange Rates for the Global Poor

The global poverty count uses a common global poverty line, often referred to as the dollar-a-day line, currently $1.25 at 2005 international prices, whose construction and application depends on purchasing power parity (PPP) exchange rates for consumption. The price indexes that underlie the PPPs used for this purpose are constructed for purposes of national income accounting, using weights that represent patterns of aggregate consumption, not the consumption patterns of the global poor. We use household surveys from 62 developing countries to calculate global poverty-weighted PPPs and to calculate global poverty lines and new global poverty counts. (JEL C43, E21, F31, I32, O15)

Estimating Global Poverty; Towards a Unified Approach

In this article we discuss the compatibility of different global poverty estimates under a unified framework. We examine the updating of the rules of the international poverty lines under different Purchasing Power Parity exchange rate estimates and discuss the way this process has affected the latest World Bank poverty-line updates. The issue of the lack of comparability of the data of survey means and national accounts is also discussed, and it is argued that positions based on using one set of data as the indicator of average well-being, to the exclusion of the other, are problematic. We put forward an alternative approach, to deal with the inconsistency between the two data sources, which consists of calibrating the survey means, using the national-accounts data as external calibrating information. We show that combining the information in both sets of data in this way produces poverty measures which are more in congruence with other indicators of national poverty.

What Do We Know about Global Income Inequality?

In this paper, we review the recent literature on global interpersonal income inequality. While all estimates agree that the level is very high, with a Gini of between 0.630 and 0.686 in the 1990s, there is no consensus regarding the direction of change. We discuss methodological issues, including the use of national accounts versus survey-based estimates of mean income (or consumption) and the choice of purchasing power parity exchange rates. Findings of a rise or fall in global income inequality are not robust across different estimation methods and datasets. Given the diversity of estimates and various sources of uncertainty, including gaps and errors in the underlying data, we conclude there is insufficient evidence to determine the direction of change in global interpersonal inequality in recent decades.

A Model for a Fair Exchange Rate

Financial markets have developed formulas and models to derive fair values for bonds, futures, swaps, options and other securities. This model derives a fair value of an exchange rate, which might be used as a benchmark for a long-term equilibrium level to stabilize currency markets. The model is based on the value-added tax adjusted purchasing power parity exchange rate. This rate is then modified by five components: the macro-economic component, the foreign currency reserve component, the debt component, the interest rate component, and the political stability/leadership component. With respect to the American dollar, the model shows that the Euro and the Japanese Yen are overvalued compared to its current exchange rate, while the Brazilian Real, the Russian Ruble, the Chinese Yuan and the Australian dollar are currently undervalued.