Interaction of the Russian Financial Markets

The different segments of he Russian financial markets are studied in the paper. The market crashed on 17 August 1998. We consider the stable period of the market between May 1996 and October 1997. We study the structure of interactions between the GKO market, stock market, currency market, currency futures market, GKO futures market, interbank credit market. We study the relations between the world financial market and the Russian financial market. It was shown that, in the period under consideration, different segments of the Russian financial market became more integrated and the market as whole became more stable and more integrated in the international capital flows.     

A method for researching the fauna in the forensic medical expertise on a corpse

Process of fauna investigation in medicolegal examination of putrefactive and skeletonized bodies is subdivided into several stages connected with collection of evidence material at the scene of cadaver discovery, with laboratory analysis, getting of additional data, evaluation of investigation results and reasoning of conclusions.     

Probability of default models of Russian banks

This paper presents results from an econometric analysis of Russian bank defaults during the period 1997–2003, focusing on the extent to which publicly available information from quarterly bank balance sheets is useful in predicting future defaults. Binary choice models are estimated to construct the probability of default model. In the first part of the paper we analyse bank survival over the financial crisis of 1998. We find that preliminary expert clustering or automatic clustering improves the predictive power of the models and incorporation of macrovariables into the models is useful. Heuristic criteria are suggested to help compare model performance from the perspectives of investors or banks supervision authorities. In the second part of the paper we use the probability of default models developed in the first part in rolling windows to analyse the Russian banking system trends after the crisis 1998.