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The development and dissemination of scientific concepts and methods for the implementation of exchange technologies for risk prevention is one of the important areas of economic research of the current period of economic relations in Ukraine. The risks and methods of managing them are not well-understood issues. There are numerous issues that need careful attention and effective solutions, which require timely foresight, identifying risks and making the right decisions to address them. Otherwise, this will result in a decrease in the planned return on the exchange transaction.

The aim of the article is to study the theoretical concepts of the development and formation of electricity exchanges in the process of the energy sector liberalization as a necessary component of transformation of the global economy. The article analyzes the evolution of the formation of exchange markets in the global economy and identifies the processes that led to the appearance of a particular product on exchanges. The liberalization of the global energy market and its influence on further development of exchange trade are studied. Modern microeconomic theories are considered, in particular, theory of market structures, mechanism design theory, theory of industrial organization and auction theory, to confirm the laws governing the formation of electricity exchanges in the process of liberalization of this sphere. The paper identifies six successive stages of the transformation of electricity markets, which reflect the transition from monopoly to competitive electricity exchange markets: 1) industrialization and urbanization; 2) globalization; 3) monopolization and centralization of energy supply; 4) reorganization of the electricity market through transition from monopoly to competitive markets; 5) liberalization; 6) acquisition by electricity of characteristics of exchange goods.

El banco Itaú es una entidad financiera que presta sus servicios en Colombia hace más de dos años, dicha entidad hace el papel de IMC (intermediario de mercado cambiario) lo que le da un lugar importante en las operaciones en moneda extranjera y cambiarias del país ya que según la normatividad emitida por el Banco de la Republica de Colombia este mercado está constituido por IMC (intermediarios de mercado cambiario) y las cuentas de compensación (Banco de la Republica, s.f.), el cargo que actualmente ejerce un asesor cambiario en el Banco Itaú es brindar acompañamiento en el proceso de todas las operaciones de comercio exterior con el fin de que todo se realice de manera correcta en cuanto a la normatividad colombiana para este proceso. Dichos procesos son desconocidos por muchos residentes colombianos y aún más por los no residentes, así que él no conocer la normatividad emitida por el banco de la republica, se convierte en un problema en el momento de realizar las operaciones de cambio ya que lo clientes se han transformado y exigen procesos sencillos y que les brinde facilidad, pero es necesario que como IMC (intermediario de mercado cambiario) se cumpla con lo exigido por el ente de control, por lo tanto con este plan de mejora se pretende brindar una propuesta de fortalecimiento del proceso de Giros Portal donde las personas naturales realizan las operaciones de cambio en la plataforma digital del banco brindando así de manera sencilla la información necesaria para agilizar el proceso y que cada cliente entienda la razón por la cual se deben tramitar las operaciones soportándolas ante los entes de control. Adicional a facilitar el proceso y brindar una información más oportuna; con esta propuesta se pretende fidelizar al cliente entregándole valor agregado y concientizarle en la necesidad de realizar los procesos y los registros basándonos en la normatividad emitida por el Banco de la Republica, de esta manera también se pretende mitigar el desconocimientos de esta clase de procesos en los clientes de nuestro banco generando así confianza en ellos y a su vez esto impactará los procesos realizados por los operarios de comercio internacional del banco Itaú y a su vez de los asesores ya que se espera una reducción del 20% en las llamadas emitidas por el cliente al banco y se incentivará la información por los canales digitales del banco Banco Itaú is a financial entity that has provided its services in Colombia for more than two years. This entity plays the role of IMC (foreign exchange market intermediary), which gives it an important place in foreign currency and foreign exchange operations in the country. According to the regulations issued by the Bank of the Republic of Colombia this market is made up of IMC (exchange market intermediaries) and compensation accounts (Banco de la Republica, nd), the position currently held by an exchange adviser in the Bank Itaú is to provide support in the process of all foreign trade operations in order that everything is done correctly in terms of Colombian regulations for this process. These processes are unknown by many Colombian residents and even more so by non-residents, so that he does not know the regulations issued by the bank of the republic, it becomes a problem when carrying out exchange operations since clients are They have transformed and require simple processes that provide ease, but it is necessary that as an IMC (exchange market intermediary) it complies with what is required by the control entity, therefore, with this improvement plan, it is intended to provide a strengthening proposal of the Giros Portal process where natural persons carry out exchange operations on the bank's digital platform, thus easily providing the information necessary to streamline the process and that each client understands the reason why transactions must be processed, supporting them before the control entities. In addition to facilitating the process and providing more timely information; With this proposal, the aim is to build customer loyalty by providing added value and to make them aware of the need to carry out processes and registrations based on the regulations issued by Banco de la Republica, thus also seeking to mitigate the lack of knowledge of this type of process in In this way, the clients of our bank generate confidence in them and this in turn will impact the processes carried out by the international trade operators of the Itaú bank and, in turn, of the advisers, since a 20% reduction in calls issued by the client to the client is expected. bank and information will be encouraged through the bank's digital channels Profesional en Negocios Internacionales http://unidadinvestigacion.usta.edu.co Pregrado

Purpose: The objective of this article is to model a minute series of exchange rates for the EUR/USD pair using the singular spectrum analysis (SSA) and ARIMA-GARCH methods and evaluate which one offers better forecasts for a five-minute horizon. Originality/value: Despite being a successful technique in other branches of science, the application of SSA in finance is quite new. Furthermore, exchange rate modeling is a complex problem, comprising statistical concepts and properties. However, despite the complexity, the analysis of this series is extremely important for several agents playing, directly or indirectly, a role in the economy and the financial market. Design/methodology/approach: Time series models were estimated using the ARIMA-GARCH and SSA techniques, taking into account three samples of the ask exchange rate (closing): uptrend, downtrend, and no well-defined trend. Findings: The forecasts carried out by the SSA were the ones closest to the original observations for the three cases. Regarding the quality measurements, SSA obtained the best results for both uptrend and downtrend samples; for the sample with no well-defined trend, the findings indicated that the ARIMA-GARCH technique attained better results. However, it was concluded that the SSA forecasts, regarding exchange rates during the studied period, are more appropriate than the ones obtained by the ARIMA-GARCH model, regardless of the market movement.

Politik risk, politik olaylardan kaynaklanan ve işletmenin varlıklarının değerinin veya yatırımlarının kârlılığının azalmaya yol açan risk olarak ifade edilir. Politik risk, ev sahibi ülke yönetimi, diğer devletler, uluslararası kuruluşlar ve sivil toplum örgütleri gibi yapılanmaların politik karar ve eylemlerinin; işletmenin ulusal veya uluslararası gelirlerini, varlıklarını ve yatırımlarını etkileyebilme olasılığı nedeniyle araştırmaya değer önemli bir konudur. Bu çalışmada, Türkiye'deki 7 Haziran 2015 25. Dönem Milletvekili Genel Seçimi, 1 Kasım 2015 26. Dönem Milletvekili Genel Seçimi ve 16 Nisan 2017 Başkanlık Referandumunun döviz piyasasına etkisi araştırılmıştır. Söz konusu seçim tarihleri olay günü kabul edilerek USD/TL, EURO/TL ve Sepet Kur verileri ile siyasi seçimlerin döviz piyasasına etkisi olay yöntemi ile analiz edilmiştir. Analiz sonucunda 7 Haziran 2015 Genel Seçim sonrasında döviz piyasasında kümülatif anormal getirinin düştüğü, koalisyon hükümeti kurulamaması nedeniyle gerçekleşen 1 Kasım 2015 Erken Seçim sonrasında ise döviz piyasasında Kümülatif anormal getirilerde düşüşün seçimden sonraki 15 gün içerisinde de normal seyrinde devam ettiği görülmüştür. Bu düşüşte koalisyon kararının çıktığı seçimin yarattığı politik risk algısı ve kısa aralıkla ülkede yaşanan iki ayrı siyasi seçimin ekonomi ve para politikasında yarattığı yıpranmanın da etkisi olduğu söylenebilir. Başkanlık Referandumu öncesi ve sonrası dönemde döviz piyasasında kümülatif anormal getirilerde inişli çıkışlı volatilite yapısının olduğu gözlemlenmiştir. Bu etkide referandum sonucunda uygulanacak yeni sistemin getireceği değişikliklerin yarattığı risk algısı, bu referandumun sonucunda çıkacak evet kararının ülkeyi rejim değişikliğine götüreceğine yönelik söylemler ve yoğun tartışmaların yarattığı politik risk algısı olduğu söylenebilir. Çalışmada politik risk ölçüsü olarak kabul edilen 2 seçim 1 referandum dönemlerinin döviz piyasasını kümülatif anormal getiriyi düşürücü şekilde etkilediği sonucuna ulaşılmıştır. Elde edilen bulgular finansal piyasa katılımcıları ve politika yapıcılar açısından anlamlı ve özgündür., Political risk is defined as the risk arising from political events and causing the value of an entity's assets or the profitability of its investments to decrease. The political decisions and actions of structures such as political risk, host country administration, other states, international organizations and non-governmental organizations; it is an important issue to investigate because of the possibility of affecting the business's national or international income, assets and investments. In this study, 25 Period June 7, 2015 General Election in Turkey, 26 in the period November 1, 2015 General Election and the impact of the foreign exchange market April 16, 2017 Presidential Referendum was investigated. The election dates were analyzed on the day of the event by USD / TL, EURO / TL and Basket Exchange data and the effect of political elections on the foreign exchange market. As a result of the analysis, it is seen that the cumulative abnormal return on the foreign exchange market fell after the general election on June 7, 2015, the cumulative abnormal return on the foreign exchange market after the November 1, 2015 election due to the failure to establish the coalition government continued in the normal course within 15 days after the election. This can be said to be the effect of the political risk perception created by the coalition decision in the contrary, and the short-term deterioration of the economic and monetary policy of two separate political elections in the country. Before and after the Presidential Referendum, it was observed that there was a volatility structure in the foreign exchange market with cumulative abnormal returns. It can be said that the perception of the risk created by the changes that the new system will bring about as a result of this referendum in effect is the political risk perception created by the intense debates and rhetoric that the yes decision to be made as a result of this referendum will take place in the country regime change. The result of two election 1 referendum periods, considered as a political risk measure in the study, has affected the foreign exchange market cumulatively and abnormally. The findings are meaningful and specific in terms of financial market participants and policy makers.

This research’s aim is to explain how stock prices fluctuate in a period of fifteen days around the yearly revenue announcement by companies entered in NASDAQ exchange market and also to investigate the correlation between the price and five economic factors. As expected, EPS seems to have the higher correlation with the share price as a small increase of this ratio could cause a substantial increase on company’s share price. The same positive correlation can be observed on yearly revenues announced from the company and the yearly calculated P/E ratio without having the same big impact on the price though. In the other hand, dividends paid during the year and company’s average market capitalization of last year have negative correlation with the price meaning that a slightly increase of those two factors could force share price to move down. Completed

На сьогодні дослідження математичних методів та моделей, за допомогою яких стає можливим здійснювати аналіз біржового ринку як невід'ємної частини економічного простору, набуває все більшої актуальності. На сегодня исследования математических методов и моделей, с помощью которых становится возможным осуществлять анализ биржевого рынка как неотъемлемой части экономического пространства, приобретает все большую актуальность. The research of mathematical methods and models through which it becomes possible to carry out the analysis of the stock market as an integral part of the economic space is becoming increasingly important.

Zambia faces its toughest economic challenges in at least a decade. The economy has come under strain in 2015 as external headwinds and domestic pressures have intensified. The main domestic risks are threefold. Firstly, that the power crisis will worsen. Secondly, a deterioration of confidence in the economy, leading to further weakening of the currency and increased levels of inflation. Lastly, a bad harvest that serves to increase food prices and reduce rural and agricultural incomes, with the greatest impact falling on the poorest households. Commodity-exporting countries’ policy makers face increasing challenges across the globe. Zambia is no exception and must grapple with multiple challenges as the economy slows down. Strengthening the fiscal position and restoring fiscal buffers are necessary to increase confidence in the economy, reduce the need for costly borrowing, and build resilience against further exogenous shocks. Economic progress since 2000, driven by mining production and services, has substantially increased the demand for electricity in Zambia. Key to note is that an increase in tariffs to cost-reflective levels is necessary but not sufficient to increase private investment in electricity generation in Zambia. The new generation capacity and emergency measures for 2016 will help in mitigating the impact of the power crisis in the coming year, but global experience shows there is no substitute for effective planning. Particular efforts are needed to improve sector planning and the procurement processes for large power projects.

This paper presents new data on the micro structure of the export sector for 45 countries and studies how exporter behavior varies with country size and stage of development. Larger countries and more developed countries have more exporters, larger exporters, and a greater share of exports controlled by the top 5 percent. The extensive margin (more firms) plays a greater role than the intensive margin (average size) in supporting exports of larger countries. In contrast, the intensive margin is relatively more important in explaining the exports of richer countries. Exporter entry and exit rates are higher and entrant survival is lower at an early stage of development. The paper discusses the results in light of trade theories with heterogeneous firms and the empirical literature on resource allocation, firm size, and development. An implication from the findings is that developing countries export less because the top of the firm-size distribution is truncated.

This paper makes analytical, methodological and empirical contributions to the literature on purchasing power parity. Purchasing power parities are required in a host of cross-country welfare comparisons, such as poverty rates and gross domestic product. The subject has recently generated much interest in the wake of the release of the final results of the 2011 International Comparison Program. This paper introduces a preference-based analytical framework that departs from the conventional Balassa-Samuelson framework in deriving empirically verifiable propositions on the link between purchasing power parity and exchange rates, and between purchasing power parity and inequality. The paper also provides an alternative methodology for calculating purchasing power parities that are benchmarked against the 2011 International Comparison Program purchasing power parities. As this study shows, the alternative methodology is capable of easy implementation on readily available data sets. The benchmarking exercise suggests that the 2011 International Comparison Program generally understates purchasing power parity and overstates gross domestic product, and that the purchasing power parities vary across expenditure percentiles. The study reports regional variation in the direction of the difference between the two purchasing power parities. The empirical evidence is supportive of the positive association between inequality and purchasing power parity derived in the paper.

It is well known that the core of an exchange market with indivisible goods is always non empty, although it may contain Pareto inefficient allocations. The strict core solves this shortcoming when indifferences are not allowed, but when agents' preferences are weak orders the strict core may be empty. On the other hand, when indifferences are allowed, the core or the strict core may fail to be stable sets, in the von Neumann and Morgenstern sense. We introduce a new solution concept that improves the behaviour of the strict core, in the sense that it solves the emptiness problem of the strict core when indifferences are allowed in the individuals' preferences and whenever the strict core is non-empty, our solution is included in it. We define our proposal, the MS-set, by using a stability property (m-stability) that the strict core fulfills. Finally, we provide a min-max interpretation for this new solution.

This assessment reviews the regulatory and supervisory developments in the insurance sector of Moldova. The current assessment is benchmarked against the insurance core principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) in October 2011 and revised in 2012. The ICPs apply to all insurers, whether private or state-owned. Specific principles apply to the supervision of intermediaries. The assessment covers the supervisory practices of the Comisa Nationala a Pietei Financiare (National Commission for Financial Markets (NCFM)) which began operations in 2007. The recent decision to move from a pure compliance approach to a more risk based methodology needs to be gradual and carefully staged given the technical capacity constraints in Moldova. Insurer risk management is not universally developed so insurers will only be able to effectively move toward a more risk based approach in a series of small and quite specific steps, supported by regulatory clarity. Many shortcomings in the observance of the ICPs will be addressed by a well-structured transition to risk-based supervision (RBS). Group supervision, particularly operational level cooperation and communication with other supervisors, is also an opportunity and a priority. Ensuring the credibility of the regulatory regime will rely on transparent and sustained enforcement.

Exchange-trading process in our country has a number of peculiarities that undergo general economic and historical conditions. The history of exchange trading shows that Ukraine was incorporated into the system of international exchange trading, including the purchase and sale of sugar and cereals. Commodity markets were necessary for the organization of economic life of an area, they have become a kind of centers of certain economic areas and, therefore, reflected their product specialization. Здійснення біржової торгівлі, проведення аукціонів і конкурсів мають специфічні особливості, які, з одного боку, зумовлені їхнім різним правовим регулюванням і діловими звичаями, а з іншого — мають суттєву схожість, що дає змогу об'єднати їх у загальне поняття «торги». Функціонування торгів як способу укладання господарських договорів зумовлене існуванням механізму ринкової конкуренції. Саме через це вони мають перебувати під увагою законодавця з метою захисту економічної конкуренції. Обгрунтовано, що як інститути інфраструктури ринку біржі, аукціони та конкурси пройшли досить тривалий період формування. Виникнення торгів пов'язане з розвитком у надрах рабовласницького суспільства товарного та грошового обігу й появою первинних форм торгового та лихварського капіталу. В пошуках пропозицій, в яких один товар еквівалентно обмінювався б на інший, власники товарів намагалися залучити до обміну не одного, а декількох претендентів. Публічні торги як особлива форма вступу в договірні відносини відомі вже римському праву. Суть їх полягала в тому, що одна зі сторін пропонувала вступити в угоду з тим, хто запропонує найвигідніші умови, наприклад, буде готовий заплатити найбільшу ціну або виконати підряд дешевше від інших тощо. Виникнувши ж історично як суспільна форма пошуку відповідності між ціною та вартістю товару, торги набули регулятивної (із прискоренням розвитку виробничих сил) та контрольно-адміністративної (із розширенням господарської діяльності держави) функцій. Розвиток товарного виробництва, розширення внутрішнього ринку і активізація міжнародних економічних відносин викликали виникнення нових бірж. Нерідко біржова торгівля виростала з оптової ярмаркової торгівлі. Це, перш за все, стосується тих ярмарків, які мали всеросійське значення, і де зосереджувалася торгівля одним чи кількома товарами, котрий відправлявся звідси в різні райони країни. Біржовий ринок відіграв в роки НЕПу позитивну роль в економіці і СРСР. В цей час радянські товарні біржі виникли майже за повної відсутності ринку і власне для його відновлення вони діяли у досить специфічних формах: біржі було перетворено в громадські організації, створені на зразок асоціації за участю державних підприємств, кооперативних організацій, господарських товариств, а також власників приватних промислових та торговельних підприємств. Відродилися товарні біржі в Україні у 1989 р. однак спочатку цей процес здійснювався без відповідного нормативного регулювання, переважно з використанням дореволюційного та іноземного досвіду.

It is well known that the core of an exchange market with indivisible goods is always non empty, although it may contain Pareto inecient allocations. The strict core solves this shortcoming when indiff erences are not allowed, but when agents' preferences are weak orders the strict core may be empty. On the other hand, when indifferences are allowed, the core or the strict core may fail to be stable sets, in the von Neumann and Morgenstern sense. We introduce a new solution concept that improves the behaviour of the strict core, in the sense that it solves the emptiness problem of the strict core when indifferences are allowed in the individuals' preferences and whenever the strict core is non-empty, our solution is included on it. We de fine our proposal, the MS-set, by using a stability property (m-stability ) that the strict core fulfills. Finally, we provide a min-max interpretation for this new solution.

Magistro darbe yra analizuojama: techninės analizės praktinis pritaikymas Forex rinkoje, rizikos įvertinimas ir portfelio sudarymas. Pagrindinis darbo tikslas ištirti investicijas Forex rinkoje ir jas pagrįsti naudojant investicijų ekonominę analizę. Darbe išnagrinėti pagrindiniai indikatoriai: slankiųjų vidurkių divergencija konvergencija, Bolingerio ribos, santykinis stiprumas, stochastikas. Šiais indikarotiais nustatyti pagrindiniai signalai ir apskaičiuotas pelnas punktais. Taip pat apskaičiuota kiekvienos valiutos rizika, su kuria susiduria kiekvienas investuotojas. Norint gauti maksimalų pelną buvo sudarytas Markowitz portfelis. This master's work is analyzing: practical application of technical analysis in the Forex market, risk assessment and creating portfolio. The main goal of the work is to explore the investments in Forex market and to substantiate them using investment economic analysis. The main indicators are analyzed in the work: Moving Average Convergence/Divergence, Bollinger bands, Relative Strength Index, Stochastic oscillator. These indicators identify the key signals and the estimated gain points. Also was calculated the risks of each currency faced by each investor. In order to get the maximum profit was made Markowitz portfolio.

Using transactions data on the British Pound, Deutsche Mark, and Japanese Yen in 1994, this study examines the lead/lag relations among the currency spot, option, futures, andfutures option markets. This study is important due to rhe scope ofmarket linkages examined and the number ofcurrencies considered. Empirical results show that futures option trading leads futures trading and (spot) option trading,futures trading leads spot trading and (spot) option trading, and spot trading leads (spot) option trading. Thus new information seems to flow into futures option marketfirst,followed byfutures market, spot market, and (spot) option market. Arbitrage profits may be possible, but transaction costs and other market impe1fections may inhibit any such profiteering.

Gross Domestic Product (GDP) growth has moderated from 6.7 percent in FY11 to 6.3 percent in FY12 due to unfavorable external economics and internal supply constraints. Monetary policy remained accommodative for most of 2011 but gradual tightening is occurring. With the high fiscal deficit and domestic borrowing by Government, monetary policy is now bearing the brunt of macroeconomic policy adjustment. The balance of payments (BoP) is on a deteriorating track, with reserves falling to below three months of imports and export growth turning negative in March 2012. A coordinated policy response is required to ease macroeconomic pressures and improve growth prospects. Key actions include the need to create fiscal space, contain government borrowing to mitigate the risk of crowding out of credit to the private sector, better regulate the capital market, and stimulate investment and job growth in the export sector. Unlike in 2008, Bangladesh has insufficient policy space to avert the negative impact of a global slowdown through fiscal stimulus packages and monetary easing.

The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

У статті проведено аналіз реакції біржових ринків на найбільші форс-мажорні обставини останніх 20 років. Зроблено висновок про тимчасову втрату ефективності біржовими ринками, що дає можливості для отри-мання спекулятивного прибутку від біржових операцій під час виникнення форс-мажорних обставин. Розроблено алгоритм дій трейдера у випадку виникнення форс-мажорної ситуації. The article analyzed the responses to the major markets of the force majeure during last 20 years. The conclusion about the temporary loss of market efficiency is done, which gives the possibility for obtaining speculative profits from transactions on exchange markets during the occurrence of force majeure. The algorithm of trader's actions in case of force majeure situation is developed.

Исследованы особенности циклического развития финансового рынка на основе выделения взаимосвязей между его базовыми сегментами. The cycles on the financial market with the interactions between its basic segments are researched.

This paper studies the continuous double auction from the point of view of market engineering: we tweak a resampling rule often used for this exchange protocol and search for an improved design. We assume zero intelligence trading as a lower bound for more robust behavioral rules and look at allocative efficiency, as well as three subordinate performance criteria: mean spread, cancellation rate, and traders’ protection. This latter notion measures the ability of a protocol to help traders capture their share of the competitive equilibrium profits.

Валютний ринок як один із основних елементів валютної системи за останні десятиліття зазнав стрімких змін, які спричинені швидким розвитком новітніх фінансових інструментів, збільшенням нових категорій учасників і розвитком новітніх технологій. Також значних проблем валютним ринкам завдають періодичні кризи, які останнім часом стають частішими та масштабнішими. Аналізуючи сучасну валютну систему, необхідно відмітити її недосконалість і застарілість принципів, які виявилися неспроможними швидкими темпами вивести ринок з рецесії.

This report reviews the status of Maghreb countries' economic integration with the world, with the Arab world, and within the Maghreb itself. It focuses on trade in goods and services, labor and capital flows, financial integration and cross-border infrastructure integration. It discusses the potential benefits of and key constraints to greater integration. The focus on trade liberalization with the European Union (EU) provides an opportunity for individual Maghreb countries to lock in policies that would eventually help them harmonize policies within their own region. The same argument can be made regarding accession to the World Trade Organization (WTO). The Maghreb countries would reap significant additional benefits if, in parallel to reforms undertaken to improve trade liberalization with Europe, they improved conditions for streamlined trade among themselves. There is significant potential for trade in services in the financial sector, transportation and logistics, and communications and information, among other sectors. According to some studies, comprehensive services reforms that involve increased competition and regulatory streamlining would yield benefits that are at least twice the magnitude of those achieved through tariff removal alone.