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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">voprecotest</journal-id><journal-title-group><journal-title xml:lang="ru">Вопросы экономики</journal-title><trans-title-group xml:lang="en"><trans-title>Voprosy Ekonomiki</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0042-8736</issn><publisher><publisher-name>Voprosy Ekonomiki, NP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.32609/0042-8736-2011-12-4-20</article-id><article-id custom-type="elpub" pub-id-type="custom">voprecotest-1115</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФИНАНСОВАЯ ПОЛИТИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>FINANCIAL POLICY</subject></subj-group></article-categories><title-group><article-title>Два года после кризиса: усиление рисков «второй волны»?</article-title><trans-title-group xml:lang="en"><trans-title>Two Years after the Crisis: Do Risks of the Second Wave Become Stronger?</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Ершов</surname><given-names>М.</given-names></name><name name-style="western" xml:lang="en"><surname>Ershov</surname><given-names>M.</given-names></name></name-alternatives><bio xml:lang="ru"><p>доктор экономических наук, старший вице-президент</p></bio><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Росбанк</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Rosbank</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2011</year></pub-date><pub-date pub-type="epub"><day>20</day><month>12</month><year>2011</year></pub-date><volume>0</volume><issue>12</issue><fpage>4</fpage><lpage>20</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Voprosy Ekonomiki, NP, 2011</copyright-statement><copyright-year>2011</copyright-year><copyright-holder xml:lang="ru">Voprosy Ekonomiki, NP</copyright-holder><copyright-holder xml:lang="en">Voprosy Ekonomiki, NP</copyright-holder><license xlink:href="https://www.vopreco.ru/jour/about/submissions#copyrightNotice" xlink:type="simple"><license-p>https://www.vopreco.ru/jour/about/submissions#copyrightNotice</license-p></license></permissions><self-uri xlink:href="https://www.vopreco.ru/jour/article/view/1115">https://www.vopreco.ru/jour/article/view/1115</self-uri><abstract><p>При кажущейся нормализации ситуации в мировой экономике целый ряд проблем говорит о возможности обострений в будущем. Существенно растут объемы деривативов у американских банков, вновь активизируется использование высокорисковых инструментов, усиливаются глобальные дисбалансы. Все это требует со всей тщательностью подойти к выработке механизмов, которые могут нейтрализовать внешние шоки для российской экономики и позволят ей развиваться в новых посткризисных реалиях.</p></abstract><trans-abstract xml:lang="en"><p>With signs of normalization seemingly in place in the world economy, a number of problems show the possibility of aggravation in the future. The volume of derivatives in American banks grows significantly, high risk instruments are back in place and their use becomes more active, global imbalances increase. All of the above requires thorough approaches when creating mechanisms which can neutralize external shocks for the Russian economy and make it possible to develop in the new post-crisis environment.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>финансовый кризис</kwd><kwd>денежно-кредитная политика</kwd><kwd>финансовые риски</kwd></kwd-group><kwd-group xml:lang="en"><kwd>financial crisis</kwd><kwd>monetary policy</kwd><kwd>financial risks</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Ершов М. В. Мировой финансовый кризис. Что дальше? М.: Экономика, 2011.</mixed-citation><mixed-citation xml:lang="en">Ершов М. В. Мировой финансовый кризис. Что дальше? М.: Экономика, 2011.</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Ершов М. 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