The article considers theoretical and methodological reasons for maintaining the consistently low rate of inflation. Basing upon the results of empirical research, monetary policy in Russia is analyzed for 1992-2007. The author estimates the influence of monetary and non-monetary factors on inflation in the given period. The measures of anti-inflationary policy in the world are generalized and the policy prescriptions for Russia are introduced.

The article shows that the policy of petroleum export limitation can be considered as a certain alternative of the macroeconomic policy of money supply sterilization. The "interests’ compromise" method is proposed. It allows compensating petroleum companies losses emerging due to export limitation. The evaluation of positive and negative consequences of the proposed alternative is presented. It is argued that this alternative can be used in case of the abrupt growth of the world petroleum prices.

The article discusses the structure and functions of modern gold and currency reserves (GCR). It is shown that while managing GCR it is necessary to provide their most effective usage. Basic criteria of their sufficiency are considered. The superfluity of Russian GCR is noted and possible directions of their usage for the development of the national economy and social sphere are proposed.

The article explores occupational wage differentiation in connection with basic individual characteristics (gender, age, education, experience) of employees. The study is based on data from the large and unique cross-section wage survey which was conducted in 2005. The authors start with considering levels and composition of pay by major occupational groups and then they analyze relationships between pay and individual characteristics. At the next step, they estimate Mincerian type earnings regressions which include observed individual characteristics. The analysis confirms that at the Russian labour market there are large premiums to education and occupation.

Problems of modern business education and its prospects for near-term decades are considered in the article. The relations of socioeconomic development and business demand for educational services are traced. The impact of different factors on business education development in Russia and in the world is estimated. Types of organizations offering educational services are classified. The paper presents various scenarios of business education development in the future.

The article is devoted to the modern public economics. The author analyzes the German "Finanzwissenschaft" tradition. Major issues connected to the problem of interests of the society as a whole were raised within this tradition: the problem of public goods pricing and the free-rider problem. The author considers this tradition taking into account the neoclassical economic concept of public sector. The article introduces the "public goods paradox" - incompatibility of methodological individualism and the positive demand for public goods. The author criticizes neoclassical theories (P. Samuelson, R. Musgrave, H. Margolis) and proposes a new approach. He develops the complementarity principle alternative to methodological individualism. According to this idea interests of the society as a whole are irreducible to interests of individuals.

When banks engage in financial market transactions they get exposed to two different types of risk: event risk and behavioural risk. When it comes to analyzing risk situations, two different types can be identified: stochastic risk management and strategic risk management. Event risk can best be analyzed by using the stochastic approach. In contrast, behavioural risk can best be analyzed by using the strategic approach. The mathematical instrument to analyze strategic interactions of the players involved is game theory. However, now behavioural risk is being analyzed using the stochastic approach. In addition, based on historical data analysis the stochastic concepts are applied to determine all kinds of financial decisions. As a result, many banks and financial intermediaries get into trouble due to neglect of the proper risk management concepts. The paper shows that game theory may become fruitful in handling behavioural risks.

The article contains a thorough analysis of the world financial derivatives market with special reference to theoretical issues. It puts forward and traces Black-Scholes options valuation model. The author underlines particularities of advanced practical derivatives price calculation, using the math formula of the Nobel Prize winners. Some practical features of the concept and its implementation within notorious Long-Term Capital Management hedge fund are emphasized.

Economic problems of Islamic world restructuring concerning the USA urge to control all the Middle East hydrocarbons are considered in the article. This task is solved with the help of sustaining permanent war situation in the region. The struggle for hydrocarbons leads to subject confrontation of the USA and China as well as Iran - a new leading actor of the Islamic world. The context of confrontation is formed by the Muslim migrant expansion in Europe challenging its sociality.

The purpose of this article is to give an idea of the concept of Islamic economy or Islamic economic model as it is usually referred to. The author compares Islamic, capitalist and socialist economies. In particular, the article considers the way private ownership, open market and interest are treated in different economies. The article also analyzes the evolution and the current state of the scientific discipline "Islamic economics".