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The article contains a thorough analysis of a variety of causes that have provoked the present financial crisis now spreading globally. Special attention is drawn to specific factors of the crisis origin and sudden expansion. The article emphasizes some peculiar features of the financial crisis progress in emerging economies. Underlined are particularities of concepts of and run through the financial markets adjustments. The author comes to the conclusion about assets overvaluing and extreme cyclical factors susceptibility in the majority of developing countries.

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.

The article contains a thorough analysis of various approaches to calculating the balance of payments. The retrospective evolution of scientific views on the problem of evening up the balance of payments is traced. The monetarist approach to the balance of payments adjustment is emphasized. The author underlines the IMF significant role in developing the balance of payments calculation methodology.

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