Monetary policy deals with a number of issues including improvement of the national business competitiveness, increasing the volume of internal credits, ensuring stability and sufficient reinvestments into the real sector of the economy. On the one hand, banks issue credits relying on the index of competitiveness. On the other hand, banks should encourage the growth of the organization's competitiveness. These tasks are interconnected, but the latter one is hardly considered by researchers. Administration of companies' competitiveness is a set of financial methods aimed at modifying the activity of regulatory institutions so that they can help companies achieve the required financial criteria. In order to solve the trilemma of competitiveness, monetary policy and credit limit-setting for a group of companies, robust management is necessary. Currently, banks have sufficient liquidity but prefer low credit exposure. Such an approach is conditioned by the recent financial shocks, dissatisfaction and disappointment with the existing methodology, which has not protected banks from risks. It leads to the necessity for banks to introduce credit limits for each company. The authors suggest a model of adjustment of competitiveness drivers for the real sector of the economy and ways to determine credit limits in order to support competitiveness.

Авиакомпании подвержены множеству внутренних и внешних рисков, а также оказывают значительное влияние на мировую экономику, отвечая за мобильность населения и движение грузов. Несмотря на значимую роль, отрасль гражданских авиаперевозок является низкомаржинальной, а финансовая устойчивость авиакомпаний часто находится под угрозой. C начала осени 2019 г. в Европе растет число авиакомпаний-банкротов. Так, количество перевозчиков, заявивших о неспособности исполнять обязанности перед клиентами из-за финансовых проблем, в первом месяце осени достигло пяти авиакомпаний: «Thomas Cook Airlines» и «Thomas Cook Airlines Scandinavia», «Aigle Azur», «XL Airways», «Adria Airways». Ввиду значительного числа банкротств авиакомпаний и негативных последствий, связанных с их дефолтами, стоит вопрос определения эффективных методов по прогнозированию вероятности банкротства для применения превентивных мер контролирующими органами и заинтересованными лицами. Авторами работы были исследованы методики предсказания банкротств предприятий, с акцентом на авиакомпании, и произведено сравнение классической логит-модели и байесовской квантильной регрессии на данных из отчетности авиакомпаний за 2009-2018 гг. В исследовании впервые рассматривается возможность применения математических моделей для прогнозирования на глобальном рынке авиаперевозок, агрегируя компании по трем укрупненным географическим регионам. Итогом работы является модель, учитывающая в себе показатели Net Income, Quick ratio, коэффициент загрузки, оборачиваемость активов и географическую принадлежность компании, дающая точность предсказания до 90%. Данная модель, учитывающая ограниченный набор финансовых и операционных метрик, легко может быть _____________________________ Бородин Александр Иванович-д.э.н, профессор кафедры финансового менеджмента Российского экономического университета им. Г.В. Плеханова.

The topic of Responsible Finance is becoming an important issue in the functioning of our financial systems. There are many interesting developments in social, governmental and corporate perspectives that promote more ethical and sustainable principles of making financial decisions, allocating resources and capital. The boom in ESG investing (taking into account Environmental, Social and Governance factors) over the last 10 years suggests the great importance of this topic for funding allocation worldwide. Investment proj ects are now assessed on a variety of metrics, not only based on their potential financial gains. Governments also have a role to play, as they support private initiatives and reconsider a huge variety of their projects to account for these additional factors that eventually impact population’s welfare. All economic agents should pay attention to this transformation to not miss out on the new standards of financial responsibility. These changes present great opportunities for the world of finance, whilst having few drawbacks. In this article a closer look at the founding principles of financial responsibility is taken. Authors examine how these principles shape the financial policy with concrete examples from social, corporate and government perspectives. Authors also emphasize the factors that potentially limit the unitary acceptance of such practices around the world.

The issues of competitiveness such as why some companies reach success, while others not, how companies differ and how they are managed within the chosen strategies to reach the state of competitiveness are the key for the organization of any type and industry. Some researches had a tendency to fragment or disintegrate the important parts of this problem, but the purpose of this paper is to integrate the main elements of the competitiveness phenomenon into the complex system and offer a wide practical view over the cornerstones of a company’s competitiveness in a contemporary environment. In this article the author reveals her understanding of the concept of modern company’s competitiveness, then in the main part offers the qualitative model – the system of company’s competitiveness which should lead to financial competitiveness. The presented framework is practice-oriented and based on factors and efforts that depend on the company itself, but goes beyond the resource-based view or a particular single strategy school, highlighting the importance of a complex approach.