The paper deals with 2015 trends and challenges for social and economic policy in the nearest future. The analysis of global crisis includes: uneven developments in the leading advanced and emerging economies; new models of economic growth which look differently in different countries; prospects of globalization and challenges of ‘regional globalization’; currency configurations of the future; energy prices dynamics and its influence on political and economic prospects of particular states. Current challenges are discussed in the context of pre­vious 30 years. Among the main topics on Russia, there are approaches to a new growth model, structural transformation (including import substitution issues), economic dynamics, budget and monetary outlines, social issues. The priorities of economic policy are also considered.

JEL: O52, P67.
Keywords: economic policy, crisis, structural reforms, global trends, Russia.

The monetary and financial sphere of the Russian economy is considered in the article as an interconnected system, which involves cross-border movement of capital, the budget deficit formation and financing, the Central Bank monetary policy, the credit activity of banks. The article traces the changes in the functioning of the monetary and financial system of Russia in 2014—2015 under the influence of external shocks. The author challenges some of the accepted explanations of the dynamics of macroeconomic indicators, in particular, the automatic dependency in the short run of the exchange rate on the oil export prices, a critical dependence of the spectrum of interest rates on the Central Bank key rate. Thanks to the repatriation of foreign assets in the Russian economy there remains the possibility of appreciating the ruble and lowering interest rates, despite the decline in export prices and repayment of external liabilities.

JEL: E42, E43, E50, E60, F31, F40, G12, H60.
Keywords: foreign liabilities, foreign asset, exchange rate, export prices, federal debt, deficit, interest rates.

The theory of optimum currency areas was created by three famous economists, R. Mandell, R. McKinnon and P. Kenen. They identified characteristics that potential participants of a currency area should possess in order to make it feasible to surrender the independent monetary policy and the adjustment of an exchange rate of a national currency. We consider the historical development of the optimum currency areas theory and review factors which led to renewal of the theory in the early 1990s. The article focuses on some important links between historic facts, development of the economic theory, and public policy.

JEL: B22, F33, F41.
Keywords: currency area, optimum criteria, monetary union, monetary integration, monetary policy.

The article looks into the spillover effect of the sweeping overhaul of financial regulation, also known as Basel III, for credit institutions. We found that new standards of capital adequacy will inevitably put downward pressure on ROE that in turn will further diminish post-crisis recovery of the banking industry. Under these circumstances, resilience of systemically important banks could be maintained through cost optimization, repricing, and return to homogeneity of their operating models, while application of macroprudential regulation by embedding it into new regulatory paradigm would minimize the effect of risk multiplication at micro level. Based on the research we develop recommendations for financial regulatory reform in Russia and for shaping integrated banking regulation in the Eurasian Economic Union (EAEU).

JEL: E58, F65, G21, G28, K23.
Keywords: Basel III, return on equity, ROE, systemically important financial­ institution, SIFI, Russian banking sector, Eurasian Economic Union, EAEU.

The article deals with the theoretical and empirical relationship between ­fiscal decentralization and economic growth. Empirical analysis of Russian regions for 2005—2012 shows that excessive expenditure decentralization within the region, which is not accompanied by the respective level of revenue decentrali­zation, is significantly and negatively related to regional economic growth. On the contrary, regional dependence on intergovernmental fiscal transfers from the federal center is positively associated with economic growth.

JEL: H70, H77, O18, O47.
Keywords: fiscal decentralization, economic growth, Russian regions.

The article examines the non-demographic outcomes of the maternity capital program as a measure of socio-economic assistance to families with children. The analysis is based on the data of the Pension Fund of the Russian Federation and population surveys. The scale of and the reasons for the regional differences are revealed. It is concluded that this support mainly benefits the population of low-level economic development regions and small towns and rural areas, while the largest cities’ and the northern regions’ population profits less from the program. However, the housing shortage of families with children has not been explicitly relieved after the implementation of the maternity capital program.

JEL: H53, I38, R31.
Keywords: families with children, maternity capital, housing improvements, Russian regions.

Economic theory of language policy treats a language as an economic phenomenon. A language situation is considered to be an economic, or market, situation, while language policy becomes an element of economic policies. The paper aims to systematize and to further develop theoretical and methodological aspects of this promising research field situated between economics and sociolinguistics.

JEL: B4, N3, Z1.
Keywords: economics of language, language policy, language barriers, market barriers, Russian language, sociolinguistics.

This review of the almanakh Istoki (Origins) traces the discussions between well-known economists happening both within and between various parts of the book. These different positions in macroeconomics, economic methodology, history of economic thought and economic history demonstrate the multidimensionality of the book prompting its readers to abandon logical empiricism and belief that there is a single "true" theory.

JEL: В10, В20, В31, В41, E50, E60, N60.
Keywords: constructivism, discourse, formalism, marginalism, non-equivalent exchange.

In the paper, on the basis of the monograph of Higher School of Economics researchers, devoted to the study of the effect of Federal Law 94-FZ on the formation of the public procurement system of the Russian Federation, the author expresses his views on issues of strategic planning of research in the modern university, the relationship of scientific research and the development of public policy in general and in the field of public procurement in particular. The paper identifies the contributions of research, included in the monograph, to economic theory and effectiveness of public procurement in the Russian Federation.

JEL: H57, I23, L38.
Keywords: public procurement, management of research, public policy, efficiency and effectiveness.