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The item provides a focus on various processes in the financial sector of economy seen through a multi-sector model. The author proposes a mathematical model for efficient management of macroeconomic systems in case of financial crisis phenomena. There is also a view on various models of financial sector development, as well as various scenarios analyzed regarding bank capital growth and bankruptcy.

The purpose of the article is to develop the concept of effective regulation of the economy, adequate to the current stage of economic development. The article formulates theoretical approaches to the study of the evolution of the economy and the factors that cause the cyclical occurrence of crisis situations in the global and national economies, presents a system of connections and relationships, factors and prerequisites that caused the emergence of the global crisis in 2020. The crisis situation, the catalyst of which was the coronavirus pandemic, is developing under the influence of global prerequisites caused by the interference of three global cyclical waves: the technological cycle (N. Kondratiev, S. Glazyev), the systemic cycle of capital accumulation (D. Arrigi, T. Piketty) and the civilization wave (E. Toffler). The influence of modern global challenges on the economy, trends and prospects of national financial policy is considered. The author concludes that the key problems of the national economy: income differentiation, poverty, capital outflow and uncontrolled Central Bank inflation are interrelated. The consequences of the modern anti-inflationary policy of the Bank of Russia are analyzed and predicted. The trends of post-crisis development of global and national economies are constructed and substantiated, the connection of the development of financial market models in various countries with the stages of the system cycle and the centers of capital accumulation is proved. Methodological, methodological and practical recommendations are proposed for the selection and justification of the activities of the national program aimed at building an effective post-crisis socio-economic mechanism in order to overcome crisis phenomena and subsequently ensure the sustainable development of the national economy and its sectors. Modern conceptual approaches to the development of a national program aimed at building an effective socio-economic mechanism to ensure the sustainable development of the national economy, regions, sectors, industries, enterprises, and improving the welfare of citizens are formulated. Bringing the vector of strategic development of the national economy in line with global development trends will allow achieving the stated goals of economic policy, increasing the competitiveness and efficiency of the national economy, national economic entities. The implementation of an adequate regulatory mechanism and the choice of the exact time range and direction of rational efforts will increase the level of well-being of the population, the stability of the economy and society, and successfully counteract modern global challenges and threats to national security.

The article examines domestic and foreign practices of mega–regulation of the financial market. The analysis of the theoretical apparatus of regulation of financial markets is carried out, the global tendencies of regulation are systematized and the ways of improving the regulation of the financial market of Russia are determined based on the analysis of the current state of its development.

This is the first of two papers in which we consider a stock with price process defined by a stochastic differential equation driven by a process Y(·) different from Brownian motion. The adoption of such a colored noise input is motivated by an analysis of real market data. The process Y(·) is defined by a continuous-time AR(∞) -type equation and may have either short or long memory. We show that the process Y(·) has a good MA(∞)-type representation. The existence of such simultaneous good AR and MA representations enables us to apply a new method for the calculation of relevant conditional expectations, whence to obtain various explicit results for problems such as portfolio optimization. The financial market defined by the above stock price process is complete, and if the coefficients are constant, then the prices of European calls and puts are given by the Black-Scholes formulas as in the Black-Scholes model. Unlike the latter, however, the model allows for differences between the historical and implied volatilities. The model includes a special case in which only two additional parameters are introduced to describe the memory of the market, compared with the Black-Scholes model. Analysis based on real market data shows that this simple model with two additional parameters is more realistic in capturing the memory effect of the market, while retaining the simplicity and usefulness of the Black-Scholes model. [ABSTRACT FROM AUTHOR]