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Cracks in the System: World Economy Under Stress"" explores the rapidly changing institutional and policymaking landscape around a financial crisis that now threatens a deep and prolonged global recession. The lead article looks at how the world got into the mess and what to do about it, both now and over the medium term. Other articles review options for changing the rules of world finance, examine the case for modernizing the way countries coordinate their policies, and try to draw some lessons from past financial crises. The ""other crisis"" of high food and fuel prices is also assessed, as

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF's own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF

Growing demand for financial services, especially for smallholders in rural areas of developing and transforming countries is opening up challenges and opportunities for governments that they should consider for smoothing of rural poverty alleviation. By understanding of these calls the governments have started to develop incentives toward outreach of necessary financial services to the poor in rural population. Evidence from Uzbekistan has shown that in general government's incentives in expanding of affordable financial services to the poor were positive, however, there are still some concerns of reaching financial services to smallholders. In this paper, several financial innovations and theories have been explored and as an effective financial institution, credit cooperatives are proposed for linking smallholders to financial services.

The article presents a comparative analysis of Master's programs of four leading Russian universities with those offered by top globally recognized universities (from QS, RePec, Best US News university rankings). Foreign universities' programs show a significant domination of public administration, public politics or public economics to the detriment of financial component. Out of 130 universities the author identifies only about 10 relevant programs with valuable and substantial public finance components. Russian master's programs are on a par with globally recognized programs, which provide a solid basis to easily adapt them for international students. The article contains references to top universities' programs and courses, English variants of disciplines and their Russian analogs that make the article useful for upgrading the Russian programs.

Due to current major changes of the geopolitical climate studying of international practices of providing nancial environment, which di ers from ordinary nancial products of banks and non-banking nancial organizations, is becoming increasingly important. There is a need to focus special attention to the nancing based on etic standards of doing business, which are common for most countries of Middle East region. The exploration of one or another etic standards as well as its re ection in the domestic legal systems of such countries allows extending the legal boarders in order to create a strong fundamental basis for cooperation between the state and the society, as well as between the legal parties, keeping consistent the essential nature of the civil law. The analysis of the main characteristics of transactional models, which are consistent with the etic principles, is advisable to make on the basis of the transactions common for the countries of the Islamic region. This article shows the main distinctive feature of the legal and religious rules, as well as it shows the main idea of the Islamic law. This article also shows the legal environments for the implementation of the legal norms consistent with ethical standards into the legislation of the Russian Federation.

Is it possible to use crypto-currencies? This question is actual for active users of Islamic financial instruments. This paper gives a positive response to this question, but with a wide range of refinements, significantly limiting the list of allowable operations with crypto currency.