Financial Journal

p. 16-24

Authors: Yuri М. Gorlin, Elena E. Grishina, Victor Yu. Lyashok, Vladimir S. Nazarov

The article analyzes the possible socio-economic impact of the reform of the early retirement system for health and education workers. The effects of the gradual increase of the requirements for the insurance period for early retirement pension and the abolition of early retirement pension for entry-level workers are investigated on the basis of the sociological surveys results and focus groups of education and health workers. The actuarial valuation of the economic effects of the reform implementation is carried out in this article. The authors also give recommendations on reform of the early retirement system for health and education workers.

p. 37-51

Authors: Kirill M. Nikitin, Marina A. Avdienkova, Olga O. Zakharova, Eleonora A. Gilmanova

The article presents primary analytical findings and recommendations for improving tax legislation as regards the consolidated group of taxpayers (CGT) regime. It sets forth the main areas for improving the existing structure and proposes specific measures for modifying it with a particular focus on a revised approach to the forming of the list of CGT members. Specifically, the article proposes reducing input thresholds and mandating the inclusion in a CGT of all members that meet the established requirements. The authors also make recommendations for improving the apportionment formula.

p. 63-74

Authors: Olga V. Bogacheva, Oleg V. Smorodinov

Implementation of the ASEAN Economic Community Blueprint (2007–2015) has been taking place in the period when directions and scale of the financial integration effects on the key macroeconomic indicators and national budget systems stability were not completely clear neither in economic theory nor in practice. The article deals with the theoretical concept of financial integration “indirect effects” on macroeconomic and budgetary parameters in developing countries, which was put forward by a group of economists in the beginning of 2000s. The authors support the point of view according to which in order to gain positive effects of financial integration, developing countries should not only try to attract more foreign investments but also develop financial market infrastructure. Thus, the authors propose a set of criteria and indicators that are necessary to conduct complete evaluation of financial integration effects both on economic growth and national budget systems in developing countries, including ASEAN.

p. 82-93

Authors: Mikhail A. Smirnov

The article considers topical issues of the Polish special economic zone development in 1995–2015. The author observed the political and economical factors, which had defined this process, and the Polish researchers’ estimations of the zone influence on regional economic development. The positive result of Polish special economic zone is the foreign investment inflow, maintained and created jobs. Negative result is the rise of the external debt, the disadvantage of the local small business, poor influence on regional economic development. On the basis of the analysis the author formulated the main conclusions for optimization of the Russian policy in relation to the territories with a special economic regime.

p. 103-111

Authors: Mariya A. Mikhailova, Andrey V. Obynochny

The article contains proposals for the development of a system of indicators characterizing the state of the national payment system and the dynamics in change of its main directions, developed in the course of trade discussions with payment industry members. The authors analyze the examples of statistical data presentation by foreign national banks. And also the article shows the proposals for aggregation and presentation of statistics in the national payment system.

p. 120-126

Authors: Mikhail L. Kozlov

The article substantiates the approach of the consideration of insurance as a synergetic process, both at the at micro level of the insurance company and at the macro level of financial services institution, because by the building of an insurance portfolio the positive economic impact, which exceeds the economic effect of the individual risks adoption, is achieved. The article also discusses the role management decision carriers in the formation of an insurance portfolio. Depending on the quality of insurance management both synergetic and entropic effects are possible in the insurance.