Financial Journal

p. 7-15

Authors: Andrey S. Kizimov, Nadezhda A. Kuzmina, Milyausha R. Pinskaya

The article is focused on methodology of tax control on transfer pricing in respect of transactions involving intangible assets. Authors analyzed Russian legislation and court cases and revealed the sources of tax risks of taxpayers and government. These risks are related to the nature of intangible assets (uniqueness, lack of interchangeability), as well as to the differences in interpreting of intangible assets in different sources of legislation. The authors made an analysis of comparability of transactions with intangibles comparing Russian tax legislation and OECD recommendations.

p. 26-44

Authors: Alexander E. Abramov, Alexander D. Radygin, Maria I. Chernova

The paper presents a comparative analysis of investment potential of equity and bonds for long-term investors. It continues our previous research (A. Abramov, A. Radygin, M. Chernova, 2015) on the influence of investment horizon on risk-return trade-off between equity and bonds. This article discusses in detail the issue of asset allocation between equity and bonds for pension funds’ portfolio. The study is based on the approach that involves constructing portfolios with the same start date. This analysis confirms the hypothesis of the absence of significant influence of investment horizon extending on comparative advantages of equity versus bonds by risk-return criteria. The results are confirmed with the evidence from Russian and American financial markets. Because of this fact asset management of pension savings focuses on bond investment rather than on equity investment in most OECD countries.

p. 55-65

Authors: Olga V. Bogacheva, Oleg V. Smorodinov

The article continues analysis of international experience in the sphere of green bonds (the first article — Green Bonds as a Key Instrument for Financing Green Projects — was published in Financial Journal, 2016, № 2). The study is focused on the role of government and government measures in support of green bond markets. The authors identified the reasons for necessity of government regulation at different stages of green market and discussed the particular directions and measures of public support. As a result of green bond markets survey, the 10-point Agenda for public actions is formulated in the article in order to organize and develop green bond market. The authors also prepared a number of recommendations aimed at formation of green bond market in Russia.

p. 79-88

Authors: Evgeny A. Bogdanyuk, Pavel V. Trunin

The article considers key factors and consequences of the development of eurocurrency bank intermediation during the second half of the 20th — 21st century. The analysis finds a portfolio reason (changes in the risk-return trade-offs) and shifts in the investment flows direction (a rise in the share of developing countries’ savings in their total volume) to be the crucial factors of the disproportionately high growth rates of eurocurrency banking activities. The article studies monetary and financial stability issues against the background of eurocurrency intermediation development.

p. 98-104

Authors: Inna N. Rycova, Elena O. Metelkova

Evaluation issues of the effectiveness of the agricultural machinery industry state support are related to the budget expenditures on the agricultural machinery industry development of the Russian Federation and achievement of the public policy goals and tasks. In this article the authors analyze the crisis response measures to stabilize the situation in the agricultural machinery industry by type of machinery and equipment types with due regard to import substitution.

p. 115-125

Authors: Ekaterina S. Lavrenova, Olga S. Belomyttseva

The authors identify the impact of pension accruals on the operations of Russian non-state pension funds and describe the effect of the pension reform on pension accruals. A regulatory definition for the subject-matter of pension accruals in Russia is proposed. The article also studies the features and efficiency of retirement assets accumulation within the investment portfolio of Russian non-state pension funds. The authors draw conclusions and make recommendations with regard to the pension accruals management in non-state pension funds.