Financial Journal

p. 23-33

Authors: Antonina S. Kovalevskaya, Svetlana I. Nikulina

Government guarantees for investment projects are important as a risk allocation instrument encouraging investors to finance socially significant projects. In spite of many advantages, it involves considerable risks for a guarantor and financial stability of a country. Therefore, issues of managing risks connected with government guarantees provision are relevant for many countries especially for the Russian Federation, where existing mechanism of government support by means of guarantees needs changes. The article describes the experience of Brazil and India in government guarantees management in relation to the investment projects. Their practices are especially important for Russia as both countries are its BRICS partners and considered as the most attractive destinations for overseas investment allocation. It is useful for Russia as an investment guarantor in terms of its security improvement and risk management of investment projects during making decisions about guarantees provision. Analysis covers organizational and management specifics of government guarantees in the area of public-private partnership. The study is carried out on such elements of the management system as a creation of guarantee funds to protect investors from investment risks and evaluation of infrastructure projects effectiveness. Based on the analysis, the authors give recommendations on how to improve the government guarantees instruments in Russia.

p. 46-57

Authors: Vladimir V. Klimanov, Anna A. Mikhaylova, Vita A. Yagovkina

The article shows how in the Russian Federation the following concepts are used in normative legal acts and in practice: open (transparent) budget, citizens budget, people’s budget, initiative budget and participatory budget. All the above-mentioned budget types have been consolidated at the regional level in the Russian Federation. The authors present the examples of how these terms are reflected in normative legal documents and and how these types of budgets are correlated, in particular, that the people’s and initiative budgets are similar in content in the normative acts of the regions. The conclusion is drawn that at present the principle of budget transparency can be fully detected in the legislative acts of the Russian regions, thus an open budget system has been created at all levels of government. The authors also emphasize the significant impact of the Ministry of Finance on increase of the transparency degree in budget data.

p. 70-82

Authors: Samvel S. Lazaryan, Evgenii V. Mayorov

The article provides the analysis of specific model choices of public institutions and international organizations. The authors determine that the majority of central banks in the sample use DSGE models. On the other hand, DSGE models are far less common in ministries of finances. Currently, ministries prefer to use so-called macroeconometric models (MM). International organizations such as the IMF and the OECD have a greater variability of models in use including both DSGE and MM. Based on the academic and practical experience of DSGE modeling the authors find that this type of models is perfectly suitable for the usage in a ministry of finances. The authors also propose that current model selection criteria should be enhanced with accordance to the benefits provided by DSGE modeling.

p. 97-107

Authors: Victor S. Utkin, Anna A. Yurieva

The article analyzes the legal specifics of the regulation of the microfinance market in foreign countries. The authors investigate the validity of the microfinances perception at the international level as a tool of social policy, through which it is possible to combat social and financial inequalities, and stimulate the public self-employment. The article cites successful examples of anti-bullying state regulation of the microfinance sector, which, combined with the state grants, makes it possible to finance socially unprotected population at a rate much lower than a banking rate. Based on the study of foreign experience the authors conduct the analysis of the Russian microfinance market, identify the pressing problems of the Russian microfinance sector, which require urgent solutions, in particular, on implementation of regulatory arbitration by microfinance organizations and the debt load of the Russian people from microfinance organizations, and provide suggestions for their elimination.

p. 120-129

Authors: Svetlana V. Krivoruchko

It should be recognized that the monetary authorities in all countries of the world were not ready for the emergence and rapid development of digital currencies and their virtual diversity, regardless of the development level of national economy and domestic financial market. Minimization of the threats and risks of crypto-currency spread based only on their smaller issue volume comparing to fiat money is at any rate a shortsighted position. The interpretation of this phenomenon by a central bank has a decisive influence on its policy, which is especially important in the context of financial system globalization. The article provides the analysis of approaches to interpretation of the virtual (digital) currency concepts in central banks of different jurisdictions, as well as a wide range of scientific publications. These data led to the conclusion that it is necessary to develop a common understanding of state regulation in this field at the global level. According to the author, the most reasonable method is the interpretation of digital currencies as an asset, which is due to the inferiority of these financial instruments in terms of money key functions in the classical sense. The author notes the significant progress of central bankers in understanding the nature and capacity of a crypto currency with dominant tendency to strengthen control and supervision over operations with these financial instruments. However, there is also a significant divergence in the development of restrictive, permissive or supportive measures. The article concludes that it is necessary to coordinate the efforts of central banks with governments, other financial bodies and international organizations in this direction in order to adequately and homogeneously react to the development of the crypto currency as a kind of financial innovation without violation of the healthy competition rules in the payment services market and to prevent investors’ exposure to excessive risk.