Financial Journal

p. 21-33

Authors: Mikhail Yu. Andreyev, Andrey V. Polbin

The article reviews theoretical works on the government spending impact on the main macroeconomic indicators. Both neoclassical models with flexible prices and neo-Keynesian models with rigidities are considered by authors. As monetary policy matters in neo-Keynesian models, this work raises the problem of relationship between monetary policy and the fiscal multiplier size. Special attention is given to the peculiarities of fiscal policy in the liquidity trap. The authors examined the changes of fiscal policy effectiveness when the interest rate is at zero lower bound. At this economic situation the most effective fiscal policy is to stimulate aggregate demand, while stimulating the aggregate supply (e.g. reducing distortionary production taxes) may have a negative effect on economic activity. The article ends with conclusions about the possible fiscal policy in Russia.

p. 49-63

Authors: Nikolai A. Begchin, Olga V. Bogacheva, Oleg V. Smorodinov

This article is focused on the conceptual framework of spending reviews. The authors claim that after the global financial crisis (2007–2008), the role of spending reviews in OECD countries has drastically increased. Originally a technical tool for the evaluation of government programs’ efficiency and effectiveness, it has evolved into the key instrument of public finance management. Many countries have started using such reviews both for the identification of inefficient expenditures/programs and for re-allocation of public resources in line with new medium-term policy priorities. The article examines the present-day interpretation of this concept, offers classification of spending reviews, analyzes legal environment and organizational models of planning and preparation of spending reviews in various OECD countries. As a result, the authors formulate a set of necessary conditions for the successful implementation of spending reviews, including legal, organizational and institutional conditions, and data requirements. Spending reviews should be integrated into the budget preparation process, stakeholders’ roles should be determined prior to conducting spending reviews, policy priorities should be clearly determined. As Russia moves towards adopting spending reviews as the key public expenditures management instrument, putting these pre-requisites in place becomes an immediate challenge.

p. 78-89

Authors: Aleksandr V. Kniaginin

The study is devoted to the assessment of the impact of the antitrust laws interpretation on the conviction of tacit collusion. In the first part of the article tacit collusion is explained in terms of game theory and economic theory and then a general approach to proving firms to be guilty of tacit collusion in Russian antitrust legislation is presented. The main part of the work includes analysis of 48 cases content, in which firms of Russian retail fuel market argued in court that they were not guilty of tacit collusion. Based on this analysis, main effects of the antitrust laws interpretation on the conviction of tacit collusion were identified. Author concludes that under certain circumstances the concepts adopted in the Russian legislation make the outcome of the trial depending on the court’s opinion on the interpretation of these concepts and generate a number of unintended systematic effects that may lead to a decrease in public welfare.

p. 99-110

Authors: Vadim A. Malyshenko

The article is devoted to the search for ways to overcome the problem of distorting the assessment of the financial condition of an enterprise in the long-term aspect. The prospective essence of this problem in the sanatorium enterprises of the Crimea is connected with the consequences of overstating the value of non-current assets (and the corresponding amount of their own capital) for the formation of the annual financial result. The proposed instrument is repulsed from the original mechanism of managing the amount of depreciation deductions and the final financial result. This mechanism regulates the process of reaching both the optimum value of own capital and the optimum value of circulating assets. The author presents the methods to achieve a comprehensive impact in a single model for all key financial management objects (profit, capital, cash flow). Methodological development can be useful for enterprises of the resort complex of Crimea and other enterprises of the resort business.

p. 121-130

Authors: Guzel F. Biglova

The article actualizes the problem of social principles development in the economy. As an obligatory stage in the formation of a socially-oriented economy, the author proposes to single out the process of socialization of economic relations, which is based on three main directions: socialization of property relations, reduction of social differentiation, humanization of labor. Also, it is suggested, is impossible to stimulate scientific and technological process without the proper level of socialization of the economy. As the impossibility reason to transform the labour potential of the national economy in high-performance innovative work the author proposes to consider both deterioration of working conditions and salary level along with its general alienation because of the development lack and associated collective forms of enterprises’ ownership.