Financial Journal

p. 21-36

Authors: Boris I. Alekhin

Sustainability of Russia’s fiscal policy in 1999–2018 was explored by applying Bohn’s test to 20 annual observations and 79 quarterly observations. Budget policy is sustainable as long as primary surpluses positively and significantly respond to changes in the debt-GDP ratio. The test revealed that in both samples the fiscal reaction is positive and significant for total and external debt ratios, and negative and significant for domestic debt ratio. So, overall Russia’s fiscal policy was sustainable in 1999–2018. Large revenues from oil and gas exports secured a modest budget surplus, on average, over the period, thus reducing the demand for borrowed funds and producing a very low domestic debt ratio. As Bohn notes, “an inefficiently low level of public debt” may explain why the test fails in certain economies.

p. 50-63

Authors: Victoria V. Priobrazhenskaya

Professional competency transformation in the digital economy development process is inextricably linked with the future profession configuration. The situation is complicated by uncertain profession prospects due to conflicting forecasts and the lack of comprehensive system solutions in this area. The research objective is to analyze the accounting development prospects based on the general neoclassical structural concept and to outline the directions for competencies development in each area of accounting: theory, practice, and methodology. To study the accounting profession prospects in terms of relevant digital economy options, we used the epistemology and science philosophy methodology, the concepts of economic theory, and political economy provisions. The main result is the provision on the rising value of accounting competencies influenced by the widespread use of digital technologies. This conclusion is based on the following factors. Descriptive methodology is consolidated at the national and international levels, as a result of which the value of professional judgment increases. Digital technologies reduce routine work and stimulate the development of creative accounting activities. This entails growth in professional judgment competence, which extends to the entire neoclassical scientific organization triad. In the theoretical scope, digital technologies stimulate competencies in the form of developed knowledge, providing a holistic view of economic relation patterns, and explaining the methods, techniques and rules for accounting process implementation. In the practical field, digitization produces digital skills development. Exemption from the routine accounting practice leads to labor process restructuring and an increase in the intellectual component and value of mental abilities. In the methodology field, knowledge at the junction of fundamental theoretical accounting issues with a simultaneous confident understanding of the digital economy functioning (as a whole and across its individual elements) is supposed to be in demand. The proposed systematic approach removes uncertainty and opens up accounting prospects, makes it possible to outline the directions of relevant specialist training in the field of mental digital economy reflection, and contributes to enhancing the accounting profession’s prestige.

p. 74-89

Authors: Anton I. Votinov, Samvel S. Lazaryan, Vyacheslav N. Ovchinnikov

The purpose of this study was to identify the factors of income inequality in Russia using RLMSdata (2009–2016). In this paper inequality refers to differentiation in equivalent household income, adjusted for the cost of the consumer basket in the regions of Russia. To solve the problem, we used regression decomposition of the inequality index. According to the results, such factors as “the share of children in households”, “the size of households” and “the share of non-working adults” had the largest positive contribution to the inequality index. The “region of residence” factor, which is usually considered as the key factor of inequality in Russia, had an equalizing effect. This is due to the fact that we analyzed differentiation in the standard of living. Indeed, we calculated the dependent variable of income, adjusted for the cost of the consumer basket in the relevant region. Thus, the level of inequality was not affected by the regional attribute, but rather by the differentiation of other significant factors of the regions. The obtained results can be used for a deeper study of the causes of changes in inequality.

p. 104-118

Authors: Ivan A. Belarev, Elena B. Starodubtseva

Nowadays, innovative business is looking for new ways of raising capital for its financing. More traditional sources of financing are not always available, or are quite expensive due to the high risk involved. However, they are being replaced by new financing instruments. One of these is the issuing of tokens, which are then placed on the stock exchange, thereby attracting the necessary capital in exchange for cryptocurrency. Despite the fact that ICO has appeared relatively recently, it has made it possible to attract a significant amount of money exceeding the volume of venture financing, which is a more traditional instrument of financing for innovative business. The purpose of this article is to analyze this financing instrument, and to identify problems and prospects for its development in the short term. The essence of the instrument in question has some similarities with IPO, although, in contradistinction to IPO, investors of ICO do not receive the right to participate in capital and the right to receive dividends. Entrepreneurs are also free from debt obligations. Herewith, the process of issuing tokens is accompanied by a kind of prospectus, and the offering takes place both on the stock exchange and on the over-the-counter market. The short period of existence of this instrument leads to a number of problems, among which the most significant one is the absence of unified regulation in terms of recognition and classification of tokens, licensing, evaluation, auditing etc. However, in the coming years, the demand for this form of financing will be increasing, as shown by econometric analysis.