Financial Journal

p. 41-49

Authors: Igor Yu. Arlashkin, Alexander S. Gangan, Alexander N. Deryugin, Kseniya Ar. Proka

This article provides an overview of the international experience in provision of intergovernmental block transfers. The objective is to make two points. The first one is that the transition from earmarked to block transfers in developed countries was forced by the need of reducing the state budget deficit. The second reason for adopting block transfers appears from the necessity for increasing transparency and accountability of intergovernmental transfers.

p. 61-69

Authors: Roman S. Afanasev, Nataliya V. Golovanova

Public expenditures efficiency is the key issue of the public finance management. Despite the frequent use of the term “efficiency” in the Russian government strategic documents, the terminology of the current federal legislation differs from the definition adopted in the literature. Authors describes the examples of differences in terminology and provides recommendations on using the same definitions, both in theory and in practice.

p. 79-88

Authors: Mikhail A. Smirnov

The article considers relevant issues of development and implementation of government programs, which are among important mechanisms of government regulation in sectors of the economy. The author analyzes the main limitations of the program mechanisms that hinder increase in efficiency of budget spending in the face of shrinking funding. Moreover, the article proposes project format for the implementation of government programs, which requires more detailed study of the action and a thorough analysis up to specific projects and enterprises. There is also proposed scheme of the basis of the government programs procedures.

p. 101-109

Authors: Vladimir V. Gromov

Trust management as an institute of market economy contains the potential of investment activity growth and involvement of financial resources in an economic turn. However, this potential is unlocked insufficiently, which in many respects is a result of low quality of tax regulation of trust management operations. At the same time, majority of problems is made of the shortcomings in the field of contract expense recognition. The article presents the tax risks that are a consequence of these shortcomings and defines ways of solution of the revealed problems.

p. 117-121

Authors: Oksana N. Khlebopasheva

The article presents effectiveness analysis for the state support arrangements in funding of the construction industry in Russia taken during the financial crisis of 2008–2009 and also for Government Antirecession Plan of 2015. The results of the study showed that the experience of 2008 is used for support of construction companies in new conditions of 2015–2016 and was supplemented by the new mechanisms. At this time the author noted a necessity for using a complex state support and regulation arrangements due to complexity of the new economic conditions and expected disinvestment. Based on the performed analysis the article describes the main requirements that could be used in current circumstances for working-out of the support program of the construction sector funding.

p. 23-32

Authors: Anna V. Valkova

To provide sustainable economic growth and stability of development countries in Asia-Pacific are making active efforts to create the mechanisms for overcoming crises, which encourages the processes of regional integration. The article gives an assessment regarding development of a new and the most debatable direction of the regional integration called financial regionalism. A special attention is paid to the latest regional financial initiative put forward by China (that is the initiative to create the Asian Infrastructure Investment Bank) as regards the analysis of the main idea of creation, stated objectives and issues to solve. The author makes judgements about theoretical and historical prerequisites of development of regional financial initiatives, directions of formation and conceptions of development of financial regionalism in the Asia-Pacific region.

p. 17-23

Authors: Gulzida I. Nemirova, Dmitry Yu. Lazarev

The article considers customs control after the release of goods as an instrument of regulation of federal budget revenues. The author analyses the results of the application of customs control after the release of goods, identifies the problems and proposes the methods tosolve them. The customs payments are examined like from a perspective of the executed functions: source of replenishment of the budget income; instrument of foreign economic activity stimulation; indicator of the national economy development and its integration into the global economy.

p. 34-46

Authors: Mikhail V. Milchakov

An urgent task in the period of economic recession and decrease in budget revenue base is to carry out the rationalization of federal grants allocation among Russian regions included in the framework of intergovernmental fiscal relations. The author uses official quantitative data from open sources and analyses specific territorial changes in the sphere of federal budget aid distribution to regions in accordance with five determined lines that reflect transformations in conditions for regional budgets planning and supporting their stability and balanced state. The article presents the results of complex evaluation of identified tendencies and suggestions for federal support allocation sophistication. The implementation of formulated suggestions will enable to make better conditions for regional budget stability.

p. 59-66

Authors: Nadezhda A. Smirnova

The article presents the description of the main stages of formation of the Russian ruble exchange rate for 1992–2015 years, reflects the specificity of application in different modes of the ruble rate, shows the dynamics in changing of its course. The relevance of the study is accounted for the fact that timely and effective management of the exchange rate mechanism, not only stabilizes the course of the currency, but also has a direct positive impact on the domestic economy as a whole. The article also describes the current changes in the mechanism of formation of the exchange rate and their possible economic consequences.

p. 80-89

Authors: Alexey Yu. Popov

This article discusses the features of recognition and accounting for the acquired business entity in order to accumulate capital investment properties from the standpoint of domestic law and international practice. The author discloses classification of investment property, gives the criteria for its recognition by RAS and IAS, describes the principles of the initial and subsequent measurement, addresses the issues of depreciation and derecognition of these assets. Moreover, the author formulates his own concept of the accounting improvement specifically by introducing new federal standards and their adaptation to international accounting rules.

p. 102-111

Authors: Irina V. Pashkovskaya

Currently the problem of improving the oversight of nonbank financial institutions is relevant for both developed and developing countries. Developed countries need to streamline existing financial institutions, and developing countries should encourage the development of non-bank forms of public service and small business to increase the level of economic development. The article describes the main directions of improvement of the prudential supervision system for shadow banking.

p. 26-37

Authors: Tatyana V. Saakyan, Sergey G. Khabaev, Pavel G. Kradinov

The article presents the provisions of the government regulations covering the establishment of goods, works and services requirements in the framework of public procurement standardization. In addition the author considers criteria for the selection of certain types of goods, works and services for inclusion in the obligatory and departmental lists. The Federal state authorities were given recommendations for the preparation of their departmental lists along with the proper examples.

p. 45-58

Authors: Igor V. Belyakov

In recent years the problem of developing a strategic approach to the state support to the banking sector at the time of a crisis has got a particular importance. The paper considers a series of practical implications from the recent research, historical database and the latest tendencies, also taking into account the Russian experience. The approach proposed is to look at the prospective fiscal cost of a banking crisis by the joint analysis of the changes in the banking assets to GDP ratio and the share of non-performing loans.

p. 72-79

Authors: Milyausha R. Pinskaya

This article is devoted to the problems of governmental financial support of import substitution with goods produced within the country. It is proved that tax, budget, pricing, credit instruments shall be included in overall strategy of import substitution in the industries, which provide economic and product safety. We reveal that the Russian Federation tax system, which contains elements of indirect subsidy, does not stimulate the growth of national producers market share. We suggest some measures for improving tax-stimulating mechanisms of import substitution in agriculture.

p. 91-102

Authors: Arkady K. Solovyev, Svetlana A. Dontsova

The article is focused on the analysis of the statistical information composition and structure, which is used for carrying out actuarial estimation of a financial condition of Russian modern pension system. The author considers various problems of information and statistical resource provision for an assessment of economic and social consequences of actions within pension reform. Moreover the author analyzes the reason and a consequence of insufficiency of statistical information for projection of pension system balance on a long-term prospect.

p. 113-119

Authors: Yuliya S. Evlakhova

This article analyzes methodological approaches to identification of global system-important financial institutions in the securities and insurance segments of the financial market. The distinctions revealed by the author in methodologies of an assessment of such institutes are: the level of methodology development, additional methods using, comprehension of different systemic risks transmission channels depending on type of financial institution.

p. 13-21

Authors: Sergey R. Platonov, Roman S. Gubanov

The article determines the need to develop a Roadmap to harmonization of legislation governing the financial markets of the Eurasian Economic Union and discusses the conditions for sustainable development of integration relations. In addition there are facts provided to describe the realities and the prerequisites for effective harmonization of legislation in member countries of the Eurasian Economic Union. The author offers step-by-step algorithm for constructing a Roadmap.

p. 34-40

Authors: Makar I. Kudelich, Inna N. Rycova

The article deals with possible approaches to legislation development in the management of federally owned shares of joint stock companies and rising incomes of the federal budget in the context of problems of the dividend policy regulation in the companies with state participation.

p. 53-61

Authors: Igor Yu. Varjas

The article offers the concept of economic cycles and stages composition registration for co-ordination of fiscal and refinancing policies in dramatically changing conditions of economic development. As an example the author uses the time series of investments in capital assets; it is assumed that fiscal policy and the policy of refinancing are directed to finance the economy, but are not identical, being different in particular cyclicality. The article discusses the assumption that provided taking into account parameters of borrowing to overcome dysfunctions of the budget, fiscal policy contains a procyclicality component.

p. 72-84

Authors: Denis V. Zuev

The paper proposes a model of structured derivatives pricing invariant with regard to the derivative type. The model generates time evolution of the maximum close to their empirical paths. In addition the paper presents an example of pricing the structured derivative suggested by the author with two underlying assets. The proposed model looks especially promising within the context of the structured derivatives OTC market growth, high volatility of the underlying assets and the absence of a unique framework for pricing the structured derivatives that would be consistent with market practice.

p. 94-103

Authors: Vladimir V. Vagin, Nadezda V. Gavrilova, Natalia A. Shapovalova

In this article for the first time in domestic academic literature was made an attempt to analyze and systematize Russian experience in participatory budgeting. In addition the authors examined the variety of practices from different regions including Local Initiatives Support Program, “People’s Initiative” and “People’s Budget”. The paper contains recommendations on how to develop the participatory budgeting practices and identifies the factors that cause problems in their implementation.

p. 112-121

Authors: Anna V. Brizitskaya

This article discusses the specifics of implementation of new Basel III standards in different countries. Special attention is paid to three jurisdictions: the USA, the EU and China. For the USA there is an analysis of the problem of the Dodd-Frank Act reconciling to the standards of Basel III and the results of banks stress testing. For the EU the peculiarities of the Basel III implementation are identified in the situation with lack of capital in many European banks. The specificity of China’s banking system transition to the new standards of Basel III is shown in the light of the gold transferring to the category of financial assets, which are included in the Tier 1 bank capital.

p. 16-25

Authors: Maxim A. Kotlyarov, Sergey R. Platonov, Inna N. Rycova

The article presents the results of research carried out by the Centre for Industrial Economics of the Financial Research Institute under the theme “Creating a set of measures to harmonize legislation and regulation of the financial markets of the Eurasian Economic Union in the banking, insurance sectors, market investment of pension funds as well as the securities market and stock trading”. International experience in the functioning of supranational regulators in the European Union is examined. The author gives recommendations for adaptation of experiences in the formation of the European Union legislation and supranational financial supervisory authority within the Eurasian Economic Union.

p. 35-42

Authors: Evgeny G. Anisimov, Vladimir E. Novikov, Sergey V. Shkodinsky

The scientific article actualizes the problem in estimate of the grey imports amount, the characteristics of various methods of this evaluation are given: the method of "mirror" statistics, the method of the domestic market analysis, expert method, summarization of their advantages and disadvantages. The authors present a set of tools for methods of "mirror" statistics and the analysis of the domestic market application. The article also provides a methodical approach to assessing the impact of grey imports on the revenues of the federal budget.

p. 55-62

Authors: Yuliya S. Evlakhova

In this article methodological approaches to identification of global systemically important financial institutions are analyzed. The common features and distinctions revealed in the work in methodologies of an assessment of such institutes make the contribution to development of researches of systemic risk in the financial market, namely: allow to define a circle of global systemically important financial institutions for regulation of their activity from the international and national regulators and to structure measures of regulatory impact on various types of financial institutions.

p. 75-82

Authors: Tatyana A. Malinina, Vladimir V. Gromov

The article concerns mainly the practical aspects of taxation of personal incomes from realization of assets acquired without compensation or at a price below market. Incomplete regulations in this area lead to a non-neutral taxation of such incomes, reduce the tax system efficiency. The analysis of the tax law and the established practice of its applying is carried out, the proposals for improvement of the tax law are made subsequent to the results.

p. 91-97

Authors: Tamara A. Belousova

The article provides an overview of current practices of insurance operations of export-import loans by public and private EU insurance companies. Strategies of promotion of insurance services for import and export credits, which are used in some European countries, are considered. The European experience of innovation in the process of maintenance and security risks of domestic exporters are encouraged to use.

p. 108-116

Authors: Yury V. Belousov, Olga I. Timofeeva

This article presents the results of the evaluation of the Russian Federal Subjects’ budgets transparency in 2014. This data was obtained on the basis of Russian Federal Subjects’ monitoring, and subsequently the Subjects were rated by the level of transparency of the budgetary data. It reveals the ranking of Federal Subjects based on the achieved level of transparency of the budget, with specific examples. The basic challenges to improve the transparency of the budget are illustrated and recommendations for improving the situation are given.