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.