Financial Journal

p. 9-23

Authors: Vladimir S. Nazarov, Nikolay A. Avxentyev

There is an evidence that today health spending efficiency in Russia is low: comparing Russia to foreign countries shows that, considering current expenditures, a number of medico-social variables reflecting healthcare effectiveness, e.g. life expectancy, mortality and equity in access to healthcare, can be improved. The article examines causes that deteriorate health spending efficiency: imbalance in Program of state guarantees in health, structural disproportion in health spending sources, the lack of universal outpatient drug provision program and inadequate motivation of health professionals. The authors also examined possible measures aiming to solve stated problems.

p. 34-46

Authors: Samvel S. Lazaryan, Maria A. Chernotalova

This article addresses the problem of rising income inequality in developed countries. According to the latest research, although inequality can influence economic growth both positively and negatively and existence of both channels has been confirmed empirically, currently negative impact of income inequality on growth dominates. During the last 25 years technological progress and, to a lesser extent, global integration have been shaping a global trend of rising income inequality. Empirical evidence suggests that impact of these processes on income inequality has been uneven across various countries, and in 50 % of developed countries we do not find significant increase in income inequality during the last 25 years. At the same time, given that technological progress, automatization, trade and financial integration will probably gather pace, we should expect a more pronounced increase in income inequality in most of countries over the medium term. Improving quality of institutions and providing equal opportunities to all members of society should be the key components of policy response to this global risk of rising income inequality.

p. 56-70

Authors: Andrei A. Bokarev, Olga V. Bogacheva, Oleg V. Smorodinov

The article deals with the methodology improvement of efficiency evaluation of public infrastructure investment management after 2000. The authors claim that after the global financial crisis of 2007-2008 the traditional approach for evaluation and assessment of public investments efficiency in economic and social infrastructure based on results of each project has given a way to several new and more complex approaches. Developed by multinational corporations and multilateral organizations (World Bank, IMF, McKinsey Global Institute, etc.), such methodological approaches took into account the whole project life cycle, integration of public infrastructure investments into the budget cycle, and formation of national indices (ratings) of public investment management efficiency. The latter methodology allows to compare various countries’ public infrastructure investment management efficiency. The most recent efficiency evaluation methodology was developed and published by McKinsey Global Institute in June 2016. This is, in fact, assessment of public infrastructure investment efficiency as an integral part of public management quality evaluation of infrastructure as a whole. The authors also claim that methodologies developed by the World Bank and IMF could be applied to self-evaluation of efficiency of public infrastructure investments in the Russian Federation. It could help Russian economy to identify and overcome “bottlenecks” on the way to sustainable economic development.

p. 85-97

Authors: Milyausha R. Pinskaya, Ori A. Alaverdyan, Sergey V. Bogachov, Gurgen K. Ohanyan

In the article the authors analyze conceptual approaches towards property taxation: principles, the definition of taxation object and tax base, application of tax rates. Using the examples of the tax systems of Russia and Armenia, the authors show implementation of principles of tax fairness, subsidiarity and effective administration, when designing property tax system in both states. Moreover, the authors characterize and delineate peculiarities of Russian and Armenian tax systems of property taxation. The article also reveals pros and cons of different approaches towards valuation of immovable property: based on physical and value indicators. The authors prove that reform of property taxation in Russia and Armenia is in line with worldwide trends.

p. 113-121

Authors: Vladimir V. Vagin, Sergey V. Romanov

The article is devoted to the practice of citizen participation in budget decisions, as well as other practices of involving citizens in the development of public infrastructure in the countries that make up the BRICS: Brazil, Russia, India, China, South Africa. A rich arsenal of these practices in the BRICS countries can serve as an effective basis for expanding the long-term cooperation of the international organization members.