Financial Journal

p. 22-36

Authors: Olga V. Bogacheva, Tatiana V. Fokina

The article is devoted to social tax expenditures efficiency evaluation in OECD countries. Social tax expenditures are defined as revenue losses attributable to provisions of tax laws allowing a preferential tax treatment for special categories of taxpayers or within social spheres for public social policy aims achievement. The authors research existing forms and types of social tax expenditures, as well as practice of their implementation in different OECD countries. Within the context of personal income tax approaches to efficiency evaluation of each type of social tax expenditures and arguments for their use have been analyzed. The authors conclude that while efficiency evaluation of special social tax expenditures alternative social policy instruments and results of “cost-benefit” analysis should be taken into account.

p. 49-56

Authors: Anna A. Mikhaylova

The article analyzes the opportunities for financial incentives for regional development in the Russian Federation. On the basis of econometric research the author confirms the existence of β-convergence at the level of Russian regions and makes conclusions on how intergovernmental transfers affect the economic growth. The article also shows that intergovernmental transfers have a positive effect on the regional growth, and intergovernmental subsidies have the maximum stimulating effects comparing to other types of transfers.

p. 71-84

Authors: Samvel S. Lazaryan, Maria A. Chernotalova

The article analyzes methods of empirical estimation of tax changes impact on private investment and possible difficulties of such empirical evaluation. The authors also review results of empirical studies dedicated to impact of taxes on firms’ investment. In addition, the authors consider several aspects of impact of already conducted or only potential tax changes on private investment in Russia. There are two ways how tax changes influence investment of companies: the first one — they change benefits and costs of investment decision; the second one — they influence cash flows of the company, effectively changing feasibility of investment. Estimating general effect of a certain tax change calls for using a general equilibrium model, but most studies focus on partial equilibrium effects. The main problem of empirical analysis of impact of taxes on investment is endogeneity of the tax system. If one addresses this and other issues properly, he is likely to conclude that providing investment tax credits, allowing accelerated depreciation, lowering profit tax rate, introducing positive difference between tax rate on distributed and undistributed profits and reducing overall tax burden positively affect investment of companies.

p. 96-106

Authors: Alexander S. Borgoyakov

The article considers the problem of an assessment of financial assets investments risk, and bonds, in particular. The author analyzes the existing models of risk assessment and profitability. The model disclosing interrelation between risk and profitability of the concrete bond from a perspective of issuer’s solvency is offered.

p. 119-130

Authors: Marina V. Tsurkan

The topic of the problem is highly relevant due to the lack of methodological approaches to the assessment of participatory budgeting practices in the Russian Federation. The paper suggests ways to assess the regional practices of implementation of local initiatives support program. It reveals their essence, the assessment technique of regional practices of public budget literacy improvement, taking into account people’s knowledge and skills. The author develops the calculation method of budgetary efficiency of the regional participatory budgeting practice in the framework of this program, and also proposes the principle of formation of the criteria for training assessment of the population involved in participatory budgeting process.