Financial Journal

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.

16-24

Authors: Karen A. Tumanyants

The article is dedicated to comparison analysis of the changes in taxation that occurred between 2007 and 2012 in some Russian regions, which either reduced fiscal burden for small businesses or kept it at the same level. Authors came to conclusion that decreased tax rate has a stimulating effect on the legal business activity in Russia. In most cases the following rise in tax revenues outweighs the budget’s loss caused by fiscal preferences.

33-41

Authors: Tatiana A. Loginova

At present time governments of many countries have intensified the work of complex instruments, that will prevent national companies from application of the tax optimization schemes, which help companies to minimize their tax liabilities on legal bases and in some cases to avoid tax payments at all. Some schemes of tax optimization, which are realized by foreign companies, as well as by companies working on the territory of Russian Federation, are presented in this article.

52-59

Authors: Alexey Yu. Mikhaylov

The article analyzes the impact of changes at the markets of oil and gas in comparison to oil and gas revenues of the Russian federal budget in 2015. The most significant risk of fiscal policy in the terms of anti-Russian sanctions is the high sensitivity of revenues to the external volatility. About a third of all revenues of the budget system and about half of federal budget revenues comprise revenues from oil and gas sector. They are dependent on unpredictable fluctuations of the stock commodity quotations, which affect the rates of the oil and gas taxes (and duties). The article presents the model and the calculations, which predict the maximum reduction in oil and gas revenues in 2015 in the volume of 874 billion rubles.

73-79

Authors: Evgeny M. Gutzait, Igor A. Yakovlev

The article analyses the methods of fragmentary and system improvement of audit statistics, as well as possible intermediate stages. In accordance with the professional judgement of the authors a set of main indicators of audit services market is formed, allowing to carry out an overall analysis of its state and its global regulation. Special attention is paid to finding average prices (fees) for audit services in various sectors of the market.

89-97

Authors: Evgeniya A. Kuklina

The article examines the tax system for using natural resources in China and discusses in detail the resource tax for using minerals. The author defines the differences between the resource tax in China and the mining tax in Russia. The article contains some proposals aimed to improving the taxation of using natural resources in both countries.

17-28

Authors: Oleg S. Sukharev

The effectiveness of budget spending can only be achieved as they are related to the implementation of economic development areas in need of budget allocations. In order to ensure this effectiveness, it is necessary to use a systematic approach to the evaluation parameters as efficiency and coordination development priorities and budget allocations change. The article describes a systematic approach to the analysis of the budget system and cost management, the basic principles and criteria of the budget efficiency. The author develops a structured approach to the comparison of different budgets, which can be applied to assess the general budget and planning changes in the structure of budget expenditures.

41-51

Authors: Olga K. Yastrebova

The article considers the current issue of the unit cost funding of Higher Education. The Higher Education System and The Ministry for Education and Science of the Russian Federation are the leading institutions in adjusting the new mechanisms of funding of government contract for providing education services. Innovations in the Higher Education funding affect a great part of the population, but also science and business, and always cause significant political response. Thus, a particular interest of the article lies in the evolution of the methods for calculation of unit costs in the Higher Education institutions. The article helps to understand the methodology of unit costs formation and computation, and also the benefits of the chosen computation system.

60-71

Authors: Anna A. Maltseva

The author investigates the urgent problem of finding tools and techniques of effective functioning of innovation infrastructure facilities as the subject of microeconomics. Lack of effectiveness of the classical approaches causes change-over management system in the plane of intellectual capital. The role of intellectual capital and its individual structural elements in the structure of technology park is proved in the paper; the key ources of this elements are highlighted. The established theoretical foundations are the basis for the development of research focused on the application of the theory of intellectual capital to an entirely new subject of research - technology park structures.

79-88

Authors: Evgeny M. Gutzait

This article discusses the audit as an infrastructure sector of the economy and classification of audit services market for many reasons: the nature of inner competition, according to the asymmetric information, the presence or absence of external effects, the ease of market entry, market share among the major manufacturers, state participation in the regulation market, etc. The author investigates the elasticity of demand and supply on the market of audit services in various sectors.

99-110

Authors: Ekaterina A. Pospelova, Maria V. Kazakova

In this paper we study the experience of implementing principles of New Public Management concept in developing Asia-Pacific Region countries. We have shown that the need for a full copy of the principles of this concept in developing countries is in doubt due to the lower level of institutions, civil society and the economy of these countries. Special attention is paid to several countries, including Singapore, Malaysia, Sri Lanka and Bangladesh. The authors conclude their analysis saying, that the adjustment of New Public Management principles in Russia should be preceded by the improvement of institutional climate and enhanced activity of civil society. Thus, it appears that this research will have practical significance in terms of building efficient system of public service in Russia.