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.

p. 20-26

Authors: Tatiana I. Semkina, Alexey V. Sorokin

Nowadays there are some serious drawbacks in the corporate property taxation system. These drawbacks affect all the elements of the tax collection mechanism: cadaster value, types of property, tax rates. In this paper the authors suggest some ideas on improving of this system and customizing stages of its widening scope, which will make property tax more effective.

p. 38-45

Authors: Olga N. Kuznetsova

In this article the author analyzes methodical and practical aspects of accounting of a depreciation fund as most important source of capital financing in Russia. The article reveals the factors of standard and legal nature which interfere with expansion of capital investments, offers alternative methods of their elimination. In the course of the research on the depreciation fund accounting collisions the author comes to a conclusion about need of implementation of complex actions at the macro level and at the micro level. The main idea is to spread the practice of using of the accelerated property write-off method for the purpose of the taxation. The author pays special attention to control of target use of entity depreciation fund (the technique of accounting of this process is offered). The research results in a presented model of increase in capital investments by means of optimization of depreciation charges accounting.

p. 64-75

Authors: Vadim Ye. Zyamalov

Stock indices are one of the indicators of the general state of the economy. Therefore, modelling and forecasting of stock indices are discussed heavily for several decades. In this paper, the impact of macroeconomic factors on the Russian stock indices is discussed and investigated by author. In particular, the impact of external trade characteristics and foreign stock indices is analyzed. In addition, several econometric models are compared in the article due to their predictive ability. The author also investigates a predictive ability of vector autoregression (VAR) and vector smooth transition autoregression (VSTAR) models.

p. 91-104

Authors: Goar E. Shakhnazaryan

The intention of the member countries of the EAEU towards the integration and formation of a single financial market requires the harmonization of legislation on the key areas of regulation. One such area is the activity of the infrastructure institutions, the most important of which is the central depository, which determines the relevance of this article. An analysis of existing risk management mechanisms of the central depository allowed to generalize and identify the most effective approaches and procedures that could serve as a basis for the establishment of uniform standards for risk management in the activity of central depositories of the participating countries.

p. 115-128

Authors: Olga V. Bogacheva, Ivan D. Rakov, Oleg V. Smorodinov

The article discusses the practical aspects of integration process during formation of ASEAN Economic Community (2007–2015). The focal point is the analysis of the following directions of financial integration: financial markets liberalization, increase in volumes of direct and portfolio foreign investments, development of stock market cross-border segment. Moreover, the article covers issues related to minimization of threats of unstable national budget systems in ASEAN countries. Analysis is conducted within the context of the concept of financial integration “indirect impact” on economic growth and budgetary systems’ stability, which was explored in detail in the previous article (Financial Journal, 2016, № 5). The authors come to conclusion that generally successful development of financial integration during the period of ASEAN Economic Community formation became possible due to the meeting of certain “threshold conditions”, which characterize levels of financial sector development, foreign trade, public and market institutions, as well as public finance quality.

p. 22-38

Authors: Mikhail V. Milchakov

The increased budget constraints on the federal level, the problem of heavily non-purpose grants-financed regions with weak own revenue base, which stability should be supported by growing share of state resources, determine the necessity for analysis of support measures efficiency. The author uses official quantitative data from open sources and analyses the features of economic and budget position of heavily non-purpose grants-financed regions in accordance with the special framework for budget process on their territory. In addition, the author considers measures of federal support in the form of non-purpose grants allocation as well as in the form of investment support connected with federal target programs execution and special economic zones functioning. The article includes proposals to improve these tools of regional development. The implementation of formulated proposals will stimulate the increase of budget expenditure efficiency and the decrease in federal support dependence.

p. 52-62

Authors: Alexey V. Moiseev, Alexander V. Murychev, Diana K. Mashtakeeva, Petr N. Novikov

The article reveals issues related to the creation and development of the system for professional qualifications of the financial market — this research was initiated by authors last year (Financial Journal № 2, 2016). It is also focused on main previous year activities of the Council for Professional Qualifications of the Financial Market, which functions and powers are performed by the Association of Participants of the Financial Market known as the Council for the Development of Professional Qualifications. This activity is carried out in close cooperation with the Ministry of Finance and other concerned institutions of Executive power, the relevance of which has increased after the adoption of the Federal Law on the Independent Evaluation of Qualifications.

p. 77-90

Authors: Natalia N. Sisigina

The article deals with the development of financing mechanisms for health insurance systems since the second half of the 20th century. On the basis of the analysis of foreign countries experience the author shows that as state guarantees for free medical care are evolving compulsory health contributions role in the health financing structure is decreasing in favor of supplementary financial sources of funding. In the course of the research the author also highlights main supplementary financial sources, objectives and forms of their usage, mechanisms for stabilization of insurance financing.

p. 103-113

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

In the article the author makes the attempt to reveal the factors, opportunities and restrictions for the development of initiative budgeting (IB) in the Russian Federation. The methodology of the research includes the analysis of legal documents, statistical data about realization of IB practices in the regions, expert survey findings, materials from open sources and the analysis of the regions’ participation in the Agreement on the initiative budgeting development in the Russian Federation in the years 2016–2018, which was signed between the Ministry of Finance of the Russian Federation and the World Bank. The Agreement is based on the idea of duplication of the best Russian and foreign practices in the field of IB through methodologic, educational and consultation support to the authorities of the regions of the Russian Federation. Russian regions, based on their interest to initiative budgeting practices, are systematized into two groups. There are 44 involved and 41 undecided regions revealed. The author suggests descriptive characteristics for each group of regions and gives detailed commentaries for some regions. That helps to reveal a set of factors, that contribute to the IB development in the regions. These factors are also systematized into four groups: political-administrative, economic, social and institutional. Moreover, the author offers for each group of factors the justification of why and how they determine the dynamics of IB development in regions. The practical importance of the article is the ability to stimulate and predict the further development of the IB practice in Russia.

p. 20-35

Authors: Nikolay A. Avxentyev, Valery M. Baydin, Olga A. Zarubina, Natalia N. Sisigina

Private health expenditures in Russia (38–48 % of total health expenditures, depending on the source) significantly exceed OECD countries level (27 %). High private spending, in turn, affects healthcare system performance. The paper analyzes determinants and consequences of private health spending in Russian regions. The authors use data on 80 Russian regions during 2006–2014 and apply panel data models to analyze determinants and consequences of private health expenditures. The authors found that private and public health expenditure are complimentary in Russia: 1 % increase in public health spending results in 0,17 % increase in private health expenditures. The latter also increase with wealth, income inequality and prevalence of healthy and active population. The optimal level of private health expenditures is 34–40 %, but it might be overestimated because the authors did not consider public health expenditures at the federal level.

p. 46-61

Authors: Aleksandra L. Suslina, Roman S. Leukhin

The size of Russian shadow economy is difficult to measure. Some indirect estimates show that its size is rather big. The purpose of this paper is to identify the causes of informal economic activity in Russia and to define the main directions of struggle against shadow economy.

p. 71-80

Authors: Elena I. Andreeva, Dmitry G. Bychkov

The present paper discusses certain aspects of the proposed concept of introducing universal minimum income support. This paper also presents the estimated amount of funding which is required to close the income gap of all households whose incomes fall below the poverty line for a full transition to a Universal Minimum Income Support system. This amount is compared with the cost of the existing social benefits financed from the budget, including targeted ones.

p. 90-102

Authors: Inna N. Rykova, Makar I. Kudelich, Alexander M. Shaykin

The article formulates proposals on possible changes of the current legislation in connection with the forthcoming opening of foreign insurance companies’ direct branches in Russia in accordance with the obligations for World Trade Organization entry.

p. 110-120

Authors: Yuliya S. Evlakhova

The article is devoted to the research on financial institutions on the basis of institutional and network approaches complementarity. In the theoretical plan the author offers the concept of the research on financial institutions on the financial market including elements (financial institutions, financial institutions networks, financial market institutional and network structure), mechanisms (interaction, regulation, transformation), theoretical toolkit of the research (classification by groups of formal/informal and endogenous/exogenous financial institutions; theory of institutions survival; financial institutions network typology, financial networks metrics). In the implementation plan the author carries out the analysis of one of the offered concept mechanisms — interaction in the national network of financial institutions on the Russian financial market using the example of credit institutions, the insurance market and investment funds players. In the conclusion the author determines the need to form network restrictions of the financial institutions regulation on the Russian financial market.

p. 16-24

Authors: Yuri М. Gorlin, Elena E. Grishina, Victor Yu. Lyashok, Vladimir S. Nazarov

The article analyzes the possible socio-economic impact of the reform of the early retirement system for health and education workers. The effects of the gradual increase of the requirements for the insurance period for early retirement pension and the abolition of early retirement pension for entry-level workers are investigated on the basis of the sociological surveys results and focus groups of education and health workers. The actuarial valuation of the economic effects of the reform implementation is carried out in this article. The authors also give recommendations on reform of the early retirement system for health and education workers.

p. 37-51

Authors: Kirill M. Nikitin, Marina A. Avdienkova, Olga O. Zakharova, Eleonora A. Gilmanova

The article presents primary analytical findings and recommendations for improving tax legislation as regards the consolidated group of taxpayers (CGT) regime. It sets forth the main areas for improving the existing structure and proposes specific measures for modifying it with a particular focus on a revised approach to the forming of the list of CGT members. Specifically, the article proposes reducing input thresholds and mandating the inclusion in a CGT of all members that meet the established requirements. The authors also make recommendations for improving the apportionment formula.

p. 63-74

Authors: Olga V. Bogacheva, Oleg V. Smorodinov

Implementation of the ASEAN Economic Community Blueprint (2007–2015) has been taking place in the period when directions and scale of the financial integration effects on the key macroeconomic indicators and national budget systems stability were not completely clear neither in economic theory nor in practice. The article deals with the theoretical concept of financial integration “indirect effects” on macroeconomic and budgetary parameters in developing countries, which was put forward by a group of economists in the beginning of 2000s. The authors support the point of view according to which in order to gain positive effects of financial integration, developing countries should not only try to attract more foreign investments but also develop financial market infrastructure. Thus, the authors propose a set of criteria and indicators that are necessary to conduct complete evaluation of financial integration effects both on economic growth and national budget systems in developing countries, including ASEAN.

p. 82-93

Authors: Mikhail A. Smirnov

The article considers topical issues of the Polish special economic zone development in 1995–2015. The author observed the political and economical factors, which had defined this process, and the Polish researchers’ estimations of the zone influence on regional economic development. The positive result of Polish special economic zone is the foreign investment inflow, maintained and created jobs. Negative result is the rise of the external debt, the disadvantage of the local small business, poor influence on regional economic development. On the basis of the analysis the author formulated the main conclusions for optimization of the Russian policy in relation to the territories with a special economic regime.

p. 103-111

Authors: Mariya A. Mikhailova, Andrey V. Obynochny

The article contains proposals for the development of a system of indicators characterizing the state of the national payment system and the dynamics in change of its main directions, developed in the course of trade discussions with payment industry members. The authors analyze the examples of statistical data presentation by foreign national banks. And also the article shows the proposals for aggregation and presentation of statistics in the national payment system.

p. 120-126

Authors: Mikhail L. Kozlov

The article substantiates the approach of the consideration of insurance as a synergetic process, both at the at micro level of the insurance company and at the macro level of financial services institution, because by the building of an insurance portfolio the positive economic impact, which exceeds the economic effect of the individual risks adoption, is achieved. The article also discusses the role management decision carriers in the formation of an insurance portfolio. Depending on the quality of insurance management both synergetic and entropic effects are possible in the insurance.