Financial Journal

p. 9-19

Authors: Vladimir V. Gromov, Svetlana S. Shatalova

The solution to the most of issues, that are related not only to tax changes, but predominantly to tax reform, comes to the assessment of the tax burden. However, its calculating procedure in Russia is not well defined. In terms of the absence of a uniform methodology for assessing, this measure is calculated on different basis: only taxes or taxes and also non-tax payments. The article concerns several approaches to understanding of tax burden concept in the light of payments to be accounted for. In addition, concept of fiscal burden in regard to each approach is defined by the author.

p. 27-37

Authors: Anton V. Dubovik, Roman V. Erzhenin

The article is focused on the analysis of ICT use results in the public finance management processes. The future of the accounting profession is defined by the authors in terms of development of a new accounting organization model in the public sector. Conceptual issues of the Federal Treasury in a long-term GIIS “Electronic Budget” use are also considered in the article. This is a model of centralized accounting for federal organizations. The authors suggest that due to the existing data-processing procedures modernization the current accounting workers’ skills will gradually lose their relevance. Moreover, the authors conclude that in the new organizational and technological accounting processes there will be demand on experts with advanced intellectual and creative knowledge. They will be able to provide in the future a more effective solution for control and management.

p. 46-63

Authors: Valentina V. Tarasova, Vasily E. Tarasov

The paper proposes a generalization of the Arrow-Pratt measures of absolute risk-aversion (ARA) for the case of financial processes with memory. The authors take into account the presence of the investors’memory in the description of their behavior. Standard risk aversion measures, which are defined by derivatives of integer orders, are actually based on the assumption of investors’ amnesia, because these derivatives are determined by the properties of the function only in an infinitesimal neighborhood of the point (point in time or amount of wealth). The authors propose a method that allows them to refuse the assumptions about absence of a memory about changes of the utility function and value of assets. In order to take into account the memory effects the authors used mathematical tools of derivatives (integro-differentiations) of non-integer orders. Formulas of hereditary generalizations of Arrow-Pratt measure are derived by using a generalization of the Pratt approach and the Taylor series with derivatives of non-integer order. Examples of calculation of the hereditary measures of risk aversion are also suggested in the article.

p. 76-90

Authors: Oleg S. Sukharev

The problem of the influence of the resource allocation structure, in particular, financial resources, the size of the money supply on economic growth, is investigated in this article. The author obtains theoretical correlations that clarify the possible influence degree of the growth rate of individual sectors and the number of agents on the amount of money necessary for the development, which also demonstrate the importance of the “resource allocation” factor for economic development. The formation of a reasonable financial policy is the determining instrument in organization of the Russian economy growth. A strict theoretical condition on the necessary financial resources is formulated in terms of the third sector appearance in the two-sector model of the economy, and this sector can symbolize the development of innovations. Moreover, the author obtains another correlation for the development of the economic system, with a limited financial resource and makes an assessment of the financial institutions influence on the development of the economic system. Specifically, the article shows such influence at the micro-level, when solving the problem of allocating funding for basic research, where the applied criteria fulfill the role of institutions (rules for allocating financial resources).

p. 105-114

Authors: Yuri A. Spletukhov

The article analyzes the current status and level of development of the insurance markets of members countries of the EAEU, suggests possible ways of increasing the efficiency of the insurance market in these countries. The conclusion is made about significant differences at the level of insurance development between the individual states of the EAEU, as well as differences in the insurance legislation, government regulation and supervision, the structure of insurance types. According to the author, among the main tasks, that should be addressed to ensure the insurance development in the member states of the EAEU, are to increase the public insurance culture, to organize the compulsory insurance system, to form state insurance activity regulation system that meets modern requirements, to improve the functioning of the insurance market infrastructure, to develop the mechanism of reinsurance.