The article describes some practices of foreign countries in stimulating of the fiscal reforms realized at the subnational level. The author presents a typology of the performance based grant systems (PBGS) according to the purpose of application. In addition, there are given examples of using different types of PBGS for increasing of the activity effectiveness of the subnational governments both in the developed and developing countries. Moreover, the author defines under which conditions using of this tool gives the best results.
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.
The paper is based on macroeconomic approach to tax collection measurement, implying use of national accounts items as a proxy for tax base. Analysis revealed the negative trend in VAT collection and growing share of hidden wages, that signals potential future losses of fiscal revenues. We found also that VAT collection decreases in response to economic decline, intensifying fiscal risks appearing at the recession stage.
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.
Assessment of socio-economic impacts is a very important part of examining overall effectiveness of infrastructure projects. The same attention should be paid at the time of infrastructure project assessment both for socio-economic effects, and for financial indicators. Nowadays international community of experts has accumulated wide and useful experience in the area of socio-economic impacts assessment that should be considered for improvements of the state investment policy to increase efficiency of the budgetary expenses and development of infrastructure.
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.
The main methods of estimating the values of fiscal multipliers are described in the paper, as well as the factors influencing them. Using the SVAR-model, the values of fiscal multipliers are obtained both for aggregate expenditures of the Russian budget and for categories. In addition the author defines the interval that should serve as the basis for the value of the fiscal multiplier for Russia.
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.
The article deals with problems arising from imperfect distribution of expenditure responsibilities between levels of government in Russian Federation. Moreover it shows that the existing criterion of dependency on transfers should not be applied to limit regional and local expenditure powers. It is proposed to allowing local governments to decline their powers, delegated by upper governments. The article shows how empowerment from regional governments to the federal government will affect horizontal regional budgets’ balance.
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.
French franc got its name in honor of the country of origin; it passed a bright way from the first coin in the kingdom, which has become the gold standard forerunner. It was the currency of the world’s first issuing bank of the gold bloc, which has arisen in the interwar period. And today it serves as the basis for CFA francs.
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.
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