Scientific periodical

ISSN 2658-5332

Financial Journal № 5(33) September-October 2016

V. V. Klimanov, A. M. Korotkikh
The Allocation of Intergovernmental Transfers: Theoretical Background and the Russian Practice
In conditions of high differentiation of regions at the level of economic and social development, intergovernmental transfers remain the main instrument of budgetary policy of the Russian Federation. The article describes the main trends of intergovernmental regulation in Russia in period between 2006 and 2015 and its theoretical framework which allowed the authors to determine the priorities of the Central government in this sphere.
Keywords: fiscal policy, intergovernmental fiscal relations, intergovernmental transfers, regional budgets
JEL: H50, H61, H70

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Y. М. Gorlin, E. E. Grishina, V. Y. Lyashok, V. S. Nazarov
The Issue of Reform of Early Pensions for Health and Education Workers
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.
Keywords: early pensions, mandatory pension insurance, education workers, health workers, long-term pension
system balance
JEL: H55

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E. I. Andreeva, D. G. Bychkov, O. A. Feoktistova
Regional Approaches to Optimization of Sub-federal Systems of Social Support Benefits in Russia
In 2016 the authors took stock of social support benefits organized by Russian regional authorities. The purpose was to come up with recommendations that would help regional governments achieve better targeting and avoid inefficiencies and duplication in their social support policies. The analysis has shown that many regional governments in Russia have already started reforming their systems of social benefits. Some have initiated the reforms because they saw the inefficiencies of the current system, some are forced to optimize their spending by federal financial authorities, who audit the efficiency of public spending by sub-federal governments and require poorly performing governors to adopt and to implement regional finance revitalization programs. The case-studies presented in the paper suggest practical tools and approaches that can be useful for optimizing social support benefits and refining the definitions of target groups by regional policymakers in Russia.
Keywords: social support, social benefits, the targeting principle, criteria of necessity, categories of privilegebearers, optimization of social support
JEL: I38, I39, H53, H75

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K. M. Nikitin, M. A. Avdienkova, O. O. Zakharova, E. A. Gilmanova
Consolidated Groups of Taxpayers: How We Should Use the Moratorium
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.
Keywords: consolidated groups of taxpayers, tax consolidation, regional distribution (tax base allocation), formulary apportionment, apportionment factors / allocation keys
JEL: H25, H26, H30

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I. A. Yakovlev, L. S. Kabir, S. I. Nikulina, I. D. Rakov
Regional Financial Mechanisms and their Role in Financial Stability Ensuring (Experience of ASEAN)
Abstract This article provides the analysis of regional financial cooperation development among ASEAN members and reveals the main directions of financial initiatives and created mechanisms. The authors developed a technique of global financial risks diagnosing based on studying of indicators dynamics in a certain time span. By applying their own created method the authors assess the efforts made by ASEAN members to counteract the financial instability by means of regional financial mechanisms built within ASEAN. They also make assumptions of the possible strengthening directions of the interaction among ASEAN members in the financial sphere.
Keywords: financial globalization, financial stability, integration associations, global financial risks, regional financial mechanisms, ASEAN
JEL: F36

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O. V. Bogacheva, O. V. Smorodinov
Financial Integration in ASEAN: Theoretical Aspect
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.
Keywords: ASEAN Economic Community, financial market liberalization, financial integration, globalization, threshold conditions, indirect effects, economic growth, budget system stability
JEL: E44, F36

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I. A. Balyuk
On the Problem of External Debt Growth in the Context of Globalization of the World Economy
Globalization of the world economy and finance has led to increasing of funds raised in the international debt market and strengthened its part in the system of world finance. The article examines the problem of the external debts growth of different countries, dynamics and modern structure of the global external debts and efforts made by the international institutions and national regulators in order to tighten control over operations in the international debt market. The author comes to conclusion that an aggravation of the problem of external debts globalization hampers the restoration of stability and sustainable growth of the modern world economy. In this respect, in the coming future the international financial institutions and national organizations regulating domestic financial markets will strengthen control over raising funds abroad.
Keywords: growth of external debts, international debt market, issuing and non-issuing debt instruments, regulation of external debt, external debt of Russia
JEL: G34

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M. A. Smirnov
Analysis of the Polish Special Economic Zone Development: Implications for Russia Abstract
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.
Keywords: tax exemptions, regional economy, special economic zone, advanced development territories, industrial policy, government subsidy
JEL: H30, H54, L52

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А. V. Glazunov, K. V. Shvandar, A. A. Anisimova
Development of National Payment Systems as the Current Trend
The article presents the most significant long-term trends in the use of payment instruments. It also shows a shift from cash to cashless payment methods — in particular, to the payment cards — for retail payments. Moreover, the article focuses on the latest trends in the area of the creation of national payment systems in developing countries designed to extend the use of the national currency, as well as to increase the access of national agents to non-cash instruments.
Keywords: debit cards, credit cards, non-cash payments, payment systems, retail payments
JEL: E42

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M. A. Mikhailova, A. V. Obynochny
Statistical Data Implementation in Methodology of the National Payment System Analysis
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.
Keywords: national payment system, statistics, cashless transactions, payment cards, retail payment services
JEL: E42

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Y. A. Burkova
Real Estate Investment Trust Performance Efficiency Factors
In this article the author conducts research of the factors that affect the net income multiple of real estate investment trusts. The net income multiple characterizes the ability of REIT to pay dividends (since it constitutes a source of dividend payment) and the REIT investment prospects, which are included in its share price. It also describes the price that investors are willing to pay per unit of net income. The author comes to a conclusion that there is a statistically significant connection between the net income multiple and such factors as diversification, interest rate, inflation and the GDP.
Keywords: real estate investment trust (REIT), factors, performance efficiency indicator
JEL: G31

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M. L. Kozlov
Management Decisions in Insurance as an Expression of Synergetic Management
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.
Keywords: insurance, risk management, entropy, synergy, insurance portfolio, risk assessment, management
JEL: G22

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N. А. Shapovalova
All-Russian Seminar “The Role, Business Opportunities and Mechanisms for Participation in the Budgeting Initiative Projects”
Keywords: proactive budgeting, support program for local initiatives, budgeting initiative projects, social entrepreneurship, co-financing
JEL: H53, Н54, H76, R51

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Scientific periodical

ISSN 2658-5332