Financial Journal № 4(18) October-December 2013
Conceptual Approaches to the Typology and the Identification
of the Risk Profiles of Participants (Subjects) Microfinance System
The article continues a series of science journal publications on the problems of regulation of microfinance activities. In this study, the author refers to the analysis of the most complex problems — the influence of the variety of institutional types of microfinance institutions on the approaches to the regulation of the activity and the identification of risk profiles of major groups microfinance providers.
Key words: microfinance system, institutional levels of microfinance system, risk profiles, typology of microfinance institutions, window control.
I. Voishvillo, G. Shakhnazaryan
Macroeconomic Risks of Microfinancial Institutions Activity
and Ways of Their Minimization
The article describes the most significant risks inherent in the microfinance sector of Russia. It is shown that for different types of microfinance institutions, there is some specificity in the manifestation of these risks and the mechanisms of their limitations. Moreover, not all risks can be limited by increasing the transparency of the microfinance organization as a whole. Our proposed approach could increase the effectiveness of control over the activities of microfinance institutions in terms of minimizing the risks involved.
Key words: microfinance institution, risks of microfinance, resource base, loan portfolio, loans, reserves, microloans, sustainability indicators.
I. Rycova, V. Utkin
Assessment of Tax Incentives Effectiveness:
Systemization of Investment Projects and Support Measures
On the basis of system analysis and research on the of tax incentives in the Russian economy assessed priorities and methodological aspects of the effectiveness of tax incentives, developed practical recommendations on improvement of effectiveness of state policy in the field of stimulation of investment and innovation activity for ensuring economic growth.
Keywords: tax incentives, inventory, efficiency, promotion, investment projects.
New Role of Finance in Pricing Policy:
Self-regulation or Special Control?
In this paper an attempt is made on the basis of a number of model simulations based on an interdisciplinary natural-scientific approach to detect and prove the role of money as the main controlling factor, causes the increase of entropy and the prices prevailing contradictions in the global financial and economic system. A special role is given to the destabilizing effects of the debt and interest at the rate of price increases, generating even greater entropy of the financial and economic system. This integrated fault because of the exponential nature of the debt accumulated in the system, stimulates the continuously increasing inflation and systemic crises.
Key words: price, value, money, debt, rate, chaos, entropy, management.
T. Kulakova, M. Moiseeva
Unstability of the World Economy and Its Influence
on the Navigation Services and Technologies Market
The article focuses on macroeconomics factors affecting the development of navigation services and technology market, including issues related with GLONASS system. The article shows that any world economy scenario development will contribute to strengthening of the competition in navigation services and technology market as well as will initiate consequent structural market changes. The main effect of the world economy recession taking place is the contraction in demand in the Russian navigation market.
Key words: financial crisis, recession, on-budget expenditures of defense, government programs, navigation services and technologies market.
Modern Trends in the Methodology of Budget Forecasting
On the basis of the analysis of budget forecasting world experience the modern trends in its methodology are revealed. Special attention is paid to their assessment of the Russian practice positions and to measures for improvement of drawing up long-term budgetary forecasts.
Key words: long-term budget forecasting, public finance sustainability, economic-mathematical modelling, fiscal projections, fiscal gap, long-term risks.
Tax Planning in Public and Municipal Establishments of Education
Efficiency of economic activity is in direct dependence from competently and reasonably constructed tax system. Any tax planning is connected with certain risks. Degree of these risks depends on quality and validity of tax planning, on legality of measures undertaken in this area. Analysis of features of tax planning in public and municipal establishments of education was subject to research. Article opened features of influence of tax factor on activity of public and municipal researched establishments.
Key words: tax planning, tax risks, education establishments, public and municipal establishments.
Yu. Shvetsov, O. Bulash
Socially-oriented Budget and the Bases of Its Formation
In the article the problem of the improvement of budgetary regulation in RF is examined. The main disadvantages in the acting mechanism of the formation of state financial resources in the society are presented, the basic flaws of the theory of budget, are revealed the most important directions of the transformation of budgetary flows in the national economy. The characteristic of the component elements of the proposed system of formation and regulation of the budgetary resources of state is given.
Key words: budget, budgetary system, tax system, public finances, budget code, budgetary regulation.
Prospects for the Development of Russian Pension System
Retirement pension is one of the most important social achievements in 20 century. Pensions are very important as social a factor, but ones impose relatively high burden for economy via system of obligatory contributions. Russian pension system faced significant deficiencies in 2013. The author analyses current situation and suggests some arrangements to balance the Russian pension system.
Key words: pension system, non-state pension funds, accumulative part of pension, federal budget.
Development of Instruments of the PPP Projects Financing
in the Sphere of Transport Infrastructure in Russia
The question of public financing of investment projects and its realization by means of public-private partnership (PPP) becomes more important recently, taking into account the existing budget constraints and constantly growing demand for public services, especially in the sphere of transport infrastructure. The complex of measures aimed at the improvement in conditions for PPP are formulated in the article. Among them are wide use of infrastructure bonds and investing of National welfare fund and accumulated pension savings into transport infrastructure projects. Several proposals are also formulated to reduce the transaction costs during PPP tendering process and make PPP projects more transparent.
Key words: public-private partnerships, project finance, infrastructure bonds, transport infrastructure, transport infrastructure financing, public finance.
Analysis of Government Programs
Aimed at Socio-economic Development of Macroregions
In the article the comparative analysis of approaches to the study of the notion of macroregion is carried out, highlights the key characteristics are allocated and the author's definition of the macroregion is given. The assessment of realization of state programs within regional policy taking into account national priorities of economy of Russia is presented, and also the problems of socio-economic development of macroregions is identified.
Key words: macroregion, government program, region, socio-economic development.
State Regulation of Mining, Processing and Trade Turnover
of Precious Metals and Gems in the People's Republic of China
The article presents the public policy analysis of the People's Republic of China in the branch of precious metals and gems. The analysis identifies different tools contributing economic growth in the industry. Also this work determined the place of the People's Republic of China in the world market in this branch and prospects of the branch development.
Key words: precious metals, gold mining, government regulation, mining, gems, jewelry.
The Practice of Public Debt Management in Terms of Globalization
In the article there is shown the importance of public debt management under current conditions and also are considered institutional models for public debt management, suggested by the researchers of the World Bank. There is also shown in the article the significance of conducting control procedures in public debt management, and Guidance for Conducting a Public Debt Audit, worked out by INTOSAI, is presented.
Key words: public debt, models for public debt management, control in public debt management, guidance for conducting control.
Mandatory Funded Component of the Pension System:
Domestic and Foreign Experience
The article the author considers the factors affecting the ability of pension systems to meet their obligations to the insured citizens. The research of formation and functioning of the mandatory funded component of the Russian pension system and a number of foreign countries.
Key words: accumulated component, pension system, pension fund deficit, the number of pensioners.
A Comparative Analysis of Practice to Stimulate
Private Investment in the Mirror of the Scientific Literature
The article considers the actions of Russian and foreign tax policy to stimulate investment and innovation. The analysis of the key legislative instruments and initiatives on taxation of profits in the Russian Federation. Specific proposals to amend existing legislation to improve the efficiency of its enabling function.
Key words: taxation, income, benefits, investments, innovations, legislation.
Tax Incentives of Investments into Fixed Fapital
in Russia at the Present Stage
There are straight lines and the indirect methods allowing the state to make impact on stimulation of economy and investment activity of the business. Allocation of budgetary funds on carrying out research and developmental works is a direct method of influence. To indirect methods carry tax privileges, use of the mechanism of the accelerated depreciation of fixed assets, granting the investment tax credit. In article operating Russian practice of tax incentives of private investments into fixed capital, efficiency of used tax tools is considered, the actions directed on increase of efficiency are offered.
Keywords: SR&ED, tax incentives, investment tax credit, mechanism of the accelerated depreciation.