Financial Journal № 4(14) October 2012
G. Shakhova, P. Kradinov, P. Manenok
Long-term Sustainability of the Budget System
The article provides an analysis of the international experience in the development of long-term fiscal projections. Special attention is paid to the indicators to assess the long-term public finances sustainability. The authors give their suggestions as to modernize Russian practice of long-term budget planning.
Key words: multi-year financial planning, budget system, long-term public finance sustainability, fiscal projections, budget strategy
Actual Problems of the European Financial Policy
The article discusses possibility of the new phase in the development of the European financial policy. It defines the Euro Zone crisis, as well as the anti-crisis measures developed by the European Union.
Key words: financial policy, budget, sovereign debt, euro zone, anti-crisis measures
Methodological Approaches to the Management of Opening Financial and Economic Systems
The lack of theoretical and methodological foundations of effective management of financial and economic systems in conditions of systemic instability of global markets challenging conventional ways of thinking and behavior of decision makers. The article attempts to bring the most relevant methodological approaches to evaluating behavior and development, as well as the policy management of sustainable development of open financial and economic systems.
Keywords: open economy, chaos, economic agents, public policy
Property Relations and Ground Rent
The question of the article is the relations of land property, the three-unit of the property rights and the splitting of the rights bunch of land property in modern Russia. The way of the land property realization with the help of ground rent withdrawal with effective taxation for the state income is offered.
Key words: land property; the right of possession, usage and disposal of land; ground rent; differential rent; absolute rent; land tax
Managing over Financial Risks of Corporate — Capital Structure and Free Cash Flow
The model is proposed to set financial policy of corporation, based on two basic conditions for solvency and credibility — sufficiency of assets to back main debt and sufficiency of free cash flow to pay interest. By comparison output growth with debt growth and adding condition for free cash flow sufficiency to repay interest expenses, a simple formulas are deduced to determine the safe limit of debt to assets, debt to output and maximal primary deficit of corporate budget to build a corporate budget policy.
Key words: the ratio of debt to assets, the ratio of debt to output, free cash flow, primary budget deficit, conditions of creditability and solvency
Formation of the System of International Financial Centres in Russia
The article analyses problems connected with realization of governmental decisions on creation of international financial centre (IFC) in Russian Federation. Conclusion is drawn that development of single Moscow IFC may give rise to regional imbalances in financial and economic development of the country. In this connection the article considers methodological aspects of formation of the system of financial centries covering the several largest cities of Russia.
Key words: international financial centre, global financial crisis, modernisation, financial market
Modeling of Influence of Taxes on Economic Growth
Constructed in the paper is the dynamic model of GDP growth rates dependence on tax charge and gross government and private investment. The model is applied to state the rules of tax charge regulation for the purpose of GDP increase and in dependence on gross government and private investment. Efficiency of the model is tested on the real data for the Russian Federation and the United States for the period 2001–2011.
Key words: budget, GDP, public sector, investment, correlation, tax burden, growth rates, private sector, efficiency of investment
Effectiveness of Budget Expenditures for General Education
The article analyzes the effectiveness of budget expenditures on general education, the Omsk region identified with high, medium, and low efficiency of use of budgetary funds of general educational institutions. It is proposed to use econometric approaches as a part of measures to improve the efficiency during the development and carrying out the budgetary and educational policy of the region.
Key words: efficiency, index of effectiveness, budget expenditures, efficient expenditures, general education
The Regions of Innovative Development of Russia
The territories of economic development are a tool to enhance the innovative potential of the Russian economy, which is especially important in the face of the global economic crisis. Article analysis such types of territories, as research campus, technopolis, techno-innovation zones, clusters, etc., and gives recommendations for improving their activities.
Key words: science city, cluster, technopolis, special economic zones
Implementation of Innovative Strategy in the Education Development Program
This paper is devoted to the role of education in the innovative development of Russia, improvement of the legal regulation of the education system and the implementation of innovative strategies in the federal target program for the development of education.
Key words: federal target programs, regulatory and legislative control of the education system, innovative development
Guidelines in Budgetary and Fiscal System of Russia
In the article the vital problems of the theory of budget, connected with development and improvement of this important economic category, are examined. The characteristic of the functions of budget and principles of the construction of budgetary system is given. The need for the reorientation of budget for financing of the first priority needs of society is substantiated.
Key words: budget, state, budgetary system, incomes and expenditures, social demands, tax system, public finances, inter-budget relations
Risks Management Opportunities in Stock Market under Conditions of Economy's Instability
In this article are considered the risks of the stock market which can lead to serious consequences in the case of their manifestation. It is large investor losses, defaults of companies or even countries. This paper provides examples of risks in the Russian market and makes recommendations how to avoid losses and make a profit during the crisis.
Key words: stock market, issuers, investors, emissive equity securities, cyclic movements, privatization, market indexes, credit default swap
E. Galishnikova, L. Stakhovich
Measuring Access to Financial Services in Russia and the World
The article is devoted to the problem of increasing the availability of financial products and services to the public. It describes the methods of assessment in Russia and abroad. The conclusion is that it is necessary to develop the strategy of integrated approach to increasing of the access to financial products and services, which includes financial literacy training and development of the system of consumer protection.
Key words: financial services, availability of services, personal money management, financial literacy
N. Kachanova, I. Linkova
Analysis and Control of Tax Revenues in the Russian Federation
The paper discusses issues related to the study the organization of the control of the tax authorities in our country, analysis of the dynamic of tax revenues, identify factors influencing on it, and improving control of the tax authorities.
Key words: tax control, desktop inspection, site inspection, tax arrears to the budget, tax laws
The Tax Analysis as the Independent Type of the Economic Analysis
The tax analysis of firm traditionally wasn't allocated from the economic analysis. The author identifies it as the independent direction, defines its object, a subject, purposes, tasks and contents.
Key words: tax analysis, classification of the economic analysis, purposes and tasks of the tax analysis, tax risks
I. Fedorova, M. Prokofiev
The Financial Strategy of Autonomous Organization
The article includes theoretical aspects of the strategic management of finance and features of the financial strategy of non-profit organizations. The content of financial strategy and stages of development are considered at the example of autonomous organization of the physical culture and sports sphere.
Key words: strategic management of finance, reforming of budgetary sphere, autonomous organizations, financial strategy of non-profit organization, standards of budgetary financing, increasing of efficiency of spending
O. Donichev, S. Grachev, A. Taran
The Factors of Formation Innovative Potential of the Region
The article deals with the issues of forming the innovation potential of the region as a basis for the implementation of the modernization process in the economy. An analisis was performed to determine the possible reduction in funding science and research, the restriction of investments in the development of material base for research and development, technological innovation.
Key words: innovation potential, investing in high technology, the processes of modernization, funding research
D. Arutyunyan, O. Kalugina, I. Klimova
Translation in Development of Communication Competence
The article views translation as the effective technology which promotes efficient of the finance and economics university students. It deals with the problem of usage of translation as one of the means of foreign language skills development at a limited period of time. Different types of translation exercises and the ways of their improvement are considered.
Key words: communication competence, communication technologies, translation, perception, realization, optimizing
Intangible Cultural Heritage in English Texts
The article looks upon the correlation between the English culture heritage and written texts. The author explores which language phenomena contain cultural and historical message, how this implicit information can be interpreted in language classroom context and why students should be aware of these shades of meaning.
Key words: language vision of the world, unification, professional styles of speech, etymology, Latinisms, archaisms, idiomatic units, ceremonial phrases, cognitive approach, implications, interpretation