Financial Journal № 1(11) January 2012
Macroprudential Regulation of Financial Markets
Financial crisis confirmed the system nature of the global financial market, demonstrated the deficiencies in the system risk and financial institutes regulation. Cardinal change of the risk management models is now a must. The article attempts assessment of the current transformation of the risk assessment agencies and risk management procedures worldwide and in Russia.
Key words: financial system, financial markets, system risks, crises, system regulation
Tax Administration as a State Revenue Growth Reserve
Current economic condition could result in problems in development of the state budget of Russia, especially its costs part. One of the main methods of the tax revenue increase is tax administration toughening. The article analyzes legislation and tax control system of Russia and proposes measures for enhancement thereof.
Key words: taxes, tax administration, on-site tax audits, desk-top tax audits, tax control
Legal Base of Financial Control: New and Old
Federal Law «On the general principals of organization and operation of the audit agencies of the Russian Federation constituents and of the municipalities» was passed in 2011. The author analyzes the situation resulting from the above law that regulates certain parameters of the external state and municipal financial control. It presents proposals on completion of development of the legal base for such control.
Key words: state control, external financial control, legal base of control, supervisory and counting authorities
E. D. Tovar Garcia
Globalization Impact on Financial Development of Emerging Economies
The article analyzes the impact of financial globalization on financial development of the emerging economies. Empirical evidence with new indices that better reflect the theory and primary concepts is discussed. It presents evaluation of dynamic panel data based on the generalized method of moments. Principal conclusion: financial globalization promotes securities market growth but has no effect on credit growth or financial development.
Key words: financial globalization, financial development, developing countries, panel data, generalized method of moments
State Budget and Public Needs
The article deals with relevant budget theory issues and presents characteristics of the budget functions and the budget system development principles, describes deficiencies of legal base regulating the budget relationships, as well as the Russian budget process deficiencies. It presents a justification for re-orientation of the budget to financing of the priority public needs.
Key words: budget, state, budget system, revenue and costs, public needs, budget process, decentralization of budget costs
Public Utilities Infrastructure Financing Technologies
The article reviews banking technologies of the pre-investment research and financing of the public utilities investment programs and characterizes the mechanism of financing of the energy efficiency and energy-saving projects. It presents certain public utilities and housing issues and possible metods of resolution thereof.
Key words: national and international development institutes, banking technologies, public private partnership, energy service company, energy audit
Development of Budgeting Methodology for Public Finance System
Recently, budget process in Russia has been focusing use of special purpose-program methods, medium-term planning and higher cost efficiency. The article covers a relevant area of the public finance methodology development — integration on based on result budgeting (BOR) with strategiс management instruments and adaptation of the commercial financial instruments set to the BOR purposes.
Key words: budgeting, based on result; budget process; system of balanced indicators; program budgeting
Market Model of Innovation Financing: Descriptive Analysis
Stock exchange-based innovation financing model is referred to as the market model. Using the US and some other countries as an example the article analyzes its strong and weak points, reviews venture capital as the basis of financing of the innovations. The emphasis is on the factors promoting efficient functioning of this model.
Key words: innovations, market model of financing, stock exchange, liquidity
М. Moiseeva, I. Voishvillo, N. Milogolov
Taxation of Oil and Gas Production: Development Trends
Implementation of certain state policy measures is required to support operating efficiency of Russian oil and gas producer companies, including tax optimization. On the basis of the results of the analysis of the oil and gas sector regulation in producer companies and of the Russian producer companies taxation features the article defines the areas where the state tax policy of Russia can be enhanced.
Key words: oil and gas producer companies, tax regulation, mineral extraction tax, excess profits tax
«Invisible Hand» of the Market and Prices Movement
The publication attempts to align the theoretical market movement provisions known as the Dow Theory with the “invisible hand of the market” concept introduced by A. Smith. Using the Russian stock market as an example the author established that these theoretical concepts do describe the reality. Despite the global financial crisis they are miraculously complied with by the financial markets. The article analyzes movement of the MICEX index and dynamics of certain most liquid Russian stocks.
Key words: «invisible hand», Dow Theory, wave movement, stock market, bull trend, impulse, correction
Information Analysis in Business Acquisition
Decision to acquire a business is based on an objective system of indices and factors. The article presents the algorithm of due diligence of the seller company and the business to be acquired in general and identifies the issues that can arise in the course of such due diligence. A management accounts analysis methodology is proposed for calculation of value-for-money of the purchase.
Key words: business acquisition, pre-investment analysis, direct/indirect effect, synergy effect, management reports analysis, internal rate of return
International Inflation Targeting Experience
The article presents an overview of the experience of transfer to inflation targeting of three countries representing various inflation-targeting groups of countries: England, one of the pioneer countries; Chile, one of the «second wave» countries, and Norway, a «third wave» country. The article presents the statistics defining efficiency of the introduced regimes and the most significant conclusions based on these countries’ experience.
Key words: inflation targeting, monetary policy, crisis, monetary conditions, nominal anchor
Review of the Pension System of Italy
The article presents a review of the pension system of Italy through the prism of the analysis of the major reforms over the last twenty years. It reviews a three-level model, presents a detailed description of the mandatory and voluntary pension insurance levels. Finally, it presents certain conclusions on amendment of the pension system depending on the environment of application.
Key words: pension insurance, base pension, PAYGO system, funded scheme, corporate pension funds
E-Business Taxation Practices in Russia
The article presents digital analysis of e-business and reviews potential Russian budget losses in the absence of an adequate e-business taxation system, analyzes the effective e-business taxation system and proposes ways for enhancement thereof.
Key words: e-business, e-services, taxes, tax administration, permanent establishment
I. Fedorova, Е. Elistratova
Enhancement of the Education System Financing Mechanism
Education system development is one of the priority objectives of the modern Russian state policy. Support for the regional integrated education modernization projects have been provided within the “Education” National Project since 2007. The reform also includes enhancement of the financing mechanism and cost efficiency. The present article reviews the problems of practical implementation thereof.
Key words: education, education system reform, education sources of finance, standard per-capita financing principle, cost-efficiency enhancement
«Taxes in the Modern World» Workshop
«Financial Journal» presents the materials of the «Taxes in the Modern World» Workshop, which discussed relevant issues of taxation and tax regulation in Russia and internationally. The Workshop was participated by the representatives of the Ministry of Finance, teachers, post-graduates and students of the State University of the RF Ministry of Finance.