Financial Journal № 3(13) July 2012
О. Bogacheva, V. Sidorenko, О. Yastrebova
Adoption of Program Budgeting: Issues and Solutions
The article reviews relevant issues pertaining to adoption of program budgeting in Russia. Particular focus is on the problems that impede development of the state programs. It is noted that elaboration thereof by the appointed action parties will ensure development of the 2013 Federal Budget and that for 2014–2015 in the program format.
Key words: new budget reform stage, budget program format, government programs, federal task-level programs, efficient state finances management
G. Shakhova, P. Kradinov
Efficiency of Budget Expenses in Public Purchasing
The article critically analyzes the practice of placing orders for public needs, and shows that legislation in this area is not conducive in terms of fulfillment of requirements to improvement of the budget expenses efficiency. The need for the public contract system is being justified. The article identifies risks that can reduce the significance of adoption of a new law on the federal contractual system.
Key words: public contract, public purchasing, budget expenses efficiency, Law No. 94-FZ, federal contractual system
Prospects of the US Dollar as the World Reserve Currency
The article discusses the problem of US Dollar domination in the world currency system. It reviews the demand for US Dollar in international settlements, state reserves and loans, as well as the degree of dollarization in the world economy and makes a conclusion that it is early to speak about the USD epoch eclipse. The American currency future will depend on the ability of the USA to keep the world economic leadership and provide the attraction of their currency for the participants of the world economy.
Key words: currency system, reserve currency, US Dollar, global crisis, financial markets
V. Gorelik, Т. Zolotova
Correlation of Return on Investment Portfolios and Equity Market Stability
The article presents assessment of the collective risk on the equity market as a measure of variability of the investment portfolios. It proves that uniform behavior of investors, i.e. portfolio optimization per Markowitz (with regard to different risks), results in positive correlation of the return of their portfolios, which may cause significant volatility of the market. An approach to market stability assessment is proposed.
Key words: individual risk, collective risk, correlation, market entropy, stability measure
L. Goloskokov, T. Abakumova
Network Society as a Tool of Innovative Development in Russia
The article discusses the use of new methods of arrangement for investment activities under conditions of competition and contest between leading countries of the world. It explains the hypothesis that the most efficient way to restore the financial and economic power of Russia would be building of the network society contemplating a creation of the innovative investment network with involvement of the majority of citizens of the country.
Key words: network law, network economy, network society, national idea of Russia, innovations, investments
Strategic Cost Management
The publication presents basic methodological approaches to implementation of strategic cost management, provides rationalization for the required budgeting instruments, including tax budgeting. Factors impacting the costs level are analyzed. Cost accounting per cost center is reviewed in detail.
Key words: costs, cost-forming factors, cost management, cost accounting based on responsibility centers
Implementation of Flexible Targeting of Inflation in Russia
State monetary policy reform invariably entails in-depth restructuring of the monetary regulation authorities' work. The article reviews the proposals for reform of the effective Bank of Russia practice to enable transfer to flexible inflation targeting.
Key words: flexible targeting of inflation, key rate, base banks, regulatory rates
Contemporary Risk Management Methods in Insurance Company
The work analyzes current methods of risk management by insurance companies and defines the range of objectives to be achieved for a positive financial result of insurance operations. Investment portfolio risk level, the minimal allowable solvency ratio for assessment of reserves sufficiency based on W. Flemming's investment model are proposed.
Key words: mathematical simulation, risk evaluation, paying capacity, risk management, insurance capital
Nature of Financial Control
The article reviews the nature of financial control with regard to the impact of financial control institutions, especially the state control institutions, on the national control quality. Inconsistency of this process defined by the state regulation of the operation of such agencies государство is revealed.
Key words: financial control, nature of control, monitoring system, state management, auditing authorities
Patterns and Trends of the Credit System Development
The article reviews the theory of the credit system organization. The study identifies the credit system development trends, defines its dependence on the general economy development cycles. Credit systems typology bases on the genesis thereof is proposed.
Key words: credit system, credit, credit mechanism, debt relations, credit organizations, banks, development patterns
Influence of Inequality in Wages on Receipts of the Social Contributions
A reliable forecasting model of the social contributions to the extra-budgetary funds allows to minimize the deviation of budgeted deficit of the funds from its actual values and to make more accurate long-term planning of the pension system revenues. The article offers specification of the model which is based on the analysis of the legislation and the income inequality theory.
Key words: social contributions, extra-budgetary funds, budget forecasting, inequality in wages, Lorentz curve, regress coefficient
Fiscal Burden on the Russian Pension System Financing
The article analyzes the level of fiscal burden on the mandatory pension contributions in Russia and offers various methods for determination thereof. International experience of pension systems financing is analyzed. Correlation of the state finance condition and the scope of the pension system financing is reviewed.
Key words: pension system, fiscal load, insurance fees, mandatory pension insurance, social policy
N. Nikiforova, E. Samarskaya
Types of the Holding Company Organizational Structure and Managerial Accounting
The article analyzes formation of information security of management accounting in the holding company. An important role in the arrangement for the accounting system is played by the entity structure, on which the pace of training and information transfer, information reliability and objectivity depend. For a complex type of the organizational structure an optimal managerial accounting system shall be developed.
Key words: management analysis, holding company, managerial accounting system, arrangement for accounting based on responsibility centers, organizational structure
Risks Assessment and Mitigation Methods
Risks assessment and analysis is an integral part of corporate management. The article reviews the concept, classification and methods of assessment of risks in agriculture. Comprehensive analysis of this matter using a specific organization as an example enables definition of the place of each risk within the overall system, development of the principal risk management methods and determination of the efficiency thereof.
Key words: risk, risk analysis, agricultural organizations, reserves for possible losses, agricultural producers insurance
О. Kalugina, N. Chernyshkova
Presentation in Formation of Communication Competence
The work reviews presentation as an efficient technology promoting communication competence of a finance and economics tertiary student. It presents the presentation structure, classification and development algorithm. Effect of implementation of the humanities technologies in the students' studies and professional activities is shown.
Key words: communication competence, public speech, communication techniques
Scientific and Social Heritage of Alexander Chuprov
The article is devoted to the 170th Anniversary of the date of birth of A. I. Chuprov, a prominent Russian economist and reviews in detail the scientist's research and education work, his active participation in public life of the time.
Key words: Russian school of economy, Imperial Moscow University, political economy, agrarian reform, Russian community
Relevant Training Aid on the Program Budget
The material is a review of the training aid "Program Budget" under the editorship of M. P. Afanasyev issued in 2012 by the publishing house «INFRA-M». The author notes that the present economic reality requires training of new-generation specialists. The said publication is meant for them. It is devoted to issues of theory and practice of the program budgeting.
Key words: program budgeting, textbook, budget programs, budget programs efficiency evaluation