All the world’s financial markets and their segments are subject to risks. Fighting risk is not effective and useless, as they will still occur at varying intervals, and their appearance on one segment may affect the other or all at once. Therefore, the question is considered in terms of minimization and hedging, but it is impossible to exclude regulatory measures from the government.Currency legislation of the Republic of Kazakhstan is based on the Constitution of the Republic of Kazakhstan, the Law of the Republic of Kazakhstan “About Currency Regulation and Currency Control” and other normative legal acts of the Republic of Kazakhstan.The situation in the deposit market is an indicator not only of the banking sector, but also the economy as a whole. Fluctuations in commodity exports and adjustment of the national currency could have a serious negative impact on the stability of the whole economic system of the state.Recent events in Russia showed without government support, many banks are not able to show their worth, at a mass outflow of deposits from them. Further actions to improve the key rate and increase the guaranteed sum insured will gradually lead to normalization and return of confidence among the population.All these measures have been carried out in Kazakhstan in 2009 after a sharp devaluation (as opposed to the Russian Federation), but early enough and such a stir arose.At present, all of the risks of devaluation risk is the highest, therefore, the population tends to move their savings and savings in real assets. Nevertheless, the outflow of funds from banks is not observed and the mortgage remains one of the real instruments in the financial market. Risks that are shaking the world economy can not get around Kazakhstan, and thus the introduction of international requirements is difficult.Thus, based on our review identified some positive and negative aspects of the implementation of Basel III in Kazakhstan can be attributed to the negative, then that part of the requirements established by the regulator at this point can not be implemented by banks and there is no direct impact on the risk profile of the bank; the same applies to the pluses, what organized system of risk management and internal control and management of liquidity risk.

Opportunism is primarily identified with the policy. However, in the economic sphere is now quite often manifests this concept, which negatively affects the position of the owner of the resource. The opportunism in a prism of economic science is considered in Oliver Uilyamson’s works the Nobel Prize laureate on economy in 2009 with the formulation “for researches in the field of the economic organization”. O. Uilyamson understood as opportunism “following to the interests, including fraudulently, including such obvious forms of deception as lie, theft, fraud here…”. Market relations, this phenomenon does not cause such a violent public backlash, as the market is the market. However, in the field of public participation, namely public procurement market opportunistic behavior of agents is often a public outcry, which requires the development of specific preventive measures. The urgency of this problem is justified considering the constant tightening measures to combat corruption in the state order. In connection with what in this article on the basis of methods of analysis, deduction and systematic approach is considered opportunistic aspect of public procurement in the Russian Federation. The author gives a classification of opportunistic behavior in the current contract system of Russia in accordance with the position of the founder of the concept in economics O.Williamson.The dynamics of the positive economic effect of public procurement market, as well as the dynamics of opportunistic behavior identified by public authorities supervising the observance of the legislation in this area. Proposed focus of reducing the influence of negative trends on the operation of the contract system of the Russian Federation.

In modern conditions, despite the recognized large impact of the export potential on the efficiency of enterprises , the scientific community is still discussing the content of this economic category, approaches to managing the export potential , its formation and development. In the article, the author has applied methods of comparison and generalization of the existing approaches to define the export potential ; he has also given its detailed classification . As a result of the study , the author has formulated a comprehensive definition of the export potential of an enterprise, based on a development-oriented approach, indicating the place of the export potential in the cumulative potential of the enterprise. Regarding the types of the enterprise export potential , the author has proposed to distinguish the actually realized and unrealized export potential (i.e. reserves ). Identifying and analyzing the reserves for increasing export capacity will enable enterprises to reduce the risks associated with the promotion of products to foreign markets and increase the profitability of export activities at a minimal cost of resources.

One of the major problems that confronts modern managers is to improve the management of organizations in market conditions.Traditional approaches to management based on the rationalistic methods for analyzing and solving problems, formulating clear vision and direction of action are becoming scarce, hindering the success of the enterprise. One of the important scientific and practical problems is the search for effective strategies and mechanisms of organizational changes and changes that will strengthen the activities of organizations, increase their competitiveness, and as a result, will create the basis for the technological development of other sectors of the Russian economy.One of the conclusions of the authors is the ability to use the Pareto principle in the management of business processes. This means that we must first focus on the most critical to achieving the strategic objectives of the process, leaving for later, possibly problematic, but not the core business processes.The purpose of this study is to develop practical recommendations for the management of organizational changes at Russian enterprises.The work is the result of a study conducted by the authors in 2009-2013 as part of the scientific school “ResearchManagement Business Process Re-Russian Industry” (supervisor prof. A.O. Blinov). The methodological basis of the study are scientific methods, including a systematic approach and the dialectical method for studying complex economic processes, and methods of basic sciences (comparative analytical, situational) methods of control systems (the method of questioning, a sociological analysis of the problems of functioning of industrial enterprises, the method of expert estimates).To solve the problems in the study used as economic and statistical methods,modeling of economic processes. In article identified in the study for the effective conduct of reorganization of companies. Establish conditions that have the greatest weight in the implementation of projects of organizational change. Proved that one of the ways companies go on a highly level is the development of a new strategy or policy of the company, based on the use of new campaigns, new ways of thinking, new management models.The main methodological and practical recommendations in paper can be used in practical detail enterprises.

The article reviews the history of Cost - Benefit Analysis for investment projects in road infrastructure.The topicality of the subject is due to the fact that in Russia there is a vacuum existing today in respect of methods for social and environmental evaluation of projects with public funding. In global practice, the analysis of “costs and benefits” is widely applied to justification of public financing for transport infrastructure projects. Use of this method in Russia will allow to refocus infrastructure projects on a sustainable development and increase their financial stability, will also create a mechanism for justifying state investments channeling into transport infrastructure and will offer quantitative criteria for selection of projects. A particular feature of this method is the inclusion in project analysis of nonmarket impacts generated by the project - social, economic benefits and losses to society. The article considers the main categories of gains and losses to society in creating the transport infrastructure; defines the problem of their evaluation, and suggests approaches to accounting for these effects during the social assessment phase. The application of the considered method is also illustrated in the article through an analysis of a project to deploy a network of high-speed highways in Russia expected to be made operational by the year 2030. Prospects for development of this kind of analysis in Russia relate to further elaboration of the methodological basis for evaluation of ecological damages and social effects relying on non-market techniques and sustaining further research in these issues.

Article Retracted.

Current trends of social and economic development of the country demand from the management and the personnel of the organizations of the fast adaptation and adaptation to the changing conditions. In turn, it demands the weighed personnel policy at the enterprise for the purpose of design of organizational system which would be connected with the solution of the main problems of human resource management at an appropriate level. Long time the economy of our country was planned, that is all enterprises were in state ownership, and their activity was regulated at the level of public administration. For this reason, to each certain head of need wasn’t independent to make strategic administrative decisions. With reorientation of the country to the market relations the situation changed, and in the majority of the enterprises there were private owners.The article demonstrates some aspects of the coal enterprises staff image in the current socio-economic conditions. The problems associated with psychological readiness management personnel for being in corporate social responsibility. The analysis of the specificity of image management of the coal industry is presented.

This paper raises the issue of compliance with the principles of corporate social responsibility at all levels of business operations, including pre-investment phase of project construction. Sustainable development of the company at the present stage is impossible without decision-making, taking into account not only the economical aspect, but social and environmental communications with partners and the world in general. The author proceeds from the need to supplement the existing system of investment decisions methodological support through the introduction of such a complex index as an indicator of the of multi-criteria utility by which a comprehensive and qualitatively improved estimation of technological complex allows the decision-maker to enter the best option that allows to reach not only short-term goals of the company, but also to strengthen its base of sustainable development through the multiplier effect of increasing utility. As a result, it is the integration of environmental, ethical and other standards in the management of high-tech industries, and the decision making process (DMP) at the option of technological complex choice becomes clearly structured procedure that allows leveling subjectivity and incomplete information, is an inherent part of DMP in market reality. The greatest prospects for application of this methodology involve the use of it in practice of decision-making in large companies, realizing the high-cost investment projects, which are associated with the greatest risks and where particularly high price making suboptimal decisions.

Article Retracted. The purpose of this paper is to analyze Medical Savings Accounts as an instrument used to finance private health care expenditure incurred by individuals in Poland. An Medical Savings Account (MSA) represents a mechanism of health care financing, which relies on the accumulation of personal savings to cover the costs of health care services at the time of consumption. The paper focuses on voluntary MSAs, which - from an individual’s perspective - can be considered as a tool for financing additional out-of-pocket medical expenses, especially after retirement. The concept and specific characteristics of an MSA and a financial product combining the Medical Savings Account with insurance against catastrophic health care costs are presented here. Next, with the use of actuarial methods, a model is proposed in order to estimate the amount of initial MSA balance, which representsa single payment made to this account to cover future health care costs without additional contributions. In the analysis the discounted value of health care expenses of an MSA holder is estimated depending on expected health care expenses, assumed interest rate and mortality rates. The results of the conducted simulation analysis can be useful in practice, especially in the context of accumulation of savings to cover private medical expenses incurred by retirees, which - if are funded on an ongoing basis - can result in a significant burden for retirees’ household budgets.

The research studies the role of the Federal Treasury in reforming the budget process in the Russian Federation. It analyses the key areas in which there are drastic changes both in the activity of the Russian Treasury and in the management of public finances as a whole.The methodological basis of the research is formal-logical and systematic approaches, analysis of trends in the development of the Federal Treasury and its role in the management of public finances in the Russian Federation. The research analyses the provisions of the new revision of the Budget Code of the Russian Federation which provides for the formation of the legal basis for the system of the budget (Treasury) payments that will ensure for budget execution to transit from counter to treasury services with a help of single treasury account.The result of the research shows that further reform process of budget payments should take place under the conditions of full implementation of the “Electronic Budget” which allows providing funds management through automation of the cash plan in the budget system of the Russian Federation, a single treasury liquidity management (budget) account, effecting budget payments, the processing of bank statement.

The current extensive process of conversion of the Bank of Russia’s accounting service (which is the largest in the bank) is done by centralizing accounting functions to shared cervices centers. The adopted approaches and speeding up the dates of the reorganization measures will lead to the drastic increase of risks in the bank that cannot be regarded as an internal affair of the Bank of Russia, considering the importance of the functions carried out for the country as a whole.The article refers to the process of reforming of the accounting department of the Bank of Russia, including the dynamics of the plans for its transformation. The conclusions are based on non-obviousness of the economic feasibility of the approaches for the reorganization of the accounting department and the necessity of establishing an effective public control over its activities.

In this paper we consider the impact of coupon payment frequency on the bond duration. The frequency of coupon payments per year is not among factors that have the key impact on the investment features of bonds. Scientists have already mentioned the impact of this factor on bond duration. However, no special research has been conducted. That is why the theory of investing in financial instruments with fixed income is incomplete. If we take into consideration that bond duration is a rather adequate measure of its interest rate risk, the solution to thisproblem is important from a practical point of view as well, as it allows to have a better understanding of factors that impact the interest rate risk of bonds.The problem is solved under certainty for fixed values of the bond’s key parameters. The main mathematicaltool is the expansion (of complex) functions in power series and actions with the series, such as addition and multiplication of series. We used the features of alternating series and convergent numerical sequences.The main result of this work is a mathematical proof that the bond duration depends on the frequency of coupon payments, which can be seen as a part of the theory of financial investments with fixed income. It is proved thatfor fixed values of the bond’s key parameters, when the frequency of coupon payments is increasing, the sequence of duration’s values is decreasing, which corresponds to the meaning of duration. We got the value of the limit of this sequence. The assertions were proved and confirmed by concrete calculations.Theoretical results - proved assertions about the impact of the frequency of coupon payments on duration - can be considered a contribution to the theory of investment in financial instruments with fixed income. The results can be used for the purposes of portfolio and long-term investment.

Dynamics of debt on loans is important characteristic of the development of the real sector of the economy. Growth of arrears indicates negative trend of the economic development of the real sector of the economy. In connection with the above monitoring and forecasting of the volume of the overdue debt has a very importance in the conditions of economic instability. We used the Official statistics of the Central Bank of the Russian Federation to show a steady decline in the share of overdue debt in the period from January 2011 to December 2013, and the change of this trend in the beginning of 2014. Greatest growth of overdue debts since the beginning of 2015, which was a manifestation of the crisis phenomena in the Russian economy.In this article we constructed models for predicting the volume of overdue debt on loans to legal entities and individual entrepreneurs. There was evaluated the predictive properties of the constructed models and showed the advantage of the use of the identification approach to the choice of model structure.

To reveal the role of openness of a national economy in the system of conditions and factors of international industrial cooperation development.The system approach based on such scientific methods of theoretical and empirical studies as observation and comparison, analysis and synthesis, induction and deduction, as well as mathematical and statistical methods for economic analysis.The main types of openness of the economy were identified; contradictory impact of economic openness on international cooperation was defined; at the same time, it was shown, based on projections of reproductionalopenness of the economy of the Republic of Tatarstan as a region of the Russian Federation and the interpretation of their results, that the subjects of the Russian economy were deeply embedded into the global reproduction networks.Scientific novelty: In the article, through the use of complex of methods, the role of openness of the economy in the context of innovative development and economic security of the country was investigated; embeddedness of international production networks in the Russian economic system was proved; first time the term “cooperational openness of the economy” was presented and analyzed.Practical value: Key points and conclusions of the article may be used in the development of the main directions of foreign economic activity of the country and its regions.

The article is devoted to the influence of the economic crisis on the world labour market. The main attention is paid to the analysis of different aspects of employment in the contemporary world which distinguishing features are growing unemployment, misbalance and instability. The contemporary world is characterized by the departure from the standard employment model where people get their salary as hired workers within the frame of legal labour relationships with employers, have the stable jobs and work full-time. The standard employment model is being progressively less used in the contemporary labour sphere, as less than one of four workers obtains employment on the terms of the respective model.As the author thinks the ongoing world labour market crisis leads to serious losses in the world economy. As the experts of the International labour organization forecast minimally three million people will seek job in 2015 and later on the number of unemployed will be increasing in arithmetic progression during four years annually by eight million people. In order to solve the employment problem for such number of unemployed it is necessary tocreate at least more than 200million jobs by 2019.The article gives the practical instructions worked out by the International labour organization and World Bank which implementation will contribute to overcoming the crisis in the labour sphere.

The paper studies the demographic component of the pension insurance institute, the problems of demographic development in Russia at the present stage, their influence on the formation of the institute for pension insurance. The introduction of the disclosed content presents the demographic components, its relationship to employment and the formation of the pension resources. The substantive part describes the basic indicators of demographic development, which have a direct impact on the pension system. The final provisions includes the conclusions on the role of demographic factors and their association with the institute of pension insurance, proposed measures to improve the pension insurance mechanism, taking into account demographic factors considered.

In this article issues of macroeconomic cognition methodology are being considered accenting the problem of unification fundamental possibilities based on common principles of philosophy of science. When interpreting Karl Popper’s postulates on demarcation and science progress author comes to a conclusion that there is no fundamental difference between gnoseological basis of all the sciences in possession of theoretical level. Furtherelaboration of mentioned postulates within macroeconomic context points out the effectiveness of using data mining for connecting theoretical and empirical cognition levels while either generating theoretical hypotheses or estimating their correspondence to the reality. Non-hypothetical character of data mining tools, especially neural networks of supervised learning, gives all the opportunities to show up to falsificationism which according Popper is the basis of science cognition progress. Nevertheless, the true implementation of all the data mining potential towards macroeconomics needs providing data of the highest quality. Identification of statistical indicators that match theoretical variables is based on their fundamental comparison considering also all the suppositions of country statistics which are stipulated by its specificity. It was done after thorough studying of National Economic Accounting; its authors pointed out all the problems connected with that suppositions so researchers could take into account all the distortions of statistic materials.This article reflects gnoseological possibility and effectiveness of applying data mining tools to macroeconomic problems, first of all estimation of correspondence between theoretical constructions and reality necessary for improving prognostic capabilities of macroeconomics.

The system fields of economy energy industry is one of the priorities as to solve strategic and operational economic and social problems. Due to the energy driven by machinery and equipment, created comfortable conditions of human life, both at home and at work, the industry plays a backbone role in the economy of any country with a developed industry. This leads to the role of energy as a factor of influence on the economic security of the region and the country as a whole. Today, there are factors and risks hampering the development of the energy complex. They are both a source of threats to the energy security of the country.The purpose of this study take into account the practical aspects of reproduction and distribution of electricity using the methods of determining the economic dangers and threats investigated industry. Considered in this paper contribute to a real understanding of issues concerns the electricity industry as a segment of the economic environment at the national and regional level and to develop strategies to ensure the economic security by identifying and reducing threats to the industry.