From November 24 to November 26, 2015 I passed the II International forum «In search of the Lost Growth» in Financial university. Within a forum conference «A modern monetary policy of Russia took place: brake or accelerator? Whether the monetary policy promotes economic growth» (the moderator - V.V. Maslennikov). Leading experts in monetary policy area took part in work of conference, and on the basis of the reports given by them especially for our magazine they prepared articles which we publish in No. 1 and 2 of «The bulletin of Financial university».

Before the discussion of the monetary policy problems, it is reasonable to review our financial system as a whole. Any market, including the financial market, is characterized by the balance of supply and demand. To increase the role of banks in the economic development of the country the financial regulation specifically targeted at solving this problem is required. One of the aspects of an effective monetary policy is accessibility of various resources to banks. Along with that, the issues of the long-term support of credit institutions with resources still remain unsolved. As of the end of 2014, the Central Bank of Russia had the highest base rate of the 19 largest world economies and the highest inflation rate. What has to be done to improve the efficiency of the financial system in Russia is discussed in this paper.

The ruble economy must be shaped by a correct monetary policy; therefore, ruble assets must be estimated more realistically (which means they should cost more). „When they try to convince us that the weak ruble is better for us it seems absurd and akin to the saying that the more lightweighted is the salary we receive or are the rubles placed with our bank accounts or in the purse and the less we can buy for them it is advantageous for us. We are setting up the ruble-, not the dollar-based economy, and the more expensive will be ruble assets owned by the households and business, the richer they will be. Of course, mechanisms are needed to protect the domestic market and promote exports. But who said that they are all confined to the exchange rate? After all, its impact has often opposite venues, and the devaluation stimulates primarily the export of raw materials increasing the dependence of our economy on the world market…” (from an interview with „Bankovsky Ryad”).

Based on the study of the geopolitical situation the authors analyze the causes and forecast future effects of the illegal migration both in the EU and the Russian Federation. Along with that, in view of the trends and dynamics of negative migration processes occurring beyond the Russian border, the authors point out that the issue of the unwanted migration inside the country in the context of national security in terms of the territorial integrity and sovereignty of the country hypothetically could be still “set aside” for a later time. However, external migration processes involving Russians that are related to the ISIS terrorist group require not just discussion but adequate reaction of the legislator. Viewed from the above, arguments are given in favor of addressing the issue of legal restrictions on unwanted migrations not only in Russia but also in the CSTO member states.

The article analyzed institutional mechanisms of supporting “growth points” of the innovative economy in Russia, which strategically positions itself in the global market as one of the world technology leaders.In Russia nowadays, there is no organizational structure where the level of concentration and reproduction of intellectual resources would create a potential of advanced manufacturing technologies on the principles of the 6th technological mode. Therefore, there is an urge in Russia to create institutional conditions for the formation and functioning of points of growth of an innovative economy based on advanced manufacturing technologies.

Modern political and economic realities force domestic companies to make a revision of their foreign-trade policies. Many producers have to change geographic directions of their businesses or the export commodity structure. In this regard, solving export marketing problems becomes a matter of strategic importance and relevance. The paper describes the purpose and the main stages of the author‘s methodology for introduction of new products to a foreign market. The investigation was performed using the methods of marketing and economic analysis. It included the study of capacity, structure and concentration of the commodity market, the analysis of entry and exit barriers, the identification of market segments as well as the simulation using the matrix method of revenues and expenses with respect to new types of export products. The implementation of the methodology is shown in the case study of the industrial rubber product market in the CIS countries for the 2010-2014 period.

The globalization of the economy, innovations in science and engineering, rapid development of information technologies have resulted in the increased competition and higher instability of the environment.The management today is increasingly challenged by the problem of control caused by a number of factors: economic crises, the increased volume and diversity of its own activities, the dynamics and complexity of the corporate environment as well as the severe market competition. The problem of effective control in holding companies is coming to the fore. The paper compares different approaches to the management of an enterprise and reveals advantages and disadvantages of each.As a result of the analysis, a classification of practical tools and methods for strategic and operational controlling has been proposed to ensure efficient and sound management of company flows in both the short and long term when setting targets and developing ways to achieve them.

The purpose of the paper is to justify strategic measures intended to boost the efficiency and ensure the sustainability of the tourism industry through the stability of its operators and well-coordinated work of individual components of the tourism system. The theoretical basis for the research were the works of Russian economists related to the issue in question and expert opinions. The empirical basis of the study were regulations, official data of the RF Federal State Statistics Service (Rosstat), Federal Agency for Tourism, the Russian business practice, the statistical database of the World Tourism Organization (UNWTO). The general research methods used by the author included analysis, synthesis, comparison, hermeneutics, phenomenology, expert assessment. The key quantitative parameters and definitions are proposed making it possible to give qualitative characteristics of the tourism system; a semantic analysis of the concepts of “reliability”, “sustainability”, “financial stability” of travel companies, particularly, in the field of foreign tourism was made allowing a multi-pronged approach to their use. Based on expert assessments, direct and indirect reliability criteria for travel companies were formulated and listed. The block diagram of a comprehensive economic analysis of travel companies focused on the development of adequate methodological tools to assess their key performance indices was developed.

The article is devoted to the analysis of international cooperation in the field of attracting foreign investment for economic development of Russia. Carrying out investment activities in developing countries and States with economies in transition with their inherent political and economic instability, foreign investor runs the risk that in the event of a change of law, it may incur financial risks. The problem of free movement of the capitals and repatriation of the gained income from the territory of one state on the territory of another concerns free export of the current income of the investor (dividends, percent, a royalty, etc.); the sums paid in repayment of loans; export of initial capital investments; the money arising at elimination or the termination of investment activity, partial or full sale of capital investments; compensation received by the investor in case of withdrawal of its property; any other payments in connection with capital investments.

The current crisis in 2015 is a consequence of the sanctions policy of the Western countries against Russia. To the worsening economic situation in the country affects the totality of the echoes of the previous crisis in 2008 and the restrictions adopted in respect of Russian-member countries of the EEC. State of the economy beginning to deteriorate sharply in 2014, and was mainly caused by the sanctions of Western countries and the United Statesfollowing the events in Ukraine and the annexation of Crimea to the Russian Federation composition. The crisis in 2014-2015 in Russia was triggered by a sharp decline in prices on the delivered energy to Europe. This article in detail describes the mechanism of the negative economic impact of counterfeit goods on the domestic producers, the system functioning of markets of counterfeit products, illegal strategies companies use to sell products as well as innovative measures to combat counterfeit products and the protection of the national economy and Russian citizens against counterfeiting. Today, when the Russian economy has experienced prolonged economic crisis, this system can help to stabilize the economy, to raise additional funds in the state budget and increase national economic security.

Nowadays, the reflexivity of the monetary system is an important factor in shaping the demand for national money, because it is the behavior of economic agents and their confidence in the monetary regulator and the monetary policy that finally determines the reflexive stability of the latter. This is especially true of monetary processes significantly affected by subjective factors, namely views of the participants on current events. The author gives a definition of the reflexive stability of the monetary system, the role of the post-nonclassical management paradigm to achieve it as well as the place of the communication policy of monetary control in the design and implementation of the monetary policy.

The paper describes the author’s view on the current political and financial challenges facing the Russian Federation, particularly aggravated by recent economic crises, falling export prices and sanctions of some Western countries. Proofs of the need to revise the concept and strategy of the country’s development as well as the basic principles used in financial interrelations are provided. The author comes to the conclusion about the urgency and need to develop alternative finance, primarily based on Islamic financial principles (conformant to the Islamic law). Islamic financial institutions, in particular, should be partners for the fast growing sector of the halal products and services production.

Modern development challenges of economic development of Russia in the face of increasing financial constraints determines the need to for the formation of the financial system, designed to create the necessary conditions for sustainable economic dynamics that are updated by the scientific development issues influence the level of financial development on economic growth. The paper generalizes the results of theoretical and empirical research on the financial sector role in the economy. We have shown that due to the co-evolution of finance and economy the financial sector could be both a factor of economic growth, and a source of economic instability. The paper proves a comprehensive approach to the study of financial development, including the allocation of its qualitative and quantitative characteristics. We have analyzed the financial development in Russian economy with the group of indicators that are based on a system of parametric estimates of the World Bank experts and take into account the structural and functional features of the domestic financial system.The results allowed to identify the most significant financial determinants of economic growth and justify the key policy areas of the domestic financial sector.

Political and economic changes occurring in Russia in the past decades caused the emergence of new legal forms and concepts including non-commercial organizations. The discussion of the need to improve the system of tax control over non-commercial organizations has been going on for a while. The paper analyzes the national legislation concerning non-commercial organizations and makes a conclusion that at present an effective system of identifying non-commercial organizations for the purposes of tax administration does not exist. The financial statements of non-commercial organizations based on the SPARK database have been studied; a system of identification of non-commercial organizations through the unification of legal forms of non-commercial organizations and bringing the latter to a finite number of types: conventionally profitless non-commercial and profitable non-commercial organizations are proposed.

The paper deals with the relevant but underexplored issue of the customs law - the theoretical aspects of the customs duty establishment. The issue of customs duties is a subject of scientific interest due to their impact on the legal relations arising in the process of moving goods across the customs border. The work contains findings of the research conducted by the author in 2014-2015 based on the customs legislation of the Eurasian Economic Union and the Eurasian Economic Union member states as well as the information of the Russian Federation government bodies. The conclusions made in the paper can be used in the teaching practice, particularly, in the teaching of disciplines related to the legal regulation of foreign economic activity in the courses of the financial law, administrative law, customs law as well as for research purposes.

The subject of the paper is a comprehensive study of the reform to ensure the transparency of the state management and the civil service of the Russian Federation.The methodological basis of the paper includes modern achievements of the theory of knowledge. The research was based the theoretical, general philosophical methods (dialectics, system method, analysis, synthesis,analogy, deduction, observation, simulation), standard legal methods (formal logic) as well as methods used in specifically sociological studies (statistics, expert evaluation, etc.) and the comparative method. It is concludedthat at present, despite the fairly good legal framework the law enforcement practices of the federal executive bodies are often characterized by poor efficiency and not sufficiently effective in increasing the transparency of the civil service due to the lack of administrative regulation of these activities and the personal interest of civil servants in the results of increasing the openness of the federal executive power bodies.

Establishments of criminal and executive system regarding the ensuring protection of the rights, freedoms and legitimate interests condemned, accused, suspects and persons who are held in custody are urged to provide them with the necessary range of commodity stocks, food, things and necessities. This direction of activity in the last two years is transferred to the jurisdiction of the federal state unitary enterprises of Federal Penitentiary Service of Russia that demanded carrying out detailed research of the matters. One of the reasons is also covered in essential increase (more than by 3 times) since July, 2015 the size of the money allowed to spend condemned on acquisition of food and necessities depending on type of correctional facility and conditions of serving of imprisonment that demanded increase in volumes of commodity turnover of Federal State Unitary Enterprise FSIN Rossii.As a result of the researches conducted by the author mechanisms of implementation of interaction between FKU andFederal State Unitary Enterprise FSIN Rossii on transfer to free use of the last floor spaces, compensation of expenses of the federal budget for payment of utility bills when sharing real estate objects, and also procedure of realization of goods condemned are offered. Specifics of realization of goods to special squads in the shops located in the territory of a residential zone are considered. As perspective activity trade possibility of formation of orders on the Internet by relatives and relatives condemned, suspected and accused is offered to Federal State Unitary Enterprise FSIN Rossii. Distribution of a technique of the organization of interaction between the establishments executing criminal penalties and Federal State Unitary Enterprise FSIN Rossii regarding realization of goods is result of development.

The institution of exemption from criminal liability for crimes committed in the sphere of the economic activity is subjected to the critical analysis. Its position and the extent of its viability under the current law are examined; the author focuses on its inconsistency, confusion and technical imperfection. According to the author, the greater the damage caused by an economic crime, the greater the benefit received by the state if the business owner makes a decision to meet the statutory terms and conditions of exemption from criminal liability.Taking into account the current policy of humanization and special indulgence to entrepreneurs who have committed crimes, and having assessed his own benefit, the entrepreneur can choose punishment rather than exemption from criminal liability because of the greater rigidity of the latter. As a result, the relative impunity increases the attractiveness of the economic sphere for organized crime groups.

Improving the interaction between banks and insurance companies is necessitated by the need to enhance integration processes to produce competitive products and meet the needs of customers in financial services with a better quality. There is a need to study the principles of bancassurance and analyze the conceptual approaches to the organization and functioning of various forms of integration along with seeking effective models of cooperation. The purpose of the paper is to study different approaches to determining the forms and models of the bancassurance. Effective forms of the bancassurance are proposed using the methods of analysis, logical generalization, scientific abstraction and system-structural analysis.

With the development of the market economy in Russia when the economic relations between subjects of entrepreneurial and other economic activities become more complicated the category of interest is becoming increasingly important and needs proper understanding and application. Identifying persons interested in making a transaction plays an important role in preventing the abuse of rights in the performance of legal actions as well as in the protection of the rights of company members. Despite its significance, the concept of interest is not fully developed in the scientific literature and not clarified by the courts in law enforcement procedures. Based on the studied information the paper suggests a broader understanding of the concept of interest exposing its key features. It points out the inaccuracy of the legislative language in regulations related to the concept of interest. The general definition of interest will be used in the future for further studies of business entities and their interests in business activities.