The years-long neglect of the interests of the real economy, particularly the non-oil sector interests, resulted in the formation of a speculative model of the Russian economy where the cash flows are circulating primarily in the financial sector. The current monetary policy that leaves aside the interests of the economic growth, the welfare growth and the employment fits quite well within this model. However, the low inflation cannot be regarded a goal in itself achieved through stifling the economic growth. The current crisis of the Russian economy has exposed the problem of the priority development of the domestic financial sector to the detriment of the real sector and the Russian economy as a whole. The speculative model of the economy developed in the past quarter-century has led to the disintegration of the financial and real sectors of the economy, which neither ensures the financial stability nor promotes the economic growth. Based on the research findings, the paper formulates proposals on how to prevent the “slippage” of the economy into an uncontrollable state and ensure its sustainable development, including the adjustment and coordination of the monetary, foreign exchange (forex) and fiscal policies of Russia.

The purpose of the study was to examine further the role of the state in industrial modernization processes in the context of the new industrialization of the country’s economy, which means not only a fundamental technological renovation of the industry but also significant changes in the institutional environment. The study used the results of the comparative analysis of economic policy priorities, specific to different systems of the market economy, which made it possible to identify a number of approaches to keeping the balance between the market and state management. A method of historical and economic dynamics was used to evaluate possibilities of combining project solutions and institutional tools in the framework of national economic development objectives. The functions and efficiency of development institutions and national technology platforms are analyzed. The problems of the industrial policy and clustering of the economy as both a tool to support the industrial modernization and a set of government regulation measures are considered. The results obtained substantiate the nature and principles of the balancing tool for support of the new industrialization in Russia (national project office) that should take into account the principles of interaction along with state policy task sharing in the field of the project approach, development institutions and economic entities.

Given Russia’s membership in the WTO and the increasing global turbulence, the task of export diversification and transition to an innovative model of economic development is becoming particularly urgent. It cannot be solved otherwise than within the framework of increasing the international competitiveness of domestic enterprises, especially in the small business sector being a catalyst for innovation activities of medium and large companies and the economy as a whole. The paper analyzes the approaches of domestic and foreign economists to the structuring of the export potential growth factors. The latter needs to be analyzed at three levels: the micro level, the mezo-level (cluster and regional sub-levels) and the macro level. The authors proposed a methodology for assessing the impact of controllable factors on the export capacity of small innovative enterprises. This methodology was based on the econometric modeling. The main micro-level factors were aggregated by the authors in the framework of four types of potentials: production, marketing, labor and financial. Also the sampling of cost indices from accounting and statistical reports for inclusion in the model was performed. The results of the study related to the systematization of small innovative enterprises and their methodology for assessing the impact of the export potential of growth factors can be used in practical activities of organizations to improve the efficiency of small businesses in foreign markets.

The paper analyzes some aspects of the crisis management plan of the Russian Government and proves its inefficiency and inconsistency of some of its components, particularly the social policy, with a focus on the Russian industrial enterprises that urgently need the support of the owners and the state, given the crisis state of the economy, extraordinary depreciation of fixed assets, the use of outdated technologies and the existing sanctions policy. Particular attention is paid to the problems of single-industry towns, and a package of measures to be implemented at the federal and regional levels is proposed. The paper also substantiates the necessity to promote the domestic demand as an important factor of the Russian economic growth and the impact thereon of the social policy of the state. The problems of housing and communal services are examined and the results of the industry reformation show that the main “achievement” so far is an unreasonable increase of tariffs for services. The paper analyzes the appropriateness of the introduction of the new tariff components: overhaul payment, establishment of municipal service consumption rates as well as the expediency of increasing the responsibility of management companies as new economic entities. The attention is focused on the increased non-payments in the real sector of the economy and among the population notwithstanding the dramatic growth of penalties for late payments for consumed municipal services.

With the development of the fifth technological tenor and emerging elements of the sixth tenor in a number of leading economies the role of information as a production factor is increasing dramatically. In this regard, the competitiveness of the regional economy today is largely determined by the level of its IT penetration. The growth drivers in the innovation economy of a region that define its industrial structure, are high-tech industries such as software development, R&D as well as all high-tech productions that form the basis of the new tenor of technology. The paper examines the impact of the development level of the information infrastructure on the regional competitiveness. It proves that the investment attractiveness is highly dependent on how developed is the information infrastructure of a region. The international experience of regional informatization is considered. A particular stress is laid on the need to invest into the information infrastructure of Russian regions to create a favorable investment climate. The conclusions made in the paper are, according to the author, particularly important in the context of the trend for import substitution. The results of the research can be used to finalize strategic programs, such as “North-West 2030”, and taken into account by specialized executive bodies, particularly the Russian Ministry of Communications, as strategic priorities for the development of the regional infrastructure.

The paper describes the objectives of the import substitution concept adopted by the Government of the Russian Federation: changing the raw-material orientation of the Russian economy; reducing the imports share in the GDP; stimulation of the national economy development in a number of sectors; modernization of seven sectors (energy, space, information technology, defense, communications, transportation, nanotechnology); increasing the level of industrial self-reliance; restructuring of the economy; and refusal from the fragmented catch-up modernization policy. The specific features and factors that determine the development of innovative processes in the Russian economy are identified. The development and marketing of competitive products are associated with a lengthy preparatory phase during which depressive industries are revealed and modernization activities are carried out. The paper presents a classification of methods for the regulation and support of the innovative development of the Russian economy. The import substitution in the industry, apart from the sanctions, is also necessitated by the fall of the ruble that resulted in higher prices for imported complementary goods (indirect import substitution). The paper identifies the causes of difficulties in financing import substitution programs. The results of the study can be used to refine the “Development of Science and Technology” program and the budget policy of the country. Various approaches and methods to implement the restructuring of the economy, modernization and transition to the innovative development have been developed that are described in a number of research papers and legislation instruments but require further development.

A concept of the tax revenue intensity index is introduced based on the information on tax revenues and the employmment volume in the Russian Federation subjects. This integral index reflects revenues from all types of taxes and makes it possible to assess the economic activity of the population in the subjects under the study. The analysis of the index values for the period of 2006 to 2011 shows that their distribution tends to the normal law. An example of using the tax revenue intensity index is provided. The use of the index in question for the analysis of the economic performance of the RF subjects is demonstrated. The study of tax collections in Russia is based on dimensionless standardized relative indices of the tax revenue intensity. Based on the proposed method, the distribution of the Russian Federation subjects by the tax revenue intensity index was obtained; the groups of economically active subjects and those lagging behind in the economic development are identified. The Ivanovo region was found to be the most economically weak subject of the Central Federal District. The analysis of the the most economically successful subjects of the Russian Federation - Nenets Autonomous Area and Sakhalin Region - is made. The structure of the tax revenue intensity index in the city of Sevastopol and the Republic of Crimea in 2015 is examined.

The paper discusses the formation of the investment portfolio of an agricultural enterprise by the method of integer dynamic programming, given the import substitution conditions when the domestic market orientation urges to seek new approaches to justifying the needs of rural producers in capital goods. The logistical support of agriculture sectors is forecasted based on the emerging market of logistic resources. With the establishment of new economic relations a sharp transition from the system of centralized logistical support to supplies of free resources at supplier prices is made. A method to solve the problem of the machine and tractor fleet optimization for agricultural enterprises is proposed.The application of the method is illustrated by the case study of the “Rodina” farm, Stavropol Territory. In the recent years, the entire federal system of the logistical support of the agricultural complex has been converted to joint stock companies that are very slow to trigger the marketing activity. On the one hand, they have to form their own marketing plans and, on the other hand, agricultural producers have to forecast a relatively stable consumer demand. Therefore, when forecasting these indices at the national economy level a particular attention should be paid to agricultural producers so as to give them priority in economic relations with producers of material and technical resources, including the government regulation.

Modern experience of sanction application against a number of states demonstrates the current changes in the world economy structure and in channels of integration into the world space. The introduction of trade restrictions has an ambiguous effect on the economy of all countries involved, on those which introduce these sanctions, and those against which they are introduced. It determines the research interest in studying the trade restrictions and their consequences on Russia. Nowadays Russia is re-directing its economy on new foreign markets and searching new trading partners. The Russian Federation is directing its efforts on establishing partnerships with countries of East Asia, Latin America and the countries of the former Soviet Union at the new, more mutually advantageous level of cooperation. The purpose of the research is to analyze the influence of the economic anti-Russian sanctions on the Russian Federation economy, political stability and strengthening of partnership with foreign partners. In the course of the research the general methods of scientific investigation were used. They are: systematic and dialectic; general scientific methods - induction and deduction, analysis and synthesis, ascension from abstract to specific, etc.; a special method - formal-economic and comparative-economic.In the article the analysis of the influence of economic sanctions on the processes of Russia’s political and economic self-identification is carried out. Also the evaluation of reciprocal measures of Russia is carried out. The conducted research has shown that for stabilization of Russian economy it is necessary not only to re-direct the foreign trade relations, but also to develop national industries carrying out effective policy of import substitution.

In times of crises, attempts are often made to blame all the troubles on financial innovations and reconsider their role in the progress. At the same time scientific publications also discuss positive aspects of financial innovations. The paper makes a critical analysis of the impact of financial innovation options on the financial system balance with account for expectations and behavior of market players. The research compares different views on the role and place of innovations in finance, their contribution to the stabilization or undermining of the economy. At the World Economic Forum, it was agreed that none of numerous definitions are able to fully cover the complexity of innovations in the sphere of financial services where a new product can combine a variety of functions, including circulation, organization form, marketing, customer context, and develop the supporting infrastructure. However, the definition was necessary. On its basis a number of clarifications and constructions were made: the transition to various theoretical schemes was performed; the adaptability of markets and countries to the risks associated with financial innovations was assessed; preparations for restructuring of the organizational structures, management mechanisms, technological processes were made to minimize undesirable effects and improve the positive impact of innovations.

A growing number of financial institutions are unable to raise the required amount of equity and have to raise their own funds by means of public mezzanine. If these problems continue, the role of hybrids may become more significant, as they may be considered as a replacement of common equity for the purpose of counter-cyclical buffers, capital surcharges and so on. Thus, the importance of mezzanine capital for the financial system is already established and has a potential for further growth, while regulatory aspects and risk assessment of these relatively new instruments remain unsolved. In the article, the author analyses key regulatory concerns of Basel Accords in regards to mezzanine instruments, assesses the methodology of rating agencies to evaluate the risks incorporated in hybrid securities and compares the risk profiles of traditional convertible and recently developed contingent convertible bonds. The results articulate that measures applied by both Basel Committee members and rating agencies (Fitch, Moody’s, etc.) are not sufficient to manage risks incorporated in hybrid securities. The latter may contribute to the growth of financial failures we have observed in recent years.

The article analyzes the characteristics of the business activities of individual groups of commercial banks (state-owned, foreign-owned, large private, medium-sized and small regional, small). On this basis stand out model of the banking business activities: state monopoly, international arbitration, a player with a high risk appetite, pocket bank, retail bank. The characteristics of each model is proposed: ROE, the added value for the shareholders - SVA, optimizing cash flow, business diversification, country risk. Identified models which are, the priority for these groups of banks. It offered the directions of the modernization of this models to harmonize them with the objectives of the national economy.

Investments made by venture capital funds are characterized by high uncertainty and risk, and quite often they have a step-by-step implementation scenario. In this regard, the traditional discounted cash flow method can be supplemented with other approaches that take into account the flexibility in decision-making, in particular, by assessing the effectiveness of an innovative project with methods that are used abroad but so far have not found wide application in Russia. One of these methods is the method of real options. The traditional analysis of the innovation project effectiveness can also be augmented by the study of the impact of the uncertainty of future cash flows generated by the project on the effectiveness indices using the method of fuzzy sets. The application of real options as well as fuzzy sets is, according to the authors, a way to improve the existing methods of assessing the cost-effectiveness of innovative projects. The paper is devoted to fuzzy-set assessment of the sustainability of financial flows generated by an innovative project and its effectiveness indices. Briefly described is a methodology for estimating the reliability and stability of the fuzzy metrics. The results of computing fuzzy set indices to assess the cost effectiveness of real innovative projects implemented in the territory of Russia and funded by venture capital funds are provided. A meaningful interpretation of the results obtained is given. The use of the fuzzy-set approach to the value assessment of a composite call option by the Geske-Hsu model giving additional opportunities is described.

The paper analyzes the place and role of the economy of Kyrgyzstan in the Eurasian Economic Union; discusses geo-economic and political vectors of foreign interests in Central Asia aiming exclusively at own ambitions and political preferences. It reveals the importance of Kyrgyzstan’s participation in the Eurasian Economic Union based on the preservation of national statehood and sovereignty in the domestic and foreign policy and the synchronized government regulation of the investment and business environment within the Eurasian Economic Union.In pursuing its national interests, Kyrgyzstan is trying to carry out a targeted balanced multi-vector foreign policy. At the same time Kyrgyzstan’s foreign policy activities commensurate with its own potential and involvement in the world process. Viewed from the above, the following main goals of the modern foreign policy are put forward: strengthening the independence and sovereignty, ensuring the security and territorial integrity of the country, carrying out democratic transformations,strengthening the foundations of the constitutional order,protection of human rights and freedoms, creating favorable external conditions for a sustainable internal development,formation of a good neighborliness belt on the perimeter of the country borders, establishment and enhancement of the investment climate in the Republic.

The article deals with problems concerning the implementation of tax-budget policy pursued in large cities, and the evaluation of its compliance with the principles of the legal, organizational and financial autonomy laid down in the European Charter of Local Self-Government. It was determined that the local self-government is part of the management mechanism that optimally combines the interests of the person and human rights, as well as the interests of the city, region and state. The economic basis of local self-government is the material and financial resources that are owned and managed by the territorial communities. Municipal property, local taxes and fees are the main types of these resources the management of which is realized through the development and implementation of tax-budget policy provided by the local governments. The procedure of assessing the compliance of tax-budget policy of large cities with the principles of financial autonomy is offered. It includes seven steps, in particular: the determination of cities sample; collection of the information on cities’ budgets revenues over five years; calculation of the budget structure indexes (in the context of their own sources and inter-budget transfers): the determination of indexes of the structure of own sources of budget revenues; calculation of budget revenues structure by the most significant items per capita (in comparable monetary units): the generalization of the analysis results; elaboration of recommendations to strengthen the financial autonomy of local governments of cities. The above procedure has been tested using the indexes of cities’ budgets revenues in the Russian Federation, Poland and Ukraine. It was revealed that to manage the revenues of cities’ budgets, all of the above countries complying with the main financial principles of the European Charter of Local Self-Government should take into account the specifics of using the methods and techniques of achieving the financial self-sufficiency. The proposals have been elaborated to strengthen the financial autonomy of local budgets of cities in the Russian Federation by using tax and non-tax sources, including local taxes and fees, and by reducing the share of the state subventions and subsidies. In the future, it is advisable to explore the possibility of identifying and using the additional tax sources to replenish the revenue base of local budgets.

The paper analyzes the concept of the “element” as one of the most important categories of philosophy and law. It is shown that the identification of elements based on which an act is regarded as a criminal offense and their recognition in a particular incident are mandatory and of paramount importance in detecting and investigating a crime. The attention is drawn to the lack of a generally accepted provision that would include into standard criminological characteristics of certain crime categories the information on elements typical for the latter since their knowledge is necessary in practice for the organization of the crime exposure and solution process. It is also noted that the practical significance of the information content of criminological characteristics of crimes in the economic sphere will increase if crime exposure and investigation methodologies include information on both typical crime elements and elements essential to perpetrator’s behavior (activity) modes and other circumstances of the offense. The mutual influence of the criminological theory (and detection methods) of fake offense elements and the criminological theory of elements of a crime as well as their connection with the theory of the criminological characterization of crimes is considered.

It is generally believed that the subject of any investigation should be a problem the solution of which removes an apparent or actual contradiction. But the very idea of social management as a mechanism for conflict cooperation involves solid contradictions and problems. Every solution generates new problems. With this approach, the subject of the public administration theory is scientific substantiation of the process of achieving the optimal government control by improving the organization of such activities. The author notes that, in addition to philosophical and ideological principles the methodology of administrative law includes general and special research methods that apply to other law sciences. Moreover, each science is to shape their own methodological basis relying on the general theory of knowledge. With regard for specific targets and objects of research, different sciences have a common goal - to provide society with new evidence-based structured knowledge. It is concluded that the integrated use of different methods and approaches contributes to the establishment and generalization of specific features of the legal institution and solving problems of its legal regulation at the federal and regional levels.

Migration is a huge resource that must be used rationally. Therefore, it is important to implement the state control over migration flows to minimize the negative impact of spontaneous migrations and enhance the positive effects of the migration movement. The negative effects of the migration crisis in Europe testify to the danger of uncontrolled migration processes for the stability in society, the maintenance of international peace and harmony. The implementation of the state migration policy offers great opportunities for the regulation of migratory flows both to fulfill humanitarian obligations and to combat illegal migration associated with uncontrolled migration flows, given that the illegal migration creates the whole system of inter-ethnic, inter-national and inter-religious conflict risks. To study the existing problems of fight against the illegal migration the solution of which could facilitate the adoption of effective measures aimed at improving the legislation in this area, an expert survey was performed by the Institute for Effective State and Civil Society of the Political Science Department of the Financial University as part of the research on this subject. This survey is described in this paper.

Today, there is no unambiguous definition of the phenomenon of professional deformation of an individual, which makes it impossible to separate the professional deformation from common errors in work, inadequate education of managers, normal fatigue, workaholism and professional “burnout”. An important feature of professional deformations is their gradual development in the process of activity and unawareness thereof by the employee. The lack of clear qualification requirements in the case when negative qualities are compensated with positive qualities often allowing the employee to perform his duties effectively lead to the fact that the professional deformation is not taken into account by the management. One of the problems of the professional deformation phenomenon is that the professional and personal deformations may not match and even contradict each other. The professional deformation is also developed if there is a mismatch between the education and the requirements of a particular job. The experience in different occupations, in addition to the development of positive qualities of a professional, often contributes to the development of negative qualities, i.e., professional deformations produced by various activities. The paper demonstrates the ambiguous relationship between professional deformations and professional incompetence, inadequate professional and life experience, common errors in professional activities. For every of such “paradoxes” general preventive measures are proposed not to allow these phenomena to escalate into a real professional deformation.

A social research to assess the maturity and effectiveness of the anti-corruption policy of executive bodies through self-report questionnaires has been carried out. Population: adults (18 years and older). The process of completing and submitting questionnaires (on the condition of anonymity) was not controlled by the researchers. Questionnaires that were not filled out or partially filled out were not accepted. The total sample amount was 320 respondents of which 300 respondents were finally subjected to the study. The social research from the development of questionnaires to the final report was carried out step by step from March 26 to July 20, 2016. The findings of the research were reflected in the State Assignment report of 2016. The polling data was processed using the method of public perception ratings. The public assessment of the effectiveness of anti-corruption policies at various government levels again revealed the confidence of the respondents in the federal authorities. The study resulted in the formation of the perception rating of maturity and effectiveness of individual executive authorities at the public level.