The article describes the main trends in the development of new financial technologies (Fintech), identifies the reasons for their active penetration into the financial services sector , industry and governmental organizations . It provides a detailed analysis of various forecasts for the global development of Fintech , including attracting investment . The main Fintech components have been considered in this research: blockchain, cryptocurrency , digital money, neobanks and cyber security. The analysis of the world practice of Fintech regulation and standardization has been carried out. Special attention has been given to the issues related to the position of the Bank of Russia on new digital services; the importance of the blockchain technology in government and economy has been emphasised. The article reveals a new approach to the concept of “money” and describes a new level of financial technologies using virtual banks . The paper mentions relevant issues of cyber security development for the national payment system. The constraints faced by the development of financial technologies both globally and in Russia have been revealed. The authors show possible ways to overcome such constraints by means of training new financial and information technology specialists by leading universities. The objective of this research is to discover reasons for the rapid Fintech development under modern conditions: the area of its application ; the main problems and limitations arising from the actual use of new financial technologies in the Russian Federation. The article proves that the development of Fintech will require a fundamental change in the competencies of specialists in the field of finance, banks and business.

The article describes the wave-like interest in the problem of ensuring Russia’s economic security, and points to the presence in the country of a strong political, business and criminal lobby that is not interested in the civilized legal development of Russia, scientific management and national economic security. It examines different definitions of the concept of economic security and suggests a definition based on integrated approach including assessment of such items as vital infrastructure potential, type of environment, a set of tools, activities and resources. The work considers factors and threats that influence economic security; the methodology for determining threshold values as well as points out that contribution of the Financial University in this area is valuable. The author substantiates the necessity to widely apply scientific tools, especially in the field of strategic management in order to ensure economic security of the country, as well as defense of its national economic interests and sovereignty.

The structure and concentration of ownership as one of the corporate governance mechanisms influence on decision-making process about dividends. The impact of the share capital structure for the payment or non-payment of dividends is important as owners under Russian corporate law ultimately affect the availability and amount of payments by making decisions at the meeting. The aim of the research is to evaluate the effect of an equity structure on the dividend policy of Russian public companies by means of economic and mathematical modeling techniques, exactly by the method of constructing a standard logistic regression model. The resulting model is formed on the basis of data about companies, representing 9 industries: mining, industry, electricity and gas supplies, construction, wholesale and retail trade, transport, agriculture, real estate and telecommunications. The research confirms the hypothesis, which suggest a relationship between the presence of the owner on the manager position and the fact of. Hypotheses about the impact the presence of the state, financial and non-financial institution in the structure of the share capital on dividend payments have not been confirmed and shown an inverse relationship. Effect of non-financial companies on the dividends turned out to be insignificant for the given model. Results of the study will allow managers, shareholders, potential investors and other stakeholders to monitor the company’s current situation and forecast the effects of corporate governance impact on its dividend policy.

Nowadays, in conditions of tough restrictive policy regarding tariffs and quotas for agricultural products, the government agrarian policy should support import substitution and domestic agricultural products in the retail trade system. The article analyzes the works of Russian economists on problems of state regulation of agro-industrial complex (AIC) and describes theoretical and methodological approaches relevant for the categorical apparatus of agrarian policy. Based on the study of modern interpretations of the term «agrarian policy», the author’s definition of this category is formulated. Also, the author examines its concept, structure and types. The author points out the importance of optimizing the methods of conducting financial and credit policy in the country’s agricultural sector. In this connection, modern interpretations of the categories «credit instruments’ and «financial and credit instruments’ are considered, an author’s definition of the term «financial and credit tools for the agro-industrial complex» is suggested. With the aim to determine the correlation and compare the indicators of financial support for the AIC, the OECD figures showing support of agricultural producers are given. The definition of «state support of the agro-industrial complex» is formulated, and within the framework of state regulation of the agro-industrial complex (indirect support), a potential scheme for the functioning of the vine-growing agricultural holdings in the Republic of Dagestan was developed, and the settlement mechanism of European-type vineyards call options was suggested for the Derbent sparkling wine factory (DZIV). The economic efficiency of futures contracts concluded between suppliers and processors of raw materials is proved. The work confirms the efficiency of monitoring the costs for raw materials purchase as it enables to reduce the aggregate costs of DZIV finished products. It points out the economic expediency and discusses the forms of internal and external futures contracts pertaining on the purchase of raw materials in the Republic of Dagestan (RF) and abroad. The author addresses methodological issues, namely, the need to introduce a mechanism for renting premises on preferential terms for small businesses involved in processing of agricultural raw materials in the Republic of Dagestan (RF) for a period of up to three years. The paper economically substantiates the effectiveness of supporting small-scale processing enterprises in the region, as they are the most adapted to the changes in the market situation.

Today, on-site tax inspection remains the most effective form of tax inspection. It is conducted to determine the correctness of calculation and timeliness of payment of taxes and fees, as well as other mandatory payments to the country’s budget. Since the creation of the tax service, inspections have been conducted at organizations executing different types of activities (production, wholesale and retail trade, construction, services, etc.), so each inspection has its own special features. The pre-inspection analysis is the preparatory stage of the on-site tax audit and it is aimed at improving the efficiency of taxpayers selection process, optimizing methods as well as ensuring the effectiveness of the audit. An analysis of the financial and economic activities of a taxpayer is a kind of tax control that is implemented prior to making a decision to conduct an on-site tax audit. It directly determines the inclusion of the taxpayer in the plan for on-site tax inspections. Despite the fact that tax authorities have been working in this area since 2007 when the concept of planning on-site tax audits has been approved, the pre-audit analysis as a form of audit is not included nor regulated by any legislative act. In this regard, many questions arise in terms of both organization and recognition of its results by the arbitration courts. Many questions also arise from taxpayers trying to assess on their own the risk of on-site tax inspections. Over recent decades, the Russian Penitentiary system has been undergoing a second major reform which affects practically all areas of its activities including taxation of its institutions. Like all taxpayers, institutions within the Federal Penitentiary system are subject to tax control, but at the same time, they are significantly different from other entities in terms of their economic activities. This fact makes it necessary to adjust the results of the pre-inspection analysis in order to improve its effectiveness at these institutions.

The article highlights the scope of traditional commercial banks’ activities segment and stresses that monitoring and management in these areas allow to minimize risks. The author suggests criteria to evaluate the scope of this kind of activities as well as analyzes the relationship between loans and deposits in terms of their maturity in the Russian banking sector in 2016. The paper points out advantages of the suggested evaluation model based on the ratio of assets and liabilities of the bank if used to manage risks linked to the credit organization’s balance structure.

Sustainable development of the state takes on special significance in conditions of instable global market, increased budget spending and sluggish economic growth. Providing financial resources in order to reach the most important social and economic goals and to implement road transport infrastructure projects is of highest priority for economic recovery of the Russian Federation. The issues of financial support of infrastructure projects as well as interaction between government and business in creating effective financial mechanisms and ways of cooperation are highly relevant while fulfilling the government tasks. The paper considers the road transport facilities, namely, the need to develop a network of highways as a key factor affecting the economic performance of entities and the state as a whole. The existing shortage of funds is considered as a problem that deters the sustainable economic development of the state and implementation of road transport infrastructure projects. The article reflects the author’s view on such issues as development of the road facilities in the Russian Federation; public-private partnership as a promising form in developing interaction between the state and business in implementation of infrastructure projects. The article suggests recommendations on how to attract alternative sources of financing for road transport infrastructure projects and create favorable investment environment in the Russian Federation.

Small business in the modern economy is an important factor for sustainable social and economic development and state stability. Small business plays a major role in ensuring employment and income growth for the population; increase in the domestic market potential, tax base expansion, development of the commodity market infrastructure and promotion of innovation activities. Direct methods of public administration in the examined area do not give the expected result. Despite numerous regulatory documents aimed at development and support of domestic small business, quantitative and qualitative indicators of this sector in the context of national economy are significantly lower than those of developed and emerging economies. This owes to the fact that different techniques are used for accounting small businesses. Russian economy features a significant informal sector which is not considered as small business.

With the global financial market liberalization, countries are getting increasingly dependent on the external financing realized through the infrastructure and mechanisms of the international debt market. Since over 4/5 of the total international debt market falls on various types of debt securities, the analysis of the dynamics and trends in the development of this segment of the international debt market is of particular interest. The paper focuses on the dynamics, structure and trends in the international debt securities market development for the last two decades. The international debt securities market is viewed in the context of its players, principal financial tools and currencies. Based on the performed analysis, it is concluded that the normal progressive development of the international debt securities market was upset by the global financial and economic crisis of 2007 to 2009. Among the key features of the international debt securities market for the reviewed period, the paper points out the growing role of emerging economies; an increased share of issued international debt securities denominated in euro, as well as expansion of non-bank financial institutions involved in the issuance of debt securities on the background of weakening banks’ positions in the recent years.

The dominant position of the United States and other Western countries in the IMF does not reflect anymore their real weight in the global economy. Previous attempts of the emerging economies to increase their representation in the Fund did not succeed. Changes in the situation were facilitated by the integration of the largest countries of the developing world within the BRICS. As a result, the G20 platform managed to agree on an increase in the share of developing countries in the IMF. However, after overcoming the consequences of the global financial crisis 2008-2009, advanced countries are increasingly less willing to continue to dialogue with emerging economies. This is evident from their decision to postpone the 15th general review of quotas until 2019. So the But BRICS is still has the opportunity to take advantage from this delay. It is necessary to agree on a new quota formula that would take into account the real weight of the countries in the world economy and will enable emerging countries to consolidate their position in IMF.

The article analyzes the main indicators of the GDP and the republican budget of the Kyrgyz Republic over the last 25 years. It proves that there is a direct link between the budget, living standards and the rational use of national wealth. The listed statistical data show that drastic measures should be taken to change the social and economic situation in the republic. One of the main conditions for further development is the availability of accurate information about the national wealth of the republic. Therefore, to determine further actions, it is necessary, in the first place, to make an inventory, identification, registration and re-evaluation of the national wealth. Moreover, it is needed to carry out deeper reforms of the budget process, to improve financial and fiscal relations in order to optimize budget expenditures with the aim to reach goals set by the government.

The article focuses on the advantages of distributed ledger technology in view to apply it within existing financial system. The article is highly relevant as the technology is a perfect opportunity to develop the financial system in terms of reducing costs and improving efficiency. The authors suggest a few brief definitions of such terms as distributed ledger, block-chain, bitcoin and mining. The article points out and describes special features of distributed ledger technology. Based on the definitions, the article outlines operation principles of the distributed ledger, block-chain, bitcoin and mining. Also, it compares cash against cryptocurrency - bitcoin. The article examines the possibilities of using distributed ledger technology in clearing, payment and settlement processes including ways of money transfer, payments for goods, securities and derivative financial instruments. Also, the article provides statistical data on the use of cryptocurrencies considering the cases of their capitalization, price, money supply and numbers of transactions submitted within 24 hours, 7 and 30 days. The article emphasizes the increase in volume of such transactions in the US, China, Ukraine and at the same time points to the decline in this type of transactions in Russia. In addition to statistical data, the article provides information on the types of distributed ledger systems along with comparison between different types of systems. The article describes processes of transferring money, as well as transactions with goods, securities and derivative financial instruments in modern infrastructure environment. For illustrative purposes, the authors outline how the process would proceed if distributed registry technology was implemented. The authors conclude that advantages of distributed ledger technology overweight its shortages if one takes into account operational, technical, financial and legal aspects. Application of distributed ledger technology would increase efficiency of payments, clearing and settlement, and in the long term, distributed ledger technology could eliminate most shortages of the system existing nowadays on the financial market.

The article analyzes electronic money, in particular, crypto currency in the context of civil law. Applying historical method, the author presents a brief genesis of the creation and development of electronic contracts, as they were a real basis of emergence and use of electronic money. The views of Russian civil lawyers regarding the concept of electronic money are considered, and the author’s definition of this legal category is suggested. The author argues that electronic money is an account pertaining to the right or duty of an empowered particular entity to use the existing set of data on the kind and amount of payment units belonging to the an entity to pay for goods, works or services via electronic systems of non-bank credit organizations, i. e. without opening a bank account. The trend towards expanding the scope of non-cash payments, bypassing the existing banking system is revealed. The analysis of the legal regime of crypto currency circulation allows concluding that this type of electronic algorithms has been developed in order to create an unofficial payment system that does not have a single coordinating center but rather controlled by all users regardless of their location, and, therefore, cannot be “blocked”. In Russia, the crypto currency is not officially recognized, nevertheless officials believe that this means of payment should be used, since the available foreign experience attest to its effectiveness, notably, unlimited possibilities of transactions, free and instantaneous (0.01 seconds) international transfers, simplicity of use, etc. However, in order to avoid negative consequences, it is necessary to identify the market segments in which bitcoins will be used. The civil law of the Russian Federation considers crypto currency as an informal payment means for which it is necessary to develop in the very near future an appropriate legal regime. The future legislation should also pay attention to the Internet sites that accept bitcoins as a means of payment, and define the legal status of subjects involved in civil circulation. The suggested definition of electronic money, Bitcoin concept refinement and the arguments in support of recognition of electronic money as an informal payment unit contribute to the creation of a legal platform for use of a new universal object in civil transactions in Russia through IT-technologies.

According to the theory of corporate finance, optimal structuring of the company’s capital is a strategic priority having an important applied value while making decision on financial management. The study deals with an empirical analysis of the significance and degree of influence of a number of traditional determinants of financial leverage on the capital structure of domestic companies. To achieve this goal, an econometric linear model of multiple regression was built using the Gretl package; its specification was defined, and the adequacy of the model as well as the significance of parameters were tested. To obtain estimates of the linear regression model, the least squares method was used and the model was empirically tested. The selected data included panel data representing the financial parameters of eight companies of the oil and gas chemical complex of the Republic of Tatarstan over 6-year period from 2010 to 2015. Six variables were used as regressors of the model: the company’s size, the profitability of assets, the possibility of increasing the value of fixed assets and equipment, the growth of total assets, the non-debt tax shield and tangible assets. As a result of empirical testing, the hypothesis of a positive link between the level of financial leverage and the size of the firm as well as the hypothesis of inverse dependence between profitability, the possibility of growth of basic production assets and the equipment, nondebt tax shield and level of financial leverage were confirmed.

The paper reveals that the non-debt tax shield has the greatest influence on the company’s capital structure. The obtained results reflecting a specific connection between the company size, possibility of growth of the main production facilities and the equipment, non-debt tax shield and level of financial leverage well agree with the provisions of compromise theory. On the other hand, the relationship between profitability and financial leverage corresponds to the theory of order.

The author examines various aspects of the use of analytical procedures. The paper summarizes various authors’ opinions in the area and describes special features related to the use of analytical procedures in research and professional work in the sphere of audit and analysis of economic activities. The study results prove that analytical procedures are efficient research and methodological tools enabling to save time and costs through formalization and unification of checkout and settlement transactions, to improve assessment of economic activities, to provide higher quality of audit or express-analysis as such procedures help reduce technical risks caused by human factor.

Article Retracted.

The paper presents the results of a study related to the assessment of the impact of economic and non-economic factors on the international export of capital.

The purpose of the study was an econometric assessment of the influence of some economic and non-economic indices on the export of capital in 2015 throughconstruction of a consistent econometric model.

To select a method for the capital outflow evaluation for the research purposes, three potential methods for measuring the scale of the capital escape from the country are analyzed: the CBR method, the World Bank method and assessment of direct foreign investments. The authors exposed methodological differences in approaches to evaluating the amount of capital outflow to be taken into account in such studies.

In the course of the study a number of regression models were developed and some of them confirmed the existence of the relationship between capital outflow and non-economic factors.

It is concluded that the non-economic factors influence the magnitude of capital outflow from the national economy and political events may significantly affect the decisions of investors. In our models, non-economic factors such as presidential and parliamentary elections, time to start a business have an impact on the amount of capital outflow. The study is a part of the research work related to the development of the matrix of the Russian economy investment climate. [1] Subsequent research activities may include the construction of a model to analyze the influence of economic and non-economic factors on the capital outflow amount in different types of national economies (for example, in developed and developing countries). This will make it possible to use simulation results to predict amounts of the capital outflow from the Russian economy.

The research findings can be used in the practice of the development of the economic and investment policies at the macro and the micro levels, the national economylevel as well as at the regional level

The paper continues the authors’ publication in the Bulletin of Financial University (2015, No. 3) and discusses the current situation with the budget financing of higher education based on the per capita funding standards as well as the international experience in this field. The authors analyze the main financial indices of the higher education in Russia and developed countries in the context of the general conditions of its financial basis. The disproportions between the sizes of the current standards of the per capita budget funding and the actual costs of training an individual student at Russian universities are revealed; the ways to optimize the needed cost estimations for higher education and improvement of the appropriate standards development are considered.

The purpose of study is to examine the state of the insurance of the Republic of Kazakhstan as it is an important component of the financial market; to evaluate innovations in the health insurance area as they are the real source for economic development; to point out to new areas which will create conditions needed to make the financial market more stable and population more secure. Methodology. The work is based on studies conducted in 2013 to 2015 and analytical materials compiled from Kazakhstan and foreign statistical and financial reports. The work uses such classic methods as financial analysis, DCF analysis, comparative and factor methods. Authenticity of the study. The work reveals and analyzes observed development trends in the insurance segment of the economy of Kazakhstan for a number of years through the case study of insurance companies. The author examines the importance and place of the insurance market in the economy of the Republic of Kazakhstan as well as evaluates the insurance market and the coordinating role of the created medical insurance fund. Conclusions. The analysis proposed in the article is helpful to understand the current situation in the insurance market and can be of interest to insurance companies as well as to analytical and consulting companies.

The article presents a general overview of the teaching and learning of foreign languages through multimedia and computer technology. Since its introduction, this practice has undergone significant changes in the content, approaches and methods of implementation on its development path. It has gone through several stages, which were determined by the level of computerization, the development of technologies in the field of communication and the emergence of new software products. This provision, in turn, has enabled the development of a significant number of types and kynds of tasks. The variety of these exercises and their functional capabilities is increasing along with the development of computer technology. At the present stage, practitioners working in the field of teaching foreign languages with the help of multimedia and computer technologies, are facing a number of tasks. They were developed as a result of a study commissioned by the educational unit of the European Union and formulated in a number of documents published in the early 2000s. As a result, task forces were established to develop recommendations and training programs at different regional levels and stages of teaching. The creation of relevant Internet sites has enabled specialists to become aware of the ongoing innovation processes. This experience should be studied and adopted by domestic specialists. The article presents a general overview of the teaching and learning of foreign languages through multimedia and computer technology. Since its introduction, this practice has undergone significant changes in the content, approaches and methods of implementation on its development path. It has gone through several stages, which were determined by the level of computerization, the development of technologies in the field of communication and the emergence of new software products. This provision, in turn, has enabled the development of a significant number of types and kynds of tasks. The variety of these exercises and their functional capabilities is increasing along with the development of computer technology. At the present stage, practitioners working in the field of teaching foreign languages with the help of multimedia and computer technologies, are facing a number of tasks. They were developed as a result of a study commissioned by the educational unit of the European Union and formulated in a number of documents published in the early 2000s. As a result, task forces were established to develop recommendations and training programs at different regional levels and stages of teaching. The creation of relevant Internet sites has enabled specialists to become aware of the ongoing innovation processes. This experience should be studied and adopted by domestic specialists.

The paper is concerned with the main tendencies in the development of modern processes of the international economic integration and regionalization. The factors stimulating and holding back the integration are analysed. The self-sustainable resource system in international economic integration associations is established based on international laws and regulations with account for national legal systems of the member states of such associations. In view of the Eurasian Economic Union formed between the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, Kyrgyz Republic and the Russian Federation and also granting the Eurasian Economic Commission (EAEC) the status of a supranational governing body, there arises an imperative need to establish a self-sustainable resource system within the Eurasian Economic Union based on positive and negative experience of already existing international economic unions and organizations similar to the EAEU. In this regard, studying the financial aspects of the process of formation and use of the budget of the integration associations already existing in CIS such as the Common Economic Space (CES), the Customs Union (CU) and the Eurasian Economic Community (EurAsEC) is a matter of great interest. The subject of the research: based on the case sudy of EurAsEC and the Customs Union (CU) the budget process stages are shown along with the organizational structure of a system for raising the EurAsEC and the CU budget resources as well as acceptance and performance of the EurAsEC, the CU and CES budgets. The purpose of the research: the study and the analysis of processes of formation and use of own resources (budget) of international economic associations and the organizations similar to the EAEC in tasks and goals. The research objectives: carrying out the complex analysis of the development and evolution of the processes of raising and using own resources (budget) of EurAsEC, CU and CES focusing on the following issues: - the budget system, principles of formation and budget adoption procedures; - sources and structure of raising own money, its impact on national budgets; - classification of budget incomes, expenses and the management system. The results of the research are supposed to be used for preparation of the analytical material on the development and evolution of processes of raising and using resources (budget) of integration associations similar to EAEU in the tasks and goals, organizational and operation principles.