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Finance: Theory and Practice

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Vol 20, No 2 (2016)
https://doi.org/10.26794/2587-5671-2016-20-2

АВТОРИТЕТНОЕ МНЕНИЕ

6-15 2122
Abstract
The article examines the most significant challenges (threats) predetermining the prospects of development ofRussia in XXI century and suggests possible ways to support people and the real economy in the conditions of deepening economic crisis. The author believes that the government should develop a comprehensive program to stimulate the industrial development: on the one hand, it should facilitate the transition to a more balanced production pattern and, on the other hand, should push the companies towards producing innovative and competitive products. At the same time as a part of the stimulus program, the government should adopt a list of criteria to be met by a company which expects to receive government support. In order to improve the situation on the labor market we need, first of all, to provide tax incentives for companies which create new high-performance jobs; compensation of tuition fees or training expenses of employees; measures to support labor mobility.
16-21 781
Abstract
The article highlights the monetary policy’s role in creating conditions conducive to economic growth recovery and modernisation of the Russian economy. A review of different opinions shows what a balanced monetary policyshould be like in Russia. Russian scientific and business communities often express the following views on theBank of Russia’s role in the aforementioned processes: to switch to ‘quantitative easing’ policy, Russian style; to come back to a managed floating or pegged exchange rate of the ruble; to abandon ‘discretionary’ policy. The article emphasises that the central bank can influence the money supply dynamics only implicitly. That is why a considerable key rate reduction and excess money supply build up inflationary pressure, increase financial risks and destabilise the economic situation as a whole. Inflation may significantly lessen the impact of money supplyincrease on the economy’s monetisation. The article is sharply critical of the proposals to return to the policy of a pegged exchange rate of the ruble. Many countries’ experience suggests that given severe external shocks in the economy, which is largely dependent on the external economic environment, the support of the national currency exchange rate for a long period of time requires a sizeable amount of international reserves to be spent witheconomic imbalances keep rising. As a result, central banks will have to lower the exchange rate or release it. Thefloating exchange rate is an embedded economic stabiliser and makes it possible to offset an adverse impact ofexternal shocks. The Bank of Russia believes that its main contribution to the economic development is to reduce inflation and maintain it at a low level. The Bank of Russia seeks to pursue balanced monetary policy rather than ‘discretionary’ one, i. e. the policy, which implies only one goal for the central bank - low and stable inflation.However, this goal should be reached not in any way but taking into account Russian economic potential and the need to ensure financial stability.

FINANCE AND MANAGEMENT OF THE PEOPLE'S ECONOMY

22-32 720
Abstract
The article discusses the results of research aimed at conducting the comparative analysis of implementation of the state policy for support of single-industry towns in Russia and Kazakhstan, the identification of specific and common problems as well as methods for solving them. The study reveals the stages in the development of support policy, analyzes the evolution of criteria used for selection of single-industry towns needed support, and considers factors that led to criteria refinement.The study provides a comparison of Russian and Kazakh single-industry towns in terms of their spatial localization, industry specialization, social and economic situation, population number.It is stressed that the key differences in the approaches to the development of single-industry towns in the countries are linked to the scale of support and degree of its selectivity, institutionalization characteristics, and coordination with national priorities.The authors describe key problems arising when implementing policy for support of single-industry towns in Russia and Kazakhstan and conclude that it is necessary to overcome the limitations of traditional approaches to urban policy implementation in conditions of negative economic dynamics.
33-42 1577
Abstract
The paper describes the theoretical foundation and the mechanism for the practical implementation of the hierarchy analysis method and its potential use in the banking sector of modern Russia. The hierarchy analysis method is viewed as the general theory of measurement; it is used to derive the ratio scales from both discrete and continuous pairwise comparisons in multilevel hierarchical structures. Comparisons can be made on the basisof real or alleged values reflecting possible preferences. The method is widely used in problems of multi-criteriadecision making, strategic planning, forecasting, and even in conflict resolution problems. Moreover, it is intendedfor the analysis of nonlinear structures to perform both deductive and inductive inferences without syllogism.
43-50 601
Abstract
The intensive import substitution in the economy caused by the anti-Russian US and EU sanctions also involves the Russian tourism industry. The paper analyzes internal and external factors leading to the import substitution expansion in the Russian economy. The common and different features of the import substitution in the production of goods and services are considered. The organizational mechanisms for import substitution of a tourism productbased on close cooperation between the state and business are identified. The forms of the public-private partnershipin this area and the progress of the federal target program “The Development of the Domestic and Inbound Tourism in the Russian Federation (2011-2018)” are discussed. The ways of increasing the role of the Russian regions in the development of domestic and inbound tourism and the structural transformation of the industry are discussed. The paper makes it plain that the success of the import substitution largely depends on how effective is the cooperation between the state and business in the framework of the public-private partnership. It is concluded that the import substitution policy can transform the Russian tourism industry into a competitive sector of the Russian economy, an economic growth driver, capable of bringing budget revenues and reducing dependence on raw materials.
51-55 956
Abstract
The transition to the innovative type of development in particular and the innovative economy in general is expected to facilitate movement to the new tenor of technology for the Russian Federation. This, in turn, would allow the country to compete on an equal basis with other developed economies. Therefore, the issue of handling innovations is particularly important today. The paper describes a methodology for modifying the existing development standards using the UNIDO method as an example. The proposed version of a feasibility study to be submitted to potential investors makes it more accessible to inventors, and hence enhances their ability to bring their innovations to the market, which to a certain degree could give impetus to the development of the whole economic system of the country.
56-61 581
Abstract
The development and introduction into the budget process of programs designed for all levels of the Russian budget system made it possible to draw up the budget as a policy document defining targets and results to be achieved in the execution of the financial plan of the government. The relevance of the subject is determined by the reform of the budget process in the part of the budget expenditure planning. The local finances play a significant part in the financial system since they convey the results of the financial, economic and social activities of companies andorganizations to direct consumers of federal and municipal services and transform the economic potential intoconcrete results - a higher living standard or a comfortable environment. The purpose of the paper is to examine the organization and the legal support of municipal programs. The paper describes how a municipal program is developed and what methods are used to assess its effectiveness. It is concluded that program implementation reports should be published on a regular basis.
62-68 834
Abstract
Today, like never before, the need for import substitution in the Russian industry to ensure the preservation and growth of the country’s economic potential as well as the promotion of Russian products on the international market is in the limelight. It is noted that the integration processes should be enhanced through development of the technological audit which can provide customers with new relevant R&D information, analyze it, choose the most promising designs, and promote the commercialization of innovations along with reducing risks associated with the selection of innovative projects. The role of the state in the import substitution process is demonstrated; the foreign experience of solving organizational problems in the process of the innovation development is described. It is concluded that the import substitution should be aimed at the creation of a competitive environment in the country to be able to compete with foreign counterparts.
69-72 449
Abstract
The uncertainty of the economic environment creates risks which threaten the functioning of the power sector enterprises and undermine country economic security. In this connection, the issues of threat and hazard identification in view of early warning and timely application of protection and countermeasures are becoming highly relevant. The purpose of this study is to consider practical aspects of resuming and allocation of electricity delivery to consumers using the mechanisms determining economic dangers and threats in the investigated industry. The article provides the classification of threats to the sustainable functioning of electric power industry enterprises. It states that the sustainable development of the electric power complex of the region is ensured by the balanced development of all its functions: generating, transforming, transmitting and commercial metering. The considered issues would contribute to the better understanding of challenges facing power industry which is an important element of the economic environment.

СОЦИАЛЬНАЯ ПОЛИТИКА

73-80 855
Abstract
The article substantiates the necessity to investigate the issue of socialization of economic relations and, in particular, the issue of social investment. It reviews some aspects of social investment theory and reports the current status of economic thought in this field. The conducted research based on a gnoseological approach proves that in modern conditions social investment as to its essence and nature is a complex category integrating economic and social behavior motives of the subjects, their goal set; tools used by investors and participants of investment activities, and the norms of behavior of all players. The research sets out main characteristics of social investment which in fact fall into the category reflecting relations between the subjects involved in investment activities aimed at solving social and economic problems.
81-85 717
Abstract
The solution of social and economic problems of society requires active participation of business entities in the process. The main rules and regulations of their behavior determine the social investment principles implemented by such entities. The paper sets forth the principles of social investments made by business entities. It is proved that the specific features of the implementation of these principles are due, on the one hand, to the specifics of the business and, on the other hand, the need for such entities to act as “agents of the social activities” who use economic tools to achieve a social effect.

FINANCES, MONETARY ADDRESS AND CREDIT

86-98 1250
Abstract
The paper proposes a macro model of the economic system, which is composed of its real and financial sectors,affecting the dynamics of the gross domestic product. As a theoretical basis for the formation of the model taken loan funds theory, defining the notion of equality of capital in various forms - investment and savings. This theoryenables the expense of the basic equation of “loan funds” monetary aspects that determine the dynamics of the product. As a result, it becomes possible to obtain expressions for the different scenarios of the GDP percent change in real money, depending on the different institutional settings of monetary policy, and policies affecting the interest rate. It shows the use of two versions of the Fisher equation in relation to the assessment of monetary policy, as well as analytical for exactly two-sector model of the economy derived border changes in the money supply in order to ensure the growth of the economy at the same time a positive change in their structure (given the two sectors).
99-105 819
Abstract
This paper aims to study changes in the effect of financial contagion in the Eurozone during the European DebtCrisis. The results of the study show that the strength of institutional connections on the interbank level had decreased, while on the sovereign-bank level it had weakened; which could be explained by the change of thenature of the financial contagion with the flow of the crisis. Default risk of an individual bank had become lessdangerous for the financial system; however, the dependence of banks on the sovereign stability had increased. An association of sovereign default risk and changes in the financial contagion varies among clusters, subjectto the sovereign default risk probability. A regression equation of CDS spread was composed for the purpose of analysis of individual regression models’ residuals. Two approaches of analysis were applied in the research: regression and correlation analysis.
106-116 726
Abstract
Concepts of effective use of budget funds as well as budgetary sources, assessment methods and indicators hold special meaning in such scientific areas as accounting, analysis and control. Despite the fact that the effectivenessrefers to the target characteristics of the economic entity and many researchers are involved in its assessment, its definition is still unclear. The point is that these concepts are closely linked to politics and specific managementmethods at the macro level. Also, these concepts are connected with organizational and legal forms of governance and economic activities at the micro level.The article suggests the author’s definition of the term «budgetary efficiency» which takes into account the specificsof the budget process; it establishes a system of indicators to measure the efficiency of budgetary funds use and shows the relationship between three components determining the efficiency of budget spending.

WORLD ECONOMY

117-119 1322
Abstract
The Kyrgyz Republic, participating in integration processes, from the very beginning of and throughout all history of independence repeatedly I confirmed the participation in creation of uniform customs space within the Euroasianeconomic community. In 1996 within the Agreement on the Customs union between the Russian Federation, Republic of Belarus and the Republic of Kazakhstan the Kyrgyz Republic has joined this international document. On February 26, 1999 Kyrgyzstan becomes the participant of the Contract on the Customs union and the Common economic space, and in October, 2000 - the Constitutive treaty of the Euroasian economic community. In article results of accession of the state to EEU are analyzed.
120-126 574
Abstract
The relevance of the research is determined by trends in the formation of new energy flow routes from the Caspianregion and Central Asia to Europe and South Asia. The methods of research included the functional analysis, the correlation method, the induction and deduction methods, the critical reasoning and the problem-oriented approach. The paper assesses the prospective global oil price band for the medium-term period of two years. The leading role of the CIS oil and gas complex in providing the global markets with energy resources is highlighted.The balance of energy resources of the CIS countries is considered. A multiplicative approach to the development of energy resources in the Caspian region is proposed. The method for calculating the distribution of shares in the Caspian Sea energy resources development project among its members, with account for the Caspian Seawatershed coefficient is developed.It is proposed to establish an electrical energy alliance including countries of the Caspian region and Central Asia.

ECONOMIC THEORY

127-136 878
Abstract
The development of the methodology is one of the principal problems of the humanities. There are two solutions: the endogenous development of methods within each science by increasing the existing methodological base; and the exogenous development by making use of methods, techniques, algorithms of research from other sciences. The paper focuses on the development of the economic science methodology through utilization of the axiomatic method used in mathematics. The main idea is to expand the application scope of the method by going beyond the borders of natural sciences, mathematics, physics, chemistry, astronomy, etc. to adapt it to the active application in the field of the humanities. Using the axiomatic method in the economic theory may expose a number of relationships between previously unrelated subjects and justify new theories, hypotheses, and concepts.

АДМИНИСТРАТИВНОЕ И ИНФОРМАЦИОННОЕ ПРАВО

137-144 577
Abstract
The paper reviews the international experience in the implementation of various types of professional legal representation with a particular focus on administrative proceedings. The author examines the issues related to the limitation of the legal possibility for representation in court without having the attorney status (professional legal representation in the form of full or partial attorney monopoly) as well as special requirements for education and legal experience both for persons providing legal support and individuals independently representing their interests in court without the involvement of representatives. The current legal regulations abroad follows the “tough” way of introduction into litigation proceedings (including administrative ones) of various institutions of professional legal representation up to the full attorney monopoly.

ФИНАНСОВОЕ И НАЛОГОВОЕ ПРАВО

145-149 706
Abstract
Based on the study of novations included in Part 1 of the Tax Code of the Russian Federation, the article specifiesthat tax monitoring as a form of tax control is carried out in the form of an electronic information exchange and is used along with cameral and field inspections. It is performed in order to verify correctness of calculation as wellas completeness and timeliness of payment (transfer) of taxes and fees. According to the author, the introduction of tax monitoring, is highly appropriate as it helps identify in advance and thus to prevent and suppress tax offenses. A distinguishing feature of tax monitoring is the fact that during its carrying out the organization provides access to documents (information), which are used as a base for the calculation and payment of taxes, as well as discloses the procedure for treatment of incomes, expenses and taxation objects in tax registers and accounting.

PROBLEMS AND SOLUTIONS

150-158 2172
Abstract
The cooperation of universities and employers is becoming increasingly important because the practical component in the learning process becomes a significant competitive advantage of a graduate. The student is naturallyinterested in a good job, and the employer wants to get a skilled worker. As for the university, the demand for its graduates is one of its most important performance indicators. Thus, all interested parties have a common goal that can be achieved only if the cooperation of the university and the employer starts as early as in the learning process of a future employee. The purpose of this cooperation is to impart the accumulated knowledge to future professionals and prepare them for work in a business environment keeping pace with the business communityand to show them possible career building scenarios. The forms and methods of the cooperation between financialinstitutions and universities are analyzed. The materials used for the research included data available from the Internet as well as information provided by university officials.
159-164 461
Abstract
36 federal state unitary enterprises (Federal State Unitary Enterprise FSIN Rossii) which purpose and object of activity are providing and development of the material and social sphere of Federal Penitentiary Service and so forth are under departmental supervision of Federal Penitentiary Service of Russia. For realization of the powers of Federal State Unitary Enterprise FSIN Rossii can give sponsor’s and charitable help to institutions of criminal and executive system. On the basis of the Methodical recommendations approved by the order of the Ministry of Economic Development of the Russian Federation during 2016 the Provision on an order of formation and use of funds of sponsorship and charity will be developed. However development of Situation doesn’t solve all problems facing the enterprises which will face the solution of questions on determination of the amount of assignmentsfrom net profit when forming fund of sponsorship and charity, to modification of the Charter, his re-registrationin a generally established order, etc. Detailed study and realization of these tasks will promote more effective interaction of Federal State Unitary Enterprise FSIN Rossii and institutions of criminal and executive system.


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ISSN 2587-5671 (Print)
ISSN 2587-7089 (Online)