In crisis conditions the role of fi scal policy of any state increases because, as a rule, it is the sphere of state and municipal fi nances that provides a resource which enables to give an impetus to the economic revival. At present, this area is particularly important for the Russian Federation as the domestic economy has faced numerous internal and external challenges. Such factors as the decline in production, increased speculation on the foreign exchange market, the weakening of the ruble which has led to higher prices for imports, sanctions against a number of Russian companies and banks make the state more actively intervene in economic processes and strengthen state regulation of the economy. Current rules of budgetary and tax legislation contain some shortcomings which are especially conspicuous in the period of stagnation. Mid-term measures scheduled in the budgetary area before the crisis should be updated. In this connection, it is particularly important to analyze the main trends in the approaches to the management in budgetary sphere. The world experience has shown that one of the most important and diffi cult problems facing public authorities in times of crisis is the need to optimize government spending: to cancel or to postpone spending aimed at minor results. On the other hand, a large part of budgetary expenses is associated with the government’s constitutional responsibilities towards its citizens. In this regard, it is important to analyze the measures formulated by the Russian government in its anti-crisis budgetary policy. The article describes the preconditions for carrying out anti-crisis measures in the budgetary policy area as well as implementation tools. The authors put forward proposals for amendments to be introduced in the current budgetary legislation of the Russian Federation as well as the necessary adjustments of the budget strategy. 

The article analyzes the activities of the group of fi ve economies — Brazil, Russia, Indonesia, China, India and South Africa (BRICS). The BRICS integrates fi ve very powerful states; one might even say fi ve civilizations which represent major world nations. It accounts for more than 43 % of the world population and more than 20 % of the global GDP. What is the role of the BRICS? What are its achievements and failures? It’s an open secret that currently the BRICS is going through diffi cult times. Considering BRICS as a new link in global governance implies its institutionalization (in one form or another) at least with a view to interact with other international high level bodies involved in the global governance. The article attempts to analyze the importance of the BRICS for the world community.

The relevance of the topic stems from the increasingly complex military-political situation and the need to maintain national security and defense via further improvement of fi nancial mechanisms for contracting and implementing the state defense jobs. In this context, the study of fi nancial mechanisms used for contracting and implementation of the defense orders for supply of goods, works and services is taking on special signifi cance. On the basis of the analysis of fi nancial problems regarding dynamics and execution of the state defense orders, it has been found that the price estimates for long-term developments of equipment and weapons are extremely optimistic. Through application of methods of content analysis of legal acts, scientifi c articles, publications and periodicals, the study identifi es and describes a number of fi nancial mechanisms for generation and execution of the state defense orders. In particular, it identifi es the following groups of fi nancial instruments: state regulation of prices for the products executed within the defense order by applying estimated fi xed price and recoverable costs; determining the target price for a state defense order using direct methods of allocation of costs to the cost of a particular product; state guarantees for defense orders; pricing military products; placement of state orders for purchase and implementation of defense jobs at defense-industrial complex production facilities. The paper provides recommendations aimed at improving fi nancial mechanisms for generation and execution of defense orders. 

In thise article judgements of the modern Russian and foreign researchers are considered about the phenomenon of market economy and his refl ection in public consciousness. It is shown that introduction to the scientifi c turn it was not avouched for the classics of economic science of theoretical aspects of circulation of economic life the required stability of height of the labour, competitiveness, general effi ciency of public progress productivity. Attention applies, that, as well as before, researchers are not unanimous in the acceptance of sentence of untransient character of market economy, as and in the conditions of this type of management national and social priorities prevail not always, the problematic achievement of quality modernisation of productive forces and adequate reformation of productive relations is satisfi ed. The authors of the article solidarity with the conclusions, contained in those newest researches, according to that the modern comprehension of the phenomenon of market economy supposes providing of close collaboration of the state and large private structures, crossing and cooperation of their interests. Important is also a conclusion about the insistent necessity of creation in Russia of reliable institutional foundation of legal, economic and organizational infl uence of the state on the decision of vital problems, including a fi ght against corruption forms shadow (unmarket) economic relations. 

The article discusses the sources of error of the indicators and tests of the security of economic agents, the mechanisms, which make them inadequate are identifi ed. A new scientifi c and methodological approach to creating the information systems for identify security threats of economic agents, which based on the equilibrium theory of random processes is proposed. In particular, we performed a review of the literature, which allows to draw the following main conclusions: fi rst, there is no shortage in the number and variety of indicators and tests, no diffi culties in the development of new, able to take into account the specifi c characteristics of each economic agent in specifi c circumstances; secondly, all the indicators and tests (at least the ones that we have found in the press) do not take into account the impact on the emergence of threats to fi nancial bubbles, money laundering, fi nancial terrorism, systematic or intentional distortion of statistical reporting, the use of virtual currencies and online games to move the capital; third, all indicators and tests ignore the infl uence of psychology on the behavior of economic agents, in particular, the real and subjective risks and methodical features of the calculation of economic indicators. We propose in this article a new methodological apparatus, which allows to consider all the sources of threats and reduce the error of the indicators in the form of intervals of uncertainty, and in the form of offset of the indicators. 

The pension reform 2015 dramatically increased not only the public, but also academic interest to the problems of the national pension system. The discussions revealed serious discrepancies (often diametrically opposed) in the quantitative estimates of both the pension system and the economic and social results of the pension reform, especially in long run. The paper analyzes the composition and structure of statistical data used for actuarial assessments of fi nancial status of the Russian pension system; statistical information resources’ provision needed to assess economic and social impact of the activities conducted within the pension reform; causes and effects of insuffi cient statistical information for forecast evaluation of the pension system balance in the long term. 

The article discusses the topical issue of foreign experience of applying outsourcing in global financial management of business entities. It substantiates that the global financial outsourcing including the global financial outsourcing is one of the tools which transform and integrate the emerging economies into the world economy. The research examines the conceptual apparatus as well as clarifies the economic essence of the global financial outsourcing. The paper investigates the use of global outsourcing financial tools in accounting and financial management of business entities in three economic regions -America, EMEA, Asia Pacific.

To determine the trends in global financial outsourcing services, quarterly expenses for outsourcing — the contracts and their dynamics at the global, regional and sub-markets for the period from the second quarter of 2013 (2Q13) to the second quarter of 2015 (2Q15) — have been studied. The research work has revealed that the largest customers of global financial outsourcing services include companies in the US, the UK, France, Germany and the largest providers of services are Romania, Poland, Moldova, Czech Republic, Slovakia. The percentage of Russian companies providing global financial outsourcing services is small. Suggestions on increasing the activity of Russian outsourcers in value added chaining are brought forward. 

The narrow markets in small settlements where the commercial real estate supply is scarce cannot be analyzed statistically. The problem becomes extremely complex when the research should take into consideration a wide range of Russian settlements. Moreover, there is a mismatch between the expected labor costs for data collecting and processing and achieved results.

In this context, the task of developing a methodology for determining the rental rates for commercial real estate in the narrow markets in conditions of zero or minimum supply is highly relevant. The article shows that the main problem is to find correlation between economically reasonable and statistically proven average rental rates and a straightforward factor which can be easily determined. 

One of the major tools and conditions of modernization and transition to investment development is carrying out effective investment policy by the state in the field of the state capital investments. In the conditions of limitation of financial resources of means of the state, according to the author, have to go first of all to such forms of capital construction as modernization and modernization of the existing research and production base.

Meanwhile contradictions and shortcomings of the developed conceptual framework in financing of the state capital investments create considerable difficulties in the solution of a problem of ensuring rhythmical and effective financing from the budget of modernization and modernization. In the article the author considers concepts of modernization, new construction, reconstruction and modernization, expansion of production and their reflection in the current legislation and standard and legal documents, shows discrepancy of interpretation of these concepts in different legislative and normative legal acts that results in difficulties in practical activities on implementation of the state capital investments. The reasons of the developed situation are analyzed and offers on its correction are made. 

As the socialization of society, observed in our country at present, a growing interest in non-profit sector. According to numerous studies, it is obvious that the representatives of the authorities are even ready to delegate the functions of the social services of the active non-profit organizations. Certainly, it strengthens the position of non-profit organizations in a market economy. Simultaneously, this situation once again confirms the inconsistency of the modern market economy, as it is believed that the activities of non-profit organizations based in the production of public goods, or of socially important goods and services contradicts the principles of the functioning of institutions in a market economy, because it does not aim at profit. Especially important to study the specifics of finance non-profit organizations, organize ideas which will meet the growing interest of theorists and practitioners in their activities as special entities.

This work is based based on the study of Russian and foreign researches in the field of finance non-profit, is a preparatory step to writing a new textbook for undergraduate «Finance non-profit organizations.» The paper presents the systematization of financial resources, a non-profit organization, justified the allocation of cash flows as a special type of financial resources, the most appropriate to their nature. Proved that income as a component of financial resources, contrary to the goals of the non-profit organization, and are a kind of compensation for the lack of receipts.

Fuzzy linear regression is used to estimate the parameters of the Botazzi-Peri model of technological knowledge growth, while classical linear regression is used to evaluate the parameters. In this paper, the parameters are defi ned as fuzzy values. As a result, the model volume of technological knowledge is characterized by a set of possible values rather than by a single number. The position in a series of possible values for a particular indicator characterizing a country, to some extent, refl ects the effectiveness of R & D in this country. If the fi gure is close to the most probable values of the model (when the value of the membership function is close to one), the effectiveness of R & D is quite typical. Closeness to peripheral values (when the value of the membership function is close to zero) occurs in two cases: if the effi ciency of R & D is atypically high or atypically low. The use of fuzzy regression allows to trace the dynamics of changes in effectiveness. The calculations were performed using the same data on body of technological knowledge in developed countries as in Botazzi and Peri work. 

The absence of profi tability is typical for innovative projects on the early stages of its implementation and high risk because of high level of uncertainty of the estimates of forecasted cash fl ows. In this situation, the use of standard methods for economic effi ciency analysis of the projects does not allow to obtain a comprehensive assessment of the advisability of investing, as well as to quantify the accuracy of the dynamics of forecasted indicators. All of this requires the development of the theory and methods for analysis of economic efficiency of innovations and determines the high level of fundamentality of the issue. The application of real options method and fuzzy sets theory is, in our opinion, the directions of the improvement of these methods.

The paper deals with the problems of usage of new methods for evaluation of economic efficiency of innovative projects with venture financing in the industry sector. The opportunities of application the real options method to evaluation of the effectiveness of innovative projects with venture financing using fuzzy sets are investigated. Short review of works of foreign and Russian researchers is given.

The new methodological approach to the evaluation of the economic effectiveness of innovative projects with venture financing based on the real options method using modified Geske’s formula with fuzzy sets analysis is proposed. The methodological approach will enable to evaluate quantitatively the fact of staged investment of the project and the possibility to stop financing in the case of receiving negative information about its implementation. In other words it will enable to take into account and quantitatively evaluate the flexibility in making managerial decisions.

In general, synthesis of the probability methods and fuzzy sets in the analysis of venture financing of innovative projects based on the real options method extends the venture capital investor’s tools used to validate the investment decisions. Also the proposed approach allows to get a more accurate assessment of the effectiveness of investment projects with high degree of uncertainty in comparison with traditional methods. 

The article analyzes positive and negative trends in the RA small and medium-sized entrepreneurship (SME) development, SME role in economy of Armenia, Russia, Belarus and EU states, basic factors of economic growth deceleration. The purpose of research is to make an appraisal of Armenia’s SME modern state, suggest concrete tax mechanism for small business developent stimulation and economic growth acceleration. It is concluded that: 1) establishing preferential tax regime is substantiated: a) fi rstly just for small but not medium-sized business because of multiple exceeding of medium-sized business assets and eployees compared to identical indicators of small business; b) for attracting not simple foreign direct investments, but ones exactly from developed countries and states-RA strategic partners and being directed to the RA production sector; 2) currently the fundamental issue is to implement economic growth diversifi cation based on outrunning development of economic growth innovation component, diversifi cation of exports. The article propounds to implement tax policy radical liberalization, i.e. to form tax instruments for economic growth stimulation based on decrease of tax burden on businesses, tax exemption for some sectors and for defi nite period, particularly through accenting on tax preferences for insuring investment demand, economy innovative development, its diversifi cation and demonopolization. 

A tendency to implement national currencies in foreign trade settlements on a wider scale reflects a multipolar essence of the modern world. It is quite logical and natural result of increasing risks lately connected with the key world currencies. Different countries are interested in reducing dependence on the international currency and financial markets when global geopolitical situation is getting worse.

The article examines prerequisites and preconditions for expanding the scope of implementation of national currencies in foreign trade settlements between different countries. The analysis of practical experience of implementation of national currencies in foreign trade settlements has allowed to highlight the «bottlenecks» and problems hindering more active implementation of national currencies by the national participants of foreign economic relations. Current trends and perspectives of implementation of national currencies in foreign trade settlements are discussed in general terms by taking into consideration Russian rouble and Renminbi.

The analysis substantiates the need to eliminate existing law, administrative, financial and economic barriers hampering the national participants of foreign economic relations to efficiently conduct business activities in the domestic financial markets, and to ensure favourable market conditions by the national financial institutions. 

Within the declared perspective the author considered some problematic issues of implementation by offi cials of tax authorities of production on cases of offenses in the fi eld of taxes and fees, for the purpose of development of concrete measures and suggestions for improvement of a legal regulation of a procedural order of consideration of this category of affairs and accountability for violation of the tax law. Thus the author pays attention that feature of purpose of punishments, that some subjects of legal relationship responsible can be made for the same offense in the tax sphere is: the legal entity (as a rule, according to standards of the Tax Code of the Russian Federation), the offi cial or simply natural person (according to standards of the Code of the Russian Federation on Administrative Offences).And in the presence as a part of crime signs — that and natural person (according to the criminal code of Russian Federation).

Summarizing the author notes that at identifi cation of the fact of an offense during cameral or exit tax audits for which administrative responsibility is provided, it is expedient to make the protocol on an administrative offense and to transfer him to the offi cial, whose competence includes consideration of this category of affairs within administrative process, along with further implementation of control and supervising production, and on the end of tax audit to draw up the relevant statement. In this connection, new edition of item 15 of Art. 101 and item 13 of Art. 101.4 of the Tax code of the Russian Federation is offered. 

The dynamics of modern society and the growth of innovative economy needs lead to shortening of graduates’ periods of adaptation to professional activity, growing of their mobility, competitiveness, and make the professional education face new tasks.

Authors discuss the problem of multilevel economic education organization, aimed at elimination of the gap between employers requirements and assignable educational services. The necessity of development of projectcontextual education technology is being proved. It creates an opportunity of competence approach realization. In the article Financial University’s experience is showed to develop and introduce the educational standard „Economics” in the practice of training personnel for innovative economy. This experience defi nes the opportunity of designing the educational process according to „weighting coeffi cient” of particular competences importance and systematic unity of higher education levels. 

The paper analyzes the civil law institution for indemnity in M & A deals, as well as provides an in-depth view on the legal nature of this mechanism in the context of theory and practice of the civil law. The author highlights some legal problems and gaps in the law and suggests solutions to the mentioned problems as well as necessary amendment proposals to the legislation of the Russian Federation. The study on indemnity issues is based on recent amendments in the civil legislation of the Russian Federation, in particular, amendments in the Civil Code of the Russian Federation. The author also takes into account changes in the judicial practice regarding indemnity issues. The analysis is performed in a comparative-legal framework: it investigates into the Great Britain common law. The relevance of topic is dictated by the trans-boundary nature of mergers and acquisitions. 

In the conditions of the modern market for receiving profi t in the long-term temporary period it is extremely important for the organizations to be competitive, establishing strong connection with partners. The strong brand defi ning services or products is one of the factors which provide competitive advantage. In this regard a great influence is received by the organizations based on the principles of value added communities. Value added community is the economic structure representing a brand organization and the surrounding it business partners. Proper management of such an organization can bring significant financial profit. Value added community develops similarly usual organization but with some amendments.

The article describes a model of developing value added communities. This model is based on the main relevant parameters of the value added communities as a whole (the value of the brand, the size of transaction costs, the size of value added community), and some IT industry’s features (project work, teamwork).

Methods of mathematical modeling, the system, regression and mathematical analysis of functions, as well as differentiation and statistics were used in designing of model of developing value added communities. The article presents advises for managing the IT organization based on the model of developing value added communities. 

This article is about the problems that bankruptcy rehabilitation procedures face during its application in Russia. Despite the fact that the Federal law on insolvency provide large number of rehabilitation measures and that the essence of the Russian insolvency legislation is focused on protection of debtor’s interests, the percent of rehabilitation procedures application as well as their efficiency remains very low in comparison with the developed western countries. The challenges to the effective application of rehabilitation procedures were revealed by the author. The research undertaken on the basis of legislative experience of foreign countries, Russian and foreign doctrine in this area along with the draft law framed by the Ministry of economic development that aims to improve the procedures offinancial improvement and supervision. Possible solutions of these problems were proposed by the author.

The solutions of problems listed in article are not connected with the strengthening of the debtor’s support and the reduction of creditor’s protection, it is important to note that legislations with pro-creditor bias such as Great Britain and Germany were used as an examples for part of problem decisions. In our opinion the solution of the problems listed in article will help to increase the effectiveness of the rehabilitation procedures and as a result they will become more popular among creditors.