The paper focuses on impediments for efficient implementation of inflation targeting framework in Russia. Different structural and institutional problems of Russian economy and financial system are analyzed, including dependence on fuel sector, impact of external shocks, government-owned banks’ dominance, role of foreign capital on stock market and banking system, low level of trust, financial sanctions etc. Instead of implementing inflation targeting framework the authors offer switch monetary policy goals to crisis management with special focus on set of indicators, including exchange rate, and to supplement monetary policy by some capital account restrictions, macroprudential policy and fiscal policy (in terms of using development banks mechanisms). 

Article Retracted.

This paper proposes an approach to the study of the impact of global imbalances and external economic risks for the Russian economy and its level of economic security. This paper proposes an approach to the study of the influence of global imbalances and external economic risks for the economy of Russia and its level of economic security. The relevance of the study is that is not enough research to assess the impact of global imbalances and risks in terms of openness of Russian economy. The authors have perfected a method of quantitative assessment of global risks and proposed a method to estimate their impact on the Russian economy. Initial data are taken from a report on global risks for the World Economic Forum in 2014. The results characterize the role of global imbalances and the degree of influence of global risks on the Russian economy and its level of economic security. 

The article analyzes the problem of modifying the budget rules while facing a slowdown of the economic growth in Russia in the context of high levels of natural rent. It was revealed that the main disadvantage of the current fiscal rules is the lack of coordination with the investment and monetary policy. Modifying the existing budget rules is proven to be necessary for the transfer of the natural rent in the infrastructure development and the diversification of the economy.

The basis of the new fiscal rules is the mechanism for maintaining a balance between cash flows in consumption funds, investment, and savings. This requires formation of an Investment fund for the development of the national economy, filled not only by the state rental revenues, but the Bank of Russia as well (especially in the period of low oil prices). 

The article analyzes the institutional transformation of government economic policy on the basis of the financial providing of innovative activity. A key role of development institutions in the financing of the infrastructure of support of innovative development of the real sector of the Russian economy. Suggested tools for implementation of an effective process of import substitution for sustainable financing of innovative activity of high-tech enterprises of the real sector of the Russian economy. 

The task of governments to create the necessary conditions for the successful functioning of enterprises of different industries is one of the primary. The service sector is important for the population, covering sectors such as residential, tourist, psychological, educational and legal services in whole in the penitentiary system in particular. This creates favorable conditions for the development of society and therefore the economy as a whole. In services, it is important to take into account the peculiarities of the functioning of the industry, why, and will depend on the effectiveness of measures by the state. The article presents the problems hindering the development of this industry and defined measures of state support on the example of sphere of tourist services. 

Role of small and medium entrepreneurship in Russia in the recent years increase. Further development of this sector of national economy is important, especially in the crisis appearances and growth of unemployment. Problem of research of role entrepreneurial structures in the support of employment economical active people with the registration of features various types of municipal areas earlier was not viewed and appear to be actual. Present the analysis of existing regularities, that characterize the structure of employment people also on the industrial aspect. Achieved results may be use in the proving of development of entrepreneurial activity in the city areas and municipal districts, decisions of tasks of state regulation and support of entrepreneurship, and also elaboration plans and programs of expansions of this sector of economy. 

The problem of evaluating the effectiveness and quality of corporate governance acquired a special urgency in connection with the need to develop universal tools that allow the most comprehensive analysis of the operational and strategic activities of companies with state participation, to defi ne the trends and prospects for their longterm development, commercial and budgetary effi ciency. In addition, the changed legal regulation of nonpublic and public companies, and the content of the procedure of joint-stock companies. Based on the methodology of strategic management in the article the features of goal setting in developing the strategy development of companies with state participation, grounded system of strategic planning, determined the content of the stages of the strategy process. The analysis of methodical base for the application of key performance indicators (KPI) for state companies on the basis of which the specifi city of the use of KPIs by public and nonpublic companies, the proposed evaluation system of quality management of non-public companies with state participation that includes the integral factors and indicators of quality of governance. As a tool for management by key performance indicators and evaluation, proposes the use of a balanced scorecard, discusses necessary conditions for its successful implementation in the companies with state participation. The proposed integral indicator of effi ciency of activity of joint stock companies and indicators of quality of management of unitary enterprises, can be the basis for evaluating the effectiveness of operational management of companies with state participation, to be used in the process of monitoring and ranking. 

The relevance of accounting for pension liabilities currently caused by economic reasons, directly related to the political and economic changes in the Russian Federation. Political changes are related to proposals by the Ministry of Finance of the Russian Federation and the Ministry of economic development of the Russian Federation to increase the retirement age for old-age pension, adapting the duties of the State pensions of citizens on the shoulders of the employer and direct them towards non-government pension provision. Economic change of recent months are associated with declining profitability on investment, unstable prices for commodities, but rather their decline. These circumstances call for more scrutiny of processes occurring in the non-State pension funds, primarily relating to the accounting for pension liabilities. 

The article analyzes the problems and prospects of modern liberal model of Russia’s participation in international capital movement, based on the free convertibility of ruble for capital transactions. Realization of this model folded in the middle of 2000th had a significant, but ambiguous impact on the national economy. On the one hand, it added to the country’s investment appeal and stimulated capital inflows. On the other hand, with no barriers on its way amid not favorable enough investment climate, export of investment from Russia surged up and exceeded import in terms of volumes, resulting in a weakened resource base for the domestic economic growth. Deficiencies of the liberal model showed up most clearly in the year of 2014, which witnessed a new record in capital outflow driven by increasing economic turbulence in the country and foreign policy tensions. Resulting pressure on the economy raised an issue of restricting foreign exchange to stop the running away capital.

The authors believe that in spite of the deficiencies inherent to the free capital movement principle, to reject it would be a step back in the economic policy of the country. To enhance the efficiency of Russia’s integration to the global financial system, it would be more appropriate for the government to start regulating the capital inflows and outflows using market instruments rather than to put up barriers. In this context, the article analyses a number of top-priority measures, which could currently help stabilize the import of investment into Russia. 

The „Tax potential” as the economic category began to be of special interest in Russia since the model of the genuine federalism was implemented. Consequently, the most administrative-territorial entities for the objective reasons have been failing to finance the minimum public goods using own financial resources. Thus, it’s necessary in more depth theoretical study of the „Tax potential” as the economic phenomenon. This is because the theory as the basic prerequisite for effective practical reforms is high-importance.

The purpose of the study is evolution of the scientific views on the „Tax potential” as the economic category. This study includes: scientific search of the denotation of the „Tax potential” and also its conditions and the intension; determination of the composition of the „Tax potential” based on its essential differences; demarcation of the „Tax potential” from the related concepts; definition of the „Tax potential” based on the research findings. System analysis method, synthesis method, abstraction method, comparison method and method of induction were used in this study. 

The paper reviews the system of indicators characterizing Russian banking community in general and in territorial context. The article reviews the dynamics of the indicators characterizing the importance of banking system. The authors indicate the concentration the endowment the population Russia with financial services and differences between the main factors of the development level of the banking system of the regions from the national average. 

In the following article is dealt with the general income budget of St. Petersburgin correlation with the gross regional product. In the article is proposed the method of calculation of budget revenues in the future, which depends on the GRP produced on the territory of St. Petersburg. 

The silk way — the known ancient trade channel, is the most known model of economic cooperation in the history of mankind. It made an enormous contribution to an economic and humanitarian exchange between the East and the West. Now it starts reviving thanks to fast development of communications and thoroughfares.

In article Strategy of an economic belt of the Silk way is analyzed. Some main directions of this Strategy— transport and logistic, power, tourist are considered. Besides purely economic tasks, Strategy assumes the solution of a number of social, cultural and other tasks. The special attention is paid to mechanisms of interaction of participants of strategy. As one of the most priority the construction project of the high-speed highway Moscow-Kazan, with the subsequent continuation to the south and the East to Beijing and the Pacific Ocean, and to the west— to Rotterdam and to the Atlantic Ocean is considered.

As the President of Russia V. V. Putin, “Fairly noticed growth of the Chinese economy— chance to catch “the Chinese wind” in “sails” of our economy”. 

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The peculiarity of the current state of economic science is that it has little interest in, and often deliberately evades a study of many aspects of the deep nature of the market and individual market phenomenon. One of these phenomena is the structure of the prices of goods which are at the basis of the structure of earnings of participants of market relations, based on the structure of the gross national product. The purpose of research — to argue a new approach to the structure. The research problem— to reveal the author’s view on the structure of the price of goods. In disclosing the author’s view of the structure of the price of the goods has been used the dialectical method of transformation of quantity into a new quality, as well as the law of dialectics, which states that the whole is not reduced to the simple sum of its parts, the whole is more than the simple sum of its components to «some value». As a result of the study it was concluded that the structure of the price of goods includes the addition of more cost price of new consumer properties of the produced commodity product. 

Economic history as a science performs a number of important tasks. It is engaged in the systematization and analysis of factual historical-economic material to justify economic theory, performs a predictive function, which explores the regularities of economic development of society, the experience of economic reforms and implementation of economic policy of countries in specific historical periods. Economic history gives the opportunity to see long-term trends of economic development. As an academic discipline it is one of the basic courses of modern economic and managerial education. 

Economists are always worried about the question concerning the cost of goods. Because of the fact that cost — is the most important economic category. Cost — is an element of economic relations in the co-operation of labor in commodity — money system in the sphere of manufacturer relationships cost forms the quantitative significance of these relationships in the production, distribution, exchange and consumption of products such as commodities. The quantity of value is determined by the labor expended in the manufacture of each unit of product.

The practical significance of the research, which was conducted in this article, is in understanding how important it is to take into account the system properties of capital and behavioral factors in the management of financial and other resources. The main provisions and conclusions of the study can be further used to develop investment strategies in Russian companies in order to improve management efficiency. 

Article Retracted.

The rationality is important category in system of private-law regulation and represents the branch principle of civil law (characterizes the most essential lines of civil law). Despite all importance of this category of its legal definition in the civil legislation still isn’t present. In a sense between reason and the right it is possible to put an equal-sign. The right represents the reason phenomenon expressing objective values and requirements of human life and being an unconditional source and absolute criterion of all human establishments including the positive (hand-written) law. 

The article analyses the legal framework, regulations, contents and structure of external reporting of higher educational institutions in Russia and singles out the strengths and weaknesses of the existing system of external reporting of higher educational institutions in Russia. It focuses on the leading Russian scientific school in this area. The author provides the review of the recent publications of the scientists belonging to this school. He also reviews the modern concepts of generating the complex public report of an organization such as a concept of reporting on sustainable development of an organization, a concept of integrated reporting of an organization, a concept of reporting on the intellectual capital of an organization. The article provides a comparative analysis of defining and classifying the types of capital within the above concepts. The author formulates the approaches to using the advantages of the above mentioned concepts in order to reform the existing system of public reporting of higher educational institutions in Russia. He also offers the structure of a potential and operating activity of a university to be used as a basis for creating a matrix of sufficient information to generate public reports of higher educational institutions in Russia. Finally, the article offers a system of indicators to evaluate the potential and the processes operating activity as the sufficient amount of information to be disclosed in public reports of higher educational institutions in Russia. 

The importance of innovation nowadays can’t be overestimated. The introduction of innovations in usual life goes through the innovative projects, which are includes the stage of research, development, production and market realization. Like any other commercial project, the innovative project must be cost-effective in the long run to pay off and make a profit. However, the calculation of potential profits from an innovative product or service remains the most unexplored area in the innovative projects assessment. This factor makes the topic of this article particularly urgent. This article examines different approaches to assess the demand for innovation in the evaluation of innovative projects. The article provides arguments in favor of S-form of curve of innovative product adoption. Consistently discusses the stages of the model modification by adding the factors of price, advertising, market potential. Explores the advantages and disadvantages of different methods for determining Bass model parameters. It is concluded that model is practical applicable in the management of innovation projects. 

In the conditions of the growing competition and growth of number of ahead of schedule terminated leasing transactions lessors need to predict correctly the probable financial risks connected with uncertain behavior of all participants of the project. The built-in real options can provide this protection against financial risks to the leasing companies. The present study examines the applicability of main types of real options in project financing with leased assets, as well as conditions imposed on the leased assets and the project itself. This article describes particularities of real option valuation if underlying asset is a leased asset. This article includes analysis of leased assets residual value predictability and presents ways how to estimate it correctly. 

The “effective entrepreneurial environment” is one of the necessary conditions for the successful formation, longterm functioning and development of entrepreneurship in contemporary Russia. Recently, Russia experiences new development period: transformation from the exporting the raw material- into innovation driven-social oriented economy. Under these circumstances the “small entrepreneurship” needs a particular attention, especially: governmental and nonprofit organization’s support, releasing an excessive encumbrance for its successful functioning at all stages of developments. The main reason for the crucial role of this entrepreneurial form is its flexibility, rapid transformation ability and adaptability to conform to the requirements of the new state of economy.

Proceeding from the importance of the phenomenon “the enterprise environment” in national and world economy from a practical point of view, in this article the author sets the task of studying of this concept of the Russian law-making and scientific context at the present stage. Thus the complex assessment of regulatory base is carried out, concrete examples are given and on this basis conclusions in in terms of rules and regulations and the taken measures concerning the studied object in rule-making activity are formulated. As a result the author of article formulates own scientific approach to the studied object, and also carries out structural group of the elements making it, considering the present stage of development of a national and world public order.