Topic. The subject of conducted research is the reaction of monetary-credit and budget-taxation policy of Russia on the challenges facing the Russian economy under the influence of processes of globalization. The main challenges are highlighted by the global economic and financial crisis of 2008–2009 and the crisis 2014–2016, in the development of which series of external shocks have played an important role.
Purpose. The purpose of the study is to assess the responsiveness of economic policy to external shocks.
Methodology. From the standpoint of macroeconomic theory in an open economy based on the analysis of statistical data were revealed the results of the response of monetary-credit and budget-taxation policy to the external shocks of 2008–2009, and 2014–2016.
Results. The normative part of the study contains proposals how to improve economic policy in the face of external shocks. There were highlighted the general vectors of response of monetary-credit policy to the both crises: support of the rouble exchange rate, assistance to the banking system, expanding the toolkit of monetary and credit policy.
However, one of the specific features of the crisis 2014–2016 was the transition to a floating exchange rate of the rouble and resulting instability in the currency sphere. The area of budget-taxation policy was marked by the delayed reaction to crises and less stimulating effect during the upheavals 2014–2016. Despite the relatively small size of sovereign debt there exists a trend of rising costs of its service.
Conclusions. As conclusions it is proposed a set of measures of monetary-credit and budget-taxation policies aimed at increasing the effectiveness of their response to the challenges of globalization. An important role ought to play the creation of a system of development institutions, aimed at restructuring the economy by using monetary, credit, budget and taxation policy measures.

Subject. To ensure sustainable economic development of the country, it is necessary that natural (infrastructure) monopolies develop at a faster pace than other sectors of the economy. The state historically played a major role in financing the infrastructure facilities building, however, in the current tense economic situation a trend is to reduce government spending. In these conditions, for natural monopolies, evaluation and selection of the most effective sources of financing their investment activities become of special importance.
Goals. Comparative analysis of typical models of financing of natural monopolies — budgetary, corporative and project financing. Identifying their advantages and disadvantages, and identify areas of the most appropriate and effective application.
Methodology. The researching is based on a dialectical approach. The researching used systemic, comparative and institutional approaches.
Results. Each of the considered models of financing has its advantages and disadvantages, and also is characterized by its specificity of use. For short-term investment projects, as well as renovation projects for existing infrastructure, it is advisable to implement a corporative financing model. Budgetary financing is applicable for projects with a long payback period and projects with conditionally “negative return on investments” (projects with very long payback period). The model of “project financing” is most effective for the implementation of large-scale projects with medium or long-term payback.
Conclusions. It is shown that, in the current economic conditions, the implementation of most of the infrastructure tasks included in the strategy of Russia’s economic development can be achieved mainly through the use of project financing. However, its progress in Russia is hindered by the underdevelopment of the legislative base.

Topic. Economic evaluation of losses from invalidism of the population as an important component of a balanced decision-making in health and social policy (in particular, as concerns the programs of social well-being, adaptation and rehabilitation of invalided persons).
Purpose. Analysis of modern approaches and methods of economic evaluation of losses from invalidism of the population (from the point of view of completeness and correctness of the assessment, applicability, taking into account peculiarities of statistical surveying in the Russian Federation).
Methodology.On the basis of theoretical analysis of the legal and literature sources (the official Methodology of calculating economic losses from mortality, morbidity and invalidism of the population and the research articles presented in the RISC database from 2000 to 2016) we summarize the main approaches to economic evaluation of losses from invalidism of the population of the Russian Federation. There were also differentiated and formalized the main problems of economic evaluation of losses from disability.
Results.There were analyzed different approaches and methods of economic evaluation of losses from invalidism of the population used in the Russian Federation. We identified and highlighted the advantages and disadvantages of considered methods. There were formulated conceptual and methodological problems of economic evaluation of losses from invalidism of the population (such as completeness and quality of baseline data, problems of evaluation of current and deferred direct and indirect losses (loss of production of the manufactured product), etc.).
Conclusions. The main problems in the assessment of economic losses from invalidism in the Russian Federation at the present stage are the lack of disaggregated data on invalidated persons and lack of uniform and complete assessment techniques applicable for the purposes of comparison of costs and benefits by the state authorities. It is noted that the question of the adequacy and completeness of the data can be solved by using the Federal state information system “Federal register of disabled persons”, which is being introduced from 2017.

Topic. The topic of this research is the stimulation of innovative activity of industrial enterprises as one of the basic conditions of industrial growth of the Russian economy. It is especially important in the conditions of sanction problems.
Purpose. The purpose of the study is to determine the optimal funding mechanism for innovative projects in industry, primarily aimed at stimulation of innovation activity against the systemic failure indicators of Russia in various international rankings.
Methodology. The purpose of the study is achieved by the fullest understanding of key aspects of the innovation process: methodology of the research includes philosophical and political-economic methods. The essence of the philosophy of innovation is represented as a process (innovation) chain of turning ideas into socialized and competitive product on the market. Such chains provide the update of all spheres of life at every stage of development of society, lead to the accumulation of cultural heritage and the transition to a higher level of existence. In turn, the essence of the political economy of innovation is that the innovation chain is implemented in the society in which there are any questions as concerns the productive forces and production relations. Thus, ideological consolidation of society plays a major role. From proper state regulation of the conditions for innovation and its stimulation depends not only the success of enterprises, but also the socio-economic development of the country — welfare of citizens.
Results. To improve the efficiency of financial-economic and social mechanisms of stimulation of innovative activity it is proposed implementation of project financing mechanism for innovation chain as a whole, considering it as a single project “financing in a shell nut.”
Conclusions. Using the format of public-private partnerships and converged “triple helix” mechanism of project financing it is possible to stimulate innovative activity in industrial enterprises by kind of “coercion to innovations.”

Topic. The problem of functioning of the financial system in the face of uncertainty is complicated by the entered by Western countries anti-Russian economic sanctions. We discussed the peculiarities of functioning of the financial system in a “new normality” from the point of view of systemic and institutional approaches. We analyse sources of financial resources and financial instruments, the practical application of which allows overcoming the negative effects from the introduction of anti-Russian economic sanctions.
Purpose. Author’s study of the national financial system under conditions of new economic reality and the existing approaches to its build up. Grounding the benefits of forming the structure of the financial system using the sectoral approach based on the methodology of the national accounts system.
Methodology. The study is based on the dialectical method. In the study were applied the system and institutional approaches, analytical, expert and statistical methods.
Results. The passivity of the financial institutions, nonfinancial organizations and population complicates the development of financial relations of economic agents. Russia’s financial system as a whole and its structural elements are experiencing a shortage of financial resources, which hampers the functioning of the national economy and the fulfillment of national obligations. Actualization of tasks of financial policy and the adoption of non-standard management decisions should be aimed at mobilizing financial resources and upgrading the stability of the financial system.
Conclusions. Despite the difficult economic situation, it is necessary to rebuild the financial system of Russia based on the needs of innovation-oriented market economy, in the direction of overcoming the consequences associated with the introduction of anti-Russian economic sanctions. Strategic vectors for increasing the financial resources should be investment in innovations and creation of new technological order. A balanced financial policy, efficient management and coordination of all stakeholders will contribute to improving institutions’ performance of the national financial system and meeting the needs in the financial resources of all economic agents.

Subject. The author examines the approaches to determination of wages of the bank employee on the basis of two indicators: the development strategy of the organization and data of consultancy reports on wage bank workers on the labour market.
Purpose. Present the algorithm of calculation of wages and ranking positions of bank employees on the market of wages incorporating an integrated approach with use of surveys of consulting companies.
Methodology. The division of market salary surveys consulting firms of 2 types: generic and boutique. Description of performance surveys. Generic surveys are more affordable for buyers; the vast majority of organizations that are major participants in the labour market buy and use them, since those surveys contain data on wages for typical positions / functions by sectors of the economy and jobs in the regions. Boutique surveys — more expensive — usually bought large organizations as a complement to generic, to fit their more specific requirements (the study of methods of calculating premiums, KPIs, structure, income, market rate salaries for rare, non-standard positions on the national and international labour markets). We highlight requirements without which we cannot use surveys of both types for management of employees’ remuneration: the relevance of the analyzed labour market; a high degree of coincidence of the estimated market specification of the position within an organization; precision, representativeness of the data. We define also the procedure of comparison of posts within an organization with the market ones: first we use generic surveys, then, after identifying the lack of data — we use data of boutique surveys ordered by organizations.
Result. We analyzed the mechanisms of mapping estimated positions in the banking sector with market data, the impact of macroeconomic indicators on the positioning of the employer at the market of wages, and the types of studies that can provide generic and boutique surveys of wages.
Conclusions. The integrated approach that was used to calculate the wages of employees of the bank employees taking into account the proposed comparison algorithm with market data on wages submitted by the consulting companies, may potentially contribute to improving the competitiveness of HR-brand of the organization and optimize the size of the wage fund.

Topic. The article reviews the legal possibility of full or partial EMU breakup (EURO-crack). The authors conducted jurisprudential researches of the European experience and compare both the provisions of the EU and Eurasian Economic Union (EAEU) documents (Treaty, Protocol 15) and integration processes maturity of the latter.
Purpose. The purpose of the article is to consider possible mechanisms and consequences of European Union (EU) member states exit from the economic and monetary union (EMU); to assess the applicability of the European experience to the development of monetary and economic integration among member states of Eurasian Economic Union (EAEU).
Methodology. The authors of the article use scenario analysis method to assess legal grounds, procedures, mechanisms and consequences of EU member states exit from the economic and monetary union for the ongoing one (Brexit) and the most probable options.
Results. The authors systematize and conduct consistent analysis of prerequisites, the chronology of formation of various European integration associations, fundamental legal documents and key milestones in the formation of monetary integration in the EU, the stages of European EMU development in its contemporary form. They include an exit from Eurozone: with further immediate application for repeat accession without taking part in the monetary union; retaining the EU membership based on the provisions of Vienna Convention regarding the law of treaties and that arising out of the Treaty on the functioning of the EU.
Conclusions. The authors conclude that the modern system of international law provides an effective denouncement mechanism of the Treaty on European Union and its individual provisions. They argue the possibility of changing the legal status of member States with varying degrees of participation in EMU and, on the example of Italy, criticized the initiative for a unilateral exit of a member state of the EMU.
Jurisprudential researches of the European experience conducted by the authors, allowed them to compare the provisions of the documents of the EU and the Eurasian Economic Union (EAEU) (Treaty, Protocol 15)), and the degree of maturity of the integration processes of the latter. Conclusions made by the authors about the prospects of economic and monetary integration of member States of the EAEU are the base of recommendations for action concerning deepening economic integration and creation of common financial market of the EEU. Conclusions made by the authors are also relevant to state authorities of the Russian Federation, including economic authorities and organs of diplomacy.

Purpose. The purpose of the article is feasibility study of transformation’s mechanisms of management of Russian fuel and energy complex (FEC) for elimination of risks and threats to national economic interests for our country, which were manifested in the period of falling oil prices and the introduction of anti-Russian economic and political sanctions.
Methodology. In this article were used general scientific and special methods, including methods of system and economic analysis. Using the analytical methodology, there were investigated the main components of the protection of economic interests of Russia, during realization of perspective infrastructure projects in energetics in East Asia in the circumstances of critical economic and financial instability.
Results. It is substantiated the expedience and the basic steps for creating an Asian energetic grid as a promising infrastructure project in energetics aimed at global redistribution of value added on the basis of energy supply by Russia of the cluster of key East Asian countries. It is proved that the concept of formation of an Asian energetic grid must be based on the strategic role of Russia as the guarantor of the energy security of the cluster of key East Asian countries, through the supply of a package of key Russian fuel and energy resources (electricity, gas, oil, coal, etc.). This will allow for a significant increase in mutual trade through integration of energetic systems of Russia, China, South Korea and Japan.
Conclusions. There are suggested approaches to the justification of the ways of protecting the economic interests of our country in respect of the FEC of Russia, including: national concentration of management of energy resources’ export flows (delivery distribution, volumes of extraction, transportation, terms of payment, etc.); intercorporate coordination of measures on development, reconstruction and modernization of fuel and energy infrastructure; formation of qualitatively new infrastructure of the wholesale and retail markets of fuel and energy resources (FER); go to create overseas mechanism of energy hub management in respect of the supply and transportation of Russian energy resources; refinement of measures of coordination and work of the profit centers, corporate financial centers, centers of concentration of property’s ownership and financial assets and management for major energy corporations of Russia, including their subsidiaries and affiliates abroad, etc.
Sphere of application. The technology in question is offered as an integral part of the technology of management of sectors of the Russian economy with regard to possible economic fluctuations in the global economy in the circumstances of significant changes associated with the new political realities in the US, EU, etc.

Topic. The article is devoted to the problem of regional debt, the analysis of the causes and consequences of soaring public debt of the regions. The authors define the problem of imbalance of regional budgets and high debt burden on the budgets of the constituent entities of the Russian Federation as one of the key problems of the modern systemic economic crisis in Russia.
Purpose. The purpose of the work consists in a complex analysis of the debt burden of Russian regions, as well as assessing the quality of management of regional finances. The search for new approaches to solving the problem of continuous growth of debts of subjects of the Russian Federation will allow improving the system of intergovernmental relations and policy of regional development of Russia in general.
Methodology. The article presents the study of volume and dynamics of changes in the debt burden of Russian regions for the period 2009–2016, analysis of directions of the state policy of debt management of regions, and an overview of relevant legislation. Separately, it was assessed the quality of management of regional finances, based on the report of the Ministry of Finance of the Russian Federation.
Results. The article highlights the key causes of the growing regions’ indebtedness, including their own low revenue base of the budgets, the transfer to the regions the powers without appropriate financial resources, increased burden of social expenses, a systemic crisis in the economy etc. There were defined the trends of development problems, changes in the structure of debt obligations of the RF subjects and RF subjects with the biggest indebtedness.
Conclusions. The authors proposed possible ways and directions of regional and budgetary policy in the sphere of inter-budgetary relations and debt management of the Russian regions. We concluded the need for a complex changes in the system of inter-budgetary relations and inter-budgetary policy in general.

Topic. Social banking on the banking market in the world and in Russia.
Purpose. To conduct a comprehensive institutional analysis of social banking from the formative period to the present day.
Methodology. Institutional analysis.
Results. After the financial crisis of 2008, social banking has become a competitive banking product. There is sufficient volume of research papers on disclosure of the content of the phenomenon of “social banking”, but so far full and, at the same time, non-abstract definition was not detected. The study formulated a comprehensive definition of social banking as a form of banking based on three key principles: responsibility, transparency and sustainable development that aims not just to maximize profit but to maximize the positive social effect from services provided to the clients, where getting of public important result is the substance.
Conclusions. In the course of the study, it was determined that social banking is often identified with the banking activities conducted through social networking. It is fundamentally wrong, because building relationships with clients via social media is only a small share of social banking. In addition, it was revealed that the Russian market of social banking, which is represented by the services of microcredit and microfinance with high interest rates, is completely contrary to the concept of social banking.

Topic. The article examines the socio-economic and political-legal characteristics of civil society formulated by leading Western scholars and approbated in the course of civil self-organization in Eastern Europe. We analyse recent Western theories of civil society that are relevant in describing processes in the modern Russian society, developing in a dynamic relationship between tolerance and paternalism overcoming the deficit of democracy and people’s participation.
Purpose. The purpose of this study was the analysis of the relevant normative theories of civil society that sets the socio-economic and political context of the processes of self-organization in the modern world.
Methodology and results. The authors formulate the concept of civil society based on the clarification of its content, key actors and their mutual relationships; discuss the role of the welfare state and social capital in the system of factors of development of civil society; find out the specifics of the functioning of civil society in the Russian Federation.
Significant attention is paid to the rationale for such institutions of civil society as market economy, rights and freedoms of the citizen. They are defined as setting the outer frame of the development of civil society, because namely functioning institutions and their harmonious interaction ensure the development of civil self-organization.
The market is treated as forming factor of institutional conditions for the development of civil society in the postSoviet space. The article offers possible directions for further improvement of civil society institutions in their interconnection and interaction. A prominent place is given to the financial situation of non-profit organizations (NPOs) as a key institution of civil society, the specificity of formation of their income, grant support for NGOs from the Russian Federation and the legislation on socially oriented NGOs.
Conclusion. We conclude that there are the positive trends in the field of financing NGOs from the state; selective expert grant support of effective NGOs in 2017 is interpreted as a factor of stabilization of socio-political life in Russia.

Topic. If we need to predict the future economic development of the state it is necessary to build indicators that could be detectors of economic development. These detectors are integral indices that can describe the overall state of the economy of the state and can warn of turning points in the development in the future. The paper discusses methods of constructing such integral indices and compares them with the rates of industrial production. We provide analysis how to improve the prediction accuracy of the integrated indices through the use of methods of combining forecasts. Combining forecasts proved to be in practice an adequate method of improving the accuracy of forecasting in conditions of uncertainty of choice between individual forecasts.
Purpose. The purpose of this work was the construction of three integrated indices describing the general state of the Russian economy: leading, coincident, and lagging, their statistical analysis, calculation of forecast values of the considered indices and the estimation of the influence on prediction accuracy of combining forecasts.
Methodology. The study used statistical methods to construct the integrated indices as well as statistical methods of forecasting and the technique of building of combining forecasts.
Results. The results of our researches have become integral indices for the Russian economy in the period from 1999 to 2016, and their statistical comparison with observed rates of industrial production. This created an opportunity for making the forecast of development of Russian economy for the next year and comparing the forecast results with the actual data for the first four months of 2017. There are built several prediction models which were combining into the overall forecast. Combining forecasts have improved the prediction accuracy.
Conclusions. The result of the work allows concluding that the combining forecasts substantially improves forecasting accuracy of integrated indices and allows using the technique of amalgamated forecasts to predict “turning points” in economic development.

Introduction. In the context of globalization of economies mergers and acquisitions (in short M&A) are becoming increasingly important in business, as a strategic development of companies. M&A deals, as a rule, are assessed for their efficiency for acquiring company and/or for target-company. There are a lot of papers and empirical studies on this subject. However, most of them concern public companies with shares listed on the stock exchange.
Moreover, in the last decade M&A deals were most typical for private owned companies operating in an emerging capital market. Due to the imperfections of an emerging capital market, lack of available and reliable information about private target-companies, investors need a methodology able to take into account these features of the market, to more reasonably calculate the transaction price and the premium in its structure.
Topic. As the object of the study we analyse mergers and acquisitions in the countries of the BRICS group (Brazil, Russia, India, China, South Africa) for 2005–2015.
Purpose. The purpose of this study is development of methodological apparatus for assessment of premiums in M&A transactions for private companies in emerging capital markets.
Methods. As research methods were used general scientific methods (analysis, synthesis, comparison, graphics), and special ones (statistical analysis methods, the coefficient method).
Results. In this article we present the author’s approach to the assessment of fair market value and premiums in M&A transactions with private companies in emerging capital markets. We also conducted testing of proposed methodology.
Implementation. The proposed methodology can be used by both external and internal analysts to calculate and justify the premium in deals with private companies in emerging capital markets.

Topic. Financial instruments with inflation-protected security of yield.
Purpose. The purpose of the study is to identify the prospects and constraints for development of the market of financial instruments with the protection of yield against inflation in Russia at the present stage on the basis of an analysis of the attractiveness of such financial instruments for investors and issuers.
Methodology. In the study we used following methods: analysis, synthesis, longitudinal method, grouping and comparison.
Results. The article shows that in a world there is vastly practiced issuance of government bonds with protection against inflation, which is achieved through regular indexation of nominal bonds value on the rate of inflation. In particular, currently, in the UK the share of bonds with protection against inflation accounts for about 25%, and in USA about 10% of the public debt. In Russia federal loan bonds with the indexed face value was first issued in 2015. The article shows that the protection of the investor’s capital from unforeseen price changes, as well as diversification of bonds protected against inflation generate a demand for them. At the same time, the high income inequality of the population and the dependence of ruble exchange rate on energy prices limit the potential demand for financial instruments with protected income against inflation.
Conclusion. For the development of financial instruments with inflation-protected security of yield, including the formation of the corporate bond market with the yield protection against inflation, it is necessary to improve tax legislation and to ensure the high liquidity of the market for such instruments.

Topic. This article presents the analysis of the desirability of introduction in Russia of institution of public reinsurance. There are considered prerequisites for the establishment of such structures in the relevant circumstances, due to both external economic situations of economic sanctions and of internal factors.
Purpose. The purpose of the study is a formulation of proposals concerning functioning and development of the national reinsurance company in the conditions of not enough high capacity and lack of transparency of the Russian insurance market.
Methodology. During the research the author has applied functional and system analysis, statistical grouping, method of critical thinking, synthesis, methods of induction and deduction, problem-oriented approach.
Results. The author analyzed the stages and directions of development of state reinsurance organizations in China, Brazil and India. In these countries, such companies occupy a strong position and successfully enter the global reinsurance market; some of them are now privatized. As a result we define possible conditions of work a national reinsurance company in Russia based on international experience and Russian specificity.
Conclusions. To mitigate the serious risks attendant to the operation of a national reinsurance company in Russia, it is necessary to adopt a number of measures, such as a clear legislative consolidation of the norms regarding the company’s activities; development of mechanisms that reduce the negative effect of the conflict of interests between state reinsurance and commercial insurance companies; introduction of an effective system of internal control of the activities of the company; and determination of development of the Russian insurance market as a priority direction in the activity of named organization.