Topic. The article analyzes Russia’s banking system, which is a complex, multi-layered, hierarchically organized system in which there exist different stable groups of banks. It is stated the strengthening role of multi-branch  banks. We analyze the existing approaches to the selection of the group of multi-branch banks. There is lack of uniformity in the definition of ‘multi-branch bank’ and existence of different interpretation among researchers, legislators, and regulators as concerns the characteristics and quality of group multi-branch banks.

Purpose. The purpose of this paper is the construction of a typology of banks with branches in the Russian Federation according to the number of branches and allocation in the banking system of the group multidivisional banks.

Methodology. Based on the clustering of banks that have branches and representative offices (Ward’s method, distance metric — a Euclidean distance), we constructed the typology of banks according to a number of their branches and departments. Further, we tested a dedicated group of multi-branch banks for its substantial stability using different methods of clustering and neural networks.

Results. In the study, we propose a list of parameters for the implementation of clustering procedures of Russian banks that have branches and representative offices. As parameters of the clustering, we consider all statutory allowed internal and external units of banks. We implemented verification of a typology of banks by the neural network with the teacher: if the proposed typology is not true, the network will not be trained, or it will make errors corresponding to the ‘fallout’ from the classification. The result of the implementation of the neural network confirmed the presence in the banking system of the Russian Federation groups of banks classified on the basis of cluster analysis.

Conclusions. Received typology of branches of banks has confirmed the hypothesis about the existence in the banking system of the Federation group of multi-branch banks. It has been actually determined this group of banks and given its mathematical description in accordance with the average number of structural units. The results of the study can be used for further study of the properties inherent in different types of banks with branches and offices, including multi-branch banks, and for analysis of the mechanism of their functioning that could serve as a basis of increase of efficiency of banking activities in the Russian Federation.

Topic. Currently, the particular relevance gains questions associated with the expansion of the amount of funding of investment projects, which are characterized by a high level of social and infrastructural importance to the national economy. It will also provide sustainable economic growth and diversification of the economy in the long term. In this regard, it actualizes the importance of development institutions, whose activities are aimed at overcoming ‘market failures’, to encourage the private investment by banks, and infrastructure development with use of mechanisms of state-private partnership.

Purpose. The purpose of this work is an attempt to reveal the key importance of institutions and instruments of project financing in the implementation of the strategy of industrial and innovative development of the modern state.

Methodology. To conduct the study there were used general scientific methods and techniques: methods of scientific abstraction, analogy, analysis, synthesis and comparison, the system-structural approach to the analysis of the research subject.

Results. In the proof of the formation of the market of project financing, it was described in the dynamics its status and structure. There were identified issues, risks, and directions of development of the domestic market for stimulation of interest of banking organizations. Along with the traditional services provided to the borrower under the project financing, the attention is focused on the development of the Russian banking practice of promising areas (syndicated loans, mezzanine and bridge financing).

Conclusions. We state the necessity of actualization of the mechanism of state-private partnership, particularly the role of development institutions. It has been proved the perspectivity of activities carried out at present by Industry Development Fund and State Corporation “Vnesheconombank”, namely: run the system of ‘one window’, the formation of the state information system of industry, development of the model of regional development funds for industry, an organization of banking syndicated loans, improvement of database management, launching operation of the “Factory of project financing”. The totality of the identified events will provide a permanent modernization of the Russian industry, and, along with the development of the banking sector with unique technology and knowledge, liquid and profitable assets.

The subject of the research in this article is the current system of tax administration. The authors have solved analytical problems (assessment of efficiency of activity of tax authorities) and research ones (identify issues and optimal ways of their elimination).

The purpose of this article is to define the main directions of modernization and improvement of tax administration in the Russian Federation.

Research methods. In the article are used: a content analysis of the regulatory and legal framework, and scientific publications on the development of the fiscal sector; economic and statistical analysis of the performance dynamics of bodies carrying out tax administration and fiscal control.

Results. Reforms in the tax sphere has created the necessary basis for the modernization of the Russian fiscal institution, but at the same time, there are a number of organizational, legal and financial-economic aspects, which do not allow significantly to optimize tax administration. Further optimization of tax administration should be carried out systemically and to imply: elimination of gaps in the legal regulation and the widespread integration of digital technologies in communication processes between tax authorities and taxpayers. A practical purpose and scientific value of the article lie in building a holistically-logical vision in the solution of some problems of organization of tax administration and increasing the effectiveness of fiscal control in Russia.

Conclusions. There are selected number of latent factors that limit the ability (and, consequently, reduce the efficiency) of the tax administration in small and medium business. It requires not only technological modernization of the means of communication between tax authorities and taxpayers, but also revising the economic and legal approaches to the use of tax regimes aimed at reducing the share of ‘grey’ and shadow entrepreneurship in the national economy.

Topic. The article analyzes the problem of efficiency of state policy in the field of financing of small business that is becoming increasingly important. In the current economic environment, increasing role of state support of small business needs an evaluation of the effect of the spent resources. It is noted that the solution to this problem, which is of great practical importance, is poorly developed. The authors attribute this, primarily, with the absence of results-based management. This is confirmed by the fact that for the state support programs of the federal and regional level of small business do not exist uniform criteria for evaluating the effectiveness. It leads to unreasonable measures to support specific businesses. Therefore, the article considers and analyses the current process of evaluating the effectiveness of state support of small entrepreneurship in the Russian Federation.

Purpose. The purpose of this paper is a comprehensive authors’ study of the process of assessing the effectiveness of state support of small entrepreneurship in Russia, as well as approaches to the development of criteria of efficiency in the Russian state programs, and the rationale for fundamentally new techniques.

Methodology. The study is based on a systems approach and uses scientific and statistical methods. It has been applied tabular data visualization techniques. We evaluate the criteria of the efficiency of state support in the Russian regional development programs and present their classification.

Results. In the article, we reviewed approaches of foreign and domestic authors concerning evaluation the effectiveness of state support. A study of all the regional programs of support of small entrepreneurship in the Russian Federation has allowed revealing, that in the vast majority of subjects of the Russian Federation in assessing the effectiveness of public support shall apply the general indicators of development of small business.

Conclusions. With the aim of improving the existing methods, the authors propose to use in assessing the effectiveness of public support such indicators as the number of enterprises benefiting from support and operating in the territory of the region, increase of tax revenues, due to the support; the share of innovative enterprises in total enterprises benefiting from support. We present an example with calculations of the budget effectiveness of state support of subjects of small business.

Topic. The research object of the article is informal employment of the population of the Russian Federation. The authors assessed the magnitude of this phenomenon in the period from 2005 to 2015. We analyse the age structure, educational level, status of the population involved in informal activities, regional characteristics of the spread of this phenomenon, and made grouping of Russian regions by share of employed in the informal sector. At the end we make the final selection of the demographic, economic, social and financial factors influencing the proportion of the population engaged in informal activities.

Purpose. The purpose of the study is to establish dependence between the selected indicators and the level of informal employment, as well as assessment of the impact of informal employment on the socio-economic development of the country and the state of public finances.

Methodology. The study is based on statistical methods: data grouping, analysis of indexes’ dynamics, one-factor analysis of variance. Evaluation of the relationship between variables was carried out based on the Spearman’s rank correlation coefficient. The association was considered significant at p<0.05. Calculations were made using the Attestat add-in for Microsoft Excel 2010 and statistical software package STATISTICA 10.

Results. The authors identified a direct correlation between the share of informal employment and a level of unemployment, and reverse relation between the average money incomes of population per capita and GRP, the amount of investments per capita, level of development of small business, and income taxes per capita. Informal employment negatively affects the collection of taxes, fees and other payments. Regional budgets annually lose substantial amounts of revenues. In 2015, in the regions with a low share of informal employment (10%) revenues count for 214,298 rubles taxes, fees and charges per capita, and with a high share of informal employment (over 50%) it is almost 25 times less — only 8703 rubles.

Conclusions. The results of the study allow us to conclude that today reducing informal employment of Russia’s population and the legalization of employment is the most relevant issues in the field of social and labour relations. Situation when a significant part of workers do not pay taxes and mandatory payments, but use social benefits, requires the solution. Given the results obtained, to solve the question of informal employment of Russia’s population it is necessary to take measures to reduce unemployment, improve living standards and development of small business in regions where the incidence of that phenomenon is high.

The article examines the dependence of the development of the global agricultural system against climate change of the planet. It is argued that agricultural production in the period beyond 2015 is playing an increasingly prominent role, and it will increase in future. The current vulnerability of climate system largely depends on a delicate balance between greenhouse gas emissions caused by human activities, a policy aimed at mitigating these harmful effects and the natural dynamics of the functioning of terrestrial and ocean systems. This, in turn, depends on the number of sources of greenhouse gases that affect climate. Unprecedented climate change seriously threatens agricultural production and food security. It is therefore essential the further development of new areas of science, including a reliable methodology for monitoring greenhouse gases, advanced modeling tools, collection and aggregation of big data. Despite the good preconditions for the development of the food sector, the risk of impacts of climate change on natural ecosystems remains high, even under favorable temperature conditions. Thus, solutions must be found in the change of our paradigms.

We must change the attitude towards agriculture as a separate component of the food system. Agriculture should be an important element in mitigating the effects of climate change and adaptive strategies. The author argues that Russia is a promising candidate among the boreal regions. Russia is able to take advantage of the situation and to turn from an importer of agricultural products into solid world exporter of food. The article presents several factors that can become the basis for a new agricultural and food strategy of Russia. But to fully take advantage of such capabilities it is required significant transformation. Taking into account some changes in the agricultural sector, the author provides recommendations that could enhance the role of the Russian Federation on the agrofood world markets.

Topic. The article analyzes the peculiarities, driving forces and risks of international investment processes in the Asia-Pacific region (APR). It is shown that the difficulties of post-crisis recovery and volatility in the macro environment exacerbate the volatility of international investment processes, while state interference in the sphere of foreign direct investment (FDI) reduces the predictability of investment policy and exacerbates pessimism as concerns investments. It is noted that the reversal of the regulation of FDI towards the investors creates a favorable ground for attracting investment and increases the investment attractiveness of the national economy. We analyze the issues of transparency of FDI in the countries of the Asia-Pacific region; examine the effectiveness of investment instruments of macro-financial management, including measures ensuring competitiveness and protection of investments; analyze the characteristics of FDI policy in these countries.

Purpose. The study of the dynamics of contemporary FDI in the countries of the Asia-Pacific region who are active recipients of investment capital and direct participants of the process of investment liberalization and promotion of international investment processes. The analysis of possibilities of using the experience of the countries of the Asia-Pacific region in attracting FDI for Russia, taking into account the negative external background.

Methodology. The study is based on systematic analysis of the determinants of FDI in the countries of the Asia-Pacific region, and on statistical methods of analysis of the national characteristics of the movement of FDI in the post-crisis period.

Results. It is shown that the driving force of enhancing FDI after the crisis is the liberalization of FDI regimes, which to some extent hampered by the restrictions imposed by a number of Asia Pacific countries in connection with the threat of takeovers of national companies of strategic importance. We formulate the conditions needed to return the role of investment as one of the fundamental factors of economic growth: FDI policies should be based on clear rules, be predictable, inclusive, and be non-discriminatory. On the example of China and Mongolia, we show problems and prospects of attraction and outflow of FDI, including cooperation with their major trading partners. There are indicated the main factors limiting or reducing the volume of FDI attracted by Chinese economy, including issues such as an economic barriers (ambiguous practice of a recognition of incomes of foreign investors), legal (fuzzy interpretation of the norms in the part of the investment process) and administrative (direct limits and quotas, domestic licensing regimes). We also analyzed the basic directions and objects of FDI from China.

Conclusions. On the basis of our studies, we made conclusions about the need of innovative component in the investment management and of the supporting role of FDI in enhancing the economic capacity of the recipient country of investment. One of the areas for further research of the economic potential of FDI could be an analysis of the impact of investment liberalization on minimization of the risks of imbalances occurring at the macro level. This approach is relevant for the purposes of prompt adjustments in the policy of FDI in Russia and on the Eurasian area, taking into account the negative factors and challenges of external environment, and also in connection with the inevitability of shifting priorities in FDI in the context of achieving financial stability and sustainable economic growth.

Topic. This article examines the impact of remittances on the economy of recipient countries on the basis of econometric models.

Purpose. The authors set the aim to justify a point of view, according to which the influence of remittances on economic growth and investment in the CIS countries is dependent on the change of financial development variable.

Methodology. The research methodology is based on the interpretation of models, which allows answering following question: how does the level of financial development in the recipient country affect the degree of influence of remittances on economic growth. For assessment of the cyclical properties of remittances’ flows, we used Hodrick-Prescott filter technique. The evaluation of this impact has been conducted in accordance with the extended version of the neoclassical model using the system generalized method of moments (S-GMM). We also used a threshold estimation as an alternative test for resistance to errors.

Results. We present threshold model with a threshold parameter. We also propose a definition of pro-cyclical, counter-cyclical and acyclic remittances, based on the types of correlation between the cyclical components of real remittances and real GDP in the home countries of migrants. The resulting conclusion states that remittance has a positive impact on economic growth in less developed financial systems. Remittance de facto act as substitutes for the ‘weak’ financial services, giving people the opportunity to meet the needs in lending and insurance, which are not able to provide by the market. On the other hand, remittance has a negative impact on economic growth in countries with more developed financial sectors.

Conclusions. It is concluded that in most CIS countries, remittance is pro-cyclical ones yet in varying degrees: while improving the economic situation in the migrants’ country they are more inclined to send remittance in search of investment opportunities.

Topic. Japan has excess financial resources and since the late 2000s is the second largest direct foreign investor in the world after the United States (except in 2014 and 2016, when Japan was down to 4^th place). At the same time, Japan is not included in the 20 largest recipients of foreign direct investment (FDI). This imbalance is due to a combination of the expansion of Japanese multinational corporations (MNCs) in foreign markets with the traditional protection of domestic market from foreign competition, what differentiates Japan from other major players in Asia, primarily China, Hong Kong and Singapore. Such a synthesis of openness to the outside and closing from the inside largely allowed Japan to create and save your own unique self-contained culture of management and to introduce Western institutions without fear of the loss of a special national character.

Purpose. Analysis of modern tendencies of economic development and investment processes of Japan with special emphasis on reviewing problems and prospects for Russian-Japanese investment cooperation.

Methodology. There were used methods of scientific abstraction, statistical analysis, and logical generalization.

Results. Large-scale stimulation of domestic demand through monetary, credit, and budgetary policies have not led to the expected recovery of the Japanese economy. The reason for the stagnation lies in a conservative approach to innovation while maintaining adherence to traditional production methods. The experience of Japan is of interest to Russia. Pursuing a strategy of advanced development of foreign trade sector in conditions of financial globalization, Japan attaches high priority to boosting domestic demand, to the development of the national financial market, and to the establishment of regional production networks. As the largest net investor in the world, Japan constantly diversifies sphere of foreign investments.

Conclusions. The direction of Russian-Japanese cooperation in the sphere of joint implementation of significant innovative projects can have a long-term multiplier effect for the return of both economies to a trajectory of sustainable growth.

Introduction. The article analyses financial and legal support of the process of introduction of innovations associated with the transition of the economy to innovative socially-oriented development model. It is shown that the profitability of investment in innovation in Russia is much higher than any alternative investment since the specificity of the Russian society consists not only in the quality of human potential but also in a cognitive advantage over competitors in terms of the ability to generate continuously new ideas at a competitive price. It is proposed as a novel systemic review of innovation process based on the ‘innovation chain’ in which each link may be considered as an equal component in the financial and legal areas of today’s Russia. The process of innovations’ (ideas) transition into a new product (innovation) requires different resources, including financial investment, as well as the creation of the established rules for business and social relations. The latter requires an adequate regulatory and legal coverage of all links in the chain.

The purpose and tasks. Monitoring of a number of normative legal acts accompanying innovative activity and formation of a system of a number of these acts, complementary to the ‘innovation chain’. The main tasks of the study include the search for gaps in the legislative provision and the formulation of proposals for their improvement.

Methodology. The authors used a systematic method of study, by gradual decomposition of the ‘innovation chain’ into the individual phases of the process. Separately we focused our attention on the components of the innovation chain that require financial or legal support attributing them to specific areas of law.

Results. We suggest systematization of normative acts regulating the financial and legal relations arising in the implementation of innovative activities. It differs from the draft Federal law “On innovation activity in Russian Federation” dated 26.03.2013, which is still not approved in the prescribed manner.

Conclusions. We propose a system of regulatory legal acts, providing innovative activity.

Topic. The paper examines one of the main tasks that the state imposes on NGO — providing social services. Competition with the state (municipal) agencies for the budget funds should have an impact on the efficiency and improvement of the quality of state (municipal) services in various branches of the socio-cultural sphere. So, it is in Russia particularly relevant question during the last years of the subsidization of NGOs and the removal of barriers that hinder their functioning and development.

Purpose. We would like to present and analyze the results of a study of the subsidization of NGOs in the sectors of the socio-cultural sphere from the funds of consolidated budgets of the Russian Federation for the period 2015–2016.

Methodology. In order to test the hypothesis that the state preserved the volume of subsidies to NGOs in 2016 at the 2015 level, we analyzed the volume and structure of subsidies by region and in the whole Russian Federation. The authors did a comparative analysis of the ratio of the volumes of the subsidies directed to NGOs and subsidies directed to state (municipal) agencies, for financial support enabling them carrying the state (municipal) tasks, in all branches of the socio-cultural sphere for 2015–2016 years.

Results. The study showed that, despite the state’s policy of involvement of NGOs in implementing state policy in the social sphere, the hypothesis about the preservation of subsidizing NGOs in 2016 at the level of 2015 has been confirmed. In addition, in half of the regions, we observed a decline in subsidies to NGOs.

Conclusions. The main reasons for this situation could be imperfect normative legal base in terms of involvement of NGOs in the provision of public services and insufficient level of confidence to the NGOs as from the part of the state and the public as well. Overcoming the occurrence of the main causes can be only realized under the condition of elimination of the gaps in the legislation.

Topic. The article is devoted to the analysis of financial behaviour the Russians and the formation of strategies of credit behaviour of the Russian population.

Purpose. Our purpose was: identification of the factors influencing the formation of financial behaviour of the population of Russia, determination of the role of credit services in the development of our country and its regions; clarification of the phase of the current state of consumer crediting; assessment of the current situation in the market of crediting of private individuals taking into account peculiarities of their strategies; generalization of the experience of the lending market by using a credit card; presentation of a typology of population’s credit behavior; determination of the shortcomings of modern monetary and credit practices on the basis of credit behaviour of Russians.

Methodology. We use following methods: content-analysis, sociological methods (in-depth structured interviews), methods of expert evaluation, classification, and taxonomy.

Results. The authors highlighted the most important aspects, the relationships, and trends of financial behavior of the Russians. Compiled data are considered as factors of formation and study of models of financial behavior. Taking into account the functions of the loan, we describe the characteristics and types of credit instruments, the role of credit services in the development of territories (whole country and regions). The authors study of consumer lending and determine the phase of its modern state. We assess the current situation in the market of consumers’ crediting taking into account their specific socio-income groups. Next, we classify the consumer credit services and present a typology of consumers’ credit behavior. We ground the factors of choice of models of borrowers’ behavior and identify the ‘gaps’ of modern financial and credit practices and generalize the experience of bank’s lending on the example the most common product—credit card.

Conclusions. The authors propose ways to prevent possible negative processes in the credit market of Russia: financial education programs; improvement of the legislative base aimed at protection of the borrowers’ rights; an increase of consumers’ confidence in the financial (particularly the banking) system; the growth of living standards; state policy aimed at the sustainable socio-economic development of the country.

Topic. The author examines the phenomenon of contagious financial bubble — a situation in which a financial bubble arises on the stock market of one country as a result of events on the stock market of another country. Globalization of financial markets has created the conditions for the migration of financial bubbles from one market to another. As a result, to the classical causes of investors’ euphoria, such as economic growth and credit expansion, it is necessary to add the activity of foreign investors.

Purpose. The purpose of this paper is a determination of measures to counter infectious bubbles.

Methodology. Based on comparative analysis of theoretical and empirical papers we identified the infectious mechanisms of formation of financial bubbles. We conducted statistical analysis of financial bubbles in the US and China. The analysis considered the dollar index family MSCI: they are calculated by one source, based on a common methodology that allows avoiding distortions due to the different construction principles of indices. Also, we conducted a detailed study of the phenomenon of co-integration stock markets.

Results. The article highlights the basic mechanisms of contagious financial bubbles. Based on the comparison of financial bubbles in the US and China we showed that infectious bubbles are formed under the influence of the situation on the financial markets of developed countries. Further, we determined the conditions of infection of financial bubbles. In accordance with the results of the analysis of the causes and mechanisms of occurrence of contagious bubbles, we discussed possible measures of control for the prevention of financial bubbles. Summarizing the results obtained, we identified priority measures to counter infectious bubbles.

Conclusions. Efforts to curb financial bubbles (including through measures of monetary policy) are seen as ineffective. It is preferable to take measures to contain the negative consequences of the collapse of prices in consequence of the collapse of financial bubbles.

Topic. The article presents a review of existing approaches to the funding of science in the various countries of the world. The system of financing scientific research is a complex of legal, financial and administrative measures aimed at creating an effective infrastructure allowing for high performance of basic research and applied design and experimental works as well.

Purpose. The purpose of this paper is a comprehensive analysis of the peculiarities of financing of scientificresearch and experimental-design works in the Russian Federation and justification of the choice on the basis of this study, the most suitable for Russian reality approach to the formation of mechanisms of research funding. To achieve the addressed purpose we performed the following tasks: analysis of the working principles and characteristics of each approach; a comparative analysis of the application of these approaches on the example of Western Europe, Asia, and the Russian Federation.

Methodology. The methodological basis for this research were economic-statistical, systematic, and comparative analysis methods.

Results. This article discusses and analyzes in details the main approaches to financing scientific-research and experimental-design works — Newtonian, Baconian, and Jeffersonian. It is presented the essence of selected approaches, their advantages and disadvantages, examples and statistical data from practices of different countries.

Conclusions. Based on comprehensive analysis of statistical data, the authors recommend to the appropriate executive and legislative authorities of the Russian Federation to begin the transformation of the instruments of financing of scientific-research works in the direction of Jeffersonian approach, i.e. to develop program funding and grants for scientific research for civilian use.