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ISSN 2658-5332

The First Issue of the Financial Journal 2024

The First Issue of the Financial Journal 2024

The first issue of the Financial Journal is out of print. Articles of the issue are in the public domain on the website of the Financial Journal and in the international database OAJI (Open Academic Journals Index). Journal articles are indexed in the international databases RePEc (Research Papers in Economics) and DOAJ (Directory of Open Access Journals).

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Financial Journal № 3(21) July-September 2014

A. Deryugin, V. Nazarov, A. Mamedov
Development of Consolidated Budgets of Russian Regions in the Medium Term:
Problems and Solutions
Analysis of the dynamics of revenues and expenditure of the regional and local budgets shows that the problem of imbalance of consolidated regional budgets, disclosed in 2013, not only continues, but will be even stronger. The continuing growth of expenditure responsibilities of the regional and local budgets relating to the execution of decrees of the President of the Russian Federation on May 7, 2012, as well as relative reduction of intergovernmental transfers from the federal budget support this view. The increase of amount of budget credits from the federal budget, as well as the planned introduction of sales taxes will not be able to correct the current imbalance. The article presents the set of measures aimed to improve the balances of regional budgets in the medium term period, and gives the financial assessment of the consequences of their implementation.
Key words: budget revenues, budget expenditures, budget deficits, state and municipal debt, intergovernmental transfers, budget balance

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V. Omelyanovsky, L. Maximova, A. Tatarinov
International Experience of Funding and Organization of Healthcare Systems
The article discusses key types of the present healthcare system models. We describe peculiarities of the healthcare system models in five leading countries (using the examples of France, UK Germany, USA and Canada) and analyze positive and negative features of each model. Based on the study results the authors propose that healthcare policy reforms in the Russian Federation should be focused on creating an insurance healthcare system model and list directions of the aforementioned reforms.
Key words: healthcare system financing models, analysis of healthcare system models, peculiarities of healthcare system organization, healthcare reforms

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V. Kulkova
Public Expenditure on Health in the OECD and Russia:
Potential and Methodology of Comparative Analysis
The article presents the results of a study conducted by the Center methodology of financial and strategic management NIFI under the theme "Comparative analysis of the scope, structure and effectiveness of expenditure on social sectors in Russia and OECD countries", commissioned by the Ministry of Finance. The author suggested methodical approach to the formation of the value of healthcare costs, revealed hidden costs of health care (cross-spending in the federal budget of the Russian Federation, in the consolidated budget of the Russian Federation subjects, tax incentives), unaccounted in the value of healthcare costs in GDP, appearing in cross-country comparisons of health financing models. On the basis of analyzing the structure of health expenditure in OECD countries COFOG recommendations for mainstreaming cross-healthcare costs, which are recognized in social policy, in the articles section of healthcare costs.
Key words: public health service, methodological approach, assessing the value of expenditure on health in the Russian Federation; cross-government spending in the health sector; the structure of social preferences (social benefits and allowances), tax incentives in healthcare

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T. Chubarova
Financing Pharmaceutical Expenditures in OECD Countries:
Modern State and Tendencies
This article discusses the problems оf financing of medicines supply in OECD countries. Detailed analysis of the statistical data is provided in the three basic positions, viz the total pharmaceutical expenditures, the level of consumption of medicines and the extent of the use of generics. This allows to compare the situation in health care systems in these countries in terms of developing policy, aimed at securing population assess to medicine. The author concludes that is necessary to continue the analysis of the characteristics and the institutional structure of the pharmaceutical market and its regulation by the state for the optimization of the health care cost.
Key words: pharmaceutical policies, health expenditures, pharmaceutical expenditures, medicines consumption, generics use

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O. Zarubina
The Analysis of Healthсare Spending Structure in OECD Countries and Russia:
Attribute-Based Comparison and Factual Description
The article is devoted to research of healthcare spending in Russia and OECD countries according to the structure and the level of this spending. Comparison between the healthcare spending structure in Russia and in OECD countries was made by a technique of the qualitative analysis and quantitative description. The qualitative analysis provides end-to-end research based on method of comparison between KFOGU of OECD countries and the budget classification of the Russian Federation in the context of comparison of their entitlements and spending components. The quantitative description is based on calculation of the relative amount of spending structure (RSS). Due to the research, following conclusion: public healthcare spending structure in Russia and in OECD countries are different, that is why direct comparison of healthcare spending in GDP is not correct.
Key words: healthcare spending, budget classification, OECD countries, public spending structure

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N. Milogolov
Tax benefits on healthcare and education in Russia and selected OECD countries
There is a comparative analysis of "hidden" expenditures on healthcare and education in this article. For the purposes of this analysis, we use the term "hidden" expenditure on healthcare and education by which we mean tax benefits. We compare tax benefits on VAT, personal income tax and corporate profit tax in selected OECD countries such as Spain, Slovakia, Norway, USA, UK, France, Germany and Turkey with Russian tax benefits.
Key words: tax benefits, education, healthcare, individual income tax, VAT, corporate profit tax

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I. Rycova, D. Korablev
State Policy Prioritizing of the Far East Region
Public policy to stimulate the development and growth of the Far East is aimed at finding a set of measures and conditions necessary for the sustainability and stability of the integrated territorial development. As part of these aspects has been developed and implemented a state program that determines the state support measures and target indicators in 2020, at the same time there is a need for more detailed and scientific basis for prioritization of budget spending to address a number of strategic directions for the development of the investment and development of territories of priority development (TPD).
Key words: prioritization, public policy, government programs, innovation, investment, quality of life, region

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N. Malis
Tax policy for the Medium-term Period:
Benefits Optimization and Investments Stimulation
Priorities for socio-economic development of the country requires a change of the tax policy in order to increase tax incentives for innovation and investment processes. A large number of currently valid tax benefits determines significant shortfall in income budget system of the Russian Federation, while not all of the benefits are effective. Elimination of inefficient and the introduction of targeted tax incentives that promote the growth performance of the taxpayers — the primary task of reforming the country's tax system.
Key words: tax policy, stimulating economic growth, regional taxes, property taxes, the territory of priority development, consolidated group of tax payers

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D. Babansky
Diversification of Fiscal Policy as a Tool of Industrial Development Stimulation
This article analyzes the impact of the current taxation system on the development of Russian industries and provides a way of short-term rehabilitation of the existing situation in the real sector. This issue is being discussed at different levels of the vertical power structure, as the economic development of the country depends on circumstances in the industry and its competitiveness. On the other hand, the lop-sided distribution of the tax burden and the reduction of import barriers have a negative impact on the development of particular industry sectors.
Key words: fiscal policy, industrial development, industrial policy, sectoral development

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O. Medvedeva
VAT on Precious Metals in Russian Federation
There is a comparative analysis of the legal VAT treatment of supplies of precious metals in the Russian Federation and of practice of levying VAT on these supplies in EU countries and Singapore in this paper. Trends for improvement of the Tax Code of the Russian Federation on the subject have been identified.
Key words: VAT, GST, supply of precious metals, investment precious metals

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O. Doroshina
Monitoring and Analysis of the Effectiveness of State Support to Noncommercial
Organizations in the Philanthropy Tax Regime (the Experience of Tatarstan)
In this article, the monitoring and analysis of the effectiveness of public support from CO NCO (social-oriented non-commercial organizations) at the philanthropy tax (tax exemptions) are implemented on the basis of research results related innovations taxation with CO NCOs to create a framework enabling environment activities. The monitoring methodology is aimed at evaluating the effectiveness of state support for the third sector, both from a CO NCOs and from the standpoint of the state. To assess the impact of innovations taxation with CO NCOs: in the context of CO NCO was analyzed time series of calculating the tax burden over the last three years, this category of taxpayers; but in the context of state estimation introduced innovations designed to identify the trend of tax revenues from CO NCO for the same period.
Key words: taxation, noncommercial organizations, tax philanthropy, public support

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G. Shakhova, P. Manenok
Long-term Budget Projections in U.S. Federal Agencies
The article analyzes the practice of long-term budget forecasting of federal government agencies in the United States. In this analysis we examine the characteristics of this practice: economic-mathematical modeling of budgetary parameters over the long term, analysis of the calculated trajectories for long-term sustainability, sensitivity analysis of the results to changes in macroeconomic exogenous parameters. Specific attention is paid to drawing up long-term budget projections on the basis of national accounts system.
Key words: long-term budget projections, economic-mathematical models, long-run sustainability, fiscal gap, national accounts system, budget balance, federal debt/ sensitivity analysis

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S. Donskaya
Restrictions and Opportunities of the Budgetary Policy: A View from the region
This article continues a subject of increase of the budgetary system efficiency and contains a selection of the current conditions of the budgetary process in regions from the point of view of existing restrictions and development opportunities. The author states the opinion concerning the intergovernmental dealings, formation of program budgets, efficiency of budgets cash service. Article contains both conceptual and concrete practical suggestions for improvement of the budgetary policy, increase of regional and local budgets liquidity and considerable economy of budgetary funds for the public and municipal debt service.
Key words: budgetary policy, intergovernmental dealings, state and municipal programs, efficiency of the budgetary funds use

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A. Tsyganov, D. Bryzgalov
New Forms of the Competition in the Insurance Market of the Russian Federation
In article new types of the competition in the market of insurance services are considered. Author's classification of the competition on insurance market with criterion use «subjects of the competition» is given. Are allocated the intra market and intermarket competition in the insurance market. Intramarket competition included competition between insurance companies (interinsurance) and the competition between the divisions of one insurance company (monoinsurance). The intermarket competitions subdivided into the financial and non-financial competition. Features of the traditional competition, the channel, the interspecific and the intermarket competition in the insurance market are analyzed and described. The assessment of the new types of competition impact the activities of insurance companies.
Key words: competition in the insurance market, channel competition, intermarket competition, interspecific competition, tariff competition, program competition, consumer competition

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Yu. Spletukhov
The Export Credit Insurance: Foreign Practice
The article is devoted to the problems of the credit export insurance. The author describes the forms of this insurance, analyses the activity of the different insurer (the private insurance company and the government agency). Special attention is paid to the principle of the export credit insurance and the risk assessment.
Key words: insurance, export credit, government agency, risk assessment

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R. Gubanov
Financial Market of the Common Economic Space: Problems and Risks
The article highlights the issues of formation of the financial market of the Common economic space (CES): factors and conditions optimal use of capital; background economic and institutional risks. Conditions of effective financial market and barriers to harmonization of the financial market of the CES are considered. Is the author's opinion on the interpretation of the problems of identifying and assessing risk factors of the Russian economy in the framework of the financial market of the Common economic space.
Key words: financial markets, common economic space, risk, risk assessment, risk factors, the capital

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S. Nikulina
China's Experience in Attracting Foreign Investments
The article examines China's experience in attracting foreign investments. In particular, it analyses the structure of foreign investments and their distribution across industries. The article also determines the key areas of China's investment policy and the main factors encouraging foreign capital inflow.
Key words: foreign investments, investment climate, investment policy, infrastructure development, business climate, special economic zone

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Scientific periodical

ISSN 2658-5332