Financial Journal №1 (41) January-February 2018
S. S. Bychkov, A. I. Kokarev, A. M. Lavrov
Development of Methodology and Practice of Quality Assessment in Financial Management of the Chief Administrators of the Federal Budget Resources, p. 9-25
In 2008 the Ministry of Finance of the Russian Federation for the first time conducted the monitoring of quality assessment in financial management of the federal budget resources chief controller intended to analysis and evaluation of processes and procedures that ensure the effectiveness of budget funds usage. The article presents an analysis of the development of methods for assessing the quality of financial management, its main disadvantages and limitations, as well as proposals for its improvement. Also this article covers the review of international experience in assessing the quality of financial management, which indicates significant progress of the Russian Federation in this area. The analysis of the results of practical approval of tools for assessing the quality of financial management shows the possibility of a significant improvement in the quality of budgetary authority execution (financial performance) by the chief administrators of federal budget funds as part of the improvement of internal financial control and audit systems.
Keywords: financial management, quality assessment, government sector, administrators of the budget funds
JEL: H61, H7, H83
I. S. Ivanchenko, D. D. Osei
Optimization of the Russian International Reserves Structure Using the Black-Litterman Model, p. 26-38
The article describes the results of optimizing the portfolio of Russia’s international reserves using the Black-Litterman model based on the minimum risk and maximum yield criteria. These results are compared with the current yields and risk of the international reserves of Russia. The work is a continuation of a study initiated by the authors to find the optimal structure of Russia’s international reserves to improve the investment climate of the country. The article uses the classical description of the Black-Litterman model. Based on the review of foreign and Russian literature sources, a vector of predictions for the year end 2017 on the yield of assets included in the portfolio of Russia’s international reserves were calculated by the authors. Optimization calculations were done in matrix form using the Lagrange multiplier method. The authors draw the conclusion that the optimization of the portfolio structure of Russia’s international reserves will increase the profitability of the portfolio, reduce its risk and have a stabilizing effect on fluctuations in the exchange rate of the ruble, and, therefore, will attract additional volumes of foreign investment into the Russian economy.
Keywords: international reserves, optimization of the asset portfolio, the Black-Litterman model
V. V. Gromov
Problems and Improvement Issues of Russia’s SEZ Residents in Regard to Federal Taxation, p. 39-50
Special Economic Zones are important mechanism of attracting investments to regions but in recent years their number has significantly reduced and other investment tools have appeared. Since taxation directly affects investment decisions, the article provides estimation of current federal tax reliefs concerning SEZ residents in terms of their ability to create incentives for obtaining resident status in SEZ. It also includes comparison with other favourable tax regimes recently introduced in Russia.
Keywords: taxation, tax system, special economic zones, SEZ resident, tax reliefs, income tax
N. I. Malis
Improvement of Tax Policy at the Regional Level: Main Directions, p. 51-60
Different financial possibilities of the regions in the implementation of social and economic policy require the development of a tax policy that would comply these features. The present system of tax authority distribution is characterized by its considerable centralization at the federal level. The article considers the problem of achieving a regional budgets’ balance based on raising of their tax revenues. In particular, the author analyzes the ratio of revenue sources and expenditure obligations of the Russian Federation subjects’ budget, including their dependence on inter-budgetary transfers. In addition, the author proposes the measures to improve the regional tax policy, including reducing inefficient tax benefits, the reform of a personal income tax, improvement of the efficiency in small businesses taxation and legalizationof self-employed citizens
Keywords: taxes in Russia, regional tax policy, budget revenue, budget balance, profit tax, personal income tax, self-employed population, fiscal management
A. A. Mikhaylova, V. V. Klimanov
The Model of Budgetary Federalism in India: Similarities and Differences Comparing to Russia, p. 61-70
The article compares the Indian and Russian models of fiscal federalism and defines main similarities and differences of these models. It also considers the types of intergovernmental fiscal transfers in each country and draws conclusions about the inter-country differences in their provision. The authors determined that not only intergovernmental fiscal transfers, but also revenues from the state taxes share in the tax revenues of the central government play an important role in the revenue side of the state budgets
Keywords: fiscal federalism, intergovernmental transfers, tax revenues, India, Russian Federation
JEL: H77, H71, E62
A. V. Navoy
Concept of the Exchange Rate Policy and Capital Control of the National Economy in Terms of Global Finance Instability, p. 71-86
The article presents approaches to monetary and financial regulation in terms of increased instability of global finance. Changes in the nature and scope of external challenges, the complexity of the financial instruments’ composition, increased volatility in the global currency and financial markets required the development of a systematic approach to the forms and methods of regulation under the changed conditions. The author proposes conceptual approaches to the development of regulatory measures on the basis of identifying the country’s place as a net debtor / net lender of the rest of the world; investment conditions at the global financial market estimates; optimization of the foreign assets and liabilities structure and their interface, as well as implementation of a set of measures for possible diversification and enhancing the role of redistribution mechanisms at the national market. In addition, the author draws the conclusion that this approach will allow to adjust the structure of the IIP, increase financial stability and efficiency of the country’s integration into global financial flows.
Keywords: global challenges, external shocks, current account, balance of payments, international investment position, international reserves, international investments, foreign loans
JEL: F21, F32, G18
Y. A. Spletukhov
Agricultural Insurance in Russia and Abroad: Comparative Characteristics, p. 87-99
The article discusses the practice of agricultural insurance in the Russian Federation and in foreign countries, and, above all, agricultural insurance programs with state support. In particular, it characterizes the objectives that the state solves when providing such support, the content of programs, the consequences of their implementation. The author generalizes the principles of crops and cattle insurance with the state participation in Russia and analyzes it. The dynamics of insurance development. Particular attention is paid to countries with the most developed insurance program as the USA, Canada and Spain. Moreover, the author provides characteristics of agricultural insurance schemes, defines the role and functions of state and private insurers, state support methods, insurance types and achieved results. In conclusion, the author dwells on the problems arising in the implementation of agricultural insurance programs with government support.
Keywords: agricultural insurance, government support, budgetary subsidies of insurance premiums
JEL: G22, Q14
M. I. Kudelich
Agricultural Insurance with State Support and WTO Rules: Compliance Problems, p. 100-109
The article examines the problem of the compliance of the existing agricultural insurance system with state support to the requirements and criteria established in the framework of the World Trade Organization and adopted as part of Russian Federation’s international obligations. For elimination of the existing contradictions the article suggests possible directions for changing the agricultural insurance system with state support by adjusting the applicable legislation of the Russian Federation. In order to exclude the application of liability measures to Russia, including compensatory duties, the article assesses the conditions, under which agricultural producers state-supported through the instruments of state financial participation in agricultural insurance will not be a subject to restriction.
Keywords: insurance, agriculture, World Trade Organization, state support
V. V. Vagin, N. A. Shapovalova
Status of Initiative Budgeting in the Russian Federation: New Trends and Opportunities for Development, p. 110-122
The article presents the results of monitoring of the initiative budgeting (IB) programs and practices in the Russian Federation for 2016 — in its 35 subjects. It analyzes the IB programs administration strategies, sources and forms of budgetary allocation for the IB projects, general and special legal regulations, parameters of the regional IB practices, and conditions of institutional infrastructure at the regional level. The authors attempt to systemize the programs and practices of the IB and also formulate and describe the criteria for IB development evaluation in the Russian Federation regions. The proposed approach, as well as the analysis of the indicators of the IB regional programs and practices, made it possible to form TOP 15 subjects of the Russian Federation leading in initiative budgeting in 2016. The IB indicators for 2015–2016 and its development pace in 2017 give the reason to predictic positive dynamics of qualitative and quantitative indicators, and also create prerequisites for the successful implementation of the Program for the Initiative Budgeting Development in the Russian Federation for the medium-term period, developed by the Ministry of Finance of the Russian Federation.
Keywords: initiative budgeting, participatory budgeting, citizens’ involvement, co-financing, development of public infrastructure, local government, local government expenditures
JEL: H72, H76, H79
K. G. Kachalkina, E. R. Nurtdinov, N. Sh. Roze
Development of Forms and Methods of Initiative Budgeting Realization in Republic of Bashkortostan, p. 123-131
The article presents the review of existing forms and methods of initiative budgeting realization in Russia and Republic of Bashkortostan. The research gives characteristic of Local Initiatives Upholding Program as the most commonly used method of initiative budgeting in Russia, and also focuses on the importance of this program for local infrastructure facilities development. The authors review the experience of Republic of Bashkortostan in Local Initiatives Upholding Program realization and define new potential methods of initiative budgeting realization in republic. The role of initiative budgeting in Strategy of Social-Economic Development of Bashkortostan up to 2030 year is stated as a part of research. The interdependence of initiative budgeting realization as a sub-project of this strategy with other strategic undertakings achievement also examined by the authors. In conclusion the article presents the analysis of effects gained by realization of initiative budgeting methods and describes their correlation with targeted indexes of the strategy.
Keywords: initiative budgeting, participative budgeting, extra-budgeting, civil initiatives, local initiatives, infrastructure facilities development, social-economic development
JEL: R1, O18