Financial Journal № 4(32) July-August 2016
I. Yakovlev, L. Kabir, S. Nikulina
Financial Initiatives of ASEAN: Peculiarities of Financial Cooperation Model in Southeast Asia
The article analyses the development of regional financial cooperation of ASEAN and studies the main directions of financial initiatives and forming mechanisms. Considering the development of regional financial integration and assessing the role of concerted actions conducted by ASEAN Member States step-by-step the authors of the article have come to the conclusion that relations between countries in the sphere of financial cooperation are established on a firm footing. The objective of cooperation stated by ASEAN — the counteraction of financial instability — is quite achievable. The authors make assumptions explaining the peculiarities of the forming cooperation model. Moreover, the authors come to conclusion that it is necessary for Russia to strive for a decent place of a fully fledged participant of the forming new regional financial system as this process may cause fundamental changes in the international financial system.
Keywords: international financial system, regional integration, regional financial initiatives, financial cooperation, financial mechanisms, liberalization of financial services, capital market liberalization, ASEAN
I. Rykova, M. Kudelich, A. Shaykin
Analysis of Foreign Insurers Subsidiaries Commercial Presence
Conditions under the Terms of Russia’s WTO Accession
The article is focused on the analysis and systematization of the rights, obligations and commitment restrictions, which were accepted upon the Russian Federation accession to the World Trade Organization along with the admission of direct branches of foreign insurers. Aspects of national insurance industry protection and the dynamics of foreign investors interest in registered capital of Russian insurance companies are described as well. The authors propose the main approaches and key areas of necessary national legislation changes in connection with the Russian Federation WTO commitments for the commercial presence of foreign insurance companies’ branches in Russia.
Keywords: the Russian insurance market, insurance market participants, World Trade Organization, foreign insurers
V. Abramov, P. Alekseev
Investment Cooperation of the Member States of the EAEU
as a Key Factor of their Sustainable Development
The article describes the current state of investment cooperation in the EAEU, especially in the area of mutual direct investments, existing obstacles to mutual investment, the process of harmonization of investment legislation. The authors also elaborate proposals for the development of investment cooperation between the member states of the Eurasian Economic Union.
Keywords: Eurasian Economic Union, investments, investment, financial and monetary, industrial cooperation, harmonization of legislation, monetary policy
Insurance Companies’ Activities Control
in the Member States of the EAEU
The article is devoted to the analysis of separate aspects of insurance supervision in the states of the Eurasian Economic Union (ЕAEU). The special attention is given to similarities and differences in this practice between countries. The author decides on description of the activities of insurance control authority, procedures of provision of insurance activity licenses, requirements to the internal checking systems, supervision of the financial state of insurers.
Keywords: insurance, insurance supervision, insurance company, insurance market, member states of the ЕAEU
Investments Tax Deductions in Personal Income Tax
in the Context of Tax Benefits Reduction
Russian tax legislation in the sphere of regulation of the taxation of income from operations with financial instruments undergoes frequent changes. However, some innovations cannot be considered indisputable. The author discusses the reasonability for investments tax deductions in personal income tax in the Russian tax system, possible ways of their abolishment and suggests the amendments to the tax law to prevent incorrect use of the respective tax benefits.
Keywords: investments tax deductions, personal income tax, individual investment account, tax benefits
M. Kashirina, M. Zhuravlev
Features of the Taxation on the Gas Extraction in Russia
The article considers the results of applying of the new scheme of taxation of gas companies, taking into account the conditions of the extraction. The key issues of the gas and gas condensate taxation are revealed. The authors analyse the possible ways of improving of the gas industry. The article also includes the conclusions about the necessity of introduction of the tax on the extra income and the financial result in the Russian tax legislation.
Keywords: tax policy, the gas industry, the mineral extraction tax, the tax burden, the tax on the extra income and the financial result
Fiscal Burden Coefficient as one of the Tools
to Estimation of the Business Climate in Regions
The paper presents modifications of the Gini coefficient, which can be used in the definition of diversified fiscal policy at the regional level. Offered coefficients allow estimating the level of tax burden per unit of output as a relatively average for the manufacturing industries, as well as in the context of the sectoral viewpoint in the regions and the national average. Based on these results the share of the cost of production taxes and, as a consequence, the level of competitiveness can be estimated.
Keywords: fiscal policy, industrial development, industrial policy, sectoral development, the Gini coefficients
The Correct Evaluation of the Investment Value of the Object
in a Time of Crisis
The article presents a fundamental change in the classical approach to business valuation on the Gordon method, which allows adapting the financial model to the factors that do not have a permanent character. As a result, a temporary jump in asset yields will not significantly influence the outcome, which would broaden the scope of applicability of the formula with a stable economic situation in the more approximate one to the Russian economy.
Keywords: business valuation, an impairment test, the Gordon model, discounted cash flows, the fair value, the market value
Social Security Determinants of the Retirement Age:
a Literature Review
The paper reviews the literature on the retirement age determinants with consideration of a pension system features. The author explores, describes and compares the results of both theoretical and empirical works to reveal some stylized facts of a retired person behavior as well as explanation of those facts presented in the literature. The article highlights a use of implicit tax on continued work in an analysis of the pension reforms. The author also defines that empirical literature suggests little or no effect of elimination of income test on the retirement age. In the end of the article there is a comparison of considered features of Russian pension system with those of pension systems in other countries.
Keywords: retirement age determinants, labor force participation of older workers, social security implicit tax, income test
Public Participation as an Element of an Effective System
of Public Finance Management
Enhanced public participation in the budget process is seen as an element increasing the efficiency of public finance management in the Russian Federation. The article is a theoretical framework for improving the methodology for monitoring fiscal data transparency in the Russian Federation, performed by the Financial Research Institute commissioned by the Russian Finance Ministry. The article discusses the theoretical issues related to the definition of public finance management, investigates the mechanisms of interaction of public and executive authorities in order to improve the efficiency of budget spending. In addition, the author presents the practical recommendations on the use of corporate financial management experience to the general government sector.
Keywords: efficiency of public financial management, management accounting, public participation, public control, the level of services
Financial Risk Management of Innovative Activity
at the Institutional Level
The article presents the results of a research on the development of proposals for the organization of the system of financial risk management of innovative activity at the institutional level. The author defines the functions of financial institutions of the National Innovation System (NIS) and systemizes the experience of implementing the above functions of the NIS financial institutions in developed countries. The article defines the current deficiencies in the functioning of these institutions in Russia. In addition, the author presents the suggestions on improvement of state policy and institutional framework for the financial risk management system innovation in Russia.
Keywords: innovation, financial risk, institutional approach, national innovation system, financial institutions
Guarantee Schemes at Insurance Sector
and the Bank Sphere Interaction
Recently the topic of use of guarantee schemes for financial services consumer protection under the interaction of insurance sector and the bank sphere development has become very relevant. In Russia the proper attention to similar schemes of financial services consumer protection and increase of trust to the financial market is not paid. The aim of this article is the research and development of suggestions for improvement of the mechanism of guarantee schemes of protection of consumers of financial services under the interaction of insurance sector and the bank sphere. With the help of methods of the analysis, logical generalization and also the analysis of foreign experience the author develops the possible improvements of the mechanism of guarantee schemes of financial services consumers protection under interaction of insurance sector and the bank sphere in Russia.
Keywords: guarantee schemes, integration, bank, insurance company, insurance sector, bank sphere