Financial Journal № 3(31) May-June 2016
A. Kizimov, N. Kuzmina, M. Pinskaya
Tax Control of Transfer Pricing on Intangible Assets
The article is focused on methodology of tax control on transfer pricing in respect of transactions involving intangible assets. Authors analyzed Russian legislation and court cases and revealed the sources of tax risks of taxpayers and government. These risks are related to the nature of intangible assets (uniqueness, lack of interchangeability), as well as to the differences in interpreting of intangible assets in different sources of legislation. The authors made an analysis of comparability of transactions with intangibles comparing Russian tax legislation and OECD recommendations.
Keywords: transfer pricing, affiliated persons, intangible assets, comparability of transaction, tax control
A. Tihonova, S. Naumchik
Tax Field in the AIC of Russia and Belarus: Comparative Characteristics
The article presents the results of research carried out by an international team of scientists in the framework of the grant entitled “Improving the fiscal and budgetary instruments of state financial support for agriculture in order to ensure economic and food security” (RGNF № 15-22-01004, BRFFR № G 15 P-015). The authors carried out the comparative characteristics of the tax conditions for conducting agricultural business in Russia and Belarus in the framework of the basic system of taxation and preferential agricultural tax. Based on a comparison of tax fields between the two states the authors propose directions of improving the agricultural tax arrangements.
Keywords: agricultural complex the total taxation system, a single tax in agriculture, tax incentives, of taxation the comparison
А. Abramov, A. Radygin, M. Chernova
Equity vs. Bonds for Long-term Investors
The paper presents a comparative analysis of investment potential of equity and bonds for long-term investors. It continues our previous research (A. Abramov, A. Radygin, M. Chernova, 2015) on the influence of investment horizon on risk-return trade-off between equity and bonds. This article discusses in detail the issue of asset allocation between equity and bonds for pension funds’ portfolio. The study is based on the approach that involves constructing portfolios with the same start date. This analysis confirms the hypothesis of the absence of significant influence of investment horizon extending on comparative advantages of equity versus bonds by risk-return criteria. The results are confirmed with the evidence from Russian and American financial markets. Because of this fact asset management of pension savings focuses on bond investment rather than on equity investment in most OECD countries.
Keywords: pension savings, long-term investment, investment horizon, equity and bond return, equity and bond risk, portfolio diversification
V. Gorelik, T. Zolotova
Formation of an Optimum Portfolio of Russian Companies
with Probabilistic Risk Function
This paper examines the problem of finding an optimal portfolio of securities by using the probability function of portfolio risk as a constraint. The authors obtained the value of the risk coefficient for which the problem of maximizing the expectation of the portfolio return with a probabilistic risk function constraint is equivalent to the maximizing the linear convolution of the criteria “expectation — variance”. Results of the study are demonstrated on specific data using the developed tools.
Keywords: efficiency estimation, risk assessment, risk function, risk coefficient, convolution of criteria, distribution law
O. Bogacheva, O. Smorodinov
Government Measures Aimed at Formation and Development
of Green Bond Market
The article continues analysis of international experience in the sphere of green bonds (the first article — Green Bonds as a Key Instrument for Financing Green Projects — was published in Financial Journal, 2016, № 2). The study is focused on the role of government and government measures in support of green bond markets. The authors identified the reasons for necessity of government regulation at different stages of green market and discussed the particular directions and measures of public support. As a result of green bond markets survey, the 10-point Agenda for public actions is formulated in the article in order to organize and develop green bond market. The authors also prepared a number of recommendations aimed at formation of green bond market in Russia.
Keywords: green bond market, public finance, directions and measures of government support, international green bond standards, market barriers
Budgets of Russian Regions: Government Debt Accumulation
and Public Spending
An urgent task under the conditions of large regional debt increase is to support the stability of regional budgets. The article includes the analysis of basic reasons of subnational deficit and debt increase, regional features of borrowing and spending, the information about regions with difficult debt situation. Taking into account the practice of federal support in this sphere, the author presents the suggestions for regional budgets maintenance and debt reduction. The implementation of formulated suggestions will enable to make better conditions for regional budget stability.
Keywords: government debt, debt of Russian regions, budgetary loan, market borrowings, budget deficit, balanced budget, federal grants
E. Bogdanyuk, P. Trunin
The Development of a Eurocurrency Banking Market in the World Economy
The article considers key factors and consequences of the development of eurocurrency bank intermediation during the second half of the 20th — 21st century. The analysis finds a portfolio reason (changes in the risk-return trade-offs) and shifts in the investment flows direction (a rise in the share of developing countries’ savings in their total volume) to be the crucial factors of the disproportionately high growth rates of eurocurrency banking activities. The article studies monetary and financial stability issues against the background of eurocurrency intermediation development.
Keywords: eurocurrency banking, financial intermediation, portfolio theory, monetary policy, financial stability, reserve requirements
Public Debt Management: Foreign Practice
Analysis of the foreign anti-crisis debt management policy with its following possible adaptation in Russia is the aim of this article. In current crisis conditions, on one hand, there is a raising need in allocation of extra sources for Russian budget deficit financing, and, on the other hand, a need in “painless” and just-in-time debt redemption which payments matures in nearest time. This applies also CPI index linked bonds issued in Russia in 2015. In this article the author also observes the anti-crisis methods of public debt management based on the USA and Brazil practices.
Keywords: anti-crisis policy, public debt management, bonds, bills, debt portfolio structure
I. Rycova, E. Metelkova
Effectiveness of the Agricultural Machinery Industry State Support
Evaluation issues of the effectiveness of the agricultural machinery industry state support are related to the budget expenditures on the agricultural machinery industry development of the Russian Federation and achievement of the public policy goals and tasks. In this article the authors analyze the crisis response measures to stabilize the situation in the agricultural machinery industry by type of machinery and equipment types with due regard to import substitution.
Key words: effectiveness, state support, agricultural machinery industry, budget, import substitution
Theoretical Aspects of Development Initiative Budgeting
in the Russian Federation
The article deals with the theoretical basis of the development of participatory budgeting in the Russian Federation. The author offers the main principles of the development and regulation, the effects and the organizational structure of initiative budgeting — the first stage of a participatory budgeting in the Russian Federation. The article also highlights several trends in the development and regulation of initiative budgeting, as well as describes the institutional infrastructure.
Key words: participatory budgeting, initiative budgeting, principles development initiative budgeting, complex activities for the development of initiative budgeting, tools of the development initiative budgeting, effects of initiative budgeting
E. Lavrenova, O. Belomyttseva
Efficiency of Pension Accruals Management in Non-State Pension Funds
The authors identify the impact of pension accruals on the operations of Russian non-state pension funds and describe the effect of the pension reform on pension accruals. A regulatory definition for the subject-matter of pension accruals in Russia is proposed. The article also studies the features and efficiency of retirement assets accumulation within the investment portfolio of Russian non-state pension funds. The authors draw conclusions and make recommendations with regard to the pension accruals management in non-state pension funds.
Key words: non-state pension funds, pension accruals, pension reform, investment portfolio of non-state pension funds