Financial Journal № 3(25) May-June 2015
S. Bychkov, A. Boldyr, A. Lavrov
Experience and Perspectives of the Quality Evaluation in Financial Management
of Federal Government Authorities
The article analyzes the improvement in the quality evaluation methods in financial management of the chief administrators of the federal budget resources. The author describes the dynamics of the quality evaluation change in financial management in general, by chief administrators, and including components. Main issues with basic problem position in financial management of the chief administrators for the federal budget are examined as well. Moreover the article offers some steps for the further improvement in the quality evaluation methods in financial management of the federal budget resources chief administrators.
Key words: financial management, quality monitoring, government administration, chief administrators for federal budget resources (CAFBR)
M. Kotlyarov, S. Platonov, I. Rycova
Formation of the Financial Supervisory Authorities of the Eurasian Economic Union:
Adaptation of the European Experience
The article presents the results of research carried out by the Centre for Industrial Economics of the Financial Research Institute under the theme “Creating a set of measures to harmonize legislation and regulation of the financial markets of the Eurasian Economic Union in the banking, insurance sectors, market investment of pension funds as well as the securities market and stock trading”. International experience in the functioning of supranational regulators in the European Union is examined. The author gives recommendations for adaptation of experiences in the formation of the European Union legislation and supranational financial supervisory authority within the Eurasian Economic Union.
Key words: supranational financial regulation, prudential regulation, European Systemic Risk Board, European Banking Authority, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority
S. Sinelnikov-Murylev, P. Trunin
Government Wealth Funds and Monetary Policy in Russia
Economic theory and practice acknowledge a high degree of fiscal and monetary policy interdependence. This relationship is especially evident if the government accumulates heavily on its accounts at the central bank. The article analyzes the impact of the formation and spending of the Reserve Fund and the National Wealth Fund on the monetary policy of the Bank of Russia. This effect is considered under the current economic crisis and the need to spend resources accumulated in sovereign wealth funds.
Key words: fiscal policy, monetary policy, sovereign wealth funds, forex interventions, international reserves, budget rule, monetary base, money supply
E. Anisimov, V. Novikov, S. Shkodinsky
Methodical Approaches to the Assessment of the Amount of Grey Imports and
Loss of the Revenue Part of the Federal Budget
The scientific article actualizes the problem in estimate of the grey imports amount, the characteristics of various methods of this evaluation are given: the method of "mirror" statistics, the method of the domestic market analysis, expert method, summarization of their advantages and disadvantages. The authors present a set of tools for methods of "mirror" statistics and the analysis of the domestic market application. The article also provides a methodical approach to assessing the impact of grey imports on the revenues of the federal budget.
Key words: grey import, illegal movement of goods, the customs value, the loss of the federal budget, the method of "mirror" statistics, balance of payments methodology, expert method
Current State of Theoretical Researches on a Question of the Public Financial Policy
The article discusses ways of improving the theoretical basis of the state financial policy. The absence of qualitative methodology of financial policy is the weak link of the Russian financial science, which is reflected in the adoption of state programs aimed to improve the efficiency of public finances management. The author examined the Russian and foreign experience of developing the issues of the public financial policy methodology, as well as its adaptation in some public goal-oriented strategic documents.
Key words: financial policy; economic policy, instruments of financial policy, purposes of financial policy, stimulating role of financial policy
The Comparative Analysis of the Methodological Approaches to Identification
of Global Systemically Important Financial Institutions
In this article methodological approaches to identification of global systemically important financial institutions are analyzed. The common features and distinctions revealed in the work in methodologies of an assessment of such institutes make the contribution to development of researches of systemic risk in the financial market, namely: allow to define a circle of global systemically important financial institutions for regulation of their activity from the international and national regulators and to structure measures of regulatory impact on various types of financial institutions.
Key words: the global financial stability, the systemic importance, the financial institute, the network approach, the global systemically important banks
I. Arlashkin, A. Deryugin, K. Proka
Development of Long-term Budget Outlook: Regional Aspect
The article attempts to develop recommendations to regional authorities of the Russian Federation on developing long-term fiscal projections that enable to estimate the length and extent of changes in the public sector, which may arise as a result of the impact of economic and demographic factors. These recommendations include the ones on the predicting a number of demographic and economic indicators, as well as the parameters of regional budgets and are based on best practice of long-term forecasting in foreign countries. The article also provides guidance on assessing the sustainability of long-term projections to changes in individual demographic, economic or other factors.
Key words: long-term forecast, long-term fiscal planning, subnational budgets, regional fiscal policy
T. Malinina, V. Gromov
Improving Taxation of Personal Incomes from Realization of Assets Acquired Without
Compensation or at a Price below Market
The article concerns mainly the practical aspects of taxation of personal incomes from realization of assets acquired without compensation or at a price below market. Incomplete regulations in this area lead to a non-neutral taxation of such incomes, reduce the tax system efficiency. The analysis of the tax law and the established practice of its applying is carried out, the proposals for improvement of the tax law are made subsequent to the results.
Key words: personal income taxation, assets realization, inheritance, transfer by gift, assets acquisition at a price below market
Regulation of Insurance in the Countries of the Eurasian Economic Union:
Similarity and Differences
The article is devoted to analysis of the EEU countries’ legislation in the field of insurance business regulation. Particular attention is paid to the differences between the rules of each country. The author considers the procedure for admission of insurance organizations in the insurance market, regulation of reinsurance, the requirements for the activities of insurance intermediaries.
Key words: insurance, government regulation, insurance organizations, insurance market, member states of the EEU
The Modern Practice of Export Credit Insurance in the EU
The article provides an overview of current practices of insurance operations of export-import loans by public and private EU insurance companies. Strategies of promotion of insurance services for import and export credits, which are used in some European countries, are considered. The European experience of innovation in the process of maintenance and security risks of domestic exporters are encouraged to use.
Key words: insurance, export credits, political risk, commercial risk, factoring, indemnity bond, product innovation
Measuring Budget Transparency: International and Russian Experience
Fiscal (budget) transparency is a concept that was developed in the 1990s and became particularly relevant in times of financial crisis. Recent studies show that improving transparency results in better budget performance, lower borrowing costs and reduced corruption. This review describes the main approaches used in budget transparency evaluation and is addressed to practitioners and researchers dealing with budget transparency.
Key words: budget transparency, open budget, Open Budget Index, fiscal transparency, fiscal transparency index
Yu. Belousov, O. Timofeeva
The Analysis of the Russian Federal Subjects Budget Transparency
This article presents the results of the evaluation of the Russian Federal Subjects’ budgets transparency in 2014. This data was obtained on the basis of Russian Federal Subjects’ monitoring, and subsequently the Subjects were rated by the level of transparency of the budgetary data. It reveals the ranking of Federal Subjects based on the achieved level of transparency of the budget, with specific examples. The basic challenges to improve the transparency of the budget are illustrated and recommendations for improving the situation are given.
Key words: public finances, state finances, budgets of subjects of the Russian Federation, open budget, the transparency of budget data, open data, open government
V. Vagin, N. Shapovalova, N. Gavrilova
Initiative Budgeting: International Context of Russian Version
For the first time in scientific literature the author of this article attempts to analyze and systematize the Russian experience in participatory budgeting practice and its various versions: local initiatives support programs, projects “National initiative”, realized in a row of Russian Federation’s regions. Besides, the publication contains extensive information of the current foreign experience of participatory budgeting, which represents the considerable interest for the governmental representatives of the different level, local authorities, scientists, experts and the public.
Key words: budget process, open budget, participatory budgeting, initiative budgeting, World Bank, community-driven development (CDD) projects