Financial Journal №3(43) May-June 2018
I. A. Yakovlev, L. S. Kabir
Green Investment Financing Mechanism as an Element of the National Strategy for Sustainable Development Financing, p. 9-20
Today green investments are seen by the Russian government both as a solution for environmental problems and as an economic growth factor. Up until now the process of transition to the green economy has not been clearly defined, since the adjustment of the national green investment financing mechanism has not been completed. This article describes the results of the research on the prevalence of ideas of green growth in the national business environment and in the practice of national companies of green investment. For analysis, an array of data was collected on the official websites of 253 largest national companies. In addition to empirical data, the national strategic planning papers have been studied to find the reflection of ideas and principles of the green economy in the development strategies of industries and territories, as well as the guidelines designed by global institutions. As a result, the following problem has been identified: low level of green investment in Russian business due to, inter alia, the lack of a clear conceptual framework and rules. The solution of this problem lies in the plane of reaching a public consensus as to which sectors of the national economy should be recognized as leading to the sustainable development, and which of them, to the unsustainable one.
Keywords: sustainable development, sustainable finance, green economy, green investment, green investment financing mechanism, sustainable development financing strategy, priority, Russian companies
JEL: O44, Q32, B00
M. Yu. Andreyev, A. V. Polbin
The Impact of Fiscal Policy on Macroeconomic Indicators in DSGE-models, p. 21-33
The article reviews theoretical works on the government spending impact on the main macroeconomic indicators. Both neoclassical models with flexible prices and neo-Keynesian models with rigidities are considered by authors. As monetary policy matters in neo-Keynesian models, this work raises the problem of relationship between monetary policy and the fiscal multiplier size. Special attention is given to the peculiarities of fiscal policy in the liquidity trap. The authors examined the changes of fiscal policy effectiveness when the interest rate is at zero lower bound. At this economic situation the most effective fiscal policy is to stimulate aggregate demand, while stimulating the aggregate supply (e.g. reducing distortionary production taxes) may have a negative effect on economic activity. The article ends with conclusions about the possible fiscal policy in Russia.
Keywords: general equilibrium, DSGE, Neo-Keynesian economics fiscal policy, fiscal multiplier, liquidity trap, fiscal consolidation
JEL: D58, E47, E62, E63
O. V. Buklemishev, D. L. Mikhaylov, V. V. Solovyev, I. G. Fetisov
Effectiveness of Legislative Restrictions on Debt Burden of the Russian Regions, p. 34-48
Lately the debt burden of the Russian regional authorities has been increasing markedly. On the basis of analysis of the Russian regions’ budget indicators and the structure of their debt, recommendations are made to adjust and improve the system of indicators controlling the budget deficit, the level of debt and borrowings of the federal subjects. In particular, it is proposed to rule out the usage of planned budget figures and change the basis in calculation of expenditures maximum of the regional public debt.
Keywords: subfederal finance, regional public debt, debt burden, debt sustainability
JEL: H71, H72, H74, H77
N. A. Begchin, O. V. Bogacheva, O. V. Smorodinov
Spending Reviews as an Instrument for Public Finance Management in OECD Countries: Theoretical Aspect, p. 49-63
This article is focused on the conceptual framework of spending reviews. The authors claim that after the global financial crisis (2007–2008), the role of spending reviews in OECD countries has drastically increased. Originally a technical tool for the evaluation of government programs’ efficiency and effectiveness, it has evolved into the key instrument of public finance management. Many countries have started using such reviews both for the identification of inefficient expenditures/programs and for re-allocation of public resources in line with new medium-term policy priorities. The article examines the present-day interpretation of this concept, offers classification of spending reviews, analyzes legal environment and organizational models of planning and preparation of spending reviews in various OECD countries. As a result, the authors formulate a set of necessary conditions for the successful implementation of spending reviews, including legal, organizational and institutional conditions, and data requirements. Spending reviews should be integrated into the budget preparation process, stakeholders’ roles should be determined prior to conducting spending reviews, policy priorities should be clearly determined. As Russia moves towards adopting spending reviews as the key public expenditures management instrument, putting these pre-requisites in place becomes an immediate challenge.
Keywords: comprehensive and selective spending reviews, strategic review, fiscal measures, medium-term instrument of expenditure planning, performance based budgeting, global financial crisis
JEL: H50, H61, H68
N. N. Sisigina
Problems of Transition to a Gatekeeper Model in Healthcare, p. 64-77
Regulation of access to specialist medical care is widely viewed as effective tool for health cost containment. However, the results of the access reforms in well-developed public health systems in practice are often below the expected level. The article provides an overview of structure and outcomes of major national access reform programmes in European countries. Based on the collected data key determinants of successful adoption of gatekeeping model were highlighted in the article. The author proposes the promising ways of the development of the current access model reform in Russia.
Keywords: access to health care, gatekeeper model, health cost containment, managed care
A. V. Kniaginin
Impact of the Antitrust Legislation Interpretation on the Declaration of Firms to be Guilty of Tacit Collusion, p. 78-89
The study is devoted to the assessment of the impact of the antitrust laws interpretation on the conviction of tacit collusion. In the first part of the article tacit collusion is explained in terms of game theory and economic theory and then a general approach to proving firms to be guilty of tacit collusion in Russian antitrust legislation is presented. The main part of the work includes analysis of 48 cases content, in which firms of Russian retail fuel market argued in court that they were not guilty of tacit collusion. Based on this analysis, main effects of the antitrust laws interpretation on the conviction of tacit collusion were identified. Author concludes that under certain circumstances the concepts adopted in the Russian legislation make the outcome of the trial depending on the court’s opinion on the interpretation of these concepts and generate a number of unintended systematic effects that may lead to a decrease in public welfare.
Keywords: tacit collusion, antitrust law, fuel market, public welfare, type I and type II errors
JEL: K21, L41
E. M. Gutzait
Verification of Audited Persons Ability to Continue their Activities as a Method to Identify the Increased Possibility of Their Bankruptcy, p. 90-98
The article discusses the relationship of economic entities bankruptcy with auditors’ errors in the validity test of assumption of an economic subject’s activity continuity. It is shown that the task of checking the validity of this assumption can be classified as a special case of the problem of economic entities development forecasting. The author examines the definition of a term “continuity of activity” and interprets possible errors of an auditor in the verification of the specified assumptions fairness, based on the standpoint of the general theory of decision under uncertainty, and analyzes the consequences of such errors. The article also presents the research on different difficulties occurring in verification of
ability of an economic entity to maintain its continuous activity and provides recommendations on how to overcome them.
Keywords: audit organization, bankruptcy, assumption, individual auditor, international standard of audit, business continuity, doubt, economic entity
V. A. Malyshenko
Management Methodology of the Own Capital for the Long-term Financial Sustainability of an Enterprise, p. 99-110
The article is devoted to the search for ways to overcome the problem of distorting the assessment of the financial condition of an enterprise in the long-term aspect. The prospective essence of this problem in the sanatorium enterprises of the Crimea is connected with the consequences of overstating the value of non-current assets (and the corresponding amount of their own capital) for the formation of the annual financial result. The proposed instrument is repulsed from the original mechanism of managing the amount of depreciation deductions and the final financial result. This mechanism regulates the process of reaching both the optimum value of own capital and the optimum value of circulating assets. The author presents the methods to achieve a comprehensive impact in a single model for all key financial management objects (profit, capital, cash flow). Methodological development can be useful for enterprises of the resort complex of Crimea and other enterprises of the resort business.
Keywords: modeling, complex approach, financial coefficient, property asset, financial standing
E. V. Batanov
Generalization of Bank Card Settlements and Transition to Mir Payment System in the Kaliningrad Region, p. 111-120
Following the violation of the payment sovereignty of the Russian Federation associated with the service termination of Visa and Mastercard bank in Russian credit institutions, there is an unfavorable situation for the financial system of the country threatening its economic security. The object of the study is Mir national payment system and its implementation in the Kaliningrad region. The research is focused on monopolization of the Russian Federation’s banking market by international operators and Mir national payment system as an alternative to foreign payment systems.
Keywords: international payment system, national payment system, payment card, Mir payment system, Kaliningrad region
G. F. Biglova
Socialization of the Economy: from Ownership Issues to the Humanization of Labour, p. 121-130
The article actualizes the problem of social principles development in the economy. As an obligatory stage in the formation of a socially-oriented economy, the author proposes to single out the process of socialization of economic relations, which is based on three main directions: socialization of property relations, reduction of social differentiation, humanization of labor. Also, it is suggested, is impossible to stimulate scientific and technological process without the proper level of socialization of the economy. As the impossibility reason to transform the labour potential of the national economy in high-performance innovative work the author proposes to consider both deterioration of working conditions and salary level along with its general alienation because of the development lack and associated collective forms of enterprises’ ownership.
Keywords: socialization of the economy, social economics, property relations, humanization of labour, working condition
JEL: H5, J3, J4