Financial Journal №3(37) May-June 2017
I. A. Yakovlev, L. S. Kabir, S. I. Nikulina, I. D. Rakov
Financing Green Economic Growth: Conceptions, Problems, Approaches
This article presents an analysis of the formation and the development of modern approaches to financing a green economy, reveals the main elements of the present-day pattern of green growth financing and influencing factors. By studying the dynamics of green investments with a breakdown into different countries and the experience of international cooperation in sustainable development, the authors of the article generalize the results achieved by countries with regard to transition financing of their economies to a new pattern of ecologically sustainable development. The authors also make assumptions explaining the peculiarities of the present-day pattern of green economic growth financing.
Keywords: sustainable development, green economy, financing of the transition to a green economy, public investments, public support
JEL: O44, Q32, B00
O. V. Bogacheva, T. V. Fokina
Evaluation of Social Tax Expenditures Efficiency in OECD Countries
The article is devoted to social tax expenditures efficiency evaluation in OECD countries. Social tax expenditures are defined as revenue losses attributable to provisions of tax laws allowing a preferential tax treatment for special categories of taxpayers or within social spheres for public social policy aims achievement. The authors research existing forms and types of social tax expenditures, as well as practice of their implementation in different OECD countries. Within the context of personal income tax approaches to efficiency evaluation of each type of social tax expenditures and arguments for their use have been analyzed. The authors conclude that while efficiency evaluation of special social tax expenditures alternative social policy instruments and results of “cost-benefit” analysis should be taken into account.
Keywords: tax expenditures, social policy, tax tools, evaluation of tax expenditures efficiency
JEL: H55, E62, H29
M. V. Kulakov, M. V. Lysunets
Social Policy in the Development Strategy of the European Union
The article analyses priorities of the social and economic development of the European Union within the targets of the Europe 2020 strategy that are aimed at achieving sustainable growth, overcoming the economic recession and solving key social problems of the region. The article addresses the latest employment and social trends in the EU and reflects upcoming challenges and possible social policy responses. The authors examine specifics and goals of the effective labour market policies of the Member States and the EU, based on the official data including main employment, social and labour indicators. The authors also identify main instruments for boosting the EU’s human capital and encouraging development of social and labour markets.
Keywords: regional integration, European Union, social and economic policy, strategy of economic development, unemployment, social inequity, income inequity
JEL: E24, F66, I38, J24, J68
А. А. Mikhaylova
Interbudgetary Transfers as a Stimulation Mechanism of Regional Growth
The article analyzes the opportunities for financial incentives for regional development in the Russian Federation. On the basis of econometric research the author confirms the existence of β-convergence at the level of Russian regions and makes conclusions on how intergovernmental transfers affect the economic growth. The article also shows that intergovernmental transfers have a positive effect on the regional growth, and intergovernmental subsidies have the maximum stimulating effects comparing to other types of transfers.
Keywords: intergovernmental transfers, grants, structure of the regional economy, financial incentives, convergence
JEL: H77, H71, E62
D. V. Shvandar, O. V. Kontsevich
Management of Structural Liquidity Surplus of the Banking System
Shocks of fallen oil price, sanctions and devaluation declined inflation significantly from the target range throughout 2014–2016. Now when price growth is observably coming down disbursements from sovereign funds generate banking liquidity surplus, treating to erode the monetary policy signals. This forces to analyze pros and cons of different solutions relying on available Russian and international experience and, in particular, to consider the scope of interaction between the monetary regulator and the government, which is only one besides the central bank has the tools for targeted impact on the banking system liquidity.
Keywords: banking system liquidity, structural surplus, sovereign funds, central bank, profit (losses), capital, monetary policy instruments, floor system
JEL: E51, E52, E58, E63
S. S. Lazaryan, M. A. Chernotalova
Taxes Impact on Private Investment
The article analyzes methods of empirical estimation of tax changes impact on private investment and possible difficulties of such empirical evaluation. The authors also review results of empirical studies dedicated to impact of taxes on firms’ investment. In addition, the authors consider several aspects of impact of already conducted or only potential tax changes on private investment in Russia. There are two ways how tax changes influence investment of companies: the first one — they change benefits and costs of investment decision; the second one — they influence cash flows of the company, effectively changing feasibility of investment. Estimating general effect of a certain tax change calls for using a general equilibrium model, but most studies focus on partial equilibrium effects. The main problem of empirical analysis of impact of taxes on investment is endogeneity of the tax system. If one addresses this and other issues properly, he is likely to conclude that providing investment tax credits, allowing accelerated depreciation, lowering profit tax rate, introducing positive difference between tax rate on distributed and undistributed profits and reducing overall tax burden positively affect investment of companies.
Keywords: tax policy, investment of firms, investment tax credit, depreciation, profit tax
JEL: H32, E62
A. E. Olkova
Mutual Funds Performance Assessment Techniques: Comparative Analysis
The article examines existing approaches to assessing mutual funds portfolio performance. The author considers major advantages and drawbacks of diverse upside potential and risk measures, as well as the most commonly used portfolio efficiency metrics. Empirical evidence of 12 most popular performance measures on a base of 255 Russian mutual funds sample is provided. Moreover, the author demonstrates that semi-variance and alpha-based metrics yield rankings that differ essentially from those provided by volatility-based, VaR-based and other metrics. Finally, the article discusses the rationale for different performance measures use.
Keywords: mutual funds, portfolio management, performance measurement, risk measurement, Sharpe ratio, Sortino ratio, downside risk measures
JEL: C10, G11, G23
A. S. Borgoyakov
The Valuation Model of Company’s Bonds: Yield an Issuer and its Solvency
The article considers the problem of an assessment of financial assets investments risk, and bonds, in particular. The author analyzes the existing models of risk assessment and profitability. The model disclosing interrelation between risk and profitability of the concrete bond from a perspective of issuer’s solvency is offered.
Keywords: risk, return, financial assets valuation model, bonds, company’s solvency
M. A. Bundin, E. M. Gutzait, A. M. Maryasin
Survey as a Tool for Assessing the State of the Audit Services Market
The article discusses the organization of the first large-scale questionnaire survey of the Russian market of audit services and analyses its results. It also provides some information about this market, in particular on some aspects of market’s business activity. This paper explores the pitfalls in the way of a questionnaire survey of the market for audit services. The authors give recommendations for improvement of such questionnaire surveys of the market for audit services in the future. Moreover, the article discusses advantages, disadvantages and place of such questionnaire surveys among other audit statistics tools.
Keywords: questionnaire survey, audit organization, auditing statistics, business activity, individual auditor, audit services market, subject of audit market
M. V. Tsurkan
Analysis of Regional Participatory Budgeting Practices in the Framework of Local Initiatives Support Program
The topic of the problem is highly relevant due to the lack of methodological approaches to the assessment of participatory budgeting practices in the Russian Federation. The paper suggests ways to assess the regional practices of implementation of local initiatives support program. It reveals their essence, the assessment technique of regional practices of public budget literacy improvement, taking into account people’s knowledge and skills. The author develops the calculation method of budgetary efficiency of the regional participatory budgeting practice in the framework of this program, and also proposes the principle of formation of the criteria for training assessment of the population involved in participatory budgeting process.
Keywords: participatory budgeting, local initiatives support program, best regional practice, assessment of efficiency methodology
JEL: H72, H77