Financial Journal № 1(29) January-Febrary 2016
V. Lyashok, V. Nazarov, M. Oreshkin
Factors of Pension Growth in Modern Russia
Over the past 15 years the real size of pensions in Russia increased significantly. The article examines the main factors that influenced the dynamics of pensions in the country: wage growth, changes in employment and the number of retirees, the growth of informal employment, changes in taxes and contributions, transfers from the federal budget to the budget of the Pension Fund and other. In the work we construct a model to estimate the contribution of each factor and project the dynamics of pensions in the future in the absence of structural reforms of the pension system.
Keywords: pension system, pension reform, retirement pension, the number of pensioners, the size of pension benefits, the coefficient of pension burden, replacement rate, Pension fund, the budget of Pension fund
Asian Infrastructure Investment Bank:
New Financial Initiatives in the Asia-Pacific Region
To provide sustainable economic growth and stability of development countries in Asia- Pacific are making active efforts to create the mechanisms for overcoming crises, which encourages the processes of regional integration. The article gives an assessment regarding development of a new and the most debatable direction of the regional integration called financial regionalism. A special attention is paid to the latest regional financial initiative put forward by China (that is the initiative to create the Asian Infrastructure Investment Bank) as regards the analysis of the main idea of creation, stated objectives and issues to solve. The author makes judgements about theoretical and historical prerequisites of development of regional financial initiatives, directions of formation and conceptions of development of financial regionalism in the Asia-Pacific region.
Keywords: economic integration, economic regionalism, financial regionalism, financial institutions, investments, Asian Infrastructure Investment Bank (AIIB), Asia-Pacific region, ASEAN
M. Kotlyarov, I. Rycova
The Harmonization of Banking Legislation and Regulation
in the EAEU Countries
Analysis of the banking legislation of the Eurasian Economic Union (EAEU) member-states indicates common features of their banking systems. However, objectively existing differences in the legal framework and practice of particular countries, including Russia, require gradual harmonization of banking legislation with the aim of creating an effective common financial market. The paper offers recommendations for harmonization of banking legislation in various areas: terms and definitions, licensing procedures, activities of banks with foreign investments, deposits insurance schemes, etc.
Keywords: harmonization, bank, banking system, law, regulation, Eurasian Economic Union
I. Arlashkin, A. Gangan, A. Deryugin, K. Proka
Intergovernmental Block Transfers in Developed Countries:
USA, Australia and Canada
This article provides an overview of the international experience in provision of intergovernmental block transfers. The objective is to make two points. The first one is that the transition from earmarked to block transfers in developed countries was forced by the need of reducing the state budget deficit. The second reason for adopting block transfers appears from the necessity for increasing transparency and accountability of intergovernmental transfers.
Keywords: block transfer, recipient, consolidation, grant, accountability
I. Arlashkin, A. Gangan
Consolidation of Federal Matching Grants to Russian Regions
Consolidation of federal matching grants is one of the trends in current intergovernmental budgetary policy. However, strategic documents in the sphere of public finance do not work out in detail neither the procedure for consolidation nor its result. The article attempts to provide a vision for a new system of consolidated matching grants and to assess the possible scope for consolidation with particular attention paid to the mechanism of granting.
Keywords: subsidy, matching transfer, intergovernmental fiscal transfer, block grant, consolidation
R. Afanasev, N. Golovanova
Public Expenditure Efficiency: Theoretical and Legislation Approach
Public expenditures efficiency is the key issue of the public finance management. Despite the frequent use of the term “efficiency” in the Russian government strategic documents, the terminology of the current federal legislation differs from the definition adopted in the literature. Authors describes the examples of differences in terminology and provides recommendations on using the same definitions, both in theory and in practice.
Keywords: expenditure efficiency, expenditure effectiveness, economy, efficiency, efficient allocation of resources
Justification of Budget Expenditures for the Establishment
of the Territories of Priority Development
The territories of priority development (TPD) are created in the Far East of Russia in order to attract residents, particularly core residents, and the development of the Far East. The paper presents the main advantages of the residents, when placing them on the TPD and risks related to the financing of infrastructure in the territory at the expense of the federal budget. In order to assess the possible risks and the efficiency of the planned TPD the author analyses 6 TPD complex investment project profiles. The analysis outcome shows that the only way to reach target results is to involve residents with the relevant revenue volume and other production indices, which are stated in the complex investment project (CIP).
Keywords: territory of priority development (TPD), the complex investment project (CIP), CIP profile, financing, infrastructure
The Project Approach Application
in the Government Program Implementation
The article considers relevant issues of development and implementation of government programs, which are among important mechanisms of government regulation in sectors of the economy. The author analyzes the main limitations of the program mechanisms that hinder increase in efficiency of budget spending in the face of shrinking funding. Moreover, the article proposes project format for the implementation of government programs, which requires more detailed study of the action and a thorough analysis up to specific projects and enterprises. There is also proposed scheme of the basis of the government programs procedures.
Keywords: industrial policy, project approach, government program, target indicator, import substitution, government subsidy
E. Gutzait, A. Maryasin, I. Yakovlev
The Quality of Audit Services and the Estimation
of the Disciplinary Measures Impact
The article develops an approach to the concept of the quality of audit services as a transition from the quality of the consumer (user) to the quality of services producer. The authors provide an estimation of influence of the disciplinary measures used in the audit on the basis of the expert estimation method. In addition, other capabilities of this method when solving audit problems are discussed in the article.
Keywords: auditing services, quality, quality criteria, disciplinary measures (DM), method of expert estimations (MEE), professional judgement
Trust Management: Issues for Recognition of Contract Expenses
Trust management as an institute of market economy contains the potential of investment activity growth and involvement of financial resources in an economic turn. However, this potential is unlocked insufficiently, which in many respects is a result of low quality of tax regulation of trust management operations. At the same time, majority of problems is made of the shortcomings in the field of contract expense recognition. The article presents the tax risks that are a consequence of these shortcomings and defines ways of solution of the revealed problems.
Keywords: income taxation, trust management, expense recognition, trustor, beneficiary, income tax, corporation tax
E. Anisimov, V. Anisimov, S. Shkodinsky
Model for the Dynamic Evaluation of the Grey Imports Volume and Structure
The article describes the stochastic model for the dynamic evaluation of the grey imports volume and structure, which imitates the processes of its formation. This simulation allows to take into account available information about the grey imports and thereby improves the accuracy of its volume and structure estimation in more objective way than the common regression and expert models do.
Keywords: customs duties, grey imports, volume, structure, model, dynamic evaluation
State Support Arrangements for the Construction Industry Funding
The article presents effectiveness analysis for the state support arrangements in funding of the construction industry in Russia taken during the financial crisis of 2008–2009 and also for Government Antirecession Plan of 2015. The results of the study showed that the experience of 2008 is used for support of construction companies in new conditions of 2015–2016 and was supplemented by the new mechanisms. At this time the author noted a necessity for using a complex state support and regulation arrangements due to complexity of the new economic conditions and expected disinvestment. Based on the performed analysis the article describes the main requirements that could be used in current circumstances for working-out of the support program of the construction sector funding.
Keywords: finance of construction industry, state support, antirecession policy, mortgage lending market in Russia, government order, house construction activity