Financial Journal № 1(15) January-March 2013
S. Sternik, I. Yaremenko
Global Tendency of Market Reform of State Expenses
as Turn of Economic history
The article is devoted to analysis of foreign experience of budgetary forecasting and planning, identification of current trends in methodology of macrofinancial forecasting and planning, and also development of offers on use of foreign experience in the Russian practice.
Key words: forecasting, planning, budget, methodology, modern foreign experience, efficiency, system, freedom, transparency, accountability
Conceptual Approaches to the Formation of Financial Infrastructure
Due to the increasing pace of globalization and integration of national financial system to the global financial system, there is a special need to investigate the financial infrastructure, which is a base element for financial system and investment climate development. The purpose of this research is to define conceptual approaches to the concept of financial infrastructure in the condition of growing globalization rate.
Key words: financial infrastructure, financial system, investment climate, globalization
Government Intertemporal Insolvency and Capital Flows
Through the lens of economics, this article is devoted to the impact of government policy on capital flows. The author explains such concepts of existing literature as «sudden stop outflow», «government intertemporal insolvency», «capital inflow bonanza», «global imbalances», etc. It is assumed that the government policy affects the volatility of capital flows and accelerates the capital outflow.
Key words: international movement of capital, global imbalances. Lucas paradox, Feldstein-Horioka puzzle, government intertemporal insolvency
The Customs Union and the WTO: Russian Realities
The article author describes the problems of Russia's accession to the World Trade Organization (WTO) in terms of its membership in the Customs Union. The author examines the possible advantages and adverse effects of Russia's accession to the WTO as to the national economy and for the economies of the countries of the Customs Union. The significant place is given to the problem of creating a single regional currency. The main aspects of the competition policy of the countries of the Customs Union are identified.
Key words: foreign trade, WTO, customs regulation, competition, the Customs Union
The Mechanism of Legal Protection of Financial Services Consumers
The one of the reason of the maintaining inequalities and poverty in the world is the inability to obtain access/lack of access to financial services. It requires the set of regulatory measures to provide the opportunity to access to financial services to all population groups. The forming of the protection mechanism of low-income consumers is the one of the measures. The analysis of the constituent elements of such a mechanism is presented in this article.
Key words: financial services, expanding access to financial services, protection of consumer rights, responsible financing
D. Berjozkin, K. Zakharov, R. Kirakosyan, M. Poverin
The Enhancement of the Budget Legislation
in the Context of the Transition to the Program Budget
The article focuses on the provisions of the legislative acts which need to be upgraded as part of the program budget. The main changes concern the budget classification expenditures and budget planning. The authors suggests measures to reform the federal budget's making out and the uniform code of classification model, which synthesizes functional, departmental and program classifications of expenditures in itself.
Key words: program budgeting, government programs, federal budget expenditures, classification of expenditures, codes of the budget classification
International Legislative Regulation of Credit Rating Agencies
The article author identifies the main drawbacks to the operation of rating agencies and examines regulatory mechanisms of their activity at both national and international levels. She emphasises the need to find the criteria for evaluating investment potential which are not based on credit ratings.
Key words: credit rating agencies, credit rating, regulation, financial crisis, conflict of interest
Taxable Capacity of Special Tax Regimes
The author analyses the Russian practice of special tax regimes (STR) application. She gives the concept of STR and examines their types in detail. The author also proposes measures for their improvement to increase their taxable capacity.
Key words: special tax regimes, simplified tax system, patent form of tax payment, single tax on imputed earnings
Rationality of the Portfolio Investor:
Behavioural Features of Formation of Expectations
We provide the results of massive field experiments aimed at identifying the mechanisms of investors' decision making. We explore the way rational subjective expectations are translated into asymmetric distributed rates of return. Special emphasis is placed upon behavioural phenomena such as over- and underreaction, narrow framing, and bounded rationality. The mathematical model of investors' expectations extrapolation based on Gram — Charlier expansion is suggested and proved empirically by retrospective investment strategies testing.
Key words: behavioural finance, decision making, pricing process modeling, bounded rationality, overreaction, underreaction, narrow framing
The Gender Issue in Modern Pension Models
Gender differences arising in the course of labour relations, distinctly reveal themselves at the moment of award of pensions. The article analyses issues of the pension insurance from the position of forming women's pension rights in Russia and several other countries
Key words: gender differences, pension system, pension reform, pension contributions
After-crisis Rise in Price Regularities Research
of Residential Real Estate Market of Russian cities
The methodology and results of research of regularities of revival of residential real estate market of Russian cities after crisises in 1998 and 2008 were cited. General descriptions and conclusions about prospects of prices to reach the precrisis level in different cities were made.
Key words: aftercrisis revival, average specific price, price trends, landslide in price from maximum record, rise in price from minimum record, revival extent to precrisis level
Evaluation of Parameters of Corporate Control
in Russian Integrative Transactions
The article summarizes the results of empirical analysis of the level of corporate control. Underlying data comes from Thomson-Reuters and contains approximately 10,000 of M&A transactions of medium and large companies in Russia between 1995 and 2011. The authors assess the level of corporate control depending upon: the changes in business activity in economy, the character of national affiliation of M&A transactions, as well as government actions at the market for integration.
Key words: mergers and acquisitions of companies, level of corporate control, the motives of companies-acquisitors and companies-buyers
O. Medvedeva, T. Semkina
VAT of Gratuitous Delivery of Goods, Works and Services:
Russian and European Standards
The article described the European rules of VAT collection, regulating the gratuitous delivery of goods, works and services. Russian tax legislation and its effect in practice аre analyzed, suggestions for improvement of the Tax code of the Russian Federation are expressed.
Key words: gratuitous delivery of goods, works and services; VAT; tax legislation
Long-term Balance of the Budget System: Factors, Conditions, Risks
Long-term balance and sustainability of the budget system is the most important condition for the formation of a new model of economic growth. In article proves the need of the account of risks in the financial planning for the long term. Internal and external risks are characterized. The factors and conditions affecting the long-term balance of the budget system are described.
Key words: balance of the budget system, long-term sustainability of public finance, long-term risks, budget strategy
The Bank Competitiveness: Theoretical Analysis
The present paper contains an analysis of the bank competitiveness. We demonstrate that its integral competitiveness has a multi-level nature and includes net bank competitiveness, competitiveness of bank products, services and operations. We describe measures that can be used to improve the characteristics of each level on integral bank competitiveness.
Key words: competitiveness, bank product, bank service, bank operation
Legalization risk management in the Russian banking practice
One of the characteristic features of the national anti-money laundering system is that Russian commercial banks are exposed to high risks of criminal proceeds legalization.The article contains legalization risk definition and describes the methods of the legalization risk management existing in the Russian banking practice.
Key words: anti-money laundering, legalization risk, AML/CTF system
Development of electronic commerce in the modern world, commonly known as e-commerce, is one of the most imprortant trands in the world economy. Along with the overall positive effects on the economy, there are some problems assosiated with e-commerce. One of them is taxation of e-commerce transactions. The article describes e-commerce taxation issues in Russia and in some developed countries.
Key words: taxes, taxation, public finance, e-commerce, e-commerce taxation
The Evaluation of the Creative Potential Realization
in Scientific-research Activities of University
The article considers the methods and criteria for evaluation of the efficiency of scientific-research activity of the University. In particular, it analyses the indicators of the efficiency of scientific-research activity of students of the University. It is proposed to introduce the new indicators and parameters, allowing to evaluate the creative potential realization of the students involved in the scientific-research activity.
Key words: scientific-research activities, criteria of efficiency, creative potential