Financial Journal № 3(9) July 2011
М. Afanasiev, А. Belenchuk, А. Lavrov
Program Budget as an Instrument of Enhancement of the Budget Process Transparency
Higher transparency of the budget process is one of the main objectives of a modern state budget policy. This objective can be attained through implementation of the budget planning and performance program methods in the budget process. A program budget contains a number of instruments which will make work of the Government for implementation of the key state policy directions more transparent for the people.
Key words: program budget, state program, performance indicators, International Budget Partnership, Budget Transparency Index, People’s Budget
L. Ryzhanovskaya, V. Chistova
Issues of the State Securities Market Liquidity
The Article discusses the macroeconomic approach to the liquidity problems of the state securities with the special emphasis on the monetary aspect of maintenance of the internal debt market liquidity and stability. Issues of development of the sovereign borrowings market are discussed within the context of the modern money offer, maintenance of liquidity of the economy and coordination of the monetary and budget policy.
Key words: liquidity, state securities, monetary mechanism, debt management, fiscal policy
Economic “Tsunami” of the Environmental Catastrophe in Japan
The material presents analysis of the economic situation in Japan that resulted from the environmental catastrophe. Potential impact of the tragedy in Japan on the global economy is investigated. Arguments for repatriation of Japanese capital for the purposes of the national economy recovery in the absence of free capital are presented. The author stresses the need for establishment of an international environmental fund for financing of global climate-related projects.
Key words: financial “tsunami”, environmental catastrophe, state debt, repatriation of capital, international environmental fund
А. Buravlev, N. Serdyukova
Dynamic Model of Financial and Economic Appraisal of an Enterprise
A dynamic model incorporating the entire complex of the microeconomic factors and changes thereof resulting from stochastic market price, goods offer and demand variations is proposed for the purposes of forecasting of the financial and economic condition of the companies in the economic instability environment. A system of aggregate function indices and convolution thereof into a multi-factor performance index — return on assets — has been developed. The model is C++ - based.
Key words: dynamic model, financial and economic ratios, market value, inflation, forecasting, performance, performance indices hierarchy
Т. Vityutina, Т. Pirogova
Attracting Foreign Investment in Russian Car Industry
The article discusses regulation of foreign car manufacturers in our country. Analysis of the data of General Motors, Volkswagen, Peugeot, Citroën, Mitsubishi Automobiles Rus systemizes the localization of production issues relevant to Russia. Lessons learnt from establishment of a car industry cluster and its impact on economic development of the region are analyzed using Kaluga Oblast as an example. Analysis of development of the main business dimensions of the foreign car manufacturers in Russia is presented.
Key words: foreign investment, car industry, state regulation, localization of production, cluster
N. Kachanova, N. Ogureeva
Russian Bank Cards Market: the Drivers
The article presents a multi-factor analysis of the bank cards market indices viewed as factor and as dependent variables. It has been identified that that the main drivers of the bank cards market volume are the infrastructure parameters: number of ATMs and POS terminals available within a region
Key words: bank cards, electronic transactions, correlation, card use index, multiple regression, cash alternative
Financial Market Concept within the Modern Finance Theory Framework
The article presents financial market analysis in terms of the modern finance theory. The author defines its dependence on the reproduction process, offers a new methodological approach to its structure. The research results derived allow development of conceptual approaches to the studies of the financial market as a state regulation object.
Key words: finance, financial market, capital market, finance market structure, financial instrument, financial system
Analysis of Financial Stability of the Organization
The article discusses main indices for evaluation of financial stability of the organization. Special emphasis is on the financial leverage effect, capital gearing limits that ensure financial stability of the enterprise are validated. A model of dependence of the equity mobility factor on the three index factors is presented and impact thereof on the resultant index is evaluated.
Key words: analysis, financial stability, ratios, financial leverage, financial leverage effect
М. Mikheev, L. Chaikovskaya
Internal Control Standards as a Factor of the Audit Quality
The article describes internal audit standards and discusses their role and function in the audits, the techniques of certain stages of the process, presents the methodologies related to application of the audit methods and proof. The need for development of such standards given the current status of the audit unification process is substantiated.
Key words: audit standards, internal control standards of the organization, internal control
Е. Tretyakova, А. Sharkova
Financial Infrastructure Supporting Innovative Business
The work discusses the innovation financing models of various countries. Financial institutes supporting small and medium-size business which are active and flexible participants of the innovation process are defined. Features and trends of development of the Russian financial infrastructure are identified.
Key words: innovations, innovative business, financial infrastructure, financing, global experience
Budget Expenditure Audit Norms and Practices
Currently, the status of one of the most important areas of the state (municipal) financial control — budget expenditure audit — does not ensure the required control efficiency. Certain norms thereof are far from perfect, practice is contradictory. The article analyzes the reasons for the existing disorder and offers methods for resolution of the problem.
Key words: budget control, norms, practice, supervisory authorities, objectives, evidence
Transfer Pricing in the Context of the Current Legislation of the RF
The article deals with the issues related to the forthcoming Russian transfer pricing tax law reform. In particular, it analyzes draft amendments to the Tax Code of the Russian Federation in application to price determination for tax purposes and establishment of a consolidated group of tax payers. Prospects of introduction of the CFC rules are reviewed.
Key words: transfer pricing, holding, double taxation, related persons, CFC rules
Credit Market Infrastructure Development
The article investigates the problems of development of the credit market infrastructure in Russia and presents a number of recommendations. Thus, it proposes to develop provisions regulating interaction of the infrastructure institutes (credit history bureau, credit brokers, collector agencies) with the banking sector and with each other. Development of the new payments infrastructure is reviewed within the context of implementation of the new Federal Law “On the national payments system”.
Key words: credit market, credit system, national payments system, infrastructure, credit brokerage, outsourcing, state guarantees
Management of Municipal Budget Expenditure
The article analyzes the features of organization of the inter-budget relations of the regional and local governments of the Republic of Sakha (Yakutia). Medium-term budget management priorities of the local governments are substantiated. A complex of measures for implementation of the municipal budget expenditure, for optimization of the existing budget-financed establishment network, etc. is proposed.
Key words: local budgets, inter-budget relations, fiscal capacity of the local governments, per-capita financing, budget network optimization, municipal services availability and quality monitoring, budget expenditure efficiency
Personal Income Tax in the Context of the State Regulation of the Economy
The article discusses the personal income tax place within the Russian tax system. Changes of the Tax Code of the Russian Federation, including those related to the property-related tax deductions and determination of the taxpayer status are analyzed. Proposals on further enhancement of the personal income tax framework are presented.
Key words: taxes applicable to individuals, personal income tax, changes in tax legislation, tax deductions, reporting, taxpayer status
Е. Galishnikova, L. Stakhovich
International Experience of Assessment of the Population Financial Education Programs
The article discusses the mechanism and evaluation criteria of the programs, projects, measures and information and education products in the sphere of development of financial education and enhancement of financial awareness of the population. The authors review the essence of evaluation and evaluation types with the focus on its process.
Key words: financial education program, programs evaluation mechanism, programs efficiency and performance, evaluation techniques and methods
Round Table on Location of the Services for VAT Purposes: International Practice and Russian Norms
Finance Journal presents proceedings of the round table on location of the services for the VAT purposes. Among the attendants of the event were representatives of NIFI of the State University of the RF Ministry of Finance, Ministry of Finance of the Russian Federation, tutors and post-graduates of the State University of the RF Ministry of Finance.