Financial Journal № 2(36) March-April 2017
V. V. Gromov, S. S. Shatalova
Tax Burden Measurement Approaches
The solution to the most of issues, that are related not only to tax changes, but predominantly to tax reform, comes to the assessment of the tax burden. However, its calculating procedure in Russia is not well defined. In terms of the absence of a uniform methodology for assessing, this measure is calculated on different basis: only taxes or taxes and also non-tax payments. The article concerns several approaches to understanding of tax burden concept in the light of payments to be accounted for. In addition, concept of fiscal burden in regard to each approach is defined by the author.
Keywords: tax burden, fiscal burden, taxes, non-tax payments, compulsory payment, tax policy, tax revenues
T. I. Semkina, A. V. Sorokin
Taxing Real Property Based on Cadaster Value
Nowadays there are some serious drawbacks in the corporate property taxation system. These drawbacks affect all the elements of the tax collection mechanism: cadaster value, types of property, tax rates. In this paper the authors suggest some ideas on improving of this system and customizing stages of its widening scope, which will make property tax more effective.
Keywords: corporate property tax, types of property, cadaster value, deductions, rates
JEL: H21, H22
A. V. Dubovik, R. V. Erzhenin
Accounting Development Perspective in the Russian Government Agencies
The article is focused on the analysis of ICT use results in the public finance management processes. The future of the accounting profession is defined by the authors in terms of development of a new accounting organization model in the public sector. Conceptual issues of the Federal Treasury in a long-term GIIS “Electronic Budget” use are also considered in the article. This is a model of centralized accounting for federal organizations. The authors suggest that due to the existing data-processing procedures modernization the current accounting workers’ skills will gradually lose their relevance. Moreover, the authors conclude that in the new organizational and technological accounting processes there will be demand on experts with advanced intellectual and creative knowledge. They will be able to provide in the future a more effective solution for control and management.
Keywords: centralized accounting, e-budget, governance, public finance, accounting profession
JEL: H83, О15, О33
O. N. Kuznetsova
Collisions and Prospects of Accounting Depreciation Fund of the Entity
In this article the author analyzes methodical and practical aspects of accounting of a depreciation fund as most important source of capital financing in Russia. The article reveals the factors of standard and legal nature which interfere with expansion of capital investments, offers alternative methods of their elimination. In the course of the research on the depreciation fund accounting collisions the author comes to a conclusion about need of implementation of complex actions at the macro level and at the micro level. The main idea is to spread the practice of using of the accelerated property write-off method for the purpose of the taxation. The author pays special attention to control of target use of entity depreciation fund (the technique of accounting of this process is offered). The research results in a presented model of increase in capital investments by means of optimization of depreciation charges accounting.
Keywords: depreciation bonus, fixed asset depreciation, capital investments, method of the accelerated property depreciation, tax accounting, financial accounting
JEL: M40, M41
V. V. Tarasova, V. E. Tarasov
Risk Aversion for Investors with Memory: Hereditary Generalizations of Arrow-Pratt Measure
The paper proposes a generalization of the Arrow-Pratt measures of absolute risk-aversion (ARA) for the case of financial processes with memory. The authors take into account the presence of the investors’memory in the description of their behavior. Standard risk aversion measures, which are defined by derivatives of integer orders, are actually based on the assumption of investors’ amnesia, because these derivatives are determined by the properties of the function only in an infinitesimal neighborhood of the point (point in time or amount of wealth). The authors propose a method that allows them to refuse the assumptions about absence of a memory about changes of the utility function and value of assets. In order to take into account the memory effects the authors used mathematical tools of derivatives (integro-differentiations) of non-integer orders. Formulas of hereditary generalizations of Arrow-Pratt measure are derived by using a generalization of the Pratt approach and the Taylor series with derivatives of non-integer order. Examples of calculation of the hereditary measures of risk aversion are also suggested in the article.
Keywords: investment risks, risk of failure, risk aversion, Arrow-Pratt measure, utility function, investor behavior, memory effect, derivatives of non-integer order
JEL: С1, С3
V. Ye. Zyamalov
Comparison of the Predictive Ability of Single and Multi-Regime Models of Stock Market Dynamics
Stock indices are one of the indicators of the general state of the economy. Therefore, modelling and forecasting of stock indices are discussed heavily for several decades. In this paper, the impact of macroeconomic factors on the Russian stock indices is discussed and investigated by author. In particular, the impact of external trade characteristics and foreign stock indices is analyzed. In addition, several econometric models are compared in the article due to their predictive ability. The author also investigates a predictive ability of vector autoregression (VAR) and vector smooth transition autoregression (VSTAR) models.
Keywords: stock indices, RTSI, trade conditions, multi-regime models, predictive ability, fundamental analysis
JEL: E44, E47
O. S. Sukharev
Economic Growth and Financial Institutions: Influence on Macro- and Micro-levels
The problem of the influence of the resource allocation structure, in particular, financial resources, the size of the money supply on economic growth, is investigated in this article. The author obtains theoretical correlations that clarify the possible influence degree of the growth rate of individual sectors and the number of agents on the amount of money necessary for the development, which also demonstrate the importance of the “resource allocation” factor for economic development. The formation of a reasonable financial policy is the determining instrument in organization of the Russian economy growth. A strict theoretical condition on the necessary financial resources is formulated in terms of the third sector appearance in the two-sector model of the economy, and this sector can symbolize the development of innovations. Moreover, the author obtains another correlation for the development of the economic system, with a limited financial resource and makes an assessment of the financial institutions influence on the development of the economic system. Specifically, the article shows such influence at the micro-level, when solving the problem of allocating funding for basic research, where the applied criteria fulfill the role of institutions (rules for allocating financial resources).
Keywords: economic growth, economic structure, finance, money supply, fiscal policy, the model of R. Mandell
JEL: E47, E51, E61, G01, G18
G. E. Shakhnazaryan
Harmonization of Approaches to Risk Management Activities of Central Depositories of the EAEU Member Countries
The intention of the member countries of the EAEU towards the integration and formation of a single financial market requires the harmonization of legislation on the key areas of regulation. One such area is the activity of the infrastructure institutions, the most important of which is the central depository, which determines the relevance of this article. An analysis of existing risk management mechanisms of the central depository allowed to generalize and identify the most effective approaches and procedures that could serve as a basis for the establishment of uniform standards for risk management in the activity of central depositories of the participating countries.
Keywords: Central Depository, risk management, operational risks, legal risks, strategic risks, reputation risks, market risks
JEL: G15, G18, G23
Yu. A. Spletukhov
Insurance Markets of the EAEU Member States: Current Status and Efficiency
The article analyzes the current status and level of development of the insurance markets of members countries of the EAEU, suggests possible ways of increasing the efficiency of the insurance market in these countries. The conclusion is made about significant differences at the level of insurance development between the individual states of the EAEU, as well as differences in the insurance legislation, government regulation and supervision, the structure of insurance types. According to the author, among the main tasks, that should be addressed to ensure the insurance development in the member states of the EAEU, are to increase the public insurance culture, to organize the compulsory insurance system, to form state insurance activity regulation system that meets modern requirements, to improve the functioning of the insurance market infrastructure, to develop the mechanism of reinsurance.
Keywords: insurance, insurance market, EAEU member state, level of development, improving the efficiency
O. V. Bogacheva, I. D. Rakov, O. V. Smorodinov
Financial Integration in ASEAN: Practice Analysis
The article discusses the practical aspects of integration process during formation of ASEAN Economic Community (2007–2015). The focal point is the analysis of the following directions of financial integration: financial markets liberalization, increase in volumes of direct and portfolio foreign investments, development of stock market cross-border segment. Moreover, the article covers issues related to minimization of threats of unstable national budget systems in ASEAN countries. Analysis is conducted within the context of the concept of financial integration “indirect impact” on economic growth and budgetary systems’ stability, which was explored in detail in the previous article (Financial Journal, 2016, № 5). The authors come to conclusion that generally successful development of financial integration during the period of ASEAN Economic Community formation became possible due to the meeting of certain “threshold conditions”, which characterize levels of financial sector development, foreign trade, public and market institutions, as well as public finance quality.
Keywords: ASEAN Economic Community, financial integration, globalization, direct and portfolio foreign investments, banking sector liberalization, stability of national budgetary system, threshold conditions
JEL: E44, F36
A. Yu. Fenin
Assessment of Initiative Budgeting Projects, Programs and Practices
This is the review of the seminar devoted to the assessment of initiative budgeting projects, programs and practices, that took place in the Finance Research Institute on the 9th of March. It was a part of a seminar cycle about budget as a subject for social sciences. The discussed problems included methodology of initiative budgeting assessment, as well as perspectives and barriers in adoption, transformation and implementation of the relevant experience accumulated both in related practices and in initiative budgeting programs, conducted in Russia or abroad.
Keywords: initiative budgeting, participatory budgeting, LISP, assessment and monitoring, public participation
JEL: H72, H76, H79