Financial journal № 3(17) July-September 2013
Social and Financial Components of Microfinance Activities:
Identifying the Risks
The article reveals the essence of microfinance on the basis of the consideration of the experience of Grameen Bank (as a model of effective microfinance institution), the recommendations of international organizations and comparative analysis of banking and microfinance business strategies. Marked by the duality of his nature, revealed the inherent microfinance and financial system risks. Approaches to the organization of regulatory risk-oriented microfinance industry are proposed.
Key words: microfinance, access to financial resources, socially responsible lending, systemic risks, risk-based regulation
V. Gorelik, T. Zolotova
Criteria of Stability of the Share Market, Its Connection
with Information Awareness and Principles of Behaviour of Investors
In the article the covariance dependences of optimum portfolios yields of investors using short sales, borrowing and lending are investigated. The measures of stability and risk for a separate investor and the structured share market are offered. The research of the market model on stability by means of the offered measures is carried out.
Key words: correlation coefficient, risk coefficient, average covariance, stability
The Role of Gold in the Global Monetary System of the Twenty-first Century
The author analyses monetary and industrial demand of gold, the activity of the central banks in the gold market. It describes the policy of the world's major producers and consumers of gold. The conclusion is that it is early to speak about the decline of the era of gold. The future of gold depends on the introduction of the supranational global currency.
Key words: gold, monetary system, financial crisis, gold reserves, supranational world currency
The Public Procurement System in the EU
and Approaches to an Assessment of Its Efficiency
The main way of increase of the budget expenditures efficiency in the Russian Federation — improvement of the procurement system. Legislation of the EU countries developed over a long time, and now can serve as one example of good practice. The article reviews the legal basis of public procurement and development of legal base of EU procurement. The article describes the approaches to an assessment of the public procurement system efficiency in the EU.
Key words: public procurement, legal regulation of procurement, efficiency of the public procurement system, contract system, principles of procurement
E. Djuzhikov, Yu. Spletukhov
Legal Regulation of the Activity the Insurers at the Delivery of Guarantees
The article discusses the problems connection with the activity of the insurance companies at the delivery the guarantees. Special attention is paid to the improvement of the state regulation this activity of the insurers.
Key words: insurance, guarantee, banking guaranty, regulation of the activity the insurers
Budget Risk Management of the Subjects of the Russian Federation:
Modern View and Development Prospects
The article describes content, specific character and principles of budget risk management of the subjects of the Russian Federation. The special attention is given to assessment and minimization of budget risks. The measures of practical interest introduced in the article promote the introduction of the budget risk management in the budgetary process of the subjects of the Russian Federation. This introduction is of great importance in ensuring the sustainability and the balance of regional budgets and finally identifies the living standards of region and country in a whole.
Key words: budget risk, budget risk management, subjects of the Russian Federation, sustainability
Financing of Innovative Development
With the Participation of the Government: World Experience
The article considers the issues of financing infrastructure of innovative development with the participation of the state as main element of the assistance to development of innovative systems of all levels. World powers characterized by significant achievements in the sphere of innovation or significant dynamics of indicators was highlighted, main factors ensuring their competitive advantages was identified.
Key words: innovative projects, global innovative index, financing of innovation, technology parks' structures
Approaches to Measurement of Research Effectiveness in Russia
In article the problem of an assessment of the research organizations activity in Russia is considered. On the basis of a big actual material the system of productivity indicators of educational and scientific institutions is analysed. The special attention is paid to publication activity and a situation in financial science.
Key words: financial science, effectiveness, scientific organizations, research, publication activity
Improvement of the Tax Mechanism Elements
as a Real Way of Increase of the Fiscal Revenue
The task of liquidation of deficit of the state budget and filling with the own resources of budgets of regions requires the new going near taxation, here the change of rate of taxes toward an increase can be used only in extreme cases. In the folded situation it is necessary to use all elements of mechanism of taxation, foremost by the forming of tax bases, calculation of depreciation decrees, establishment of tax deductions.
Key words: tax policy, elements of taxation, state profits, income, profits of physical persons, tax deduction, tax base
L. Stakhovich, L. Ryzhanovskaya
People Adaptation to the Consumption of the Finance Services
as Mechanism of the Expanding Access to Finances
In article is given scientific evidence of the state assistance in the process of people adaptation to the financial market for increase of financial services availability. The most effective forms of adaptation are revealed and analysed. Measures of the state policy for creation of the favorable financial environment and financial education of the population are recommended.
Key words: people adaptation, state policy, expanding financial access, financial services
Replacement Cash: Global Tendency
and Its Manifestation in Domestic Practice
Article shows that restriction of use of cash is a global tendency for the majority of the countries of the world. The shadow economy can be considerably limited through increase in a share of electronic payments in payment turnover.
Key words: cash, payments, euro, dollar, central banks, cards, electronic money
VAT on International Services
In this paper we analyze OECD Guidelines on VAT place of supply rules and detect operations which are subject to double-taxation and non-taxation. Some recommendations concerning harmonization between VAT systems in Russia and EC are provided.
Key words: VAT, place of supply of services, EC, double taxation, VAT neutrality, international supply of services
Features of the Mechanism of Small Business Lending
The articleis devoted to the problems of small business lending. The sector is economic at this stage the importance effectiveness and sustainability of small businesses. These processes objectively contributes to the improvement of the mechanism of lending, which creates favorable conditions for the sustainable development of small business in country.
Key words: lending mechanism, state support of small businesses, profitability, types of loans, credit products
Credit Brokerage on the Russian Market
The present paper contains an analysis of activity of credit brokers on the Russian market. White, grey and black models are described. A description of main illegal schemes is given. Regulation measures for the white model are proposed.
Key words: credit brokerage, credit product, borrower,effective interest rate
Intelligent Technologies in Activity
of the Scientific Institutes and Centers of the Financial Sector
The article is devoted to the modern information – analytical support of research and development. Actuality and necessity of the development of tools to ensure the ability to obtain timely and quality information, generate new knowledge and use of results of intellectual activity in scientific research institutes and centers of the financial sector.
Key words: information-analytical system, corporate portal, virtual environment, project management, research, financial sector
O. Medvedeva, T. Semkina
The Zero Rate of VAT at Work (Provision of Services) Related
to the Export of Goods: Russian Standards in the Light of Foreign Law
The paper analyzes the rules of the Tax Code of the Russian Federation and the legislation in force in the EU, Canada, New Zealand and Singapore. Submitted results of the comparative analysis of the list of works (services) related to the export of goods, which are subject to VAT at the rate zero percent, as well as the application of VAT zero stakes.
Key words: VAT, work (provision of services) related to the export of goods, the Tax Code of the Russian Federation, foreign law
Historical and Legal Aspects of the Formation of Financial Networks
The article examines historical examples of the origin of network relations and networks, including networks of financial and legal relations arising under them. The author offers a modern version of the practical solutions of problems in the field of investment in innovation. The way to solve this problem — the use of existing and new financial networks of investors and entrepreneurs.
Key words: financial networks, history of the formation of networks, the factors of networks formation, network law