Financial journal № 2(16) April-June 2013
A. Blokhin, S. Sternik, N. Tulinova, I. Yaremenko
Basic Principles of an Internal Monitoring System for Public Programs
(supervised by Ministry of Finance of the Russian Federation)
In the present work on specific examples the authors offered functions, object and subject, allocated and presented the main aspects of the internal monitoring of the implementation of government programs of Ministry of Finance of the Russian Federation, allowing to provide efficiency of achievement of the corresponding purposes of social and economic policy.
Key words: programme budget, budget policy, government programs, Ministry of Finance of the Russian Federation, methodology, internal monitoring
A. Kizimov, N. Kuzmina, M. Skakunova
Notification of the Controlled Transactions Tax
as an Information Base for Holdings Monitoring
Requirements to documentation of controlled transactions in holdings which provided in different countries allow you to create an effective system of tax monitoring. Due to the requirements of notification of controlled transactions in section V.1 of the Tax Code of the Russian Federation, which regulating transfer pricing issues, the analysis of international practice for the declaration of such transactions is particularly relevant.
Key words: Tax monitoring, tax risk, tax optimization in holding structures, the notification of controlled transactions
Financial Policy and New Basis of Economic Growth
The article considers the factor basis of modern economic growth, qualitative analysis of the factors in relation to the Russian economy, defines the role of the financial system in the provocation of economic crisis. The organization of the financial system are independent factors influencing the qualitative and quantitative indicators of economic growth. However, the functioning of the global system in the «growth paradigm» undermines the basis for future development, which requires a change of currently available strategies.
Key words: economic growth, reproduction, financial system, development strategy
M. Malkina, L. Grishenko
Mechanisms of Formation, Methods of Identification
and Regulation of Financial Bubbles
In the article the modern approaches to an analysis of financial bubbles, and the methods and models of their identification, the ways of their regulation are investigated. New method of financial bubble identification on the basis of the analysis of dynamics of structural indicators, characterizing the ratios of the real, monetary and stock exchange sectors of economy, is worked out and applied to the Russian stock market. The regression model of financial and money markets interrelation is offered.
Key words: financial bubble, model, method, regulation, money market, stock exchange
I. Rycova, Yu. Lesnikh
Ensuring the Safety of the Financial System of Russia
in the Energy Market Transformation
In article methodological approaches to determining the nature and parameters of economic and financial security of Russia as oil exporters are considered; driving forces of the global energy market and the tendencies defining vectors of its development are identified; challenges to the financial system of Russia in changing power architecture and possible mechanisms of management are estimated.
Key words: economic and financial security, the global energy market, challenges and threats, the budget, the non-oil deficit, oil exporters, control of the oil wealth
Financial Risks of Corporation, Discount Rates, and Default Probability
The role of discount rates for volatility of market prices is discussed with relevance to CAPM and MM theory. Dependence of discount rates from probability of default proposed by W. Sharp is reviewed and significantly corrected. New model for approximation of the default probability function is proposed.
Key words: financial risks, discount rates, default probability, default probability function, debt to assets coefficients, interest coverage coefficients
Theoretical Background for Definition of Profit of the Permanent
Establishment in the Sphere of International Taxation
In the article scientific research of the theoretical basis and foreign and russian experience of the definition of profit of the permanent establishment of foreign organizations as one of the basic fields for the international taxation is conducted. Based on this background the principles for the establishment of the explicit and stable complex of rules for taxation of foreign organizations in Russia in accordance with modern international standards and trends are proposed.
Key words: double taxation, profit of the permanent establishment of the foreign organization, functional and evidential analyses, Agreement for the avoidance of double taxation, hypothetical model of a «separate independent enterprise»
A. Gukova, I. Anikina, A. Kirov
Mechanism of Management of Firm Financial Sustainability
in the Context Resource-factor Approach
In the article is formulated the concept of management of firm financial sustainability in the innovation economy; substantiated resource-factorial approach to management of firm financial sustainability, marked the basic principles of management of financial sustainability in the context of management, based on expectations of future performance to commercial entities of the environment, concretized the mechanism of management of firm financial sustainability by ranking in priority of industrial, administrative, innovation and integration factors.
Key words: firm financial sustainability; the resource-factorial approach; management, based on the expectations; the mechanism of management of firm financial sustainability
Assistance to International Development:
Formation of Russia-Ukraine Bilateral Program
The material is dedicated to analysis of opportunities for formation of assistance mechanisms to international development within CIS, in particulare, in the process of cooperation between Ukraine and the Russian Federation. It was reviewed the issues of selection of the priority sectors for official programs of development, conditions and criteris of providing assistance, forms of the assistance, mechanisms of ensuring efficiency of using the resources received under these programs by the recepient countries. It was analysed the advantages of support of the PPP based projects in the framework of international development assistance programs.
Key words: assistance to international development, official assistance to development, international technical assistance, international financial institutions, infrastructure development, public-private partnership
Russia National Interests in Contexts of Open Economic System
In terms of increasing complexity and openness of national systems more frequently observed systemic risks that carry the threat of loss of control of the world financial and economic system. Management of such instability and a worsening of threats and should be based on institutional priorities and national goals and have a clear concept of a formalized management of financial and economic security.
Key words: national security, open economy, disparities, public policy
Using Data Clusterization and Swarm Intelligence
for Stock Market Prediction via Artificial Neural Networks
In this article several independent artificial neural networks for long-term prediction of stock marker are considered. The basis of the model is a simple feed-forward network. For improving its efficiency we apply segmentation and clusterization of the input data and further training via swarm intelligence and self-organizing maps (Kohonen network).
Key words: artificial neural networks, data clusterization, feed-forward network, swarm intelligence, self-organizing maps (Kohonen network)
International Legal and Financial Conditions of Implementation
by the States of Conversion of External Debts
In article features of modern international legal regulation of conversion of debts, including with use of financial instruments. International legal and financial mechanisms of implementation are analysed by the states of conversion of external debts. The conclusion is drawn, that it is expedient to use such mechanisms in debt strategy of Russia as it is directed on improvement of position of the state borrower and providing more favorable conditions for the state creditor on repayment of external debts.
Key words: conversion of external debts; international legal bases of management of an external debt; conversion and exchange operations, a debt in exchange for investments, use of financial instruments
The Development of the Economy and the State
Budget and Tax System in Russia
The basis of financial capacity of the country — the development of production. The article analyzes the impact of economic growth on the state budget and tax system of the country. The recommendations on the fiscal system within the macroeconomic indicators. It is concluded that the stability of the Russian budget system will largely depend on the structural changes in the manufacturing sector.
Keywords: economic sectors, output, income, budget, taxes, fiscal system
Legal Bases of Protection of Assets of the Financial Organizations
in the Conditions of World Financial Risks
The solution of legal problems of formation and protection of assets of the Russian financial organizations is caused by expansion of integration processes in system of world finance. In article the international and civil rules of law regulating activity of the transnational financial organizations of corporate type (TFO), in comparison with the Russian are analyzed. Ways of improvement of the legislation in this sphere are planned.
Key words: financial organizations, legal bases of protection of assets, transnational financial organizations, transnational merges
VAT Treatment of Supply of Property Rights without Consideration
The article describes problems associated with the collection of VAT on free transfer of property rights. Analyzed some rules of the tax legislation of the Russian Federation on VAT, which creates an ambiguous interpretation when applies in practice. Made suggestions for changes in the legislative base of the Russian Federation on the issue.
Key words: VAT, supply without consideration, gift certificate, property rights
Level of Institutional Development of Regional Banks
as Factor of the Economy Growing of Subjects of Russian Federation
In this article on the basis of the analysis of experience of foreign federal states the author considers a question about expediency of application in Russia of the regional principle of the organization of banking. Using a considerable empirical material and traditional methods of the economical and statistical analysis, the author represents results of the research directed on identification of interrelation between level of institutional development of regional banks and rates of economic growth of territorial subjects of the Russian Federation.
Key words: regional bank, a regional principle in the banking organizations, level of institutional development of regional banks, a total regional product
Provincial Expenditure Budget of Stavropol in Pre-revolutionary Russia
This article assesses the costs and direction of the provincial city of Stavropol during the 1900-1910 period (pre-revolutionary Russia). In-depth study of the cost of the budget reveals the historical patterns and to conduct further comparative analysis of fiscal policy in different phases of development of Russia.
Key words: pre-revolutionary Russia, budget, expenses, the provincial capital, Stavropol
Financial Research Institute Antecedents
Financial Research Institute as the leading research institution of the financial system of our country has had its historical antecedents. The article shows the history of departments which provided the Ministry of Finance with scientific support in Russia before and after the revolution — that is to say, the Scientific Committee and the Financial and Economic Bureau of the People's Commissariat of Finance. It analyses their achievements and expertise in organizing research which can be used under present-day conditions.
Key words: Ministry of Finance, Scientific Committee, Financial and Economic Bureau, research on finance, distinguished Russian economists