Financial journal № 2(12) April 2012
A. Borodin, N. Kiselyova, N. Shash
Dirigist Traps in Implementation of the Federal Target Programs and Development Institutes
The article presents the experience of implementation of the Federal Target Programs within the territory of the North Caucuses Federal District and concludes that implementation of the dirigist model only does not ensure the desired result. It is proposed to focus the regional economic policy on development of the direct investment funds. Meanwhile, to take a region to the catching-up development curve requires a combination of the dirigist and institutional economic growth models.
Key words: federal target programs, efficiency assessment, regional economic policy, dirigist growth model, institutional growth models, establishment of the development institutes, direct investment funds
Values Realization Model of the Firm
Contemporary industrial society is still dominated by the model of the firm driven by profit maximizing. The article proposes a fundamentally different model of the firm which views profit not as an ultimate objective of the firm but only as a means of survival or a vehicle for realization of the values. The conclusion is that the excessive profit orientation can result in demise of the business.
Key words: theory of the firm, profit maximizing, client base development, realization of the values
Novations in the Federal Treasury Development
The paramount condition for development of an efficient budget system is application of the program target-oriented planning (PTOP). The article reviews the phases and advantages of the PTOP implementation, as well as the forms of implementation thereof by the Federal Treasury. It presents the analysis of the Balanced Score Card (BSC) potential of the advanced management technology that ensures the correlation of the strategic and tactical corporate objectives.
Key words: program target-orientation principles, management efficiency, balanced score card
CIS Model Tax Code as an Instrument of Integration
The article analyses enhancement of coordination of tax relations within the former USSR countries reviews certain approaches thereto. Key areas of interaction among the CIS countries are convergence of the national business environment, loosening of the administrative barriers and enhancement of the industrial, trade and science links. This is what the Model CIS Tax Code should promote.
Key words: international economic cooperation, the Commonwealth of Independent States, tax policy coordination, CIS Model Tax Code, tax systems convergence
Sovereign Debt Crisis and National Policy Efficiency
The article reviews the reasons of the international economic crisis in its present stage, i.e. sovereign debt crisis and proposes a hypothesis whereby the fundamental cause of the crisis is the continuing trade misbalance between the developed and developing countries. IS-LM and AS-AD models explain non-efficiency of the current anti-crisis policies and the risk of falling into the stagnation trap of the European Union and the US economies.
Key words: international economic crisis, sovereign debt crisis, trade misbalance, current accounts balance, monetary policy, IS-LM model, AS-AD model, stagflation trap
S. Bychkov, О. Yastrebova, О. Smorodinov
Monitoring Quality of Financial Management in Program-based Budgeting
The article reviews relevant issues pertaining to monitoring of the quality of financial management in federal departments in charge of administering funds of the federal budget. It analyses the dimensions of enhancement thereof in the context of transition to program-based budget. The need for further development of the financial management in budget bodies is identified; and a set of monitoring criteria and indices is proposed.
Key words: financial management, monitoring, program budget, government order, departments in charge of administering the federal budget, budget bodies
Modern Audit Services Market Analysis
The article analyses the Russian audit services market in terms of the scope, quality and prices thereof. Time series of the key market indices that characterize its recent dynamics are developed and analyzed. An audit companies panel study system that provides missing important market condition information is proposed.
Key words: audit activities, audit services market, panel study, scope of audit services, audit statistics
Logistics and Marketing in Goods and Services Diversification Strategy
The diversification strategy is viewed as an example of interaction of various management approaches. The article presents the principles of product grouping based on both logistics and marketing rules (including determination of the product life cycle). The synergy in the corporate economic services management through the logistics — marketing interaction is defined.
Key words: logistics, marketing, diversification, range, market segments, sales portfolio
Credit Products Marketing Features
The article presents description of the key differences in credit products marketing and marketing of other goods and services. The differences are explained by the features of money as a type of goods. The need for enhancement of legal regulation of interaction between banks and their clients as a key element of the banks' marketing strategy is substantiated.
Key words: bank marketing, credit product, product promotion, interest rate
Profit Tax Reform Options
The article deals with the matters related to profit tax that came to the fore during the 2008-2010 financial crisis. It presents proposals for tax profit reform and analyzes their impact on financial stability of the corporate and public sectors of economy. The reform proposals are analyzed for the two divergent sectors — a hi-tech telecommunications sector and a primary oil and gas sector — to confirm universality thereof.
Key words: profit tax, tax burden, progressive tax system, information sector, oil and gas sector, profit tax reform
Impact of World Oil Prices on Russian Companies' Value
The work reviews the key company pricing methods. Impact of the international oil prices on the Russian companies pricing, regardless of the industry sector and type of business, is identified on the basis of regressions and correlation analysis of the daily Urals prices and stocks of the companies included in the MICEX Index. The conclusion is that the identified impact makes the Russian stock market a less attractive instrument of the investment portfolio diversification.
Key words: Russian stock market, companies' pricing, oil prices, Urals, MICEX, pricing theory
Innovative Industrial Policy of the EU
The article presents detailed analysis of evolution and specifics of the European Union industrial policy and describes the contents and key structural elements. The emphasis is on the innovative policy of the European Union and the methods of development of its innovative system. It is concluded that cooperation between Russia and united Europe in the sphere of scientific, technological and innovative development is necessary and offers good prospects.
Key words: industrial policy, innovative policy, innovative system, financing of innovations, Europe 2020 Strategy
Determination of Service Location for VAT Purposes (UK Court Practice)
The article discusses the meaning of a number of terms used but not defined within the UK tax legislation for determination of service location for the VAT purposes. The work is based on the court cases materials dealing with interpretation of such terms as commercial establishment and permanent establishment, permanent residence of an individual and of a legal entity, etc.
Key words: VAT, service location, permanent establishment
Enhancement of Financial Stability of Agricultural Enterprises
The article analyzes financial condition of the Agriculture of Russia on the basis of the regional development specifics. A comprehensive system of absolute and comparative assessment of the regional agricultural complexes is presented. A complex of measures enhancing financial stability of the Russian regional agricultural production is proposed.
Key words: financial stability, solvency, profitability, financial rehabilitation, credits availability, subsidizing of the credit interest rates
Financial Behavior of the Population: Saving or Spending
Positive changes in financial behavior of the population are one of the key objectives of launching the state program of financial education of Russia. This objective can be achieved by studying the factors and motives that affect selection of the behavior model: savings, credit, investment or insurance. The article emphasizes the need for organization of education of the Russians in personal budget planning.
Key words: financial behavior, financial literacy, savings, investments, financial crisis
Role of Banks in Prevention of Money Laundering
The publication reviews the origin and definition of «money laundering» as a term, as well as the reason for establishment of the national system for prevention of money laundering and financing of terrorism (PML/FT). Characteristics of the phases of development are given, role and place of the Bank of Russia and credit organizations in counteraction of such crime are defined within the framework of the dating-back of the PML/FT system development proposed by the author.
Key words: prevention of money laundering, legalization of illegal income, financing of terrorism, PML/FT system of Russia
Management Cost Accounting: a New Production Cost Calculation Method
Efficient functioning of an enterprise on the market depends on the rationality of the management accounting system. The article discusses certain issues pertaining to cost accounting and production cost calculation. Practical studies lead to the conclusion on the need to apply elements of the job-order costing methods within the overall process costing system.
Key words: management accounting, production cost calculation, cost accounting, job-order costing method, process costing system
III International Training Conference «Globalization and Selection of the Russian Economy Strategy»
The Financial Journal presents materials of the training conference organized by the Department of International Economic Relations and Global Economy Chair of the State University of the Ministry of Finance of the Russian Federation. The conference reviewed the impact of the globalization processes on economic development of our country. Among the participants were scientists, lecturers, experts, post graduates and students from six regions of Russia, as well as from Armenia, Belarus, Kazakhstan, Ukraine, Uzbekistan, China, USA, Tanzania and Finland.
Round Table «Career Prospects of the State University of the Ministry of Finance of the Russian Federation Graduates: Technologies of Success»
Materials of the round-table discussion of relevant graduate employment and career growth matters are presented. The event was organized by the Graduates Association and Finance Chair of the State University of the Ministry of Finance of the Russian Federation.