Financial journal № 2 (20) April-June 2014
Workshop "Public Finance: from Reforms to Innovations"
The Editorial Board of the Financial Journal publishes here materials of the workshop organized by the Center for Fiscal Policy together with the Russian Financiers Community and the Financial Research Institute. The workshop was dedicated to the pressing issues of the Russian budget policy and budget methodology, the problems of transition to the programme budget and long-term budget planning. The heads and the leading experts of the Russian Ministry of Finance, the Ministry of Regional Development, the Federal Treasury as well as the Financial Research Institute and the Center for Fiscal Policy presented their reports at the workshop.
I. Rycova, A. Alaev, P. Avraamov, D. Korablev
Assessment of Efficiency of Realization of State Program «Development of the Industry and Increase of its Competitiveness»
Questions of state programs efficiency are priority and actual within the budgetary policy directed to formation of the program budget. Thus, the most difficult question, demanding scientific justification, is the question of efficiency of state programs realization based on the criteria «the purpose — indicators — results — the budget expenses». In this article author attempts of to carrying out the analysis of a realized state program of development of the industry and increase of its competitiveness directed to creation of the competitive, sustainable and structurally balanced industry in Russia.
Key words: efficiency, state programs, industry, competitiveness, fiscal spending
Implementation of State Support for Non-profit Organizations in the Russian Federation
The article presents the results of the analysis of strategic goals and objectives, directions, tools and implementation of the state support for socially oriented non-profit organizations. State support implementation had been monitoring from NPOs at the federal and regional support programs («Support for socially oriented non-profit organizations in the Republic of Tatarstan»). Interview method to obtain an expert opinion on the socio-economic effects and constraints (economic and social risks) regional program. The author highlights the problem of infrastructure support of NPOs developing recommendations according to the ways of solving them.
Key words: socially oriented non-profit organizations, forms and instruments of public-private partnerships, public support NPOs, regional programs
V. Nazarov, C. М. Devis, N. Sisigina
Medical Savings Accounts: Prospects for Compulsory Health Insurance
In the latter half of the 20th century developed countries faced rising health expenditures mainly caused by moral hazard. One way of addressing moral hazard is to introduce new financing mechanisms based on cost sharing. The article presents one of the such mechanisms — medical savings accounts: key features, review of international practice (Singapore, China, USA), benefits and limitations, possible ways of integration medical savings accounts into Russian health financing system.
Key words: medical savings accounts, health insurance, health financing mechanisms, moral hazard, compulsory health insurance, cost sharing, copayments
V. Gorelik, T. Zolotova
On the Equivalence of Optimality Principles of the Investment Portfolio
The investigation of the problem of the optimal securities portfolio determining is presented using the probability function for the portfolio risk under hypotheses about a normal and an exponential distribution of random return variables. The value of the risk coefficient is obtained, under which the problem of minimizing the probability risk function is equivalent to maximizing the linear convolution of criteria «expectation — variance».
Key words: efficiency assessment, risk assessment, risk function, coefficient of risk, parcel of criteria, distribution law
V. Slepov, A. Arslanov
Risks of National Financial Policy
Under conditions of financial globalization, trend changes of economic development, complication and acceleration of movement goods, services, labor force, technologies, information and cash flows financial risks are inevitably strengthening. They are permeated among all spheres of the economy and management. Considering all the variety of the economic literature about financial risks, there is no any other papers dedicated to scientific researches about financial risks in the area of state financial policy. At this article a system of financial risks under its formation and realization is presented for the first time.
Key words: state financial policy, system of financial risks, classification of financial risk, financial risk-management
L. Glukhova, N. Serdyukova
Multiagent Model of the State Innovation System Management
The authors define the state innovation system (SInS) as the complex of the development and implementation of new technological reproductive concepts, which provides implementation of state economic policy in accordance with the normative legal base of the state, excluding the presence of the shadow sector, with flexible financial mechanism, optimizing costs and providing financial efficiency. The innovation is considered as an economic category, determined by the demand on the market of business, connected with investment and information flows. To ensure the effectiveness of SInS the authors propose to use multi-agent information model of economic processes management.
Key words: innovative economy, innovation, budgeting innovation, information management, system approach
Legislative Issues of Equalization Transfers Distribution to Municipalities
In recent years, a large number of amendments to the Budget Code of the Russian Federation were adopted, which is one way or another connected with the distribution of equalization grants at the regional level. Many of them, because of inconsistencies with each other as well as with existing provisions of the Budget Code, may result in the restrictions in the provision of tax shares to the local level, as well as unreasonable methodological limitations of using certain methods of equalization transfers. In the conditions of economic growth slowing and deficit of financial resources, which are necessary to carry out the obligations at the subnational level, reduction of the flexibility of providing financial assistance to local budgets doesn't contribute to fiscal sustainability of the budgetary system. The article presents solutions to mentioned problems within the existing budget legislation, as well as recommendations for its improvement.
Key words: intergovernmental fiscal relations, equalization grants, fiscal budget capacity, equalization criterion
About a Uniform Legal Basis of the Financial Control
The author of the article explains the need for development and enactment of the Russian Federation Financial Control Code by giving economic, legislative arguments and arguments taken from practice. This new legal act will contribute to better organization and fulfilment of all kinds of financial control, improve its efficiency and raise its importance as an instrument of public economic policy.
Key words: financial control, legal basis, code
Opportunity Assessment for the Monetary Policy Coordination of the Common Economic Space
The article describes the theoretical and practical bases of monetary policy coordination of the Common Economic Space (CES) (1 January 2015 — Eurasian Economic Union). The coordination measures, due to the article, were performed to assess the possibilities of harmonization and consequences for national economies. The article notes that the development of integration processes in the monetary sphere of the CES countries will reduce the impact of external risks to the development of these countries. Noted, that the development of the integration will reduce the dependence of their economies on the world and will contribute to the formation of a competitive environment in the monetary sphere.
Key words: monetary sphere, economic integration, Common Economic Space (CES), Eurasian Economic Union (EEU), monetary policy, financial system, monetary system, payment system
K. Tumanyants, G. Timofeyeva
National Models of Pension Deposition Capitalization of Russia and Kazakhstan: Convergence of Government Regulation
The article is dedicated to comparison analysis of Kazakh and Russian accumulative provision of pensions models' main characteristics. Authors came to conclusion that government regulation of pension funds in Kazakhstan has higher quality than Russia's one. The analysis helped to state main directions in both countries' regulatory measures rapprochement in context of united financial market forming.
Key words: government regulation, pension capital, pension fund, prudential supervision
Enhancing Control over Public Entities
State and municipalities as founders have a strong need to measure the performance of public entities, but this possibility is not explicitly set in legislation. The article considers measuring methods, which are used by founders of entities nowadays. The terms in which performance measurement is useful to control public entities are clarified. It is recommended to set legislative norms allowing performance measurement for controlling execution of public assignment.
Key words: control, performance measurement, public assignment, public entity
Introduction of the Concept of the Consolidated Group of Taxpayers in Russia: Preliminary Results
The article considers the main advantages and disadvantages of the creation of the consolidated group of taxpayers and specifies the country-wide consequences of introduction of the tax consolidation regime. As a result the positive effect of introduction of a new regime is noted; the author states the conclusion about a necessity of a solution of the problem of non-recurrent redistribution of the tax revenues between regional budgets.
Keywords: consolidated taxation, tax consolidation, consolidated group of taxpayers, group of companies
Assessment of Debt Policy of Russia and Regions at the Present Stage
The analysis of the main tendencies of debt policy both at the Russian level, and on the example of the region of the Russian Federation, i.e. the Republic of Bashkortostan, is carried out in the article. The analysis of the dept loading allowed the author to draw some certain conclusions and to develop a number of suggestions.
Key words: debt, debt policy, debt loading, experience, public debt, budgetary credits
G. Nemirova, L. Mokhnatkina
Financial support of municipalities in the conditions of expansion of global integration
The article presents an analysis of expenditure commitments and revenue powers of local governments. Basing on the analysis of expenditure commitments registry the author revealed an imbalance between expenditure commitments and sources of income municipalities. The article determines the influence of global integration, in particular of the Customs Union, on the socio-economic development of the Russian Federation and municipalities. The methods of increasing the financial resources of municipalities were suggested.
Key words: financial security, the municipality, the Customs Union, expenditure commitments, sources of income, finance