Financial journal № 5(27) September-October 2015
Ya. Danilova, A. Lavrov, V. Onischenko, E. Pokatovich
Stimulation of the Sub-national Authorities in Realization of the Fiscal Reforms:
This article is focused on the Russian experience in fiscal reforms stimulation at sub-national (regional and municipal) level in 2001–2014. The evolution of the performance based grant systems (PBGS) in Russia by the example of the Fund for Reforming of Regional Finance, the Federal Fund for Reforming of Regional and Municipal Finance and subsidies to the realization of the regional programs of public spending effectiveness increase. The author draws a conclusion that a program for fiscal reforms competition support has achieved its goals by providing the comprehensive standards expansion and sub-national finance management methods. Moreover, the article offers the future development directions for the fiscal reforms in Russia.
Key words: fiscal reforms, sub-national governments, management of regional and municipal finance, grants, the performance based grant systems
T. Saakyan, S. Khabaev, P. Kradinov
Standardization in the Procurement: Second Stage
The article presents the provisions of the government regulations covering the establishment of goods, works and services requirements in the framework of public procurement standardization. In addition the author considers criteria for the selection of certain types of goods, works and services for inclusion in the obligatory and departmental lists. The Federal state authorities were given recommendations for the preparation of their departmental lists along with the proper examples.
Key words: public procurement; contract system; planning in the procurement; standardization; consumer properties; price limit; goods, works and services requirements
Divided Budgeting of Operating and Investment Costs Problem:
The specific features of public capital expenditures fuel the ongoing interest of both researchers and policy makers to issues of divided budgeting of capital and operating expenditures. Russian economic literature also attributes great importance to the problems of using government finance tools to fund capital investment projects. The paper focuses on the international practices of addressing problems of integrating the processes of government operating and capital expenditures planning and execution.
Key words: public finance, operating expenditures, capital expenditures, capital budget, current budget, government investments, capital assets, divided budgeting
On Fiscal Costs of Banking Crises
In recent years the problem of developing a strategic approach to the state support to the banking sector at the time of a crisis has got a particular importance. The paper considers a series of practical implications from the recent research, historical database and the latest tendencies, also taking into account the Russian experience. The approach proposed is to look at the prospective fiscal cost of a banking crisis by the joint analysis of the changes in the banking assets to GDP ratio and the share of non-performing loans.
Key words: banking crisis, banking system, financial stability, fiscal costs, recapitalization, anti-crisis measures, NPL
N. Malis, N. Gorokhova, I. Kiviko
Problems and Prospects of Fiscal and Tax Policy in the Republic of Crimea
Joining of the Republic of Crimea and Sevastopol required serious adaptation of the previous Ukrainian legislation to the Russian one, including budget and tax legislation. The change to the new rules of taxation showed, that own tax profits are not enough for the balanced budget. At the same time, Crimea obviously has tax potential, which must be used in the nearest prospect. The tax profits of Crimea are examined in the presented article and all taxes, which the Crimean taxpayers will pay beginning from 2015, are analyzed, the prospective forecast of tax profits is made as well.
Key words: Republic of Crimea, budget of the Republic of Crimea, tax receipts, tax potential, tax on the profits of a natural person, community charges, transport tax, excises, budget transfers
Tax Instruments of Institutionalization of Import Substitution in Agriculture
This article is devoted to the problems of governmental financial support of import substitution with goods produced within the country. It is proved that tax, budget, pricing, credit instruments shall be included in overall strategy of import substitution in the industries, which provide economic and product safety. We reveal that the Russian Federation tax system, which contains elements of indirect subsidy, does not stimulate the growth of national producers market share. We suggest some measures for improving tax-stimulating mechanisms of import substitution in agriculture.
Key words: import substitution, institutes, agriculture, agricultural and industrial complex, governmental financial support, tax benefits
M. Kaneva, N. Avxentyev, V. Baydin
Regression Analysis of Factors Influencing Willingness-to-Pay
for Cooperative Medical Insurance
The study looks at a voluntary cooperative health insurance system that allows government to co-finance individual expenditures on health insurance. A positive income effect from the participation in the cooperative health insurance is revealed. This effect allows for redistribution of funds from more affluent to less affluence individuals (when sick). The proposed insurance scheme can lessen such drawbacks of the VHI as non-transparency and high level of administrative regulation and can bring additional financial funds into the health care system.
Key words: health financing system, voluntary cooperative health insurance, willingness-to-pay, risk aversion, regression analysis
A. Solovyev, S. Dontsova
Problems of the Coordinated Use of Pension and Social Statistics
The article is focused on the analysis of the statistical information composition and structure, which is used for carrying out actuarial estimation of a financial condition of Russian modern pension system. The author considers various problems of information and statistical resource provision for an assessment of economic and social consequences of actions within pension reform. Moreover the author analyzes the reason and a consequence of insufficiency of statistical information for projection of pension system balance on a long-term prospect.
Key words: pension system, pension reform, pension statistics, a database of actuarial calculations of Pension fund, system of indicators of provision of pensions, system of the personified account
I. Yakovlev, K. Shvandar
Floating Exchange Rate in Transition Economies
Russia’s transition to a floating exchange rate in the end of 2014 made people to face a lot of new issues. One of the most important is the question of the expediency and the timeliness of the switch to the new exchange rate regime made by the Bank of Russia. The authors in this article on the basis of the existing literature analysis, international statistics and the Russian economy statistics data come to the conclusion that the transition did not bring Russia’s economy any expected benefits.
Key words: exchange rate regime, the foreign exchange market, macroeconomic indicators, competitiveness of oil exporters’ economies
Determination of Global System-Important Financial Institutions
in the Insurance and Securities Sectors of the Financial Market
This article analyzes methodological approaches to identification of global system-important financial institutions in the securities and insurance segments of the financial market. The distinctions revealed by the author in methodologies of an assessment of such institutes are: the level of methodology development, additional methods using, comprehension of different systemic risks transmission channels depending on type of financial institution.
Key words: the global system-important insurers, non-bank non-insurer global systemically important financial institutions, systemic risks transmission channels
Participatory Budgeting in Russia: Primary Features and Effects
The article summarizes the presentations made by participants of the first All-Russian Conference on Participatory Budgeting, which took place in the Financial Research Institute on 21–22 October 2015. The most of the presentations contained the characteristics of the best practices and the particularities of the implementation of participatory budgeting, particularly at the first stage of its development in the Russian Federation.
Key words: participatory budgeting, participatory procedures, initiative budgeting, local initiatives support program, People’s budget
International Taxation: Tax Base Erosion with the Use of Low-Tax Jurisdictions
This material is a review on the monograph “International taxation: tax base erosion with the use of low tax jurisdictions”, published by Infra-M in 2015. The review emphasizes the authors’ comprehensive approach to the problem of tax evasion with the use of low-tax jurisdictions and double taxation treaty abuse in order to shift profits. The publication will be useful for specialists in the field of international taxation, undergraduate and graduate students studying the issues of international tax law.
Key words: international tax law, OECD Model Tax Convention, low-tax jurisdiction, double taxation, international treaty abuse