Financial journal № 2(30) March-April 2016
Download №2(30) March-April 2016 (.pdf)
A. Belenchuk, A. Lavrov
Establishment of the National System of Quality Assessment
in Public Finance Management
Since the beginning of the budget reform in the Russian Federation significant experience has been gained in public finance management quality assessment. The article offers an approach to the establishment of the national system of quality assessment in public finance management, which combines Russian experience with the best worldwide practices and standards in this area. Thereafter, the suggested comprehensive system can be supplemented by some quantitative indicators to apply it in the cross-country and cross-region comparisons, in best practices distribution and budget reforms planning.
Key words: finance management in the public sector, finance management quality criteria, international standards and codes, principles of public finance management, national quality assessment system
A. Moiseev, D. Mushtakeeva, P. Novikov
The Formation and Development of Vocational Qualifications
of the Financial Market
Association of financial market participants The Council for The Development of Professional Qualifications is a new structure designed to coordinate the activities of its members in the formation and support of functioning and development of the professional qualifications sectoral system in close collaboration with the Ministry of Finance of Russia and other engaged federal executive authorities. The article describes the basic principles underlying the association’s activities and its coordination, expert and advisory function. The experience of the Association, its Council, as a collegial management body can be used by other sectoral councils on vocational qualifications, especially after the adoption of the federal Law on the independent evaluation of qualifications.
Key words: professional qualification, financial market, finance, vocational education, professional standards, professional accreditation, assessment of qualifications
N. Golovanova, E. Dombrovskiy
Federal Center and Regions: Assignment of Powers Changes in 2005–2015
The system of delineation of authority based on the Fiscal Federalism Development Strategy in the Russian Federation was introduced in 2005. However, the allocation of powers was not stable: the legislation was amended many times during the last ten years, which changed the volume of expenditure responsibilities. The paper presents an assessment of the monetary value of spending responsibilities transferred to regional authorities in 2005–2015 and its impact on the balance of the consolidated budget of the Russian Federation subjects.
Key words: spending authority, delineation of authority, spending responsibilities, budget revenues, intergovernmental relations, vertical fiscal balance, consolidated budgets of the subjects of the Russian Federation
T. Semkina, A. Sorokin
Growth Potential of Property Tax Revenue in the Russian Federation
In recent years the role of property taxes in contributing to budget revenues have diminished. Analysis of practice shows that there are some shortages in the mechanism of applying these taxes. In the article we emphasize possibilities of revenue growth from these taxes.
Key words: property tax, personal income tax, land tax, budget revenues, property estimate, tax incentives
Principles of Taxation of the Structural Instruments Based on Derivatives
This article is devoted to taxation of structural instruments, including structural deposits. In the course of the analysis of the most common deals on the market the author develops the main approaches to the forming of special tax regimes to be applied to separate types of derivative strategies depending on their economic origin and organization of cash flows. The author pays special attention to taxation of structural deposits and barrier strategies.
Key words: derivative, structural instrument, hedging, structural deposit, revenue stabiliser, taxation
O. Bogacheva, O. Smorodinov
Green Bonds as a Key Instrument for Financing Green Projects
The article contains analysis of properties of green bonds as the one of the popular financial instruments in transition of foreign economies to low-carbon and climate-resilient development. The article examines the history of the green bond market formation and focuses on the issues of standardization and labeling. The authors present a new green bonds classification based on the most recent international methodological sources. In addition, the authors he made a conclusion about viability of utilizing green bonds for fulfilling the tasks of green growth in the Russia’s economy.
Key words: institutional investors, low-carbon and climate-resilient development, green bonds standards, asset securitization
Improvement of Legal Regulation of Development Institutions Activity
in the Russian Federation
The article is focused on possible approaches to the system enhancement of legislation framework of the Russian Federation development institutions in the context of increasing their efficiency, social and fiscal accountability and transparency of its activities.
Key words: development institutions, efficiency, legislation, budget policy
R. Gubanov, L. Zhuravleva, O. Korableva
Patent as a Form of Intangible Assets and its Use
in the Implementation of the Program of Innovative Development
The problem of an assessment of the inventions importance is an economic problem as only the small share of the patented inventions is realized in the market. At the same time the considerable share of programs of innovative development is based on use of patent rights. The article gives an example of determination of the patent use efficiency in case of introduction of a know-how. Authors present also a method of calculation of the integrated (discounted) income, which is taken out when using of the patent as the criterion of comparison of the results and innovative expenses at the innovative development programs implementation.
Key words: innovative development, program of innovative development, intellectual activity, innovative production, research and development, patent
A. Tsyganov, N. Kirillova, V. Kurganov
Insurance Mechanisms of Financial Support
in the Field of Energy Conservation Activities
The subject of this article is the analysis of the energy conservation and efficiency insurance mechanisms. The article describes the features of insurance coverage in energy saving and energy efficiency activities; current practice, factors hindering the development of insurance activities on energy conservation; recommendations for improving the legislative and regulatory framework aimed at improving energy efficiency. This article was prepared in accordance with the results of the research carried out at the expense of budget funds for the state job of the Financial University in 2015.
Key words: energy-savings, energy service contract, insurance arrangements, the insurance rules, insurance object, insurable risk
S. Krivoruchko, V. Lopatin
Banks as Subjects of the National Payment System: Contemporary Issues
The article considers the issues of smooth rendering of payment services and rapid growth of operational risks and money laundering and terrorism financing risks resulting from wide utilization of electronic means of payment as well as the problem of reducing the bank and non-bank credit institutions share market resulting from expansion of the alternative payment service systems using “money substitutes”. The ways to solve problems are proposed by the authors as well.
Key words: smooth rendering of payment services, operational risk, money laundering and terrorism financing risk, electronic means of payment, bank and non-bank credit institutions, money substitutes
The Current Trends in Participatory Budgeting
The article is devoted to the current trends in participatory budgeting, the mechanism which aims to involve citizens in the decision-making process of public budgeting. The first revealed trend is the use of ICT to increase the population coverage. The second trend is designing PB to involve particular social groups (youth, women, migrants). The third trend is involvement of NGOs to PB. The forth trend is integration of PB into the Open Budget policy. The fifth trend is broad experimenting to adapt PB to the needs of a particular locality and the emergence of a variety of innovative projects as a result.
Key words: participatory budgeting, initiative budgeting, open budget, trends