Assessment of time effects in BRICS markets

Vatrushkin S.V.

Importance This article examines the issues related to the definition of temporary effects in the securities markets of the BRICS countries. Objectives The article aims to identify temporary effects on the stock markets of BRICS countries, as well as determine the effectiveness of these markets, and provide practical recommendations for increasing the yield of the securities portfolio. Methods For the study, I used the methods of regression and econometric analyses applying Microsoft Excel and Gretl software. Results The article presents the results of identification and evaluation of five time effects on the stock markets of BRICS countries, as well as determines the efficiency of these markets and gives practical recommendations to increase the yield of the investment portfolio. The revealed temporary effects testify in favor of the inefficiency of the stock markets and assume the possibility to extract additional profit if they are taken into account when building a trade strategy. Conclusions For a number of the indices considered, temporary effects are typical, which is contrary to the hypothesis of an effective market, according to which the quotations of financial assets get formed in an independent manner, which does not allow to draw an excess profit.

Budget as a material basis of bureaucracy in the Russian Federation

Shvetsov Yu.G.

Importance At present, bureaucracy is pervasive in government authorities and administration of virtually all countries, and does enormous harm to national economies. For the Russian Federation this problem is an urgent one, and without solving it, one can hardly hope for future improvement of living standards. Objectives The purpose of the study is to analyze the contemporary system of public administration in the RF, financial conditions of its functioning, and to underpin the need for cardinal changes. Methods The paper draws on the systems approach. The dialectic method of studying objective economic laws, regularities and phenomena in their constant development and interrelation are the study basis. Results The article discloses the nature of bureaucracy, characterizes its driving factors, substantiates conditions for its existence and its dominant position in the society. The paper ascertains that the budget is a main source to satisfy financial interests of political establishment. Conclusions It is crucial to reduce the number of State officials in general government, implement an administrative reform in the country to streamline the expenditures of the budget system at all levels.

Budget revenue classification: Past, present, and future

Parshina I.V.

Subject This paper deals with the budget revenue classification of the budget system of Russia, and the world practice of its formation. As well, it discusses the advantages and disadvantages of the current classification. Objectives The paper aims to formulate the basic requirements to the modern budget classification, analyze the compliance of the current budget classification with the requirements regarding the regional budget of the Nizhny Novgorod oblast and identify weaknesses and strengths of the modern budget classification, proposing and substantiating the vector of its further development and possible variants of realization. Methods This work uses the principles of historical and logical approaches, common methods of analysis and systematization, and the comparative analysis. Results The paper proposes to use a sectoral approach to budget revenue classification because it allows to identify potential income growth reserves in each region, clearly identify the industries that need further development and support in order to increase budget revenues of the budget system. Relevance The results obtained can be used for further development of the budget classification existing in the Russian Federation in order to identify reserves of growth of budget income not only of the subjects of the Russian Federation, but also of all budget systems of the country.

Crisis dynamics as a manifestation of cyclical and coherent processes determined by a set of discrete macroeconomic cycles in the world economy

Loginov E.L., Shkuta A.A., Loginova V.E.

Importance This article deals with the cyclical-coherent processes determined by a set of discrete macroeconomic cycles in the global economy, and the dynamics of crises. Objectives The article aims to develop approaches to identifying the causes that determine the crisis dynamics of the world economy to obtain the possibility of proactive damping of crisis extremums on the interrelated monetary, financial, stock, and commodity markets. Methods For the study, we used the general scientific and special methods, including the methods of systems and economic analyses. Results To forecast macroeconomic dynamics, we propose to study metastable states of the world economy in the framework of macrocyclic processes in correlation with structural fluctuations determined by the influence of coherent-resonant set of vibrational modes of investment, monetary and financial, etc. processes. As well, we offer proactive damping of crisis extremums in the Russian economy and creation of conditions of their asymmetry by managing a package of digital financial assets with a certain volume of regulated emission of digital assets generating a new demand and reducing the risks of speculative attacks, implemented as a result of manipulative games of international speculative groups. Conclusions and Relevance Synchronization of stagnation quasiharmonic vibrations of structural (cyclical and non-cyclical) character fundamentally unbalances the economy and brings it beyond the boundaries of the effectiveness of traditional anti-crisis measures, which explains the duration and devastating pattern of the current crisis. The technology considered is proposed as an integral part of the management of macroeconomic systems' development of different levels in the world economy.

Developing and practical testing the tools for integrated assessment of petrochemical enterprises'' preparedness to implement innovation projects

Yashin S.N., Okhezina G.M., Belova N.V.

Subject The article deals with integrated assessment of petrochemical enterprises' preparedness for innovation project implementation. Objectives The study focuses on developing and practical testing the methodology for overall assessment of preparedness of petrochemical enterprises to realize innovation projects. Methods We employ the systems approach, general scientific methods of analysis and synthesis, expert, statistical, and graphic methods and techniques. Results We have developed a method to perform an integrated assessment of preparedness of petrochemical sector enterprises to implement innovative solutions. It enables to determine their rating for taking management decisions by the parent company of a holding group. Conclusions The scientific merit of the paper is that it presents a new methodological approach to assess petrochemical enterprises in terms of their preparedness for innovation project implementation. The practical significance is that it highlights the importance of using a system of indicators which considers external and internal drivers when the management of a holding take decisions to invest in a subsidiary.

Evolution of the Russian securities market

Arsakhanova Z.A., Kurazova D.A.

Subject The article considers the evolution of the securities market in the history of the Russian State. Objectives The purpose of the study is to assess the specific features of the securities market evolution under the influence of historical events and financial transformations in the Russian State. Methods To analyze stages of the Russian securities market formation, we employ the methods of retrospective and statistical analyses, as well as horizontal and vertical analysis of data. Results We systematized the results of retrospective analysis of the Russian securities market development and summarized them in a chronological map, which includes ten stages. The findings can be helpful for devising future strategic guidelines on Russia's financial market reform and its integration into the global financial system. Conclusions The paper puts emphasis on internal mechanisms for attracting investment that have been developed throughout the Russian securities market history.

Financial components of the investment process in the regions: Essence and evaluation

Edronova V.N., Maslakova D.O.

Importance The paper considers the financial relations in the investment process and its impact on investment processes in the regions of Russia. Objectives We aim to determine the dynamics and indicators of regional investment process and reveal the correlation of these components in the Russian Federation. Methods For the study, we used the scientific methods, including analysis and synthesis, modeling, correlation, and regression. The indicators characterizing investment processes and the level of economic development in the subjects of the Russian Federation for the period of 2011-2015 are the empirical basis of the study. Results The paper specifies the definition of financial components of the investment activity of the region. It estimates the financial components of regional investment processes and detects their connection in different regions of the Russian Federation. Conclusions and Relevance There is a significant differentiation of districts by level of investment per capita, and there is a slowdown in the rate of growth of investment per capita. The economic effect of investments is manifested only in some federal districts, the influence of investments on regional product is weak. The results of the research are intended for students, undergraduates and post-graduate students of economic specialties. They can be used by teachers in educational process. They also can are of interest for experts in the field of investment activities of public administration bodies.

Investment as an element of economic security assessment in the health sector

Zaitsev S.V., Nadeina I.A.

Importance This article examines the economic security in the sphere of healthcare and investment and innovation in this sector of economy. Objectives In this paper, we aim to study the impact of investment and innovation on economic security in the healthcare sector and determine the main directions of strengthening the economic safety of functioning and development of health care. Methods The research uses the methods of logical and statistical analyses. Results The article proposes a method of quantitative estimation of investment security on the basis of which it is possible to define directions of strengthening and development of health care. Conclusions The main threats that currently hamper the development of the health sector are the restrictions on import of goods, medicines and components, a low level of access to innovative technologies, reduction of the investment climate. The sustainability of the health system can be ensured through the necessary funding.

Mechanisms of tax incentives for the development of green transport systems: The experience of Norway

Ratner S.V.

Importance In today's economic climate, tax encouragement/discouragement is the most popular and effective among other mechanisms to support environmentally friendly transport technologies. The focus of this study is the Norwegian tax system, as the country with the highest level of penetration of electric vehicles. Objectives The article aims to examine the evolution of mechanisms of State stimulation of the distribution of vehicles with zero greenhouse gas emissions in Norway and model the main functions of transport taxation. Methods The research involves the methods of bibliographic analysis, descriptive statistics, the case-study method, and mathematical modeling. Results The article presents a balance model, which allows to illustrate the effect of the basic principle of the Norwegian taxation system in the conditions adapted to the current indicators of the Russian automobile market development. Relevance The obtained theoretical conclusions and the results of applied character can be used in the development of State programs to stimulate the development of electric mobile and other types of ecologically clean transport in Russia and in solving the problems of correction of existing transport tax schemes based on environmental criteria.

Overdue receivables of the organization: Quality analysis, ways of prevention and regulation

Kasacheva O.V., Udod V.A.

Importance This article deals with the identification of overdue receivables, their evaluation, and the elaboration of a set of activities for their settlement. Objectives The article aims to develop methodological provisions and practical recommendations to improve the mechanism of debt assessment of counterparties. Methods For the study, we used the systems approach and analysis of statistical data, and the methods of generalization, synthesis and analysis, as well. Results The article presents five key indicators of receivables that will help manage credit risk, optimize cash flows, and carry out operational monitoring of liquidity of the organization. It introduces an additional classification criterion of the details of overdue debts of counterparties. On the basis of this characteristic, the article proposes to analyze the quality of overdue receivables. Conclusions The developed indicators can be used by any organization irrespective of size and organizational-legal form, and also in case of necessity, they can be adapted and automated in various business processes.

Personnel problems of the Arctic Region''s development

Kornyakov K.A.

Importance Economic activity as well as the social situation in the Arctic region of Russia are the subjects of the article. Objectives The paper aims to show the personnel policy in the Arctic zone of Russia. It also considers the activity of the Russian Government to revive the situation in the area. Methods Using my own experience, I compare and summarize the training of personnel by different educational institutions of the country. As well, the article analyzes the Presidential decrees and Federal laws on the Arctic subject. Results The paper considers the main problems and ways of their solution in terms of personnel training for the Arctic zone of Russia. It proposes to train more specialists of various disciplines and specialities from the local and indigenous population. Conclusions The Ministry of Education and Science of the Russian Federation and the Ministry of Labor of the Russian Federation should immediately develop a comprehensive program for training personnel for the Arctic zone of Russia and prepare a federal law on this issue.

Risk-based internal audit in the system of signs and causes of fraud identification

Smetanko A.V., Kulyakina E.L.

Importance The article considers a set of theoretical and methodological issues related to procedures for identification of risks of fraud by internal auditors in the system of corporate management. Objectives The aim is to develop methodological tools to build a knowledge system with regard to signs of fraud identification and management of risks arising in the course of financial and business operations. Methods We employ various techniques and methods, namely, the bibliographic method, systems approach, generalization and specification of methods and techniques in the identification of risks of fraud arising in the corporate management system. Results The paper discloses the general approach to identifying signs of fraud and its causes from the position of risk-based internal audit. As part of the study, the Fraud Triangle Concept of Donald Cressey is modified according to the specifics of risk-based internal audit. This enabled to perform additional classification of types of fraud based on certain criteria and show reasons for fraud occurrence. Conclusions and Relevance To establish causes of fraud in the system of corporate management, the internal auditor should determine the relationship between elements of fraud identification and assess (rank) possible consequences of fraud for the entire organization.

The influence of monetary policy on economic growth in Russia: Theoretical approaches and practical implementation

Semenova N.N., Eremina O.I.

Importance This paper considers the monetary policy as one of the main economic instruments of the State. Objectives The purpose of the study is to estimate the impact of the modern monetary policy of the Bank of Russia on the economic growth of the country. Methods For the study, we applied a correlation and regression analysis. It helps construct a regression equation using the values of independent variables (factors). Results The work analyzes the main indicators characterizing the effectiveness of monetary policy in Russia. To assess the impact of monetary policy on the economic growth of the country, we have calculated a regression model based on empirical data for 2000-2016. Conclusions and Relevance A distinctive feature of the monetary policy of the Bank of Russia is that the main working channels of the transmission mechanism are monetary and currency channels. The interest channel does not have a significant impact on the real sector of the national economy. The results obtained can be used by the Central Bank of Russia in developing the main directions of monetary policy and Ministry of Economic Development of the Russian Federation in drawing up the forecast of socio-economic development for the future.

The principle of professionalism of the State customer in the contract system in the field of procurement of goods, works, services

Matveeva N.S.

Importance The article determines the professionalism principle of the State customer in the contract system in the sphere of goods, works, services procurement. Objectives The work aims to disclose the content of the principle of professionalism of the State customer through the formation of the professional requirements for contract service employees and managers. Methods The research involves scientific methods of analysis and synthesis, abstraction and generalization, specific scientific methods of economic analysis, and comparison. Results The effectiveness and efficiency of procurement depend on the professionalism of the contracting authority. A significant role in the process of ensuring the needs of the contracting authority belongs to financial services. A detailed analysis of the problems which arise in the implementation of the principle of professionalism of the customer is provided in the article. Conclusions and Relevance The results of the paper can be interesting to the state (municipal) customers and employees as well as to the educational organizations in the sphere of State acquisition. The principle of professionalism of the customer is considered to be one of the most fundamental to all the state employees and managers in the procurement field.

The Russian practice of functioning of development institutions: Are changes in regulation necessary?

Frumina S.V.

Subject This article discusses the issues of improvement of development institutions in Russia. Objectives The article aims to elaborate proposals on clarification of the Russian legislation in the field of regulation of development institutions. Methods The study is based on the methods of induction, deduction, comparative analysis, and graphical interpretation of the results obtained. Results The article proposes a schematic interpretation of the genesis of development institutions in the Russian Federation. It formulates certain proposals to clarify the Russian Federation legislation and strategic documents, which determine the functioning of development institutions. As well, it presents developed requirements for development institutions reorganized from non-commercial to commercial organizations, with the obligatory condition of termination of budgetary financing. Conclusions and Relevance The article determines further directions of improvement of the State policy, aimed at the development of the institutions' activity, and improvement of the attractiveness of investment climate. The conclusions and proposals can be used in practical activities of the Department of Economy and Finance of the Government of the Russian Federation, Ministry of Economic Development of the Russian Federation, and the Ministry of Finance of the Russian Federation.

World experience in the use of revolving funds as a tool for improving the financing of infrastructure environmental projects

Latypova M.V.

Importance This article discusses the role of revolving funds as a tool for environmental projects financing. Objectives The article aims to study and analyze the world experience of revolving fund use and formation scheme classification to select the optimal one. Methods For the study, I used the systems approach, comparative analysis, statistical analysis, and modeling. Results The article presents the detailed functioning schemes of revolving funds. The work reveals the advantages of revolving funds use such as the return of investment, stable profitability, and the purposeful use. On the basis of some other countries' experience, the article develops a classification of these funds. Conclusions and Relevance The proposed systematization of theoretical and practical materials in the field of the use of revolving funds for the financing of environmental projects and the proposed classification will help develop the optimal scheme depending on the economic situation in the country and peculiarities of the ecological project. The proposals can be of interest to the State authorities in the management of public and municipal finances in the field of environmental protection.

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