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ФИНАНСЫ И КРЕДИТ

2311-8709

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A methodology to assess the level of public-private partnership development in the subjects of the Russian Federation

Savrukov A.N., Savrukov N.T., Kozlovskaya E.A.

Subject The article investigates the indicators of social and economic development of regions and criteria to assess the level of public-private partnership (PPP) project development in the constituent entities of the Russian Federation. Objectives The study focuses on the analysis of status, dynamics of implementation and level of PPP projects development in the constituent entities of the Russian Federation. Methods In the research, we apply the systems and targeted approach, generalization, methods of comparative analysis and elements of quantitative statistical analysis. Results We substantiate the criteria and offer our own tested methodology enabling to conduct a comparative analysis and a comprehensive assessment of the level of PPP project development in the subjects of the Russian Federation. The methodology will help assess the scope of the problem and prospects for PPP development to implement the State policy in this sphere. Conclusions High social and economic significance of infrastructure and complexity of assessing the depth of PPP projects penetration in regions necessitate improving the available approaches to the assessment. The offered methodological approach will enable to analyze and assess PPP projects in regions, and prospects for their development.

Analysis of business models of takaful-fund management

Magomadova M.M.

Importance The article deals with takaful-fund as a financial institution operating with respect for the Islamic principles in economy. Its realization doesn't contradict the basic provisions of the Federal law "About Mutual Insurance". However, the takaful-fund mechanisms have essential differences from the European or American insurance models. Objectives The research objectives are justification of management models of takaful-fund within the existing Russian insurance legislation and development of a most adequate model. Methods The work draws on methods of analysis, synthesis, systematization, classification, generalization, comparative structural analysis and system approach to formation of models of management of insurance fund. Results The paper provides a comparative analysis of the available business models of takaful-fund management. The author develops an adequate business model allowing to open the possibilities of takaful in the Russian insurance system. Conclusions and Relevance Development of business models of takaful-fund management will allow to attract Muslim population into insurance business. Their participation in financial transactions can promote both Islamic finance, and the financial market of Russia in general.

Analyzing changes in financial soundness of the BRICS countries

Smirnov V.V., Mulendeeva A.V.

Subject The article reviews the financial soundness of the BRICS countries. Objectives Our aim is to analyze changes in the BRICS countries' solvency with evaluation of the growth rate (GR) of a set of mutually conditioned financial and economic factors and subsequent polynomial approximation. Methods The methodology of the study rests on fundamental provisions of the theory and practice of factor analysis, financial and economic laws, findings in the field of equilibrium and non-equilibrium development of countries in the world economy. Results The analysis of trends in the financial soundness of the BRICS countries with GR assessment and polynomial approximation of liquid bank reserves versus assets, broad money supply, exchange rate, deflator index, inflation rate, consumer prices, interest rates on loans (private sector) of listed domestic companies unveiled countries with high and low GR for 2006-2016, as well as high and low instability by absolute amplitude value. Conclusions It is practicable to use the findings in the process of formation and adjustment of international policy and foreign trade with the BRICS countries, and for improving the mechanism of their implementation.

Application contours of blockchain technology in financial organizations

Butenko E.D., Isakhaev N.R.

Importance The paper discusses using the blockchain technology in financial organizations of various directions, including the implementation of calculated and clearing operations between banks. Objectives The article aims to research the blockchain technology for conducting calculated and clearing operations and to assess the prospects for its using. Methods In this work the authors use the economic, economic-mathematical, statistical, logical methods of studying, processing and generalizing information. Results During the research we have considered the essence and structure of block-building technology. We have studied and compared the traditional translation method and the method through innovative technology. We have also investigated the degree of interest from banks and other financial institutions. Besides, we have presented the world experience of using this technology and have conducted the SWOT analysis of the blockchain technology. Conclusions and Relevance The work describes advantages of the technology through the transfer of the bank's funds. The article reveals the disadvantages and threats of the blockchain technology. The benefits and optimization of this process can affect completely different structures of the usual economic system: no need for paper accounting and the necessity to store it for state regulators, cheapening of international transfers.

Collateral sufficiency as an adapt financial covenant in bank crediting

Karminskii A.M., Khon O.D.

Importance The article examines the loan-to-value ratio in three dimensions. First, as a measure of leverage, helpful to understand the spread of systemic risk in the economy. Second, we identify LTV throughout financial covenants. Finally, we implement LTV to indicate the probability of default. Objectives The goal of the paper is to study the impact of collateral sufficiency on credit risk throughout adjusted financial covenants for bank corporate loans. Methods To conduct the research, the authors implement econometric methods, linear regressions and binary models. Results We have revealed the prevalence of the posterior theory of the impact of the collateral sufficiency on the credit risk evaluation by corporate loans. We have also revealed that the higher credit risks, the higher collateral requirements to pledge the loans. Conclusions and Relevance We have considered a new approach to identify collateral requirements, throughout LTV measures, as adjusted financial covenants on the Russian market. Lender’s preferences are being stronger at the time of downturns in economic activity. At the same time, economic growth neutralizes any visible behavioral favors/patterns. Hereby psychological risk components are quite essential, and need studying in modern banking.

Developing the methodology to assess the Russian financial market security in current conditions

Loktionova E.A.

Subject The article considers challenges related to methodology development to assess the financial market security in the context of Russia's economic and national security. Objectives The aim is to develop a methodology for assessing the security of Russia's financial market. Methods The study employs general scientific methods of analysis and synthesis, analysis of economic and statistical information using the systems approach. Results The paper clarifies the concept of financial market security, formulates methodological principles of comprehensive assessment, and underpins the need for the system of quantitative indicators of the level of the national financial market security. To improve mechanisms to monitor and assess the security level of the Russian financial market on the basis of selected principles, I propose a six-stage algorithm. Conclusions and Relevance It is important to further develop methods of comprehensive quantitative assessment of the security level of the country's financial market to ensure its economic and national security.

Management companies in the housing and communal services sphere: Legal forms and quantitative parameters of the service object

Sukharev A.N., Golubev A.A., Karaseva L.A.

Subject The article deals with statistical generalization of management companies in Russia, including their number, structure, average 'life' and 'age'. Objectives The study focuses on quantitative aspects of managing organizations' activities in Russia and its constituent entities (the number of managing organizations, their composition and structure, average number of serviced houses and their floor space, etc.). Methods The study draws on grouping the quantitative data, analysis and synthesis. Results The article presents statistical grouping of managing organizations (management companies, housing cooperatives, condominiums) operating in Russia and its constituent entities. We calculated the average number of houses serviced by one management company, average floor space in these houses, average number of urban population per one management company, etc. Conclusions The average 'life' and 'age' of management companies are insignificant. The average maintenance period of an apartment building by one management company is even less than the average 'life' and 'age' of such companies. This should be taken into account when developing the public policy in the sphere of housing and utilities. Emerging and liquidated organizations in the housing sector do not form a strong and effective institutional structure in the industry.

Marketing research of the market of banking payment cards: The VTB bank case study

Lomakina A.N., Shamrina S.Yu., Manchuk E.P.

Importance This paper considers advantages of plastic cards use and prospects for banks in this field. Objectives The aims of the work are systematization, theoretical justification of plastic cards implementation and research of card promotion prospects. Methods The article uses basic and applied researches of domestic and foreign authors in the field of marketing and finance. The authors use the methods of observation, logical analysis, synthesis, induction and deduction. Results We have analyzed key concepts and theoretical questions of banking product creation. We have developed the program of strategic management of banking marketing. We have also revealed the opportunities for payment cards promotion on a particular segment of the market. Conclusions and Relevance Rapid distribution of bank payment cards proves its popularity and efficiency. This payment form is profitable for every participant of the system. This attracts more banks and customers to the process. In terms of stiff competition bank marketing has already become the objective reality. Foreign and domestic commercial banks actively apply it to promote their products. Diversification of this sphere has extensive prospects for any bank.

Methodological approaches to the assessment of provision of Russian regions with microfinance services

Lapina E.N., Satsuk T.P.

Importance The article deals with microfinance as a factor of economic growth and with assessment to provision of microfinance services in Russian regions. Objectives The goal of the research is development of guidelines for improving the mechanism of assessing the provision of microfinance services in Russian regions. Methods The paper includes fundamental and applied scientific research in the field of microfinance, thematic publications in the periodical press, the bibliographic method, system approach, analysis and generalization. Results The methodology we have adapted allows us to form a general opinion on the saturation of Russian regions with microfinance services. It helps us to rank them and and use in practice as an effective instrument for managing the microfinance market. It shall increase the availability of financial resources in the country. Conclusions Microfinance is an important segment of the Russian financial market at the regional level and is in demand precisely where standard banking services are not available to the public and start-up entrepreneurs.

Modern transformations of the Russian banking sector

Mazhigova E.M.

Subject The article investigates prospects for the modern banking system development that are largely associated with the transformation of intermediation functions. Financial intermediaries are extremely important, as they perform such key functions in the economy as transformation of capital, terms and risks. Objectives The purpose is to describe modern characteristics of the banking system transformation, taking into account the function performed by financial intermediaries in reproduction processes. Methods Using the structural and functional analysis, I review new trends in banking intermediation with regard to changes in liabilities structure, profitability of the banking sector, number of credit institutions and their branches, fulfillment of capital adequacy requirements, and asset size. Results Analytical and theoretical results of the study show that the structure of the national banking sector will be governed by processes of increasing the level of capitalization of banks through mergers and acquisitions against the backdrop of small local players exiting the market. The findings may help develop new technological requirements to the structure of banking activities on changes in domestic reproduction. Conclusions Priorities of modern transformation of the banking sector in the national economy in the context of changes in intermediation functions will be determined by new organizational, managerial and financial technologies, rather than by profitability criteria.

Organization of efficient management of machine capacity factor growth at industrial enterprises

Papyan G.R.

Importance The article describes how to arrange efficient management of growth factors of machine capacity utilization. Objectives The aim is to define major growth factors of machine capacity, establish their impact on increasing the efficiency of plant and machinery utilization and build an economic-mathematical model of efficient control of machine capacity growth factors. Methods The study employs fundamental principles of the systems theory and the theory of economic growth, and general scientific methods of analysis and synthesis to present each factor of equipment productivity growth as a complex parameter and to define the influence of various factors on the increase in machine capacity utilization. Results To efficiently manage the growth factors of industrial machine capacity, I offer to group them by various criteria. The major ones include the power of factor's influence on gain in productivity of equipment, the price and duration of growth factor formation. It enabled to present each factor of machine capacity growth as a complex parameter possessing a certain set of basic characteristics that distinguish one growth factor from another, and to formulate problems related to organization of efficient management of the growth factors. Conclusions Efficient management of growth factors of industrial equipment productivity means achieving the highest or required gain in productivity of equipment at the lowest possible cost and minimum timing budget. This approach helped formalize a problem of a choice of economically feasible growth factors of equipment productivity.

Payment system under the legislation of the Russian Federation

Kakabadze T.M.

Importance The article describes the norms of the Federal Law “On national payment system” and the legal acts of the Bank of Russia regulating the legal status of the payment systems including the procedure of the payment system operators registration. Objectives The paper is to identify the problems of distinction between payment services and payment systems and to define the features of such a distinction. Methods The research uses the analysis of the current legislation of the Russian Federation, the legal acts of the Bank of Russia and the practice of payment services and payment systems activities. Results The author identifies the differentiation between the payment service and the payment system. He also considers the examples of juridical constructions of legal relations arising within the topic of the article. Conclusions and Relevance The problem of distinction between the payment service and the payment system will always be of significant importance. The Bank of Russia handles this issue. The correct analysis of financial operators can help to appropriate the right legal status: the legal service (without registration by the Bank of Russia) or the payment system (with registration by the Bank of Russia).

Risks inherent in payment systems: Fraud in the world of bank cards

Grishina E.A.

Importance Developing digital technology necessitates protection against cyber fraud. The article addresses relevant risks arising for both cardholders and banks. Objectives The aim is to consider major risks inherent in payment systems on the case of fraudulent schemes with bank cards. Methods The study draws on functional-structural and systems approaches, methods of scientific abstraction, economic-statistical and comparative analysis, financial analysis, expert evaluation, logical and graphical techniques. Results The study unveils and describes major fraudulent schemes with bank cards, analyzes trends in issued bank cards for recent 5 years and outlines a tendency towards bank card settlements. Based on the findings, I distinguish methods of protection against the said fraud and describe alleged criminals committing this type of cybercrimes. Conclusions and Relevance Bank card settlements are becoming more widespread. However, there are instances when bank cards are used for fraudulent activities. Monitoring the fraudulent schemes of cybercrimes enabled to describe the offender in these forms of fraud.

Silver as an unappreciated precious metal

Parshina L.N.

Subject The article addresses efficient ways to retain savings and considers silver as an instrument for savings protection. Objectives The aims are to analyze economic literature and to show that silver is an attractive store of value. Methods The study rests on statistical and systems approaches and employs the economic analysis method. Results Silver is a dual-use commodity. In the first place, this precious metal is an industrial one; the manufacturing sector consumes the most part of silver. At present, the demand for silver in developed countries exceeds its general primary production. The findings may be useful for the Central Bank of the Russian Federation in its annual issue of silver bullion coins. Conclusions The current events in the world economy suggest of future serious changes in the existing world order. In the next 5 years, we will probably see a crash of 'debt-based economy'. A sharp increase in the relative cost of silver will be a possible consequence. The owners of 'investment' coins will suffer least of all in the face of forthcoming economic shocks.

Theoretical and practical aspects of public investment financing: Source, forms, mechanisms, tools

Edronova V.N., Maslakova D.O.

Importance The paper considers the problem of practical search of investment sources and a deeper understanding of the theory of investment financing, including state funding. Objectives The article aims to clarify the definitions of source, forms, mechanisms and instruments of public investment financing; to suggest a logically justified classification of these forms. Methods The work uses empirical and logical constructions, analysis and synthesis, generalization, system approach and methods of comparative analysis. Results The authors eliminate the ambiguity in the interpretation of the terms of investment financing. The investigation gives clear definitions of the terms and classifies the forms, mechanisms and instruments of finance investment. Conclusions and Relevance Currently, there is no definition unity of the most important terms related to the investment financing in the scientific literature and practice. The authors` approach makes it possible to build scientifically based classifications, taking into account the modern regulatory framework and financing practice. The results can serve as a basis for further research in the field of investment financing and are of interest to researchers, undergraduates and graduate students.

VAT reform: The transition to a tax on goods and services (GST) and changes in the conceptual apparatus

Davletshin T.G.

Importance The article studies problems of transition from VAT to GST and related changes in the imperfect conceptual apparatus. It also considers common errors in the interpretation of VAT and their resolution during the transition to GST. Objectives The author analyses disadvantages of the VAT existing legislation and methods of their elimination in the transition to GST. Methods The study draws on general scientific approaches and methods. Results The author states the necessity of renaming the object in accordance with international practices - “tax on goods and services”. Conclusions and Relevance Despite the name, VAT is a tax on final consumption and needs renaming. The transition from VAT to GST requires considerable changes in the conceptual apparatus. It eliminates the basic contradiction of Chapter 21 of the Internal Revenue Code and defines the taxation object. This leads to creation of a logical and coherent document. Economic payer of the GST is the end user. Entrepreneurs promoting the goods (works, services) become tax agents. The role of invoices shall be allocation of the consumption tax. The Purchaser shall pay the GST as a tax or the amount of tax deduction.

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