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1
SMIRNOV, Valerii V. « Analyzing the Russian public funds flow ». Finance and Credit 27, no 1 (28 janvier 2021) : 63–87. http://dx.doi.org/10.24891/fc.27.1.63.
Texte intégralRésumé :
Subject. This article explores the issues related to public finance. Objectives. The article aims to determine forms and possible areas of Russian public finance flows. Methods. The study is based on the systems approach using statistical, cluster, and neural network analyses. Results. The article actualizes the need to analyze the form of Russian public finance flow, defined by the specific causes and conditions of the monetary relations system. It describes components that determine the form of Russian public finance flow. Conclusions and Relevance. Understanding the form of Russian public finance flow and the reasons for its change reveals the possibilities of complementary development of finance and capitalist socio-economic structure. The reflection of the reasons for the change in the form of the movement of Russian public finances indicates the potential of the financial system, reflecting the unity of economic relations and the limits of its development. The provisions of the study expand the scope of knowledge and develop the competence of public authorities to make management decisions on distribution, redistribution of the social product value and part of the national wealth necessary for the State to preserve the substance and form.
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Dorofeev, M. L., et M. K. Griban'. « Discrepancies in Islamic finance ». Finance and Credit 26, no 11 (27 novembre 2020) : 2633–54. http://dx.doi.org/10.24891/fc.26.11.2633.
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Subject. The article focuses on discrepancies in Islamic finance, the construct of Islamic finance, its profit-generation mechanism, economic effects, unique nature and competition with traditional financial institutions. Objectives. We analyze the Islamic economic model and perform the comparative analysis of Islamic and traditional financial instruments. We also investigate conflicting issues of Islamic finance. Methods. The study involves methods of comparison, deduction, economic analysis and graphic interpretation. Results. We analyze the Islamic economic model to point out some fundamental principles of the Islamic economy, and its strengths. The article overviews types of Islamic financial instruments, compares them with traditional finance. The practical part of the study compares annual financial statements of the Abu Dhabi Islamic Bank and Russia’s Sberbank. We unfold the profit-generating mechanism of Islamic financial institutions and discover discrepancies in Islamic finance. Conclusions and Relevance. Having compared Islamic and traditional finance, we revealed some similar and different aspects. We discovered discrepancies in Islamic finance that translate into the overall nature of the Islamic economy and the performance of the Islamic financial institution above. The findings can be used for further studies into Islamic finance and outlining Islamic banking development strategies at the governmental level. Furthermore, the findings may come in handy to professional and non-professional market actors for making investment decisions.
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Nagimova, A. Z. « Islamic finance in Uzbekistan ». Finance and Credit 26, no 7 (30 juillet 2020) : 1555–70. http://dx.doi.org/10.24891/fc.26.7.1555.
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Subject. The article discusses all economic relations that emerge from cash flows invested under Islamic finance principles in the Republic of Uzbekistan. Objectives. The study is intended to determine the tendency and difficulties in the Islamic finance market of Uzbekistan. I examine the specifics of investment strategies Islamic investors choose to apply to the Republic of Uzbekistan. Methods. I collected and analyzed vast empirical data on Islamic finance deals closed within 1991 through 2020 in Uzbekistan. Primarily, I used ZEPHYR and ORBIS (Bureau van Dijk) databases, which were significantly enriched through the content analysis of publicly available mass media and corporate data (press releases, presentations, annual reports, management interviews, etc.) and related transactions. Results. I classified investors that put up their capital under the principles of Islamic finance. The article also describes distinctions of investment strategies Islamic investors follow in Uzbekistan. I determined the mix and specifics of Islamic investment in the republic. Conclusions and Relevance. I quantified and evaluated the supply of the Islamic finance in Uzbekistan by the number of completed deals. The article outlines the future of the Islamic finance market and difficulties impeding the influx of Islamic capital into Uzbekistan. The study considerably contributes to proceedings on the role of Islamic finance throughout the Post-Soviet area. The findings can be used by ministries and agencies to raise investment, managers of banks and development institutions, investment and lease companies, direct and venture investment foundations, and financial and industrial groups that seek to raise or deposit capital in accordance with the Islamic finance principles.
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Bektenova, G. S. « Project finance in bank management ». Финансы и кредит 23, no 13 (14 avril 2017) : 765–79. http://dx.doi.org/10.24891/fc.23.13.765.
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Bogatyrev, S. Yu. « Behavioral finance : Relevance and rationale ». Finance and Credit 25, no 2 (28 février 2019) : 348–59. http://dx.doi.org/10.24891/fc.25.2.348.
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Smirnov, V. V. « Public finance flow in contemporary Russia ». Finance and Credit 26, no 11 (27 novembre 2020) : 2501–23. http://dx.doi.org/10.24891/fc.26.11.2501.
Texte intégralRésumé :
Subject. This article discusses the issues related to public finance. Objectives. The article aims to identify the determinants, indicators, and priorities of the public finance flow in contemporary Russia. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses, and the systems approach. Results. The article identifies and describes the determining indicators of the main aggregates and balances of public finance, sources, and the use of funds. It establishes a link between the main aggregates and balances of public finance, defining the form and content of Russian capitalism. Conclusions. Understanding the issue and problem of public finance flow in contemporary Russia helps identify the reasons for the inability to transit to a capitalist socio-economic formation. The provisions of the study expand the scope of knowledge and develop the competence of public authorities to make management decisions on the distribution and redistribution of the value of a public product and part of the national wealth.
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SMIRNOV, Valerii V. « The content analysis of Russian finance ». Finance and Credit 27, no 3 (30 mars 2021) : 585–610. http://dx.doi.org/10.24891/fc.27.3.585.
Texte intégralRésumé :
Subject. The article focuses on the Russian finance. Objectives. I determine the basics and conditions needed for the Russian finance. Methods. The study is based on the systems approach and the method of statistical, neural network and cluster analysis. Results. Having evaluated growth rates of prices for basic commodities and quotations of the Russian stocks, I determined what underlies the Russian finance as the prevailing trend in Rosneft’s stocks and Urals oil futures. Observing the movement of RTSI, IMOEX, S&P500, WTI oil future, USD/RUB rate, I discovered the gap between IMOEX and RTSI. RTSI remains with the WTI oil futures trend, while IMOEX joined the trend in S&P500. Having analyzed the importance of growth rates of global indices, I understood what is required for their maximum, i.e. the lowest growth rates of RTSI and the highest FTSE100. Considering the global indices and their growth rates, the Russian finance will be viable if RTSI indices are associated with DJIA and US Dollar Index. Structurally, the Russian economy cannot ensure the direct association of RTSI and DJIA. RTSI gets associated with DJIA through S&P500. US Dollar Index is a leading components in this correlation, as it determined the dynamics of USD/RUB and IMOEX. As for the trend in the rate of principal currencies, the basket with USD and CNY seems to be acceptable for the financial regulator. Conclusions and Relevance. The content analysis reveals the threatening intensification of adverse factors that make the Russian economy dependent on oil production, and outlines what can be done to eliminate them. The findings constitute new knowledge and advance the competence of the financial market regulator to make administrative decisions concerning the allocation, reallocation of the public product value and a part of national wealth so as to maintain the Russian finance in terms of form and substance.
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BOGATYREV, Semen Yu. « New finance : Psychological measurement of value ». Finance and Credit 27, no 5 (28 mai 2021) : 1156–77. http://dx.doi.org/10.24891/fc.27.5.1156.
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Subject. The article addresses emotional factors that affect value under psychological concepts. It describes processes of obtaining information for surveys when measuring emotions, adjusting the evaluation tools, taking into account new analytical capabilities provided by the use of psychological measurement. Objectives. The study aims at creating a methodology to consider the impact of emotional factors that become apparent under the influence of psychological concepts, on value. Methods. I employ methods of induction and deduction in survey data processing. Results. The paper discloses the content of the main methods for recording emotions in the process of making a conclusion about the value by financial decision makers under the influence of psychological concepts. It demonstrates tools for implementing the methods of psychological measurement in valuation. The findings may be helpful in the work of modern appraisers and value analysts. It is especially important to use the tools for measuring emotions in conditions of digital economy, instability and crisis, a change in the market paradigm, distortion of traditional financial and economic indicators, market volatility. The use of psychological concepts complements and expands the classic assessment toolkit, improves the quality of valuation. Conclusions. The paper concludes on opportunities that financial analysts have, when applying new advances in behavioral finance and modern psychological studies. It outlines prospects for analytical tools development, using new indicators to enhance the efficiency of valuation results.
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SMIRNOV, Valerii V. « Russian finance formation tactics amid the COVID-19 pandemic ». Finance and Credit 28, no 1 (31 janvier 2022) : 81–104. http://dx.doi.org/10.24891/fc.28.1.81.
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Subject. This article studies the tactical practices of Russian finance formation. Objectives. The article aims to identify critical indicators and ways to implement the policy of forming Russian finance amid the COVID-19 pandemic. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses. Results. The article identifies critical indicators of the tactics of forming Russian finance amid the COVID-19 pandemic and finds that the policy of forming Russian finance in the context of COVID-19 is implemented within the framework of statutory regulation of requirements for the private sector and other obligations to other deposit corporations, as well as requirements for other deposit and financial corporations. Conclusions. The identified critical indicators of the tactics of forming Russian finance amid the COVID-19 pandemic and the way it is implemented can help the government of the Russian Federation adjust actions to support economic growth.
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MAKSIMOVA, Irina V. « Social effect as the main criterion in assessing the quality of public finance governance ». Finance and Credit 28, no 3 (30 mars 2022) : 492–507. http://dx.doi.org/10.24891/fc.28.3.492.
Texte intégralRésumé :
Subject. The article investigates the social effect as the main criterion in assessing the quality of public finance management. Objectives. The purpose is to justify criteria and propose a model to assess the quality of public finance management. Methods. The study employs methods of analysis and synthesis of scientific information, economic and statistical data analysis. Results. The paper substantiates criteria and offers a model for assessing the quality of public finance management. It shows that the main criterion in the assessment is the social effect, which should balance the cost of achieving it. Conclusions and Relevance. The findings can be used for further development of methodology of financial control, as well as in the practice of public finance management.
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SMIRNOV, Valerii V. « The Russian degree of the coherence of finance and economy ». Finance and Credit 27, no 6 (30 juin 2021) : 1356–80. http://dx.doi.org/10.24891/fc.27.6.1356.
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Subject. The article discusses the extent to which finance and economy are bound in Russia. Objectives. The study determines the cohesion of finance and economy in Russia. Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis. Results. The paper determined the extent to which finance and economy are connected in Russia, considering the decay in the world economic order affecting the structural consistency of the Russian economy. The connection of finance and economy in Russia was found to tend to a lower profit margin from the difference of weighted average rates and the exchange rate, which pushes the financial sector to mortgage lending. To smooth any disparities in the lending market and eliminate causes of the housing bubble, the Russian Ministry of Finance has to increment the domestic debt ? RGBI. Analyzing the dynamics of RGBI, RTSI, USDRUB, NGG2021, BRG2021, I found out that USDRUB exceeded RGBI, RTSI and BRG2021. Natural gas (NGG2021) remains the only mechanism for sustaining the volume and return on RGBI. The U.S. sanctions against the Russian gas sector force to increase the volume of RGBI. The existing degree of the cohesion of finance and economy in Russia fuels an economic collapse than can be compared with 2008. Conclusions and Relevance. Studying the extent to which finance and economy are bound in Russia, it is possible to guide stakeholders of financial institutions, allowing them to increase the efficiency of lending for the real economy and using the potential of the resource structure of the Russian economy. The findings contribute to the available knowledge and competence of governmental officials and employees of financial institutions for choosing growth drivers of the Russian economy and seizing opportunities for this.
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Nechaeva, M. L., et D. A. Kiotova. « Key vectors for improving the activity of regional bodies of the Federal Treasury given the integrated management of public finance ». Finance and Credit 26, no 10 (29 octobre 2020) : 2364–84. http://dx.doi.org/10.24891/fc.26.10.2364.
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Subject. The article focuses on a set of financial and budgetary relations existing in regional bodies of the federal treasury, inter alia, in public finance management. Objectives. We search for new tools and available methods to enhance the performance and efficiency of the Federal Treasury bodies, illustrating the operation of the Federal Treasury for the Nizhny Novgorod Oblast. Methods. The study is based in general methods (the analysis and synthesis, abstraction and generalization), specific research (special) methods (economic analysis, statistical-economic method). Results. We devised the methodological framework to pinpoint vectors to follow ensuring the development of treasury system. As part of the study, we discovered two main factors to improve the activity of the Department of the Federal Treasury for the Nizhny Novgorod Oblast, such as Factor 1 – The Automated Finance Management System, Factor 2 – Financial Forecast. Considering the impact of the factors, we can determine what can be done to strategically manage public and municipal finance. Based on the studies, we can recommend steps to enhance the performance of the treasury system. Conclusions and Relevance. To implement Factor 1, we suggest setting the single identification and authentication system, which will help outline the public and municipal finance management strategy during turbulent times. To implement Factor 2, we propose methodological principles for forecasting of public finance, which will be based on the time series analysis so as to evaluate patters and dependencies and subsequently make up a model for further trend forecast. The findings will be useful for executives of the Federal Treasury offices and professionals delegated to manage public finance. Furthermore, the findings can underlie further research on economics and finance.
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Shchurina, S. V., et A. S. Bardunaev. « Leasing as a method to finance corporate assets ». Finance and Credit 25, no 5 (30 mai 2019) : 1183–204. http://dx.doi.org/10.24891/fc.25.5.1183.
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LUKIN, Andrei G. « Control function of finance and its application in public financial management ». Finance and Credit 28, no 12 (28 décembre 2022) : 2662–80. http://dx.doi.org/10.24891/fc.28.12.2662.
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Subject. The article investigates the essence of control function of finance, its implementation in the system of economic relations, and application in the public administration sector. Objectives. The aim is to substantiate the thesis that it is necessary to develop theoretical approaches to the implementation of control function of finance to improve public administration in the Russian Federation. Methods. I employ universal methods of scientific knowledge, like analysis, synthesis, generalization, abstraction, and methods of modeling, induction and deduction. Results. The study indicates boundaries of the difference between audit and financial control, demonstrates options for using the opportunities provided by the control function of finance within the financial system of the Soviet Union and the financial system of a modern democratic federal State with a market economy. Using the case of the health care reform failure in the Russian Federation, I show a possible negative impact of the control function of finance, if incorrect approach to its implementation is applied. Conclusions. At present, it is impossible to implement the opportunities provided by the control function of finance in public administration in the Russian Federation, as there are no approaches to formulating the financial result of activities of institutions rendering public services. Nevertheless, it is necessary to apply certain methods to select optimal management decisions, since measuring the performance of public institutions in physical terms is either very cumbersome or impossible. I suggest using the experience of the Soviet Union in the development of financial indicators of enterprise performance.
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Al-Shaeli, M. H. Kh. « Developing a project finance mechanism at the regional level ». Finance and Credit 25, no 11 (29 novembre 2019) : 2485–92. http://dx.doi.org/10.24891/fc.25.11.2485.
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Gudakova, L. V., et E. D. Grebennikova. « Public finance during the reign of Catherine the Great ». Finance and Credit 26, no 9 (29 septembre 2020) : 2138–50. http://dx.doi.org/10.24891/fc.26.9.2138.
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Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.
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BOGATYREV, Sergei Yu. « The sentiment analysis method in finance : The psychological-financial index ». Finance and Credit 27, no 3 (30 mars 2021) : 561–84. http://dx.doi.org/10.24891/fc.27.3.561.
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Subject. The article discusses contemporary means of measuring emotions of those who make financial decisions. Objectives. Analyzing key means of sentiment analysis in Russia and abroad, the study is to create a tool, which would be applicable to valuation and provide the unbiased information about the emotional state of those who locally make financial decisions. I also demonstrate limited capabilities of contemporary information systems in terms of emotion measurement, valuation, and present means to address the imperfection of the existing news tone measurement framework, unveil the content of new emotion measurement techniques, which would be useful to appraisers and cost analysts. Methods. The study is based on the induction and deduction for opinion poll processing, narrative analysis in data environments. I display the nexus with new technological means of modern information systems. Results. The article unveils the substance of key methods for setting the psychological-financial index, modern means of sentiment analysis in the new setting of the digital economy and Big Data. I scrutinize key constituents of the psychological-financial index and its use in the current circumstances of the post-COVID-19 economy. The article shows how psychological measurement methods can be implemented as part of the narrative analysis. Conclusions and Relevance. Financial analysts get new opportunities when using new achievements of behavioral finance and modern psychological studies. As the use of the psychological-financial index shows in analyzing market anomalies, there appear more opportunities for explaining the irrational behavior of market agents in its various segments. New standards are set as they are needed for valuation purposes, when financial analysts use them. Reporting is normalized. I provide an outlook of the analytical apparatus development and new indicators to use valuation results more efficiently. The findings hereof are applicable to the practice of contemporary appraisers, cost and fundamental analysts. It is especially important to use sentiment analysis tools in the digital economy, during the instability and crisis, change in the market paradigm, market shifts, changes in the comparability metrics, distortion of traditional financial and economic indicators, market volatility. The use of the psychological-financial index supplements and expands the scope of classical measurement tools and increase the quality of valuation.
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Bozieva, I. A. « Finance of innovation : National projects and demand for new tools ». Finance and Credit 25, no 5 (30 mai 2019) : 1043–60. http://dx.doi.org/10.24891/fc.25.5.1043.
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FETISOV, Vladimir D., et Tat'yana V. FETISOVA. « The 2020 Census in Russia : Institutional and financial considerations ». Finance and Credit 27, no 2 (26 février 2021) : 272–95. http://dx.doi.org/10.24891/fc.27.2.272.
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Subject. The article discusses the finance of the census as a budgetary project, and respective issues. We focus on the specifics of expenditures for the 2020 census in Russia. Objectives. The study unveils and analyzes institutional expenditures for the 2020 census in Russia, identifies direct and indirect spending on the census. We substantiate approaches and suggestions concerning the improvement of the Russian census management and finance. Methods. The article is based on evidential, statistical and digital materials from Russia and other countries. We applied empirical, systems, analytical, economic, historical and other methods of epistemology. The practice is viewed as a measure of the truth of theoretical provisions. Results. The study unveils institutional sources and mechanisms for the finance of the Russian census, identifies specific features of the 2020 census expenditures in Russia. We suggest how the census should be improved in terms of the process management and finance. As a conclusion, we make our suggestions on the improvement of the financial management and balance of the census. The article proves it is possible to considerably cut the census spending during the digitalization of the public and municipal management. Conclusions and Relevance. The growing budget deficit makes the State analyze and reduce its expenditures. We suggest amending the census rules and considerably cut its costs. So, institutions should refuse to charge millions of local fees and hire census takers, but rather choose to use national data registers. The findings can be used to formulate and implement budgetary investment policy of governmental bodies, and by higher educational institutions.
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Chernov, A. V. « Project finance in Russia : The status, international practices, and public-private partnership ». Finance and Credit 26, no 3 (30 mars 2020) : 630–43. http://dx.doi.org/10.24891/fc.26.3.630.
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Subject This article considers the issues related to project financing in Russia, its current status, foreign practices in this area, as well as in the context of public-private partnership. Objectives The article aims to explore the current state and development of project financing in Russia and foreign countries, analyze and identify risks, and consider trends in the further development of project financing. Methods For the study, I used the methods of comparative, logical, and statistical analyses, and graphical interpretation of information. Results The article defines project financing, identifies risks, and denotes trends in its global and domestic development. Conclusions and Relevance The introduction and application of public and market management models, or their combination, may be an incentive for further development of project financing. Today, the most promising direction is the use of project financing as a method of financing investment activities. The results of the study are theoretically relevant for further research into the financing of infrastructure projects in Russia.
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Anureev, S. V. « Non-standard functions and structures of ministries of finance under economic challenges : A case study of Western governments ». Finance and Credit 26, no 11 (27 novembre 2020) : 2448–71. http://dx.doi.org/10.24891/fc.26.11.2448.
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Subject. This article examines the functions and management structures of central financial bodies and related parliamentary and governmental structures in Australia, Canada, Great Britain, Japan, Germany, France and Italy. Objectives. The article aims to identify non-standard functions and structures that go beyond the classical responsibility of finance ministries as a central part of the budget process arising from current economic challenges. Methods. For the study, I used a comparative analysis. Results. The article describes the important new functions of financial authorities and treasuries of Western governments aimed at economic growth and economic recovery. Conclusions. The organizational and management structures and functions of the ministries of finance go far beyond the budget process, overlap with and dominate the functions of central banks and ministries of economic development.
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MADATOVA, Oksana V. « The importance of introducing the voluntary prohibition of lending ». Finance and Credit 27, no 3 (30 mars 2021) : 523–39. http://dx.doi.org/10.24891/fc.27.3.523.
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Subject. Relating to a drop in people’s income, cycles of economic crises, a decrease in the hydrocarbon prices and other factors, societal changes triggered a growth in criminal attempts towards property, with lending crimes being one of the principal challenges. According to studies, respective public authorities cannot resolve the issue alone. The governmental mechanism for voluntary lending prohibition was chosen to address the issue, like it was done with real estate crimes. I herein found out that the theory of finance can be further elaborated, applying the proposed principles to banking practices. Objectives. I set up the mechanism, unfold the theory and practice of banking, which would help protect people from lending fraud. Methods. At the empirical level, the study is based on observation, while I use the abstraction, idealization, induction and deduction, versatile methods of research, such as analogies, analysis, synthesis, and interviewing as a personalized expert method at the theoretical method. Conclusions. In the voluntary lending prohibition is introduced in Russia, this will significantly enhance the economic security of people against lending fraud. The findings contribute to the development of the theory of finance in banking and can be used in practice of credit institutions. The findings may underlie the further development of the theory of credit institution finance, improvement of the banking laws of the Russian Federation and ensure the protection from the constitutional right for property protection. They can be used by financial institutions’ practice.
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Koloskova, N. V., et O. A. Chistyakova. « Financial market transformation and demand for a new type of specialists ». Finance and Credit 26, no 10 (29 octobre 2020) : 2290–309. http://dx.doi.org/10.24891/fc.26.10.2290.
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Subject. We investigate the influence of modern trends in the development of the financial market on the labor market for young specialists in the financial sector, identifying the growing contradictions between new requirements for professional qualifications and the ability of educational institutions to provide appropriate competencies for future financial market specialists majoring in Finance and Credit. Objectives. The aim is to study theoretical aspects and analyze the professional competence of young specialists majoring in the field of Finance and Credit in the context of financial market transformation. Methods. We employ methods of economic analysis, the content analysis, comparison, and expert assessments. The program and analytical documents of the Bank of Russia and the data of the Ministry of Science and Higher Education and the Ministry of Labor and Social Protection served as the information base for the study. Results. The paper confirms the hypothesis about the lack of flexibility and adaptability of the system of higher professional education with respect to high rates of changes in the financial market, both institutional and technological. We prove the inconsistency of new demands of the financial market and the emerging competencies of university graduates majoring in Finance and Credit. Conclusions. The study serves as a prerequisite for predicting the prospects for the labor market development, which is represented by qualified specialists – graduates of educational institutions, in order to harmonize the interests of all participants of the financial market.
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SUKHOVA, Alena Yu. « Assessing the quality of budget risk management of the subjects of the Russian Federation ». Finance and Credit 27, no 11 (29 novembre 2021) : 2521–47. http://dx.doi.org/10.24891/fc.27.11.2521.
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Subject. The article explores indicators for budget risk management in the subjects of the Russian Federation. Objectives. The aim is to develop a system of indicators to assess the quality of budget risk management, to create a methodology for quality management assessment and test it on the case of 85 subjects, to build a rating for the quality of budget risk management in 2020. Methods. The study rests on creating a model for assessing the quality of budget risk management on the basis of 18 mathematical and statistical criteria and their testing on budget data from 85 federal subjects for 2020, and the deductive approach. Results. I formulated and justified indicators of analysis that demonstrate the level of readiness of the budget of Russian subjects to accept budget risks. The proposed indicators are logically structured into groups and detailed by data source for evaluation. The system of indicators is incorporated into the existing methodology created by the Ministry of Finance of the Russian Federation. The results of the analysis are presented as a rating of subjects of the Russian Federation based on the aggregate assessment of the quality of budget risk management. Conclusions. The offered methodology may serve as a supplement to the methodology for assessing the quality of regional finance management created by the Ministry of Finance of the Russian Federation. It may also help evaluate decisions on proactive risk management and mitigation of consequences of risk events in regional budget utilization.
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Glushakova, O. V. « Modern trends in and problems of the national public finance management system development ». Finance and Credit 25, no 6 (28 juin 2019) : 1353–72. http://dx.doi.org/10.24891/fc.25.6.1353.
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Laktionova, O. E., E. Yu Tereshchenko et S. P. Desyatskii. « Transformation of the organization and management of small and medium-sized business' finance ». Finance and Credit 26, no 1 (30 janvier 2020) : 101–24. http://dx.doi.org/10.24891/fc.26.1.101.
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Vasilenko, O. A. « The Finance and Banking educational program specialization : Thesis research tutoring sessions at the university ». Finance and Credit 25, no 12 (25 décembre 2019) : 2711–27. http://dx.doi.org/10.24891/fc.25.12.2711.
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Fetisov, V. D., et T. V. Fetisova. « Digitalization of the economy and finance of individuals in Russia : Some aspects of interaction ». Finance and Credit 25, no 9 (30 septembre 2019) : 2140–55. http://dx.doi.org/10.24891/fc.25.9.2140.
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Bogatyrev, S. Yu. « The behavioral valuation apparatus ». Finance and Credit 26, no 2 (28 février 2020) : 257–69. http://dx.doi.org/10.24891/fc.26.2.257.
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Subject. The article discusses behavioral valuation tools and focuses on the creation of the behavioral valuation methodology. Objectives The study reveals mechanisms for setting behavioral valuation indicators. Methods. I prove it is reasonable to apply the classical theory of valuation to set behavioral valuation tools. The article presents elements and formulae of the classical valuation theory and provides mechanisms for setting respective tools. Results. Mood measurement in news is the backbone of analytical tools described in the article. As part of the mood measurement in news, researchers process all news relating to analyzable companies and measure it by seven-grade scale. I articulated the behavioral beta measurement theory in accordance with the behavioral pricing theory of Hersh Shefrin and Meyer Statman. The article unveils the possible effect of using analytical materials, which complement the decision-making process concerning an investment strategy in the most distant retrospect. I showcase how the fundamental analysis and valuation may help you record a quotation per each day while catching what opinion an analyst had about the quotation at the same point of time, what emotional environment surrounded the pricing process within the analyzable period of time. Conclusions and Relevance. The article presents the method to set behavioral valuation tools, being a step towards pricing based on behavioral valuation. The article showcases the relationship of behavioral valuation tools and classical valuation tools and new valuation models. I devised the framework for practical computations. The findings apply to valuation, corporate finance, public and municipal finance, tax issues, stock exchanges. It is especially important to use behavioral valuation tools during the instability and crisis, change in the market paradigm, market shifts, changes in the return and volatility of financial instruments. Behavioral valuation tools supplements and extends the conventional tools used in traditional finance, makes cost management decisions more informed.
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Reddy, Y. V. « New Approaches to Fiscal Federalism in India ». Review of Development and Change 24, no 2 (décembre 2019) : 163–86. http://dx.doi.org/10.1177/0972266119884360.
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Fiscal federalism in India has been impacted considerably by recent events, in particular, the implementation of the award of the 14th Finance Commission (FC), the implementation of Goods and Services Tax, the replacement of the Planning Commission with the NITI Aayog and the terms of reference of the 15th FC. This article examines the issues unfolding from the developments, analyses the new approaches suggested by economists and policymakers and proposes a way forward that synthesises the approaches, while taking account of the lessons of experience. I argue that FC being the bedrock of fiscal federalism in India, it is necessary to strengthen the hands of FC to give an award that is fair and acceptable to the union and states.
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Chulkov, A. S. « Prospects for increasing the transparency of State and municipal finance in subjects of the Russian Federation ». Finance and Credit 23, no 24 (28 juin 2017) : 1410–21. http://dx.doi.org/10.24891/fc.23.24.1410.
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Glushakova, O. V., et Ya A. Vaisberg. « On the tools of open government and the level of civil participation in public finance management ». Finance and Credit 25, no 8 (30 août 2019) : 1849–68. http://dx.doi.org/10.24891/fc.25.8.1849.
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BOGATYREV, Semen Yu. « Heuristics as a new way of adjusting the end market value ». Finance and Credit 27, no 7 (29 juillet 2021) : 1581–99. http://dx.doi.org/10.24891/fc.27.7.1581.
Texte intégralRésumé :
Subject. The study deals with heuristics as measures of the emotional impact of people who judge about the value and the final result of the valuation. I review ranges of the value variance when influenced by irrational factors. From psychological perspectives, some phenomena are explained with a set of heuristics that exist as part of behavioral finance. Objectives. Referring to the completed studies, I implement elements of behavioral finance, such as heuristics into the method for assessing how financial decision-makers and their emotions influence the value. Methods. The article is based on methods of induction and deduction to process survey results. Results. The article reveals the content of key methods for measuring emotions of financial decision-maker, which conclude on the value, being influenced by heuristics. I demonstrate tools for implementing psychological measurement methods as part of valuation. Conclusions and Relevance. Considering heuristics of value decision-makers, the appraiser and the cost analyst approximate the valuation result to the real conditions, when market actors are irrational. Doing so, they contribute to the quality of the result of appraisal. The findings are applicable to the practice of appraisers, cost analysts, fundamental analysts. Heuristics enrich and expands the classical apparatus of valuation and increases its quality.
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NAGIMOVA, Al'mira Z. « The classification and the overview of business models of Islamic banks and Islamic financial companies ». Finance and Credit 27, no 9 (30 septembre 2021) : 2078–95. http://dx.doi.org/10.24891/fc.27.9.2078.
Texte intégralRésumé :
Subject. This article discusses business models of Islamic banks and Islamic financial companies, their particular characteristics and risks. Objectives. The study is intended to classify Islamic banks and Islamic financial companies by their business models, and identify the risks related to these models. Methods. I conducted a desk analysis of published studies, which contains facts, figures and trends of recent changes in the Islamic financial industry. I used general scientific methods for classification and groupings, logical analysis and theoretical generalization. Results. I classified Islamic banks and Islamic financial companies by qualities of their business models, and identified specific risks related to these models. Conclusions and Relevance. I identified key risks for each of, and created a map of risks for all ten types of business models that indicate a key risk, estimated probability and risk management measures. The proposed map of risks is intended to be a supportive tool in setting up the further strategy for adapting Islamic finance throughout the Post-Soviet area. The study contributes to proceedings on issues and prospects of Islamic finance in the CIS countries. The analytical materials can be used by ministries and agents, top executives of banks and development institutions, investment, microfinance, lease, insurance and advisory companies, financial industrial groups that seek to raise or place capital in compliance with Islamic financial principles.
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Edronova, V. N. « Finance of federal and departmental projects for the digital development of the Russian economy and social sector ». Finance and Credit 25, no 8 (30 août 2019) : 1889–906. http://dx.doi.org/10.24891/fc.25.8.1889.
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Tlisheva, N. A. « Analyzing the essential features of project finance, its organization and project management specifics in the total management system ». Finance and Credit 24, no 10 (29 octobre 2018) : 2379–98. http://dx.doi.org/10.24891/fc.24.10.2379.
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GLUSHAKOVA, Ol'ga V. « The treasury system of Russia–2021 : New development trends amid increasing budgetary constraints ». Finance and Credit 27, no 2 (26 février 2021) : 244–71. http://dx.doi.org/10.24891/fc.27.2.244.
Texte intégralRésumé :
Subject. The article focuses on institutional transformations in bodies of the Federal Treasury in adopting the treasury payment mechanism and treasury service. Objectives. I analyze the performance of the public finance system in Russia during the COVID-19 crisis, and identify steps of the institutional environment emergence so as to adopt the treasury payment system and treasury service. I also evaluate whether it is possible to ensure the balance of the federal budget and regional budgets in Russia by placing temporarily available funds when introducing the treasury payment mechanism and implementing the technology of the single treasury account. Methods. The study is based on the systems and institutional approaches. I also resorted to general methods, such as the analysis, synthesis, comparison. Results. The revenue of the federal budget was found to drop considerably due to the lower business activity in Russia and worldwide and a decrease in the demand and prices for strategic power resources. The article outlines steps of the institutional environment emergence to adopt the treasury payment system and treasury service. Additional income from the placement of temporarily available federal and regional funds was found to be insufficient to ensure the balance of the above budgets. Conclusions and Relevance. Going beyond the structural conservatism of the national economy will lower the public finance sustainability risks amid rapidly changing development challenges, including the COVID-19 that outbroke worldwide in 2020. The findings can be used for practical purposes by the Federal Treasury and other parties to the treasury payment systems so as to improve its performance.
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Fedorov, A. V., et Zh S. Peredera. « The specifics of mergers and acquisitions of innovative and technological companies ». Finance and Credit 26, no 5 (28 mai 2020) : 1186–204. http://dx.doi.org/10.24891/fc.26.5.1186.
Texte intégralRésumé :
Subject. The article reviews distinctions of M&A deals in innovation and technology. Objectives. We determine the specifics of innovative and technological companies and its impact on the synergy, process, finance, valuation of M&A deals. Methods. The article employs methods of generalization, comprehensive analysis, systematization, specification, comparison, study into trends and the structure. Graphics and tables are used to display the findings. Results. We conducted the content analysis of the term Mergers & Acquisitions, thus finding the divergence of foreign and the Russian approaches. We provide our own definition of the concept and analyzed the dynamics of the overall M&A market and the innovation and technological sector. The article describes operational distinctions of innovative and technological companies and compares them with conventional sectors. The article determined the specifics of synergy, process, finance, valuation of M&A deals in innovation and technology. Conclusions and Relevance. The innovation and technology sector saw M&A deals become more frequent for the recent five years. What distinguishes them is the number of startups and infant businesses, large M&A deals in order to develop their ecosystems, involve digital technology companies. Traditional approaches should be adapted for structuring M&A deals, their arrangement, financing and valuation of target companies. The findings can lay the groundwork for further studies into the specifics of the innovation and technology sector, M&A deals, and set up the methodological framework for the valuation of innovative and technological companies. The findings can also immediately support parties of M&A deals from theoretical perspectives.
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Smirnov, V. V. « Considerations on national interests in financial flows of global social and economic entities ». Finance and Credit 26, no 5 (28 mai 2020) : 1017–38. http://dx.doi.org/10.24891/fc.26.5.1017.
Texte intégralRésumé :
Subject. The article investigates financial flows. Objectives. The study is to determine directions of financial flows in global social and economic entities. Methods. I rely upon the systems approach and methods of descriptive statistics. Results. The article illustrates the importance of national interests in financial flows of global social and economic entities. I emphasize that finance is a factor determining the importance of national interests. Finance mirrors the national development and opportunities of a social and economic entity to protect its sovereignty. Sustainable development seems to be the ground for solving any issues of national interests as part of financial flows of social and economic entities. This may be feasible through fund raising. I determined directions of financial flows streaming to socialist and capitalist social and economic entities. In Russia capitalist social and economic entities emerge due to a positively-skewed distribution of values around the average growth rate of direct investment in non-financial assets and portfolio investment, and a negatively-skewed distribution, i.e. military spending, inflation, fiscal revenue and general reserves net of gold. The article highlights that Russia and China have similar economic views on poverty and equality. Conclusions and Relevance. As global economic ties transform and controversies concerning the world order escalate, capitalist economies disregard the specifics of the social and economic paradigm and national interests of other countries. Such controversies can be eliminated if multiple economic interests are simplified. Sustainable development and respective goals seem to offer a solution to national interests as part of financial flows of social and economic entities. The findings unveil opportunities for exercising national interests in global social and economic entities by regulating a source of financial flows, generating new competencies for managerial decision-making on sustainable development goals.
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Bogatyrev, S. Yu. « Behavioral valuation in the Russian and Western stock markets ». Finance and Credit 26, no 3 (30 mars 2020) : 549–64. http://dx.doi.org/10.24891/fc.26.3.549.
Texte intégralRésumé :
Subject. The article discusses changes in qualities of market actors that influence the valuation of assets, behavioral valuation, ranges of the valuation apparatus components. I focus on the practical implementation of the behavioral pricing and a technique for assessing key indicators of behavioral valuation of assets. Objectives. The study measures ranges of certain values adjusting the beta coefficient, which is used to assess the discount rate under the CAPM so as to arrive at the behavioral discount rate and market value of assets in markets with reference to behavioral factors. Methods. The article demonstrates how the behavioral pricing apparatus is applied. I also present some computations, propose benchmarks for assessing the adjustment to components of the discount rate formula for valuation purposes and in line with the emotional tone in stock markets. Results. I devised and implemented the technique for measuring the emotional tone of news and integrated methods for assessing the behavioral beta in accordance with the behavioral CAMP of Hersch Shefrin and Meir Statman. I tested and verified the hypothesis stating that emotions cause the beta coefficient, which is used by irrational investors use, to diverge from the one embedded in the CAPM. The article shows a range of the beta coefficient used by irrational investors from the one embedded in the CAPM. It can be used to assess the market value of shares in a particular case. Conclusions and Relevance. The theory of behavioral valuation of financial assets was put into practice, unveiling the value of the discount rate constituents, which can serve for cost analysts and appraisers. The findings are useful for valuation, corporate finance, public and municipal finance, fiscal issues, stock exchanges. Behavioral valuation tools are especially relevant in case of instability and crisis, a changing market paradigm, market developments, changes in the rate of return and volatility of financial instruments. Behavioral valuation tools supplements and expands the classical one, improves decision-making on value management in modern markets.
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Md Zabri, Mohd Zaidi, et Razali Haron. « A comparative analysis of financial affordability in Islamic home financing instrumentsin Malaysia ». International Journal of Housing Markets and Analysis 12, no 6 (4 novembre 2019) : 1093–112. http://dx.doi.org/10.1108/ijhma-11-2018-0090.
Texte intégralRésumé :
Purpose This study aims to compare and contrast the financial affordability of Islamic home financing instruments such as bay’ bithaman ajil and musharakah mutanaqisah (MM) offered by various home financing institutions in Malaysia. Design/methodology/approach Mathematical simulations were carried out in examining the financial affordability (or lack thereof) of various Islamic home financing by both Islamic commercial banks (ICB) and financial cooperatives (FC). Findings This study has shown that MM by FC is a workable, more financially affordable option to potential homeowners. Unlike ICB, MM by FC uses rental rates as a benchmarking tool because of its inherent nature of flexibility. Research limitations/implications MM by FC has the potential to reduce the cost of home acquisition (purchase affordability) and the amount of monthly installments (repayment affordability) of homeowners in Malaysia. Originality/value This study shows the financial implication of unaffordable Islamic home financing instruments may have on the Malaysian households, which were derived from using official data from various government agencies.
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Efremova, Yu S. « A new insight into the concept of risk-oriented internal control in lending institutions ». Finance and Credit 26, no 3 (30 mars 2020) : 580–89. http://dx.doi.org/10.24891/fc.26.3.580.
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Subject. This article explores the concepts of Risk-Oriented Internal Control and Risk-Oriented Internal Control System in credit institutions. Objectives. The article aims to improve the concepts of Risk-Oriented Internal Control and Risk-Oriented Internal Control System in credit institutions on the basis of actual-to-date scientific research, applicable international and Russian regulatory documents on internal control, and current economic realities. Methods. For the study, I used the methods of logical analysis and synthesis, grouping, comparison, scientific abstraction, and other methods of scientific knowledge. Results. The article proposes improved definitions of Risk-Oriented Internal Control, Risk-Oriented Internal Control System and Banking Risk. Relevance. The results of the study can be used by Russian financial establishments when developing or improving the risk-oriented internal control system, as well as in research and teaching activities in the field of study of Finance, Money Circulation and Credit.
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VAGIZOVA, Venera I., Igor' A. KOKH et Renat M. DASHKIN. « Characteristics of corporate governance and companies’ investment activity ». Finance and Credit 28, no 6 (29 juin 2022) : 1255–87. http://dx.doi.org/10.24891/fc.28.6.1255.
Texte intégralRésumé :
Subject. We consider characteristics of corporate governance and determinants of companies' investments. Objectives. The purpose is to investigate the relationship between corporate governance characteristics and companies’ level of investment activity; to reveal the level of correlation between companies’ investments and selected determinants. Methods. The study draws on statistical analysis of data, econometric analysis of panel data with fixed or random effects. Results. Overall corporate investment activity varies across regions and countries and differs in subgroups formed on the basis of age, gender, or ownership criteria. We identified the key determinants of investments, depending on company’s geographic location and characteristics of corporate governance. The findings confirm that the latter plays a significant role in corporate investment activity. Relevance. This paper contributes to academic literature on investment activity, corporate governance, and other relevant empirical studies on corporate finance. It also discloses problems of geographical and country-level differences of the issue under consideration.
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Korsheva, M. A. « Modern condition of venture capital market in Russia and in the world ». Finance and Credit 26, no 2 (28 février 2020) : 430–41. http://dx.doi.org/10.24891/fc.26.2.430.
Texte intégralRésumé :
Subject. The article reviews major trends in the global venture capital market for 2018. Objectives. The interrelated objectives of this study include identifying the categories of innovation that are of priority for investments, analyzing global trends in the venture capital market in Russia and in the world, considering the structure of investments in Russia by categories of investors and their activities. Methods. The study draws on methods of comparative evaluation and differentiated approach to analysis, analysis and synthesis of information collected in newspaper articles and earlier studies on the issue. Results. The findings show that in the Russian market, the most significant investment volumes are in the corporate sector. The segment of private clients is stagnating. The most popular categories for investing are business solutions, virtual and augmented reality, transport, marketplaces, logistics, finance, and medicine. Conclusions and Relevance. Investor activity has increased significantly as compared to the previous year. This points to further development of the venture capital market in Russia.
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Kara-ool, A. L., et A. I. Shmyreva. « Evaluating the development of electronic payment means in Russia ». Finance and Credit 26, no 6 (29 juin 2020) : 1264–82. http://dx.doi.org/10.24891/fc.26.6.1264.
Texte intégralRésumé :
Subject. The article presents the methodological approach to evaluating the development of electronic means of payment. Objectives. We formulate the methodological approach to evaluating the development of electronic means of payment. Methods. We apply methods of statistical analysis, abstraction, induction, analysis ans synthesis. The methodological and theoretical framework comprises proceedings of the Russian scholars on the theory and practice of cashless payments. Results. The article sets forth the methodological approach to evaluating the development of electronic payment means. We devised metrics describing the development of electronic payment means. The findings are applied by the Ministry of Finance of the Tyva Republic, and the Department of the National Bank for the Tyva Republic – the Central Department of the Central Bank of the Russian Federation. Conclusions and Relevance. The findings can serve for improving cashless payments at the regional level or nationwide. The conclusions and methodological approach are practicable for the theory of cashless payments and operations of national financial institutions.
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SMIRNOV, Valerii V. « An analysis of the impact of monetary policy on the Russian economy ». Finance and Credit 28, no 8 (30 août 2022) : 1852–72. http://dx.doi.org/10.24891/fc.28.8.1852.
Texte intégralRésumé :
Subject. This article discusses the impact of the monetary policy of the Central Bank of the Russian Federation on the Russian economy. Objectives. The article aims to determine the incidence of monetary policy on the level of development of the Russian economy. Methods. For the study, I used a systems approach based on the methods of statistical, neural network, and cluster analyses. Results. The article describes the degree of impact of monetary policy on the development of the Russian economy in various aspects. Conclusions and Relevance. The revealed impact of monetary policy on the development of the Russian economy indicates the need to ensure a positive balance of operations to provide liquidity in the context of reducing overdue wage arrears and the consumer price index to the Ministry of Finance and the Central Bank of the Russian Federation. The study expands the scope of knowledge and develops the competencies of the scientific community and monetary authorities in the formation and implementation of the Russian monetary policy.
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Chertkova, A. V. « Studying the global use of international public sector accounting standards ». Finance and Credit 26, no 11 (27 novembre 2020) : 2524–41. http://dx.doi.org/10.24891/fc.26.11.2524.
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Subject. The article analyzes the international application of the International Public Sector Accounting Standards (IPSAS) so as to evaluate and use successful practices of implementing and applying them, and avoid typical errors in settling and harmonizing the Russian accounting practice in accordance with the IPSAS. Objectives. I formulate what mainly distinguishes the international use of the IPSAS. Methods. The study is based on the comparative analysis method. Results. As a result of the study, I discovered some difficulties in implementing and adopting the IPSAS. In theory, the difficulties can be divided in two groups, i.e. technological, organizational and financial. The technological difficulties arise from the use of modern ICT ensuring fast and quality financial reporting under IPSAS. The organizational problem is about finance. Accounting reforms, accounting staff training entails considerable governmental spending. Conclusions and Relevance. Reforming the financial (budgetary) accounting process and financial reporting in Russia, authorities should refer to the international experience in the IPSAS. Doing so, they will be able to streamline the harmonization of financial reporting.
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Savrukov, A. N., N. T. Savrukov et E. A. Kozlovskaya. « A methodological approach and criteria for assessing the effectiveness of company's digital transformation ». Finance and Credit 26, no 6 (29 juin 2020) : 1414–26. http://dx.doi.org/10.24891/fc.26.6.1414.
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Subject. The article addresses the totality of economic relations and problems emerging in the process of digital transformation of companies. Objectives. The focus is on the development of key indicators to measure the effectiveness of digital transformation implemented by companies. Methods. We employ methods of economic analysis, synthesis, and comparison. The study rests on scholarly works on corporate finance, financial management and digital technology. Results. We define the concept of digital transformation and substantiate its possible directions for companies. We also suggest using the digital transformation index. It includes additive convolution and the use of the distance method. The paper underpins the criteria enabling a comparative analysis, comprehensive and reliable assessment of the effectiveness of digital transformation of company divisions. The digital transformation index can be useful as part of monitoring and managing the implementation of digital transformation measures. Conclusions and Relevance. Practical use of the presented approach to assessing the effectiveness of digital transformation will help create a basis for making managerial decisions aimed at improving the efficiency of the company.
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Savrukov, A. N., N. T. Savrukov et E. A. Kozlovskaya. « A methodological approach and criteria for assessing the effectiveness of company's digital transformation ». Finance and Credit 26, no 6 (29 juin 2020) : 1414–26. http://dx.doi.org/10.24891//fc.26.6.1414.
Texte intégralRésumé :
Subject. The article addresses the totality of economic relations and problems emerging in the process of digital transformation of companies. Objectives. The focus is on the development of key indicators to measure the effectiveness of digital transformation implemented by companies. Methods. We employ methods of economic analysis, synthesis, and comparison. The study rests on scholarly works on corporate finance, financial management and digital technology. Results. We define the concept of digital transformation and substantiate its possible directions for companies. We also suggest using the digital transformation index. It includes additive convolution and the use of the distance method. The paper underpins the criteria enabling a comparative analysis, comprehensive and reliable assessment of the effectiveness of digital transformation of company divisions. The digital transformation index can be useful as part of monitoring and managing the implementation of digital transformation measures. Conclusions and Relevance. Practical use of the presented approach to assessing the effectiveness of digital transformation will help create a basis for making managerial decisions aimed at improving the efficiency of the company.
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KARA-OOL, Ayana L., et Aleksandra I. SHMYREVA. « Use of electronic payment facilities : A case study of the Siberian Federal District regions ». Finance and Credit 27, no 5 (28 mai 2021) : 964–97. http://dx.doi.org/10.24891/fc.27.5.964.
Texte intégralRésumé :
Subject. This article assesses the development of electronic payment facilities in the context of the declining regional coverage of commercial bank offices. Objectives. The article aims to test a methodological approach to assessing the development of electronic payment facilities, considering the regions of the Siberian Federal District as a case study. Methods. For the study, we used the methods of statistical and comparative analyses. Results. The developed methodological approach to assessing the development of electronic payment facilities has been tested using the information data of the Siberian Federal District regions. The article describes the criteria for the development of electronic payment facilities. Relevance. The findings and proposed methodological approach can be used in the development of the theory of non-cash settlements, as well as in the practical activities of the country's financial institutions. The results of the study are applied by the Ministry of Finance of the Tyva Republic and by the Division – National Bank of the Tyva Republic of the Siberian Main Branch of the Central Bank of the Russian Federation.