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Finance and Credit
 

Financial regulation of economic development in global value chains

Vol. 22, Iss. 6, FEBRUARY 2016

PDF  Article PDF Version

Received: 13 November 2015

Accepted: 25 November 2015

Available online: 19 February 2016

Subject Heading: Financial system

JEL Classification: E58, E61, F63, O11

Pages: 26-36

Golovin A.O. Plekhanov Russian University of Economics, Tver Branch, Tver, Russian Federation
AGolovin@outlook.com

Tolkachenko G.L. Tver State University, Tver, Russian Federation
tolkachenko59@mail.ru

Importance The crisis phenomena and geopolitical conditions adversely affect the economic situation. Various proposals to address the issue rest on some degree of isolation of the country's economy. However, the Russian economy is an integral part of the global economy. To tackle the problem, it is important to maximize the benefits of participation in international technological and commercial networks and minimize possible negative consequences. There is a critical need for transformations in financial and organizational regulation and orientation to participation in global value chains.
     Objectives The objective of the study is to identify prospects and possible measures to stimulate the increase of the share of Russian companies and organizations in creating the added value in the global economy.
     Methods The study employs analytical comparison methods, analysis of expert assessment results, and heuristics.
     Results We offer financial, tax and customs measures enabling to increase the proportion of enterprises and organizations of the Russian Federation in the added value generated in global chains. The measures may be applied to develop financial regulation and incentives for participation in global production and trade networks.
     Conclusions and Relevance Entry into global value chains is an important direction of economic development. The world experience demonstrates great opportunities and positive development results in this area. Government authorities and the financial market regulator should focus their efforts to promote the participation of Russian companies and organizations in global chains of the world economy.

Keywords: economic dynamics, development trend, global value chains

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