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Liberalization of capital flows: current trends

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( a.a.anisimova@rambler.ru )

Journal: Financial Analytics: Science and Experience, #43, 2015

Importance Globalization processes ignite liberalization of capital flows in some countries. The pioneering countries basically determine the boundaries of capital flows and set up rules in this area. The Organization for Economic Cooperation and Development promulgated the Code of Liberalization of Capital Movements. In this respect, the Russian Federation made repetitive attempts to liberalize capital by setting up relevant laws.
     Objectives The research analyzes global practices and contemporary trends in capital flow liberalization in the Russian Federation.
     Methods The research scrutinizes various interpretations of the concept of liberalization of capital movement as used in the global practices, reports contemporary trends in the Russian Federation and compares the policy of liberalizing global experience.
     Results The concept of liberalization of capital movement is construed differently abroad. However, it is possible to extract common stances out of international treaties. International clauses allow limiting capital movements in a number of cases. Currently, the Russian legislation and the relevant policy concord with global trends.
     Conclusions and Relevance Even if the capital gets 100% liberalized, there are still some limitations possible. However, the Russian authorities try to avoid imposing those limitations, though the global practices and national legislation permit doing so.


Tax system competitiveness under current conditions: Key factors and trends

Anisimova A.A. Financial Research Institute, Moscow, Russian Federation ( a.a.anisimova@icloud.com )

Journal: Financial Analytics: Science and Experience, #25, 2016

Importance Nowadays, capital liberalization causes the problem of capital outflow to countries with better conditions for doing business. The ease of doing business depends, inter alia, on taxation conditions, for instance, for Doing Business rating purposes. Therefore, Russia for many years has taken measures to enhance the tax system competitiveness.
Objectives The paper aims to analyze international practice of tax system competitiveness and overview current trends in the Russian tax system competitiveness.
Methods I apply the general-logical method to analyze interpretations of the tax system competitiveness concept, present the best-known rankings and main trends in Russia, and perform a comparative analysis of the Russian tax system and that of countries with similar level of development (using the GDP per capita indicator).
Results The study reveals key factors of tax systems competitiveness. The comparison shows that by two main factor the Russian tax system is as good as that of countries with higher GDP per capita from the group of countries with similar level of development.
Conclusions and Relevance The key factors of competitiveness are total tax rate, number of payments and time for payment and preparation for payment of taxes. The Russian tax system is competitive among countries with similar development level by the above mentioned two indicators.


Currency internationalization: A choice of currency for international trade

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( a.a.anisimova@icloud.com )

Journal: Financial Analytics: Science and Experience, #23, 2016

Importance Some countries has been integrated for the recent decade. They embark on this process to reduce their dependence inter alia on leading global currencies and expand the use of their national currencies in internal regional markets as part of trade agreements. This also happens during financial crises, since countries suffer from a lack of the U.S. dollars.
Objectives The research analyzes global practices of choosing the currency to conclude trade agreements, and overview contemporary trends in currency internationalization.
Methods The first part analyzes researches into a choice of currency for invoicing purposes in international trade. The second part describes principal trends in this areas, prospects of using some currencies in transactions.
Results I identified key factors for choosing the currency for trading, and impeding the use of national currency for international deals. The article reviews contemporary trends in this area.
Conclusions and Relevance The following factors help choose the currency for trade, i.e. interchangeability of goods, company and the transaction value, market power, State and its size, inertia, exchange rate volatility, liquidity. The factors below impede the use of national currencies for international deals, i.e. existing pegs or quasipegs of the currency rate, exchange rate restrictions at the national level, currency control. Those circumstances ensure the leading position of the U.S. dollar for international trade purposes.


Fiscal risks and stability of the financial system: the experience of the European Union

Anisimova A.A. Financial Research Institute, Moscow, Russian Federation ( a.a.anisimova@rambler.ru )

Journal: Financial Analytics: Science and Experience, #30, 2015

Importance Currently, many EU countries are facing issues of fiscal sustainability as a result of ever increasing social spending. To tackle the issues, the EU devised a methodology for assessing the fiscal suitability indicators. The assessment methodology and indicators are common for each country of the European Union, thus significantly facilitating a comparative analysis of fiscal sustainability in various EU countries.
     Objectives The objective of the research is to analyze the existing fiscal risks and methods for identifying the instability of the financial system in the EU.
     Methods The research reviews experience the EU countries have in relation to fiscal risks. I also identify the main risks, which made the EU develop a set of sustainability indicators and their thresholds in order to forecast them.
     Results Debt burden was found to be the most significant risk. It mainly refers to the national debt since fiscal sustainability is higher at the sub-national level. Population aging costs are another substantial risk. The EU uses a single system of indicators to determine fiscal sustainability. As part of the fiscal sustainability policy, the EU sets thresholds, which apply to each EU country.
     Conclusions and Relevance The most significant fiscal risks mainly relate to debt burden at the national level and population aging costs. The methods for identifying risks of fiscal sustainability and thresholds are common for each country of the EU.


Cash payment limitations as a way to increase tax revenues of the budget: the EU experience

Anisimova A.A. Research Financial Institute, Moscow, Russian Federation ( a.a.anisimova@rambler.ru )

Journal: Financial Analytics: Science and Experience, #20, 2015

Importance Currently, many EU countries are facing an increase in social security expenditures. It entails an issue of tax collectability that has become really challenging. As a solution to this matter, some EU countries imposed restrictions on the use of cash. The article investigates a possibility of restricting cash payments as one of the solutions to issues of the shadow economy and collection of taxes.
     Objectives The research evaluates the effect of non-cash payments on the shadow economy. The research also analyzes the regulatory framework for restricting the use of cash in making deals in the EU.
     Methods I analyze experience of the EU countries in restricting cash payments. As part of the research, I examine legislative regulations governing cash restrictions.
     Results I identify that there is an inverse relationship between an increase in non-cash payments and the extent of the shadow economy. In most European countries, non-cash payments grow since cash payments were legally limited. I find out that most European countries have similar approaches to regulating this matter. Activities, which the EU performs to reduce the shadow economy and improve tax collectability, may be carried out in other nations where the shadow economy is much bigger.
     Conclusions and Relevance Relying upon the EU experience, I show that legislative restrictions of cash payments contribute to increasing economic transparency and tax revenues. Notwithstanding similar approaches, there are still differences in legal regulations of the EU countries (an amount of charge, controlling authorities, sanctions for violation of laws).


Supranational regulation of the international investment streams

Ishkhanov A.V. doctor of economic sciences, professor of chair of world economy, Kuban state university ( aviavi@mail.ru )

Anisimova E.V. the post-graduate student of chair of world economy, Kuban state university ( elmase@mail.ru )

Journal: Financial Analytics: Science and Experience, #12, 2012

Modern international investment relations are difficult system of the economic and legal interactions directed on receiving profit. For increase of efficiency of the international investment projects and reduce their risks it is necessary the creation of the supranational investment institute.


Method of power economic analysis of activity of the enterprise in system of power management

Anisimova T.Iu. PhD in Economics, Associate Professor of the Department of Innovations and Investments, the Kazan (Volga) Federal University ( tuanisimova@gmail.com )

Journal: Economic Analysis: Theory and Practice, #2, 2014

In the process of the realization of system of power management provided by the international ISO 50001 standard, domestic enterprises face a number of difficulties. More it is caused by lack of a methodological support on system introduction. The author offers a technique of carrying out the power economic analysis of activity of the enterprise which can be used in the course of realization of system of power management at the industrial enterprises.


Investment flows regulation in post crisis economic area

Ishkhanov A.V. Doctor of Economic Sciences, Professor, Professor of chair of World Economy Kuban State University ( aviavi@mail.ru )

Anisimova E.V. graduate student of chair of world economy, Kuban state university ( elmase@mail.ru )

Journal: Financial Analytics: Science and Experience, #28, 2011

In the article an attempt at the forecast of the development of international investment relations is made, is based the creation of new supranational structure - the universal organization of investment collaboration. The authors come to the conclusion that the institutional regulation of international investment flows will increase the stability of world financial system as a whole.


Evaluation of the innovation capacity of manufacturing activities

Gracheva N.A. Cand. Sc. (Economics), assistant professor, State Technical University of Kursk ( n-a-gracheva@mail.ru )

Anisimova A.Y. State Technical University of Kursk

Journal: Economic Analysis: Theory and Practice, #10, 2009

Industrial development nowadays is placed special emphasis on both federally and regionally. Enhancing the competitiveness of Russian companies is only possible through the development of their innovative component. Innovative development of manufacturing nowadays is a competitive edge allowing to timely response to changes of the market situation. Innovation implies handsome investment. Therefore efficient use of sales proceeds forming net profit as it is gains in urgency. The amount of earnings, the structure of current assets and liabilities of the company determine its financial stability and predetermine its development opportunities, particularly innovative one.


Tax equity and human well-being in terms of different types of tax system

Shvandar K.V. Financial Research Institute, Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute, Moscow, Russian Federation ( aanisimova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #31, 2016

Importance The paper studies and discusses the issues relating to equity of taxation.
Objectives The paper aims to analyze the tax equity issues and tax policies of various countries in this area, considering the main types of existing tax systems.
Methods For the study, we used the general-logical methods of analysis.
Results We defined the types of tax systems depending on the justice strength. As well, we found tax systems, which can be regarded as more fair ones, and we present the examples of countries, close to Russia's GDP per capita, with the most and the least fair tax systems.
Conclusions In the Russian Federation, the tax burden on people with low and average income are substantially higher than the one in countries with a progressive individual income tax scale. This indicates the regressive type of domestic tax system.


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