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Assessing the risk and performance of tax systems based on industry-specific, regional and mixed portfolios

Malkina M.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation rodion ( balakin@yandex.ru )

Journal: International Accounting, #4, 2018

Subject The article investigates risk and efficiency of tax systems at regional, industrial and country levels.
Objectives The study aims to develop a portfolio approach to assessing the risk and performance of tax systems of Russian regions, main economic activities and the Russian Federation as a whole, to determine relationship between risk and return, and to evaluate the contribution of various regions and economic activities to the national tax system's risk and return.
Methods The study applies the portfolio approach by H. Markowitz to assess the risk of tax systems. The Sharpe ratio serves to assess the efficiency of the systems' components. Using the decomposition method, we assess the contribution of certain industries and regions to total risk of the national tax system.
Results We assessed the risk of tax systems in eighty Russian regions for 2006–2015 and the contribution of certain sectors thereto. We found strong negative relationship between risk and efficiency of regional tax system. Our analysis demonstrates that three large regions and the mining sector make the largest contribution to the national tax system's risk. We also identify regions and sectors acting as catalysts and buffers of tax revenue volatility.
Conclusions The findings enable to establish relationship between risks and performance of tax portfolio components and assess the contribution of certain sectors and regions to total risk of the national tax system. They may be helpful to implement the tax policy and manage structural changes in the economy both at regional and federal levels.


Review of international experience of building a system of venture financing mechanisms

Balakin R.V. Student of Finance faculty, the Nizhny Novgorod State University named after N.I. the Lobachevsky - National Research University ( rodion-balakin@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #47, 2012

The article is devoted to the review of foreign experience of creation of system of mechanisms of venture financing. The retrospective of creation of similar mechanisms in the USA and further distribution of system of venture capitalism in the countries of Europe is given. The measures of the state support of created mechanisms are considered, the special attention is paid to such tool, as the preferential taxation.


Modeling of interrelation of level of tax loading and receipts from profit tax for the regions of the Russian Federation

Malkina M.U. Doctor of Economics Sciences, Professor, Head of the Department of Theory of Economics, the Nizhny Novgorod State University named after N.I. Lobachevsky – the National Research University ( mmuri@yandex.ru )

Balakin R.V. Student of the Financial Faculty, the Nizhny Novgorod State University named after N.I. Lobachevsky – the National Research University ( rodion-balakin@yandex.ru )

Journal: Finance and credit, #35, 2013

The article is devoted the interrelation of level of tax burden and tax revenue. The technique to determine the relationship between these indicators is offered. In addition, for the same indicators held clustering regions of Russia. The study is conducted on the basis of analysis of data on profit tax; however, the proposed method is also applicable to other taxes and all taxes in the sum of the region. As a result, on the basis of the proposed method is modeled relationship between the average level of the tax burden and, first of all, the level of income tax, and second, the size of the tax base for income tax under consideration. The conclusions are drawn on the interpretation of the results.


Modeling of interrelation of level of tax loading and receipts from profit tax for the regions of the Russian Federation

Malkina M.U. Doctor of Economics Sciences, Professor, Head of the Department of Theory of Economics, the Nizhny Novgorod State University named after N.I. Lobachevski - the National Research University ( mmuri@yandex.ru )

Balakin R.V. Student of the Financial Faculty, the Nizhny Novgorod State University named after N.I. Lobachevsky - the National Research University ( rodion-balakin@yandex.ru )

Journal: International Accounting, #44, 2013

The article is devoted the interrelation of level of tax burden and tax revenue. The technique to determine the relationship between these indicators is offered. In addition, for the same indicators held clustering regions of Russia. The study is conducted on the basis of analysis of data on profit tax; however, the proposed method is also applicable to other taxes and all taxes in the sum of the region. As a result, on the basis of the proposed method is modeled relationship between the average level of the tax burden and, first of all, the level of income tax, and second, the size of the tax base for income tax under consideration. The conclusions are drawn on the interpretation of the results.


Analysis and modeling of value added tax inflow for the regions of the Russian Federation

Malkina M.Iu. Lobachevsky State University of Nizhny Novgorod- National Research University, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. Lobachevsky State University of Nizhny Novgorod- National Research University, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Finance and credit, #23, 2014

The article studies the tendencies and features of inflows of value added tax from territorial subjects of the Russian Federation in the federal budget. The authors propose and test the method establishing interconnection a level of tax burden, income tax base and VAT. The paper considers the technique of definition of the corrected tax indicators by a method of deflation and elimination of a factor of the region growth of economy that allows estimating influence on these indicators of structural shifts and tax policy in the country and regions. The authors offer and test the method of region clustering of the Russian Federation on the level of tax burden, as well as volume-adjusted VAT inflows given to scale of the country. The work concludes on quality of the tax policy in the Russian Federation in the field of VAT.


The relationship of interregional inequality of tax revenues and economic development of the Russian Federation

Malkina M.Yu. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Regional Economics: Theory and Practice, #45, 2015

Subject The study focuses on the taxation system of the Russian Federation. It analyzes the interrelationships of the taxation system’s characteristics with the economic development of the Russian Federation.
     Objectives The purpose of the research is to analyze the interrelationships between the level of tax returns, interregional uneven various tax revenues and the rate of economic growth in the country.
     Methods For the study, we used the method of deflation of tax revenue in the regions through regional deflators and calculations of the modified Gini coefficient, coefficient of variation and the Theil index, given each particular region. As well we used methods of graphic and mathematical modeling and a correlation analysis.
     Results Natural resource tax, indirect taxes, and special tax regimes show the most unequal tax yield over the RF regions.
     Relevance The results of the research can be applied to forecast tax returns depending on the rate of economic growth of the Russian Federation. The research findings can be used in fiscal equalization.


Macroeconomic analysis and modelling of the personal income tax for the regions of the Russian Federation

Malkina M.Iu. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #25, 2014

The article investigates the macroeconomic features of the personal income tax. There identified a number of dependences between level of tax burden for this tax and the absolute and relative incomes in the Russian regions get with and without social benefits. Authors used their own method of calculating the average tax burden, corrected tax basis and revenue for personal income tax, which is based on deflation of these indicators and cleansing them from the influence of the factor of regional economic growth. There constructed figures and regression models describing interrelation between the tax burden in which the corrected tax basis is reduced to the scale of the country, as well as between the tax burden and the corrected revenue for personal income tax, also given to the scale of the country. There implemented two clustering regions of the Russian Federation according to the pairs of indicators and draw conclusions on the relative contribution of regions in tax revenues for personal income tax across the country.


Assessing the tax systems' risk and efficiency in Russian regions at different levels of the budget system

Malkina M.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Regional Economics: Theory and Practice, #11, 2017

Subject The article addresses tax revenues of the Russian Federation at different levels of its budget system. The paper provides a comparative analysis of risks and efficiency of tax systems of subjects of the Russian Federation for different levels of the budget system.
Objectives Our purpose is to assess risk and efficiency of tax revenues at different levels of budget formation, i.e. federal, regional, local, and for the consolidated budget.
Methods The study applies the portfolio approach by G. Markowitz to assess the risk of tax systems of Russian regions at the stage of consolidated budget formation. We used the W. Sharpe ratio to compare the efficiency of regional tax systems at different levels of the budget system.
Results Our analysis reveals that the highest risks and the highest yield of the tax system are at the stage of the federal budget formation; while the risks and tax returns of regional and local budgets are lower. At the same time, the efficiency of tax systems estimated with the W. Sharpe ratio in average is higher at the regional level as compared with federal and local levels.
Conclusions The inter-regional differentiation of tax systems' efficiency decreases from upper to lower levels of the budget system; this is a result of smoothing the inter-regional differences through applying the tax distribution rules.


Assessing the tax systems' risk and efficiency in Russian regions at different levels of the budget system

Malkina M.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Finance and credit, #36, 2016

Subject The article addresses tax revenues of the Russian Federation at different levels of its budget system. The paper provides a comparative analysis of risks and efficiency of tax systems of subjects of the Russian Federation for different levels of the budget system.
Objectives Our purpose is to assess risk and efficiency of tax revenues at different levels of budget formation, i.e. federal, regional, local, and for the consolidated budget.
Methods The study applies the portfolio approach by G. Markowitz to assess the risk of tax systems of Russian regions at the stage of consolidated budget formation. We used the W. Sharpe ratio to compare the efficiency of regional tax systems at different levels of the budget system.
Results Our analysis reveals that the highest risks and the highest yield of the tax system are at the stage of the federal budget formation; while the risks and tax returns of regional and local budgets are lower. At the same time, the efficiency of tax systems estimated with the W. Sharpe ratio in average is higher at the regional level as compared with federal and local levels.
Conclusions The inter-regional differentiation of tax systems' efficiency decreases from upper to lower levels of the budget system; this is a result of smoothing the inter-regional differences through applying the tax distribution rules.


A factor analysis of changes in tax revenues for certain taxes in the Russian Federation in 2006–2014

Malkina M.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( mmuri@yandex.ru )

Balakin R.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( rodion-balakin@yandex.ru )

Journal: Finance and credit, #32, 2016

Subject The article addresses tax revenues in the Russian Federation at the State and regional level, and factors that influence the revenue rates.
Objectives Our aim is to determine the influence of factors of tax revenue growth from the perspective of certain taxes and regions.
Methods We employed logarithmic and integrated methods of factor analysis to assess the quantity aspect of each factor’s influence on changes in revenues from different taxes. The paper draws upon official statistics for 9 years.
Results Based on the analysis of Russian and foreign academic literature, we investigated approaches to tax systems modeling and tax revenue decomposition. We offer a multiplicative model of tax revenue formation in the Russian Federation driven by three factors: the level of tax yield that assesses the influence of changes in the tax policy and structural changes in the country’s economy; real economic growth rates; inflation element of tax revenues. At the regional level, the model is extended based on the fourth factor, i.e. regional relative tax yield reflecting the specifics of region’s economic system and tax administration.
Conclusions The analysis shows that the inflation factor had a dominant and growing influence on tax revenue growth; the economic growth factor generally had positive influence decreasing over years; the federal tax revenue factor had oppositely directed effect on revenues from various taxes, its intensity changes from year to year. The findings may be useful for assessing the quality of regional and federal tax policies.


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