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Appeal of bonded financing of account obligations of the subject of the Russian Federation in conditions of growth of regional debts

Ermakova E.A. Doctor of Economics, Professor, the Department of Finance,the Saratov State Social and Economic University ( eae13@mail.ru )

Semernina Yu.V. Doctor of Economics, Associate Professor, Professor of the Department of Finance,the Saratov State Social and Economic University ( ysemernina@yandex.ru )

Journal: Regional Economics: Theory and Pactice, #44, 2013

In the article the problems and scales of debt loading of the Russian regions and tools of their debt policy on degree of financial efficiency and appeal are analyzed. The conclusion is drawn on priority of use of bonded financing of account obligations of the subject of the Russian Federation at the present stage of development of the interbudgetary relations and the regional relations. In this regard the principles and features of bonded financing of subjects of Federation are allocated.


The correlation of tax potential and region's economic development indicators

Ermakova Yu.S. Kuban State University, Krasnodar, Krasnodar Krai, Russian Federation ( ermakovajulia_91@rambler.ru )

Journal: Financial Analytics: Science and Experience, #42, 2016

Importance The article overviews a combination of factors that influence the region's tax capacity.
Objectives The research comprehensively investigates indicators of the region's economic development and elaborates an absolutely new technique to assess tax capacity with incentives and disincentives that ultimately influence it.
Methods I applied methods of comparative analysis, vertical and horizontal analysis, scoring and rating.
Results The legislatively adopted method for the region's tax capacity assessment should be refined, as proved by the analysis. Concentrating on fiscal revenue to assess the tax potential, authorities almost neglect the region's available resources, thus causing unreasonably high indicators of the region's tax capacity.
Conclusions and Relevance I conclude that the existing tax capacity assessment method should be amended legislatively, i.e. the single approach should be chosen to determine the region's tax capacity and use it for setting up key assessment targets and goals. The number of indicators should be revised, with incentives and disincentives being pointed out.


Tax capacity in the system of fiscal federalism and promotion of regional development

Ermakova Yu.S. Kuban State University, Krasnodar, Russian Federation ( ermakovajulia_91@rambler.ru )

Journal: Financial Analytics: Science and Experience, #11, 2017

Importance The article discusses the role of tax capacity in the management of inter-budget relationships.
Objectives The article aims to build and develop a qualitatively new motivational model to encourage Russian constituents to increase their tax potential by ranking them in socio-economic development groups.
Methods For the study, I used the methods of comparative, vertical and horizontal analysis, and statistical groupings.
Results The article clarifies that the mechanism for providing financial or other support to regions with the best tax potential is not working well because the economically developed territories have a higher rate of tax capacity and will always be ahead of the less developed ones. However, that could not be a significant growth rate in the main macroeconomic indicators, since a certain level of development has already been achieved.
Conclusions The article reckons that it is necessary to rate the regions by group of social and economic development and identify leaders with the best tax potential value in each group. This can help to develop an effective system of budgetary allocation and stimulating the regions' tax potential development.


A structural and dynamic analysis of the Russian sub-federal bond market

Ermakova E.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( eae13@mail.ru )

Semernina Yu.V. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( ysemernina@yandex.ru )

Shcherbakov A.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( chcherbakov@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #39, 2015

Subject At present, there is little consideration of issues related to the analysis of the structure of the Russian sub-federal bond market in the domestic specialized financial and economic literature. In addition, very often, analysts review the domestic sub-federal bond market together with the municipal bond market, and we believe this is not quite correct.
     Objectives The aim is to identify major development trends in the domestic sub-federal bond market based on its structural and dynamic changes over 2004-2014.
     Methods In the study, we applied graphical and tabular methods, analysis of structural changes, and analysis of average values in relation to the indicators that are traditionally used in this segment of the financial market.
     Results We performed a structural and dynamic analysis of the sub-federal bond market from 2004 to 2014. It enabled to obtain more accurate and reliable results of changes in the reviewed segment of the financial market during the analyzed period, to identify major development trends, and to create a reliable platform for the most realistic forecast of the market development.
     Conclusions We conclude that the nominal value of bond issues (excluding amortization) gives a more accurate picture of the dynamics and structure of the reviewed segment of the Russian debt securities market. The market developed intensively, its volume increased. The market structure underwent significant changes: the total number of issuers of circulating bonds increased from 25 to 35. The analyzed market segment was characterized by a very high level of concentration.


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