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The Fisher effect in Russia

Alekhin B.I. Russian State University for the Humanities, Moscow, Russian Federation ( b.i.alekhin@gmail.com )

Journal: Financial Analytics: Science and Experience, #46, 2015

Importance The Fisher effect means an assumption that the nominal interest rate is a sum of the real interest rate and expected inflation. Researchers demonstrate an ongoing and high interest to empirically check the Fisher effect mostly due to an important role of money in the economy.
     Objectives The research presents an empirical verification of the Fisher hypothesis in the Russian market of bank loans and relies upon 59 observations starting from Q4 2000 up to Q2 2015.
     Methods I applied the econometric methodology encompassing the extended DickeyFuller test for the unit root, EngleGranger test for co-integration, Error Correction Model and the Granger casualty test.
     Results I detected the co-integration of non-stationary nominal interest rates and inflation, and slowly recovering balance between them. The inflation influences nominal interest rates, while they have no effect on the inflation.
     Conclusions and Relevance The Russian market of bank loans experiences the incomplete Fisher effect with a very slow correction. The incomplete Fisher effect is beneficial for borrowers, rather than banks. The conclusions call for the market liberalization, competition development in the banking sector and further privatization of State banks and other firms with high public interest. It is extremely important to reduce the inflation.


Studying the Fisher equation and the possibility to apply it in virtual economy

Liferenko Yu.V. Moscow State University of Economics, Statistics and Informatics, Tver Branch, Tver, Russian Federation ( liferenkojv@yandex.ru )

Journal: Finance and credit, #31, 2015

Importance The Central Bank regulates monetary circulation in the country. Low efficiency of the Central Bank's activities stems from a weak theoretical framework. In particular, the Central Bank and other regulatory authorities rely upon the quantity theory of money, which is illustrated with the Fisher equation, thus causing direct errors in the Central Bank's activities and economy as a whole.
     Objectives The objective of the research is to prove the erroneous nature of the quantity theory of money and the equation of exchange, their inapplicability to management of pricing processes.
     Methods I applied the methods of analysis, synthesis and formal logic, and comparison when investigating the dynamics of the stock and foreign exchange markets of the USA.
     Results The article presents evidence supporting that the quantity theory of money and the Fisher equation is inapplicable to the theory and practice of central banks when they effectuate and use monetary methods of regulating the real economy. In the mean time, the Fisher equation and the quantity theory of money can be used in virtual economy.
     Conclusions and Relevance The theory of inflation should be developed, i.e. the amount of money in economy does not basically influence the level of prices. The Central Bank should focus on stimulating production and economic growth, rather than countering the inflation, and adhere to the law of circulation of money, rather than the quantity theory of money as it is incorrect. The State should pay special attention to the virtual economy since it accumulates more money than the real economy.


About connection of the formula of Gordon with the formula of Fisher

Perevozchikov A.G. doctor of physical and mathematical sciences, professor, academician of Russian Academy of Natural Sciences, production director of OOO RAO KES, Tver ( pere50@mail.ru )

Journal: Financial Analytics: Science and Experience, #3, 2009

During work the task of definition of post-prognosis cost of business for the method of discounting of money flow in the framework of profitable approach. New evidence of the formula of Gordon is received that reveals its economic substance and simultaneously the connection between formulas of Gordon and Fisher is established that were considered separate earlier. A numerical illustration is considered.


46(280) - 2015 December

Journal: Financial Analytics: Science and Experience, #,


31(655) - 2015 August

Journal: Financial Analytics: Science and Experience, #,


Bankruptcy: economic-theoretical aspect

Chernova M.V. senior teacher of chair Accounting and audit, Yaroslavl State University named after P.G. Demidov ( asdf-m@yandex.ru )

Journal: Finance and credit, #16, 2010

The causes of bankruptcy are studied in the article based on the works of A. Smith, K. Marx, I. Fisher, J. Keyens, and B. Bernanke. One of the hypotheses is that there is a correlation between the level of bankruptcy in the economy and the stages of economic cycle. Recession is accompanied by the lack of liquidity which leads to the growth of the number of bankruptcies. In order to maintain solvency firms and householders cut expenditures on long time assets what favors the crises.


Modern tax policy of Russia: priorities and tendencies

Fisher O.V. candidate of economic sciences, associate professor of chair the theory of the finance, the credit and the taxation, Volgograd state university ( olgafisher@yandex.ru )

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

In the article are supplied the intermediate sums of the realization of domestic tax policy with 2008 until 2011 in the context of the long-term social and economic development of Russia, directed toward the formation of the innovation economy of knowledge and the passage from the development export- raw to the innovation socially oriented type. The ability of tax policy to come out as the effective stimulus of the modernization of the economy is substantiated.


Tax stimulation of activity of the small innovative enterprises in Russia

Fisher O.V. candidate of economic sciences, associate professor of chair the theory of the finance, the credit and the taxation, Volgograd state university ( olgafisher@yandex.ru )

Romanenko N.M. candidate of pedagogical sciences, professor, managing chair the Theory of the finance, the credit and the taxation, Volgograd state university ( fc@volsu.ru )

Journal: National interests: priorities and security, #32, 2011

In article considers the problems of tax stimulation of innovative activity in Russia, is proved the need for increased government support of small innovative enterprises in institutions of higher education and scientific research institutes, which will require creating a system of tax benefits and reducing the cumulative and effective tax burden in this sector of the economy.


A fresh approach to the nature and causes of inflation and deflation

Liferenko Yu.V. Plekhanov Russian University of Economics, Tver branch, Tver, Russian Federation ( LiferenkoJV@yandex.ru )

Journal: Finance and credit, #41, 2016

Subject The paper investigates inflation, its socio-economic reasons and ways to eliminate it.
Objectives The major purpose of the study is to identify the nature of inflation, being an adverse negative economic phenomenon.
Methods The paper draws upon formal logic, the method of historical and logical unity, and scientific abstraction.
Results The study shows that in its monetary and price policy the Bank of Russia proceeds from the quantity theory of money that is mathematically formalized in the equation of exchange (the Fisher Equation). However, the non-scientific quantitative theory together with the false formula of exchange cannot be a reliable basis for productive practice of the Central Bank. Only be the law on currency circulation can be a scientific basis of the amount of money in circulation. The reason of inflation is in the socio-economic structure of the society, in the supremacy of capitalist monopolies. They are the cause of distortion of pricing as compared to the conditions of free competition (inflation and deflation).
Conclusions I believe, the cause of inflation is not in the quantitative ratio of goods and money, but in the socio-economic structure of the modern society. The findings show that when a monopoly sets high prices, the prices for all goods involved in the exchange with the monopolies, grow.


Assessing the effect of government subsidies on the small entrepreneurship development in Russia

Tumanyants K.A. Volgograd State University, Volgograd, Russian Federation ( tka210@gmail.com )

Sinitsyna E.D. OOO Tekhnosport, Volgograd, Russian Federation ( lizaliza-1992@mail.ru )

Fisher O.V. Volgograd State University, Volgograd, Russian Federation ( olgafisher@yandex.ru )

Journal: Financial Analytics: Science and Experience, #10, 2017

Importance The article is an attempt to measure the effect of government subsidies on the activity of small entrepreneurship.
Objectives The research provides a quantitative assessment of the way small businesses depend on the amount of government subsidies.
Methods The research compares information on the amount of subsidies granted for the small entrepreneurship development and its development indicators by constituent entity of the Russian Federation within 2008 through 2014. The modeling is based on double logarithmic regressions in line with fixed effects. For specification purposes, indicators without a time lag and with one-year lag are used.
Results We identify a statistically significant impact of government subsidies and their amount on small business indicators in regions. Indicators range if the amount of public funds changes by one percent. The greatest effect is registered in a year after the funds were provided.
Conclusions and Relevance Government subsidies have a positive effect on the small business development in the Russian Federation. If such funding grows, it will reinforce the position of small businesses in the national economy. The findings can be used to choose options for governmental support to small entrepreneurship in Russia and allocate funds among the constituent entities.


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