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World experience in the use of revolving funds as a tool for improving the financing of infrastructure environmental projects

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation ( magvaslat@rambler.ru )

Journal: Finance and Credit, #4, 2018

Importance This article discusses the role of revolving funds as a tool for environmental projects financing.
Objectives The article aims to study and analyze the world experience of revolving fund use and formation scheme classification to select the optimal one.
Methods For the study, I used the systems approach, comparative analysis, statistical analysis, and modeling.
Results The article presents the detailed functioning schemes of revolving funds. The work reveals the advantages of revolving funds use such as the return of investment, stable profitability, and the purposeful use. On the basis of some other countries' experience, the article develops a classification of these funds.
Conclusions and Relevance The proposed systematization of theoretical and practical materials in the field of the use of revolving funds for the financing of environmental projects and the proposed classification will help develop the optimal scheme depending on the economic situation in the country and peculiarities of the ecological project. The proposals can be of interest to the State authorities in the management of public and municipal finances in the field of environmental protection.


The financing of the municipal solid waste treatment system in Russia: Challenges and prospects

Poltoradneva N.L. Omsk State Transport University, Omsk, Russian Federation ( natalya_roeva@mail.ru )

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation ( magvaslat@rambler.ru )

Journal: Finance and Credit, #41, 2017

Importance The article discusses the issues of financing of the municipal solid waste (MSW) treatment system in Russia.
Objectives The paper aims to study the current state of the MSW management system and the particularities of its financing, analyze the prospects for changes in legislation, and develop recommendations based on foreign practices.
Methods For the study, we used vertical and horizontal statistical, and comparative analyses.
Results The results of the statistical analysis of the MSW treatment system in Russia show certain problems of its development. The study reveals that the main reason is the lack and inefficient use of financial resources. We have developed recommendations to improve the utilization and environmental charges system.
Conclusions and Relevance One of the most pressing environmental problems in Russia is the low level of the MSW recycling. It causes the landfills number increasing and losses of valuable economic resources. The issues of mobilization and effective use of internal financing sources of the MSW system are relevant nowadays. The results of the study can be useful in the activities of public authorities in the management of State and municipal finances in the area of MSW handling.


Analyzing the development of the municipal solid waste system in Russia: Challenges, prospects and evidence from Europe

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation ( magvaslat@rambler.ru )

Journal: National Interests: Priorities and Security, #4, 2018

Importance The article discusses the solid waste system.
Objectives The research evaluates the municipal solid waste system as it is in Russia and compares it with those ones in the European countries. I outline my recommendations by analyzing the foreign experience.
Methods The research relies upon a factor and statistical analysis of the municipal solid waste system, develops the integral indicator of its development, which would allow to describe multiple-factor phenomena of different significance. The cluster analysis of Russia and developed countries was conducted using the Statistical Package for the Social Sciences. I also carried out a comparative analysis of clusters by factors determining their current condition and areas to be developed respectively.
Results Based on the cluster analysis and the integral indicator of the municipal solid waste system development, Russia pertains to countries with the low development level. I overview principal issues of reforming the solid waste system in line with the recent legislative amendments. I outline my recommendations to improve the tariff setting practice, implement separate waste collection, enforce the principle of the producer extended liability, develop mechanisms for the interaction of the State, business and the public.
Conclusions and Relevance The EU countries, which are economically comparable with Russia, attained the high development level of waste disposal systems through institutional measures. Hence, if relevant regulatory, organizational and financial measures are undertaken in Russia, Russia may bolster a considerable growth in the solid waste system development, which is critical for environmental security. The findings may prove useful for governmental authorities to manage municipal solid waste systems.


Environmental security of Russia: Financing issues and solutions through public-private partnership

Poltoradneva N.L. Omsk State Transport University, Omsk, Russian Federation ( natalya_roeva@mail.ru )

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation ( magvaslat@rambler.ru )

Journal: National Interests: Priorities and Security, #11, 2016

Importance The article discusses the finance of infrastructure projects for environmental protection through public-private partnership (PPP).
Objectives The research examines environmental projects, mechanisms the government and private sector use to finance them, PPP opportunities for raising funds to the environmental protection segment.
Methods To identify difficulties in environmental security, we used graphical and statistical analysis of time series throughout the entire period under study. We compared and analyzed legislatively adopted business and legal forms of PPP so to determine whether they were adaptable to environmental projects.
Results The current environmental situation in the country was found to be evidence of insufficient and ineffective use of funds granted by the public and private sectors. Financing issues of environmental security projects can be resolved with the synergistic effect arising from the cooperation of public and private partners as part of PPP that is very frequent in advanced economies. The article indicates factors that influence businessmen to take decisions on participation in such projects. We also provide our recommendations on the development of the PPP mechanism for environmental projects.
Conclusions and Relevance Considering unfavorable global market conditions and financial sanctions, it is especially reasonable to mobilize domestic sources of finance for environmental protection projects. PPP became an effective mechanism for raising private capital, thus balancing interests of business and the State. This mechanism can be extended if the regulatory and legislative framework is improved and PPP advantages and benefits are communicated to a broader audience. The findings may apply to joint projects of the public and private sectors.


Foreign exchange difference as a source of finance for fiscal deficit of the Russian Federation

Poltoradneva N.L. Omsk State Transport University, Omsk, Russian Federation ( natalya_roeva@mail.ru )

Latypova M.V. Omsk State Transport University, Omsk, Russian Federation ( magvaslat@rambler.ru )

Journal: National Interests: Priorities and Security, #10, 2016

Importance The article discusses foreign exchange difference as a factor of Russia’s economic security.
Objectives We explore the foreign exchange difference mechanism, evaluate its role in financing of fiscal deficit. The research also reviews specifics of the effect on the real economic sector, considering the instability in the global energy resource market and a limited access to the global stock market.
Methods To discover the current economic trends and evaluate how the Ruble devaluation influences national economic indicators, we applied graphic and econometric analysis of time series, built an econometric model for vector autoregression and subsequently analyzed impulse responses.
Results National currency devaluation is one of the methods to address the issue of growing fiscal deficit in the current circumstances. It increases the profit part of the budget with foreign exchange difference. Relying upon the vector autoregression model, we analyzed impulse responses of macroeconomic variables to the Ruble devaluation shocks. The analysis shows that there can be a positive effect in the short-term run. It mainly relates to import substitution, arising from higher competitiveness of prices for domestic products. Negative trends are seen in the mid- and long-term run, stemming from Russia’s very integrated position in the global economy and the relationships deteriorate due to the national currency devaluation.
Conclusions and Relevance We would recommend a moderate national devaluation as a method to finance fiscal deficit and boost an economic growth after the current economic situation is analyzed. To ensure national economic security, it is necessary to involve other methods to mobilize financial resources of the country. Public-private partnerships seem to provide the biggest opportunities in this respect.


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