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Budget revenue classification: Past, present, and future

Parshina I.V. Nizhny Novgorod Institute of Management, Branch of RANEPA, Nizhny Novgorod, Russian Federation ( iv_parshina@mail.ru )

Journal: Finance and Credit, #4, 2018

Subject This paper deals with the budget revenue classification of the budget system of Russia, and the world practice of its formation. As well, it discusses the advantages and disadvantages of the current classification.
Objectives The paper aims to formulate the basic requirements to the modern budget classification, analyze the compliance of the current budget classification with the requirements regarding the regional budget of the Nizhny Novgorod oblast and identify weaknesses and strengths of the modern budget classification, proposing and substantiating the vector of its further development and possible variants of realization.
Methods This work uses the principles of historical and logical approaches, common methods of analysis and systematization, and the comparative analysis.
Results The paper proposes to use a sectoral approach to budget revenue classification because it allows to identify potential income growth reserves in each region, clearly identify the industries that need further development and support in order to increase budget revenues of the budget system.
Relevance The results obtained can be used for further development of the budget classification existing in the Russian Federation in order to identify reserves of growth of budget income not only of the subjects of the Russian Federation, but also of all budget systems of the country.


The Classification of Fiscal Revenue: A Diversity of Approaches

Parshina I.V. Nizhny Novgorod Institute of Management — Branch of RANEPA, Nizhny Novgorod, Russian Federation ( iv_parshina@mail.ru )

Journal: Finance and Credit, #2, 2018

Subject The article addresses sources and approaches to building fiscal revenue of the federal budget system, their existing and possible classification systems depending on socio-economic conditions and institutional environment they evolve in.
Objectives The aim of the study is to offer a new approach to a modern fiscal revenue classification based on critical analysis of various scientific and practical approaches applied to classify fiscal revenue of the budget system of the Russian Federation, as well as those developed by the International Monetary Fund and Organization for Economic Cooperation and Development.
Methods The study employs principles of historical and logical approaches, general methods of analysis and synthesis, comparative and graphical analysis.
Results The paper reviews different approaches to classification of fiscal revenue of the budget system of Russia for more than one hundred years. It shows that the classification can be based on different criteria. The key attribute defining the nature of income classification enables to analyze pros and cons in fiscal revenue formation. The modern budget classification rests on a multifactor model, however, it does not comply with changed socio-economic requirements. I formulate key requirements to the modern budget classification.
Conclusions The findings can be used to improve the existing budget classification for a deeper analysis and exact prediction of fiscal revenue. The findings are mainly theoretical; I suggest further research toward practical testing.


Silver as an unappreciated precious metal

Parshina L.N. Emperor Alexander I St. Petersburg State Transport University (PGUPS), St. Petersburg, Russian Federation ( et@pgups.ru )

Journal: Finance and Credit, #6, 2018

Subject The article addresses efficient ways to retain savings and considers silver as an instrument for savings protection.
Objectives The aims are to analyze economic literature and to show that silver is an attractive store of value.
Methods The study rests on statistical and systems approaches and employs the economic analysis method.
Results Silver is a dual-use commodity. In the first place, this precious metal is an industrial one; the manufacturing sector consumes the most part of silver. At present, the demand for silver in developed countries exceeds its general primary production. The findings may be useful for the Central Bank of the Russian Federation in its annual issue of silver bullion coins.
Conclusions The current events in the world economy suggest of future serious changes in the existing world order. In the next 5 years, we will probably see a crash of 'debt-based economy'. A sharp increase in the relative cost of silver will be a possible consequence. The owners of 'investment' coins will suffer least of all in the face of forthcoming economic shocks.


The role of gold in reserves of countries

Parshina L.N. Emperor Alexander I St. Petersburg State Transport University, St. Petersburg, Russian Federation ( ParshinaLN@yandex.ru )

Journal: Finance and Credit, #23, 2016

Subject The article addresses the issue of strengthening the role of gold under economic instability.
Objectives The aim is to investigate the importance of gold and prospects for its share increase in the structure of gold and foreign exchange reserves of the country.
Methods The study employs scientific methods like economic analysis, statistical and economic method and systems approach.
Results Today, the biggest part of Russia's international reserves consists of foreign currency assets. The share of monetary gold is about 13%. Gold reserves denominated in dollars are constantly increasing. The increase may occur not only due to physical increase in the share of gold, but also vary depending on its market price.
Conclusions and Relevance The policy pursued by the Central Bank of the Russian Federation in terms of acquisition of the precious metal in the domestic market is competent and constructive. On the one hand, it supports national producers, on the other hand, it injects money in the economy through gold miners, and finally, it increases the proportion of gold reserves in the international reserves of the State. The Bank of Russia should probably take additional measures to enhance the investment culture among citizens. In situations, when the country needs to raise additional funds, the Bank of Russia could try to use international experience and produce one ounce gold coins (31,103 grams) to offer them to the population.


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