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The Classification of Fiscal Revenue: A Diversity of Approaches

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

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.

The role of gold in reserves of countries

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

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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