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Legal regulation of credit cooperatives in EAEU member States

Shakhnazaryan G.E. Financial Research Institute, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Finance and Credit, #8, 2016

Importance The current external economic conditions and a decline in foreign investment increase the significance of mobilization of internal resources, including those accumulated by the credit cooperation system. Competent approaches to regulation of this institution are among top priorities.
     Objectives The purpose of the study is to identify opportunities and ways to harmonize the applicable legislation for the common economic space creation.
     Methods The study employs the method of historical comparisons, comprehensive and systems approaches, synthesis, induction and deduction, logic analysis, and unification.
     Results I performed a comparative analysis of the current legislation of the EAEU member States to reveal the most significant differences, offered ways to harmonize the laws under the developing integration processes.
     Conclusions and Relevance There is a need for a thorough discussion and analysis of the existing approaches, primarily, for assessment of the nature of credit cooperatives' activities. This will enable to move towards the harmonization of legislation in this area.


Improving the financial mechanism for state aid to animal husbandry

Shakhnazaryan G.E. Financial Research Institute, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Financial Analytics: Science and Experience, #1, 2016

Importance. The article overviews reasons why the State agricultural policy demonstrates low efficiency, and emphasizes the need to apply comprehensive approaches, optimize areas of support and provide resources for credit cooperation in rural areas.
     Objectives. Having analyzed the supply of beef and milk products for the population, the research determines to what extent the State agricultural development program is implemented, identifies the existing challenges and formulates recommendations for overcoming them.
     Methods. The research applies comprehensive and systems approaches, and methods of comparative analysis, synthesis, induction and deduction, logic, historical and statistical methods.
     Results. It is necessary to enhance the State aid to agriculture by strengthening the credit cooperation, and segregating duties and power of authority levels.
     Conclusions and Relevance. Russia insufficiently supports beef and cattle breeding. It is necessary to strengthen a comprehensive approach to addressing issues of implementing the agriculture development program and doctrine of food security. I propose the credit cooperation mechanism, which proved efficient worldwide. To consolidate resources of the existing and future credit cooperatives, the existing structure should be complemented with a cooperative bank.


A comparative analysis of statutory regulation of commercial microfinance institutions in EAEU countries

Shakhnazaryan G.E. Financial Research Institute, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Finance and Credit, #12, 2016

Subject The microfinance activity is recognized as an important development tool that helps enhance the use of financial resources of the society and create additional channels of small business and startup financing. Pawnshops are the most ancient commercial microfinance institutions with a history of more than one millennium. Unlike pawnshops, private microfinance institutions appeared in the former Soviet Union only about 20 years ago, therefore, the law principles regulating their activities are of special interest. To harmonize the laws of the EAEU States on microfinance institutions regulation, it is required to discuss and coordinate available approaches.
     Objectives Based on the analysis of statutory regulation of commercial microfinance institutions in EAEU countries, the study aims to unveil similarities and differences in the existing approaches and to find ways to mitigate systemic risks inherent in their operations.
     Methods The paper employs the following methods: historical comparison, logic, comparative analysis, synthesis, induction and deduction.
     Results The findings reveal the most significant differences in the regulation of microfinance institutions of EAEU countries. The study proves that the risks of microfinance institutions are increasing as their operations expand. This necessitates toughening the supervisory requirements of the regulator.
     Conclusions It is practicable to harmonize the laws regulating the pawnshop activities, however, approaches to the regulation of microfinance institutions require a thorough discussion and coordination of positions with a view to mitigate possible risks.


Dairy cattle breeding in Russia: Issues and solutions

Shakhnazaryan G.E. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Regional Economics: Theory and Practice, #7, 2018

Importance Some achievements in certain areas of agricultural development especially stand out against dairy cattle breeding, which still undergoes difficulties. Due to insufficiently effective measures of the State aid to dairy cattle breeding, it is necessary to search for an optimal solution in this aspect.
Objectives The research analyzes the current situation in dairy cattle breeding, existing trends in the segment, structure and percentage of various goods producers in the total agricultural output. I evaluate some areas of the State aid, focusing on the insufficient support to smaller businesses in rural areas, though they are active in milk and dairy production. The article provides the rationale for the reasonableness of commodity and procurement interventions under the current circumstances and sets out my proposals for fostering the segment performance.
Methods The research involves a systems approach, observation of economic processes, collection of facts, synthesis, statistical, historical, logic and graphic analysis.
Results I determined the real situation in dairy cattle breeding and propose an approach to evaluating the efficiency of the State aid.
Conclusions It is unreasonable to carry out commodity and procurement interventions with respect to dairy production at the current development phase. It is necessary to expand the competence of regional authorities so that they could choose the vector, tools and scope of the State aid to agriculture. However, their responsibility for special-purpose and efficiency of measures should be augmented. Credit cooperation seems to be the most effective form of support to SME.


State support for the beef and dairy cattle breeding and food security

Shakhnazaryan G.E. Research Financial Institute, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Financial Analytics: Science and Experience, #4, 2015

Importance In view of the increased risks of expansion of products of more economically developed countries (in the context of increasing globalization) to the food markets of developing countries, the support for domestic agricultural producers is becoming particularly relevant. The beef and dairy cattle breeding are recognized as priority areas.
     Objectives Based on the analysis of production of beef and dairy cattle breeding broken down by regions, I try to identify the degree of attaining the objectives of the State program of agricultural development and regulation of agricultural products, and the problems, which exist in the industry, and to make recommendations to overcome them.
     Methods On the basis of econometric techniques, integrated approach, statistical analysis, I make suggestion on insufficient efficiency of measures to support the beef and dairy cattle breeding in the country. The paper identifies the problem of beef and dairy cattle breeding, makes recommendations to improve the efficiency of government support measures in order to implement the Resolution of the Government of the Russian Federation "On State program for the development of agriculture and management of agricultural markets, raw materials and food stuff for the period of 2013-2020" of July 14, 2012 № 717. The recommendations may be used while realizing the State agricultural policy.
     Results I substantiate the insufficient efficiency of measures to support the beef and dairy cattle breeding in Russia. Using the case of some regions, I show that only a comprehensive approach to solving the problems enables not only to achieve the quantitative growth of meat and milk production, but also to reduce its costs and increase production profitability.
     Conclusions and Relevance The paper emphasizes the need to change the approaches to the structure of the agricultural development program and its comprehensive modernization.


The program of domestic food aid as a tool of State support to agricultural producers

Shakhnazaryan G.E. Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( Goarsh@mail.ru )

Journal: Regional Economics: Theory and Practice, #8, 2015

Importance The article deals with the issues of domestic support, one of the most common instruments of which is the organization of domestic food assistance. The paper assesses risks of expansion in emerging food markets through products of economically more advanced States. The author studies the protectionist measures used to limit these risks: the means for tax and customs policy; the association of producers for the protection of the interests of businesses and ensure the stability of the market; the imposition of restrictions to international trade networks; the holding of national advertising campaigns. The paper considers the experience of foreign countries to support domestic producers.
     Objectives The purpose of the study is to identify the characteristics of such a tool to support agriculture as domestic food aid, as well as the possibilities and restrictions on its use in Russian practice.
     Methods The author used econometric methods of research and a comprehensive analysis of the existing experience of provision of domestic food aid in the Russian Federation and abroad. The author shows the dual nature of the identified support tool and justifies recommendations for the effective use of this tool in domestic practice.
     Results The author substantiates the approach to domestic food aid as an instrument combining the elements of social policies with the mechanisms of support for agricultural producers. The paper shows that strengthening the sustainable channel of food, which is the system of education, health, social protection, etc., will help stabilize prices, increase demand by advertising the products and encourage expansion of production.
     Conclusions and Relevance The author concludes that the use of this tool will help create the prerequisites for the growth of production of competitive farm products and justifies the necessity to use a differentiated approach to the domestic food assistance in different regions of Russia. The recommendations proposed can be used during the formation of domestic food assistance in the regions of Russia.


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