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Megaregulation of the financial market

Tolkachenko G.L. Tver State University, Moscow, Russian Federation ( )

Golovin A.O. Tver Branch of Moscow State University of Economy, Statistics and Informatics, Moscow, Russian Federation ( )

Journal: Finance and credit, #10, 2014

The article points out that in the Russian Federation there was a new regulator of the financial market – Bank of Russia. The author shows that bank received the biggest powers on supervision, control and regulation of participants of the market. It is mega regulation. Various options of further succession of events in this sphere are possible. Updating will give the chance to attract additional financial resources of the international and domestic investors in national economy. Creation of system of guarantees and financial risk management is necessary for this purpose.

Government financial accumulation (reserves) in modern Russia

Sukharev A.N. Tver State University, Tver, Russian Federation ( )

Golubev A.A. Tver State University, Tver, Russian Federation ( )

Tolkachenko G.L. Tver State University, Tver, Russian Federation ( )

Dyuzhilova O.M. Tver State University, Tver, Russian Federation ( )

Journal: Finance and credit, #44, 2017

Importance The article deals with the issues of financial reserves of the Federal budget of Russia.
Objectives The article aims to reveal the variety of sources and mechanisms of the state financial reserves formation in Russia.
Methods For the study, we used the methods of formal logic, statistical data analysis, and the systems approach.
Results The article discloses the economic policy of state financial reserve formation in Russia. It presents the statistical data showing the scale and structure of public financial accumulation in the country.
Conclusions Public financial reserves act as a means of stabilizing the macroeconomy, ensuring the balance of the federal budget and the country's pension system. The policy of state financial savings started at the beginning of the 2000s. It was due to the growth in oil prices and excess revenues from hydrocarbon exports.

Global value chains: Risks and results

Golovin A.O. Higher School of Entrepreneurship (Institute), Tver, Russian Federation ( )

Tolkachenko G.L. Tver State University, Tver, Russian Federation ( )

Journal: Finance and credit, #3, 2017

Importance The article discusses modern condition of the world economy process globalization. Its development is characterized by increasing the trends of neo-protectionism and transregionalism that increases the degree of uncertainty of doing business. Under these conditions, multinationals modify their approaches to investment policy and transform their global production and trade networks. Therefore, it is important to monitor potential risks and outcomes in global value chains (GVC).
Objectives The study focuses on changing conditions of business of multinationals and emerging risks. It analyzes the views of experts on challenges and threats to global value chains, and offers a possible indicator that describes the final financial result of business in GVC.
Methods The study rests on comparative analysis, expert evaluations and mathematical formalization.
Results The review of existing opinions on risk indicators and business results in GVC showed the plurality and poor suitability of proposed parameters. We underpin the need for using an indicator reflecting the final outcome of the company in the global chain, and propose an indicator, which characterizes the financial outcome of business in GVC.
Conclusions and Relevance Transnational corporations doing business in global value chains should promptly monitor and consider all changes and new risks. The net present value added may be an important evaluation parameter. It should be constantly adjusted by modifying the discount rate to account for the impact of general and specific risks.

Financial regulation of economic development in global value chains

Golovin A.O. Plekhanov Russian University of Economics, Tver Branch, Tver, Russian Federation ( )

Tolkachenko G.L. Tver State University, Tver, Russian Federation ( )

Journal: Finance and credit, #6, 2016

Importance The crisis phenomena and geopolitical conditions adversely affect the economic situation. Various proposals to address the issue rest on some degree of isolation of the country's economy. However, the Russian economy is an integral part of the global economy. To tackle the problem, it is important to maximize the benefits of participation in international technological and commercial networks and minimize possible negative consequences. There is a critical need for transformations in financial and organizational regulation and orientation to participation in global value chains.
     Objectives The objective of the study is to identify prospects and possible measures to stimulate the increase of the share of Russian companies and organizations in creating the added value in the global economy.
     Methods The study employs analytical comparison methods, analysis of expert assessment results, and heuristics.
     Results We offer financial, tax and customs measures enabling to increase the proportion of enterprises and organizations of the Russian Federation in the added value generated in global chains. The measures may be applied to develop financial regulation and incentives for participation in global production and trade networks.
     Conclusions and Relevance Entry into global value chains is an important direction of economic development. The world experience demonstrates great opportunities and positive development results in this area. Government authorities and the financial market regulator should focus their efforts to promote the participation of Russian companies and organizations in global chains of the world economy.

Prospects for financial market regulation

Golovin A.O. Moscow State University of Economics, Statistics and Informatics, Tver Branch, Tver, Russian Federation ( )

Tolkachenko G.L. Tver State University, Tver, Russian Federation ( )

Journal: Finance and credit, #17, 2015

Importance The financial market is an important part of the economic system, and it is essential to constantly improve its regulation. The regulation consists of solving the unstructured and poorly structured problems of coordinating the organization, stimulation and responsibility in the sphere of finance. The theoretical link of financial market with supervision and regulation models is not always present in practice. The integrated model of the Russian financial market regulation does not guarantee achieving high results. Therefore, it becomes increasingly important to create an effective model for financial market regulation.
     Objectives The objective is to determine the prospects for developing the financial market regulation based on the study of theoretical developments and practical experience in this area. To meet the objective, it is necessary to analyze the relationship of the depth of the financial market and regulatory models, to research the organization of the existing systems of financial supervision and regulation in the world, to study the organizational changes in the Bank of Russia and the problems of self-regulatory organizations, and to improve the legal framework.
The study of the existing systems of financial supervision and regulation bases on the methods of comparative analysis, expert evaluation and heuristic modeling. It enabled to determine possible areas of development of the financial market regulation.
     Results We have stated possible ways of development of financial supervision and regulation in the Russian Federation. The results may be useful for improving the regulation of financial relations, as well as for academic work with students majoring in economics.
     Conclusions and Relevance The financial market plays a crucial role in the economic development of the country. The integrated model of financial regulation in Russia does not necessarily ensure high efficiency and can be regarded as an intermediate one. The Bank of Russia, being a mega-regulator, conducts organizational and regulatory efforts to improve the regulation. The most promising development areas for financial supervision and regulation include creating an effective system of financial risk management in banking groups and holdings and changing the role of self-regulatory organizations acting as professional participants of the financial market.

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