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Potential for consolidation and coordination of government-sponsored enterprises' financial transactions by the Russian Federal Treasury

Anureev S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and Credit, #4, 2020

Subject. This article explores the opportunities of a single cash pool and coordination of financial assets and liabilities of the enlarged government sector, which includes State-owned enterprises (SOEs) and government-sponsored enterprises (GSEs).
Objectives. The article aims to justify the need to consolidate and coordinate financial assets and liabilities of the enlarged government sector to reduce net interest expenses and quasi-sovereign debt.
Methods. The article analyzes and compares the powers of the HM Treasury, U.S. Treasury, and the Russian Federal Treasury within their relations with SOEs in compiling consolidated financial statements.
Results. The article justifies the necessity to empower the Russian Federal Treasury additionally to consolidate and coordinate short-term financial assets and liabilities of SOEs and GSEs using the running corporate governance mechanisms.
Conclusions. Significant reductions in interest costs and quasi-sovereign debt will improve the resilience of the enlarged government sector to potential shocks and free up financial resources for the development of the Russian economy.

Funding of international development of the Russian universities: The priority of English-speaking programs

Anureev S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: National Interests: Priorities and Security, #2, 2018

Importance The article deals with competitive programs of leading universities that drive national development and constitute a considerable source of extra-budgetary funding of education.
Objectives I attempt to correlate various governmental projects for international development of State-financed universities and substance of performance?based budget, i.e. a positive fiscal multiplier – income and subsequent substitution of public funds with extra-budgetary ones.
Methods I conduct a comparative analysis of the declared goals and published results of projects for international development of universities out of total projects, illustrating specific indicators of five leading universities in Moscow, and rates of workload and methods for motivating professors.
Results The article reports the number of Russian and foreign students enrolled in English?speaking programs of the sampled universities. I also describe expenditures for a publication in foreign journals and suggest specifying public funding rates of universities.
Conclusions International development of leading universities is not yet profitable, but the priority should be given to English-speaking programs, in particular. The article indicates what such programs shall be focused on. The proposals will help to stream a part of European and American students to leading Russian universities.

Monetary and fiscal premises for Brexit and prospects for the British pound through historical analogies of controllable disparities

Anureev S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Financial Analytics: Science and Experience, #2, 2017

Importance The article overviews monetary and fiscal premises for the UK's withdrawal from the European Union, and consequences for the British pound.
Objectives Analyzing statistical data, I demonstrate considerable monetary and fiscal disparities in the United Kingdom after 2008, and how Her Majesty's Exchequer and the Bank of England prepare for the Brexit-driven turbulence. The research also identifies what impedes the elimination of those disparities using conventional approaches of monetary and fiscal policies.
Methods I applied the method of comparative historical analysis and presented a retrospect of similar renowned cases. I also used the method of economic modeling.
Results This political extravagance was noted to conceal fundamental premises for the British pound devaluation and buyout of British securities dropping in their value. I made up an economic model that helped analyze typical activities to eradicate disparities. The article illustrates advantages of such unconventional actions teetering on the brink of finance and politics, and scenarios of the UK's financial system after Brexit.
Conclusions and Relevance In the short run, negative forecasts are plausible stating that political and currency turbulence will continue, with the foreign exchange rate of the British pound and the value of assets stagnating. The stability of the UK's political system is forecast to grow more resistant to Brexit challenges, with the same trend in currency interventions and buyout of assets denominated in the British pounds.

Collision of theories of budgetary subsidies, fee-based public services and fiscal monopoly: Evidence from the Moscow Metro and best practices

Anureev S.V. Plekhanov Russian University of Economics, Moscow, Russian Federation

Journal: Finance and Credit, #14, 2016

Subject The article analyzes various ways to finance the Moscow Metro.
Objectives The aim is to search for additional financial sources under reduction in budgetary revenues and the need to continue building new stations and lines.
Methods The key analysis of the methodology is an analysis of best practices in the context of various theories as alternatives to taxation and budgetary subsidies.
Results The paper considers major concepts of the Moscow Metro financing, i.e. budgetary subsidies by means of taxes; fee-based public services, user charges and cost allocation to end-users; fiscal monopoly; and additional budgetary revenue generation. I analyze other concepts, like low fares as a social benefit, prohibitive tariffs to prevent excessive migration of unskilled laborers, public transport privatization, and premium charges for the benefit of private investors. The analysis unveiled that 3/4 of real transportation costs the Moscow Metro covers from the city budget.
Conclusions Budgetary subsidies result in increased taxation of skilled labor and growing migration of low paid employees. This impairs the structure of the city economy, and adversely affects industries producing high-added value product. Low rates falsify budgetary social support, as mainly shadow economy employees and labor migrants benefit from them. The Moscow Metro is a classical fiscal monopoly; tariffs should be increased only on a case-by-case basis and only for the metro.

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