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Financial support to municipalities in the Russian Federation: Key challenges and solutions

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Finance and Credit, #9, 2018

Subject Modern socio-economic conditions require new approaches to financial support for municipalities in the Russian Federation.
Objectives The article focuses on conceptual features of municipality budget management, unveils key problems and offers solutions.
Methods The methodology of the study relies on scientific review, generalization, analysis, comparison, and synthesis.
Results I define types of local budgets, the main sources of income, and key expenditures by local budget type. The paper presents a set of actions aimed at immediate and efficient solutions to detected problems in municipal budget management in the Russian Federation.
Conclusions Current conditions necessitate modernization of methodology for municipal budget management, considering the new social and economic challenges and using the modern tools, like participatory budgeting, self-taxation, etc. To improve the financial security of municipalities, it is crucial to amend the Budget Code of the Russian Federation, actively involve the academic community in solving the existing problems, devise long-term programs for socio-economic development of municipalities up to 2050. The findings are of practical significance. They may be helpful in decision-making process for municipality budget management perfection and in educational process of higher schools and colleges.


Introducing the progressive taxation of personal income in the Russian Federation from the social justice perspective

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Finance and Credit, #31, 2016

Subject The article considers international experience in income taxation.
Objectives The study aims to review personal income taxation in Austria, Germany and Luxembourg, provide economic justification of the proposed scale of personal income tax assessment, and review the role of personal income tax in the formation of regional budgets revenues in the context of continuing risks of imbalance.
Methods The study rests on general (analysis, comparison, measurement) and special (economic-mathematical and statistical) scientific methods.
Results I developed a progressive scale of personal income taxation that is based not only on the fiscal function, but also on achieving the principle of social justice. Thus, individuals with wages of up to 10,600 RUB per month should be exempt from tax; up to 17,000–25,000 RUB – pay tax at reduced rates of 5% and 10%; over 25,000 RUB – at the current tax rate of 13%; and for high incomes I recommend using tax rates of 15%–19%.
Conclusions and Relevance The findings may be used to take specific decisions on social and economic processes modernization by public authorities, and be included in the educational process of higher and secondary specialized educational institutions.


A new pension reform in the Russian Federation: basic principles, stages and key activities

Balynin I.V. Financial University under the Government of the Russian Federation ( igorbalynin@mail.ru )

Journal: Finance and Credit, #16, 2017

Subject The article examines foreign experience in pension scheme arrangement.
Objectives The aim of the study is to underpin the need for a new pension reform, and offer its basic principles, stages, and specific activities.
Methods The methodology rests on general scientific methods (analysis, comparison, measurement), and special ones (statistical in particular).
Results The analysis of the top 20 countries of Global AgeWatch Index 2015 shows that at least 12 States made decisions on further increase in retirement age. In the overwhelming majority of the former USSR countries the retirement age is higher than in the Russian Federation. Despite the measures taken by the Government and changes in the Russian pension system, most of the problems remained unresolved. They include raising the retirement age, a procedure and conditions for awarding social pensions, lack of confidence in private pension funds, etc. The findings may be used for decision-making on modernization of social and economic processes by specialists of public authorities.
Conclusions and Relevance Russia needs a new pension reform based on ten principles (fairness, transparency, stability of pension legislation, wide publicity of amendments to pension law, promotion of responsible citizenship, etc.). The reform should be carried out in two stages with a set of measured to be implemented at each stage.


Agriculture of the Russian Federation: realities and development prospects, challenges and solutions

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: National Interests: Priorities and Security, #37, 2015

Importance The article presents the outcome of a detailed analysis of livestock and crop production indicators of the Russian Federation, ratings of the Russian regions in terms of agriculture finance. The research especially evaluates the development of small business in agriculture on the basis of my own estimates.
     Objectives The research aims at demonstrating the current challenges crop and livestock production faces in the Russian Federation, insufficiency of agriculture finance, need in the State support to the agricultural sector.
     Methods The methodological framework relies upon general scientific and special methods (economic, mathematical and statistic). Mostly, I applied rating and points-based methods, and consistency and objectivity principles.
     Results The average salary in agriculture, hunting and forestry has risen 17.89 times for the 2000-2014 period, as compared with 14.67 times in the entire Russian economy. However, it is still twice less than the average salary in other economic sectors. Businesses and individual entrepreneurs obtained fewer loans.
     Conclusions and Relevance Upon the analysis of the results, I made conclusions, key proposals, recommendations, and I outlined activities for addressing the existing agricultural issues of the Russian Federation. The outcome can be used by public and municipal authorities to take specific decisions in modernizing socio-economic processes, or can be useful for educational purposes.


Assessing the effectiveness of investment projects: Rules, indicators and their calculation procedure

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2016

Subject In the context of the existing economic problems and the Government's decision to build an innovative economy and implement the import substitution program, it is crucial to focus on investment project realization.
Objectives The study aims at developing clear and transparent criteria for selecting the most attractive investment projects, thereby minimizing the risks of potential losses.
Methods The methodological framework rests on the integrated approach, analysis and synthesis, principles of consistency and objectivity. To assess investment project effectiveness, I used Microsoft Excel software.
Results The article presents rules for assessing the effectiveness of investment projects, key features, advantages and disadvantages of certain performance indicators applied to evaluate investment projects, as well as a mechanism of selecting the best project on their basis. I consider the case study on evaluation of the most attractive investment project out of five.
Conclusions It is crucial to use all these indicators as a single set based on the developed procedure for assessing investment project's effectiveness. The assessment is required not only at the project selection stage, but also after its implementation. The findings of the research may be used in taking specific management decisions by corporations, investment funds, credit institutions, as well as in the educational process of higher schools and secondary specialized educational institutions.


Management of budgetary spending in the constituent entities of the Russian Federation: The concept and criteria for quality assessment

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Financial Analytics: Science and Experience, #36, 2016

Importance Having examined scientific publications on defining the quality and its substance, I pointed out general, philosophical, legal, marketing, economic, mathematical and systems approaches, which served as a framework to identify the quality properties concerning the management of budgetary spending in the constituent entities of the Russian Federation under the current socio-economic conditions.
Methods The research involves methods of theoretical analysis, scientific review, comparison and synthesis.
Results The article underlines properties of the budgetary expenditure management quality in the constituent entities of the Federation, indicia for purposes of quality assessment, whether it be high, appropriate and low. I also found criteria and parameters to assess the quality reflecting how budgetary expenditures of the constituent entities of the Federation are managed, and mentioned advisable indicators and assessment method.
Conclusions and Relevance In the current conditions, it is necessary to update the methodology for managing budgetary spending of the constituent entities of the Federation in line with new socio-economic challenges. The assessment should be guided with specific indicators and parameters that provide the most comprehensive description of the management quality. The findings have a practical significance since they can be used by governmental authorities to take respective decisions and subsequently modernize the management of public-private structures' budgets. They can prove useful for students and teachers for educational purposes at higher schools and vocational training institutions.


Optimization of investment portfolio as part of practical implementation of a risk-based approach: A variety of methods and principles

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Economic Analysis: Theory and Practice, #10, 2016

Importance Under existing economic problems and decisions to build innovative economy and carry out import substitution programs, it is crucial to maximize efforts on creating and implementing investment projects in various economic activities, in particular in the context of risk-based approach to mitigate the risk of contingent losses.
Methods The study employs the integrated approach, methods of analysis and synthesis, principles of consistency and objectivity. I used Microsoft Excel software when considering the practical application of methods for building the optimal investment portfolio.
Results The paper describes basic principles, objectives and stages of investment portfolio optimization, provides a unique classification of methods to implement the optimization, an algorithm and procedure for using the methods on case studies, highlights problems caused by unreasonable diversification.
Conclusions and Relevance It is important to optimize investment portfolio in the context of practical implementation of risk-based approach, which implies numerous approaches and methods. However, the success of the optimization depends on strict adherence to basic principles, algorithms that are described and presented in the article, and accurate calculations. The findings may be useful for corporations, investment funds, credit institutions, insurance companies to make specific decisions during the investment portfolio optimization and to evaluate the efficiency and performance of investment projects, and for higher and secondary specialized educational institutions in their educational process.


Formation of a socially oriented budgetary policy of the Russian Federation at the regional level

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Finance and Credit, #30, 2015

Importance Under modern conditions, the formation of a socially oriented economy is one of the key issues in the Russian Federation. Solution to the problem requires a well-targeted fiscal policy at the federal and regional levels.
     Objectives The study aims to assess the subjects of the Russian Federation by degree of social orientation of the fiscal policy based on the analysis of a number of indicators and seven ratings, including the intermediate and final ones.
     Methods A methodological basis of the study is general scientific methods and special techniques (economic, mathematical, and statistical). Rating and scoring methods and consistency and objectivity principles are employed to the maximum extent.
     Results The study shows that in 79 regions, the share of financial support to the social sphere is more than 50% of the consolidated budget expenditures (in nine regions this indicator is over 70%). The rating of the subjects of the Russian Federation by degree of social orientation of fiscal policy reveals leaders, outsiders and regions with average rating. The obtained results may be useful for decision-making on social and economic process modernization by government (municipal) authorities, and for students and academic staff within the teaching and learning activities of higher and specialized secondary schools.
     Conclusions The analysis helped make key proposals, recommendations and develop measures aimed at formation of a socially oriented fiscal policy at the regional level. They may advance the socio-economic situation in the Russian Federation and improve the living standards of the Russian people.


Participation of the civil society in implementing the social functions of the State as a factor of improving the quality of budgetary expenditure management

Balynin I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( igorbalynin@mail.ru )

Journal: Finance and Credit, #3, 2016

Importance To solve the problem of the social sphere financing, it is necessary to form a new approach to the budget system’s expenditure management to promote social and economic development through implementing a reasonable fiscal policy and active participation of the civil society in realizing the social functions of the State.
     Methods The study draws upon general scientific and special (statistical) methods, and consistency and objectivity principles.
     Results The current trend in reducing the budgetary expenditures in the social sphere against the backdrop of declining real incomes and rising death rates of the population highlights the need for involving the civil society in implementing the social functions of the State. Evaluation of the activity of the civil society in addressing social issues shows that over one-third of created public funds are concentrated in the Central Federal District. This hinders providing additional assistance on the part of civil society institutions. The operating crowdfunding platforms mainly focus on cultural and creative projects. Civil society institutions are hardly involved in the budget process.
     Conclusions Based on the findings, I offer recommendations on strengthening the role of the civil society in implementing the social functions of the State. They will improve the socio-economic situation in the Russian Federation and the quality of budget management of the country’s budget system. The findings may be useful for government authorities and local governments to spur the development of the civil society institutions and involve them in realizing the social functions of the State.


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