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Approaches to the public management of infrastructure investment in Russia in the light of international practices

Bogacheva O.V. Financial Research Institute of the Ministry of Finance of the Russian Federation, Moscow, Russian Federation ( bogacheva@nifi.ru )

Smorodinov O.V. Financial Research Institute of the Ministry of Finance of the Russian Federation, Moscow, Russian Federation ( osmorodinov@nifi.ru )

Journal: Finance and Credit, #9, 2018

Subject This paper discusses the holistic approach to the public management of investment in the economic and social infrastructure. The majority of economically developed countries have accepted this approach.
Objectives The paper aims to analyze foreign public management of investment in infrastructure and explore the possibility of introducing this approach in Russia.
Methods For the study, we used the methods of logical and comparative analyses, as well as a generalization of world best practices.
Results The paper formulates key characteristics of the holistic approach to the public management of infrastructure investment. It suggests a set of criteria allowing to evaluate the efficiency of investing in infrastructure projects.
Conclusions and Relevance The paper concludes that increasing the efficiency of public management of infrastructure investment in Russia is a multifold task. Its solution requires adoption of long-term national strategy of infrastructure development, forming new government management elements, providing a financial stability during the whole life-cycle of infrastructure project. The results of this research can be useful in investment project selection and project efficiency assessment.


Methodological approaches to assessing the standard costs for R&D

Bogacheva O.V. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bogacheva@nifi.ru )

Feoktistova O.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( feoktistova@nifi.ru )

Journal: Finance and Credit, #8, 2016

Importance Finance planning for R&D is usually individual for each public institution based on estimated costs of the entire set of works included in the State job. However, this approach contradicts to main goals of the on-going reform of public institutions as it fails to link R&D outlays and outputs and to ensure transparent financial planning for R&D. The paper discusses a possible approach to assessing standard costs of R&D based on labor inputs.
     Objectives The study aims to define the most efficient ways of applying standard costs for R&D at present and in future.
     Methods The study employs the method of analysis of the current situation and the legislation.
     Results We offer certain ways of using the standard method to calculate the financial support to State jobs to perform R&D activities. We also define prospects for applying the standard approach in the future.
     Conclusion and Relevance The standard approach will enable to coordinate budget expenditures for research and development activities and the performance. Furthermore, it will help increasing the transparency in planning the budgetary funds to finance the scientific activity of public institutions.


Formalizing the rights of public research institutions to intellectual property as a key driver for science and innovation. Best practice of OECD countries

Bogacheva O.V. Financial Research Institute, Moscow, Russian Federation ( bogacheva@nifi.ru )

Smorodinov O.V. Financial Research Institute, Moscow, Russian Federation ( osmorodinov@nifi.ru )

Journal: Finance and Credit, #2, 2016

Subject One of the main reasons for low efficiency of R&D and unsatisfactory level of commercialization of intellectual activity results in the Russian Federation is the lack of proper regulation of rights of government agencies to intellectual property items protected by law, which are created under the State budget financing. The article considers foreign practices in this sphere.
     Objectives The aim is to analyze the aspects of foreign legislation relating to regulation of rights to IP assets created by government agencies and paid from the State budget.
     Methods Using the comparative analysis method, we review the specifics of regulation of government agencies’ rights to intellectual property created using the funds of national (federal) budgets in a number of developed countries.
     Results The analysis shows the key features of the regulation, namely, formalization of rights of government agencies to the results of intellectual activity, and incorporation of procedures for distribution of income generated by application of IP assets among the stakeholders.
     Conclusions The findings enable to determine the areas of perfecting the Russian legislation on intellectual property to the extent of formalizing the rights to IP assets created by various government agencies within public contract performance.


'Horizontal' inter-budget transfers: best practices of foreign countries and their applicability in Russia

Bogacheva O.V. Scientific Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bogacheva@nifi.ru )

Feoktistova O.A. Scientific Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( feoktistova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #24, 2015

Subject The article reviews the practice of Canada, the USA and Western European countries in using the 'horizontal' inter-budget transfers and compares the international and Russian practice of using such transfers.
     Objectives The aim of the article is to analyze the inter-municipal and inter-regional economic cooperation, using 'horizontal' inter-budget transfers, and to develop appropriate solutions for Russia.
     Methods Drawing on the comparative analysis, we review the practice of inter-municipal and inter-regional economic cooperation and 'horizontal' inter-budget transfers in Canada, the USA and Western European countries.
     Results The analysis helped formulate major advantages and disadvantages of different forms of inter-municipal and inter-regional economic cooperation and solutions for Russia. We recommend introducing provisions to the Fiscal Code of the Russian Federation to govern the use of interregional transfers, and adopting a federal law on formation of contracts and agreements on inter-regional economic cooperation, as inter-budget transfers are applied as a tool for implementing these contracts and agreements.
     Conclusions and Relevance The performed analysis of the practice of inter-municipal and inter-regional economic cooperation and 'horizontal' inter-budget transfers, and the identified advantages and disadvantages of their use contribute to the study of this financial mechanism in the Russian Federation to improve the quality of public finance management.


Improving the statutory regulation of intellectual property rights of government agencies

Bogacheva O.V. Financial Research Institute, Moscow, Russian Federation ( bogacheva@nifi.ru )

Smorodinov O.V. Financial Research Institute, Moscow, Russian Federation ( osmorodinov@nifi.ru )

Vlasikhin S.A. Financial Research Institute, Moscow, Russian Federation ( saw@nifi.ru )

Journal: Finance and Credit, #1, 2016

Subject Despite the enforced Part IV of the Russian Civil Code, the nature of the formalized rights of government agencies to intellectual property is not universal. As a result, many budgetary and autonomous academic and educational institutions are not interested in increasing the efficiency of R&D and transferring the results of inventions to the industrial sector.
     Objectives The aim is to prepare proposals for the Russian legislation improvement to the extent of exclusive rights to intellectual property created by budgetary institutions using the budgetary funding.
     Methods The study rests on the analysis of the current situation with the use of intellectual property created by government agencies, and the legal framework for intellectual property rights protection.
     Results We offer amendments to effective Part IV of the Russian Civil Code, Federal Law № 7-FZ of January 12, 1996 On Non-profit Organizations, and Federal Law № 174-FZ of November 3, 2006 On Autonomous Institutions, and a number of statutory documents regulating the procedure for State jobs formation for government agencies.
     Conclusions The recommended amendments provide for presuming the exclusive rights of budgetary and autonomous institutions to the intellectual property they create using State budget funds. The proposed new budgetary instrument to be included in the Russian Civil Code, i.e. the agreement for public contract execution, will include provisions defining the rights of interested parties to intellectual property created in the course of executing State jobs for R&D.


The principle of total (aggregate) expenditure coverage and special-purpose budget revenues

Bogacheva O.V. Research Financial Institution of Ministry of Finance of Russian Federation, Institute of World Economy and International Relations of RAS, Moscow, Russian Federation ( bogacheva@nifi.ru )

Journal: Finance and Credit, #16, 2015

Importance Neither the international guidelines for public finance management, nor the Budget Code of the Russian Federation answer what the link between revenues and specific expenditures is. The article discusses the ways of formation and use of special-purpose revenues.
     Objectives The objective of the study is to analyze the practical use of earmarked budget revenues and to form the principle of universality (aggregate expenditure coverage) as the principle of the budget law.
     Methods I applied a method of comparisons and analogies to analyze the practical use of the principle of universality and earmarked budget revenues, and how the practice gets reflected in the legislation.
     Results Based on the comparative analysis of international experience in statutory regulation of the use of special-purpose budget revenues in OECD countries, I have drafted proposals on amendments to the Russian budget legislation; in particular, revision of Article 35 of the Budget Code of the Russian Federation. If adopted, the proposed amendments to Article 35 of the Budget Code of the Russian Federation will result in the situation when the principle of total (aggregate) budget expenditure coverage will fully comply with the existing Russian practice and international experience, and the use of earmarked revenues will stay consistent with the basic principles of public finance management.
     Conclusions and Relevance I conclude that the use of earmarked budget revenues may give certain advantages (as compared to the use of general revenues), if it is substantially limited. These findings enabled to formulate proposals on improving the budget law of the Russian Federation.


Revolving funds in the budgetary practice of Canada and the USA

Bogacheva O.V. Research Financial Institution of Ministry of Finance of Russian Federation, Institute of World Economy and International Relations of Russian Academy of Sciences, Moscow, Russian Federation ( bogacheva@nifi.ru )

Fokina T.V. Research Financial Institution of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( fokina@nifi.ru )

Journal: Finance and Credit, #18, 2015

Importance The expansion of financial instruments like revolving funds in developed countries was associated with extensive government intervention in the economy after World War II. This influenced the development of the economic functions of the State bodies and State organizations. Despite the fact that the Russian Federation has examples of revolving funds at regional and local levels, these funds did not find any application as budget financing tools as opposed to some developed countries. The article discusses the practice of revolving funds implementation in Canada and the United States of America.
     Objectives The objective of the study is to analyze practical application of revolving funds within the budget sphere of the countries where this kind of practice has become most widespread, i.e. Canada and the USA.
     Methods We analyzed the practical use of State revolving funds in Canada and the USA under the comparative analysis method.
     Results
We have formulated the main advantages and disadvantages of State revolving funds based on the analysis of their use in Canada and the USA. The use of revolving funds as special financial mechanisms may contribute to increasing the efficiency of budget expenses and more flexible management of financial resources, which are allocated to perform business functions that are similar to market or market-oriented functions.
     Conclusions and Relevance
The analysis of major advantages and disadvantages of State revolving funds in the practice of Canada and the USA enables to understand the specifics of this financial mechanism application in the Russian Federation to enhance the State finance management quality.


Creating an accounting system for tax expenditures in Russia under budget planning and budget expenditures effectiveness evaluation

Bogacheva O.V. Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bogacheva@nifi.ru )

Journal: Financial Analytics: Science and Experience, #44, 2014

Importance At present, the system of tax expenditure evaluation and accounting in the Russian budgetary planning is only under formation. This fact does not allow to evaluate not only the effectiveness of tax incentives, but also to ensure the efficient use of public finances, their allocation (including in the form of lost revenues as a result of granting tax benefits) to the solution of assigned tasks.
     Objectives The paper aims to develop science-based approaches to creating tax expenditure evaluation and accounting systems in Russia in conditions of budget planning and budget expenditures effectiveness evaluation.
     Methods On the basis of comparison and analogy methods, I have analyzed the Russian and international practices of tax benefits application and presented practical approaches to improve tax expenditure accounting in Russia. I propose to introduce in Russia the system of tax expenditure accounting under budgetary planning and budgetary expenditure effectiveness evaluation. I propose and substantiate necessary amendments to the Russian Federation budgetary legislation, and also provide recommendations on developing and implementing a classification of tax expenditures as a component of budgetary classification. The Russian Federation has accumulated vast experience in applying tax preferences and benefits, however, today the statutory regulation of tax expenditures is not available, and the concept of tax expenditures is not applicable.
     Results To introduce this concept to the budgetary practices it is necessary, first of all, to provide a legislative framework for the term "tax expenditures".
     Conclusions and Relevance Taking into account the significance of tax expenditures in achieving the goals of economic and social policies, the requirement to account for tax expenses in the public resources, which are directed to State programs implementation, I stress the need to develop and implement a classification of tax expenditure as part of the budgetary classification.


The international experience of program budgeting: general principles and models

Yastrebova O.K. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( bogacheva@nifi.ru )

Bogacheva O.V. Center of Budgetary Policy, Research Financial Institute, Ministry of Finance of Russian Federation, Moscow, Russian Federation ( oy@ecorus.ru )

Journal: Finance and Credit, #40, 2014

Introducing program-based and target-oriented principles in the system of public finance management everywhere in the world is a specific feature of the recent decade. According to the research of the German Association of International Cooperation (Deutsche Gesellschaft f?r Internationale Zusammenarbeit (GIZ)), the majority of the OECD member countries, to any extent, have transferred or are planning to transfer to a program-based budget. However, this transition requires reforming the system of public finance management in the conditions of pressing problems of public debt, government budget deficit and growing public expenditures, as well as increasing dissatisfaction of the society with the work of public authorities and insufficient access to the information about the State budget. The authors emphasize that smooth implementation of budget reforms is very rare. Only few countries achieved rather fast and significant results in their transition to program-based budget. The authors name the following problems: high expenses, including those connected with the need to regularly collect and process huge array of information that exceeds the requirements of legislative authorities in decision-making process on State budget; mismatch of invested efforts and obtained results, additional burden on the employees of State departments; weakening political support to the process of introducing the program-based budget. The transition process of our country to the program-based budget was not simple either. Even basic questions continue to be debatable: what is program-based budgeting, what is the difference between a program-based budget and a traditional itemized budget; what are the purposes of transition to a program-based budget format, what models of program-based budget do other countries apply and which of them is suitable for Russia? The authors make an attempt to give reasonable answers to these questions.


Anti-crisis budget regulation: the experience of OECD countries

Bogacheva O.V. Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( bogacheva@nifi.ru )

Fokina T.V. Research Financial Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( fokina@nifi.ru )

Journal: Financial Analytics: Science and Experience, #41, 2014

Importance At the present time, the budgetary legislation of the Russian Federation actually does not contain any norms for regulation of the budgetary legal arrangements under the conditions of financial and economic instability, or other crisis situations caused by the natural and technological disasters, or political conflicts. In such crises, the budgetary system faces the necessity of implementing urgent measures for the concentration of funds to address the pressing tasks. No special rules for determining the budget authority, fiscal arrangements and modalities of cooperation between the participants of the budgetary process in crisis conditions, leads to "fire" response of authorities, which often manifests itself in inefficient and tardy anti-crisis actions. The experience of OECD countries on regulatory crisis management may be of significant interest for Russia.
     Objectives The aim of the article is to provide an analysis of the international experience of the statutory anti-crisis regulation of the budgetary legal relations in OECD countries under the conditions of the financial and economic instability, or other crisis situation and the formation of a position on the possibility and the necessity of the foreign experience application under the Russian Federation's conditions.
     Methods Using the method of comparative analysis, we consider the principles of ensuring the macroeconomic and financial stability, criteria of the crisis situation and the objectives of stabilization policy, basic measures of fiscal stabilization policy, procedures and mechanisms of the financial support of fiscal measures of budget stabilization.
     Results On the basis of the comparative international experience of the legislative anti-crisis regulation of budgetary relations in OECD countries, we provide the conclusions regarding the changes in the Russian budgetary legislation that will facilitate the effective policies for recovery of the economic and financial systems under the crisis.
     Conclusions and Relevance We arrive at a conclusion that the best practices and experience of foreign countries provide the basis for the formation of proposals for the Russian budgetary legislation adjustment.


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