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Effectiveness of the investment operations of Бank of Russia in the foreign financial markets

Malyshev P.Y. Post-graduate student of the chair «Financial markets and financial engineering», Finance University under the Government of the Russian Federation ( malyshev@msd.cbr.ru )

Journal: Finance and Credit, #33, 2011

The problems of effectiveness of the investment operations of Бank of Russia in the foreign financial markets became actual. The article is focused on current foreign exchange reserves management system and presents calculations of the optimal level of reserves as well as the benchmark rate of return and provides recommendations for optimization of Russian sovereign wealth funds’ management system.


Foreign exchange reserves management: main trends in Russia and abroad

Malyshev P.Y. post-graduate student Finance Academy under the Government of the Russian Federation ( malyshev@msd.cbr.ru )

Journal: Finance and Credit, #14, 2010

The article reviews the most important current trends in foreign exchange reserves management observed in foreign central banks’ activity (including the features of their investment strategies during the global financial crisis). The analysis shows that most of these trends are observed in Russian practice as well. As the global financial crisis didn’t have a noticeable impact on foreign exchange reserves accumulation the conclusion is made that these main pre-crisis trends are likely to remain in the medium-term period.


The quantitative analysis territorial allocation of property rights

Malyshev A.V. senior lecturer in the department of regional economy and management of the Volgo-Vyatish academy of public administration ( liberty104_1@mail.ru )

Journal: Economic Analysis: Theory and Practice, #36, 2010

In the article the version of quantitative description and analysis of the territorial arrangement of the rights of property is given. The data about the territorial arrangement of financial resources (deposits), are used, are calculated the indices of territorial allocation and the tendencies in the arrangement of economic active memberships and rights of property in modern Russia are revealed with the aid of the methods of vector analysis.


On analytical component of tax administration

Malyshev S.A. PhD in Economics, Deputy Head of the Federal Taxation Agency of the Russian Federation, Branch in Nizhny Novgorod Region ( kafnlg@yandex.ru )

Osipova T.I. PhD in Economics, Associate Professor of department “Taxation Systems”, the Nizhny Novgorod State University ( kafnlg@yandex.ru )

Shashkina M.E. PhD in Economics, Senior Lecturer of department “Banking”, the Nizhny Novgorod State University ( mshashk@mail.ru )

Journal: Economic Analysis: Theory and Practice, #42, 2012

In the article the review of the concepts and techniques of tax administration based on the methods of the economic analysis is made. Some problems and results of application in practice of criteria of an assessment of tax risks are analyzed. The role and the content of analytical procedures at implementation of controllable transactions are defined.


Methodological aspects of the regional investment policy formation

Malyshev D.P. Pskov State University, Pskov, Russian Federation ( maldenper@mail.ru )

Kostinboi A.S. Gazprom Transgaz Saint Petersburg LLC, Pskov Branch, Pskov, Russian Federation ( kostinboy@bk.ru )

Journal: Regional Economics: Theory and Practice, #40, 2015

Importance The article deals with the development of the methodology of formation of regional investment policy.
     Objectives The paper aims to systematize the regional experience shaping investment policies and identify the best practices in the constituent entities of the Russian Federation.
     Methods For the study, we used methods of analysis, such as the systematization and generalization.
     Results We classified the forms of State support of investment activity. We propose an optimal variant of a region's investment-strategy implementation target indicators. We defined three approaches to identify the key factors of investment attractiveness and formation of territorial priorities of the investment policy of the Russian Federation subjects.
     Conclusions and Relevance We concluded that the objectives of the investment policy and the investment strategy of the region are closely interrelated, and they need to be presented as a single system of goals. We propose our own methodology of formation and implementation of investment policies in the region.


Regulation of electronic trading systems: The implementation of Hong Kong and Singapore experience in the Russian stock market

Malyshev P.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( PYUMalyshev@fa.ru )

Journal: Finance and Credit, #37, 2017

Importance The paper discusses the current issues of regulating alternative electronic trading systems, dark pools and crowdfunding platforms based on securities in the financial markets of Hong Kong and Singapore, as well as the possibilities of introducing the experience of these countries in the Russian stock market.
Objectives The paper aims to develop practical recommendations to improve the Russian regulatory system for over-the-counter (OTC) stock market institutions based on the analysis of best foreign approaches and methods.
Methods In this study, I used the methods of statistical grouping, analysis and synthesis.
Results The results of the study show that the admission of leading foreign electronic trading systems to the Russian financial market will have a positive impact on its transparency, while maintaining the overall level of systemic risk, without the expectation of a significant liquidity outflow from the stock market.
Conclusions Despite the fact that most of the institutions of the OTC market operating in the countries under consideration are of foreign origin, their admission to the financial market is fairly liberal. There is a tendency to tighten the requirements for the dark pools operators to maximize the convergence of this segment with the major stock markets.


State-of-the-art and prospects for financial markets’ integration of certain countries of the CIS and Russia

Malyshev P.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( PYUMalyshev@fa.ru )

Journal: Finance and Credit, #18, 2016

Importance The financial and economic crisis in Russia, which is accompanied by massive foreign capital outflow and escalation of international political situation, requires searching for new strategic partners in foreign financial markets, including the CIS States. This necessitates the analysis of the state-of-the-art and specifics of partner countries’ national financial market development.
Objectives The research aims at identifying potential areas for the integration of Russian financial markets with those of Azerbaijan, Armenia and Belarus based on the analysis of their current state, problems and development prospects in the medium term.
Methods In the course of the study, I applied methods of analysis and synthesis, statistical grouping, and linear correlation when reviewing the up-to-date statistical data.
Results The main impediments to development of financial markets of Azerbaijan, Armenia and Belarus are absolute domination of the banking sector, extremely low liquidity of the secondary market and insufficient investment potential of the private sector. Meanwhile, there are some prospective areas for integration.
Conclusions and Relevance The integration of financial markets of the countries under consideration with the Russian market can be effective in terms of attracting national issuers to the Moscow Exchange, developing a comprehensive program to attract the funds of the expatriate community to the domestic financial market, and expanding the range of domestic banks participating in the single integrated currency market within the EEU.


The factor modeling of revenues from income tax to the regional budget

Yashina N.I. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( sitnicof@mail.ru )

Malyshev S.A. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( malishev@unn.mail.ru )

Chesnokova L.A. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( chesnokova-1985@list.ru )

Journal: Finance and Credit, #45, 2016

Subject The article addresses revenues from income tax to the regional budget, and analyzes a possibility of using the factor models to forecast the revenues from this tax.
Objectives The purpose of the study is to establish a connection between socio-economic indexes of territorial entities and the volume of revenues per one specific entity.
Methods We selected significant factors and built one- and two-factor mathematical models of revenues from income tax. On the case of the Nizhny Novgorod oblast, we analyzed data provided by the Federal Tax Service and the Federal State Statistics Service of the Russian Federation and created regression models.
Results We developed a one-factor model of relation of the total indicator (income tax channeled to the regional budget) with attribute factors, and highlighted two significant attribute factors to be used in the two-factor model reflecting a crucial impact of indicators on the formation of tax liabilities on income taxes to be transferred to the regional budget.
Conclusions and Relevance The study establishes a mathematical relation (in the form of regression models) between the revenues from income tax and their determinants. The findings may be used for short-term forecasting of budget revenues.


The impact of fiscal sharing technique on the financial stability of the Russian Federation regions

Yashina N.I. Institute of Economics and Entrepreneurship, National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( yashina@iee.unn.ru )

Malyshev S.A. Institute of Economics and Entrepreneurship, National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( malyshevsa@iee.unn.ru )

Chesnokova L.A. Institute of Economics and Entrepreneurship, National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( chesnokova@iee.unn.ru )

Journal: Finance and Credit, #9, 2019

Subject This article explores the relationships between the financial stability of the Russian Federation regions and the formation of the revenue part of the Russian budgets, the fiscal sharing between the budget system levels, in particular.
Objectives The article aims to substantiate, using calculated analytical data, that a proposed original algorithm for the allocation of regulatory taxes contributes to the increase in the regions' fiscal sustainability.
Methods For the study, we used generally accepted approaches and formulas for assessing the fiscal sustainability based on the Russian Federal Tax Service website official data.
Results The article forms an adjusted income basis of the Russian entities according to the standards of personal income tax payments to the federal and consolidated budgets of the Russian Federation, income tax, VAT, and excise taxes, determined using the proposed original methodology. The article shows that when applying the new standards, the region fiscal sustainability indicators under study demonstrate positive dynamics and prove that transfers of revenues from regulatory and budget revenue generating taxes can contribute to the self-sufficiency and financial sustainability of regional budgets.
Conclusions The proposed technique of tax allocation increases the region's own income, expenditure commitments coverage, and reduces the dependence on inter-budget transfers, i.e. it improves the financial stability of regional budgets.


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