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Appeal of bonded financing of account obligations of the subject of the Russian Federation in conditions of growth of regional debts

Ermakova E.A. Doctor of Economics, Professor, the Department of Finance,the Saratov State Social and Economic University ( eae13@mail.ru )

Semernina Yu.V. Doctor of Economics, Associate Professor, Professor of the Department of Finance,the Saratov State Social and Economic University ( ysemernina@yandex.ru )

Journal: Regional Economics: Theory and Practice, #44, 2013

In the article the problems and scales of debt loading of the Russian regions and tools of their debt policy on degree of financial efficiency and appeal are analyzed. The conclusion is drawn on priority of use of bonded financing of account obligations of the subject of the Russian Federation at the present stage of development of the interbudgetary relations and the regional relations. In this regard the principles and features of bonded financing of subjects of Federation are allocated.


A structural and dynamic analysis of the Russian sub-federal bond market

Ermakova E.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( eae13@mail.ru )

Semernina Yu.V. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( ysemernina@yandex.ru )

Shcherbakov A.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( chcherbakov@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #39, 2015

Subject At present, there is little consideration of issues related to the analysis of the structure of the Russian sub-federal bond market in the domestic specialized financial and economic literature. In addition, very often, analysts review the domestic sub-federal bond market together with the municipal bond market, and we believe this is not quite correct.
     Objectives The aim is to identify major development trends in the domestic sub-federal bond market based on its structural and dynamic changes over 2004-2014.
     Methods In the study, we applied graphical and tabular methods, analysis of structural changes, and analysis of average values in relation to the indicators that are traditionally used in this segment of the financial market.
     Results We performed a structural and dynamic analysis of the sub-federal bond market from 2004 to 2014. It enabled to obtain more accurate and reliable results of changes in the reviewed segment of the financial market during the analyzed period, to identify major development trends, and to create a reliable platform for the most realistic forecast of the market development.
     Conclusions We conclude that the nominal value of bond issues (excluding amortization) gives a more accurate picture of the dynamics and structure of the reviewed segment of the Russian debt securities market. The market developed intensively, its volume increased. The market structure underwent significant changes: the total number of issuers of circulating bonds increased from 25 to 35. The analyzed market segment was characterized by a very high level of concentration.


A structural and dynamic analysis of the Russian market of mutual investment funds

Semernina Yu.V. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( ysemernina@yandex.ru )

Chelpanova V.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( chelpanova.va@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #41, 2014

At the present stage, the issues related to the analysis of the structure of the Russian market of mutual investment funds do not received due attention, though the funds have been existing for almost 20 years. The authors made an attempt to identify long-term structural changes in the Russian market of mutual investment funds for 2002-2013. While conducting the structural and dynamic analysis of the market of mutual funds, in addition to traditionally used indicators at short-term intervals (yield of investment units, percentage of the value of their net assets, growth rates and rates of increment of the mutual funds market and its separate segments) the authors propose to consistently use the intensity of absolute structural shift and the Gatev's coefficient for each identified periods: pre-crisis (2003-2007), crisis (2008) and post-crisis (2009-2013). Using the intensity indicator of the absolute structural shift and the Gatev's coefficient in conducting the structural analysis of the domestic market of mutual funds enabled to obtain more accurate and reliable results, and to trace on a step-by-step basis the structural changes occurring in the market. The authors made the following conclusions: over 2003-2013 there was a substantial change in the structure of the domestic market of mutual funds; the increase in the net asset value was typical of all funds, but in different categories it was extremely uneven; traditional funds that existed at the beginning of the period under review were developing at a much slower pace than the new ones that appeared during 2003-2013; traditional funds, on the average, showed a more significant increase in the net asset value per one category of mutual funds; the domestic market of mutual investment funds exhibits a high level of concentration.


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