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Tax equity and human well-being in terms of different types of tax system

Shvandar K.V. Financial Research Institute, Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute, Moscow, Russian Federation ( aanisimova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #31, 2016

Importance The paper studies and discusses the issues relating to equity of taxation.
Objectives The paper aims to analyze the tax equity issues and tax policies of various countries in this area, considering the main types of existing tax systems.
Methods For the study, we used the general-logical methods of analysis.
Results We defined the types of tax systems depending on the justice strength. As well, we found tax systems, which can be regarded as more fair ones, and we present the examples of countries, close to Russia's GDP per capita, with the most and the least fair tax systems.
Conclusions In the Russian Federation, the tax burden on people with low and average income are substantially higher than the one in countries with a progressive individual income tax scale. This indicates the regressive type of domestic tax system.


Prospects of monetary integration of the EEU countries

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation ( aanisimova@nifi.ru )

Yakovleva I.I. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation ( irinaiyakovleva@gmail.com )

Journal: Financial Analytics: Science and Experience, #2, 2018

Subject The article deals with the issues of economic integration and national currencies use in international settlements in the EEU countries.
Objectives The purpose of this work is to identify factors that encourage the expansion of national currencies settlements in the EEU area.
Methods The article analyzes the main reasons of using the national currency in international settlements and describes the mechanism of such settlements under strict restrictions in the currency legislation of the country. On the basis of generalization and analysis of experience of internationalization of the Chinese yuan, the article considers the most important factors of intensification of settlements in national currencies in the EEU space.
Results The article identifies the main factors contributing to the choice of the national currency in the implementation of trade transactions.
Conclusions The article makes conclusions about the development of settlements in Russian rubles and currencies of the EEU countries.


Fiscal consolidation: global practices

Shvandar K.V. Financial Research Institute, Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute, Moscow, Russian Federation ( Aanisimova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #27, 2016

Importance Many developed nations have been changing their spending and taxation policies for recent two decades. They do it as they need to fund budget deficits that are increasing due to growing governmental spending on various governmental programs. Debt crises stemmed from such policies of developed economies. Considering the existing situation, the countries opted for fiscal consolidation.
Objectives The research analyzes the fiscal consolidation process in global practices, and overviews its basic reasons.
Methods In the first part of our research, we set forth theoretical aspects of fiscal consolidation, its basic strategies in global practices, depending on the economic situation. The second part is dedicated to countries, which completed fiscal consolidation, and analyzes measures of fiscal consolidation, and additional reforms.
Results Upon the analysis of fiscal consolidation evidence from global practices, we found the principal goal of fiscal consolidation, necessary factors for long-term positive effect of fiscal reforms and economic growth, and basic difficulties the countries face during fiscal consolidation.
Conclusions and Relevance Fiscal consolidation basically pursues reducing budget deficit and government debt. Supplemental reforms should be conducted to reach the maximum positive effect of fiscal reforms, and economic growth in the long run. As the analysis of fiscal consolidation shows, it is difficult to preserve positive results of the reforms within a long-term period.


Ensuring the socially adequate degree of pension protection for citizens: Global practices

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( aanisimova@nifi.ru )

Journal: National Interests: Priorities and Security, #8, 2018

Importance Many countries, including Russia, face problems with pensions. The reasons for this are demographic, social and economic changes in the modern world, which affect the financial stability of pension systems.
Objectives The research analyzes possible difficulties that may arise in creating a socially acceptable level of pension protection for the Russian citizens, drawing upon world experience.
Methods The first part of the paper studies the adequacy of pensions in the OECD countries (and especially in the EU countries), and replacement rates in different countries, including developing countries and Russia. The second part represents opportunities for providing a socially acceptable level of pension protection in the Russian Federation.
Results The analysis showed the problems of the pension adequacy in different countries, which impede the attainment of a socially acceptable level of pension in the Russian Federation.
Conclusions and Relevance The Russian pension system is characterized by two main problems, i.e. low efficiency of the pension system due to the redundancy of pension rights and a high level of shadow economy. These two problems cause that the Russian Federation has one of the lowest replacement rates in comparison with other developed and developing countries. Financial literacy of the population is another important issue for Russia. The problems of pension should be addressed in a complex manner, as is done in developed countries, where not only the replacement of income is considered, but also poverty and employment indicators.


The Future of Monetary Integration in the EEU

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation ( shvandar@nifi.ru )

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation (FRI), Moscow, Russian Federation ( aanisimova@nifi.ru )

Yakovleva I.I. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation ( irinaiyakovleva@gmail.com )

Journal: Digest Finance, #3, 2018

Importance Almost all regions experience active processes of economic integration. As a result, national currencies become more usable for international payments. The trends are observed in the Eurasian Economic Union (EEU), with the Russian ruble obviously dominating the other currencies.
Objectives We identify factors that streamline invoicing processes denominated in national currencies throughout the EEU.
Methods We refer to China to analyze the main reasons for using the home currency in international payments, scrutinize the payment mechanism under stringent constraints on the currency laws. Summarizing and analyzing the renminbi internationalization practices, we conclude on the most important factors that intensified payments in national currencies throughout the EEU.
Results The article names key factors making the countries use their home currencies to close trade deals. We also express our opinion on the future of payments denominated in the Russian rubles and EEU currencies.
Conclusions and Relevance National currencies are used for international invoicing purposes due to profound trade ties with partners and accessibility of finance, stability of the exchange rate and intention to reduce the USD dominance. The Russian ruble becomes more influential throughout the EEU due to a special status of Russia in the EEU. Russia is the main supplier of energy resources, having the most developed financial market and being free from any legislative barriers to making payments in national currencies throughout the EEU countries.


The prospects of stabilization of the Russian milk market

Shvandar D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dshv75@mail.ru )

Frolova El.M. OOO PlemAgroKonsalting, Moscow, Russian Federation ( frofurs@inbox.ru )

Burova T.F. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( burova@nifi.ru )

Journal: Financial Analytics: Science and Experience, #12, 2017

Importance The article discusses the prospects of the Russian market of milk stabilization, food security and self-sufficiency of the national economy.
Objectives The aim of this work is to study the ways of stabilizing the milk market and develop measures to ensure sustainable development of the industry.
Methods The study is performed with the use of the systems approach, synthesis of the facts, and induction of the obtained results in the scientific conclusions and recommendations.
Results The range of factors affecting the milk market have been determined. The key areas of price reduction and prime costs for commodity milk have been identified. It can help to forecast the development of Russian market of milk.
Conclusions and Relevance The paper has determined the influence of external and internal factors of stability of the milk market and dairy products. It is concluded on the necessity of improving the normative-legal regulation in the field of accounting dairy cattle.


Non-cash payments in the economy: actual problems and solutions of foreign countries

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation ( shvandarkris@nifi.ru )

Journal: Financial Analytics: Science and Experience, #25, 2015

Importance The launch of the national payment system in Russia raised an issue of encouraging non-cash payments in the economy. This process is hindered by a number of matters, which were mostly solved in foreign countries. The article reviews actual aspects the countries came across when stimulating wire transfers, and describes effective solutions to these aspects.
     Objectives The research studies and evaluates the foreign expertise and solutions that inhibit the development of cashless payments. It also analyzes what opportunities Russia has in order to reduce a percentage of cash payments.
     Methods I analyzed and summarized global expertise in tackling barriers that impeded the expansion of non-cash payments, including regulations on some issues.
     Results In many countries, governments are actively involved into promoting non-cash payments at the legislative level, using incentives and restrictions. I demonstrate the following advantages that support the governmental initiative: transparency of transactions, efficiency and security.
     Conclusions and Relevance I note the similar nature of issues the countries face when approaching to the State levers to expand and promote non-cash payments. I also illustrate the existing solutions. This expertise will be valuable for Russia to encourage non-cash payments.


Factors of growing accounts payable of the Russian entrepreneurs during economic uncertainty

Shvandar D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dshv75@mail.ru )

Journal: Financial Analytics: Science and Experience, #35, 2016

Importance Global economy develops in an unstable manner, thus making businesses activate austerity measures in respect to their financial resources. It is important to examine what unleashes a growth in accounts payable of the Russian entrepreneurs during the crisis since the national economy really needs to increase business activity and sustainable development.
Objectives The research analyzes the factors igniting a growth in accounts payable of the Russian businesses so to outline measures for smoothing the negative effect of those circumstances.
Methods The research draws upon a systems approach to analyze accounts payable, synthesis of facts viewed through cause-and-effect relations and historical specifics, induction of the findings into final conclusions and recommendations.
Results Having analyzed a growth in accounts payable of the Russian businesses for 2008–2016, I determined the most powerful economic factors. I prepared a comparative description of some of those aspects in Russia and foreign countries and assessed the effect of such systemic factors as the Russian ruble devaluation and solvent demand.
Conclusions and Relevance I conclude that it is necessary to strengthen the national currency exchange rate using tools of public regulation and intensifying foreign trade, encourage interim and ultimate consumption, improve financial and economic literacy of businessmen and expand their cooperation with credit institutions and public regulators to choose joint measures for reducing accounts payable. The findings may prove useful for mid-term forecasts of the Russian business development, formulation of financial and economic literacy improvement programs.


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