SEARCH
 

Search

 

Результаты поиска 1 - 10 из 22
Начало | Пред. | 1 2 3 | След. | Конец


Basic aspects in the development of financial markets across countries: The Asian story

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: Finance and Credit, #9, 2019

Subject The importance of financial markets is difficult to overestimate for the development of national economies. Developing financial markets is still relevant to a large number of both developing and developed countries. Nowadays we can see Russia and ASEAN countries developing their economic cooperation in investment. Therefore it is important to analyze the development of Asian financial markets.
Objectives The study is to analyze the main directions for developing the financial markets of the Asian countries, and to identify trends and problems in this area.
Methods The study consists of several parts. The article presents an analysis of the dynamics and state of the Asian financial markets, including an overview of infrastructure and credit risk assessments. We compared the state of the Russian and Asian financial markets.
Results The analysis revealed basic trends and problems in the development of the Asian financial markets, and also determined the current state of the Russian financial market.
Conclusions and Relevance The article highlighted key trends, which demonstrate that domestic investors in the Asian financial markets are mainly represented with banks and pension funds. What unites the Asian financial markets is their conservatism, as well as difficult secondary trade in assets. Compared with Asian countries, Russia faces other problems, such as a lack of conservative institutional investors. The immediate task for the development of the financial market in the Russian Federation is increase of the presence of institutional investors, especially non-state pension funds, which is possible only if the role of voluntary pensions will increase in Russia. The development of Russia’s financial market primarily requires institutional investors be present there, especially non-governmental pension funds. This will be possible only if voluntary pension insurance becomes more significant and important.


Non-observed economy as a source of tax revenue: Global practices and the Russian experience

Anisimova A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( aanisimova@nifi.ru )

Journal: International Accounting, #9, 2019

Subject Whereas it is necessary to finance various government programs and preserve fiscal sustainability in Russia, various countries amend their fiscal policies. Currently tax revenue of budgets is increased by reducing the non-observed economy more often, since the existing taxes or new taxes are not always practicable and feasible.
Objectives The research analyzes the sector of non-observed economy of the Russian Federation and possibilities to improve tax collectibility through the sector reduction.
Methods The first part of the article classifies non-observed economy and highlights differences of separate segments. The second part overviews data on hidden income in the Russian Federation to make approximate estimation of possible revenue from withholding tax.
Results Upon the analysis, I determined key segments of non-observed economy and possible measures in relation to each component. The article also indicates economic sectors of the Russian Federation with the highest and lowest percentage of hidden income and amounts of income per sector, estimating possible revenue from withholding tax.
Conclusions and Relevance Segments of non-observed economy include hidden production, illegal production, production in the informal sector, households' production for their own consumption and unaccounted production. To increase fiscal revenue of budgets, there should be measures to legitimize the segment of hidden economy and make it an official sector.


Non-observed economy as a source of tax revenue: Global practices and the Russian experience

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

Journal: Financial Analytics: Science and Experience, #3, 2017

Importance Whereas it is necessary to finance various government programs and preserve fiscal sustainability in Russia, various countries amend their fiscal policies. Currently tax revenue of budgets is increased by reducing the non-observed economy more often, since the existing taxes or new taxes are not always practicable and feasible.
Objectives The research analyzes the sector of non-observed economy of the Russian Federation and possibilities to improve tax collectibility through the sector reduction.
Methods The first part of the article classifies non-observed economy and highlights differences of separate segments. The second part overviews data on hidden income in the Russian Federation to make approximate estimation of possible revenue from withholding tax.
Results Upon the analysis, I determined key segments of non-observed economy and possible measures in relation to each component. The article also indicates economic sectors of the Russian Federation with the highest and lowest percentage of hidden income and amounts of income per sector, estimating possible revenue from withholding tax.
Conclusions and Relevance Segments of non-observed economy include hidden production, illegal production, production in the informal sector, households' production for their own consumption and unaccounted production. To increase fiscal revenue of budgets, there should be measures to legitimize the segment of hidden economy and make it an official sector.


The impact of tax incentives on attracting investment: International practice

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

Journal: Financial Analytics: Science and Experience, #8, 2017

Importance The article discusses the issues of tax incentive use. Attracting investment can lead to significant tax policy changes. The introduction of investment incentives often leads to the destruction of tax bases, reducing tax revenue, people life quality degradation, which increases the relevance of studying the stated issues.
Objectives The aim of the study is to analyze the problems and possible solutions related to the development and introduction of tax incentives for investment based on international experience.
Methods For the study, I used empirical methods and general-logic approaches. I analyzed the most efficient measures of investment tax incentive and examined the main approaches of the tax incentive development.
Results The paper analyzes tax measures that can help attract investment, and it reveals the main problems related to tax incentives use. The paper presents the most effective tax policy mechanisms and investment tax incentive recommendations.
Conclusions The most preferable tax incentives are those that reduce the investment cost, such as accelerated depreciation and tax deductions. Tax incentive based on the tax rate reduction for income tax may result in lost budget revenues, because of commercial investment projects that can be profitable without tax incentives.


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.


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.


Tax loss carryforwards: Fiscal implications for regional budgets

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

Journal: Regional Economics: Theory and Practice, #3, 2018

Importance This article deals with the implications for regional budgets arising from the introduction of tax incentives in terms of damaging the regional budget and attracting investments in the region's economy.
Objectives The article aims to analyze the consequences of applying a benefit of tax loss carryforward for tax revenues of regional budgets.
Methods For the study, I used econometric methods and statistics data of 2016.
Results The article presents the results of analysis of fiscal costs for the regions due to tax loss carryforward and shows the calculation results of the impact of the benefit on investment and regional budgets for two scenarios of fiscal policy.
Conclusions The analysis of the two fiscal policy scenarios for regional budgets shows that introducing a restriction on the benefit in the first case would result in economy of the budget, and in the second case, it would result in the losses from the decrease of investment activity.


Angel investors as a method to revitalize investing activities

Savin S.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( stsavin@mail.ru )

Anisimova A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( anisimovaai@bk.ru )

Journal: Finance and Credit, #4, 2019

Subject The article discusses the role of venture investors, which are called angel investors. Innovative and diversified economy is indispensable without the comprehensive development and assistance to angel investors, including governmental methods for encouraging business angels' activities, tax incentives.
Objectives The article provides our summary of international business angels' practices and guidelines for regulating the tax treatment of business angels and creating favorable conditions for them to operate today.
Methods We prove the reasonableness, reliability and soundness of our recommendations by investigating the development of business angels' activities abroad and in Russia from regulatory and comprehensive perspectives. We also resort to retrospective, systems and functional-structural analysis, observation, classification, tool-based techniques for grouping, sampling, comparison and generalization, evolutionary and trend analysis.
Results We review key issues and their solutions in terms of favorable conditions for revitalizing business angels' activities in Russia. The taxation systems and preferential tax treatment of private venture investors undergo the reforming process in accordance with the current global practices. However, it seems disputable to focus on tax benefits for private professional investors only. We justify the adoption of standards for qualifying private investors as angel investors, elevating the investment and legislative culture, encourage the confidential business partnership and reduce the monopolization in certain economic sectors.
Conclusions There should be a comprehensive program for creating favorable conditions for business angels in the Russian Federation, supporting the performance of regional associations of business angels and facilitating the enforcement of tax incentives to private investors.


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.


Evaluation of the innovation capacity of manufacturing activities

Gracheva N.A. Cand. Sc. (Economics), assistant professor, State Technical University of Kursk ( n-a-gracheva@mail.ru )

Anisimova A.Y. State Technical University of Kursk

Journal: Economic Analysis: Theory and Practice, #10, 2009

Industrial development nowadays is placed special emphasis on both federally and regionally. Enhancing the competitiveness of Russian companies is only possible through the development of their innovative component. Innovative development of manufacturing nowadays is a competitive edge allowing to timely response to changes of the market situation. Innovation implies handsome investment. Therefore efficient use of sales proceeds forming net profit as it is gains in urgency. The amount of earnings, the structure of current assets and liabilities of the company determine its financial stability and predetermine its development opportunities, particularly innovative one.


Результаты поиска 1 - 10 из 22
Начало | Пред. | 1 2 3 | След. | Конец


Сортировать по релевантности | Отсортировано по дате