Theoretical and Applied Economics
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MAIN PAGE > Journal "Theoretical and Applied Economics" > Rubric "Finance, monetary relations and investment"
Finance, monetary relations and investment
Khmel'nitskii M.M. - On the Question about Developing the System of Quality Evaluation Criteria for Government Debt Management pp. 1-10


Abstract: In his artice Khmelnitsky offers an innovatory system of criteria for evaluating the quality of government debt management. The system of criteria offered by the author takes into account basic qualitative attributes of state debt policy including security of the government debt's volume, security of the government debt's structure, security of the payment schedule under commitment, and up-to-date attributes of debt management. The object of the present research is the existing approaches to conducing a criterion evaluation of the government state policy, and analysis of their main drawbacks and ways to eliminate those. The subject of the research is the development of quality evaluation criteria applicable to government debt management, the criteria that would allow to carry out an efficient monitoring of the debt position of a sovereign borrower for the purpose of increasing sustainability of public finances. The rationale of the research is caused by the fact that the Russian Federation still does not have a legally fixed system of relevant criteria as well as by the need to arrange these criteria during the period of 'economic turbulence' when a high level of valitility on the currency and commodity markets limits opportunities of the government to attract the debt capital and may have a negative impact on the budget sustainability. 
Skavysh I.A. - Efficiency of Applying Modern Methods of Business Valuation under Conditions of Developing Markets pp. 1-13


Abstract: The object of the research is the methods that can be used for valuating the cost of business. The subject of the present research is the efficiency of applying modern methods of business valuation compared to traditional methods under the conditions of developing markets. In this research Skavysh analyzes theoretical grounds and algorithms for carrying out the procedure of business valuation based on traditional valuation methods (profitable, cost-intensive, comparative) as well as value added methods, in particular, Economic Value Added (EVA) method. The author has also carried out a comparative analysis of Shareholder Value Added (SVA) indicators and Market Value Added (MVA). In his article Skavysh has used the method of literary sources analysis and has conducted a quantitative comparative analysis of the efficiency of applying modern methods of business valuation based on the example of Russian companies operating in different branches of economy. Based on the results of the research, the author makes a conclusion that under the conditions of developing markets modern valuation methods do not have an  essential advantage over traditional methods from the point of view of their efficiency and accuracy. Despite the fact that modern valuation methods have appeared to be a little bit more efficient, the difference between average relative deviations of business value for each sector is quite insignificant thus we cannot speak of some valuation methods being more efficient than others. Based on the results of analyzing data for each sector the author demonstrates that a branch of economy where a company operates has a significant influence on the efficiency of applying modern valuation methods and modern valuation methods need to be improved in order to take into account specific features of companies operating in different sectors of economy. 
Korkushko M.V. - 'Quality Standard of Banking Activities In case of Debt Restructuring of Physical Entities' and its Applicability pp. 71-78


Abstract: The research article is devoted to consideration of features of the Quality standard of activity of banks when restructuring debt natural persons (Standard). The scope of research covers practice of the Russian banks. Work purpose: to reveal whether use and introduction of the Standard in Russia is possible and to define the directions of his change. Relevance of consideration of this subject is caused by need of borrowers for the high-quality and in due time carried out restructuring that is explained низикм by the level of infrastructure of the help to the borrower in Russia. In work the volume of prolongations in some Russian banks is presented. Distortion and understating of the submitted data is as a result revealed. In the course of research methods of collecting and the analysis of information, sistematization, the analysis of the actual documentation, empirical, etc. have been used. The conclusion is drawn on impossibility of introduction of the Standard without his joint development with the Central Bank. It is noted that introduction of the maximum terms of restructuring of debt, and also determination of quality of the restructuring provided by banks positively will affect further work of bank with clients. However the state fixing of the maximum terms of restructuring depending on types of the credits along with providing unconditional restructuring of the credits to borrowers of the right within these terms can appear much more effective.
Burakov D.V. - Anatomy of Credit Cycles: a Case of Russia pp. 141-163


Abstract: Amplification of the amplitude and frequency of crises phenomena on the credit market has become a serious challenge for academic society and monetary regulation authorities. The growth of financial instability, large-scale realization of "systemic" risk, which are based on cyclic processes in monetary sphere, have once once again highlighted the relevance of research. The need to identify causality between credit cycles in Russia and various macroeconomic variables identifies the subject of this study. The subject of study is the set of economic relations associated with lending to non-financial sector on the example of Russia. Main research methods include a mathematical-statistical method. The study is based on the use of regression analysis and vector autoregression modelling (VAR). The composition of the sample includes values of selected variables at the macroeconomic level on the example of Russia. The sample period is January 2005 – June 2016, reference period for the sample include monthly values of the variables. In the result of the study we determined structural and causal relationship between bank credit supply in Russia and selected macroeconomic variables. Testing of our hypotheses shows that on the Russian market of corporate credit there are several empirical anomalies that contradict the basic provisions of imperfect credit market theory(such as pricing and operating anomalies).
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