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MAIN PAGE > Journal "Finance and Management" > Contents of Issue № 04/2018
Contents of Issue № 04/2018
Financial regulation
Gospodarchuk G.G. - National approaches towards regulation of systemic risks in the banking sector pp. 1-13


Abstract: This article analyzes the new concept of international regulatory framework, published by the Basel Committee in 2010, which received the name Basel III. Special attention is given to the content of the new regulatory requirements for bank capital adequacy and its structure; establishment of the protective and countercyclical buffers by the banks; margin to capital for the systemic importance of banks; leverage ratio for preventing dubious transactions with the various financial tools. The article examines the questions of practical implementation of the new requirements of Basil III. The research is structured on the comparative analysis of regulatory documents of the Basel Committee on Baking Supervision and the national standards of central banks of different countries. The scientific novelty lies in identification of the issues emerged in translation of Basel III requirements onto the level of national jurisdictions and the decreasing overall efficiency regulatory reform. The research results demonstrate that the central banks of different countries implement the Basel III regulatory requirements through adjusting the parameters of the tools proposed by Basel III. Conceptually, the instruments do not change; the steps towards fixing the inefficiencies and downsides of the instruments are not taken by the central banks. The introduced additional requirements of capital adequacy do not contain much novelty; therefore, their massive impact upon banks reliability should not be expected. Differentiation of ratios creates a problem of regulatory arbitration. The leverage ratio looks promising, although it is yet to be developed. The author underlines the need for circumstantiation of its calculation methods with regards memorandum items; however, it complicated the calculation formula and contradicts the initial idea of creating the simple to use ratio.  
Investments and investing
Kuznetsov M.V. - Government policy tools for managing medium-size business investments pp. 14-25


Abstract: The object of this research is the government investment management strategy. The subject of this research is the classification of government policy tools for managing medium-size business investments. The existing approaches towards determining the government policy tools for managing medium-size business investments, as well as their classifications are examined. In the course of this research, the author analyzes the regulatory framework, scientific insights and policy recommendations of international organizations. The scientific novelty consists in formulation of an original definition of the term “government policy tools for managing medium-size business investments” alongside the development of classification of such measures. The author systematizes the government policy tools for managing medium-size business investments in accordance with the existing measures corresponding to their description.
Government and municipal borrowing
Belozerov I.P. - State debt management: the focus on efficiency pp. 26-38


Abstract: The subject of this article is the financial economic relations in the sphere of state debt. The traditional use of funds borrowed by the government is geared towards covering the current demands in financial resources, for example, the federal budget deficit. Such circumstance does not allow ensuring strategic approach to state debt management. The fundamental issue of limiting the economic growth in Russia is the insufficient infrastructure development. In light of this, the government is capable of quickly finding the necessary “longer-term money” for the investments to infrastructure. The author suggests maximizing efficiency of the use of obtained funds by the state by means of targeted state borrowing. The scientific novelty of this research consists in the proposal of mechanism of investment use of a portion of state debt. The analysis of global experience supports successful application of targeted bonds as a mechanism of attracting additional investment resources. On the example of the transportation sphere, the article substantiates the need and possibility of issuing state bonds to finance specific objects of infrastructure.
Business organization
Dudnik A.I., Chirkova E.S. - Comparative characteristics of means of accessing international market in form of joint venture and franchising pp. 39-49


Abstract: This article analyzes the means of accessing international market in form of franchising and joint venture. The authors examine the categorical apparatus of the indicated concepts, as well as analyze the peculiarities, merits, and demerits of each of these methods. The attributes of functionality at foreign marker are highlighted. The goal of this research lies in the analysis of such forms of business dealing as franchising and joint venture; as well as comparison and determination of the most efficient and convenient model of accessing international market in one or another specific case. The object of this research is the mechanism of joint venture and franchising. The relevance of this study is associated with the growing number of international joint ventures and franchising companies; however, such types of business activities have not yet received due proliferation within business circles. The mechanisms of franchising and joint venture have not been previously examined for the common advantageous factors, and this work provides the comparative analysis of the key peculiarities. The scientific novelty lies in the fact that the authors establish the selection algorithm between franchising and joint venture in terms of developing an international market promotion strategy.
Budgeting process
Sergienko N.S. - Treasury technologies in debt management of the regions pp. 50-60


Abstract:  The subject of this research is the economic-financial relations with regards financial security and cash breaks in terms of budget execution. The object of this research is the treasury technologies aimed at managing the uniform budget, for ensuring the liquidity of budget funds. The author analyzes the treasury technologies applied in the course of budget execution for the purpose of effective debt management of the subjects of the Russian Federation via lending to public entities by the Treasury of Russia, management of the balance of uniform budget. The scientific novelty consists in the fact that the collective application of treasury technologies allows increasing the efficiency of regional budget management, attract budget credit for replenishment of balance using potentiality of budget planning and forecasting, expansion of the list of instruments that increase the liquidity of uniform budget, and consolidation of budget resources. The conclusion is made that the cash management instruments suggested by the Federal Treasury ensure the additional sustainability of budgets of treasury system within the framework of measures conducted for increasing the efficiency of public funds management.
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