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Financial markets
Tishko R.V. - Managing the Market Capital Structure as an Instrument of Equity Financing of a Public Company pp. 51-61


Abstract: Within the framework of the present research, Tishko examines the market mechanism of the relationship between the company value and approaches to managing the market capital structure in Russia. The researcher defines and explains the grounds for essential trends in the business value as a result of approaches that are used to manage the market capital on the stock market. The author gives recommendations and particular strategies that can be used to increase the transparency of the market pricing of emitter's equities through increasing and maintaining a stable high level of the share of freely negotiable equities as well as recommendations regarding securities portfolio building. Within the framework of this research, the author has carried out the qualitative and quantitative analysis (the latter being carried out using the MS Excel application) that demonstrate the dynamics of the aforesaid indicators for the period since 2008 till 2017. The results of this calculation completed with the further empirical analysis of the results conclusively prove that the methods of managing the market capital structure offered by the author of the article are quite applicable to predict both the investment profitability from the side of potential investors and current stockholders, and benefits an emitter may receive from equity financing in the long-term perspective.
Sardarov J.E. - Sukuk Development: Pragmatic and Idealistic Approaches pp. 73-83


Abstract: The object of the present research is the Islamic Finance that is, in fact, an alternative to the classifical financial system based on the Islamic law (Sharia). Over the past years the world market of the Islamic Finance has been growing rapidly, however, it has faced the problem of inconformity of the financial tools structure to the Sharia as a result of the absence of efficient regulation mechanisms. Some Sharia researchers have critisized existing Islamic financial tools for their similarit to traditional (classical) tools. The subject of the present research is the Sukuk (Islamic securities) as the instruments of the Islamic Finance. The author examines various kinds of these instruments and their conformity to the Sharia. The research method chosen by the author is the comparative analysis. In his research Sardarov has compared two approaches to developing Islamic financial instruments. The first approach views these instruments from the practical point of view and the second approach views them from the religious point of view. The novelty of the present research is caused by the fact that the Islamic Finance instruments are a relatively new trend both in Russia and the other world. The aim of the present research is to analyze the main Islaimic Finance instruments. The purpose of the article is to understand how these instruments should be structured so that they would conform to Islamic standards, on the one hand, and be actual and efficient, on the other hand. According to the author, this would allow the financial market to develop further. 
Noosan I.U., Sorokina L.N., Golushko E.P. - Peculiarities of Private Banking in Russia pp. 135-142


Abstract: The subject of the present research is the economic relations arising in the process of private banking services provided by commercial banks to wealthy customers. Privileged elite customers of banking establishments provide an opportunity for the growth of quick assets as a significant part of bank's profits. Universally recognized experts in Private Banking are Switzerland, Luxembourg and Monaco. Private Banking has come to Russia just recently. The majority of Russian banks offer privileged services to customers but according to many experts, the appearance of true Private Banking is still awhile away from now in Russia. However, this sphere of banking activity is undoubtedly developing. The methodological basis of the present research includes systems, historical, sociological, comparative methods of research, case study method as well as general research methods such as generalization, induction and deduction. As a result of the research the authors make a conclusion that in order to develop the sphere of Private Banking in Russia it is necessary to extend banking units that render Private Banking services, to assign a professional manager for each customer, to use international experience by Russian banks and government regulation of this sphere. 
Knyazheva O.V. - Consumer Lending Under the Conditions of the Crisis of 2014-2015 pp. 191-196


Abstract: Consumer crediting shows a prominent aspect in the decision of social problems. As creditors not only banks and the credit organizations, but also the trading companies, also citizens or the enterprises on whom citizens work in this case can act. During crisis in economy the disturbing phenomena are observed. In given article the situation in the market of crediting in Russia in conditions of crisis is considered, the basic tendencies of the market of consumer crediting are analyze. Objective of the given work is not only the analysis of the market of consumer crediting of the Russian Federation now, but also consideration of expediency of decision-making on a capture of the credit in realities of economic and political conditions on a world scene. Dynamics of interest rates under consumer credits during crisis 2014-2015 is investigate, variation of volume of crediting of physical bodies is considered. As a result of research answers to questions on are given how to act to citizens during economic instability, and whether it is necessary to take the consumer credit at present time. The author reveals dynamics of volumes of crediting of physical bodies in the first quarter 2015. The consumer credit is the convenient economic tool. The market of consumer crediting shows high paces of growth though gradual delay of an increase of the given parameter recently is observe. It is possible to assume, that data about decrease in paces of growth are connected with decrease in growth of GDP, strengthening household debt load, to introduction of additional requirements to capitals of banks, a disparity economic and political situation, uncertainty of the population in tomorrow. The author makes a conclusion that now the population should refuse short-term loans as external events on political and financial arena can assist reduction of wages, and it, in turn, can turn back the extremely negative consequences.
Rozanova L.I. - Problems of Microfinance Services Market Regulation: Territorial and Functional Aspects pp. 197-214


Abstract: The subject of research is the process of microfinance services market development and methods of its control. The relevance of the chosen subject is due to the divergence of goal-setting and tseledostizhencheskoy function in the formation of the legal framework for the effective functioning of the financial services market in the region. Featuring in the last decade an exponential upward trend, however, the market mikrofinsovyh services in its development has generated a lot of problems in lending to the insolvent population. Avalanche-like growth of arrears contributed to the emergence of informal collectors of services beyond the civilized ways of forced debt collection. The reaction of the individual regions on the increase in social conflicts in this regard was to ban the activities of collectors that the media was seen as a manifestation of separatism. At the same time the root cause of conflicts that arise to return the debt many consider unreasonably high interest rates, which make loans to microfinance institutions, offering first streamline their activities. The article focuses on the positive scenario of the development of services in the field of microfinance, taking into account the historical Russian and foreign experience.The methodology is based on the use of the subjective approach based on the analysis of economic phenomena, where the economic entity acting on the world, serves as the starting point, and an object of economic analysis is the behavior of the subject of the economy, in particular the microfinance market institutions. At the same time the need and usefulness of the services provided by the subject is seen as a major category. Also applies a positive and normative analysis, which represented the basis of the first vision of economic processes and phenomena as they are, and at the base of a second - what should be. Because the processes and phenomena develop and improve or go away from the life that is in constant dialectical movement, the inner connection of phenomena that exist in reality and in their development, are studied with the use of the dialectical-materialist approach.According to the study, we can conclude that we should proceed from the interests of the regions, and at the heart of regulatory mechanisms should be territorial and functional differentiation of the activities of various financial market institutions, contributes to a more effective control in regulating the microfinance services market. Only strict restrictive norms will contribute to the effective development of the microfinance services market and curb opportunism of economic entities of the microfinance market, when the alleged statutory objectives are untrue and at odds with the social objectives of welfare improvement. The element of novelty of this study is the change in the methodological approach to defining the field of activity of institutions of microfinance market.
Filichkina Y.Y., Morozova G.V. - Research of Russian Market of Mortgage Housing Crediting Under the Conditions of Crisis pp. 215-224


Abstract: In this article the authors examines the nature of mortgage lending. The object of research is the market of mortgage housing crediting in the conditions of crisis. The subject of research is a set of economic relations developing between participants of the market of mortgage lending. In the result of the analysis of mortgage lending the main problems: the difficult economic situation in the country, high interest rates on mortgage loans, insufficient stimulation of demand and supply in the mortgage market, the low level of development of the market of securitization of loans, etc. Main research methods are a systematic approach, analysis and synthesis, document analysis, comparative analysis, statistical data analysis. Conclusions scientific novelty. As a solution to these problems is proposed to develop the interaction between government and participants of the mortgage lending market by improving the legislative framework of the mortgage market, formation of conditions and programs that stimulate supply and demand in this segment of the financial sector, improving infrastructure, bringing additional financial resources of subjects of the Russian economy on the market of residential mortgage loans. The statistical base of the study served as indicators of the market of housing (mortgage housing) lending the Bank of Russia.
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