Finance and Management - rubric Financial regulation
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MAIN PAGE > Journal "Finance and Management" > Rubric "Financial regulation"
Financial regulation
Gospodarchuk G.G. - National approaches towards regulation of systemic risks in the banking sector pp. 1-13

DOI:
10.25136/2409-7802.2018.4.27692

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.  
Li W., Song Y. - History of development of health insurance system after the establishment of the Peoples Republic of China pp. 1-16

DOI:
10.25136/2409-7802.2020.3.32407

Abstract: The object of this research is the healthcare system of China and the implementation of basic health insurance in the country. The subject of this research is the stages of formation and improvement of health insurance system after the establishment of the People's Republic of China (PRC). The data analysis of scientific literature data and the postulates of legislative acts allowed examining the gradual transition of China from the scheme of national welfare towards the model of social health insurance l. The scientific novelty of this work consists in generalization of the key problems in China’s health care system and proposal of ways for their solution. Similar to any developing program, the implemented system of health insurance has a number of shortcomings that require elaboration and amendments. By trial and error with regards to implementation of progressive reforms and reasonable state control, China was able to achieve maturity of the system of heath insurance, however mostly in cities. It is necessary to address the issues of deficit of health insurance fund, as well as the questions of individual financial risk. The application of measures proposed in the article may reduce the risks and improve the quality of health insurance system, as well as increase the level of content of the citizens with healthcare system.
Korotin K.V. - Prospects of cooperation of the Russian Federation with friendly countries in the framework of investment activities. pp. 1-14

DOI:
10.25136/2409-7802.2023.2.40856

EDN: UDVHEQ

Abstract: The object of the study is investment activity in the Russian Federation. The subject of the study is the implementation of investment activities in relation to friendly foreign states. The purpose of the work is to assess the possible prospects and risks of the orientation of the economy of the Russian Federation on cooperation with friendly countries in the field of investment. Tasks of the work: To assess the regulatory framework for the orientation of the economy of the Russian Federation to friendly countries; Analyze economic indicators in relation to friendly countries; To assess the prospects for cooperation with unfriendly countries in the medium term. The main method of research is analysis. The author analyzes the regulatory framework in the sphere of orientation of the economy of the Russian Federation to strengthen partnership with friendly countries, provides analysis of various indicators of friendly countries and companies belonging to the jurisdiction of friendly countries. Based on the analysis, the author identifies the problem points, relying on the methods of logic. Today, the economy of the Russian Federation is reorienting towards building relations with friendly states. Such a decision is an atypical measure of economic regulation, and there are a small number of examples of similar examples of actions by state bodies. The decision causes an active discussion in the Russian society, which confirms the relevance of this study. The key problem points directly related to the restriction of access to investments in companies of unfriendly foreign states and current investment opportunities in companies of friendly states are identified. The author puts forward several recommendations that can reduce the level of uncertainty in the financial market and reduce risks in the field of investments.
Andreeva O.V. - Institutional environment of financial regulation of social innovations pp. 1-16

DOI:
10.25136/2409-7802.2023.3.43547

EDN: VTWGIS

Abstract: The increasing attention to social innovations in recent years has been caused by the search for alternative ways to solve the problems of the public sector, transformational processes in socio-economic systems taking place under the influence of accelerating technological progress, as well as increased interest and participation of economic agents in solving these problems, including through financial regulation. The purpose of the article is to develop theoretical ideas about the institutional environment of financial regulation of social innovations as a key tool for solving socio-economic problems caused by the increase in external and internal challenges and threats due to the increasing complexity of international relations, the risks of imbalance of the country's financial system, the growth of poverty and social inequality. As a result of the research, the following factors have been identified: factors affecting the stability of the institutional environment of financial regulation of social innovations; specific functions characterizing the institutional environment of financial regulation of social innovations; the main directions of influence of the state as the main subject of the institutional environment of financial regulation of social innovations; the subject-institutional composition of participants in the social innovation process. The effectiveness of social innovations is directly dependent on the development of the relevant institutional environment and the well-functioning mechanism of interaction of the subjects of the socio-innovation process. In this regard, further development and transformation of the institutional environment of financial regulation of social innovations should be aimed at creating conditions for stable functioning and regulation of social innovation activities, involving the widest possible range of stakeholders in it, expanding access to the necessary sources of financial resources.
Kasyanov R.A. - MiFID II: Regulation of Financial Trading Facilities in the EU pp. 13-21

DOI:
10.25136/2409-7802.2018.2.26067

Abstract: The article is devoted to important changes happening on the global financial market. Based on a particular example of financial regulation, the author of the article examines the process of improving the legal basis of the single European financial market. He notes that the common legal framework of the European Union is extended not only extensively but also intensively due to implementation of new kinds of trading in the financial sphere. The author analyzes the main kinds of trading facilities, in partciular, regulated markets, multilateral trading facilities, and organised trading facilities taking into account the second 'Markets in Financial Instruments Directive' (MiFID II) and 'Markets in Financial Instruments Regulation' (MiFIR). In the course of his analysis Kasyanov has used general and special research methods such as analysis and synthesis, generalisation, comparison, historical and systems approaches. In conclusion the author notes that according to MiFID II organised trading kinds being viewed in this article are in fact trading facilities and thus subject to the provisions of MiFID II and MiFIR. New laws and guidelines are supposed to bring regulation of multilateral trading facilities (MTF) to an advanced level and fill in the gap in regulation of organised trading facilities (OTFs). 
Sitnik A.A. - Juridical facts within the mechanism of legal regulation of public relations in the sphere of money circulation pp. 13-22

DOI:
10.25136/2409-7802.2020.1.32063

Abstract: The research explores public relations emerging in the process of money issuance, circulation of cash, credit and electronic currency, accounting and reporting on operations involving finances, currency regulation, organization of national payment system, as well as financial control. The financial control includes control of the solvency of token money; control of adherence to the order of cash transactions and cash register operations; control and oversight of adherence to requirements towards check out equipment; monitoring and supervision within the national payment system; currency control; control in the sphere of counteraction of money laundering, and various forms of financing of terrorism. The scientific novelty consists in the fact that based on the general theoretic positions on juridical facts, the author formulates a concept of juridical facts, which bring forth emergence, changes, and termination of financial legal relations in the sphere of money circulation. The work delineates financial operations from civil law dealings, and the conclusion is made on the possibility of examining financial reform as a relative event. The author highlights the juridical facts of the event and juridical facts of the state.
Chudinovskikh M.V., Kuvaeva Y.V. - Regulation of the model types of crowdfunding: China's experience and its applicability in Russia pp. 15-28

DOI:
10.25136/2409-7802.2021.2.34030

Abstract: This article is dedicated to assessment of the experience of regulation of crowdfunding market in China, as well as its applicability and adaptation in Russia. The key goal consists in conducting a comparative analysis of the approaches towards regulation of crowdfunding in China and Russia. The relevance is define by enactment of the law of August 2, 2019. N.259-FZ “On Attraction of Investments via Investment Platforms and On Introducing Amendments to Separate Legislative Acts of the Russian Federation”. The research is based on the international and Russian statistical data, conceptual reports of the International Organization of Securities Commissions (IOSCO), Cambridge Center for Alternative Finance, and the Bank of Russia. The conclusion is made that it is China that China holds the leading position in the world crowdfunding market. Most widespread in China is Peer-to-peer (P2P) lending via digital platforms. The absence of special regulation led to an investment boom that lasted until 2017, followed by the bankruptcy of a multiple platforms and projects. Strengthening of the state control entailed reduction in alternative financing. The authors formulate recommendations for improving the regulatory approaches towards crowdfunding. The use of RegTech and SupTech technologies is considered as promising direction.
Khokonov B.M. - Functional contradictions in the financial control system pp. 16-25

DOI:
10.25136/2409-7802.2021.3.36405

Abstract: The subject of this research is the functional contradictions of financial control that have developed between its key systemic goal and organizational forms of practical implementation. Currently, the management and organization of financial control do not correspond to the content of the control function of finance, the generally accepted interpretation of which is the orientation towards optimization of cost proportions of reproduction. In terms of formal all-encompassing systematicity of financial control, the dynamics of these cost proportions is not allocated by the existing organizational schemes, which is particularly evident in the unfolding processes of financialization of the economy. Such functional incompatibility is systemic in nature, and substantiates the need for fundamental changes in the content of financial control, which would ensure the return of finances to their initial control function. The goal of this research lies in outlining the priority vector of transformation of financial control. The results and scientific novelty of this work are presented in interpretation of the new content of financial control through integration with the formation of the fundamentals of digital economy, priority development of such cross-cutting technology as the distributed public registry blockchain. In conclusion, the author justifies the need of turning financial control into the internal immanent component of financial relations on the rigid background technology with automatic collection processes, recovery, analysis and storage of data.
Talalaeva N.S., Murav'eva N. - Assessing Efficiency of Industrial Enterprises Financial Management under Inflationary Conditions. Method Development pp. 23-36

DOI:
10.7256/2409-7802.2017.1.21224

Abstract: The financial management of Russian enterprises is the object of research. The process of efficiency of industrial enterprises’ financial management under inflationary conditions is the subject of research. Information about the financial status and efficiency of financial management under inflationary conditions is true and accurate if it’s adjusted for inflation. The methodology for assessment of efficiency of industrial enterprises’ financial management under inflationary conditions was described. This technique of estimation allows to separate the inflationary component from financial statements by using the price deflators taking into consideration the branch and regional special aspects of a particular enterprise. The methods of empirical research include observation, description, comparison; methods of theoretical research are the method of abstracting; and general logical methods are analysis, synthesis, etc. The scientific novelty is that written methodology includes the computation algorithm of separating the inflationary component. Financial indicators «cleaned» from inflation will be the basis for making rational investment and management decisions.
Popova E.M., Guseinova G.M. - Improvement of methodological base on identification of tax expenditures pp. 23-37

DOI:
10.25136/2409-7802.2020.1.32345

Abstract: The concept of tax expenditure is gradually being implemented into the budget process in the Russian Federation, which justifies the relevance of this research. Russia uses the legislative approach towards identification of tax spending, which has a weak theoretical-methodological base. There is currently no precise criterion for allocation of tax expenditures, while the definition formulated by the Article 6 of the Budgetary Code of the Russian Federation further complicates their identification. Thus, there is an objective need for development of more comprehensive approach towards identification of tax expenditures from the theoretical perspective. The study of foreign practice allowed concluding that qualification of the tax norm, as a tax expenditure is a rather debatable question. The novelty and scientific-practical importance of the conducted research consists in the proposed interpretation of tax expenditures and tax incentives, which reflects their main attribute consisting in divergence from the fundamental principles of taxation, and ensures accord with the concepts used in the budgetary legislation. The authors develop an algorithm for identifying tax expenditures, based on solution of the task on determination of adherence of the content of tax norm to the key elements of the mechanism of functionality of a tax incentive.
Shelestinskiy D.G., Burtasova A. - Experience in ounteracting the Illegal Proceeds Legalisation in the Leading Countries in Terms of the Volume of Services Provided in World Trade pp. 25-37

DOI:
10.25136/2409-7802.2017.3.23608

Abstract: Significant harm to the economy of modern states is caused by the legalization of proceeds from crime. The experience of foreign countries allows us to make recommendations for improving the system of counteraction to these criminal acts in our country. The paper considers the process of developing legislation to combat the legalization of proceeds from crime in the United States and Great Britain. Particular attention is paid to current data submitted by state authorities, for example, the United States Sentencing Commission, which allow us to make timely and valid conclusions about the effectiveness of combating crime in this area. The paper presents an analysis of the activities of the National Financial Intelligence Unit of the United States - the Financial Crimes Enforcement Network and the practice of applying the federal law "Foreign Account Tax Compliance Act". In the course of the study, the authors analyzed the activities of the British government - HM Treasury, National Crime Agency, the legal basis for combating legalization based on the Proceeds of Crime Act, and Money Laundering Regulations. Based on the data obtained, the authors draw attention to the fact that law enforcement agencies of Great Britain operate at national, regional and local levels, which increases the effectiveness of the fight against legalization. Particular attention was paid to the Joint Money Laundering Taskforce / JMLIT created in 2015 and already well-proven. During the research, the authors used historical, logical, statistical, systemic and prognostic research methods. The main conclusion of the study was a reasoned opinion on the possibility of wider use of the experience of the United States and Great Britain in countering the legalization of proceeds from crime. At the same time, the authors draw attention to the need to take into account the specifics of the development of the Russian Federation and to refrain from blind implementation of the norms of law.
Shevchenko D., Bolotin Y.O. - Attraction of investments for the development of end-to-end digital technologies pp. 29-40

DOI:
10.25136/2409-7802.2021.2.35644

Abstract: The current innovation policy agenda of the government of the Russian Federation and its constituent entities is largely determined by the need for the development of end-to-end digital technologies, as it is required for the formation of competitive innovative economy with a high level of the added value. The article explores the expert assessment of the market value, which correspond to the key digital technologies, as well as underlines the crucial importance of these markets for increasing the overall investment economic activity. The article also provides a description of foreign experience of the  developed and developing countries in support the realization of projects in the sphere of end-to-end digital technologies. The scientific novelty lies in the offered model of current cooperation of the major stakeholders in the development of end-to-end digital technologies in the context of increasing their capital coefficient. The acquired results prove the high level of investment attractiveness of digital technologies, their importance for the overall economic development, as well as demonstrate the interrelation and interdependence of the stakeholders of digital economy. The presented materials can be valuable for the experts and researchers engaged in the development of digital technologies, as well as for the representatives of executive authorities dealing with the attraction of investment into the project of digital economy projects on the regional and federal levels.
Zhao W. - The measurement and dynamics of financial openness of Chinese economy pp. 31-46

DOI:
10.25136/2409-7802.2022.1.37698

Abstract: Currently there are many literatures examining the linkage between financial openness and other economic factors in emerging economies. Nevertheless, the accuracy of measurement of financial openness is the prerequisite of evaluating its effects. Different scholars usually construct different indicators that capture different facets of financial openness, hence yielding systematically different regression results. Therefore, it is necessary to construct a comprehensive indicator and measure the financial openness in an all-around way. The innovation of this paper lies in the concept of financial opening facilitation that is newly put forwarded by the author. This paper constructs a new sub indicator: financial opening facilitation. Different from previous literatures, this paper argues that although some factors are not directly related to financial opening, they can facilitate the operation of financial institutions and support the flow of international capital, so they also play an important role. The author measures the financial openness in terms of financial account openness, financial institutions openness, financial opening facilitation. This brand-new method can be conducive to the further researchers when they examine the relation between financial openness and domestic economy. Furthermore, China's experience of financial opening can give many revelations to other emerging countries.
Zhebit E.V. - Casus Brexit and Prospects of European Science Funding pp. 37-46

DOI:
10.25136/2409-7802.2017.4.24815

Abstract: The object of the research is the referendum about participation in the European Union that was held in the Great Britain. The subject of the research is the main economic consequences of Brexit including domestic and foreign policy of the European Union and Great Britain. Within the framework of this research, Brexit is viewed as a factor that reflects the global process of transfer to a new geopolitical reality. The author of the article pays special attention to European scientific cooperation and major international research projects. The author demonstrates that the scientific sphere gradually loses its financial independence and faces a growing migration of science and research specialists. In the course of this research the author has used historical, logical, statistical and prognostic methods that allowed to achieve the targets of the research. The author concludes that Brexit may cause recession for the Great Britain including the fall in British currency rates, inflation growth, poorer investment conditions, reduced volumes of the external trade with the EU, etc., up to a real threat of the Kingdom collapse. At the same time, the EU experiences the influence of crucial geopolitical, economic and military factors which, in its turn, may significantly weaken the role of the EU on the global arena. 
Bobrova A.V. - Principles of Creating the Cluster System of Customs Payments pp. 38-54

DOI:
10.25136/2409-7802.2017.3.24042

Abstract: The subject of this research is the process of developing the system of customs payments within the cluster form of combining of the countries, in particular, determination of basic provisions of the methodology applied in case of creating a universal system of customs payments in a cluster. The research objective is to optimize the system of customs payments in a cluster on the basis of the international experience in clustering and framing uniform customs and tax policy of the clusuter countries. The system of the universal principles developed for an economic cluster when forming its customs payments is the result of this research. The form of formation of an economic cluster, principles of domestic and foreign policy in the field of customs payments is provided, and so are recommendations about customs payment by legal entities and individuals as well as specifics of customs payments. Regularities of formation of cluster system of customs payments in the modern world economic space are revealed, problems are defined, advantages of systems are formulated and adapted to the offered model. The methodological basis of the research involves analysis of customs systems of the countries entering different economic clusters, study and synthesis of experience of formation of customs system of specific clusters, comparing of the studied systems among themselves with detection of problems and advantages of their action, and synthesis of methodological grounds on formation of the universal cluster system of customs payments. The novelty of the research is the application of the cluster model of world economy to the system of customs payments of our country and determination of conditions for adaptation of particular state's customs payments to requirements of an economic cluster which the state plans to join. The main conclusion of the research is the idea of the creating an optimum system of customs payments in an economic cluster on the basis of universal principles including using an idealization method. The results of this research can be applied at the meta-level when forming an economic cluster and uniform legislation on customs payments on the basis of the principles formulated herein and at the macro-level of particular countries in the course of their adaptation to conditions of an economic cluster. According to the author, the main direction of applying the research results should be at the meso-level, meaning that the results should be applied to customs subsystem in the economy of separate claster-generating states and the cluster in general. 
Ignatov I.A., Tyukavina I.A. - Records management and strategic information governance a different perspective pp. 41-55

DOI:
10.25136/2409-7802.2021.2.35861

Abstract: This article examines the differences between the two competing in foreign management sectors of scientific and practical activity –records management and information governance – through comparing their definitions, content, and structure. The research is based on the analysis of scientific literature and normative framework, which describe the concept and structure of record management and information governance. The authors explores the factors and stages of the formation of records management and information governance. Special attention is given to the literature review dedicated to information governance, as a developing trend, which is yet lacking the generally accepted definition. The conclusion is made on the absence of fundamental differences between the records management and information governance, which match in their key functions. There is no doubt that the problem of uncontrolled increase in the volume of information is essential for both, foreign and domestic organizations. However, this problem along with attendant problems can be solved by through the traditional scientific-practical discipline of records management; therefore, the formation of a similar discipline seems unreasonable. The conducted research is substantiated by the need to summarize foreign experience in information governance, due to the absence of such works in the domestic management theory, as well as for the development of original approaches towards solution of the problem of expansion of information in the organizations.
Borovikova E.V. - Anti-crisis tools in the system of public finance, taxation and management pp. 48-67

DOI:
10.25136/2409-7802.2023.4.44045

EDN: PVPZAU

Abstract: Anti-crisis management is a set of techniques, methods, and tools for influencing crisis phenomena, the scale of which may be limited to the microlevel or cover industries, regions, and the economy as a whole. The author formulated a comprehensive goal of assessing the tools used by the state, clarifying theoretical and methodological provisions on the classification of anti-crisis measures, their correlation with the stages of the crisis, combining the anti-crisis concept with other approaches. The subject of the study is the anti-crisis tools of public administration, structured according to the directions of economic policy measures and financial regulation. The object of the study is a system of public administration aimed at adapting special tools in times of crises and negative external influences. The author obtained the following results: separate theoretical and methodological provisions regarding the tools are substantiated and other structural elements of the state anti-crisis management; identified the most popular from the point of view of developing practice and public policy impact measures having a financial, organizational, managerial and tax character; developed an approach to the classification of anti-crisis measures depending on the ways of impact on the economy and structuring anti-crisis management tactics and strategy of the post-crisis period; formulated proposals for development educational field and scientific directions in solving the tasks of personnel training of specialists in the field of crisis management.
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