Abstract

The article considers conditions and factors affecting the financial policy of the Eurasian economic Union; provides an assessment of the Agreements between Russia and member countries of the EAEU on the regulation of financial markets; summarizes the common financial policy of the Eurasian economic Union formation challenges and justifies proposals on the optimization model of the policy. Authors have also considered the legal mechanics of financial markets of the EAEU. Considerable attention is paid to the organization of the mutual recognition of reciprocal licenses procedures on the stock exchanges of the national financial markets of the Eurasian Economic Union. The article emphasizes the crucial nature of the system of financial institutions in the countries – participants of the EAEC as the fundamentally important area of financial policy of the Eurasian Economic Union. The benefits of provision of the financial services within these countries over the import of similar services have been also reported.

JEL: F38

Keywords: financial policy, financial market, a unified financial policy, the Eurasian economic Union, integration of financial policy, financial policy of the EEU

References

1. Zvonova, Navoi, Pishchik (2015) Zvonova E., Navoi A., Pishchik V. On the concept of cross-border movement of capital in Russia in the aggravation of the geopolitical risk [O kontseptsii transgranichnogo dvizheniya kapitala v Rossii v usloviyah obostreniya geopoliticheskih riskov] Problems of theory and management practice [Problemyi teorii i praktiki upravleniya] #11, 2015, P. 21.
2. Kalisz Jan Treaty on the Eurasian economic Union [Dogovor o Evraziyskom ekonomicheskom soyuze] the Explorer, #12, 2014, P. 30
3. Kotsyubinsky (2015) Kotsyubinsky I. Russian-Kazakh cross-border cooperation [Rossiysko-kazahstanskoe prigranichnoe sotrudnichestvo] the Browser [Obozrevatel] #7, 2015, P. 52
4. Luzyanin, Sazonov (2015) Luzyanin S.G., Sazonov S.L. Economic zone of the Silk Road: a model-2015 [Ekonomicheskiy poyas Shelkovogo puti: model 2015 goda] The Browser [Obozrevatel], # 5, 2015, P. 38
5. Prospects of integration of the financial sector of the economies of the EAEU [Perspektivyi integratsii finansovogo sektora ekonomiki stran EAES] Finance [Finansyi] #5, 2015, P. 80.
6. Tkachenko (2015) Tkachenko A.A. the beginning of the EAEC Integration: migration Issues [Integratsionnyie nachala EAES: Problemyi migratsii] Power [Vlast] # 11, 2015, P. 14
7. Financial policy in the framework of Eurasian integration [Finansovaya politika v ramkah Evraziyskoy integratsii] edited by B.V. Khulkhachiev, Moscow ECE. 2015, P.48
8. Shishikin, Penkin (2015) Shishikin V.G., Penkin V.I. Customs Union of the EurAsEC: main trends of trade and economic relations in 2011-2014 [Tamozhennyiy soyuz Evrazes: osnovnyie tendentsii torgovo-ekonomicheskih otnosheniy v 2011-2014] Power [Vlast] # 2, 2015, P.125.
9. http://eec.eaeunion.org/ru/nae/news/Pages/30-12-2015-1.aspx
10. URL: http://www.kremlin.ru/news/19597
11. http://nifi.ru/images/FILES/NEWS/rycova_nauch_doc/%20_%20.pdf

Abstract Rationale. Due to the development of the Russian financial market special relevance is gained by the analysis of its new structural elements development, including the pawnshops.

Objectives. During the current research of economic and social factors of pawnshops development in common with the main activities of pawnshops.

Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Results. The functional and institutional structures of the pawnshops market have been analyzed in common with the consideration of the questions of regulation of pawnshops activity by the Bank of Russia.

Conclusions and Relevance. The analysis of the content of economic and regulatory aspects of the Russian pawnshop market activity has been carried out. Various aspects of pawnshops activity have been also analyzed and the advantages of pawnshops business on the financial market have been defined.

JEL: G01, G20, G21, G23

Keywords: pawnshops, regulation, licensing of pawnshops, restriction of activities

References

1. Abramova, Markina (2014) Ed. Abramova M.A., Markina E.V. Monetary-credit and financial systems [Denezhno-kreditnaya i finansovaya sistemy] M.: KNORUS, 2014 [in Russian]
2. Abramova, Aleksandrova, Dubova (2015). Abramova M.A., Aleksandrova L.S., Dubova S.E. The regulation of Lombard business in Russia [Regulirovanie lombardnogo biznesa v Rossiiskoi Federatsii] Banking services [Bankovskie uslugi], 2015. #11 S.2-6 [in Russian]

AbstractRationale. In state-monopolized Russian economy the directions and the specifics of transformation of competition in various spheres are frequently determined by the state.Objective. The main goals of the current research were to specify the key directions of transformation of competition in the banking sector of modern Russian economy and to characterize the special aspects of the state’s influence both on the formation of those directions and on their interaction.Methods. The article employs a polymethodological approach which includes the use of neoclassic structural methods in order to research the outward embodiment of bank competition as well as the use of the methods of political economy in order to research the essence of bank competition in Russia.Conclusions and Relevance. The state as the key subject of bank competition in Russia defines the tendencies’ specifics of competition fading along with the specifics of competitive struggle aggravation in the banking sector of Russia by employing a complex competitive struggle methods. Abovementioned tendencies dialectly interact with each other alternately reaching their peaks. under the state’s control

JEL: G21, G28, G32

Keywords: competition, banks, transformation of competition, fading of competition, aggravation of competitive struggle, competitive environment

References:

1. Malysheva, Kalatchikhina – 2015. Malysheva E., Kalatchikhina Yu., Orekhin P. Private savings bank [Chastnyj sberegatel’nyj bank] Gazeta.ru. 2015. 23^rd of November [in Russian]
2. Gordeev, Kladova – 2015. Gordeev V.A., Kladova A.A. Modification of competitive environment of banking market in the Russian Federation [Modifikacija konkurentnoj sredy bankovskogo rynka v Rossijskoj Federacii] Theoretical economy [Teoreticheskaja jekonomika].2015. #4 (28). Pp. 48-56 [in Russian]
3. Lenin -2014. Lenin V.I. Imperialism as the highest stage of capitalism [Imperializm, kak vysshaja stadija kapitalizma]. – M.: Direct-Media, 2014. p 117 [in Russian]
4. Hilferding R. Financial capital [Finansovyj kapital] M.: Direct-Media, 2008. p.450 [in Russian]
5. Bank of Russia [Electronic resource]. Access mode: www.cbr.ru. Date of access: 23.11.2015 [in Russian]
6. Gref, Yudayeva – 2009. Gref G., Yudayeva K. Russian banking system in the conditions of global crisis [Rossijskaja bankovskaja sistema v uslovijah global’nogo krizisa] Questions of economics [Voprosy jekonomiki]. 2009 #7. pp. 4-14 [in Russian]
7. Goryunova – 2004. Goryunova N.P. Banking crisis of the summer of 2004: the deficit of trust [Bankovskij krizis leta 2004 g.: deficit doverija] Herald of FED RAS [Vestnik DVO RAN]. 2004. #6. pp.71-76 [in Russian]
8. Kirdina – 2014. Kirdina S.G. Institutional matrixes and development of Russia: introduction to the X-Y theory [Institucional’nye matricy i razvitie Rossii: vvedenie v X-Y teoriju]. – Spb.: Nestor-History [SPb.: Nestor-Istorija], 2014 p. 468 [in Russian]
9. Mordoryan – 2014. Mordoryan T. On the signal from the CB [Po signalu ot CB] Gazeta.ru. 2014. 25^th of December [in Russian]

Abstract

Rationale. Due to the development of the Russian Federation financial market the analysis of functioning and regulation of the market of pawnshops gains special relevance.

Objectives. The main goal of the current research was to analyse the directions of development and features of regulation of the pawnshops market within Russia and without.

Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Results. The recommendations submitted on improvement of the legal regulation of pawnshops activity in Russia have been provided.

Conclusions and Relevance. Research of features of development of the Lombard market is conducted in common with the analysis of the legislative base regulating risks of pawnshops activity. As the concsulion, proposals on providing the pawnshops financial availability in various regions of Russia are made.

JEL: G01, G20, G21, G23

Keywords: pawnshops, pawnshops market, regulation, restriction of risks of activity, legislation of Germany

References:

1. Abramova, Markina (2014) Ed. Abramova M.A., Markina E.V. Monetary-credit and financial systems [Denezhno-kreditnaya i finansovaya sistemy] M.: KNORUS, 2014 [in Russian]
2. Abramova, Aleksandrova, Dubova (2015). Abramova M.A., Aleksandrova L.S., Dubova S.E. The regulation of Lombard business in Russia [Regulirovanie lombardnogo biznesa v Rossiiskoi Federatsii] Banking services [Bankovskie uslugi], 2015. #11 S.2-6 [in Russian]
3. Abramova, Mamuta (2015) Abramova, M. A., Mamuta, M.V. Shadow banking in Russia: factors of distribution, possibility of regulation [Shadow banking v Rossii: faktory rasprostraneniya, vozmozhnosti regulirovaniya] / M.A. Abramova, M.V. Mamuta // Bulletin of Financial university [Vestnik Finansovogo universiteta]. 2014. # 5. – S. 55-62 [in Russian]
4. Aleksandrova, Zakharova, Shaker (2012) Aleksandrova L.S, Zakharova O.V., Shaker I.E. Development of microcredit in Russia [Razvitie mikrokreditovaniya v Rossii] Economy. Business. Banks [Ekonomika. Biznes. Banki] 2012. #4. S. 4-19 [in Russian]

Abstract Rationale. The following article inquires into the difference between procycliclical and countercyclicical instruments and justifies the necessity of transition to the second ones which are aimed to afford the stability of economic system.Objectives. The main goal of the current research was to substantiate the thereotical aspects of the commercial banks credit activity under the conditions of credit expansion for the purpose of shortening the procyclicality of banking regulation alongside with the investigation of indexes indicating procyclical or countercyclical flow of credit.Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification had been employed, which have led to providing the reliability and reasonableness of theoretical conclusions and practical proposals.Results. The increasing cyclicality on the credit markets mechanisms, primarily based on the banking regulations and oversight, have been identified.Conclusions and Relevance. During the period of credit expansion within the current economic cycle, insufficient allowancy, which enables to share the risks of banking corporate lending, has been revealed. For this reason it is necessary to create the countercyclical instruments (e.g. dynamic reserves) during the lending binge.JEL: E22, G01, G14, G17Keywords: procyclicality, countercyclicality, maccroprudencial policy, financial stability, macroprudencial instruments, systemic risk.

References:

1. Ermolaev, Zav’yalov (2015) Ermolaev E.A., Zav’yalov U.S. On the definition of the notion ‘financial stability’ [K voprosu ob opredelenii soderzhaniya ponyatiya «finansovaya stabilnost»] Science Magazine ‘Money and Credit’ [Dengi i kredit] #112015. P.58 [in Russian]
2. Keyns (1993) Keyns Dzh.M. Selected works Translation from English. – M.: Progress1993. P.378.
3. Moiseyev (2009) Moiseyev S.R. Countercyclical regulation: dynamic reserves and capital reserves [Kontrtsiklicheskoe regulirovanie: dinamicheskie rezervyi i rezervnyiy kapital] Science Magazine ‘Banking’ [Bankovskoe delo] #10, 2009. P.12 [in Russian]
4. Tereladze (2010) Tereladze D.I. Prospects for the use of dynamic provisioning in Russia [Perspektivyi primeneniya dinamicheskogo rezervirovaniya v Rossii] Vestnik of Samara State University of Economics [Vestnik Samarskogo gosudarstvennogo ekonomicheskogo universiteta] #12, 2010, P.76 [in Russian]

Abstract.

The article presents the results of fundamental analysis of securities market relative to its practical application in the Russian stock market. The options of investment decisions and specifics of investments depending on their vehicle and expected results have been also analyzed and the conclusions concerning the dynamics of the various instruments of the securities market and their growth prospects against a backdrop of the undervaluation of Russian securities by foreign investors have been made. The exposure of the stability of economic viability of financial investments (particularly stocks) from changes of external environmental factors of entrepreneurship and results of emitents activity, shown in organization accounting reports, have been also analyzed. A comparative analysis of proposals for various emitents’ bonds investment and their profitability in relation to maturity have been issued. The priority sectors of securities investments have been also identified.

JEL: G11

Keywords: fundamental analysis, stocks, bonds, investor, Sberbank, the stock exchange, emitent, dividends.

Reference:

1. Frolova, Pankova – 2015. Frolova V. B., Pankova O. N. The financial potential of Russia: negative trends [Finansovyiy potentsial Rossii: negativnyie tendentsii] The Economy. Taxes. Right. [Ekonomika. Nalogi. Pravo.] 2015. #1. – P. 66-71 [in Russian]
2. Frolova, Bikeeva – 2014. Frolova V.B., Bikeeva Y.T. The Influence of geopolitical factor on the dynamics of foreign investments as source of financing of the real sector [Vliyanie geopoliticheskogo faktora na dinamiku inostrannyih investitsiy, kak istochnika finansirovaniya realnogo sektora] Modern scientific research and innovation [Sovremennyie nauchnyie issledovaniya i innovatsii] 2014 #11, 2(43) – P. 155-159 [in Russian]
3. Frolova – 2015. Frolov V. B. Choi, E. I. Evaluation of feasibility of investment decisions after the fact. [Otsenka tselesoobraznosti investitsionnyih resheniy postfaktum] III international scientific-practical conference “Management Sciences in contemporary world” [Doklad. III Mezhdunarodnaya nauchno-prakticheskaya konferentsiya “Upravlencheskie nauki v sovremennom mire”], Moscow: financial University. 2015 [in Russian]
4. Frolova – 2014. Frolova V. B. Return and risk are the main criteria of investment decision [Dohodnost i risk — osnovnyie kriterii prinyatiya investitsionnogo resheniya] in book: research: from theory to practice. Center for scientific cooperation “Interactive plus” [V sbornike: Nauchnyie issledovaniya: ot teorii k praktike. Tsentr nauchnogo sotrudnichestva «Interaktiv plyus»] 2015. – P. 334-337 [in Russian]
5. Frolova – 2014. Frolova V. B. The Issues of IPO as a source of funding the activities of the organization [Problematika IPO kak istochnika finansirovaniya deyatelnosti organizatsii] Economics. Business. Banks. [Èkonomika, biznes, banki] 2014 #1(6). P. 110-119 [in Russian]
6. Frolova, Sargsyan – 2015. Frolova V. B., Sargsyan A. R. Convertible bonds as a source of financing for companies with high growth potential [Konvertiruemyie obligatsii kak istochnik finansirovaniya dlya kompaniy s vyisokim potentsialom rosta] Economics and entrepreneurship [Ekonomika i predprinimatelstvo] 2015 #4-2(57-2). P. 803-805 [in Russian]
7. Frolova – 2015. Frolova V. B. Diversification of funding sources by optimizing alternatives [Diversifikatsiya istochnikov finansirovaniya putem optimizatsii alternativ] In the collection: Twenty-first April economic readings. Materials of the International scientifically-practical conference. Omsk branch of Financial University under the Government of the Russian Federation; under the editorship of V.V. Karpov, A.I. Kovalev. [V sbornike: Dvadtsat pervyie aprelskie ekonomicheskie chteniya. Materialyi Mezhdunarodnoy nauchno-prakticheskoy konferentsii. Omskiy filial Finansovogo universiteta pri Pravitelstve RF; pod redaktsiey V.V. Karpova, A.I. Kovaleva] 2015 P. 90-94 [in Russian]

Abstract

Importance. The article deals with the legal regulation of the Russian accounting based on the recently enacted federal law № 402 “On Accounting”.

Objective. The main goal of the current article was to analyse the provisions (e.g. basic concepts, accounting requirements, innovations) of the Federal law № 402 “On Accounting” and to compare them with the previously legislation on this sphere. The authors have also revealed certain gaps in the new law, which may adversely affect on the organization and accounting in economic subjects.

Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Conclusion and Relevance. The new Federal law №402 “On Accounting” being based on IFRS puts Russian accounting on a higher level: for example, new legal provisions contain severe requirements for the chief accountant and other executives. However, this Federal Law still has various blurred formulations (e.g. “a clear idea of the form of periodic annual reporting”, establishment of the period of inventory etc.) which should be clearified on the basis of the requirements of other law-making instruments such as the Federal law “On Auditing activities” and recent amendments to the Civil Code of Russian Federation on division of legal entities on public and non-public organizations.

JEL: H83, M41

Keywords: legislative regulation, the Federal law № 402 “On Accounting”, RAS, IFRS, analysis

Abstract.

Rationale. In view of the insurance companies’ tranfer under the supervision of the Bank of Russia regulatory risks have increased in this sector. The tightening of requirements on financial statements of insurance companies has revealed various problems of completeness and reliability of their financial statements and, as a result, has led to the reduction of subjects of insurance activity

Objective. The aim of this work was to identify the main trends of the Russian insurance market and to evaluate the degree of conformity of the information disclosed in the financial statements of insurance companies to the current requirements and international financial stability and solvency

Methods. During the current research the scientific economical and statistical methods have been employed.

Conclusions and Relevance. In recognition of both the current economic situation and the highly risk-related nature of insurance activity, we consider it reasonable to compel insurance companies to disclose the quantitative assessment of business continuity as a part of the notes to the accounts. It is proposed to use the ratio of actual and required solvency margin adjusted for the risk component as a criterion.

JEL: M 41, G 22

Keywords: insurance companies, consolidated financial statements, the regulatory activities of the Bank of Russia, business continuity, financial stability, the actual and the required solvency margin of insurance companies,

Rationale. The article focuses on a common approach of information support of the company business model. Generally, the concept of the business model should be consistently applied by those who form the financial accounting information and suitably interpreted by those who use it. Therefore business models should be given a more important role in the financial statements – in particular, id could be made through the Conceptual foundation of IFRS. It will be crucial for the recognition, measurement, presentation and disclosure of information.

Objective. The main goal of the current article is to specify the necessity of development of accounting and analytical support of the corporate business model methods’ in the context of the financial statements.

Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification have been employed.

Conclusions and Relevance. As the result of the research the concept of company’s business model has been designated in the context of the company’s financial statements as well as the definition of accounting and analytical filling of business model has been also formulated. Abovementioned results allow to create a basis for further development of business model assurance methods establishment.

JEL: M41, M21

Keywords: management accounting, business-model, global management accounting principles, business value, financial reporting, IFRS.

Annotation

The desire to maintain and expand leadership in technology and innovation is common for the development of all economies in the world within the sixth technological mode. In modern environment that is impossible to be achieved without the support of knowledge, intellect, senses, cultural codes, communication formats and other types of cognitive resources. The necessity of the use of cognitive resources in the context of innovative organizations development is justified in the article. The key components of the proposed approach are considered as relations and interaction among elements, and not just as institutional structure and its mechanism. These elements are represented mainly as tacit knowledge and innovative communication.

JEL: F29, 014, 031

Keywords: Cognitive resources, tacit knowledge, horizontal management, emotional intelligence, innovative communication.

Abstract

Rationale. The article deals with the matters of the calculated environmental monitoring improvement within the system of ecological safety of the urban construction management as a basis instrument of air pollution reduction.

Objective. The main goal of the current article is to justify the necessity of usage of the calculated monitoring in a system of management ecological security and urban development economics.

Methods. During the current research the scientific methods of theoretical analysis and synthesis, induction and deduction, comparison and classification, computer modeling and calculated monitoring of air pollution have been employed.

Conclusions and Relevance. The results of modeling the emission into the atmosphere of pollutants by small and medium-sized enterprises (including construction industry) within the urban areas of small towns of the Russian Federation are represented in this article. The expediency of complete record record-keeping of such businesses giving a significant contribution into air pollution is also mentioned. Authors have evaluated the values of calculations worthwillness criterion and some other indicators, which allow to apply a simplified representation of small and medium enterprises in the environmental monitoring databases. The complex of socio-economic feasibility based air pollution reducing facilities and its’ approaches are proposed to be applied within the urban construction management.

JEL: Q 53

Keywords: dust, particles, out-emission, atmosphere, pollution, modeling, monitoring, management, urban planning, economics.

Abstract.

Rationale. This article deals with the matters of improving of design and development of new energy-saving technologies and equipment for the effective usage of energy resources.

Objective. The main aim of the current study is to develop new energy-saving technologies and equipment for the effective use of secondary heat energy resources as well as to improve energy efficiency while reducing the specific consumption of materials of heat and mass exchanging devices.

Methods. During the current research the scientific methods of statistical analysis has been employed in common with the experimental studies of effective modes of heat exchanger of particulate material’s fluidized bed oand statistical analysis.

Conclusions and Relevance. The results of an experimental study and modeling of heat exchanger fluidized bed of particulate material are presented in this article. The design of the fluidized bed heat exchanger for efficient use (recycling) secondary heat and mass exchanging devices is developed and the heat transfer coefficients in the range of effective modes of operation are determined. The key recommendations on the use of the proposed device in the industry and the construction industry in view of economic expediency are given.

JEL: Q,39

Keywords: fluidized bed, heat exchange unit, recycling, energy conservation, energy efficiency, resource, economics.

Abstract.

The article deals with the existing classification of stakeholders. It defined that the stakeholder theory suggests the possibility of its’ own development, particularly the development of new categories of stakeholders. On the basis of generalization and analysis of the literature it is shown that the modern global economic situation suggests the possibility of the development of the concepts of stakeholders’ categories. It is also shown that after the “gas shale revolution” and significant economic problems of its’ internal debt the US Government have become a stakeholder, amalgamating interests both in the solution of social problems within the country and in obtaining economic and financial benefits of the global projects in Europe and Asia. In this regard the main aspects and causes of the existing divison of stakeholders not only based on the level of importance and the category, but also by means of segmentation of their functions in business processes. It is justified that for the largest energy companies such as «Gazprom», «CNPS», Statoil ASA it is possible and viable to introduce the category of “global stakeholder.” The same category is appropriate for public corporations of the Russian Federation in the sphere of high technologies (e.g “Rosatom”, “Roscosmos”, “Roselectronika”).

JEL: M21, L26, C41

Keywords: stakeholder, category, business analysis, business process, a global stakeholder, segmentation, structure