Abstract.

Rationale. The paper deals with the development of social and economic essence of the “national economy competitiveness” notion based on the retrospective analysis of the works of different economic schools’ representatives and modern approaches to the definition of this economic category.

Objective. The main goal of the research was to develop theoretically justified basis for the formation and development of the economy competitiveness at different levels. To resolve this goal the analysis of “the national economy competitiveness” category was conducted, the most appropriate concepts were identified and their original modifications were proposed.

Methods. During the current research the scientific methods of general and system analysis as well as the genetic (retrospective) method of knowledge have been employed.

Conclusions and Relevance. The author has proposed the original principles of the national economy competitiveness attainment at the present point in time. The obtained results can be used to develop directions, mechanisms and methods for increasing the competitiveness at the levels of product, manufacturer, industry and the country as a whole.

JEL: O11, F15

Keywords: competitiveness, national economy, competitive advantages, economic development, economic growth

Abstract

The principles, limits and criteria for the research priorities selection are indicated in the present paper. The evolution of the organization of the scientific researches on the choice of the priority directions of the development of science, technology and engineering as well as the challenges and threats affecting the choice of priorities of both scientific and technical spheres development of Russia from the procedure of choice (actualisation) research priorities have been carried out. The developed procedure allows solving the task of research priorities’ selection on the system basis which makes the selection process more transparent to the participants. The advantage of this procedure is the possibility to link its’ activities with the essential background information, expected outcomes of choosing priorities and managerial impacts at all stages. Deeper detalization of the proposed procedure is capable of the understanding which methods and their combinations could be the most proper ones on every stage and also gives a better image for all the parties of the process not only on the short-term priorities for the scientific development, but also on the prospects of its’ development.

JEL: I2, О1, О3

Keywords: priorities for the development of science, approaches, experiences, mechanisms, generalized pattern choice and actualistaion of development priorities of Russian Science

Abstract.

Modern development of the Russian socioeconomic status has exacerbated the contradictions of the process of innovative enterprises’ creation in Russia. In the context of globalizing world the motivational system based only on benefits is not enough for the innovative enterprises’ formation. It is necessary to have a motivational system based on spiritual and moral prerequisite thuswise Russian spiritual tradition as a spiritual and public orientation on a person’s humanity is analyzed in capacity of a such prerequisite. Russian spiritual tradition is compatible with a moral market-based economy. It is substaintiated that only based on the Russian spiritual tradition devotion to Russia can be the spiritual and moral prerequisite of formation of innovative enterprises.

Keywords: belief, spirituality, West European humanism, innovative enterprise, devotion to Russia, common good, Russian humanism, private profits, private good, humanity.

Abstract.

Importance. The article is devoted to the special aspects of formation of the control securities portfolio of the commercial bank under current conditions of crisis phenomena in the economy and the transition of banks to the Basel III requirements and the tightening of conditions for both the bank’s capital formation and his equity investments.

Objective: The main goals of the present paper are to show the diversity of securities portfolios and their objectives as well as to anylise features of the control portfolio and to identify positive and negative aspects of its formation in order to conceive measures to minimize the risks.

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

Conclusion: The negative aspects of the company’s financial dependence on the securities held by the bank in the portfolio of control participation have been identified and the special measures for their mitigation have been proposed which include the development of the “direct control” instruments of the subsidiary. In order to create such instrments it is necessary to specify in an open consolidation chart of accounts versions of instructions’ formalization and also to introduce criteria for the creaton of right as well as restrictions on the usage of direct control.

JEL: G21

Keywords: portfolio control and participation, the criteria of the characteristics of the portfolio, evidence of financial dependence of the company; requirements to documents and disclosure statements

Abstract.

Authors regard the creation of the automated resources providing not only well-timed informational support of financial services’ consumers but also accompanying the solution of an objective of increase of financial literacy level among the population of Russia as one of the most perspective directions of ecomonomic development. It is proved that in the conditions of the modern Russian reality and existing structure of a domestic financial banking system, which is unique for the countries with the comparable level of economic development, the most detailed, complex and reliable narrative of a particular credit institution status can be provided with not a rating, but a ranking.This article describes the system of ranking assessment of credit institutions’ financial status, which was created and approved in Autonomous non-profit organization “Center of Protection of Bank Clients and Investors” (ANO “ZVI”). The analysis of the conditions of disclosure of information by credit institutions practiced in our country is also conducted.

JEL: C02, C18, G21, G24

Keywords: ranking, rating, assessment system, credit institution, indicators.

Abstract.

Rationale. The object of the study is the specificity of inflationary processes at the present stage of development of the Russian economy.

Objective. The main goal of the present paper consists in identification of monetary and non-monetary factors role in inflationary process in Russia as well as proposal development for improving monetary policy of the Bank of Russia at the present stage of the national economy’s development.

Methods. This study is based on methods of comparative and statistical analysis. Statistical base consists of data on inflation rates, presented by Bank of Russia and Rosstat for the period from 2010 to 2016.

Conclusions and Relevance. Based on the conducted research, conclusion about necessity of development of unified state program for consistent and sustainable management of monetary and non-monetary components of inflation in Russia is made.

JEL: E31, E52

Keywords: monetary policy, central bank, inflation, crisis, natural monopoly, inflation targeting, interest rate.

Abstract.

Rationale. The research subject of this article is investigation of the credit cyclicity, which forms the mainstay of both financial instability and systemic risk of the monetary and credit sphere.

Objective. The main objective of this study is to construct a simple theoretical model, describing and explaining the cyclical pattern of credit market under bounded rationality of economic agents.

Methods. Based on the methods of theoretical analysis and simulation, we introduce bounded rationality as another basic assumption of economic agents’ behavior.

Conclusions and Relevance. The conceived model, unlike New Classical approach, overcomes both the shortcomings of full rationality hypothesis and permanent attitude towards risk and its’ objective evaluation, and also explains the process of stable shifts between period of credit risk accumulation and realization.

JEL: E32, E44, G21 Keywords: bank, credit risk, credit market, credit cycle, bounded rationality, heuristic, prospect theory.

Abstract.

The present paper deals with the necessity of reorientation of the financial statements in keeping with the knowledge-based economy requests, which realizes the policy of the increase of energy efficiency of economic agents. This policy also combines ecological effect and oriented to reduction of a gap in development of regions of the Russian Federation. The knowledge-based economy can be only realized with the proper informational content in the form of the full, balanced and authentic statements on a sustainable development of each national economic agent. This article presents the main reporting rates presenting in the financial statements on a subject’s sustainable development as well as the basic principles and the main stages of formation of the financial statements.

JEL: О49

Keywords: economic agent, financial statement, reporting, sustainable development, inquiries of stakeholders, principles, indicators, stages of formation of the reporting.

Abstract

Rationale. Despite the proven by science and practice dependence of the efficiency and competitiveness of trade organizations on intangible resources management, its methodological aspects are insufficiently examined, which proves the timeliness of the present paper.

Objective. The main goals of this research are to clarify the conceptual apparatus in the definitions of the “intangible resources” and “intangible assets” in relation to trade organizations, to identify the components of intangible resources of trade organizations and to develop a methodology for expert assessment of intangible resources of trade organizations.

Methodology. During the current research the scientific methods of analysis, synthesis, deduction, and grouping have been employed.

Results. The intangible resources can be defined as intangible, non-financial items, actually or potentially used in the activities of trade organizations; intangible assets are the intangible, non-financial items, by the usage of which the trader expects to receive economic benefits controlled through the implementation of the right to receive such benefits and limiting access to them for other economic agents. The components of trade organizations’ intangible resources include among the intangible assets the internal (organizational and informational), external (consumer and partner) and individual (personal and intellectual) components.The developed methodology of expert assessment of intangible resources allows to compare the individual components and, consequently, to assess the structure of intangible resources and identify areas of improvement.

JEL: F10, E22

Keywords: intangible resources, components of intangible resources, intangible assets, trade, trade enterprise, efficiency, expert assessment.

Abstract.

The article deals with the special aspects of the accounting of cession of the debt, under which the change of persons in obligations occurs. The concepts of the assignee and the assignor as well as the first and second lender are analyzed. The author examines the provisions of the assignment contract, the rights and obligations of the assignee and the assignor including the special duty of the assignor to respect the terms of the principal contract and also characterizes the object of the assignment agreement. The particularities of the accounting of the results of this type of contracts for the assignee and the assignor are considered as well as the special aspects of tax base occurrence and calculation for the value-added tax in case of cession of a right. Special attention was paid to the matters of calculation of income tax as a result of substitution of parties in an obligation. The features of calculating the profit tax, depending on the deadline of payment under the main contract.

JEL: M41

Keywords: the assignment agreement, cession, the assignee, the assignor, the lender, assignment, acquisition of a right.

Abstract

Rationale. The evaluation of the continuity of the economic entity is one of the main principles of preparation of financial (accounting) statements accepted in international practice, which makes it a mandatory procedure. The article is devoted to the development of audit procedures evaluating the principle of going concern. The audit procedures for the assessment of going concern have been determined by the author, the amount and materiality of which depend on the particular conditions and facts of the economic agent’s business activity. The main attention was focused on the sequence of actions of the auditor of the confirming assessments which should be undertaken both at the audit planning stage and the stage of fiscal year end audit; it is proved that the procedure of confirmation of the assessment depends on the specific economic situation, which determines the procedure of the auditor for each of them.

Objectives. The main goals of the current research were to analyze the international practice of going concern evaluation and to justify its’ necessity relating to economic agents irrespectively to its’ legal organizational form.

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

Conclusion. The study of methodological experience and findings in the field of audit activity allowed to define the challanges and justify possible solutions focused on providing the effectiveness of the audit in general and to confirm the assessment of going concern concept of the economic agent in particular. The author provides suggestions for recogbition in the audit report evaluation of going concern concept.
JEL: M 42

Keywords: valuation of going concern; audit procedures; the planning phase of the audit; the phase of the annual audit; the risk of unexpected business interruption.

Abstract

Rationale. In conditions of the sanctions which are carried out against Russia by the USA and the EU, which limit the access to the markets of the cheap long-term capital for the Russian banks and the companies, the search of internal sources of investments assumes special prominence. In conditions of the crisis financial institutions seek for merge of the capitals and for search of essentially new services allowing receiving of additional financial resources that lead to mergers of the companies functioning in one market (e.g. insurance or banking). Experince has shown sufficient efficiency of such interaction form, especially for insurance companies and banks because such form of cooperation provides benefit to both of them.

Objectives. The main goal of this article is to undertake a study of the current trends and problems of development of the bancassurance in Russia.

Methods. In this article by means of methods of the analysis, logical generalization, scientific abstraction, and also the system and structural analysis current trends and problems of development of a bancassurance in Russia are investigated.

Results. Current trends of development of a bancassurance in Russia are considered. The main problems of development of a bancassurance in Russia are allocated as well as the directions of their decision are defined.

Conclusions. Authors arrived at the conclusion that current trends of development of a bancassurance in Russia are increase of a share of the bancassurance in a total amount of the insurance market whilst decrease of insurance volumes connected with crediting and growth of non-credit insurance and also increase of a share of captive insurers in a bancassurance.

JEL: G02, G14, G15, G21, G22

Keywords: bancassurance, integration, bank, insurance company, not credit insurance.

Abstract.

Rationale. The present paper is dedicated to the organizational and economic relations arising in the process of innovative investment activity of the organizations, applied in the companies which are located on the territory of the developed countries.

Objective. The main objective the assessment of efficiency of the innovative and investment projects which are carrying out in the territory of separately taken countries.

Methods. The methodological basis of the following research is the complex analysis and system approach and also such methods as generalization, deduction, comparison and analogy.

Conclusions and Relevance. The comparative characteristic of the used innovative investment models in various countries is submitted and the result about their efficiency is summed up.

JEL: O39

Keywords: Investment policy, globalization, trance nationalization, hi-tech production, competition, cluster, national laboratory, developmental developments

Abstract

Rationale. The prudent determination of risk is an essential part of financial institutions performance. The concept Value-at-Risk estimates the worse possible loss caused by investment over a future time- period at given confidence level. It seems that in the future correct determination of risk value will have more significant impact on the financial activity due to the fact that financial instruments are evolving and becoming more complex, which was proved by the last financial crisis in 2008.

Objective. The main goal of the present paper was to evaluate different approaches for estimation market risk.

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

Conclusion. The following paper has provided a comprehensive discussion of possible models applied to measure market risk. The paper analyzes some of the main approaches to measure market risk and Value-at-Risk concept including consideration of Monte-Carlo simulation, variance-covariance, historical and conditional mehods of VaR. The advantages and disadvantages of all the abovementioned approaches are discussed within the current research. In addition, each method has been illustrated with a concrete example of calculation of 1 day VaR at 95% confidence level. Finally, recommendations to implementation of each approach are made.

JEL: G32

Keywords: Value-at-risk, market risk, measurement, VaR, conditional, Monte-Carlo, historical.