Economy Business Banks №2(19)





Aleksey V. Komarov

Candidate of Pedagogical Sciences, Associate Professor, the Department of Economic Theory at Finance University under the Government of the Russian Federation, Moscow (

Marina V. Skripnikova

Student of Finance and Economics Department at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Comparison of volumes of legal and shadow economies in Russia and leading countries for 2005 - 2015 years


Subject/Topic The shadow and legal economies for 2005 – 2015 years in Russia and abroad.

Goals / Objectives The goal is to compare the volumes of shadow and legal economies in Russia and in foreign countries over the last decade, and to determine the possibility of reducing the growth of shadow income on the basis of foreign experience.

The task is to evaluate the impact of shadow economy on the macroeconomic stability; to compare volumes of legal and shadow economies in Russia and leading world countries for the 2005 – 2015 years; to identify the ways of limiting the growth of informal activities in Russia on the basis of foreign experience.

Methodology is based on the methods of deduction, economic and mathematical, economic and statistical modeling, the method of expert estimations.

Conclusion and Relevance The development of the shadow economy is stimulated by the rapid growth of inflation, macroeconomic instability, unemployment and a number of other factors. The reduction of the level of these factors will help to decrease the volume of hidden economy.

Keywords: shadow economy, hidden economy, concealment of income, the financial sector, tax evasion, sectors of economy, revenues.


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  2. Komarov, Skripnikova (2016) – Komarov AV, Skripnikova MV Major trends and benchmarks of economic development of Russia at the present stage. Scientific discoveries in the era of globalization. [Osnovnye tendencii i orientiry jekonomicheskogo razvitija Rossii na sovremennom jetape. Nauchnye otkrytija v jepohu globalizacii]/ Coll. Art.: International scientific-practical conference [ Mezhdunarodnoj nauchno-prakticheskoj konferencii]. Ans. Ed. Sukiasyan AA -Ufa, 2016. S.87-92. [in Russian]
  3. Komarov, Mikhailov (2015) – Komarov AV, Mikhailov IY Hidden economy in Russia: its establishment and present state. [Nenabljudaemaja jekonomika v Rossii: ee stanovlenie i sostojanie na dannyj moment] // Economics, Sociology and Law [Ekonomika, sociologija i pravo]. – M., 2015. – № 1. – S. 79-84.
  4. Komarov, Skripnikova, Tsyganenko (2015) – Komarov AV, Skripnikova MV Tsyganenko DI Concepts of creation and development of the national payment card system. [Koncepcii sozdanija i razvitija nacional’noj sistemy platezhnyh kart] // Innovative science. [Innovacionnaja nauka] 2015. № 11-1. S. 94-98.
  5. Komarov, Fedorov (2016) – Komarov AV, Fedorov VG Impact of sanctions policy on the banking system of Russian Federation in 2014-2016. [Vlijanie sankcionnoj politiki na bankovskuju sistemu Rossijskoj Federacii 2014-2016 gg.] //Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2016. T. 8. S. 127-137.
  6. Tuaev (2014) – Tuaev VO Comparison of the volume of legal and shadow economies in Russia and the world leading countries [Sopostavlenie ob’emov legalnoy i tenevoy ekonomiki v Rossii i veduschih stranah mira] // Economy and Management: from theory to practice [Ekonomika i menedzhment: ot teorii k praktike]. 2014. pp 153-156 [in Russian]
  7. Fedotov, Orlova (2015) – Fedotov DY Orlova EN The contribution of tax evasion to the increase of the shadow economy [Vklad ukloneniya ot uplatyi nalogov v uvelichenie masshtabov tenevoy ekonomiki] // Finance business [Finansovyiy biznes]. 2015. № 4. S.26-32. [in Russian]
  8. Analytical Center under the Government of Russian Federation [Analiticheskiy tsentr pri Pravitelstve Rossiyskoy Federatsii]
  9. The World Bank Group [Gruppa Vsemirnogo banka]
  10. EUROSTAT [EVROSTAT]: EuroStat.
  11. Interstate Statistical Committee of the Commonwealth of Independent States (CIS) [ezhgosudarstvennyiy statisticheskiy komitet Sodruzhestva Nezavisimyih Gosudarstv (SNG)]
  12. The Federal State Statistics Service [Federalnaya sluzhba gosudarstvennoy statistiki]
  13. Perova M., Perov E. / Dynamics of shadow economy in Russia // European Scientific Journal December. Special edition Vol.2 // Vologda Scientific Centre for Studying Social and Economic Conflicts, Russia, 2015 [in English]
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Olga S. Miroshnichenko

Doctor of Economics, Associate professor, Finance and Monetary Department at Tyumen State University, Tyumen (E-mail:

Maxim M. Sytnik

postgraduate of the Finance and Monetary Departmentn at Tyumen State University, Tyumen (E-mail:

Long-term corporate lending and economic growth in Russia


Subject/Topic Provision of non-financial organizations with the necessary resources, including long-term bank loans, is one of the most important condition of profitable functioning of the corporate sector.

Goals/Objectives To investigate the interrelation of long-term crediting of non-financial organizations as the factor of economic growth.

Methodology We applied the methods of analysis and synthesis, induction and deduction, comparison method, system analysis, a sample survey.

Conclusions and Relevance Results of the analysis of statistical data  of the Bank of Russia, Federal State Statistics Service, the European Central Bank for the years 2005-2015 have showed, that reasons for limitation of long-term  corporate lending are connected with the peculiarities of the development and regulations of the banking system, as well as with the functioning factors of enterprises, including insufficient financial potential of banks, high counterparty risks, low profitability of non-financial institutions, substantial cost of collateral acceptable for bank.

Keywords: bank lending, investments, fixed assets, liquidity, bank risk, Basel II, Basel III

JEL classification: G21, G24, G31



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Ibrahim A. Ramazanov

Doctor of economics, PH.D, Professor, Ttrade policy Department at Plekhanov Russian University of Economics, Moscow (E-mail:

Olga A. Shalnova

Ph.D, Associate professor, Trade policy Department at Plekhanov Russian University of Economics, Moscow (E-mail:

Critical analysis of the KOF-index of globalization methodology


Subject/Topic Globalization is accompanied by significant changes in all spheres of human activity. Scientists all over the world realize the need to understand the trends of its development and influence on the global economy actors, public consciousness and consumer behavior. Among the measures of intensity and scale of globalization development, the KOF-index of globalization is mostly widespread. The article is devoted to studying the principles of KO- index of globalization calculating.

Goals/Objectives The purpose of the study is to critically evaluate the specifics and methodology of KOF-index of globalization calculating, to identify advantages and disadvantages of each sub-index, and to identify areas for increasing the objectivity of indicators for measuring globalization processes and the results obtained on its basis. Methodology The study used a systematic approach and scientific methods of cognition (induction, deduction, analysis, synthesis, analogy).

Conclusions and Relevance On the basis of the study there have been revealed a serious simplification in the determination and degree of the indicators accounting, used as the basis of it, distorting the objectivity of the data. In this connection, the authors conclude that it is necessary to improve the KOF-index calculation methodology, to expand the indicators list and to develop more objective measuring instruments of globalization.

Keywords: globalization, globalization meters, KOF index of globalization, the sub-index of globalization, economic globalization, social globalization, political globalization.

JEL classification: F60



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Larisa D. Zubkova

Ph. D., Associate Professor, the Department of Finance, Money circulation and Credit at Tyumen State University, Tyumen (E-mail:

Sergey M. Dyachkov

3rd grade student of Tyumen state University, Tyumen (Е-mail:

Methodology of investment analysis in the development of the telecommunications industry


Subject/Topic Implementation of the policy of economy’s investment development and formation processes of neo-industrial society with typical features of the knowledge economy, intellectual labor, the computerization of production is currently to a large extend depends on the achievements of scientific and technical progress, inseparably linked with necessity of growth of telecommunication industry.

Goals/Objectives Intensive development of information and communication technologies in recent decades has become a global trend of world progress, ensuring the development of processes of innovative economy formation, stable economic growth and rising of the level of living standards. In this regard, the research in the field of development of methodology of investment analysis in the Telecom industry becomes very important and actual.

Methodology The work proposes a scheme of industrial investment analysis that includes two important complementary components – macroeconomic and microeconomic. In the framework of the microeconomic component an industry factor was developed, which allows to replace the standard set of financial ratios used for the assessment and comparison of companies in the telecommunications industry.

Conclusions and Relevance The article presents a comparative analysis of telecommunications industry companies using sector index and common financial ratios. The results of the study can be used to conduct a rapid assessment of telecommunications industry companies and to make their comparison in terms of sectoral analysis.

Keywords: investment industry analysis, financial indexes, company, telecommunications industry



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  23. Center of corporate disclosure [Tsentr raskryitiya korporativnoy informatsii] [Electronic resource] – Mode of access:
  24. Annual reports of PJSC “MTS” [Godovyie otchetyi kompanii PAO «MTS»] [Electronic resource] – Mode of access:
  25. Information-analytical system SPARK [Informatsionno-analiticheskaya sistema SPARK] [Electronic resource] – mode of access:
  26. Annual reports of the company JSC “VimpelCom” [Godovyie otchetyi kompanii PAO «Vyimpelkom»] [Electronic resource] – Mode of access:
  27. Annual reports of the company OJSC “MegaFon”[Godovyie otchetyi kompanii PAO «Megafon»] [Electronic resource] – Mode of access:]
  28. Annual reports of PJSC “Rostelecom” [Godovyie otchetyi kompanii PAO «Rostelekom»] [Electronic resource] – Mode of access:
  29. Financial information about the company LLC “T2 RTC holding”[ Finansovaya informatsiya o kompanii OOO «T2 RTK Holding»] [Electronic resource] – Mode of access:
  30. Consolidated statements of LLC “T2 RTC holding”[ Konsolidirovannaya otchetnost OOO «T2 RTK Holding»] [Electronic resource] – Mode of access:






Elena V. Nikiforova

Doctor of Economics, Professor, Deputy Director of the Department of Accounting, Analysis and Audit at Finance University under the Government of the Russian Federation, Moscow (Email:

Statements of an economic entity on sustainable development


Subject/Topic Modern conditions of production and consumption make it necessary to improve energy savings and intensification of labor productivity of modern economic entities. This is caused by the limitation of the world’s resources. Accordingly, it is necessary to establish rational use of available resources. The limited world resources, in turn, contributed to the creation of the concept of sustainable development of economic entities.

Importance of the scientific article is based on the fact that any reporting of the economic entity is its informational platform for attracting investments necessary for further sustainable development.

Goas/Objectives Reorientation of the Russian economy from a raw-material model to a model of innovative economy, implementing a policy of radical growth of energy efficiency of economic entities, combining ecological and social effects, as well as eliminating the gap in the development of Russian regions is possible only under the condition of fulfilment of the concept of sustainable development by economic entities.

In turn, innovative economy can only be achieved with the right content.

Methodology During the investigation of the problem of sustainable development of economic entity was used system and dialectical analysis, monographic approach.

Conclusion and Relevance Each economic entity of the country under these conditions should form a complete, balanced and accurate reporting on sustainable development, which allows, on the one hand, stakeholders to obtain appropriate information on the requests and on the other hand – to be the tool for effective management of economic entity.

The results of the study can be widely used, as the reporting of economic entities is required as an information base in all areas of business.

The reporting on the sustainable development of economic entities should contain economic, social and environmental aspects of activity. Completed reporting on sustainable development affect the value of securities of the economic entity, creating its business reputation with stakeholders.

Keywords: sustainable development, stakeholders, economic entity, reporting, efficiency

Appreciation The author expresses his gratitude and deep appreciation to O.V. Efimova, V.I. Barilenko for fruitful cooperation in the field of study of sustainable development of the economic entities.

JEL: О1, Р21, Q01


  1. Nikiforova (2015) – Nikiforova E.V., Schneider O.V. Reporting on sustainable development of the economic entity: principles, stages of training //Problems of regional economy” M.: Publishing house “University of Technology” (Korolev), №4, 2015, 161-166с.
  2. The official website of the Global reporting initiative (Global Reporting Initiative) available at: – date of access: 19.09.2014 g.
  3. Information-analytical support of sustainable development of economic entities: monography / under the editorship of Professor O.V. Efimova, V.I., Borisenko – M.: Publishing house “Rusyns”, 2015. – 160 p.
  4. Nikiforova (2015) – Nikiforova E.V. Methodical approaches to reporting on sustainable development of the economic entity //Accounting. Analysis. Audit M.: Publishing house “Financial University under the Government of the Russian Federation”, N4, 2015, p. 75-80.
  5. Nikiforova (2014) – Nikiforova E.V. Paradigm of Reporting of Economic Entities// Periodical: “World Applied Sciences Journal”, No. 5, 2014, pp. 667-670.
  6. Efimova (2015) – Efimova O.V. Itegrated reporting as a new form of reporting to stakeholders and business // In the book: international economic Symposium – 2015 proceedings of International scientific conferences, dedicated to the 75th anniversary of the economic faculty of St. Petersburg state University: collection of articles. Responsible editor: S. A. Belozerov. 2015. P. 388-399.
  7. Efimova (2015) – Efimova O.V. Integrated reporting as an information base for analysis of sustainable development // collection: Accounting, analysis and audit: history, modernity and prospects of development of materials of the X Intern. scientific. Conf. stud., ASP, prep. N.A. Kamordzhanova (resp. ed.). 2015. P. 7-8.




Elena A. Tarkhanova

PhD in economic sciences, Associated Professor, Finance, Monetary circulation and Credit Department at Tyumen State University, Tyumen (E-mail:

Oksana B. Fedorova

PhD in economic sciences, Associated Professor, Associate Professor, Department of Management in branches of fuel and energy complex at Industrial University of Tyumen, (E-mail:

Theoretical and methodological aspects of research and management of financial stability of enterprises


Subject/Topic Financial stability is an important characteristic of any financial

activity of enterprise in a market economy, the achievement of which is one of the most actual problems of economic entities functioning in the unstable environment.

Goals/Objectives The aim of the article is to study the theoretical and methodological aspects of the financial stability of enterprise and development of controlling algorithm of this characteristic of enterprise’s activity.

Methodology In the process of writing of this work were used such methods of economic study as theoretical analysis and systematic approach to the study of the subject of research. On the basis of  scientific approach actual information on the topic of research was analysed using methods of comparison, classification and generalization.

Conclusions and Relevance As the result of the study the conclusion has been made, that in current unstable economic conditions the use of financial stability controlling algorithm can allow enterprises to work out the most effective program of balanced and interrelated activities aimed at improving or maintaining of target level of financial stability.

Keywords: financial condition of the company, the financial stability of enterprise, diagnosis, financial stability management, financial stability factors.

JEL classification: G00, G30



  1. Gilyarovskaya (2012) – Gilyarovskaya L.T. Analysis and assessment of financial sustainability of commercial organizations: a manual for university [Analiz i otsenka finansovoy ustoychivosti kommercheskih organizatsiy]. – Moskow: UNITY-DANA [Moskva: YuNITI-DANA] 2012. 159 p. [in Russian]
  2. Dragunova, Fedorova Lenkova (2010) – Dragunova L.V., Fedorova O.B., Lenkova O.V. Financial management in trade: a teaching manual [Finansovyiy menedzhment v torgovle] – Tyumen: TSOGU [Tyumen: TyumGNGU] 2013. 168 p. [in Russian]
  3. Efimova (2013) – Efimova O.V. The paradigm of sustainable development: problems of information and analytical support [Paradigma ustoychivogo razvitiya: problemyi informatsionno-analiticheskogo obespecheniya] // The innovative development of the economy [Innovatsionnoe razvitie ekonomiki Innovatsionnoe razvitie ekonomiki]. 2013#1 (13).p. 22-31. [in Russian]
  4. Kupriyanova, Petrusevich (2016) – Kupriyanova L.M., Petrusevich T.V. Informational and analytical support and methods of analysis of company’s stability [Informatsionno-analiticheskoe obespechenie i metodyi analiza ustoychivosti deyatelnosti kompanii] // Economy. Business. Banks. [Ekonomika. Biznes. Banki] 2016 V.8, p. 150-166. [in Russian]
  5. Savitskaya (2013) – Savitskaya G.V. Analysis of economic activity of enterprise [Analiz hozyaystvennoy deyatelnosti predpriyatiya]: Textbook – 5 th ed., Revised. and ext. – M.: INFRA-M [M.: INFRA-M] 2013. 512 p. [in Russian]
  6. Tarkhanova (2004) – Tarkhanova E.A. The stability of commercial banks [Ustoychivost kommercheskih bankov]. Second Edition – Tyumen: Publishing “Vektor Buk” [Tyumen: Izdatelstvo «Vektor Buk»] 2004. 188 p. [in Russian]
  7. Tarkhanova (2001) – Tarkhanova E.A. The stability of commercial banks and ways of its improvement at the regional level [Ustoychivost kommercheskih bankov i puti ee povyisheniya na regionalnom urovne] // Thesis for a scientific degree of candidate of economic sciences – St. Petersburg [Sankt-Peterburg] 2001. 169 p. [in Russian]
  8. Chizhevskaya (2013) – Chizhevskaya E.L. Analysis and diagnostics of financial and economic activity of trading companies [Analiz i diagnostika finansovo-hozyaystvennoy deyatelnosti predpriyatiya torgovli] / E.L. Chizhevskaya, O.B. Fedorova, L.V. Dragunova. – Tyumen: TSOGU [Tyumen: TyumGNGU] 2013. 168 p. [in Russian]
  9. Fedorova, Chizhevskaya (2013) – Fedorova O.B., Chizhevskaya E.L. The role of regional marketing in ensuring the sustainability of the region [Rol regionalnogo marketinga v obespechenii ustoychivosti razvitiya territorii] // In the world of scientific discoveries. [V mire nauchnyih otkryitiy] 2013, # 12.1 (48). p.105-116 [in Russian]




Nikolay E. Simonovich

Doctor of psychological SCI., Professor, the Department of Social and Legal Psychology at Russian State Humanitarian University, Moscow (Email:

Irina A. Kiselеvа

Doctor of Economic Sciences, Professor, the Department of Mathematical Methods in Economics at Plekhanov Russian University of Economics, Moscow (Email:

Liudmila M. Kupriyanova

Candidate of economic sciences, Associate Professor, Deputy Head of the Department of Economics of intellectual property, Associate Professor of the Department of Accounting, Analysis and Audit at Finance University under the Government of the Russian Federation, Moscow (Email:

Concept of risk from the point of view of psychologist and economist


Subject/Topic The article states that the definition of the essence of management object in the economic sphere is the basis of risk management. Assessment, analysis and minimization of risks become now more and more important. Since the domestic theory of risk management is in the stage of formation, the problem of clear definition of the “risk concept” is becoming especially actual at  present time. The fundamental aspect in the activity of a participant of the financial market is the decision-making under conditions of risk and uncertainty. The process of making a final decision is connected with numerous difficulties, arising from the specifics of human psychology. In the article, together with economic forecasts of risks, psychological aspects, i.е. human factor in decision-making were reviewed.

Goals/Objectives The analyses of mechanism of risk management in the business sphere.

The task is to review the main concepts of risk management, to study its components in business, to reflect the system and principles of risk management.

Methodology During this analysis were used methods of cognition, retrospective and documentary analysis, as well as synthesis, generalization and systematization.

Conclusions and Relevance There is a direct correlation between the dynamics of the level of risk and the dynamics of profitability, namely: the higher the average profitability of a particular operation, the higher is the risk associated with it. The level of threats in the market today is higher than the level of potential profit. The conclusion is made that it is impossible to increase income without increasing the risk or to reduce the risk without reducing income.

Keywords: risks, risk assessment, profitability, uncertainty, the position of a person, the status of the individual, the decision making

JEL classification: D81, D29



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  4. Dubrov, Lagosha, Khrustalev (2003) – Dubrov AM, Lagosha BA, Khrustalev E.Yu. Modeling of risk situations in the economy and business / Ed. BA Lagosha. [Modelirovanie riskovykh situatsii v ekonomike i biznese / pod red. B.A. Lagoshi.] M.: Finance and Statistics [Finansy i statistika], 2003. 222 p.
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  6. Kiseleva, Simonovich (2014) – Kiseleva I.A., Simonovich N.E. Making decisions under the conditions of risk: psychological aspects [Prinyatie reshenii v usloviyakh riska: psikhologicheskie aspekty], Financial analytics: problems and solutions [Finansovaya analitika: problemy i resheniya]. 2014. # 18. p. 23-29.
  7. Kiseleva, Simonovich (2014) – Kiseleva I.A., Simonovich N.E. Risk assessment taking into account the influence of the human factor [Otsenka riskov s uchetom vliyaniya chelovecheskogo faktora], Economic Analysis: Theory and Practice [Ekonomicheskii analiz: teoriya i praktika]. 2014. # 2 (353), p. 21-27.
  8. Shapkin (2003) – Shapkin A.S. Economic and financial risks. Evaluation, management, portfolio of investments: Monography. [Ekonomicheskie i finansovye riski. Otsenka, upravlenie, portfel’ investitsii: Monografiya.] , M.: The publishing and trading corporation Dashkov and K, [M.: Izdatel’sko-torgovaya korporatsiya «Dashkov i K»], 2003. -554 p.
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  10. Chereshkin (2010) – Chereshkin DS Risk and security management [Upravlenie riskami i bezopasnost’yu]. M.: URSS Publishing Group [M.: Izdatel’skaya gruppa URSS], 2010. 200 p.
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  13. Errou (1994) – Arrow K. Perception of risk in psychology and economics [Vospriyatie riska v psikhologii i ekonomicheskoi nauke] // THESIS.[ THESIS] 1994. №5. p. 81 – 90.
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  15. Ringland (2013) – Ringland D. The future as an unexplored space: the integration of foresight into strategic decisions [Buduschee kak neizvedannoe prostranstvo: integratsiya forsayta v prinyatie strategicheskih resheniy], Forsyte [Foresight] 2013. Vol. 7. # 4. P. 60-69.
  16. Saritas (2013) – Saritas O. Human Development Technologies: Prospects and Challenges [Tehnologii sovershenstvovaniya cheloveka: perspektivyi i vyizovyi], Forsyte [Foresight]. 2013. Vol. 7. #1. P. 6-13.
  17. Dudin, Lyasnikov, Sekerin, Gorohova, Burlakov (2016) – Dudin M.N., Lyasnikov N.V., Sekerin V.D., Gorohova А.Е., Burlakov V.V. Provision of energy security at the national level in the context of the global gas transportation industry development. International Journal of Energy Economics and Policy, 2016. No. 6 (2), pp. 234-242.
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Victoria B. Frolova

Associate Professor, Candidate of Economic Sciences, Professor, Department of Corporate Finance and Corporate Management at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Anna A. Adzhemyan

Bachelor, Finance University under the Government of the Russian Federation, Moscow (E-mail:

Kira K. Murakova

Bachelor, Finance University under the Government of the Russian Federation, Moscow (E-mail:

Valuation of non-public companies


Subject/Topic The subject of the study is the question of formation and valuation of market value of companies. Problems of valuation of public companies are widely represented in Russian and foreign practice, while the valuation of non-public companies remains very unexplored issue, with no clear solutions.

Goals/Objectives The purpose of the study was to identify the most acceptable, informative and  accurate methods of valuation of the companies, in particular, non-public companies.

To achieve this goal in the work were set and solved the following tasks: set out the main differences in approach and availability of information sources of decision-making in the evaluation of public and non-public companies; analyzed evaluation methods and possible ways of their practical application; presented the key indicators, and factors determining them, factors and multipliers, the values of which contribute to the expansion of information aimed at attraction of potential investors; analyzed the possibilities of on-line exchanges and business platforms; demonstrated the valuation of non-public companies using elements of the comparative method.

Methodology In the study were used the following methods: dialectical, systemic, comparative analysis, economic-statistical.

Conclusion and Relevance To attract investors, private companies themselves should be interested in the information about the real value of the company, as the methods of assessment available to external users of information are of a relative nature.

Keywords: integration, joint stock company, stock, exchange, capital, assessment, risk, company, discounting, comparing, assets, profitability, business platform.

JEL classification: G32


  1. Frolova, Pankova (2015) – Frolova V.B., Pankova O.N. The financial potential of Russia: the negative consequences [Finansovyiy potentsial Rossii: negativnyie posledstviya], Economy. Taxes. Right. [Ekonomika. Nalogi. Pravo.] 2015. # 1.  p. 66-71. [in Russian]
  2. Frolova, Bikeeva (2014) – Frolova V.B., Bikeeva Yu.T. The geopolitical factors in the dynamics of foreign investment as a source of financing 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) – Frolova V.B. Strategic guidelines for deciding INITIAL PUBLIC OFFERING [Strategicheskie orientiryi prinyatiya resheniya po INITIAL PUBLIC OFFERING], Scientific Methodological Concept electronic magazine [Nauchno-metodicheskiy elektronnyiy zhurnal Kontsept] 2015. # 10. p. 121-125. [in Russian]
  4. Frolova (2014) – Frolova V.B. The issue of IPO as a source of funding for the organization of activities [Problematika IPO kak istochnika finansirovaniya deyatelnosti organizatsii], Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2014. # 1 (6).  p. 110-119. [in Russian]
  5. Frolova, Adjemian, Murakawa (2016) Adjemian, A. A., Murakawa K. K., Frolova, V. B., Detection of dynamic variations in the market value of oil companies [Vyyavleniye dinamicheskikh zavisimostey izmeneniya rynochnoy stoimosti neftyanykh kompaniy] Modern scientific researches and innovations. [Sovremennyye nauchnyye issledovaniya i innovatsii] 2016. # 11 (67). P. 352-360. [in Russian]
  6. Frolova, Nagibin (2016) Frolova, V. B., Nagibin G. V. Valuation of securities in modern conditions: alternative investment solutions [Otsenka tsennykh bumag v sovremennykh usloviyakh: alternativnyye investitsionnyye resheniya], Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2016. # 1 (14). P. 60-67. [in Russian]
  7. Frolova, Maklakova (2015) Frolova V.B, Maklakova T. R. the Impact of restructuring processes of companies in their market value [Vliyaniye protsessov restrukturizatsii kompaniy na ikh rynochnuyu stoimost], Economics and entrepreneurship. [Ekonomika i predprinimatelstvo] 2015. # 12-3 (65-3). P. 621-626. [in Russian]
  8. Frolova (2011) – Frolova V.B. Optimize capital structure [Optimizatsiya strukturyi kapitala], Herald MGUP named after Ivan Fedorov [Vestnik MGUP imeni Ivana Fedorova] 2011. # 2.  p. 407-412. [in Russian]
  9. Frolova (2015) Frolova V. B. Profitability and risk are the main criteria for investment decision-making [Dokhodnost i risk – osnovnyye kriterii prinyatiya investitsionnogo resheniya], research: from theory to practice [Nauchnyye issledovaniya: ot teorii k praktike]. 2015. Vol. 2. # 2 (3). P. 334-337. [in Russian]
  10. Frolova, Han (2016) – Frolova V.B., Han T. F. Identification of factorregister variations of the market capitalization of media companies [Vyyavleniye faktorologicheskikh zavisimostey izmeneniya rynochnoy kapitalizatsii mediakholdingov] Economics. Business. Banks. [Ekonomika. Biznes. Banki.] 2016. #  4 (17). P. 85-91. [in Russian]




Gennady G. Ivanov

Doctor of science (Econ.), Professor, Head of the Chair of Trade Policy at Plekhanov Russian University of Economics, Moscow (E-mail:

Elena A. Mayorova

Candidate of science (Econ.), Senior lecturer of the Chair of Trade Policy at Plekhanov Russian University of Economics, Moscow (E-mail:

Alexander F. Nikishin

Candidate of science, Associate professor of the Chair of Trade Policy at Plekhanov Russian University of Economics, Moscow (E-mail:

Current state and development prospects of children's goods industry


Subject/Topic The article investigates the status and development of the industry of children’s goods in Russia. The relevance of the topic is caused by the fact that the effective functioning of the children’s products industry is necessary for a happy life of the children, and thus plays an important social role.

Goals / Objectives To assess the state and prospects of development of the industry of children’s products based on the analysis of statistical data; to identify the factors constraining development of the industry of children’s products; to identify the most promising directions of development of the industry of children’s goods.

Methodology In the analyses were used methods of analysis, synthesis, grouping, comparison, graphical method. As the initial data were taken the materials of the Federal State Statistics Service, the Ministry of Industry and Trade, Association of baby goods industry enterprises.

Conclusions and Relevance We have analyzed statistical data, including the number and gender of children, fertility rates, the real incomes of the population, the market of children’s goods. The factors constraining the development of the industry of children’s products  were revealed: a high proportion of imported goods, the high level of competition, a high proportion of low-quality and counterfeit goods, lack of qualified personnel, lack of specialized research, inadequate legal regulation, low household  incomes. The most promising directions of development of the industry of children’s products were identified relating to the state policy in the sphere of education, the rise of popularity of healthy lifestyle and sports, consumer interest in developing and training games, licensing technology, private labels of trading companies, interaction with consumers through social networks.

Key words: children’s products industry, the analysis of statistical data, the dynamics of the number of children, fertility, household income, children’s goods market, status and trends, factors, development prospects.



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  3. Dubenkova M.V. Branding as a factor of social and cultural changes in contemporary Russian society: the example of children’s products industry [Brending kak faktor sotsiokulturnyih izmeneniy v sovremennom rossiyskom obschestve: na primere industrii tovarov dlya detey], Studies of the St. Petersburg State Institute of Culture [Trudyi Sankt-Peterburgskogo gosudarstvennogo instituta kulturyi]. 2015. T. 208. P. 98-103. [in Russian]
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  19. Association of children’s goods industry [Assotsiatsiya predpriyatiy industrii detskih tovarov]. URL: (дата обращения: 20.01.2017)
  20. The Ministry of Industry and Trade of the Russian Federation [The Ministry of Industry and Trade of the Russian Federation]. URL: (дата обращения: 20.01.2017)
  21. The Federal State Statistics Service [Federalnaya sluzhba gosudarstvennoy statistiki]. URL “” (дата обращения: 20.01.2017)





Ruslan A. Dolzhenko

Doct. Sc. (Ec.), Associate Professor, Department of Personnel Management and Socio-economic relations at Altai State University, Barnaul, Deputy Director of Development and External Interaction, Non-state Educational Institution of higher education “TU-UGMK”, Yekaterinburg

Optimization of bank staff number


Subject/Topic Currently one of the most urgent tasks in the field of human resource management is the task of rationing of bank personnel involved in the process of client’s attracting and bank’s products promotion. This type of activity connected with the rationing of the number of client managers in the bank is in the focus of this study.

Goals/Objectives The methodical recommendations, principles and approaches to rationing of the number of client managers in the bank are highlighted. The basic functionality performed by this category of workers, as well as transactions that are included in each of the basic functions are described. Taking into account the basic principles of rationing the number of client managers and the basic functions that perform client managers the formulas for the calculation of normative number of this category of bank office employees are proposed.

Methodology As the basic data for the development of the headcount standards were taken the results of official and regulatory documents analysis, a survey conducted among the bank’s staff, the study of experience of successful commercial banks, evaluation of spended working time by making the activity sampling of employees of this category.

Conclusions and Relevance The method presented in the article, is brought to a detailed stucture of procedures, supplied by calculation formulas and ready for practical use in banking institutions. Using the approach presented in the article the number of client managers can be successfully normalized and their productivity can be сontrolled.

Keywords: Rationing of staff, headcount standards, drivers of quantity, corporate lending, client managers

JEL: G21



  1. Alymova (2008) – Alymova M., Zhilyakov A., Shevchenko Yu., Kryanev A. Rationing headcount in the financial and banking sector on the basis of correlation-regression model [Normirovanie chislennosti personala v finansovo-bankovskoj sfere na osnove korreljacionno-regressionnoj modeli] // Problems of the theory and practice of management [Problemy teorii i praktiki upravlenija]. 2008 # 8. p. 88-93. [in Russian]
  2. Gaynanov (2015) – Gaynanov D.A., Kosmodemyanova E.S. Model of functional and technical measurement of the personnel of the bank financial services [Model’ funkcional’no-tehnicheskogo izmerenija truda personala finansovoj sluzhby banka] // Basic Research [Fundamental’nye issledovanija]. 2015 # 11-5., p 972-980. [in Russian]
  3. Gaynanov (2013) – Gaynanov D.A., Kosmodemyanova E.S. The problems increase productivity workers reporting of commercial banks and Russian companies in general [O problemah povyshenija proizvoditel’nosti truda rabotnikov sfery otchetnosti kommercheskih bankov i rossijskih kompanij v celom] // Herald VEGU [Vestnik VJeGU]. 2013 # 3(65). p. 22-31. [in Russian]
  4. Dolzhenko (2011) – Dolzhenko, R.A. Optimization of headcount [Optimizacija chislennosti personala] // Measurement and remuneration in the industry [Normirovanie i oplata truda v promyshlennosti]. 2011 #3. p. 17-22 [in Russian]
  5. Dolzhenko (2012) – Dolzhenko R.A. Methodological approaches to assessing employee productivity [Metodicheskie podhody k ocenke proizvoditel’nosti truda personala] // Measurement and remuneration in the industry [Normirovanie i oplata truda v promyshlennosti]. 2012 #10. p. 21-25. [in Russian]
  6. Zakharova (2009) – Zakharova E.A. (2009) Rationing as a tool of optimization of business processes [Normirovanie kak instrument optimizacii biznes-processa] // Banking [Bankovskoe delo]. 2009 #8. p. 60-62. [in Russian]






Artem S. Genkin

Doctor of Economic Sciences, Professor, President of ANO “Center for the Protection of Depositors and Investors “, Moscow (E-mail:

Lyubov A. Mavrina

Correspondent of the Business Magazine “INVEST-FORSIGHT”, Moscow (E-mail:

Show Content


Technology of the distributed register (blockchain) and the smart contracts working at its basis are capable not only to completely change technological pattern, but also to change relations of subjects of society, and also between society and the state. Article outlines numerous potential advantages of “smart contracts”.

Having charged to computers contract management, it is possible to make more effective and to create more equitable legal system.

Examples of practical application are given: the financial sphere, the distributed autonomous organizations (DAO). In case of implementation of  blokchain in the stock market, clients will have a number of benefits, starting from the decrease in operating costs and maintenance cost of securities.

Problems of implementation and the prospect of application of smart contracts are studied. At the first stage, before the implementation of smart contracts, it is necessary to think about their regulation.

Subject/Topic Blockchain as the basis for smart contracts.

Goals/Objectives To study smart contracts, areas of their application and problems of implementation.

Methodology Modelling, formalization, analysis, synthesis, induction, deduction.

Conclusions and Relevance Distributed register technology is optimal for setting smart contracts. Smart contract is a workable theory, but it is still at the early stage of development, has some problems with software, and law practice has to be developped.

JEL classification: K12, C8, G2, O16, O39.



  1. Banks are looking for salvation in the technologies of crypto currency [Banki ischut spasenia v tehnologiyah criptovalyuty] // // 2016. 24 March.
  2. Banks conducted the first deal with the use of blockchain and smart contracts. [Banki proveli pervuyu cdelku s primeneniem blockchejna I smart contractov] // // 2016. 24 октября.
  3. Blockchein for Islamic banking is a sea of opportunities. [Blokchein dlya islamskogo banking more vozmozhnostej] // // 2016. 30 декабря.
  4. Genkin A.S. Bitcoin, the great and terrible [Bitcoin, velikij i uzhasnyi] // Harvard Business Review – Россия. 2016. 12 февраля.
  5. Genkin A.S. Innovative instruments in the monetary system and their perception by consumers and the state [Innovatsionnye instrumenty v denezhnoy systeme i ih vospriaytie potrebitelyami I gosudarstvom] // The world jf new economy [Mir novoi economiki] 2014. № 3.
  6. Genkin A.S. Quasi-equity instruments: treatment and regulation in the context of globalization [Kvazydenezhnye instrumenty: obraschenie I regulirovanie v usloviyah globalizatsii] // Genkin A.S., Sidorenko A.L., Semykina O. I. (ed.) Electronic currency in the light of modern legal and economic challenges [Electronnaya valuta v svete sovremennyh pravovyh I economicheskih vyzovov // Collection of materials of the International Scientific and Practical Conference [Sbornik materialov Mezhdunarodnoy nauchno-prakticheskoi konferentsii]. – Мoscow.: Yurlitinform, 2016.
  7. Genkin A.S. Electronic payments: The future is coming today [Electronnye platezhy: buduschee nastupaet segodnya] / Genkin A.S., E. I. Suvorova  // М.: Alpina Publishers, 2011. 284 p.
  8. Will smart contracts be replaced by law firms?Заменят ли смарт-контракты юридические фирмы? [Zamenyat li smart kontrakty yuridicheskie firmy?] // // 2016. 30 August.
  9. 5 applications of the blockchain that will shape our future [5 primenenij blokchejna kotorye sformiruyut nashi budushhee] // // 2016. 07 December.
  10. Technology of blockchain in the capital markets [Tehnologiya blockchein na rynkah capital] // Depozitarium. 2016. № 2.
  11. Chekletsov V.V. Чеклецов В.В. Philosophical and socio-anthropological problems of convergent development of cyberphysical systems (blockchain, Internet of things, artificial intelligence) [Philosofskie i sotsio-antropologicheskie problemy konvergentnogo razvitiya cyberphizicheskih system (blockchein, Internet veschey, iskusstvennyi intellect)] //  Philosophical Problems of Information Technologies and Cyberspace [Philosofskie problem informatsionnyh tehnologiy I cyberprostranstva]. 2016. № 1.
  12. Deloitte. Blockchain. Enigma, Paradox, Opportunity // London, Deloitte LLP, 2016.
  13. Lehmann, A.P. Why banks shouldn’t fear blockchain // // 2016. 24 June.
  14. Morrison, A. Blockchain and smart contract automation: How smart contracts automate digital business //
  15. Oliver Wyman. Blockchain in Capital Markets // // 2016. February.
  16. The great chain of being sure about things // Economist. 2015. Oct. 31. //






Pavel V. Trifonov

Candidate of Economic Sciences, Associate Professor, Management Department at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Ksenia I. Tutova

3rd year student of the Management faculty at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Actual problems of educational process during the change of generations


Subject / Topic Currently management of educational institutions faces the challenge of keeping the leadership potential on the market, caused by the change of cultural values ​​of the new generations of workers (teachers) and students (trainees) relating to generation Y. As one of the tools of administration of new cultural generation representatives in organizations, this article examines the choice of a new model of relationship between teachers and students, representatives of the new cultural generation.

Goals / Objectives The purpose of this article is to describe a set of factors that affect the organization of the modern educational process in the context of cultural changes connected with the change of generations.

Methodology The study is based on a survey of preferences of students and teachers in the selection of methods of educational process, and factors that determine the quality of the process.

Conclusions and Relevance This article describes the key requirements for educational services of the market representatives. It gives a new aspect of a theory of generations of William Strauss and Neil Howe, summarizes the characteristics of Generation Y.

Keywords: theory of generations, clip thinking, the Z generation, the educational process, gamification of educational process.

JEL classification: A14


  1. Report on Marketo’s Engagement Marketing Platform available at HTTP: //
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  8. Trifonov, Guseva (2012) – Trifonov P.V., Guseva A.V. Problems of development of cross-cultural management on the example of multinational corporations operating in Russia [Problemy razvitiya krosskul’turnogo menedzhmenta na primere mezhdunarodnykh korporatsiy funktsioniruyushchikh v Rossii], The transport business of Russia [Transportnoye delo Rossii], 2012. # 6-2. p. 111-113.
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Svyatoslav A. Dmitrenko

Magister in Economics, PhD student, Accounting and Audit Department at Finance University under the Government Of the Russian Federation, Moscow (Е-mail:

Macrostructure of information and analytical support of strategic planning of the company


Subject/Subject The subject of the research is information and analytical support of the strategic planning of the company, with simultaneous meeting the requirements for sustainable development of the company and interaction with stakeholders.

Goals/Objectives The aim of the article is the determination of macrostructure of modern information and analytical support for the strategic planning of the company, which meets the requirements for sustainable development of the company and its stakeholders demands.

Methodology Comparative analysis

Conclusion and Relevance A new macrostructure of information and analytical support for strategic planning of the company is presented. It is corresponding to the requirements of sustainable development of the company and interests of stakeholders, organically combining the existing options of Dataware macrostructures. It is shown that in spite of a fairly complete list of recommended analytical support tools (methodologies, techniques and procedures) that exist in the literature, macrostructures of information support do not clearly represent the interests of stakeholders, in particular the interests of the state. The practical significance is represented by the proposed macrostructure and fully reflects the requirements of the modern type of reporting of the companies – integrated reporting (Global Reporting Initiative). This will enable global stakeholder (the state) and contextual stakeholders of large enterprises to make effective and informed decisions on strategic planning.

Keywords: information and analytical support, global stakeholder, macrostructure, integrated reporting, sustainable development.

JEL: M21, L26, C41



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  12. Guidance on reporting in the field of sustainable development [rukovodstvo po otchetnosti v oblasti ustojchivogo razvitiya] / translated from English. – M.: NGO “Ecoline”, [per. s angl. – m.: roo «ekolajn»], 2006. – 50 s. [In Russian]
  13. Efimova O.V.-2013, Analysis of sustainable development: stakeholder approach Efimova O.V.-2013, [analiz ustojchivogo razvitiya kompanii: stejkxolderskij podxod] // /O.V. Efimova//Economic analysis: theory and practice. [ekonomicheskij analiz: teoriya i praktika].- 2013. – N 45 (348). – Pp. 41-52. [In Russian]
  14. Efimova O. V. -2013, Development and analytical support of sustainable development strategy of commercial organizations [razrabotka analiticheskogo obespecheniya strategii ustojchivogo razvitiya kommercheskix organizacij] /o.v. efimova// Economic analysis: theory and practice [ekonomicheskij analiz: teoriya i praktika]. 2013. – N 45 (348). – P. 41-52. [In Russian]
  15. Brykin A.V., Dmitrenko S. A.-2016, Information and analytical support of the global stakeholder and supply chain challenges of radioelectronic devices [informacionno-analiticheskoe obespechenie globalnogo stejkxoldera i problemy postavok radioelektronnoj apparatury]. 2016. / instrument/ Application to the International scientific journal Economy. Business. Banks [prilozhenie k mezhdunarodnomu nauchnomu zhurnalu ekonomika. biznes. Banki]. 2016. Collection of scientific works Scientific-practical conference” Socio-economic processes in the region:development Trends and control mechanisms” [sbornik nauchnyx trudov nauchno-prakticheskoj konferencii«cocialno-ekonomicheskie processy v regione:tendencii razvitiya i mexanizmy upravleniya»] Vol. 9.With.58 – 66 [In Russian]
  16. Dmitrenko, S. A. 2016, Business processes and classification of stakeholders in planning the strategic development of enterprise[biznes processy i klassifikaciya stejkxolderov pri planirovanii strategicheskogo razvitiya predpriyatiya]. Economics. Business. Banks. [ekonomika. biznes. Banki]. Vol 1(14). P. 133 – 146 [In Russian]
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  18. Pertseva, E. Yu. -2011, The use of the project approach to the implementation of the sustainable development strategy of the company [primenenie proektnogo podxoda k realizacii strategii ustojchivogo razvitiya kompanii]. Pertseva E.Y. [e.y. perceva].// Russian journal of project management [rossijskij zhurnal upravleniya proektami]. – 2011. – N 2 (2). p. 16–21 [In Russian]
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  21. Strategy: Translation from English. [strategiya: perevod s anglijskogo], Koch R. Publisher: Eksmo–Press [Kox r. izdatelstvo: eksmo–press], 2007 [In Russian]
  22. Sirotkin S. A., Kilchevsky N. R. –2011, Strategic planning: textbook [strategicheskoe planirovanie: uchebnik] / S. A. Sirotkin, N. R. Kelchevsky. Ekaterinburg:Urfu[Ekaterinburg:Urfu], 2011.298 p. [In Russian]
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  24. Mintzberg,Ahlstrand B.,J. Lampel. –2000, Schools of strategy [shkoly strategij] / /TRANS. from English. Under the editorship of Y. N. Kapturevskiy –SPb:Publishing House “Piter”, [per. s angl. pod red.yu.n. kapturevskogo –spb:izdatelstvo «piter»], 2000.–336 p. [In Russian]
  25. Batyrova N. S. Informational and analytical support of the sustainable development strategy of the company [informacionno–analiticheskoe obespechenie strategii ustojchivogo razvitiya kompanii] Specialty 08.00.12 [specialnost 08.00.12] – Accounting, statistics. The dissertation on competition of a scientific degree of candidate of economic Sciences [Buhgalterskij uchet, statistika dissertaciya na soiskanie uchenoj stepeni kandidata ekonomicheskix nauk], 2014. 206p. [In Russian]
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Vlad Y. Yakubenko

PhD student, Department of financial markets and banks at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Regional bank in the modern banking system: nature, status and prospects of development


Subject/Topic The article presents an analysis of the essence of a regional Bank from the point of view of different author’s approaches, and its own definition of the concept.

Goals/Objectives Due to the relevance of regional banks functioning and development in the modern banking system of Russia, we have set a goal to generate prospects for changes in the status of a regional Bank. The process of globalization of banking business, together with the need to provide banking services on the large territory of Russia, explains the importance of development of regional banks, as well as need to study their place and role in the national banking system.

Methodology In the process of research were applied the set of methods of economic-statistical analysis, methods of analysis and synthesis of economic information.

Conclusions and Relevance We have summarized the advantages and disadvantages of functioning of regional Bank and on the basis of recieved conclusions have formulated prospects of development of regional banks in the modern banking system.

Keywords: bank, regional bank, banking system, the structure of the banking system, the institutions of the banking system.

JEL classification: G21



  1. Beloglazova (2011) – Beloglazova G.N. The strategy of development of a regional segment of banking system [Strategiya razvitiya regionalnogo segmenta bankovskoi sistemy], Banking [Bankovskoe delo] 2011 #2. Pp. 28-31 [in Russian]
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  15. The official website of the Central Bank of the Russian Federation [Oficialnyi sait Centralnogo banka RF] access mode [rezhim dostupa]:





Arabi A. Ashba

PhD student, Financial Markets and Banks Department at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Methods and techniques of competition in the retail segment of banking business


Subject/Topic Current conditions of development of banking system define importance and need for use of marketing tools in banking practice, as the success of the bank depends on its situation in the market and competitiveness of its products and services.

Goals/Objectives To give the description of the features of bank competition, together with methods of strengthening of a competitive position of commercial bank in the current conditions of development of the Russian banking system.

Methodology In the presented research by means of general scientific methods, tools of marketing analysis and economic modeling, were formulated the perspective directions of development of interbank competition in a retail market segment.

Conclusions and Relevance In the article were analyzed the main features and forms of the bank competition, methods and techniques of its implementation. Article presents more detailed study of bank competition in the retail segment of banking service market, defines the ways of marketing impact of the bank on the population.

Keywords: bank, competition, competitiveness, market of banking services, bank marketing.


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