Economy Business Banks №3(20)





Elena A. Tarkhanova

PhD in economic sciences, Associated Professor, Associate Professor of the Departament At Finance, monetary circulation and credit at University of Tyumen, Tyumen (E-mail:

Natalia A. Baburina

PhD in economic sciences, Associated Professor, Associate Professor of the Departament Of Finance, monetary circulation and credit at University of Tyumen, Tyumen (E-mail:

Kirill A. Cheredov

Graduate student of the 2nd course, master’s program “Banks and banking activity” at University of Tyumen, Tyumen (E-mail:

Features and trends of regional development of commercial banks of Russia and other countries


Subject/topic Modern economic conditions determine the relevance of studing the regional development of the banking sector, including foreign countries experience, in order to compare and search for alternatives to increase the significance and efficiency of regional commercial banks.

Goals/objectives The purpose of the research is to determine features and trends of the regional development of the banking sector in Russia and foreign countries based on the systematization of the theory and analysis of the current practice of functioning of Russian regional banks and similar foreign credit organizations.

Methodology When writing the work, general and special research methods were used, in particular, analysis, synthesis, generalization, statistical method and others.

Conclusion and Relevance The enlargement of credit institutions is typical both for Russia, US and Germany, and it is absolutely correlated with the trends in the development of institutions in the context of globalization. At the same time, the decline in the market share of regional banks during periods of a stable economy is typical only for Russia. In the absence of legal definition of a “regional bank” in Russia, it is difficult to monitor them by regulators, and therefore take measures to increase their sustainability.

Keywords: regional commercial banks, US Federal Reserve, Federal Bank of Germany, Bank of Russia, regional banking sector.


Tarkhanova, Cheredov (2016) – Tarkhanova EA, Cheredov K.A. Forecasting of separate indicators of the activity of regional commercial banks in the Russian Federation [Prognozirovanie otdelnyih pokazateley deyatelnosti regionalnyih kommercheskih bankov v Rossiyskoy Federatsii] // Economics. Business. Banks. [Ekonomika. Biznes. Banki] 2016#4.p.138-149 [in Russian]

Regional Banks. Report by R. Hainsworth, CEO Agency RusRating at a symposium of the World Bank (Sochi, 2005) [Regionalnyie banki. Doklad R. Heynsvorta, generalnogo direktora agentstva «Rus-Reyting» na simpoziume Vsemirnogo banka (g. Sochi, 2005)]. [Electronic resource] / URL: (date of circulation: February 24, 2017)

Roisin McCord, Edward S. Prescott and Tim Sablik. Explaining the Decline in the Number of Banks since the Great Recession // Economic brief. Federal reserve bank of Richmond. March, 2015. № 15-03/ URL: )

Markus ThiesMeyer. Situation of German banks and savings banks, time, to act, but how?// Banking Hub. 2013/URL: sparkassen

Bernd Nolte. Ten theses on the current challenges and future perspectives of the German regional banks // Euroforum. 2014/ URL:



Larisa A. Yudintseva

Senior Lecturer, Department of Economics at Khakas State University N.F. Katanova, Abakan (Е-mail: )

Evaluation of the efficiency of the transmission mechanism of the Bank of Russia's monetary policy


Subject/Topic This article examines the monetary policy of the Central Bank of the Russian Federation within the framework of the inflation targeting regime. This policy is implemented through a transmission mechanism, that is a chain of variables through which the impulses created by monetary authorities are transferred to the economy. The main instrument is the key rate of the Bank of Russia.

Goals/Objectives Author’s research on the functioning of the main channels of the transmission mechanism, revealing the reasons for their inefficiency, as well as the relationship between the Central Bank of Russia’s monetary policy and economic growth in the current financial system of Russia

Methodology In the process of research methods of logical and statistical analysis were used.

Conclusions and Relevance Currently, the operation of the transmission mechanism of monetary policy is aimed at reducing inflation to the target level and this goal is close to achieving. However, the main reason for the decline in inflation is the decline in aggregate demand in the economy amid high interest rates. It is important to understand that low inflation is not an end in itself, but a means to ensure long-term economic growth. According to the author’s opinion, at present there are no objective prerequisites for economic growth in Russia against the background of high interest rates.

Keywords: monetary policy, transmission mechanism, economic growth, inflation, interest rates, inflation expectations, aggregate demand


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Moiseev (2002) – Moiseev S.R. Transference Mechanism of Monetary Policy[Transmissionnyiy mehanizm denezhno-kreditnoy politiki ] // Finance and Credit [Finansyi i kredit]2002, # 18, p.38-51

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Nikolay E. Simonovich

Doctor of psychological sciences, professor, professor of the Department of social and legal psychology at Russian State Humanitarian University, Moscow (E-mail: Irina A. Kiselеvа, Doctor Economics, professor, professor of the Department of mathematical methods in economics at Plekhanov Russian University of Economics, Moscow (E-mail:

Irina A. Kiselеvа

Doctor Economics, professor, professor of the Department of mathematical methods in economics at Plekhanov Russian University of Economics, Moscow (E-mail:

Lyudmila M. Kupriyanova

Candidate of Economic sciences, Associate Professor, Associate Professor of the Department of Accounting, analysis and audit, Deputy head of the Department of Economics of Intellectual Property at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Economic security of the rgion: essence, types, evaluation criteria


Subject/Topic Currently, much attention is paid to the economic security of the state, but the regional aspect of the problem is often missing. However, it is impossible to ensure the economic security of the state without ensuring the security of its regions. The article considers important issues of economic security of the region as a component of the country’s socio-economic system and economic risks of the region. The fundamental aspect of the activity of the participant of the financial market is the decision-making under conditions of risk and uncertainty. To create an economic security strategy, factors that can affect the position of the region are examined. The most important aspect of the problem of economic security in the region is the selection of criteria to assess its level, as well as the calculation of threshold values for each criteria.

Goals/Objectives Study of different types and criteria for assessing the economic security of the region.

Methodology Methods of cognition, retrospective and documentary analysis, as well as synthesis, generalization, systematization were used as methods for performing the work.

Conclusion and Relevance There are different approaches to determining the economic security of the region, taking into account four main components -: security, stability, independence and competitiveness. It is concluded that in order to solve the problems of economic and socio – psychological security of the region, it is necessary to analyze all possible variants of the development of events in advance, to develop a behavior model of the leaders and to prepare a personnel reserve in advance to prevent the forecasted events and, in the event of emergency situations, to successfully solve all problems.

Keywords: risks, risk management, economic security, region, indicators of economic security


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Chereshkin D.S. – Chereshkin DS Risk and security management.[Upravlenie riskami i bezopasnost’yu]. M.: URSS Publishing Group [M.: Izdatel’skaya gruppa URSS], 2010. 200p.


Marina M. Butakova

PhD (economics), Professor of the Department of entrepreneurship economy and marketing, Altai State University Barnaul (E-mail:

Olga N. Sokolova

PhD (economics), Professor, Head of the Department of Management, business organization and innovations, Altai State University Barnaul (E-mail:

Natalia S. Bezmaternykh

PhD (economics), Ryerson University, Toronto, Canada (E-mail:

Leveled analysis of structural changes in economy


Subject/Topic The subject of the research is structural changes in economy of the Russian Federation, Siberian Federal district and Altai Region.

Objectives/goals The objective of the research is the estimation of the structure and structural changes of economy on the basis of the comparative leveled data analysis. The task of the research is the toolset actualization of the structural changes research, analysis of the rate of growth of the gross added value in 2005-20015 according to the activity categories in the Russian Federation, Siberian Federal district and Altai region; estimation of outdistancing coefficients and estimation of structural changes intensity.

Methodology Aggregate of statistical methods of research, including the methods of sampling study, overall indices, index method were applied.

Conclusion and Relevance Leveled analysis of the rates of growth of the gross added value during 2005-20015 permitted to define the leading activity categories at the researched levels; to estimate the intensity of the structural changes; to offer a hypothesis about the prerequisite availability for the strengthening of the structural changes in the long term.

Key words: structure, economy, region, gross added value, structural changes, growth indices, outdistancing coefficients


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Alexey V. Komarov

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

Anastasia A. Zinatova

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

State project - national system of payment cards as a part of financial sovereignty of Russia


The saturation of the domestic market of payment systems with international payment systems can lead to problems in credit institutions on payments’ settlement that will negatively affect citizens’ trust in the banking system and provoke a massive outflow of funds from banks, and, as a consequence, will lead to the crisis in the banking sector. The only effective solution to prevent possible actions of the controlled from abroad international payment systems is the creation of Russian national system of payment cards.

The authors have conducted a brief analysis of the mechanism of payment cards that is being developed now, special attention is paid to the experience of other countries in creating a national payment system as a national payment instrument. The authors consider the problems that from their point of view hinder the promotion of national payment cards.

Subject/Topic The article is devoted to topical issues of creating and developing such a large project as a national system of payment cards in Russia.

Goals/objectives 1) to analyze the mechanism of payment cards that is being developed now; 2) to pay attention to the experience of foreign countries in creating national payment system as a national payment instrument; 3) to identify the reasons that according to the authors hinder the promotion of national payment cards.

Methodology The study has used the methods of analysis, comparison, selective observation, statistics.

Conclusion and Relevance National system of payment cards “Mir” will soon become the dominant one among payment systems operating in Russia. Its creation and development will ensure economic security and financial sovereignty of our country.

Keywords: national system of payment cards, the card “Mir”, transactions, operating payment center.


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Evgenia L. Moreva

Ph.D. (econ.), Associate Professor, Deputy Director of Institute of Industrial Policy and institutional development, Department of corporate finance and corporarte management at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Analysis of some foreign approaches to the development of national innovation policy


Subject/Topic The present article is devoted to the analysis of some approaches of foreign analists towards the development of innovation policy for the countries similar to Russia in a part of the state of innovations and the objectives of their development

Goals/Objectives To provide the comparative analysis of various approaches to innovation policy elaboration, to determine their correlation and to make the conclusion about the perspectives of their application in Russia.

Methodology To achieve the objectives various instruments were applied: the systems approach, the content-analysis, the comparative analysis and others. The theoretical fundamentals of the study were the institutional and evolutional theory as well as political economic approaches.

Conclusions and Relevance The analysis of the approaches towards the innovation policy based on the theories of national economic system, outlining various archetypes of the production, knowledge economy, innovation ecosystem, SWOT – analysis and management system, permits to make the conclusion that these approaches do not contradict but complement each other. The elaboration and realization of the efficient economic policy require their integration to form the system with complement elements.

Keywords: innovations, innovation policy, the concept of national innovation system, archetypes of production, knowledge economy, innovations ecosystem, the political economic processes management


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Inna N. Rykova

Doctor of Economics The Academy of natural Sciences, Head of the Sectorial Economy Center, Federal State Budgetary Institution «Scientific research Institute of Finance», Moscow (E-mail:

Roman S. Gubanov

Candidate of economic Sciences, senior researcher of the Sectorial Economy Center, Federal state budgetary institution «Scientific research Institute of Finance», Moscow, (E-mail:

Lending and investment in the framework of the program of development of agro industrial complex of the North Caucasus and southern federal districts


Subject/Topic The article defines the role and importance of credit and investments as sources of financial support programs of development of agroindustrial complex of the North Caucasus Federal district and southern Federal district.

Goals/Objectives To examine the actual distribution of budgetary allocations on the implementation of the programs of agricultural development in retrospect for 2014-2016 and in the forecast period 2017-2019. To investigate the causal relationships in the system of formation of indicators of investments efficiency in the activities of organizations in the context of economic activity «Agriculture, hunting and services in these areas» in the NCFD and SFD.

Methodology We used the methods of analysis and synthesis, comparison method, systems analysis, sample surveys, statistics.

Conclusions and Relevance The estimation of credit activity and the dynamics of overdue debt on loans to organizations of the agricultural sector and agriculture in the regions of the NCFD and SFD is given. The results of the analysis of volume of subsidies to authorized banks related to loans in the agricultural sector and rural economy of the NCFD and the SFD in 2016 and 2017 are presented.

Keywords: credit, lending, investments, agricultural sector, agriculture, subsidies, budget funds


Federal law of 19.12.2016 No. 415-FZ “On the Federal budget for 2017 and the planning period of 2018 and 2019” [Federal’nyj zakon ot 19.12.2016 № 415-FZ «O federal’nom byudzhete na 2017 god i na planovyj period 2018 i 2019 godov»]

The decree of the RF Government dated 14.07.2012 № 717 (ed. by 13.01.2017) “On State program of development of agriculture and regulation of markets of agricultural products, raw materials and food for 2013 – 2020 years” // ATP ConsultantPlus [Postanovlenie Pravitel’stva RF ot 14.07.2012 № 717 (red. ot 13.01.2017) «O Gosudarstvennoj programme razvitiya sel’skogo hozyajstva i regulirovaniya rynkov sel’skohozyajstvennoj produkcii, syr’ya i prodovol’stviya na 2013 – 2020 gody» // SPS Konsul’tantPlyus]

The RF Government resolution from 29.12.2016  No. 1528 “About the statement of Rules of granting subsidies from the Federal budget to Russian credit organisations on compensation of shortfall of their income on loans issued to agricultural producers, organizations and individual entrepreneurs engaged in the production, primary and (or) subsequent (industrial) processing of agricultural products and its implementation, at a reduced rate about modification of item 9 of Rules of granting and distribution of subsidies from the Federal budget to budgets of subjects of the Russian Federation on compensation of part of expenses for payment of percent on the credits received in the Russian credit institutions and loans received in agricultural credit consumer cooperatives” // ATP ConsultantPlus [Postanovlenie Pravitel’stva RF ot 29.12.2016 g. № 1528 «Ob utverzhdenii Pravil predostavleniya iz federal’nogo byudzheta subsidij rossijskim kreditnym organizaciyam na vozmeshchenie nedopoluchennyh imi dohodov po kreditam, vydannym sel’skohozyajstvennym tovaroproizvoditelyam, organizaciyam i individual’nym predprinimatelyam, osushchestvlyayushchim proizvodstvo, pervichnuyu i (ili) posleduyushchuyu (promyshlennuyu) pererabotku sel’skohozyajstvennoj produkcii i ee realizaciyu, po l’gotnoj stavke, i o vnesenii izmenenij v punkt 9 Pravil predostavleniya i raspredeleniya subsidij iz federal’nogo byudzheta byudzhetam sub”ektov Rossijskoj Federacii na vozmeshchenie chasti zatrat na uplatu procentov po kreditam, poluchennym v rossijskih kreditnyh organizaciyah, i zajmam, poluchennym v sel’skohozyajstvennyh kreditnyh potrebitel’skih kooperativah» // SPS Konsul’tantPlyus]

Order of the Ministry of agriculture of the Russian Federation of January 24, 2017 No. 24 “On approval of lists of directions of target use of preferential short-term loans and preferential investment credits” // ATP ConsultantPlus [Prikaz Ministerstva sel’skogo hozyajstva Rossijskoj Federacii ot 24 yanvarya 2017 goda № 24 «Ob utverzhdenii perechnej napravlenij celevogo ispol’zovaniya l’gotnyh kratkosrochnyh kreditov i l’gotnyh investicionnyh kreditov» // SPS Konsul’tantPlyus]

Anfinogentova, Dudin, Lyasnikov, Protsenko (2017) – Anfinogentova A.A., Dudin M.N., Lyasnikov N.V., Protsenko O.D. Method of evaluation of quality of activity of agricultural enterprises on the basis of ecologically responsible approach [Metodika otsenki kachestva deyatelnosti predpriyatiy APK na osnove ekologicheski otvetstvennogo podhoda] // Economy of region [Ekonomika regiona]. 2017. T. 13, No. 2. P. 579-590.

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Milchakov (2015) – Milchakov M.V. Features of distribution of Federal intergovernmental transfers between the regions of Russia [Osobennosti raspredelenija federal’nyh mezhbjudzhetnyh transfertov mezhdu regionami Rossii] // Financial magazine [Finansovyj zhurnal]. 2015. No 6. pp.34-46.

Muhtarova (2014) – Muhtarova K.I. Innovation-orientation of the agricultural cluster in the context of improvement of foreign economic activity of the region (on example of Republic Dagestan) [Innovacionnaya orientirovannost’ agropromyshlennogo klastera v kontekste sovershenstvovaniya vneshneehkonomicheskoj deyatel’nosti regiona (na primere Respubliki Dagestan)] // Economics and entrepreneurship. [Ekonomika i predprinimatel’stvo]. 2014. No 4 ch.1. p. 227-231.

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Niyaz M. Abdikeev

Doctor of Technical Sciences, Professor Director of the Institute of Industrial Policy and institutional development, Department of corporate finance andcorporate management at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Evgenia L. Moreva

Ph.D. (econ.), Associate professor, Deputy Director of Institute of Industrial Policy and institutional development, Department of corporate finance and corporate management at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Elena B. Tutukina

Doctor of Technical Sciences, Professorof the Department of corporate finance and corporate management at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Problems of innovation activity of Russian entrepreneurs and the ways to overcome them considering foreign experience


Subject/Topic The article is devoted to the analysis of obstacles to innovation activity of national enterprises and the elaboration of the ways to overcome them.

Goals/Objectives Based on the research of the practice of Russian companies and foreign experience to recommend the ways and directions of intensification of innovation activity of Russian companies.

Methodology To solve the defined tasks various research instruments were applied: the system approach, the content-analysis, the comparative analysis and others. The theoretical fundamentals of the study were the institutional and evolutional theory as well as political economic approaches.

Conclusions and Relevance On the basis of the research of practice of Russian companies and foreign experience the conclusion was made about the necessity of the complex of measures to elevate the innovation activity of Russian business, which should be implemented not only by the companies but by the State as well.

Keywords: innovative activity, entrepreneurship, innovation policy, national innovation system, venture business, innovations infrastructure, content – analysis


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The China Effect on Global Innovation, McKinsey Global Institute, McKinsey & Company, 2015

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Yuri S. Bogachev

Head researcher of the Institute of industrial policy, Associate Professor, Finance University under the Government of the Russian Federation, Moscow (Е-mail:

Pavel V. Trifonov

Ph.D. in economics, Associate Professor, Management Department at Finance University under the Government of the Russian Federation, Moscow (Е-mail:

Factors determining the development of the national economy in the context of transition to a new technological order


Subject/Topic The article considers the factors influencing the development of the regional economy conditioned by the transition of the global economy to a new technological order. The authors analyze the experience of using these factors by the executive authorities in preparing forecasts for the development of regional economy.

Goals/Objectives Determination of efficiency criteria for the regional economy in accordance with the trends in the dynamics of the global economy.

Methodology Factor analysis of the development of the regional economy in the conditions of transition to a new technological order. Analysis of methods for calculating the integrated assessment of socio-economic development of the subjects of the Russian Federation. To assess financial risk, it is proposed to determine the degree of balance between the regional budget and finance of enterprises. Considering the importance of types of economic activities in the structure of the economy, it is necessary to assess the sectoral contribution to the formation of the tax base. When assessing other private risks, it is important to use not integral data for the whole economy, but differentiated, by segments of the economy.

Conclusions and Relevance The tools for assessing the effectiveness of the regional economy in the Russian Federation do not contribute to the formation of factors of sustainable development in modern conditions.

Keywords: Regional economy, technological order, technological structure of manufacturing industry, sustainable economic development.


The decree of the RF Government dated 15 April 2014 № 328 “On approval of the state program of the Russian Federation “Development of industry and increasing its competitiveness” / Postanovlenie Pravitelstva RF ot 15 aprelya 2014 g. # 328 «Ob utverzhdenii gosudarstvennoy programmyi Rossiyskoy Federatsii «Razvitie promyishlennosti i povyishenie ee konkurentosposobnosti» Sistema GARANT: URL:

Federal law dated 31 December 2014 No. 488-FZ “On industrial policy in the Russian Federation” (with changes and additions) / Federalnyiy zakon ot 31 dekabrya 2014 g. # 488-FZ «O promyishlennoy politike v Rossiyskoy Federatsii» (s izmeneniyami i dopolneniyami) Sistema GARANT: URL:

The decree of the RF Government of January 27, 2015 № 98-p “On the plan of priority measures for the sustainable economic development and social stability in 2015” (with changes and additions). / Rasporyazhenie Pravitelstva RF ot 27 yanvarya 2015 g. # 98-r «O plane pervoocherednyih meropriyatiy po obespecheniyu ustoychivogo razvitiya ekonomiki i sotsialnoy stabilnosti v 2015 g.» (s izmeneniyami i dopolneniyami). Sistema GARANT: URL:

Aganbegyan A.G., Ivanter V.V. The current economic situation in Russia: trajectories of development and economic policy // Money and credit, / Tekuschaya ekonomicheskaya situatsiya Rossii: traektoriya razvitiya i ekonomicheskaya politika // Dengi i kredit, N4, 2014.

Bendikov M.A. Frolov I.E. 2007. The high-tech sector of Russian industry./ Vyisokotehnologichnyiy sektor promyishlennosti Rossii. M.: Nauka. S.

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Alexander M. Petrov

PhD, Professor of the Department of Accounting, Analysis and Audit at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Preparation of financial statements of the company according to requirements of IFRS


Subject/Topic The article presents the author’s position in respect of the formation of the IFRS reporting of the organization and difficulties of transition to IFRS in Russia connected with it. The subject of the work are theoretical, methodical, practical problems of formation of financial statements of the companies according to IFRS.

Goals/Objectives The purpose consists of forming theoretical basis for provisions on formation of financial statements according to IFRS and development of involving analytical financial information in the process of formation of the IFRS reporting. These objectives are achieved by solving the following tasks: to justify the role of IFRS reporting for the economic subject; to formulate the reasons for the necessity of IFRS reporting for the domestic companies.

Methodology By generalization of works of different authors is formed integrated organizational and methodical approach to tranition to the IFRS reporting of the companies, which will increase the efficiency of the company’s work and will reduce expenses.

Conclusions and Relevance In both systems of standards (Russian and international) qualitative characteristics of the reporting match with each other. However, there are differences in the purpose of compilation of the reporting and legally established basic principles. Thus, the IFRS reporting is more oriented on investors and their interests, and objectively reflects information on the financial status of the company, it plays a significant role in making economic decisions, while the reporting according to RAS is more directed to provision of information to supervisory authorities and plays a supporting role in cases of decision-making by owners and investors. It leads to further differences in the list of the reporting forms, contents and format of accounting standards.

Keywords: accounting, financial statements, financial position, financial results, IFRS, consolidated reporting, transition to IFRS


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Natalya A. Pytel

Leading specialist of the Analytical sector Finance Committee of Saint Petersburg, Saint Petersburg (E-mail:

Monitoring of regional tax incentives: USA experience


Subject/Topic The subject of the research is the organizational and methodical support of the system of monitoring and evaluation of the effectiveness of regional tax incentives. The current level of regional income essentially limits the financial independence of the subjects of the Russian Federation. In order to stimulate social, economic and investment development, regions widely use tax incentives. At the same time, monitoring of regional tax incentives is extremely inefficient, due to the incorrect use of a limited number of approaches to its implementation.

Goals/Objectives The objective of the research is to analyze the experience of the United States of America in monitoring tax incentives at the regional level.

Methodology The methodological basis of the research is the comparative analysis and system approach.

Conclusions and Relevance Recommendations on the application of the best foreign and Russian practices regarding the system of monitoring regional tax incentives in Russia are given in the article.

Keywords: tax policy, regional taxes, tax incentives, assessment, efficiency, effectiveness, monitoring, criteria, indicators, method.


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Indiana House Bill No. 1142, enacted April 17, 2015. Available at: (accessed 16 May 2017).

Oklahoma House Bill No. 2182, enacted April 27, 2015. Available at: (accessed 17 May 2017).

The resolution of the government of the Oryol region of 30.06.2009 No. 70 «On the procedure for the annual assessment of the budget, social and economic efficiency of the tax incentives (planned to be established)» [Postanovlenie Pravitelstva Orlovskoy oblasti ot 30.06.2009 # 70 «O poryadke ezhegodnoy otsenki byudzhetnoy, sotsialnoy i ekonomicheskoy effektivnosti ustanovlennyih (planiruemyih k ustanovleniyu) nalogovyih lgot»] [in Russian].

The resolution of the government of the Sverdlovsk Region of 16.01.2007 No. 13-PP «On the procedure for considering taxpayers’ appeals in the Sverdlovsk region on the possibility of granting tax incentives and assessing their effectiveness» [Postanovlenie Pravitelstva Sverdlovskoy oblasti ot 16.01.2007 # 13-PP «O poryadke rassmotreniya obrascheniy nalogoplatelschikov v sverdlovskoy oblasti o vozmozhnosti predostavleniya nalogovyih lgot i otsenke ih effektivnosti»] [in Russian].

The resolution of the government of the Republic of Altai of 30.06.2006 No. 158 «On approval of the procedure for assessing the effectiveness of tax incentives established (planned to be established) for certain categories of taxpayers» [Postanovlenie Pravitelstva Respubliki Altay ot 30.06.2006 # 158 «Ob utverzhdenii poryadka otsenki effektivnosti ustanovlennyih (planiruemyih k ustanovleniyu) nalogovyih lgot otdelnyim kategoriyam nalogoplatelschikov»] [in Russian].

The resolution of the government of the Ivanovo region of 25.06.2008 No. 150-p «On the procedure for assessing the effectiveness of granting tax incentives» [Postanovlenie Pravitelstva Ivanovskoy oblasti ot 25.06.2008 # 150-p «O poryadke otsenki effektivnosti predostavleniya nalogovyih lgot»] [in Russian].

The resolution of the government of the Yamalo-Nenets Autonomous District of 20.11.2014 No. 930-P «On approval of the procedure and methodology for assessing the effectiveness of tax incentives to be credited to the district budget» [Postanovlenie Pravitelstva Yamalo-Nenetskogo avtonomnogo okruga ot 20.11.2014 # 930-P «Ob utverzhdenii poryadka i metodiki otsenki effektivnosti lgot po nalogam, podlezhaschim zachisleniyu v okruzhnoy byudzhet»][in Russian].

The resolution of the government of the Republic of Karelia of 25.03.2011 No. 76-P «On approval of the procedure for assessing the budgetary and (or) social effectiveness of the established tax incentives in the territory of the Republic of Karelia» [Postanovlenie Pravitelstva Respubliki Kareliya ot 25.03.2011 # 76-P «Ob utverzhdenii poryadka otsenki byudzhetnoy i (ili) sotsialnoy effektivnosti ustanovlennyih nalogovyih lgot na territorii Respubliki Kareliya»] [in Russian].

Law of the Tyumen region of 05.11.2015 No. 113 «On granting tax incentives for 2016 and for the planned period of 2017 and 2018 to certain categories of taxpayers» [Zakon Tyumenskoy oblasti ot 05.11.2015 # 113 «O predostavlenii nalogovyih lgot na 2016 god i na planovyiy period 2017 i 2018 godov otdelnyim kategoriyam nalogoplatelschikov»] [in Russian].

Law of the Lipetsk region of 09.10.2007 No. 94-OZ «On the budgetary process of the Lipetsk region» [Zakon Tyumenskoy oblasti ot 05.11.2015 # 113 «O predostavlenii nalogovyih lgot na 2016 god i na planovyiy period 2017 i 2018 godov otdelnyim kategoriyam nalogoplatelschikov»] [in Russian].



Lyudmila M. Kupriyanova

PhD in Economic Sciences, Associate professor, Deputy Head of the Department of Economics of Intellectual Property, Associate professor of the Department of Accounting, Analysis and Audit, Finance University under the Government of the Russian Federation, Moscow (E-mail:

Insolvency: constraints on the activities of the organization


Subject / Topic The main signs of insolvency of the organization;

Inability of the debtor to fully satisfy the claims of creditors on monetary obligations

Goals / Objectives Investigation of the reasons and factors affecting the insolvency of the organization; determination of the possibility of restoration of solvency.

Methodology Analysis and assessment of the financial condition of the organization; degree of development of insolvency of the organization; internal and external factors affecting the solvency of the organization; indicators of the organization’s solvency, financial stability and business activity.

Conclusion and Relevance Principles and conditions for the identification of signs and the degree of insolvency of the organization allow to establish standards for indicators and coefficients, the analysis and assessment of which will allow to assess the ability of the organization to repay fully and in time its financial obligations, without timeouts in current activities.

Keywords: Insolvency, unprofitable business, bankruptcy, financial result, financial flow, financial analysis, liquidity, solvency, business activity, accounts payable, economic result, profitability


Federal law from 26.10.2002 N 127-FZ (ed. by 29.12.2014) “On Insolvency (bankruptcy)” (October 26, 2002)//consulting and legal system of Consultant Plus. Electronic resource:

Criminal Code (Criminal Code). Article 196. – Bankruptcy. Electronic resource:[Date of 05.01.2015]

Dvorez N.N. The basics of crisis management: training manual. M.: IZD. MARTIT: 2012. P. 66

Kupriyanova, Petrusevich (2014) – Kupriyanova L.M., Petrusevich T.V. Analysis of cash flows and their impact on the results of the activity of organization. // Scientific journal: Economy. Business. Banks. 2014. T. 3. S. 112-128.

Fainsmidt E.A. Foreign practice of crisis management: educational-methodical complex / Fajnsmidt E.A. Eurasian open Institute, 2010. P.143. Access:

Barney J.B., Gaining and sustaining competitive advantage – Boston: Addison-Wesley, 1996. – p.140

Lagunova E.V. Strategic potential of the company and its evaluation-management problems, #6, 1997. p. 40

Porter M.E. Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985)

William H. Beaver, Financial Ratios as Predictors of Failure, Empirical Research in Accounting Selected Studies, 1966, Supplement to Journal of Accounting Research, 4, pp. 71-111

Kupriyanova, Osipova (2014) – Kupriyanova L.M., Osipova I.V. Balance sheet as the most important source of information for assessment of the development of business. // scientific journal: Financial Analytics: problems and solutions. 2014. #40. P. 45-59.

Factors limiting the activity of organizations of basic branches of the economy in 2015 – M.: HSE, 2016 – 18 p.

Kupriyanova (2015) – Kupriyanova L.M. Analysis of reasons and factors of insolvency of organizations. In the collection: The Development of Modern Russia: Problems of Reproduction and Creation. Collection of scientific papers. Edited by Nureyev R.M., Alpidovskaya M.L. 2015. рр. 1624-1635.




Irina V. Osipova

Candidate of technical sciences, Associate professor Professor of the Department of Accounting, Analysis and Audit at Finance University under the Government of the Russian Federation, Moscow (E-mail: i.v.osipova_fa. @

Problems of formation and using of insurance reserves


Subject/topic The formation of reserves by Russian insurance companies is an important task of macro- and microeconomic management, since this formation influences the development of investment processes. The article considers the importance and legislative regulations of insurance reserves for insurance organizations and for the investment process. The structure of insurance reserves by their types other than life insurance is analyzed.

Goals /objectives The issues of transition of insurance companies from 2017 to a new chart of accounts and industry standards, as well as “Regulations on the rules for the formation of insurance reserves for insurance other than life insurance” No. 558-P, approved by the Central Bank of the Russian Federation are considered. In accordance with the new requirements of industry standards, the structure of insurance reserves that can be formed by insurance companies is changing.

Methodology The article analyzes the advantages and disadvantages of legislative regulations.

Conclusion and Relevance The transition of insurance companies to a new chart of accounts, new industry standards and regulations will require significant operational efforts and financial resources. At the same time, the improvement of regulations will not reduce the problems of accounting and formation of insurance reserves by insurance companies

Keywords: insurance companies, legislative regulation, insurance reserves, investment.


Smirnova (2013) Smirnova N.V., Vasyukova L.K. The mechanism of formation of insurance reserves as the means of increasing the efficiency of the insurance market functioning [Mekhanizm formirovaniya strahovyh rezervov kak sredstvo povysheniya ehffektivnosti funkcionirovaniya strahovogo rynka Rossijskoe predprinimatelstvo], Journal of Russian Entrepreneurship. -2013g. – No. 15 (237) – p.96-108. – [Electronic resource] – http: //отrasсли-права.рф/article/15923 [in Russian]

Plakhova (2015) Plakhova T.A. Transition to a new chart of accounts of insurance organizations [Perekhod na novyj plan schetov strahovyh organizacij] // Finance -No1-2016- [Electronic resource] – [in Russian]

Regulation “On the Chart of Accounts in Non-Credit Financial Organizations and the Procedure for its Application” [Polozhenie O Plane schetov buhgalterskogo ucheta v nekreditnyh finansovyh organizaciyah i poryadke ego primeneniya utv Bankom Rossii 02 09 2015 N 486-P red ot 27 12 2016] (approved by the Bank of Russia on September 2, 2015, No. 486-P) (as amended on December 27, 2016) – ConsultantPlus [in Russian]

Provision “Industry standard of accounting in insurance organizations and mutual insurance societies located on the territory of the Russian Federation” (approved by the Bank of Russia on 04.09.2015 N 491-P) (as amended on 06.09.2016) [Polozhenie Otraslevoj standart buhgalterskogo ucheta v strahovyh organizaciyah i obshchestvah vzaimnogo strahovaniya raspolozhennyh na territorii Rossijskoj Federacii utv Bankom Rossii 04 09 2015 N 491-P red ot 06 09 2016] – ConsultantPlus

Regulation “On the rules for the formation of insurance reserves for insurance other than life insurance” (approved by the Bank of Russia on Nov. 16, 2016 No. 558-P) [Polozhenie O pravilah formirovaniya strahovyh rezervov po strahovaniyu inomu chem strahovanie zhizni utv Bankom Rossii 16 11 2016 N 558-P] – ConsultantPlus [in Russian]



Khaliun Ganbat

PhD student, Banking Department, Plekhanov Russian University of Economics, Moscow (Email:

The process of using real options method to evaluate investment project in a bank


Subject/ Topic This article discusses the necessity of use of real options in evaluating investment project. The steps of real option process are described. As project faces the risk of uncertainty at all its stages, the bank managers need to use more flexible investment project evaluation tool. The relevance of this topic is determined by the creation of an optimal risk-management tool in order to evaluate investment projects, and the proposed method is an innovative approach to the valuation of assets.

Goals/Objectives The main objective of the study is to develop an optimal method for assessing the investment project, which will effectively manage the resources and generate income in case of uncertainty and risk. In order to achieve the objective, real option model is analyzed and the algorithm of its usage in bank is proposed.

Methodology Qualitative and quantitative methods were used in this article. Different aspects of investment project were analyzed during the research. The method that will reduce the investment project risks is proposed.

Conclusions and Relevance Indeed the use of real options method in the evaluation of the investment project is necessary, and the process of real options analysis includes six steps.

Key words: investment project, real options method, banking risk-management, real option evaluation process


Rusanov (2015) – Rusanov Y. Y. Bank management. Textbook. Moscow: Matser [M.: Magistr: NITs INFRA]. 2015. 480 p.

Abramov (2014) – Abramov G. F., Maljuga K. A. Investment project evaluation with the use of real options. [Otsenka investitsionnyih proektov s ispolzovaniem realnyih optsionov] Online journal: Science [Internet-zhurnal Naukovedenie] 2014 #2 (21). p. 2-10.

Koltyinyuk (2000) – Koltyinyuk B. A. Investment projects [Investitsionnyie proektyi] Textbook. Saint Petersburg: Mihaylova V. A. Publishing [Kniga. SPb.: Izdatelistvo Mihaylova V. A.] 2000. 422 p.

J. Mun 2008 – Johnathan Mun Real options analysis, 2nd edition: New Jersey, Wiley Finance. 2008. 668 p.


Ilya I. Yarukhin

PhD student of Department for Economic Theory, Finance Univesity under the Government of Russian Federation Moscow (E-mail:

Failures of economic development of Russia in a light of new studies in institutional history


Subject/Topic The article is based on analysis of the book of R.M. Nureev, U.V. Latov “Economic history of Russia (experience of institutional analysis)” (2016). Institutional studies of this field experienced lack of historical material and continuity connected with deep analysis of institutional theory.

Goals/Objectives The main purpose of this work is to form historically based concept of evolution of “power-property” institute considering the problem of modern economic development of Russia.

Methodology Complex historical analysis of publications in the field of institutional history on the one hand and the analysis of the main steps of economic history of Russia (based on the study mentioned ablove) on the other hand were performed.

Conclusions and Relevance It has been revealed that currently it is impossible to solve deep institutional problems and that it is much more productive to concentrate on current practical problems and on building of self-sufficient Russian civilization connected with its history.

Keywords: development economics; neoinstitutionalism; economic history; property rights; history of Russia; informal institutes; formal institutes, “power-property’ institute


Block M. (1941) – Block M. Apology for The History (In French) 1941

Danilevsky V.V. (1947) – Danilevsky V.V. Russian technique, [Russkaja technika] USSR Academy of Sciences Publ. [SSSR Academia nauk] 1947 [In Russian] 1947

Fogel R.W., Engerman S.L. (1974) – Fogel R.W., Engerman S.L. Time on the Cross: The Economics of American Negro Slavery. New York: Little, Brown. Vol. 1-2. 1974

Gaidar (1997) – Gaidar E.T. State and evolution. [Gosudarstvo i evolutcia] Eurasia Publ. [isdatelstvo Evrasia] 1997 [In Russian] 1997

Gochberg (2003) – Gochberg L.M. Statistics of science [Statistica nauki], TEIS Publ. [isdatelstvo TEIS] 2003 [In Russian]

Handbook of Economic statistics (1988).

Kuznetzova, Shapkin., Kvasov, Permiakova (2011) – Kuznetzova O.D., Shapkin I.N., Kvasov A.S., Permiakova L.I. Economic history: Textbook, [Economicheskaya istoria: uchebnik] Uright Publ. [isdatelstvo Uright] 2011 [In Russian]

Nikollo Makiavelli (2005) – Nikollo Makiavelli The Prince. Thinking about the first decade of Tit Livii / N. Makiavelli; [Gosudar. Rasmuschlenia nad pervoi decadoi Tita Livia] Transl. from Italian K.A. Tanaushko, AST Publishing house [isdatelstvo AST] 2005 [In Russian]

Nureev, Latov (2011) – Nureev R.M., Latov U.V. “When and why drift apart the ways of development of Russia and Western Europe (institutional economic history approach)”. [Kogda I pochemu rasoshlis puti rasvitia Rossii I Zapadnoi Evropu] Russian world [Mir Rossii] 2011 [In Russian]

Nureev, Latov (2014) – Nureev R.M., Latov U.V. Between “real socialism” and “eastern despotism”: labyrinths of institutional economic development of Soviet Russia. [Megdu “realnum socialismom” I “wostochnum despotismom”: labirintu instituzionalnongo razvitia sovetskoi Rossii] Russian world [Mir Rossii] 2014 [In Russian]

Nureev, Latov (2016) – Nureev R.M., Latov U.V. Economic history of Russia (institutional analysis study) [Economicheskaya istoria Rossii (oput institucionalogo analisa] / Knorus Publ. [isdatelstvo Knorus] 2016 [In Russian]

Nureev, Latov (2010) – Nureev R.M., Latov U.V. Russia and Europe: path dependence (institutional analysis study of the history of economic development) [Rossia I Evropa: effect colei (oput institucionalnogo analisa istorii economicheskogo rasvitia)] Kaliningrad: [isdatelstvo BGU imeni Kanta]  BGU of Kant. 2010 [In Russian]

Nureev (1989) – Nureev R.M Economic type of precapitalistic formation. [Economicheskii stroi dokapitalisticheskoi formacii] Dushambe: Donish Publ. [Dushambe: isdatelstvo Donish]  1989 [In Russian]

Polterovich (1951) – Polterovich I.T. Institutional traps and economic reforms [Institucionalnue lovushki I economicheskie reformu]// Economics and mathematical methods. [Economica I matematicheskie metodu], vol. 35, #2. 1951 [In Russian]

Pososhkov (1951) – Pososhkov I.T. “Book about poverty and wealth” [Knuga o skudosti I bogatstve], USSR Academy of Sciences Publ.[SSSR Academia nauk] 1951 [In Russian]

Wittfogel (1957) – Wittfogel K.-A. Oriental Despotism: A Comparative Study of Total Power. New Haven.


Arseny G. Bogdanov

student of the Faculty of International Economic Relations at Finance University under the Government of the Russian Federation, Moscow (E-mail:

Vladislav I. Zhukov

student of the Faculty of International Economic Relations at Finance University under the Government of the Russian Federation, Moscow (E-mail: )

Comparative analysis of regulation methods of macroeconomy: from theory to practiсe


Subjest/Topic Macroeconomic regulation – is an approach of managing of national economy, where the «center» can possibly effect all elements of a system as well as point at «recipe» which would be capable to influence the macroeconomic activity and reality. Existing methods of regulation of economy have been explored and worked through gradually, considering the correspondent situation, for example, such theories as keynesianism and monetarism.   The history tells how these branches of economics are being applied and how they are valid. This is a core of contemporary understanding of what we call economic policy of a country.

Methodology Theoretical analysis. comparative characteristic of regulation methods of economy. Assessment of practical application of keynesianism and monetarism. Deductive expropriation into reality, based on the data underlying the synthesis of theoretical and practical indicators.

Conclusions and Relevance Underestimation of importance and practical applicability of theories defined above is inappropriate. Taking into account that they have been animated by the crisis component of the world economy and its cyclicity, it is vital to use the theory. Anti-crisis models being the theoretical basis will always be the fundamental rules of regulation for the modern actors of economic policy, with the following adjustments.

The economic problems and gaps which characterize current Russian economy should find the solution in the synthesis of theoretical approaches towards regulations. Theoretical basis for the Russian reality is a complex of fiscal and monetary terms included into the Keynes’s and Fridman’s theories accordingly with the correspondent level of government intervention.

Keywords: regulation of macroeconomy, the classical theory, Keynes theory, Roosevelt’s ”New deal”, Fridman’s monetarism, reaganomics, Thatcher’s economy, economic regulation in Russia.


Kochetkov 2016 – Kochetkov A.A., Economic theory: book. – M.: Publishing and Trading corporation «Dashkov and K°», [ Ekonomicheskaya teoriya: uchebnik. – M.: Izdatelsko-torgovaya korporatciya « Dashkov i K°»], 2016. – 696 p.

Larionov 2017 – Larionov G.V., Economic theory: book. – M.: Publishing and Trading corporation «Dashkov and K°», [ Ekonomicheskaya teoriya: uchebnik. – M.: Izdatelsko-torgovaya korporatciya « Dashkov i K°»],2017. – 408 p.

Rudneva 2013 – Rudneva V.D., Political economy // Economic theory: book. – M.: Publishing and Trading corporation «Dashkov and K°»,[ Politicheskaya ekonomiya // Ekonomicheskaya teoriya: uchebnik. – M.: Izdatelsko-torgovaya korporatciya « Dashkov i K°»], 2013. – 856 p.

Kholopov 2016 – Kholopov A.V.,  J. M. Keynes’s « The general theory» : 80 years later view // Bulletin of MGIMO University,[«Obchaya teoriya» Dg. M. Keynsa: vzglyad spystya 80 let // Vestnik MGIMO Universiteta], 2016. № 3 (48). P. 163-171.

Utuchenkova 2015 – Utuchenkova M.V., The objectives of monetary regulation from the point of keynesianism and monetarism // The results of scientific research. International scientific-practical conference. Scientific and Publishing Center “Aeterna”, [ Tseli denegno-kreditnogo regulirovaniya c pozitsii keynsianstva i monetarizma // Rezultati nauchnikh issledovaniy. Megdunarodnaya nauchno-practicheskaya konferentsiya. Nauchno-izdatelskiy tsentr « Aeterna», 2015.С. 197-199.

Arstangaliev, Perepechkina 2015 – Arstangaliev A., Perepechkina E.G., Evolution of monetarism and its varieties // Achievements and prospects of the economic science of the new century: the practice-oriented aspect, [ Evolutsiya monetarizma i ego raznovidnostey // Dostigeniya i perspektivi ekonomicheskoy nauki novogo stoletiya: prektiko-orientirovanniy aspect], 2015. С. 25-30.

Nureev 2016 – Nureev R.M., « The general theory of employment, interest and money of J.M. Keynes » // Journal of Institutional Studies, [« Obchaya teoriya zanyatosti, proysents i deneg Dg. M. Keynsa // Gurnal institutsionalnikh issledovaniy], № 1, tome 8, 2016.

Ministry of Economic Development of the Russian Federation,


Boris. A. Brykov

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

Lending to small and medium enterprises: characteristics, applied models, problems and implementation features


Subject/Topic Small and medium enterprises have a significant impact on economic growth and development of any country. It is necessary to develop this sector to support it. Its main problem is the lack of financial resources, the main source of which is bank lending.

Goals/Objectives To investigate characteristics of small and medium enterprises and different models of bank lending; to find out the most appropriate model of crediting for these enterprises.

Methodology We applied the methods of analysis and synthesis, induction and deduction, comparison method.

Conclusions and Relevance To solve the problem of the lack of financing of SMEs, lending model has to satisfy interests of both parties – the borrower and the bank. In this regard it is proposed to apply segmental approach based on client-oriented lending model with elements of product- and risk-oriented models.

Keywords: Small and medium enterprise, characteristics of SMEs, bank lending, lending models, implementation features of lending models, segmental approach, client focus.


Krivda (2010) – Krivda S.V. Features of Small Enterprises as Economic Subjects [Osobennosti malyih predpriyatiy kak sub’ektov ekonomicheskoy deyatelnosti], Russian entrepreneurship [Rossiyskoe predprinimatelstvo] 2010 # 12–2 (174) p.32–36 [in Russian]

Lavrushin (2015) – New models of banking in modern economy [Novyie modeli bankovskoy deyatelnosti v sovremennoy ekonomike], monograph, group of authors, edited by Lavrushin O.I., KNORUS [KNORUS] 2015 168 p. [in Russian]

What strategies will Russian banks implement in the context of growing financial needs of customers: product-oriented or client-oriented? [Kakie strategii budut vnedryat rossiyskie banki v usloviyah rastuschih finansovyih potrebnostey klientov: produkt–orientirovannyie ili klient–orientirovannyie?] [Electronic resource] – URL: [in Russian]

Sokolinskaya, Shaker (2016) – Actual directions of banking development [Aktualnyie napravleniya razvitiya bankovskogo dela], monography, group of authors, edited by prof. N.E. Sokolinskaya and assoc. I.E. Shaker, Ru-Science [Rusayns] 2016 276 p. [in Russian]

Maraseeva (2010) – Maraseeva A.Y. Client-oriented model of banking service [Klientoorientirovannaya model obsluzhivaniya v bankovskom servise], Problems of modern economics [Problemyi sovremennoy ekonomiki] 2010 # 4 p.203-205 [in Russian]

Official website of the Bank of Russia [Electronic resource] – URL:

Small and medium entrepreneurship in Russia. 2015: Statistical Digest [Maloe i srednee predprinimatelstvo v Rossii. 2015: Statisticheskiy sbornik] Responsible for the issue: V.B. Zhitkov, I.V. Voronina, O.I. Kalacheva. Desktop publishing of the information and publishing center “Statistics of Russia” [Informatsionno–izdatelskiy tsentr «Statistika Rossii»] [Electronic source] – URL: [in Russian]

Sokolinskaya, Shaker, Andrianova (2016) – Formation issues of lending model of small and medium enterprises (article in monography Banks, monetary regulation and financial markets on the way to sustainable economic growth) [Problemyi formirovaniya modeli kreditovaniya sub’ektov MSP (statya v monografii Banki, monetarnoe regulirovanie i finansovyie ryinki na puti k ustoychivomu rostu ekonomiki)], edited by N.E. Sokolinskaya, I.E. Shaker, L.N. Andrianova, Ru-Science [Rusayns] 2016 p.252-257 [in Russian]

Sokolinskaya (2014) – Sokolinskaya N.E. Client-oriented model of banking and the ways of its construction [Klientoorientirovannaya model deyatelnosti bankov i puti ee postroeniya], Banking Services [Bankovskie uslugi] 2014 # 1 p.13-18 [in Russian]

Olhova (2011) – Olhova R.G. Banking: management in a modern bank [Bankovskoe delo: upravlenie v sovremennom banke] 2nd revised and enlarged edition, KNORUS [KNORUS] 2011 304 p. [in Russian]

What is Social Banking? Institute for Social Banking [Electronic resource] – URL:

Aleksandrova, Zakharova, Shaker (2012) – Aleksandrova L.S., Zakharova O.V., Shaker I.E. The Development of microcredit in Russia [Razvitie mikrokreditovaniya v Rossii.].  Scientific journal: the economy. Business. Banks [Nauchnyii shurnal: Economika. Biznes. Banki] 2012 # 4. p.8-16  [in Russian]

Abramova (2016) – Abramova M.A. Formation of quality infrastructure of the microfinance market and credit cooperatives. Monography.  [Formirovanie kachestvennoj infrastruktury rynka mikrofinansirovaniya i kreditnoj kooperacii. Monografiya] – M.: RUSNAYS 2016. [in Russian]

Gribanov – Gribanov Y. Banking evolves from product-oriented to client-oriented model [Bankovskiy biznes evolyutsioniruet ot produkt–tsentrichnoy v storonu klient–orientirovannoy modeli] [Electronic resource] – URL:–10048473/?sphrase_id=203141 [in Russian]