Economy Business Banks № 4 (54)





Alexander S. Rodionov

PhD in Technical Sciences, Professor, Academician of the International Academy of Informatization, full Professor of the basic university department, Director of Scientific and Information Consulting Center of Safe life and work, Financial University under the Government of the Russian Federation, Moscow, Russian Federation, President of Graduate School MВА «IntegraL» (Corporate University). E-mail:

The shadow price of normal living activities


Subject / topic The dichotomy of the plan and the market of the century excites the best minds of mankind; paradigms of socio-economic development (CED): a plan without a socialist market and a market without a capitalist plan are trying to find common ground, as an option in a 50:50 ratio; however, as before, the socialist path of, for example, China gravitates towards the planned five-year plans (80% – the plan), and the Western world of capitalism tends to market relations (80% – the market); the common thing that brings the two CEDs closer together is the spheres of shadow prices and the shadow economy; attempts to eliminate tax-free shadow spheres of activity contributed to the emergence of a new topical direction – legal (constitutional) economy; in our opinion, another local approach does not solve the global problem of disconnecting theoretical views and realities of life.

Goals / objectives based on a systematic analysis of the key metrics of the planned, market, legal, shadow economy, show the positive and negative consequences of a linear (one-sided) approach to solving the problem of normal life to ensure blogging in a social state, where the differentiation between rich and poor is reduced to a reasonable minimum.

Methodology: statistical data analysis, theory and practice of indexing vital activity metrics, linear and nonlinear programming, phenomenology, forecasting bifurcation points in conditions of uncertainty and instability.

Results / conclusions: using the example of a practice-oriented analysis of the definition of “shadow price”, a way to reduce the contribution of the shadow economy to gross domestic product is shown, a roadmap for the transition to a legal (constitutional) economy is presented without reducing the beneficial effect of the plan on the profitability of market relations, including without causing damage to the natural environment.

Keywords: shadow price, shadow economy, plan, market.


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Rodionov (2021) – Rodionov A.S Intellectual metrics of economy normal life // Economics. Business. Banks. Intellektual’nyye metriki ekonomiki normal’noy zhiznedeyatel’nosti]  2021, No. 2 (52). Pp. 8-23

Rodionov (2021) – Rodionov A.S Social economy on the example of fire-fighting and rescue garrisons // Economics. Business. Banks. Ekonomika chrezvychaynykh situatsiy: ot likvidatsii posledstviy k normal’noy zhiznedeyatel’nosti]  2021, No. 1 (51). Pp. 8-28

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Elena Sh. Kachalova

Doctor of Economics, Docent, Professor of the Department of Economics, Institute of Management Technologies, MIREA – Russian Technological University, Moscow, Russian Federation.


Irina G. Chernenkaya

PhD, associate Professor, docent of the Department of Economics, Institute of Management Technologies, MIREA – Russian Technological University, Moscow, Russian Federation. E-mail:

Financial risks of an enterprise in a crisis and the internal control system


Subject / Topic The article discuss the impact of financial risks on the activities of a modern enterprise in a crisis and their management in the internal control system of the enterprise.

Goals / Objectives To substantiate that a correct assessment of financial risks contributes to an increase in the stability of the enterprise, and the construction of an internal control system at the enterprise also contributes to the minimization of financial risks.

Methodology divergent and convergent thinking, analysis and synthesis, induction and deduction, methods of comparison and analogy.

Conclusions and Relevance Enterprise risk management during the crisis and the downward trend in economic growth in the Russian economy are of particular relevance at present time. Risk is a probabilistic category and for many entrepreneurs its occurrence comes as a surprise. Enterprises strive to minimize risk and the internal control system at the enterprise contributes to this. The internal control system of an enterprise consists of a number of elements. Each of these elements is consider in the article from the point of view of the impact on them of high risk factors. At the same time, one of the elements of the internal control system is the risk assessment itself. An adequate system of internal control at the enterprise certainly minimizes the risks of an economic entity and contributes to an increase in the efficiency of its activities.

Keywords: Financial risks. Risk assessment. Internal control system. Control environment.


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Julia N. Sinkova

Senior lecturer, Financial University, Tula branch, accountant-expert, graduate student, Faculty of Taxes, Business analysis and Audit, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Scientific advisor: Lyudmila M. Kupriyanova, PhD in Economics, Associate Professor, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Methodology of the innovation potential assessment of the military-industrial complex enterprises: groups of showings and specialities of their calculation


Subject/Topic The study of the system of indicators of expert assessment of innovative potential, their characteristics and analysis of the possibilities of use in the defense industry enterprises.

Goals/Objectives Creation of a methodology for assessing the innovative potential of defense industry enterprises.

Methodology Selection of indicators for assessing the innovative potential of defense industry enterprises, highlighting their features, distributing them by levels, describing methods for calculating them and reducing them to a single indicator. Characteristics of the Russian defense industry, consideration of the values of innovations, describe the most advanced of them, list the indicators for assessing the innovative potential within the framework of different methods and identify the possibilities of their application in the defense industry enterprises.

Results The author analyzes the systems of indicators of expert assessment of innovative potential that are most suitable for use in the defense industry enterprises, examines the shortcomings of the existing methods of assessing innovative potential, and also determines the further ways of research in this direction. Creation of a modern methodology for assessing the innovative potential of defense industry enterprises, based on their features.

Conclusions Identification of opportunities for the implementation of the described systems of indicators in the defense industry enterprises, taking into account their specific features, macro-level, meso-level and micro-level indicators and bringing them to a single indicator.

Keywords: innovation potential showings of enterprise, innovation potential of enterprise, innovations, methodology of the innovative potential assessment, military-industrial complex, MIC.


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Gleb L. Podvoisky

Ph.D. in Economics, Leading Researcher, Center for Employment Policy and Social and Labor Relations, Institute of Economics, Russian Academy of Sciences. E-mail:

Natalya E. Kotova

Junior Researcher, Center for Strategic Forecasting and Planning, Institute for Economic Policy and Economic Security Issues, Department of Economic Security and Risk Management, Faculty of Economics and Business, Financial University. E-mail:

Regulation of teleworking in russia: current state and development prospects


Subject / topic: the article discusses approaches to the regulation of remote work, information security issues and the main trends in the organization of remote work.

Goals / objectives: comparative analysis of teleworking with other forms of performing labor functions for their further development in the Russian Federation

Methodology: labor legislation, labor functions, teleworking, service information and its protection, electronic interaction.

Results / conclusions: within the framework of the presented study, the issues of the current regulation of remote performance of labor functions are considered, its main differences from similar institutions, in particular home work, the problems of law enforcement of the provisions on remote work are identified and the ways of their solution are proposed

Keywords: teleworking, labor relations, digital technologies in providing remote employment.


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Ninа I. Golyshevа

PhD Econ., Associate Professor of the Audit and Corporate Reporting Department of the Financial University under the Government of the Russian Federation, Moscow. E-mail: nigolyshevа@mа

Daniil O. Sharov

2nd year undergraduate student of the direction “Audit and Internal Control” of the Faculty of Taxes, Audit and Business Analysis of the Financial University under the Government of the Russian Federation, Moscow.


Social account as an intangible asset: accounting and valuation problems


Subject/Topic This article discusses the main problems of the modern understanding of an account in social networks as an object of intellectual property rights in the context of a digital society, provides potentially possible ways of reflecting business transactions for creating and maintaining an account in accounting: as intangible assets, deferred expenses, as part of current advertising costs or as an other expenses. The advantages and disadvantages of each accounting method were highlighted and evaluated here.

Goals/Objectives The purpose of this article is to study the problems of applying current copyright laws, federal and international accounting standards in relation to the recognition of an account on social networks as an intangible asset, as well as in relation to a reliable assessment of this accounting object.

Methodology The study analyzed the legislation of the Russian Federation in the field of intellectual property rights, accounting standards, court practice, user agreements of several large social networks, opinions of the scientific community.

Conclusion: As a result, a range of problems was identified, both in the field of legislation and in the field of accounting, requiring solutions in the future to modernize accounting for the modern needs of companies.

Keywords: social network, account, intellectual property rights, intangible asset, blog, accounting.


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Alexey N. Repin

Postgraduate, «Department of financial markets and banks» at Financial University under the Government of the Russian Federation, Russia,


Academic Supervisor: Lunyakov O.V., Professor of the Department of Banking and Financial Markets of the Financial Faculty of the Financial University, Doctor of Economics, Associate Professor.E-mail:

The expansionary lower bound: contractionary monetary easing and the mandell’s trilemma


Subject/topic This paper explores the theory of the global financial cycle, capital flows from the perspective of the Mandell’s macroeconomic policy trilemma, and the existence of a stimulating lower bound under monetary easing (ELB), which leads to a reduction in GDP.

Goals/objectives Consider the main provisions of the trilemma. To justify the existence of a stimulating lower bound in monetary easing, to show possible tools aimed at reducing the ELB

MethodologyThe article uses the method of general and system analysis, synthesis, comparison, graphical method, modeling of small open economy

Conclusions and Relevance It is concluded that the secular movements of capital can be understood from the point of view of the fundamental trilemma of macroeconomic policy. The explanation of the possible reasons for the deviation from the trilemma is the theory of the world financial cycle. Global financial conditions, international capital flows, currency mismatches, and the existence of a reversible interest rate lead to the emergence of a threshold of the domestic interest rate, at the transition of which monetary easing becomes a deterrent. This boundary limits the ability of accommodative monetary policy to stimulate aggregate demand. Various measures of macroprudential and fiscal policies, as well as central bank operations on the open market, are proposed as tools for reducing the ELB.

Key words: Mandell’s macroeconomic policy trilemma, the global financial cycle, the lower stimulus boundary under monetary easing (ELB), international capital flows, currency mismatches collateral constraints, reverse interest rate, macroprudential policy, fiscal policy, central bank open market operations.


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Contractionary Monetary Easing and the Trilemma // IMF WP/18/236 – 2018 Files/Publications/WP/2018/wp18236.ashx

Index volatility Cboe. tradable_products/vix/

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Egorov. K. and Mukhin,D. Optimal Policy under Dollar Pricing  April 25, 2020


Abrorjon I. Ibragimov

Master’s student, Faculty: Higher School of Management Direction: Financial Management and Capital Market at Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Scientific adviser: Roza O. Voskanyan, Associate Professor, Cand. econom. Sci., Associate Professor, Department of Financial and Investment Management, Financial University under the Government of the Russian Federation, Moscow.


Business value assessment: objectives, principles, influencing factors


Subject / topic Research of the business valuation process; comprehensive assessment from the standpoint of a complete assessment of the financial condition of the enterprise

Goals / objectives Analyze the assessment of the value of a business, its objectives, principles, influencing factors.

Methodology For effective enterprise management, it is necessary to have reliable and complete information about the production process. It is possible to get it with the help of economic analysis of the financial condition of the enterprise.

Results / conclusions It is advisable to build an assessment of the value of a business on an analysis of the financial condition of an organization, which makes it possible to determine how much the company’s revenues exceed expenses (or vice versa), whether there is a possibility of free maneuvering of funds in this organization and their effective use, whether an uninterrupted process of production and sales of products is ensured, the balance of assets and liabilities of the organization; Are the income and expenses of the organization balanced? Are the organization’s cash and commodity flows balanced?

Keywords: business value, appraisal, business, financial condition, influencing negative and positive factors, enterprise.


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Stefan G. Ter-Akopov

Post-graduate student, Department of Taxes and Tax Administration, Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Academic Supervisor: Elena E. Smirnova, Ph.D. in Economics, Associate Professor, Department of Taxes and Tax Administration, Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Research methods and decision-making processes in tax compliance


Subject/topic: This article provides an overview of research on tax compliance solutions. We turn to traditional approaches to the study of tax compliance decisions and anomalies, as well as the psychological determinants of tax compliance. Since different research methods produce different results, we describe the variation in research methods, their strengths and weaknesses. We also focus on the results of information processing techniques in tax compliance studies, which are typically used in laboratory experiments.

Goals/objectives: to investigate the fairness of established taxes, the effectiveness of strategies to prevent tax evasion, legislative initiatives, the behavior of taxpayers to determine the optimal measure of the tax burden, without harming the country’s budget, as well as increasing the efficiency of the tax authorities.

Methodology: economic models, economic theory, empirical research, laboratory and field experiments, rational choice models, sociological research.

Results/conclusions: The rationale is presented that the tax compliance enforcement approach to deter taxpayers from illegal actions is insufficient to ensure an acceptable level of tax compliance and that the socio-psychological factors that determine tax compliance must be taken into account.

Keywords: tax compliance, tax morality, tax requirements, tax audit, tax return, audit, tax research methods, rational choice, tax strategy, tax knowledge, education of taxpayers.


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Enachescu, Zieser, Hofmann, Kirchler (2019) – Enachescu J., Zieser M., Hofmann E., Kirchler E. Horizontal monitoring in Austria: Subjective representations by tax officials and company employees [Gorizontal’nyj monitoring v Avstrii: sub”ektivnye predstavleniya nalogovyh organov i sotrudnikov kompanii] // Business Research, 12(1), Pp. 75–94.

Engström, Nordblom, Ohlsson, Persson (2015) – Engström P., Nordblom K., Ohlsson H., Persson A. Tax compliance and loss aversion [Soblyudenie nalogovyh trebovanij i predotvrashchenie ubytkov] // American Economic Journal: Economic Policy, 7(4), Pp. 132–164.