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The country's public debt – a multifaceted characteristic of the economic situation of the country. The statistics of public debt of the Russian Federation for 10 years was reviewed in the article. The study identified several reasons to doubt the validity of the magnitude of the debt burden for the Russian economy. It was concluded that in current Russian conditions a peak of decision-making on the debt had been reached. Over the past four years the debt has increased 2.3 times, while the state guarantees increas...

Finding ways to fund the sustainability transition in a difficult financial climate is challenging. Since the sustainability transition depends on successfully increasing individuals' well-being, we suggest a new decentralized paradigm to facilitate the transition to a sustainable future. A decentralized business model emphasizes decentralized control over livelihood resources (natural resources, energy, finance, knowledge, networks) and supports individuals’ autonomy, relatedness and competence. While adverse eff...

The present paper is an applied contribution to the analysis of international capital flows. International capital flows play a central role in the global economy; they are closely tied to countries' economic and financial conditions, can influence macroeconomic policy, and bring a range of benefits and risks to beneficiaries. This paper describes the patterns of international capital flows in Russia (a sample of a big emerging market (BEM) economy) in the period 2000?2016, focusing on the last decade. The paper r...

The paper aims to investigate the existence of a positive feedback process between managed aggregate equity fund flows and equity fund excess returns in short-term and long-term period using monthly data from high- and middle-income EU economies for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

Trends in the Russian stock market are influenced by various internal and external factors, including economic, social, climatic, etc. Among the internal factors usually distinguished: the state of the national economy, industrial production, unemployment, high-volume issuance of government debt securities, increased the total volume of the issue of securities, payments crisis, the national currency exchange rate, trade balance, the size of the key rate, etc. By the significant external factors affecting the forma...

This article analyzes the innovation and technological sphere and the processes of modernization of the Arctic regions of Russia. A classification of Russian regions is undertaken, with division into four clusters. The first cluster is represented by the Russian regions encompassing Arctic territories: Murmansk region, Nenets, Yamalo-Nenets and Chukotka autonomous districts, Arkhangelsk region, Krasnoyarsk region and the Republic of Sakha (Yakutia). The second, third and fourth clusters take into account different...

Tourism is one of the fastest growing and largest sectors of the global economy and has important economic, social, cultural and environmental effects. Slovakia is among the countries with high rates of unemployment in Europe, but has a lot of natural and cultural wealth. Fragmented and diverse socio-cultural and environmental aspects of rural areas in Slovakia offer a variety of business and employment opportunities in the tourism and traditional folk arts and crafts to anticipate the diversity of interests of to...

For implementing partial activities, companies utilize a broad portfolio of financing resources. These resources can be analyzed from various angles. They are usually divided into company´s equity and debt resources. Although the decision about resource utilization is influenced by many factors, the cost of capital is the most prominent aspect that enters this process. The subject of the article is a research in the field of company debt resources. There are a number of circumstances that encourage companies to ch...

The regions focused on primary industry and raw materials extraction and processing have specific innovative and investment development. The paper presents the analyses of the world experience in applying rating system for innovative development assessment. As the result, the authors devised a new original method for the assessment of innovative development of the regions focused on primary industry and raw materials extraction and processing in terms of investment flows provision for the regions. The index for in...

The mineral extraction tax and the customs duty on oil export are basic elements of the fiscal policy for the oil-extracting companies operating in Russia. The volume of these payments is strictly connected with the average level of exchange prices of Urals brand oil during the corresponding month. In the conditions of intensive oil prices reduction this circumstance led to essential losses of the federal budget incomes. The aim of this work consists in the characterization of the oil-extracting companies taxation...

Not only the economy, but also the whole society’s aim at economic growth in terms of qualitative and quantitative improvement of the population’s standard of living. At present, when the innovative economic sector, the service industry and knowledge have come to the fore, the concept of economic growth requires rethinking. Approaches to determining the quality of economic growth can be classified based on the absolute quantitative economic indicators (GDP, GNP, NI, national wealth, etc.), based on the relative qu...

The article evaluates the convergence-divergence of indicators of economic development processes in circumpolar countries. The object of the study is the indicators, which evaluate the economic processes in member countries of the Arctic Council: Denmark, Iceland, Canada, Norway, Russia, USA, Finland, and Sweden. The processes of convergence-divergence were researched in all eight member-countries of the Arctic Council based on statistics from 1990 through 2014. The following indicators, analyzing economic process...

It's generally known, that financial security plays one of the key roles in the system of the state control and economic security. At the same time, it affects the majority of elements of economic security. Because of the lack of funding for some economic areas, damaging not only the economic but also the national security as a whole. Financial security - a concept capacious and complex, it includes many measures and techniques, as well as the means to protect the economic interests of the state. This article is d...

Tax policy is one of the main instruments of economic policy of any state. It is realized through the establishment of goals, objectives and specific quantitative parameters of revenues and the country's budget. Condition of public finance has a significant impact on the real economy. So, the choice and justification of the measures, decisions and actions in the area of tax policy, directed on realization of conceptual ideas within the existing Russian economic policy is one of its key contents. The article is ded...

In modern conditions of economic globalization and technological intensification, the international interaction reaches beyond the trade cooperation. Nowadays the competitiveness of countries is determined by their place in the international division of labor and the involvement into global value chains. Value chains could be defined as steady groups of companies formed by combining complementary and cooperative activities to create a product and bring it to consumers. Different types of networks have different st...

The innovativeness in a company is part of its intellectual capital and the latter is proxied and measured by the underlying company’s intangible assets. The concept “intellectual capital” contains all the knowledge and experience a company’s employees have, the information and the intellectual property that are combined and create wealth for that company and can be proxied by the value of a company’s intangible assets. After the 1990s the issue of intellectual property has been the focus not only of the researche...

Background: Inventories are one of the most important assets. Their excess in an enterprise generates unnecessary costs but also has a positive impact on the safety of the company functioning as it improves its liquidity. In turn, the low level of stocks can reduce costs in an enterprise, but can lead to downtime in production or sales. Managers are looking for methods and strategies that will lead to optimal inventory levels and reduction of management costs. To reduce costs businesses often create purchasing org...

One of the key instruments for improving tax administration in the Russian Federation is a new setting of the tax system in 2017-2018 years. First of all, innovations relate to the VAT system. In particular, will need further study questions of expediency and needs to increase the basic rate of tax, the abolition of preferential rates. To achieve a balance in the tax relations will be reduced the tax burden for businesses of Direct Taxes. To harmonize the taxation of individuals, need to develop methodical bases o...

The paper aims to investigate the impact of chosen fund attributes, industry and country characteristics in the given group of high- and middle-income economies from EU on excess return of open-end equity funds domiciled in these countries by means of a panel regression with fixed effects for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

Today information technologies provide good opportunities for computerization in the financial sector for financial services and individual investment. The majority of Russians look at investment process as very difficult and risky, therefore preferring to deposit their money. To support this argument, the growth of the individual deposits for the period from 01.01.2012 to 01.01.2016, grew by 98% [1]. On the contrary, the number of private investors in the Russian stock market is less than one percent of the count...

One of the burning issues in identifying the financial status of an industrial enterprise is a well-balanced system of financial indicators. Existing methods of financial assessment are similar in comprising the following indicators: current liquidity ratio; profitability ratio; indicators of financial sustainability and financial results: receivables and payables; limiting constraints. The specifics of extractive industry companies dictate the need to consider dependence of financial indicators on investments in ...

The article substantiates the topicality of theoretical basics and methodological fundamentals development for the monitoring system for economic and investment security of the Arctic regions in the Russian Federation. The need to modernize the state strategic management of the Arctic Zone regions in the Russian Federation arises due to the emergence of internal and external threats. Timely evaluation and prevention of crises on the territory of the whole Arctic Zone and specifically in the Arctic regions of the R...

One of the greatest challenges at the current stage of Russian regions development is the transformation in the structure of production markets demand and supply. On the one hand, technological innovations caused by changing consumer’s needs affect the demand and supply equation parameters in the production and resource markets. On the other hand, imposing of international economic sanctions against Russia has stimulated shifts in both the demand for competitive domestic products and the supply of domestic goods a...

The article presents the methodological aspects of control and analytical functions in the internal accounting system. Attention is focused on the problems of the organization of an effective system of financial accounting. The essence ofthe main approachesto the organization ofthe internal control systemis to determine theset ofregulatoryprocedures to ensurethe reliability ofaccounting data, thereforeimproving the quality ofinformation,tax recordsare of particularimportancein decidingthe users concerned. Discusse...

The article discusses the features of the economic category of "workplace", which have a direct influence on the choice of the performance criterion in estimating the amount of highly productive jobs in Russia.

The sales comparison approach (SCA) usually represents the most important valuation approach. Besides this approach, there are two other performing valuation approaches at other bases. The sales comparison is a set of procedures, in which an appraiser derives a value indication by comparing the property being appraised to similar properties. Real properties vary considerably from one another, which is reflected by price-setting factors. Although price adjustments (caused by differences projected into price by the ...

In the modern economic conditions companies are forced to reconsider their approaches to management of financial, economic and business processes in manufacturing. This fact is due to high speed of transformation of the environment under the influence of disturbing factors generated by the globalization of the economy, the rise of transnational corporations, accelerated flow of information and other influences. In this case, it is necessary to develop a toolkit, which would allow to adjust the management in view o...

Creating and maintaining a strong investment climate in the economy is the important initial precondition for solving problems to ensure economic growth and competitiveness of the country in terms of its integration into the world economy. Despite the fact that the Russian market has the potential to become attractive for foreign investors, it is characterized by unpredictability, which prevents the flow of foreign investments into the country. Our retrospective analysis showed that the formation of a positive inv...

Cardiovascular diseases rank among chronic diseases that may have negative impact not only on the individual's economic activities but they may have radical impact also on the individual's common life and on its quality. The expenses on the therapy of heart and vessel diseases in the Czech Republic are paid predominantly from public health insurance and partially also in form of financial contribution of the citizens, consisting particularly in payment for medicines. This article, based on the implemented project ...

The fundamental challenge of the contemporary world is finding a proper model of transformation of the existing linear, unsustainable and irresponsible economy towards the circular economy harmonised with the needs of present and future generations. Financial institutions, due to their intermediary role, should have a particularly important role in the transition towards a more sustainable economy. In the last 30 years various ethical and alternative financial institutions have been founded in many countries aimed...

Development of the Northern and Arctic regions requires innovative approaches to support high quality of living in terms of business processes and everyday life. On the whole, these regions are most hard to support financially and require high costs. Standard of living is closely connected with regional infrastructure development, energy saving playing most import role. In Northern and Arctic regions energy saving has specifics compared to other RF regions as energy resources make up to 30% share of total costs, i...

The research paper focuses on assessing the impact of the tools of the fiscal policy of the country for the resource regions and municipalities development in the context of the current budget federalism and inter-budget relations. Krasnoyarsk Krai – the largest in its area and the availability of natural resources region of Russia is considered as a model resource region. The Krai’s role in the Russian economy as well as its financial and social well-being are largely determined by the resource model of the econo...

This paper provides a brief review of literature and evidence on the relationship between capital structure and ownership structure. The study also provides empirical support to the determinants which affects the firm capital structure. This paperwork tests proposed hypotheses of relationship between leverage ratio and traditional determinants of financial leverage of Russian firms, operating in the petrochemical complex of the Republic of Tatarstan, using dynamic panel data methodology. To analyze the impact of f...

The disparity of economic development between regions of Russia is still under discussion. To date, a range of methods and models for evaluation of regional inequality exist. Russian researchers use statistical indicators (Gini and variation coefficients, Atkinson and Tail indexes) to measure the level of difference between GRP, population income, salary, investment allocation, tax incomes, budget incomes and others. The authors associate the disparity of regional development with the natural and artificial compet...

The paper deals with the methods used by Czech companies for the evaluation of company performance. The evaluation of company performance remains a crucial topic for company’s management. The development of business environment is influenced by globalization, which increases competition between companies around the world. This creates new obstacles as well as opportunities in the area of measuring company performance. Companies are constantly forced to increase their performance to retain their market shares and s...

The article focuses on the issues of formation of the competitive environment in public procurement. The basic principles of public procurement bodies, the need for an effective policy of public spending and competition between suppliers of goods and services. The basic reasons for competition are two fundamental principles of a market economy: freedom of choice for the consumer (which product to purchase) and freedom of choice for the manufacturer (which product to produce).The effectively built up mechanism of t...

The following research consists of introduction, three chapters, with subsequent parts,and the conclusion. The aim of the research is to analyze the transformation process of Spanish banking sector after the financial crisis in 2008. Author examines a hypothesis that Spanish banking sector plays a significant role in Spanish national economic advancement. Banking sector had been substantially transforming during the economic recession, and now it serves as the prerequisite for State economic advancement in post cr...

Objective: To describe the dynamics of the joined currency and stock markets system in Russia and study the behavior of significant unobservable components of system state, in particular the dollar investment in the Russian currency. System structural model is proposed in which the main short-term control variable is the price of oil and when investing in currency rubles mass is taken from the stock market and vice versa. We use logarithms to obtain a linear relationship between due output vector and state vector....

The importance of accounting profession in modern capital markets is unquestioned as owners, managers and potential investors make decisions based on the products of accounting system. The correctness of these decisions undoubtedly depends on the quality of work performed by accounting professionals. An analytical study design was implemented in order to formulate the results of the study and to test the hypothesis that in the presence of free service provision idea, the accounting profession is not regulated in a...

The article substantiates the role of education, proposes and confirms the hypothesis about the importance and necessity of social partnerships for financing and development of education in knowledge- driven economy. To confirm the advanced hypotheses we studied the evolution of concepts of social interaction and social responsibility to justify patterns of social partnerships in the knowledge-driven economy that allowed us, using the model of "triple helix", to show the necessity of the collaboration of governmen...