Economic

Effective Project Finance System: Principles and Practices

Introduction. Russian economic acceleration, innovative and digital economy establishment and development requires an increase in investment challenged to high technology sectors. Successful achievement of this objective defines finding the investments attraction mechanism. One of them is the project finance, which is a modern investment instrument in high-risk environments. Increasing importance of project finance implies a more detailed exploration of its mechanism, application characters in current Russian conditions. Theoretical analysis. The content, signs and background to use project finance was analyzed. It was shown that project finance is the riskiest investments attraction model, which defines the creation and use of effective risk management system. Project finance advantages and disadvantages for its participants in comparison with the other investments attraction methods were found. Empirical analysis. Valuation, industrial and regional structure of global and Russian project finance markets were submitted, their main development trends were identified. Results. Project finance is a modern effective investments attraction model in high-risk environments. It was considered that its effectiveness largely depends on right purpose, its relationship with development strategy, project realization specificities accounting on various stages of project life cycle, project company activity, development finance institutions, government regulation methods. Main directions of project finance improvement in Russian economy based on development trends of global project finance market were revealed. It was shown that project finance mechanism should be applied for realization of not only investment projects, but innovative as well.

The System of Economic Relations in the Sphere of Self-employment of the Population of Russia

Introduction. The relevance of the problem of self-employment in Russia is justified by the need for its legalization, withdrawal from the shadow economy and attracting this category of the population to pay various kinds of contributions and taxes. While attempts of the authorities to legalize self-employed citizens and determine their legal status have not been successful, which indicates a lack of theoretical development of this phenomenon. The purpose of this article is to present the system of economic relations, expressed in the category of self-employment, and to make proposals for the successful functioning of this category of labor resources. Theoretical analysis. When examining the system of economic relations in the sphere of self-employment of the Russian population, the authors emphasize the specifics of self-employment in comparison with the more general category of employment, define self-employment as a process of including the population in economic activity, which is expressed in the independent organization of the production of goods or services without the use of an employed manpower in order to generate income. This allows us to show the role of these relations in the system of labor relations and property relations, the inconsistency of the self-employment interpretations available in the literature, and make suggestions on the determination of the legal status of the self-employed. Conclusions. Additional justification of the President’s proposal for granting not only tax holidays, but also exemption from taxation of the category of self-employed, which meets the criterion proposed in the article, is given.

The Specifics of the Transaction Costs in Line with the Formation of the Innovation Economy

Introduction. In the heart of the analysis of this article are problems of innovation economy that most clearly characterizes the existence of transaction costs. Over time, the structure of the transaction costs has evolved: in the information economy occupy a significant proportion of the costs of searching for information and costs of measurement in the knowledge economy is gradually gaining weight the costs of negotiating and concluding contracts. With the last quarter of the twentieth century, a particularly important place in the system of transaction costs took the cost of specification and the protection of property rights, as well as the cost of training and retraining of personnel, satisfying the needs of innovation. Theoretical analysis. Of the total transaction cost economic agents depends on their competitiveness in domestic and international markets, because lower costs enable innovative enterprises to carry out their activities efficiently, constantly modifying the escaping product. This gives the opportunity to occupy a privileged position compared with other companies who are forced to spend a large part of their profits not on improving technologies and to cover transaction costs. Therefore, it is important to not only the theoretical substantiation of the need to address the issue of transaction costs, but also offer practical ways to track the dynamics of this kind costs to reduce them. Results. Reviewed by transaction costs accompanying the interaction of economic actors in the transition of the Russian economy on an innovative path, as well as factors which complicates the measurement of transaction costs. Identified obstacles to the emergence of an innovative economy in our country. Proposed a series of measures to effectively reduce the transaction costs.

The Role of Financial and Investment Policy of State in Overcoming the Disfunction of Capital Market

Introduction. One of the serious consequences of capital market dysfunction which exists in Iraq›s economy is the imbalance of its sectoral structure. Hypertrophied development of extractive industries leads to inefficient investment activity, weak capital formation, and unsustainable economic growth. Overcoming these destructive dysfunctions in financial and investment sphere of Iraq›s economy is an urgent task of the state financial and investment policy. The necessity and possibility of solving this problem is the subject of the article presented. Theoretical analysis. The article presents approaches to assessment of impact of state financial and investment policies on development of investment activities, functioning of capital market and economics in general, and formation of its balanced structure.Empirical analysis based on the assessment of results of functioning of Iraq’s economy for the period from 2005 to 2016, and the analysis of the most important directions of the state economic policy of Iraq. Results. The ambiguous role of the state financial and investment policy in overcoming the dysfunctions of capital market has been revealed. Effective state economic policy allows to reduce the destructive consequences of the functioning of capital market. However, the ineffective financial and investment policy itself is capable of generating dysfunctions.

The Experience of Consumption as a Fundamental Principle of Reducing Risk when Using the Cultural Services

Introduction. Addressing the risks of a producer and consumer and evaluation of the experience of consumption in reducing risk in the use of all types of services and service culture, in particular, will allow to increase the competitiveness of the services culture. Theoretical analysis. Identified risk factors of producer services. The experience of consumption services in terms of process and outcome. In connection with such special services as the variability of quality shown preventive measures of the client to reduce risk. Conclusions. When the service runs the risk of the producer and the client. The manufacturer runs the risk of losing clients in the absence of necessary materials, as well as the deterioration of his skills. The consumer based on their own experience and that of significant persons of the contractor chooses the services that best meets its requirements. The most important for the user in many cases is his own evaluation of the consumed services. Use experience does not exclude the risk associated with the use of the new service (innovation risk), which is specified depending on the type of service activities. In most cases it is advisable that new services do not supplant existing and naturally complements them. 

The Current State and Problems of the Labor Market in the EAEC Countries

Introduction. The labor market is a fundamental factor in the economy of any country, and the functioning of the national economy depends on its dynamics and condition. A review article on the labor market of the EAEU countries. Empirical analysis. The article analyzes the state of the labor market and labor market problems, among which the authors especially highlight: market imbalance; Presence of restrictions, including legal ones, reduction of real mobility opportunities for the able-bodied population; Monopolized economy in some countries of the world, at its expense. An important place in the article is given to the review of the labor market of the EAEU countries and identification of the main problems, among which: the widening gap between supply and demand, skilled labor, the aggravation of the employment problems of certain socio-demographic groups of the population, the increase in the flow of labor migration from the EAEU member states to the Russian Federation, Lack of a common information base on employment issues of the EAEU member countries. Results. The article provides recommendations on overcoming labor market problems (the development of labor exchange between the member countries on a mutually beneficial basis, the regulation and activation of interaction between educational institutions and the state, companies, the expansion of the authority of the labor resources department of the Department of Labor Migration and Social Protection of the EEC ( Eurasian Economic Commission), creation of an information base on employment issues and vacancies in the EAEU countries).

The Remuneration of Employees of Banking Sector of the China

Introduction. Labor resources in China have great potential for development. The number of employed citizens is 77500 thousand. However, the level of real unemployment in the country is high. Empirical analysis. The article analyses the level and characteristics of remuneration of employees of the banking sector of China. We study the structure of the working population of the country, it investigates the level of wages in the country, including in Chinese banks, is considered the minimum wage in Chinese cities. Given the problems existing in the programs of remuneration of the banks of China, including: the lack of communication targets reached and the amount of financial benefits, the underdevelopment of the system of bonus payments, the unpopularity of rewards for individual merit, gender discrimination in remuneration in the Bank of China, etc. Results. The article presents the main recommendations for improving the system of remuneration in the banking sector of China: among them: the introduction of Chinese banks in the remuneration system agreed with the results achieved, the expansion of the program of bonus payments, promotion and regular wage increases for young employees, the application of open and competitive wage systems, regular monitoring of employees‘ interests in wages, minimizing fines.

Development of Russia in the Conditions of Global Economic Instability

Introduction. The current stage of globalization is characterized by increased economic instability, which requires a search the mechanism that allows to minimize the emerging economic risks and to obtain some advantages in the changed circumstances. The author makes the hypothesis that in our country we should go towards the creation of economic and technological leading state. Theoretical analysis. The analysis of structural shifts in the global economy demonstrates the need for changes in the design of global and national regulation, because it isn’t acceptable to the vast majority of countries and their associations. The emergence of new contradictions and crisis phenomena at the national and global level makes necessary the determination of directions for transition the domestic economy to sustainable economic growth. The formation of effective economic system will allow Russia to become the world center of economic influence. Empirical analysis. The analysis and diagnosis of the economic growth in the Russian Federation indicate the entrance of the domestic economy in the zone of protracted recession. This involves the working out managerial decisions aimed at overcoming recession and moving to the phase of economic growth on the basis of mo dernization of state management system in the conditions of new global challenges. Results. The system character of solutions existing problems on the basis of transformation of the fundamentals of the economic system to improve its dynamism and adaptability is justified.

СРАВНИТЕЛЬНЫЙ АНАЛИЗ РЫНКОВ ТРУДА ЕВРОПЕЙСКОГО СОЮЗА И РОССИЙСКОЙ ФЕДЕРАЦИИ

Введение. Рынок труда занимает особое место в структу- ре национальной экономики, обеспечивает ее человеческим капиталом, организует воспроизводство населения. Необхо- димость развития отечественного рынка труда предполагает изучение и использование опыта функционирования евро- пейского рынка труда, обладающего большим и системати- зированным инструментарием регулирования. Теоретиче- ский анализ. Основами теоретического анализа являются рассмотрение действующих программ развития рынка труда России и ЕС, статистических данных МВФ, а также обзоры авторитетных мировых консалтинговых компаний. Результа- ты исследования. Схожие тенденции развития рынка труда в экономиках Европейского союза и Российской Федерации позволяют использовать европейский опыт в нашей стране. Практика европейских стран побуждает правящую власть России улучшить систему профессионально-технического образования, переквалификации, упростить систему заклю- чения трудовых контрактов и т.д. Однако жесткая макроэконо- мическая политика, проводимая государственными органами в нашей экономике, препятствует использованию большин- ства инструментов регулирования европейского рынка тру- да. Выводы. Современная ситуация на российском рынке труда ограничивает экономический рост. Необходимо совер- шенствовать трудовое законодательство и государственное регулирование российского рынка труда, решать проблемы низкой территориальной мобильности населения Российской Федерации, содействовать повышени

МОДЕЛИ ИННОВАЦИОННОГО РОСТА ЭКОНОМИКИ

Введение. В современной экономике, когда на первый план по своей актуальности выходят вопросы формирования ее эффективной структуры, обеспечения устойчивого роста и развития, очевидна потребность в критическом разборе моделей эконо- мического роста и всестороннем анализе его факторов. Теоретический анализ. В статье рассматриваются как базовые модели экономического роста, так и новые модели, в которых движущим фактором экономического роста выступают иннова- ции, являющиеся результатом производства такого специфи- ческого сектора современной экономики, как сектор научных исследований и разработок. Обсуждается вопрос взаимосвязи научного, материаль но-вещественного и кадрового потенциалов современной экономики, представляющейся важным фактором ее инновационного развития. Заключение. Отражая сущность общественного производства в динамике, экономический рост на современной фазе развития имеет своим главным фактором инновации, являющиеся продуктом и результатом интеграции интеллектуального и материально-вещественного капитала. Данный факт подтверждается существующими современными моделями экономического роста, устанавливающими функциональную зависимость между ростом производства и научно-техническим прогрессом.

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