{"id":1269,"date":"2018-05-29T17:22:23","date_gmt":"2018-05-29T14:22:23","guid":{"rendered":"https:\/\/finbiz.spb.ru\/?p=1269"},"modified":"2018-05-30T15:34:07","modified_gmt":"2018-05-30T12:34:07","slug":"issue-4-2017","status":"publish","type":"post","link":"http:\/\/finbiz.spb.ru\/en\/2018\/issue-4-2017\/","title":{"rendered":"Issue 4, 2017"},"content":{"rendered":"<div class=\"entry-content\">\n<p>MACROECONOMIC CALCULATIONS<\/p>\n<p><i>A.G. Aganbegyan<br \/>\n<\/i>Social Inequality is\u00a0Not Limited to\u00a0the Difference in\u00a0Income and Consumption, But Includes other Indicators of\u00a0the Well-being of\u00a0the Population<\/p>\n<p><i>R.K. Kuchakov, Yu.V. Raskina<br \/>\n<\/i>Socio-economic Gradient of\u00a0Self-evaluations of\u00a0Health by\u00a0Elderly People in\u00a0Russia and China: Results of\u00a0Applying Hierarchical Ordered Choice Models<\/p>\n<p><i>I.R. Ibrokhimov, \u0422.V. Nikitina, G.F. Feigin<br \/>\n<\/i>Formation of\u00a0Conditions for the Transformation of\u00a0Savings into Investments in\u00a0an\u00a0Open Economy in\u00a0the Republic of\u00a0Tajikistan<\/p>\n<p>ECONOMIC THEORY<\/p>\n<p><i>A.V. Vorontsovsky<br \/>\n<\/i>Some Possibilities of\u00a0Modeling the Value of\u00a0Individual Human Capital<\/p>\n<p><i>M.I. Levin, K.A. Matrosova<br \/>\n<\/i>Household Behavior Patterns and Uncertainty<\/p>\n<p>FINANCIAL MANAGEMENT<\/p>\n<p><i>A.V. Burova, Yu. V. Vymyatnina<br \/>\n<\/i>Assessment of\u00a0Financial Indicators of\u00a0Charitable Foundations in\u00a0Russia: Adaptation of\u00a0World<\/p>\n<p>FINANCIAL MARKETS<\/p>\n<p><i>I. K. Klioutchnikov, O.A. Molchanov\u0430, O. I. Kluchnikov<br \/>\n<\/i>Big Data in\u00a0Finance: Theory and Practice<\/p>\n<p><i>E.V. Vladimirov<br \/>\n<\/i>Systemic Risk of\u00a0the Russian Economy<\/p>\n<p>GOODS AND SERVICES MARKET<\/p>\n<p><i>A.I. Bizyaev, E.M. Sapunova, N.V. Shilova<br \/>\n<\/i>Israeli Telecommunications Sector: the Inevitability of\u00a0Innovative Development<\/p>\n<p>HISTORY\u00a0OF FINANCE AND ACCOUNTING<\/p>\n<p><i>A.A. Semenov<br \/>\n<\/i>Historical Features of\u00a0the Emergence of\u00a0the First Employers&#8217; Associations in\u00a0Russia<\/p>\n<p>A\u00a0BOOKSHELF<\/p>\n<p><i>A.L. Dmitriev<br \/>\n<\/i>Basu K. Beyond the Invisible Hand \/ trans. with English. Moscow: Publishing House of\u00a0Gaidar Institute, 2014.<\/p>\n<\/div>\n<footer class=\"entry-footer\"><strong>SUMMARIES<\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong><em>A.G. Aganbegyan<\/em><\/strong><\/p>\n<p class=\"entry-meta\"><strong>Social Inequality is Not Limited to the Difference in Income and Consumption, But Includes other Indicators of the Well-being of the Population<\/strong><\/p>\n<p>It emphasizes the multidimensionality of the phenomenon of poverty, its irreducibility to the indicator of the level of per capita income. From the non-monetary indicators of social inequality and poverty, the author first of all allocates housing conditions, paying attention to their close connection with incomes. Equally important is the inequality in access to quality medical education, especially as the aging of the population increases inequality in health. Education is another aspect of social inequality. All conclusions of the author are based on the data of state statistics, in particular, on the data of a sample survey of the standard of living of the population of Russia, conducted by Rosstat in 2014.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>poverty; inequality; income; availability; living conditions; health; education.<\/p>\n<p><strong><em>R.K. Kuchakov, Yu.V. Raskina<\/em><\/strong><\/p>\n<p><strong>Socio-economic Gradient of Self-evaluations of Health by Elderly People in Russia and China: Results of Applying Hierarchical Ordered Choice Models<\/strong><\/p>\n<p>The paper investigates the influence of socio-economic gradient on self-evaluations of health by elderly people in Russia and China. The data comes from SAGE research conducted by WHO; specifically, two projections of &#8220;health status&#8221; are used: evaluations of mobility and discomfort. Authors address the problem of heterogeneity in survey responses. In order to perform correct cross-national comparison, authors turn to the method of anchor vignettes formalized in the form of hierarchical ordered choice model (HOPIT). The main finding of the study is that Chinese and Russian respondents use different response &#8220;styles&#8221;: residents of Russia demonstrate higher level of healthcare problems. One of the key factors that differentiate levels of health in both Russia and China is the place of residence: rural population tends to experience more health issues than urban population. The findings suggest also that gender, low income and low educational levels have a significant influence on the self-reported health status.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>gradient of health; Russia; China; SAGE; HOPIT; heterogeneity of answers.<\/p>\n<p><strong><em>I.R. Ibrokhimov, <\/em><\/strong><strong><em>\u0422<\/em><\/strong><strong><em>.V. Nikitina, G.F. Feigin <\/em><\/strong><\/p>\n<p><strong>Formation of Conditions for the Transformation of Savings into Investments in an Open Economy in the Republic of Tajikistan<\/strong><\/p>\n<p>The article identifies the main factors hindering the growth of savings of the population and the development process of their transformation into investment. The modern investment activity in the economy of Tajikistan is analyzed.\u00a0 The overview of main reforms in the sphere of investments which happened in 2000 is given.\u00a0 The opportunities for modernization of mechanism of transformation of\u00a0\u00a0\u00a0\u00a0 savings into investments are identified.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>saving; consumption; institutional framework; investment environment; investment policy.<\/p>\n<p class=\"entry-meta\"><strong><em>A.V. Vorontsovsky<\/em><\/strong><\/p>\n<p><strong>Some Possibilities of Modeling the Value of Individual Human Capital<\/strong><\/p>\n<p>The article deals with the problems of substantiation and evaluation of human capital. It provides an overview of the main areas of research on human capital; features of modeling of the national human capital are shown. The main attention is paid to the specifics of the definition and evaluation of individual human capital. Its features as a resource of business are analyzed. Three types of approaches to the evaluation of this type of capital were singled out: on the basis of the costs of obtaining education, income from it and the net current value of educational projects. Modeling of estimates of individual human capital is carried out in a deterministic case and under conditions of risk. In the latter case, it is proposed to use for simulation the scenario of future development, a simple binomial model, and the Black-Scholes formula. Experimental calculations for all the above models are performed, the features of the results obtained and the possibilities of their practical use are shown.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>individual human capital; the value of human capital; human capital as a resource of business; modeling of individual human capital in a risk environment.<\/p>\n<p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><strong><em>M.I. Levin, K.A. Matrosova<\/em><\/strong><strong>Household Behavior Patterns and Uncertainty<\/strong><\/p>\n<p>Uncertainty and risk are often significant factors that are taken into account in households\u2019 decision-making. Uncertainty, expectations, and hence decisions, can be a consequence of the changing conditions. The research of family economics is focused on several aspects: decision-making about savings, consumption and investment that are also based on uncertainty. The results of such studies help to create effective economic and social politics. This article is a survey of papers that consider family economics with uncertainty.<\/p>\n<p><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>family economics, uncertainty, savings.<\/p>\n<p><strong>\u00a0<\/strong><strong><em>A.V. Burova, Yu. V. Vymyatnina<\/em><\/strong><strong>Assessment of Financial Indicators of Charitable Foundations in Russia: Adaptation of World<\/strong><\/p>\n<p>The paper presents the results of an inquiry into the charity sphere of modern Russia. Due to the absence of homogenous and reliable data the central object of investigation in this paper is formed by the body of various forms of financial reporting as a main source of information for financial analysis. We have studied present legal norms, the theory of financial analysis, existing international experience of financial analysis of charity, and we have held a series of expert interviews in order to understand current situation and to reveal the problems for analyzing financial development of charitable foundations in Russia. As a result of this study we have developed general recommendations for charitable foundations on presenting their financial reports to the general public by the charitable foudations as well as a system of indicators applying financial ratios to analyzing charity sphere.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>charity funds; financial indicators; financial management.<\/p>\n<p class=\"entry-meta\"><strong><em>A.I. Bizyaev, E.M. Sapunova, N.V. Shilov<\/em><\/strong><strong><em>a<\/em><\/strong><strong>Israeli Telecommunications Sector: the Inevitability of Innovative Development<\/strong>Usually, when modeling a certain market or the work of a certain branch of the national economy, some &#8220;infinity&#8221; of resources and the volume of the market itself is implicitly assumed. It usually studies the already formed market &#8211; for example, completely competitive; oligopolistic or mixed, and if the reasons for the formation of such a structure are discussed, then at the descriptive level and also for the purpose of ascertaining the fact. The article, on the contrary, describes in detail how and in what conditions a fairly new branch was formed-the telecommunications sector of the economy, and why at the moment it is what it is. At the same time, the potentially highly competitive sector became oligopolistic for quite a fairly long period of its existence, but due to the specifics of the technology, it was forced to let competitors in, and then, with the saturation of the market, moved from price competition to competition with innovative products. In this sense, the market of telecommunications services in Israel &#8211; a very small country &#8211; is interesting as a particular case of the inevitable development of innovations by private firms at a time when firms face a tight restriction either in the form of a limited market or as a resource constraint.<\/p>\n<p><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>telecommunications; oligopolistic market; the economy of Israel; innovative policy.<\/p>\n<p><strong><em>\u00a0I<\/em>.<\/strong><strong><em>K. Klioutchnikov, O.A. Molchanov<\/em><\/strong><strong><em>\u0430<\/em><\/strong><strong><em>, O. I. Kluchnikov<\/em><\/strong><\/p>\n<p class=\"entry-meta\"><strong>Big Data in Finance: Theory and Practice<\/strong><\/p>\n<p>The article analyzes the driving forces and directions for the restructuring of financial theory, econometrics, financial mathematics and financial practices due to the emergence of ultra-high-speed trade associated with extremely large data. Modern concepts and models show and explain the significant diversity in the behavior of financial intermediaries and regulators in the market. However, they do not give a satisfactory answer to the question of how to manage modern data, why there is no possibility of their full formalization and how to cope with the tasks of managing the financial sphere in the conditions of a sharp increase in the information.<\/p>\n<p>The article examines a peculiar crisis of financial science and econometrics. It is based on the inability of old methods to conduct financial calculations of modern data and analyze rapidly changing information. It is shown that overcoming the crisis is possible in the direction of the development of new financial technologies and computational methods, as well as the construction of new model series that allow to take into account ultra-high-speed flows of extremely large data and carry out complex work with them.<\/p>\n<p><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>ultra-high-speed trading, big data in finance, finance, econometric, financial mathematics, uncertainty, and chaos.<\/p>\n<p><strong>\u00a0<\/strong><strong><em>E.V. Vladimirov<\/em><\/strong><strong>Systemic Risk of the Russian Economy<\/strong><\/p>\n<p>This article is devoted to the question of systemic risk on the sectoral level of Russian economy. Used approaches include network theory, theory of generalized autoregressive conditional heteroscedasticity and time series econometrics. In this work I mapped and analyzed static and dynamic graphs of sectoral interconnectedness of Russian economy and suggested vulnerability index, which characterize sensitivity of the economy to systemic risk. With help of network theory this index allows us to take into account not only the degree of connectedness of the economy, but also the structure of the relationsin it. In addition, I analyzed the reaction of suggested vulnerability index on shocks in the three most influential in Russian economy exogenous variables with help of impulse response function. Also I compared the vulnerability index with the other newly suggested financial stress index ACRA FSI.<\/p>\n<p><strong><em>Keywords<\/em><\/strong><strong>: <\/strong>systemic risk; network theory; GARCH model; sectors of Russian economy; financial stability of the economy.<\/p>\n<p><strong><em>A.A. Semenov<\/em><\/strong><\/p>\n<p><strong>Historical Features of the Emergence of the First Employers&#8217; Associations in Russia<\/strong><\/p>\n<p>The article analyzes the prerequisites and conditions for the emergence in pre-revolutionary Russia of a specific type of entrepreneurial associations, such as employers&#8217; unions. The goals of these organizations are shown, the tasks that they solved in the conditions of the revolutionary struggle of 1905-1906 are investigated. The final part of the work reveals the weakness of the political position of the Russian industrial bourgeoisie and criticizes some of the most common stereotypes in describing its attitude to the state&#8217;s economic policy and to the problem of workers&#8217; representation.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>Keywords<\/em><\/strong><strong>: <\/strong><em>\u00a0<\/em>\u00a0history of economic policy in Russia; types of business associations; development of trade union legislation; working conditions in factories; strike movement.<\/p>\n<p>&nbsp;<\/p>\n<\/footer>\n","protected":false},"excerpt":{"rendered":"<p>MACROECONOMIC CALCULATIONS A.G. Aganbegyan Social Inequality is\u00a0Not Limited to\u00a0the Difference in\u00a0Income and Consumption, But Includes other Indicators of\u00a0the Well-being of\u00a0the Population R.K. Kuchakov, Yu.V. Raskina Socio-economic Gradient of\u00a0Self-evaluations of\u00a0Health by\u00a0Elderly People in\u00a0Russia and China: Results of\u00a0Applying Hierarchical Ordered Choice Models I.R. Ibrokhimov, \u0422.V. Nikitina, G.F. Feigin Formation of\u00a0Conditions for the Transformation of\u00a0Savings into Investments in\u00a0an\u00a0Open [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/posts\/1269"}],"collection":[{"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/comments?post=1269"}],"version-history":[{"count":4,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/posts\/1269\/revisions"}],"predecessor-version":[{"id":1315,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/posts\/1269\/revisions\/1315"}],"wp:attachment":[{"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/media?parent=1269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/categories?post=1269"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/finbiz.spb.ru\/en\/wp-json\/wp\/v2\/tags?post=1269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}