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Issue 4, 2011

 CONTENTS

  ECONOMIC THEORY

D. V. Ivanov

Supernova Economy: Shift from Virtualization to Glamour

A. P. Zaostrovtsev

Political Economy of Autocratic Regimes and their Transformations

K. A. Bukin, M. I. Levin

Modeling Approach to Ethnical Discrimination on the Local Job Market: Group vs. Individual Reputation

D. V. Davydov

Private Sector and State in Economy: Institutionalization of Economic Relations

MACROECONOMIC CALCULATIONS

Yu. V. Sazhin, Yu. V. Saraikin, M. Yu. Sokolova

Innovation Development and Scientific Potential of a Region: Models of Interrelation

MONETARY POLICY

I. N. Lyukevich

New Money Standard in the World Currency System: Conceptions and Prospects

V. S. Kufenko

Impact of Monetary Policy on Macroeconomic Indicators and Money Market Liquidity: Models and Empirical Analysis

L. A. Molchanova

Combined Deposits as Innovative Products in the System of Financial Intermediation

D. A. Palin

Bank Guarantee and Other Kinds of Financial Products

A. A. Fursa

Simulation Model of the Estimation of the Adequacy of the Quantity of the Staff of a Commercial Bank

GOVERNMENT FINANCE

S. P. Sazonov, A. V. Lukyanova, V. V. Egorova

Internal Control and Audit as a Necessary Stage of the Development of the Departmental Control of the Activity of the Regional Bodies of Federal Exchequer

FINANCIAL MARKETS

A. L. Dmitriev, O. G. Sergeeva, N. V. Khovanov

Aggregate Units of Account and their Applicatio

 FINANCIAL MANAGEMENT

T. G. Dolgopyatova

Hired Managers in Russian Firms: Empirical Evidence at the Time of Crisis

0. L. Marganiya

The Peculiarities of Capital Structure of Corporate Enterprises

GOODS AND SERVICES MARKET

E. B. Stukalin

Are Immigrant and Native Health Gaps Objective, Subjective or Both?

D. S. Kaverin, E. V. Polyakova

The effects of Product Certification on High-quality Goods Promotion

N. M. Gordeenko, A. S. Sheyanov

Development of Statistical Observation of Transport-logistic Activity in Russia

ACCOUNTING AND AUDIT

Ya. V. Sokolov, V. Ya. Sokolov

How We Should Transit to IFRS

A. P. Kryukova

Accountant's Personality

E. V. Satalkina, E. A. Askolskaya

The Application of Statistical Methods to Form the Estimation of the Degree of Confidence to Professional Judgment of an Accountant

A. S. Krutova

The Diversification of the Accounting Paradigm under the Conditions of the Informatization of the Economy

BUSINESS ENVIRONMENT

Ya. D. Shiryaeva

«Crime» and Punishment in Russian Business

S. V. Kurysheva

Statistical Analysis as a Factor of the Reduction of the Risk of the Field Tax Inspection in an Enterprise

HISTORY OF FINANCE AND ACCOUNTING

J.-G. Degos

The Early Works of Eugene Lйautey (1845—1909): An Accounting Theorist in the time of Russian Tsars Alexander II and Alexander III

1. N. Lvova

On the History of Business Games in Teaching Accounting

A BOOKSHELF

A. L. Dmitriev

Jehle G. A., Reny P. J. Advanced Microeconomic Theory: a textbook /Translation from English by ed. V. P. Busygin, M. I. Levin, E. V. Pokatovich. M.: The HSE Publishing House, 2011

I. I. Eliseeva

L. N. Ovcharova Theoretical and Practical Approaches to the Estimation of the Level, Profile and Factors of Poverty: Russian and International Experience. Moscow: M-Studio, 2009

REVIEW OF SCIENTIFIC EVENTS

N. V. Generalova, D. A. Lvova, N. A. Sokolova

Current State and Prospects of Scientific Research in Accounting: On the Results of the 34th Annual Congress of the European Accounting Association

I. I. Eliseeva, D. V. Melnik

The XVth Conference of the European Society for the History of Economic Thought

A. L. Dmitriev

Professor B. L. Ovsievich Prize for 2010

 

SUMMARIES

 D. V. Ivanov

Supernova Economy: Shift from Virtualization to Glamour

Some tendencies and clusters in the economy of the 21st century are considered as the develop­ment of glam-capitalism that is a system transforming the glamour from living style and esthet­ic form into the logic of production, organization and finance.

Keywords: supernova economy; virtualization; brands; trends; glamour; glam-capitalism; image-intensity; glamour-intensity; glamour-industry complex.

A. P. Zaostrovtsev

Political Economy of Autocratic Regimes and their Transformations

The article has consistently revealed the three groups of problems: the dictatorship as a social contract, succession of power in autocracies and the democratization of authoritarian rule. The approach of the German economists Kirstein and Voigt to the dictatorship as a contract draws attention to the problem of self-restraint of arbitrariness. The constant threat to the stability of the autocratic rule is the problem of the transfer of power. Based on the works of Kurrild-Klitgaard and other economists the article shows the natural course of the evolution of this form of government towards a hereditary monarchy that ensures the smoother succession in comparison with others. This idea is confirmed by a number of the modern autocracies (North Korea, Syria, and Azerbaijan). The article ends with the consideration of the two different views on the nature of democratization: Acemoglu—Robinson and Boettke.

Keywords: autocracy; dictatorship as a social contract; autocratic succession; credible commit­ments; empowerment; democratization.

К A. Bukin, M. I. Levin

Modeling Approach to Ethnical Discrimination on the Local Job Market: Group vs. Individual Reputation

The article considers a situation when ethnicity affects decisions made by the principals choos­ing agents on the job market. In other words, the ethnical factor matters and its role should not be underestimated when one investigates the growth or decline of small businesses whose exis­tence is relied solely on whether they are successful in providing some services to consumers. The objectives of research on small ethnic businesses were twofold: firstly the authors asked whether the existing (Kim—Loury) model is applicable and has a sufficient positive predictive power to explain the current growth and to provide some insights in their future; secondly, authors aimed at resolving the «paradox» originated from a mismatch between the low reputa­tion of a group and its observed successful performance. Authors have shown that the model is applicable and within the framework of the model the optimistic path can be duly justified. Future research will be aimed at finding the natural limits of the ethnic business growth.

Keywords: ethnic group; group reputation; individual reputation; dynamic model of growth; reputation trap.

D. V. Davydov

Private Sector and State in Economy: Institutionalization of Economic Relations

The problem of the state border in a market economy is considered in the article. Relying on the neoinstitutional theory, we introduce the assumption about the bilateral customer in the rela­tions between economic agents of private sector and actors of public sector in economy. In mod­ern conditions the efficiency of economic agents provides not so much this or that stationary mode of the state border in economy as the possibility to switch from one mode to another withminimum costs. This assumption brings to such general conclusion allowing us to solve the problem of the state border in the market economy by means of the open competitive mecha­nism of regulation — the market of state regulation tools.

Keywords: economic agents of a private sector in economy; actors of public sector in economy; the open competitive mechanism of regulation; the market of state regulation tools.

Yu. V. Sazhin, Yu. V. Saraikin, M. Yu. Sokolova

Innovation Development and Scientific Potential of a Region: Models of Interrelation

The results of modelling the interrelation between the innovation development and the scientif­ic capacities are presented in the article. Adequacy of the models is ensured by using the spa­tially-dynamic approach based on an array of panel data in their construction.

Keywords: innovation development; scientific potential; modelling, panel data.

I. N. Lyukevich

New Money Standard in the World Currency System: Conceptions and Prospects

The author of the article proves that there is not only a formal money standard, but also a real money standard in the world monetary system. There are the four concepts of the transforma­tion of the modern currency system based on the changes of currency standards: the fundamen­talist concept (money backed by gold or raw goods), the modern-classical concept (official giv­ing the status of the dollar monetary standard), the modern Keynesian concept (the creation of world money), and the liberal concept (principal changes of the existing monetary system). The changes of the money standard in the world financial system are proved to be unreal in the next decade. At first, perhaps, the money standard will be formal at the regional level.

Keywords: monetary system; standard currency; the world crisis; reform of the global monetary system; new money.

V. S. Kufenko

Impact of Monetary Policy on Macroeconomic Indicators and Money Market Liquidity: Models and Empirical Analysis

The article suggests a framework of the econometric models for the estimation of the efficiency of monetary policy in regards to inflation, growth and interbank liquidity. The dataset is formed from quarterly OECD data within 1999—2009. The diversified methodology of data transfor­mation, OLS, GLS, autocorrelation-correction procedures and tests ensure the quality of esti­mations. The results show the significance of qualitative regulation, particularly related to the dynamics of GDP and interbank short-term rates. Having revealed high significance of exchange rate due to potential foreign exchange exposure of the Russian firms, coupled with the significant impact of the refinancing rate, we put emphasis on interest rate and exchange rate targeting. The results secured from heteroscedasticity and autocorrelation may serve as guide­lines for conducting the monetary policy.

Keywords: monetary policy; inflation determinants; growth determinants; liquidity determi­nants; central bank; efficiency.

L. A. Molchanova

Combined Deposits as Innovative Products in the System of Financial Intermediation

The article is devoted to the combined deposits as a form of the creation or perfection of bank products with the aim of making them more advantageous and less risky. Combined deposits can be referred to the special class of the tools of stock market. Their advantages are in the opportu­nity to find the optimal ratio between the risk and profitability at the expense of the creation of the complicated products which can offer the wide option of the nonlinear profiles of prof­itability to investors.

Keywords: bank innovations; classification of bank innovations; combined deposits; types of combined deposits; stock market; derivatives.

D. A. Palin

Bank Guarantee and Other Kinds of Financial Products

The article is devoted to the bank guarantee as an independent financial product. In order to identify the advantages and disadvantages of bank guarantee the author compares bank guaran­tee with such kinds of financial institutions as insurance, investment, crediting, and calculation.

Keywords: bank guarantee; bank; insurance; investment; credit; payments.

A. A. Fursa

Simulation Model of the Estimation of the Adequacy of the Quantity of the Staff of a Commercial Bank

The article describes the simulation model of the universal branch of a commercial bank. The result of its application is the calculation of the indicators that allows us to make a decision con­cerning the adequacy of the quantity of the staff of the particular group to the level of their cur­rent workload. Relying on such indicators one can take a decision of the quantity of the staff amendment.

Keywords: estimation of the quantity of the staff; simulation; banking.

S. P. Sazonov, A. V. Lukyanova, V. V. Egorova

Internal Control and Audit as a Necessary Stage of the Development of the Departmental Control of the Activity of the Regional Bodies of Federal Exchequer

The article is devoted to the system of internal control and audit which is considered to be a nec­essary stage of the development of the departmental control of the activity of regional govern­ment bodies by the example of the bodies of Federal Exchequer. The analysis of the existing rules of carrying out the control actions is given in the article. The accounting data of the Administration of Federal exchequer across the Volgograd region on the organization and car­rying out of internal control are cited in the article. The authors of the article consider advan­tages and disadvantages of the departmental control which is carried out by a higher body in relation to subordinated organizations.

Keywords: internal control and audit; departmental control; financial control; control actions; cameralistic check; documentary check; management of exchequer risks; Federal Exchequer.

A. L. Dmitriev, O. G. Sergeeva, N. V. Khovanov Aggregate Units of Account and their Application

The three variants of a monetary unit of account construction are analyzed in the article: 1) an abstract constant unit of account, which is quite independent from the function of a legal ten­der; 2) an aggregate unit of account, which is determined by a «basket» of economical goods (commodities, services, currencies, securities, derivatives, etc.); 3) a stable aggregate unit of account, which is determined by a basket of goods, which are taken in such proportions, that the unit's exchange value volatility is minimal. Some examples of stable aggregate units of account application are listed.

Keywords: monetary unit of account; simple and aggregate economical goods; index of an aggre­gate good exchange-value; aggregate goods with stable exchange-value.

T. G. Dolgopyatova

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