Abstract: One of the promising instruments of social support for the population in the Russian Federation is a social contract, the feature of which is the conditional nature of social payments, requiring poor citizens to take active actions to improve their living situation (job search, vocational training, doing business). This study analyzes the Russian and foreign experience in organizing social contract instruments (the TANF program in the USA and the RSA program in France). The subject of the author's research is the effectiveness of budget expenditures of the budgetary system of the Russian Federation for the financial provision of the social contract mechanism in the context of the allocated areas of assistance. Special attention is paid to the legal support of the functioning of the social contract in terms of methods for evaluating its effectiveness and the distribution of appropriate subsidies from the federal budget. Based on the criterion proposed by the author of the relative amount of budget expenditures per citizen who has overcome the poverty threshold, an assessment of the budgetary effectiveness of various areas of assistance under the social contract is carried out. The conclusion is made about the difference in the evaluation results when using official indicators and the author's approach. Thus, official data indicate the success of the results of the social contract program, comparable with foreign analogues. The author's assessment of budgetary efficiency showed the irrational use of budgetary funds: 60% of financial resources in 2021-2022 were directed to the least effective area of assistance. Additionally, the problems in the mechanism of federal co-financing of expenditures of regional budgets for the use of the instrument are identified. The author identifies the methodological shortcomings of the current methodology for evaluating its effectiveness. Based on the identified problems, changes are proposed in the regulatory framework governing the financial mechanism for providing assistance on the basis of a social contract. These results are of high practical significance for the activities of the Ministry of Labor of the Russian Federation and the Ministry of Finance of the Russian Federation, as well as regional executive authorities responsible for the implementation of the social contract.

Keywords: the federal budget, budget efficiency, evaluation of effectiveness, poverty of the population, social contract, social assistance, social security, social protection, performance indicators, subsidy

References:
Romaykin, P. D. (2023). On the issue of the quality of goal-setting within the framework of the state program of the Russian Federation "Social support for citizens" and the directions of its modernization in order to overcome poverty of the population. Innovations and Investments, 5, 138-140. Retrieved from https://elibrary.ru/item.asp?id=53945513
Balynin, I. V. (2023). Improving the management of public spending on social support for families with children in the context of ensuring the strategic development of the Russian Federation. Bulletin of the University, 9, 12-20. doi:10.26425/1816-4277-2023-9-12-20
Balynin, I. V. (2023). Modernization of the family capital program in the Russian Federation. Bulletin of Economics, Law and Sociology, 2, 11-14. Retrieved from https://elibrary.ru/item.asp?id=54146419
Slobodenyuk, E. D., & Anikin, V. A. (2018). Where is the "poverty line" in Russia? Economic Issues, <

Abstract: The subject of the study is the liquidity of green bonds in the countries of the Eurasian Economic Union as an important investment characteristic of a financial instrument for non-institutional investors and the development of green finance in the EAEU countries. The author analyzes the liquidity of green bonds traded on the Moscow Stock Exchange in the context of groups of liquidity indicators: urgency (time), volume and transaction costs proposed by domestic and foreign authors and whose application has been experimentally tested in the scientific literature. The factors influencing the liquidity of green bonds, the interrelation of liquidity indicators are considered, the main tools for stimulating supply and demand for green bonds in the EAEU countries and their applicability in the Russian Federation are highlighted. The paper provides grouping and rating of green bonds by liquidity levels. To calculate the liquidity levels, data is collected using the methods of the Moscow Exchange Information and Statistical Server on the specification of financial instruments, the history of transactions on it for the date interval and for the last trading day. The main conclusions of the study are as follows: the Russian green bond market has a cluster of illiquid bonds, the feature of which is the placement of bonds on the market until 2020. Stimulating demand for green bonds is possible by expanding the practice of sub-federal green loans, including through development institutions, together with an active policy of informing about the issue of green bonds. The imbalance in the volume of transactions and their frequency can be offset, among other things, by increasing the participation of non-institutional investors in debt green financing. Potentially successful is the placement of federal green bond loans in the Russian Federation based on the experience of issuing green government bonds in the Republic of Belarus and the exemption of individuals from taxation on personal income from the sale and repayment of green bonds in order to increase demand for green bonds. Increasing the liquidity of green bonds and the growth of their market volume through the implementation of the proposed measures will allow for positive effects on the socio-economic development of the EAEU countries: on the environmental situation, the sector of collective investments and the welfare of citizens.

Keywords: rating of green bonds, turnover, investment characteristics, The EAEU, sustainable development, financial market, liquidity indicators, green financing, green bonds, spread

References:
Balynin, I. V. (2021). Problems of achieving national environmental goals. Finance, 5, 56-62. Retrieved from https://www.elibrary.ru/item.asp?id=45840545
Torvanger, A., Maltais, A., & Marginean, I. (2021). Green bonds in Sweden and Norway: what are the success factors? Journal of Cleaner Production, 324, 129177.
Balynin, I. V. (2013). Assessment of the debt policy of the constituent entities of the Volga Federal District of the Russian Federation in conditions of imbalance of regional budgets. Theoretical & Applied Science, 12, 8. doi:10.15863/TAS.2013.12.8.23 Retrieved from http://www.t-science.org/arxivdoi/2013/12(8)/12(8)_23.html
Tarasova, Yu. A., & Lyashko, E. I. (2023). The influence of institutional factors on green bond issuance: a look into 2021. Journal of Finance, 15(2), 90-102. doi:10.31107/2075-1990-2023-2-90-102
Dorofeev, M. L. (2023). Directions for the development of the green bond market in Russia in the context of internatio

Abstract: The subject of the study is a comparison of funding sources for public health care in OECD countries. The authors consider in detail the sources of financial support for the implementation of state guarantees for the provision of free medical care to citizens: transfers from state internal revenues (primarily general taxes: mandatory payments that do not have a target link) and insurance premiums (mandatory payments with a specific target link). The authors grouped the OECD countries depending on the share of sources of financial support for the implementation of state guarantees for the provision of free medical care to citizens. Particular attention is paid to the advantages and disadvantages of insurance and budgetary financial mechanisms for financial support for the implementation of state guarantees for the provision of free medical care. The main conclusions based on the results of the study are as follows: in the modern world, issues of improving the healthcare system as one of the key factors in improving the quality of life of citizens are being actively raised; no matter how actively the budgetary financial mechanism is currently used in the country, its use by public authorities in OECD countries is constantly increasing; the use of the budgetary financial mechanism, despite the existing shortcomings, has a number of advantages compared to the insurance one (primarily, due to the smaller direct impact during periods of reduction in the number of employees and wages, as well as economies of scale in the administration of revenues in the form of general taxes compared to insurance contributions). The results obtained can be used in the practical activities of the Federal Assembly of the Russian Federation, the Government of Russia, the Federal Compulsory Medical Insurance Fund, as well as public authorities from other countries when modernizing the state policy in the field of healthcare.

Keywords: medical care, free medical care, budget financial mechanism, insurance financial mechanism, health financing models, social sphere, social development, OECD, health financing, health

References:
Astapov, K.L. Astapov, R.A., Musaev, A.A., & Malakhov, A.A. (2020). Evaluation of the effectiveness of the budget spending policy . Financial journal, 12(6), 9-24. doi:10.31107/2075-1990-2020-6-9-24
Gabueva, L. A. (2021). Russian and foreign practice of effective healthcare management in a pandemic. Management in Russia and abroad, 5, 20-27.
Kosherbaeva, L. (2021). Study of tools for measuring the effectiveness of the health care system. Science and Health, 23(4), 88-97. doi:10.34689/SH.2021.23.4.009
Moldovan, A. A. (2023). Features of the health care system of China. E-Scio, 5, 558-567.
Omirbayeva, B. S. (2023). Analysis of the productivity indicators of the healthcare system of the Republic of Kazakhstan based on data from national health accounts. The Scientific Heritage, 108, 12-21. doi: 10.5281/zenodo.7704147
Pesennikova, E. V. (2020). Directions of development o

Abstract: This study is devoted to the search for advanced foreign experience in differentiating the tax burden of individuals and determining the directions for its implementation in Russia. The article consists of three thematic blocks: the first is devoted to assessing the tax burden of individuals in the Russian Federation, the second contains a description of foreign experience in taxing the population, and the third contains directions for improving domestic taxation. Based on the analysis of foreign experience in taxing individuals, methodological tools have been identified to ensure the differentiation of the tax burden (diversification of fiscal units; the use of a progressive scale; new fiscal institutions; tax deductions and tax credits; taxes on inheritance and gift; taxes on wealth and luxury). The tools that can be implemented in domestic practice have been identified: taxation of inheritance and donation; expanded application of elements of family taxation for socially oriented tax deductions; differentiated approach to tax administration of property and income taxes levied on individuals. In addition, methodological approaches to the administration of taxes from the population have been formed, based on the following criteria: calculation of tax liabilities; source of information on tax liabilities; the moment of granting tax benefits (preferences); frequency of payment of taxes; the possibility of hiding the object of taxation. The practical significance of the study lies in the possibility of using its results in the development of tax policy measures.

Keywords: property taxation, diversification of fiscal units, individuals, tax burden, social stratification, PIT, income taxes, inheritance tax, the wealth tax, lump-sum tax

References:
Laperdin, V.B. (2020). Property stratification and social differentiation of collective farmers of the West Siberian Territory in the 1930s. Historical Courier, 3(11), 198-211.
Shkaratan, O.I., & Tikhonova, N.E. (1996). Employment in Russia: social stratification in the labor market. World of Russia. Sociology. Ethnology, 5, 1, 94-153.
Khachaturova, E.E., & Khutinaeva, E.B. (2021). Stratification and social stratification of society in Russia. Humanitarian and socio-economic sciences, 3(118), 51-53.
Alekseev, L.V., & Egorin, N.O. (2023). Actual directions of increasing the income of the population and reducing social stratification. Waste and resources, 10, 1.
Solovieva, V.A. (2014). Taxation and the growth of social stratification in modern Russia. Intellectual potential of the XXI century: stages of knowledge, 23, 172-175.
Pugachev, A.A. (2022). On the impact of personal income tax on so

Abstract: Against the backdrop of the development of the cryptocurrency market, the popularity of blockchain technology has also grown. However, the unique structure of the technology, characterized by its transparency, immutability and, in most cases, decentralization, allows it to be widely used in various areas of life. The article explores the essence of blockchain technology, as well as the degree of technology integration into the financial sector of the economy. The subject of the research is blockchain technology. The object of research is international finance. The author in the article emphasizes the nature of blockchain technology, and also studies the current situation in the blockchain industry, its implementation in the financial sector of the economy, in particular the activities of commercial banks. The blockchain industry is expanding and improving at a steady pace, finding its constant use in both public and private finance. In this direction, active work is also being carried out in Russia. However, due to a number of key limiting factors, to date, blockchain technology has not been integrated in practice to the extent that it could allow it to change the structures of international or individual national finance. Contrary to expectations, the speed of blockchain implementation is slower than that of the Internet technology, which is often compared to the development of blockchain technology. However, despite this fact, the blockchain has gained a foothold in various aspects of international finance and plays one of the key roles in accelerating the process of digitalization of this sector of the economy.

Keywords: finance, cryptocurrency, consensus algorithms, smart contract, distributed ledger technology, blockchain, digitalization, banking, digital currency, DeFi

References:
Decree of the President of the Russian Federation of May 9, 2017 No. 203 “On the Strategy for the Development of the Information Society in the Russian Federation for 2017-2030” URL: http://www.kremlin.ru/acts/bank/41919 (date of access: 12/28/2022)
Decree of the President of the Russian Federation of May 13, 2017 No. 208 “On the Strategy for the Economic Security of the Russian Federation for the period up to 2030” URL: https://www.garant.ru/products/ipo/prime/doc/71572608/ (date of access: 12/28/2022)
Apatova N.V., Korolev O.L., Krulikovsky A.P. Analysis of the impact of blockchain technology on the financial system. St. Petersburg State Polytechnical University Journal. Economic sciences. 2017. V. 10, No. 6. S. 31-39. DOI: 10.18721/JE.10603
V.V. Fedotova, B.G. Emelyanov, L.M. Tipner. The concept of blockchain and the possibilities of its use. European science. 2018
Elshin L.A., Banderov V.V., Abdukaeva A.A. Methodology for assessing the impact of diffusion of blockchain technologies on th

Abstract: The valuation of the company's equity is one of the main tasks in the framework of the valuation of the company, as well as one of the main sections of corporate finance. The most used
method of assessing the return on equity is the CAPM model,
but this article analyzes the four-factor Fama-French model-
Karcher due to its novelty and, as a consequence, fewer studies.
The author analyzes the impact of the company's life cycle on the return on equity using an econometric analysis of 5 clusters of 3,113 public American companies (data for 1989-2019) classified according to the criterion of the stage of the life cycle.
The relevance of the study lies in the absence of an unambiguous answer,
confirming or refuting the existence of a link between the cost of equity and the stage of the life cycle. The classification is based on an article by Victoria Dickinson, Professor at the University of Mississippi, "Cash flows as an indicator of the stage of the company's life cycle." According to the
results, the stage of the life cycle affects the cost of own
capital, β the coefficient decreases during the first three stages
(formation, growth, maturity), then continues to grow (shake-up, recession).
The minimum value falls on the maturity stage, it can be assumed that this stage of the life cycle is the most reliable for stakeholders.
This article can be useful to all persons evaluating business (investors, appraisers, etc.), as well as for the further development of this theoretical aspect.

Keywords: Life cycle stages, Corporate Finance, Dickinson Methodology, Beta coefficient, The four-factor Fama-French-Carhart model, Asset pricing model, Cost of equity, Econometric analysis, Cash flows, American companies

References:
Breyli, R. Printsipy korporativnykh finansov / Per. s angl. Bashnikovoy N. Moskva : Olimp–Biznes. 2008. – 1008 s. – ISBN 978–5–9693–0089–7. – DOI otsutstvuet.
Koloucheva P., Novak D. Tekhniki otsenki stoimosti sobstvennogo kapitala, ispol'zuemye ekspertami. URL: https://core.ac.uk/download/pdf/6447918.pdf.
Lukasevich, I.Ya. Finansovyy menedzhment: uchebnik / I.Ya. Lukasevich. — 3–e izd., isp. — Moskva : Eksmo, 2011. – 768 s. – ISBN 978–5–669–43153–3. – DOI otsutstvuet.
Koller T., Goedhart M., Wessels D. Valuation: Measuring and Managing the Value of Companies / John Wiley & Sons, Inc., Hoboken, New Jersey. – sixth ed. 2015. – 848 p. – ISBN–10: 111887370X; ISBN–13: 978–1118873700.
Association for Finance Professionals. 2011. “Current Trends in Estimating and Applying the Cost of Capital: Report of Survey Results.” http://business.baylor.edu/don_cunningham/How_Firms_Estimate_Cost_of_Capital_(2011).pdf.
Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life-Cycle.” The Accounting Review 86 (6): 1

Abstract: The subject of the article is the system of taxation of individuals. A review of the literature on its content and the author's vision is presented. The author identifies the factors affecting the taxation of individuals. A detailed theoretical overview of the classical and modern principles of the taxation system is presented, as well as their refraction in the context of taxation of the population. Special attention in the study is paid to the trends on the basis of which the taxation of individuals should be based. As a result, the author presents a four-level group of principles for building a system of taxation of the population. In addition, possible approaches to the organization of the taxation system of individuals are analyzed.   The scientific novelty of this study consists in the formation of a hierarchically structured system of principles for the construction and functioning of the taxation system of individuals, including basic, classical, modern and specific principles. The specified hierarchy of taxation principles is determined depending on the degree of their detail and relation to the entire system or its individual elements. It is determined that the system of taxation of individuals is presented as a dualistic, logically integrated, on the one hand, into the national tax system, on the other hand, into the national social policy, a set of hierarchy of taxation principles integrated into the legally established rules of taxation.

Keywords: social policy, taxpayer, taxation rules, equality of taxation, justice, principles of taxation, property tax, income tax, consistency, targeting taxes

References:
McGee R.W. «Some Principles of Taxation For Latin America»: Lessons From The USA and European Experiences // The 14th Conference of the Business Association of Latin American Studies, Rio de Jenerio, Brazil. 1997.
Bol'shoy Rossiyskiy entsiklopedicheskiy slovar'. — M.: BRE. — 2003, s. 1437.
Bamataliev A.V.B. Nalogooblozhenie dokhodov fizicheskikh lits (faktory formirovaniya i metody sovershenstvovaniya) // avtoreferat dis. ... kandidata ekonomicheskikh nauk / Sev.-Oset. gos. un-t im. K.L. Khetagurova. Vladikavkaz, 2017.
Zakharova A.V. Stanovlenie i razvitie nalogooblozheniya naseleniya v Rossii: dis. kandidata ekonomicheskikh nauk: 08.00.10 – Finansy, denezhnoe obrashchenie i kredit. Moskva. 1998. 204 s.
Totikova T.E. Reformirovanie nalogooblozheniya i nalogovogo kontrolya dokhodov fizicheskikh lits v Rossii // Dissertatsiya na soiskanie uchenoy stepeni kandidata ekonomicheskikh nauk / Saratovskiy gosudarstvennyy sotsial'no-ekonomicheskiy universitet. Saratov, 2012. 177 s.
Lobanova E.V. Sistema nalogooblozheniya fizicheskikh lits i persp

Abstract: The subject of this research is investments in development of online education in Russia. The object of this research is online education in the current conditions of digital economy. The author analyzes the dynamics of investments in capital assets and federal expenditure over the period from 2016 to 2018. The growing role of online education on the Russian education market is indicated. Analysis is conducted on the increased costs of education development. The conclusions are formulated on need for attracting private investments in online educational projects, as well as active development of public-private partnership. It is underlined that although federal expenditure (investments) on education is increasing, it is clearly insufficient and requires attraction of private investments through development of public-private partnership. The following conclusions were made: 1) the government develops mechanisms of public-private partnerships; 2. Only regional investment funds remain in Russia; the Investment Fund of the Russian Federation no longer exists, since its creation on the federal level was not justifiable; 3. Russian education increases its rating on the international level, which influence the development of higher education in the Russian Federation along with export of education; 4. Internet usage among Russian population is uneven. The scientific novelty consists in the attempt to determine the trends in export of Russian education.

Keywords: government spending, educational organizations, investments, additional education, distance education, export, small businesses, medium-sized businesses, state, Russian

References:
Larionova M. V. Internatsionalizatsiya vysshego obrazovaniya v stranakh OESR [Elektronnyy resurs] / M. V. Larionova, E. M. Gorbunova // Byulleten' «Novosti OESR : obrazovanie, nauka, novaya ekonomika», TsENTR OESR – VShE. – Rezhim dostupa: http://www.oecdcentre.hse.ru/bulletin.html.
Klyachko T. L. Eksport vysshego obrazovaniya: sostoyanie i perspektivy v mire i Rossii [Tekst]/ T. L. Klyachko, G. A. Krasnova // Ekonomika obrazovaniya. – 2015. – T. 1, ¹ 2. – S. 102–108.
Ispolnenie federal'nogo byudzheta.[Elektronnyy resurs] URL: https://www.minfin.ru/ru/statistics/fedbud/
Kachestvennoe vysshee obrazovanie − nadezhnye investitsii v budushchee: sbornik nauchnykh trudov Vserossiyskoy nauchno-prakticheskoy konferentsii, posvyashchennoy 25-letiyu Instituta gosudarstvennogo administrirovaniya, 20 dekabrya 2018 g., g. Moskva / Ministerstvo nauki i vysshego obrazovaniya Rossiyskoy Federatsii, Chastnoe uchrezhdenie vysshego obrazovaniya «Institut gosudarstvennogo administrirovaniya»; [redaktsionnaya kollegiya: V. V. Orlov (otv. red.) i dr.]. − Moskv

Abstract: The deficit of subnational budgets and deceleration capital investments in multiple Russian regions increase the relevance of research aimed at improvement of tax incentivizing practice of the regional investment process. The studies focused on determination of the impact of socioeconomic and institutional factors upon the efficiency of investment tax expenses obtained wide circulation within the foreign scientific literature. The subject of this article is the assessment of sensitivity of the efficiency of regional tax expanses towards investment attractiveness of the types of economic activity carried out by the residents of territories of advanced socioeconomic development, created in the subjects of Far Easter Federal District. The scientific novelty and practical values of this research consists in substantiation of the reasonableness of assessment of investment attractiveness of the types of economic activity that are stimulated by tax incentives. Methodology for assessing investment attractiveness is proposed and tested. The conclusion is made that in case of low investment attractiveness of the type of economic activity, which was planned to support by tax incentives, it is required to conduct and additional analysis to avoid unjustified tax expanses.

Keywords: region, effectiveness, type of economic activity, investment attractiveness, investment, tax incentives, tax expenditures, Far Eastern Federal district, outstripping development zones, dispersion analysis

References:
Johnson L., Toledano P., Strauss I. Background Paper on Investment Incentives: the Good, the Bad and the Ugly: Assessing the Costs, Benefits and Options for Policy Reform. – Columbia University Academic Commons, 2013. Available at :http://ccsi.columbia.edu/files/2014/01/VCC_conference_paper_Draft_Nov_12.pdf
A Handbook for Tax Simplification. – Washington, DC. : International Finance Corporation, 2009. – 242 p.
D. Bondonio, R. Greenbaum. Do Tax Incentives Effect Local Economic Growth? What Mean Impacts Miss in the Analysis of Enterprise Zone Policies. Regional Science and Urban Economics, 2007, no. 37 (1), pp. 121–136.
Tax Incentives for Investment – A Global Perspective: Experiences in MENA and non-MENA countries. OECD Publishing, 2015. – 36 p.
J. Gourdon, S. Monjon, L. Heryng. Trade Policy and Industrial Policy in China: What Motivates Public Authorities to Apply Restrictions on Exports? CEPII Working Paper. PARIS, 2015.
Amuka J., Ezeudeka F. Tax Incentives and the Flow of Foreign Direct Inve

Abstract: People’s savings play an important role in the development of national economy as they are referred to the main sources of financial investments. An essential condition for implementation of this role is the consumer demand for the services of financial intermediaries, which transform unorganized savings into organized savings, with subsequent involvement into investment process. Russia’s economy experiences deficit of “long-term money” that can be restored in form of bank deposits, insurance contracts, and pension plan. The subject of this research is the analysis of saving behavior of the population of Russia and China, namely such fundamental aspects as the goals and motives, frequency and rate of savings, and relevance of various saving instruments. The sociological survey became the main research method. The author also used the methods of formal logics, statistical methods, and basic methodology devised by the scholars of University of Michigan. The scientific novelty consists in calculation of the indexes of saving behavior that the encompassing indicators of the people’s saving activity. It is concluded that the population of Hefei is known for its higher level of optimism. Lack of interest in acquiring additional income results in the fact that the majority of respondents from both countries form unorganized savings; while bank deposits remain the most demanded for of organized savings. The low percentage of organized savings is associated with the limited financial capacities, insufficient level of financial literacy, and low yield of the basic saving instruments.

Keywords: savings motives, expectations of population, savings ratio, family wealth, saving sentiment index, saving tools, investment, savings, derive extra revenue, order of income distribution

References:
Strebkov D. O. Faktory i tipy sberegatel'nykh strategiy naseleniya Rossii vo vtoroy polovine 1990-kh godov : dis. …kand. sotsiol. nauk : 22.00.03 / D. O. Strebkov. – M., 2002. – 188 s.
Ibragimova D. Kh. Indeks potrebitel'skikh nastroeniy / D. Kh. Ibragimova, M. D. Krasil'nikova, S. A. Nikolenko // Monitoring. – 1996. – ¹6. – S. 36-42. URL : https://cyberleninka.ru/article/n/indeks-potrebitelskih-nastroeniy (data obrashcheniya: 10.06.2019).
Vystuplenie Predsedatelya Banka Rossii El'viry Nabiullinoy na XXVIII Mezhdunarodnom finansovom kongresse 4 iyulya 2019 goda : ofitsial'nyy sayt TsB RF. URL : http://www.cbr.ru/press/st/2019-07-04 (data obrashcheniya: 15.07.2019).
The World Bank Data. URL : https://data.worldbank.org/indicator/NY.GNS.ICTR.ZS?end=2018&locations=CN&start=1990&view=chart (data obrashcheniya: 10.07.2019).
Lily Qiu, Ivo Welch. Investor sentiment measure : working paper 10794. National Bureau of Economic Research. – Cambridge, 2004. – 50 p. URL : https://www.nber.org/papers/w10794 (data obrashcheniya: 07.06.2019).

Abstract: This article explores ICO as an innovative strategy for getting funding. The authors reveal the key advantages and flaws, prospects and problems, as well as the main trends of development of this phenomenon. This strategy for funding seems most promising and technological. In the process of ICO, the project team issues and sells cryptographic assets – tokens for cryptocurrencies (usually Ethereum). If the project is successful, investors can sell their tokens for profit. The principle of getting funding using ICO is similar to the IPO: parties invest into a particular company and receive dividends, but in the case of ICO, they use tokens instead of stocks. The research presents analysis of the key indexes of the dynamics of development, as well as popularization and efficiency of ICOs as a means for project funding.  ICOs are an innovative and promising strategy for funding, demonstrating an undeniable advantage in form of using the blockchain technology. At the same time, various types of fraud methods emerged due to lack of precise government regulation of the industry. However, statistical data demonstrated gradual stabilization in the area of ICOs, which can be explained by better information preparedness of investors, which are becoming harder to attract to such projects. Developing countries are also working on the normative legal base of this phenomenon, which prompted a decrease in various fraudulent schemes.

Keywords: Ethereum, IPO, blockchain, scam, ICO, Inicial coin offering, the legislative framework, regulation, Whitepaper, token

References:
Brizitskaya A.V. Podkhody k regulirovaniyu ICO v mirovoy ekonomike / A.V. Brizitskaya, Yu.S. Serebryakova // Materialy KhI mezhdunarodnoy studencheskoy nauchno-prakticheskoy konferentsii «Ekonomicheskie nauki. Sovremennoe sostoyanie i perspektivy razvitiya». – 2018. – S. 17-28
Pryanikov M.M. Blokcheyn kak kommunikatsionnaya osnova formirovaniya tsifrovoy ekonomiki: preimushchestva i problemy / M.M. Pryanikov, A.V. Chugunov // International Journal of Open Information Technologies.-¹6. – 2017. – 49-55
http://news.mit.edu/2017/mit-debuts-secure-digital-diploma-using-bitcoin-blockchain-technology-1017
https://dehedge.com/ru
https://icodrops.com

Abstract: The subject of this research is the entirety of factors of the institutional and conjuncture order that determine the parameters of development of the cryptocurrency market. Special attention is given to the substantiation of parameters included into the economic mathematical model being developed, aimed at determining the relationship between the analyzed system of exogenous factors and endogenous indexes, which in this model is played by Bitcoin volume of market capitalization. The devised algorithm allowed forecasting market capitalization of cryptocurrency up until 2021 using the methods of scenario modeling. The methodology of this research relies on the instruments of economic and mathematical modeling of the studied entirety of factors, including the mechanisms of regressive analysis of the time statistical series, methods of generalization and grouping, as well as methods of scenario modeling. As the result of the completed assessments based on the instruments of economic modeling, the authors constructed a model that determines the statistically significant relations between the analyzed set of factors (of institutional and conjuncture order) and market capitalization of Bitcoin. This allowed to not only formulate a scientifically substantiated algorithm of modeling volatility on the cryptocurrency market, but also ensure capacity for developing scenario forecasting models of the dynamics of Bitcoin value for medium-term perspective in contrast to the currently used methods of technical analysis, which usually form the foundation for forecasting for only short-term perspective.

Keywords: econometric analysis, legalization of the market of cryptocurrency, scenario forecasting, modelling, bitcoin, multiple factor analysis, market of cryptocurrency, market capitalization of cryptocurrency, commercial analysis, modern institutes of regulation

References:
El'shin L. A., Abdukaeva A. A. (2017). Vozmozhnosti uskoreniya delovoy aktivnosti ekonomicheskikh agentov na osnove kriptotranzaktsiy // Metody, mekhanizmy i faktory mezhdunarodnoy konkurentosposobnosti natsional'nykh ekonomicheskikh sistem. s.88-91.
Luther W., 2016. Cryptocurrencies, network effects, and switching costs. Contemp. Econ. Policy 34 (3), 553–571.
Google Trends [Elektronnyy resurs]. https://trends.google.ru/trends/
Nakamoto S. Bitcoin: A peer-to-peer electronic cash system. Bitcoin.org. 2008. URL: https://bitcoin.org/bitcoin.pdf
Wang H., He D., Ji Y. (2017). Designated-verifier proof of assets for bitcoin exchange using elliptic curve cryptography. Future Generation Computer Systems. URL: https://doi.org/10.1016/j.future.2017.06.028
Wilson M., Yelowitz A., 2015. Characteristics of Bitcoin users: an analysis of Google search data. Appl. Econ. Lett. 22, pp. 1030–1036.
Li X., Wang Ch. (2017). The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decisi

Abstract: The object of this research is the banking pension investment and the subject of the research is the analysis and evaluatino of banking and investment risks by consumers of banking services. The authors of the article discuss approaches to understanding risk as a phenomenon of modern life and specifics of sociological analysis of risks in relation to the banking services market and pension investment. The authors offer a model for evaluation of risks by banking services consumers as a ground for understanding models of pension investments. The authors also raise a question about criteria and degree of rationality of consumer behavior aimed at evaluation of banking risks and their minimization. The article provides results of the sociological survey that involved clients of Yekaterinburg banks. The respondents aged 18 - 55 years. The purpose of the survey was to define factors that influence their choice of a bank, evaluated risks, trust in banking and financial systems, planned sources of pension. The results of the research have allowed to classify all consumers into groups depending on their attitude to risky banking operations as well as to fix a number of contradictions that arise when consumers evaluate banking services. The lack of financial literacy and orientation at stereotyped and simplified images of banks when making a decision make consumers create and intensify uncertainty of the banking sphere. Banking investments are viewed as a source of 'fast' money which limits their use for long-term pension investments. Solution of this problem can become one of the key tasks of information and educational policy in the sphere of pension provision. 

Keywords: risk minimization, consumer behavior, consumer risk assessment, social trust, pension provision, bank risks, pension investment, banking services market, pension strategies of the population, sociology of risks

References:
Bankovskoe delo / O. I. Lavrushin, I. D. Mamonova, N. I. Valentseva [i dr.]; pod red. d-ra ekon. nauk, prof. O. I. Lavrushina. – M. : KNORUS, 2009. – 768 s.
Bek, U. Obshchestvo riska: na puti k drugomu modernu / U. Bek. – M. : Direkt-Media, 2007. – 720 s.
Bogdanova, E. V. Struktura doveriya v otnosheniyakh «klient-bank» / E. V. Bogdanova // Zhurnal sotsiologii i sotsial'noy antropologii. – 2005. – T. 8. – ¹ 1. – S. 86-96. [Elektronnyy resurs]. – Rezhim dostupa: http://ecsocman.hse.ru/data/488/010/1220/006-Bogdanova.pdf (data obrashcheniya 18.07.2017).
Volkov, I. A. Negosudarstvennye pensionnye fondy kak predmet finansovo-pravovogo regulirovaniya / I. A. Volkov [Elektronnyy resurs]. – Rezhim dostupa: // Aktual'nye problemy rossiyskogo prava. – 2011. – ¹ 4. – C. 92-103. http://nbpublish.com/library_get_pdf.php?id=22513 (data obrashcheniya 10.11.2017).
Vostrukhina, T. Yu. Faktory i usloviya, vliyayushchie na razvitie bankovskikh uslug v regionakh / T. Yu. Vostrukhina // Voprosy ekonomiki i prava. – 2011. – ¹ 4. – S. 307-310. [Elektron

Abstract: The subject of the study is the economic nature of government securities of the constituent entities of the Russian Federation and their types allocated by criteria that are significant for the use of the securities in order to finance infrastructure projects. The relevance of the research is due to the growing interest in Russia and other countries of the world in the creation and development of infrastructure as a driver of economic growth and a source of improving the welfare of the population of a country. Government securities of the constituent entities of the Russian Federation are one of the financial instruments that can be used to provide financing for infrastructure projects, taking into account their capital intensity, long terms of implementation and, as a rule, the impossibility of obtaining economic effects from their implementation in the short term. The purpose of the study was to generalize and expand theoretical views on this type of securities in terms of the possibility of its use for these purposes.During the research methods of system, structural and comparative analysis, classification and grouping, as well as statistical methods in determining the types of government securities of the constituent entities of the Russian Federation, were applied. By summarizing and supplementing the existing theoretical and practical approaches to the definition of the concept and economic nature of government securities of the constituent entities of the Russian Federation, the author singled out their specific features, which made it possible to formulate a comprehensive definition of this financial instrument. The author proposed refinements and additions to the classification of government securities of the constituent entities of the Russian Federation according to the criteria for their intended use, the source of repayment of the principal debt and the nominal volume of the issue, including taking into account the practice of their use.The obtained results allowed to expand the theoretical base in the use of government securities of the constituent entities of the Russian Federation as a tool for financing infrastructure projects and will facilitate further research on the theme.

Keywords: government borrowings, investments, government securities, sub-federal bonds, infrastructure project, regional infrastructure, infrastructure, public debt, regional budget, financial instrument

References:
Internet-proekt Informatsionnogo Agentstva Finmarket – RusBonds [Elektronnyy resurs]. – Rezhim dostupa: http://rusbonds.ru (data obrashcheniya: 15.05.2017).
Alekhin B. I. Gosudarstvennyy dolg : uchebnoe posobie dlya studentov vuzov / B. I. Alekhin. – M: YuNITI-DANA, 2012. – 335 s.
Vasil'ev A. V. Upravlenie regional'nymi zaymami v investitsionnom stimulirovanii razvitiya territoriy : dis. … kand. ekon. nauk : 08.00.05 / A. V. Vasil'ev– M., 2001. – 187 s.
Gavrilenko T. Yu. Formirovanie munitsipal'nogo obligatsionnogo zayma v Rossiyskoy Federatsii : dis. … kand. ekon. nauk : 08.00.10 / T. Yu. Gavrilenko– Tula, 2005. – 147 s.
Bondar' T. Dve tseli regional'nykh zaymov [Elektronnyy resurs] / T. Bondar' // Rynok tsennykh bumag. – 2004. – ¹ 24. – Rezhim dostupa: http://www.old.rcb.ru/Archive/articles.asp?id=2376 (data obrashcheniya: 01.09.2017).
Bushuev A. M. Razvitie finansovykh mekhanizmov upravleniya regional'noy ekonomikoy (na primere osushchestvleniya zaemno-investitsionnykh programm) : dis. … kand. ekon. nauk : 08.00.05 / A. M. Bushu

Abstract: The object of the research is the methods that can be used for valuating the cost of business. The subject of the present research is the efficiency of applying modern methods of business valuation compared to traditional methods under the conditions of developing markets. In this research Skavysh analyzes theoretical grounds and algorithms for carrying out the procedure of business valuation based on traditional valuation methods (profitable, cost-intensive, comparative) as well as value added methods, in particular, Economic Value Added (EVA) method. The author has also carried out a comparative analysis of Shareholder Value Added (SVA) indicators and Market Value Added (MVA). In his article Skavysh has used the method of literary sources analysis and has conducted a quantitative comparative analysis of the efficiency of applying modern methods of business valuation based on the example of Russian companies operating in different branches of economy. Based on the results of the research, the author makes a conclusion that under the conditions of developing markets modern valuation methods do not have an  essential advantage over traditional methods from the point of view of their efficiency and accuracy. Despite the fact that modern valuation methods have appeared to be a little bit more efficient, the difference between average relative deviations of business value for each sector is quite insignificant thus we cannot speak of some valuation methods being more efficient than others. Based on the results of analyzing data for each sector the author demonstrates that a branch of economy where a company operates has a significant influence on the efficiency of applying modern valuation methods and modern valuation methods need to be improved in order to take into account specific features of companies operating in different sectors of economy. 

Keywords: market value added, shareholder value added, economic value added, modern valuation methods, relative value approach, equity value, valuation methods, business valuation, economic profit, emerging markets

References:
Federal'nyy zakon "Ob otsenochnoy deyatel'nosti v Rossiyskoy Federatsii" ot 29.07.1998 N 135-FZ
Baza raschetov A.Damodaran. [Elektronnyy resurs]. — Rezhim dostupa: http://pages.stern.nyu.edu/~adamodar/
Breyli R., Mayers S. Printsipy korporativnykh finansov. – M.: Olimp-Biznes, 2015. – 1008 s.
Valdaytsev S.V. Otsenka biznesa. – 2-e izdanie, pererab. i dop. – M.: TK Velbi, izd-vo Prospekt, 2004. – 368 s.
Vsemirnyy bank [Elektronnyy resurs]. — Rezhim dostupa: http://www.worldbank.org/
Eleneva Yu.Ya. Otsenka kompaniy metodom mul'tiplikatorov: zarubezhnyy opyt i praktika // Audit i finansovyy analiz. – 2010.-¹2
Informatsionnaya sistema CapitalIQ [Elektronnyy resurs]. — Rezhim dostupa: https://www.capitaliq.com
Informatsionnaya sistema CBonds [Elektronnyy resurs]. — Rezhim dostupa: http://ru.cbonds.info/emissions/issue/5543
Mezhdunarodnyy Valyutnyy Fond [Elektronnyy resurs]. — Rezhim dostupa: http://www.imf.org/external/index.htm
Ronova G.N. i dr. Otsenka stoimosti predpriyatiy / G.N. Ronova, P.Yu. Korolev, A.N. Os

Abstract: Amplification of the amplitude and frequency of crises phenomena on the credit market has become a serious challenge for academic society and monetary regulation authorities. The growth of financial instability, large-scale realization of "systemic" risk, which are based on cyclic processes in monetary sphere, have once once again highlighted the relevance of research. The need to identify causality between credit cycles in Russia and various macroeconomic variables identifies the subject of this study. The subject of study is the set of economic relations associated with lending to non-financial sector on the example of Russia. Main research methods include a mathematical-statistical method. The study is based on the use of regression analysis and vector autoregression modelling (VAR). The composition of the sample includes values of selected variables at the macroeconomic level on the example of Russia. The sample period is January 2005 – June 2016, reference period for the sample include monthly values of the variables. In the result of the study we determined structural and causal relationship between bank credit supply in Russia and selected macroeconomic variables. Testing of our hypotheses shows that on the Russian market of corporate credit there are several empirical anomalies that contradict the basic provisions of imperfect credit market theory(such as pricing and operating anomalies).

Keywords: exchange rate, corporate lending, bank capital, key rate, inflation, bank, credit cycle, credit, non-performing loans, loan loss reserves

References:
Barth, J.R., Caprio, G., Levine, R., 2008. “Rethinking Bank Regulation: Till Angels Govern”, Cambridge University Press;
Berger, A.,G.; Udell, The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behavior. Journal of Financial Intermediation. 2004. 13 (4): 458-495;
Bernanke, B., M. Gertler, and S. Gilchrist, 1996, “The Financial Accelerator and the Flight to Quality”, The Review of Economics and Statistics, 78(1), pp. 1-15;
Geanakoplos, J. 2010. The leverage cycle. NBER Macroeconomics Annual 2009, University of Chicago Press.Vol. 24, pp.:1–65;
Hauswald, R., and R. Marquez, 2006, “Competition and Strategic Information Acquisition in Credit Markets”, Review of Economic Studies, 19, pp. 967-1000;
Kindleberger, Ch. Manias, Panics, and Crashes: A History of Financial Crises. Palgrave Macmillan. 1978 – 432 p.
Kiyotaki, N.; Moore, J. Credit Cycles. Journal of Political Economy. 1997. 105(2): 211-248.
Minsky, H., 1992. “The financial instability hypothesis”. Working Paper N

Abstract: In his artice Khmelnitsky offers an innovatory system of criteria for evaluating the quality of government debt management. The system of criteria offered by the author takes into account basic qualitative attributes of state debt policy including security of the government debt's volume, security of the government debt's structure, security of the payment schedule under commitment, and up-to-date attributes of debt management. The object of the present research is the existing approaches to conducing a criterion evaluation of the government state policy, and analysis of their main drawbacks and ways to eliminate those. The subject of the research is the development of quality evaluation criteria applicable to government debt management, the criteria that would allow to carry out an efficient monitoring of the debt position of a sovereign borrower for the purpose of increasing sustainability of public finances. The rationale of the research is caused by the fact that the Russian Federation still does not have a legally fixed system of relevant criteria as well as by the need to arrange these criteria during the period of 'economic turbulence' when a high level of valitility on the currency and commodity markets limits opportunities of the government to attract the debt capital and may have a negative impact on the budget sustainability. 

Keywords: government stocks, financial markets, economic security, financial security, quality evaluation, public finances, government securities, public finances management, government debt management, government debt

References:
Moody’s ponizilo Rossiyu [Elektronnyy resurs]. – Gazeta.ru – Rezhim dostupa: http://www.gazeta.ru/business/2015/02/21/6421413.shtml.
Willem Buiter, Ebrahim Rabhari (2013), «Why do governments default, and why don’t they default more often», CEPR discussion Paper No. 9492, May 2013.
Martin Melecky. Choosing the currency structure for sovereign debt. June 2007. The World Bank. P. 3.
Government finance statistics yearbook // International monetary fund, 2014. 822 P.
Eduardo Lora. Public debt and social expenditure: friends or foes? // Inter-American Development Bank, George Washington University. May 2006. P. 9.
Tsvirko S.E. Sistemnyy podkhod k upravleniyu gosudarstvennym dolgom i suverennymi fondami Rossii // Sovremennye tendentsii v ekonomike i upravlenii: novyy vzglyad. 2015. ¹ 31. S. 7-11.
Aleksashenko S.V. Bitva za rubl': vzglyad uchastnika sobytiy. M.: Vremya, 2009. S. 90.
Svyatkina L.I. Upravlenie kachetsovm. Irkutsk: Irkutskiy gosudarstvennyy universitet, 2010. S. 13.
Storchak S.A. Uslovnye obya

Abstract: The research article is devoted to consideration of features of the Quality standard of activity of banks when restructuring debt natural persons (Standard). The scope of research covers practice of the Russian banks. Work purpose: to reveal whether use and introduction of the Standard in Russia is possible and to define the directions of his change. Relevance of consideration of this subject is caused by need of borrowers for the high-quality and in due time carried out restructuring that is explained íèçèêì by the level of infrastructure of the help to the borrower in Russia. In work the volume of prolongations in some Russian banks is presented. Distortion and understating of the submitted data is as a result revealed. In the course of research methods of collecting and the analysis of information, sistematization, the analysis of the actual documentation, empirical, etc. have been used. The conclusion is drawn on impossibility of introduction of the Standard without his joint development with the Central Bank. It is noted that introduction of the maximum terms of restructuring of debt, and also determination of quality of the restructuring provided by banks positively will affect further work of bank with clients. However the state fixing of the maximum terms of restructuring depending on types of the credits along with providing unconditional restructuring of the credits to borrowers of the right within these terms can appear much more effective.

Keywords: Ombudperson, prolongation term, quality of banking produ cts, banking product, borrower, past due debt, national center for restructuring, Russian banks, quality standard, restructuring

References:
Glava Minfina otsenil tenevoy sektor ekonomiki RF v 15-20% ot VVP // RosBiznesKonsalting.URL:http://www.rbc.ru/economics/20/06/2013/862716.shtml
Indeks OKB. Kreditnaya karta Rossii. 2015. C. 4 // ZAO «Ob'edinennoe kreditnoe byuro». URL: http://www.bki-okb.ru/sites/default/files/report_documents/obedinennoe_kreditnoe_byuro_kreditnaya_karta_rossii_i_kv._2015.pdf
Natsional'nyy kreditnyy byulleten'. Iyul' 2015 god // Natsional'noe byuro kreditnykh istoriy. 2015. ¹ 19. S. 103, S. 43.
Milyukov A. Nekotorye aktual'nye problemy povysheniya kachestva raboty bankov // Den'gi i kredit. 2015. ¹ 12. S. 20.
PAO «Sberbank»: www.sberbank.ru.
Rukosueva I. Kredit na kanikulakh // IA «Bankir.ru». 13.11.2014. URL:http://bankir.ru/publikacii/20141113/kredit-na-kanikulakh-10005727/
Matovnikov M.Yu. Bankovskiy sektor Rossii: krizis zakanchivaetsya? // Den'gi i kredit. 2010. ¹ 1. S. 6.