Decentralized Finance to Improve the Performance of Centralized Finance
Abstract
The urgency of the problem under investigation is conditioned by the need to find mechanisms that contribute to maintaining a balance in the process of realizing increasingly complex tasks that state faces, with a lower level of budgetary opportunities. The article is aimed at developing the theoretical foundations of finance and the mechanism for mobilizing financial resources necessary for the region in implementing strategic tasks by means of involving decentralized finances in the process of implementation of state programs by the subject of measures to achieve the synergistic effect obtained in their interaction with centralized finances contributing to improving the efficiency of public finances. The article considers theoretical aspects of finance, and formulates the necessity of application and introduction in practice of the accumulated scientific potential in the processes of solving state problems; makes generalization of the main problems in the sphere of centralized finance management in the subjects of the Russian Federation; presents the algorithm of practical application of the model of the mobilization mechanism of centralized and decentralized financial resources in the process of implementing the state program designed to increase the effectiveness of public finances in the region, using the example of the Samara region. The materials of the article can be useful and successfully implemented in practice in other regions of the Russian Federation.
References
[1] Afanasyev, M. P. 2016. Budget and budgetary system: Textbook for students. In 2 vol. Vol. 1, 2-nd ed. Moscow: Yurayt (in Russian).
[2] Brummerhoff, D. 2002. The Theory of Public finances (Trans. from German by Kudrin, A. L. and Dzgoev, V. D.). Vladikavkaz: Pioner-Press (in Russian).
[3] Budget for citizens to the Federal Law on the federal budget for 2017 and for the planning period of 2018 and 2019. (2016). The official website of the Ministry of Finance of the Russian Federation. Available at: http://minfin.ru/ru/document/?id_4=116961 (in Russian).
[4] Glukhov, V. V. 2010. Modern interpretation of the theoretical principles of financial science. Finance and credit, 31(415): 37-43 (in Russian).
[5] Gruber, J. 2016. Public Finance and Public Policy, 5-th ed. New York: Worth Publishers.
[6] Jakobson L. I., and Kolosnitsyna, M. G. (Eds.). 2014. Public Sector Economics: A Textbook, 3-rd ed. Moscow: Yurayt (in Russian).
[7] Karaulova, U. V. 2015. Effectiveness of state financial control and housing policy in the region. Conference proceedings of International extramural scientific and practical conference. Science of the XXI century: current trends of development (421 – 426). Samara (in Russian).
[8] Khmel, V., and Zhao, S. 2016. Arrangement of financing for highway infrastructure projects under the conditions of Public-Private Partnership. IATSS Research, 39(2): 138-145.
[9] Kovaleva, T. M. 2014. Tools of the program-target method of budget planning. Bulletin of Samara State University of Economics, 11(121): 114-118 (in Russian).
[10] Kovaleva, T. M. (Ed.). 2016. Finance and credit: Textbook, 8-th ed. Moscow: KNORUS (in Russian).
[11] Kumari, A., and Sharma, A.K. 2016. Infrastructure financing and development: A bibliometric review. International Journal of Critical Infrastructure Protection, 15: 49 – 65.
[12] Li, S., Abraham. D., and Cai, H. 2017. Infrastructure financing with project bond and credit default swap under public-private partnerships. International Journal of Project Management, 35(3): 406 – 419.
[13] Main Directions of the State Debt Policy of the Russian Federation for 2017 – 2019. (2017). Report. The official website of the Ministry of finance of the Russian Federation. Available at: http://minfin.ru/ru/perfomance/public_debt/policy/# (in Russian).
[14] Musgrave, R. A., and Musgrave, P. B. 2009. Public Finance: Theory and Practice. (Trans. from English). Moscow: Biznes Atlas (in Russian).
[15] Decree of the Government of the Samara region. No 756-р. 2016. The official website of the Ministry of Economic Development, Investments and Trade of the Samara region. Available at: http://economy.samregion.ru (in Russian).
[16] On approval of the state program of the Samara region ‘Development of housing construction in the Samara region until 2020’. (2013). Resolution of the Government of the Samara region. No 684. Available at: http://docs.cntd.ru/document/464008623 (in Russian).
[17] On the approval of the Concept of Housing Policy of the Samara Region until 2020. (2013). Resolution of the Government of the Samara region. No. 685. The official website of the Government of the Samara region. Available at: http://www.samregion.ru/documents/governmentresolution/27.11.2013/date/1/57986/ (in Russian).
[18] Regan, M., Smith, J., and Love, P. 2017. Financing of public private partnerships: Transactional evidence from Australian toll roads. Case Studies on Transport Policy. In Press, Corrected Proof.
[19] Romanovsky, M. V., Vrublevskaya, O. V., and Ivanova, N. G. (Eds.). 2016. Finance, money circulation and credit: a textbook, 3-rd ed. Moscow: Yurayt (in Russian).
[20] Sandmo, A. 2010. Uncertainty in the Theory of Public. Geneva Risk and Insurance Review, 35(1): 1-18.
[21] Savage, J.D. 2015. Budgeting: Political Science Aspects. International Encyclopedia of the Social & Behavioral Science, 2: 901 – 905.
[22] Shchegoleva, N. G., and Leonova, T. A. 2008. Budgetary system of the Russian Federation: a textbook. Moscow: Market DS (in Russian).
[23] State program ‘Development of housing construction in the Samara region until 2020’ (in the redaction of resolution of the Government of the Samara region No 82. (2017). The official website of the Ministry of Construction of the Samara region. Available at: http://www.minstroy.samregion.ru/programms/fov_projects/43456/ (in Russ)
[24] Stiglitz, D. U. 1997. Economy of the public sector (trans. from English). Moscow: Infra-M (in Russian).
The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.