No 4 (2017)

The development of over-the-counter (OTC) market of the derivative financial instruments requires the increased control and supervision since the derivatives are classified as the high-risk financial instruments. After the global financial crisis of 2008, the representatives of the countries with the greatest influence on the world economy gathered at the G-20 Summit to finalize the cooperative efforts to prevent new crises associated with the derivatives. The creation of repository institute is one of the agreed measures. A repository is a company keeping records of transactions with the derivative financial instruments concluded in the OTC market. The establishment of trade repository institute is one of the main measures for control and supervision of the OTC market of derivative financial instruments.

The paper covers the study of Russian trade repository, describes the essence of a trade repository, the prerequisites for its creation, and the prospecting directions for the development of Russian trade repository system.

SWOT analysis of Russian trade repository was conducted during the study. Through this, it was identified how the competition between the over-the-counter repositories will allow forming the reasonable price for data accounting services and determined the Russian trade repositories’ need for bringing of their regulatory framework into accordance with the international norms of over-the-counter transactions accounting.

Based on the results of the study, the authors proposed to increase the control of Central Bank of Russia over the pricing of trade repository tariffs since the commission fee for the OTC transactions’ information recording and storage should not cause serious costs for the parties concluding contracts. The paper identifies the necessity to bring the standards of Russian trade repositories into accordance with the requirements of the European Securities and Markets Authority. This will allow increasing the number of OTC transactions with foreign investors and establishing the partnership relations with the European financial institutions.

The study of internal migration problems is an important part in the study of trends and mechanism of sustainable growth in national economies. One of the most important factors contributing to the outstanding results in China’s economic development is internal labor migration, which provides labor resources for the growth of industry and innovation. The main scientific and practical problem of the current research is a number of difficulties associated with the development of internal migration processes in China which find their reflection in economy and society. The purpose of the research is to identify the trends in the development of internal labor migration in China, analyze the factors and conditions in which it is implemented, and determine the consequences of mass resettlements within the country. The methodological basis of the research is theses of modern economic and demographic theories, the theory of migration systems, and the theory of sustainable economic growth. The authors emphasize the importance of studying internal migration problem for China, examine the factors determining the development of internal migrations, analyze the dynamics of the number of migratory populations and the structure of Chinese population by registration status, and study the impact of internal population movements on socio-demographic and economic processes in cities and the entire country. The authors determine such factors of dynamics and structure of internal migration in China as: relative labor redundancy; uneven economic development of the country and concentration of economic potential in the eastern provinces where the main migration flows are directed; urbanization; innovative development in particular territories; the impact of the policy “One family – one child”. As a result of the research, the authors make a conclusion both about the positive effect of migration on China’s economic development and about the negative consequences of mass resettlement affecting the urban environment and the lives of migrants.

The agricultural industry plays the important role in the social and economic development of the country and the region. Poor market conditions, price disparity, and the absence of marketing policy aimed at the growth of profits per item of the saleable product are the causes of the problems in financial stability of agricultural organizations.   

The paper covers the analysis of financial stability of agricultural organizations of the Republic of Khakassia. The authors consider the theoretical and practical aspects of financial stability of agricultural organizations, its types, absolute and relative indicators and factors influencing the change in financial status and revenue position of the organizations. The paper presents the opinions of economists who offer various definitions and techniques for assessment of financial stability and considers the issue of development and implementation of the techniques for determining and defining price disparity. It is determined that there is no any enterprise in the rural sector of the Republic of Khakassia that would not suffer more or less the financial problems, which in the case of their late identification and analysis will cause financial instability and bankruptcy. The authors carried out the analysis of current position and creditworthiness of accounting balance sheet of agricultural organizations for the period of 2011–2016 and offered the ways out of the crisis state of agricultural organizations of the Republic of Khakassia. All considered and presented in the paper data indicate the need to adjust the policy of support of agriculture of the Republic of Khakassia towards the improvement of financial stability of the organizations.

One of the modern problems of the energy systems of countries with a post-industrial economy is to ensure their sustainable development in the face of growing uneven energy consumption, which is caused by a decrease in the role of industry in the structure of demand for energy products. In Russia, this problem is exacerbated by a significant share of the combined production of energy products, characterized by low maneuverability and hence is poorly adapted to operating under daily fluctuations in demand for electricity.

This paper considers the problem of increasing the stability of the energy system by optimizing the production structure of thermal power plants and proposes a combinatorial algorithm that allows to draw up a plan for structural and technological modernization of the composition of power equipment taking into account the forecast of growth of uneven electricity consumption. To solve this problem, the authors analyze the change in the structure of demand for combined-production products and its further effect on the efficiency of production of the energy system. The analysis has revealed that structural changes in the demand for energy products lead to the increase in uneven daily consumption. As a result, it leads to inefficient use of the heat-generating aggregates of the power system. The results of the study reveal the necessity to develop an approach to optimize the production structure of the energy system of the regions. When optimizing the production structure, the optimality criterion was used – the utilization factor of power equipment production capacity. With the application of the efficiency criterion, the daily consumption of energy production was estimated based on the type of the heating units used. Based on the evaluation results, an algorithm for optimizing the generation of energy products is compiled; through this algorithm, the principles of dynamic programming are realized.

To support the final results of the study, the authors draw attention to the application of the proposed approach in the preparation of investment programs that will ensure an effective level of capacity utilization.