SOCIAL TECHNOLOGIES OF ENTERPRISE FINANCING

The proposed social technologies for financing enterprises, based on economic and mathematical models, algorithms and software, are a permanent mechanism for increasing the income of working citizens, developing enterprises, increasing tax revenues and social payments. The use of social technologies for financing enterprises allows with a 5% increase in revenue over 50 years to increase the wages of employees by 63%, which will amount to almost 104 trillion rubles in Russia; to increase deductions to the development fund by 72%, in which, first of all, the owners of enterprises are interested, since this ensures the growth of their income and the possibility of constant modernization and renewal of technological equipment, the release of new competitive products; to reduce to zero deductions to the Federal Fund of Compulsory Medical Insurance (FCHIF) from wages above 76 rubles, which is 955% higher than the average salary in Russia as of January 20. At the same time, despite the reduction in the rate of contributions to the FCHIF, the amount of deductions to the state in the form of income tax, income tax and in the FCHIF increases.

O Fundo Federal de Defesa dos Direitos Difusos e o desvio de finalidade na aplicação de seus recursos

<p>The Federal Fund in Defense of Diffuse Rights and the misuse of its resources</p><p> </p><p>Este artigo analisa, empiricamente, a gestão Fundo Federal de Defesa dos Direitos Difusos (FDD), mecanismo de reparação fluida dos direitos coletivos lesados e não reparados, criado pela Lei nº 7.347, de 1985. O exame do problema demonstra que, embora a arrecadação de receitas tenha sido elevada, ao longo dos últimos anos, a União não aplica os recursos aportados ao fundo, mantendo-os em caixa com o objetivo de realizar políticas públicas de superávit, não relacionadas com a origem dos recursos. Conclui que esse comportamento viola a Constituição e a própria razão de existir do fundo.</p><p> </p><p>This paper, using empirical data, analyses the administration of the Federal Fund for Diffuse Rights (FDD), which is intended, in Brazil, as a mechanism to indemnify groups whose rights have been violated and not redressed. The Fund was created by Law 7.347 of 1985. Our examination of the topic shows that, although substantial revenues amounts have been collected for the fund in the last few years, the money has not been used by the federal government for the purpose intended, but has been withheld in order to comply with public policy for a budget surplus. The paper concludes that this behavior violates the constitution and the very cause of the fund’s existence.</p>

Impact of FOMC announcement on stock price index in Southeast Asian countries

Purpose The purpose of this paper is to examine the impact of Federal Open Market Committee (FOMC) announcements, which includes information about the targeted Federal fund rate and revision to the future path of monetary policy on Southeast Asian stock market performance. Design/methodology/approach This paper has used a sample of five national equity market indexes over the period 1997-2013 that covers 132 scheduled FOMC meetings. The authors have developed the model of Wongswan (2009) and Kontonikas et al. (2013) to quantify target surprise and path surprise. Findings The results first show that all the stock markets examined do respond to information in FOMC announcements. Second, the target Federal fund rate has more impact on Southeast Asian stocks performance than information about the future path of monetary policy does. Third, different Southeast Asian equity markets respond similarly to targeting the Federal fund rate, while the responses to monetary policy differ from each other. Fourth, the response of each country to the FOMC announcement is not statistically different in the two periods of financial crisis. Research limitations/implications Southeast Asian financial markets are increasingly highly correlated to the US market. The main channel in which FOMC announcement has impact on Southeast Asian stock markets is through US price transmission. This is the case of foreign firms borrowing from the US market. Then, an increase in interest rate, which means that the cost of financing increases, will lower firm equity value. Originality/value The understanding of the response of the Southeast Asian stock markets to target surprise and path surprise, and the impact of each surprise in different time periods, would be important to investors and encourage further discussion amongst academics in Southeast Asia, where stock markets have been emerging in recent years.

FINANCIAL PROVISION OF RUSSIAN HEALTH CARE FROM THE FEDERAL FUND OF MANDATORY MEDICAL INSURANCE AND THE BUDGETS OF THE SUBJECTS OF THE RUSSIAN FEDERATION

The ongoing reform of the national health care impacted significantly on the health care financing system to the population. Especially these changes were reflected in the financing of public health organizations of the Federal Fund of CHI and from budgets of different levels. The article analyzed the financial aspects of providing public health care system in recent years and estimates prospects for the further reform of the Russian health care.