No 2 (2011)

The aim of the present article is to study the evolution and development of RF foreign economic policy priorities in 2000-2010. The study is based on RF Foreign Policy Conception (2000, 2008) and integrated development programs' analysis. Foreign economic policy role is strengthening and its goals are evolving and becoming more ambitious. This became possible mostly due to RF reliance of IMF credits and emerged ability to determine its own economic development priorities. Integral export support system is forming along with strengthening of protectionism trends in respond to RF economic modernization and innovation development.

In the article it is reviewed perspectives and results of creation of free trade area China-ASEAN and also main future directions of cooperation. It is calculated the activity coefficients of bilateral trade flow between China and ASEAN and between Russia and ASEAN. It is specified perspective for Russia fields and directions of industrial and scientific and technical cooperation with the ASEAN countries and also great multilateral regional projects with the participation of our country. It is viewed the results of the second summit Russia-ASEAN. It is proved that one of the perspective directions of cooperation of Russia with ASEAN countries - conclusion of multilateral agreement about creation of free trade area.

The article substantiates the importance of development of the regional pharmaceutical clusters in such a geographically huge country like Russia in the context of the overall development of the national pharmaceutical market. Geographical localization of cluster's participants which includes the scientific institutions, pre-clinical and clinical base, modern manufacturing entities and the expert organizations, will contribute to reduce the time-consuming, as well as logistics costs and marketing communications costs that finally means the big affordability of medicinal agents for the country population.

The goal of the research paper is a stability analysis of Sberbank of Russia and Bank for Foreign Trade (VTB) activity that is carried out on the basis of consolidated financial statements relative to key activity figures in conditions of the world financial crisis. For this purpose it is used the Central Bank of Russia estimation technique on valuation of economic condition of banks. Main destabilizing factors acting on the Russian banking system during 2007-2009 are revealed and evaluated. Over this period it was observed the instability of the banks activity relative to such performance indicators, in particular, as: net profit margin, quality of credit portfolio and return on assets. Permanent financial monitoring of the stability of the banks activity makes it possible to implement anti-recessionary measures efficiently.

Program-oriented method of planning and financing of budget expenditures has been actively used in Russia for the past decade, particularly while exercising of federal programs. Currently, the Russian government is preparing to finance 97% of federal budget expenditures in accordance with the program-oriented method. However, along with the obvious advantages of this method, its performance in the Russian Federation has identified a number of problems. Author analyses in this article the Russian experience of program-oriented planning and financing of the budget expenditures, evolves the basic problems, provides recommendations to resolve them.

The question of assessing the current value of the flow of future earnings in the scientific literature worked out very carefully. A key factor in assessing a discounted rate, usually defined as the weighted average cost of capital invested. However, it is possible different perspective on the relationship between the present value of money and its nominal amount, receipt of which is to be in the future. This paper proposes a new approach to the assessment procedure, the current value of the flow based on a probabilistic model in which the relation between the current and future nominal values defined as the confidence level in obtaining value in the future. Application of this model provides a natural way to introduce a quantitative measure of risk for the flow of future earnings. The paper analyzes the properties of the proposed measures of risk, shows its conformity with classical ideas of the relationship between risk and return investments, are examples of the calculation of absolute and relative indicators of the potential flow.