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The article analyzes the pension reform implemented in Russia in 2013–2014, provides the modeling of possible pensions, determines the efficiency boundaries for the use of insurance and savings-insurance schemes offered by the Pension Fund of Russia. The author examines the activities and effectiveness in managing pension savings and reserves from non-state pension funds, especially the system of voluntary savings insurance. The study identifies the challenges faced by these financial institutions, which constrain the development of the Russian pension system. Drawing on logical and econometric analysis the author identifies the competitive opportunity for banks to participate in the Pension Benefits Act, calculates the proposals' efficiency for future retirees and the banking system as a whole, determines the contribution of the proposed solutions to enhanced competition and more competitive banking environment.

In this article, the authors review and analyze the features of functioning and development of a new financial market segment - the cryptocurrency market or electronic cash (specific digital assets). At present, the cryptocurrency segment (and digital financial assets at large) cannot be recognized as a formal institution, since there is no legal framework in this area, and informal interaction regarding the creation and circulation of cryptocurrencies is not an established social and financial-economic phenomenon. The analytic comparison using discount methods allows to a certain extent to evaluate the effectiveness and feasibility of e-cash issuance from the viewpoint of physical persons. The authors identify the main directions in institutionalizing the cryptocurrency segment of the financial sector of the national economy and substantiate the need for legal recognition of cryptocurrencies in the status of digital goods, which in turn involves the need to improve the Russian Federation legal framework.

In the article, the authors show that the main institutions of scientific efficiency are the institutions that publish scientific articles in Russian and international journals as well as monographs, scientific conference abstracts, pre-prints, reviews, reports, and also the institutions that register patents. The purpose of the research is the development of the indicator for the evaluation of the dysfunction of the institutions of scientific efficiency depending on different types of transaction coasts; and verification of the authors' indicator of scientific efficiency by the empirical study of the scientific organizations' activities. In the research, we applied the methods of the system, logical and economic analysis. The empirical information was processed using the methods of statistical analysis and correlation analysis. On the basis of different scientific efficiency of the central and regional institutions confirmed by Scopus data, the authors have proved that the scientific efficiency of regional scientific institutions and central ones need to be analysed separately. We have determined the dysfunctions of these institutions depending on different types of transaction coasts. We have developed the indicator for the assessment of the dysfunction of scientific efficiency institutions depending on different types of transaction coasts. The authors have introduced the indicator of scientific efficiency equal to the ratio of the dynamics of the increment of scientific results to the dynamics of the increase of transaction coasts. Depending on a type of the analyzed transaction coasts, the indicator of scientific efficiency illustrates the efficiency of various economic institutions. On the basis of the analysis of the research findings of the middle Urals' scientific organizations, we have arrived at the conclusion that the institutions that publish articles in the Russian and foreign scientific journals are efficient. We defined the dysfunctions of the institutions that publish articles in the Russian and foreign scientific journals depending on different types of transaction coasts. The authors conclude that it is efficient to increase certain types of transaction coasts. The received results can be applied by regional scientific institutions to increase the efficiency of their scientific activity. ; Russian Science Foundation, RSF: 14–18–00574, 14–18–00574, 14–18–00574, 14–18–00574 ; Russian Foundation for Basic Research, RFBR: 16–36–00097 ; Russian Science Foundation, RSF: 14–18–00574, 14–18–00574, 14–18–00574, 14–18–00574 ; Russian Foundation for Basic Research, RFBR: 16–36–00369, 17–06– 00537, 15–06–090994 ; Russian Humanitarian Foundation, RHF: 16–12–34015 ; Russian Foundation for Basic Research, RFBR: 16–32–01081 ; Government Council on Grants, Russian Federation ; Ministry of Education and Science of the Russian Federation, Minobrnauka: RFMEFI57216X0004 ; Council on grants of the President of the Russian Federation: MK-2752.2015.4 ; The research has been supported by the Grant of the Russian Science Foundation (the Project № 14–18–00574 "The information-analytical system "Anticrisis:" diagnostics of the regions, threat assessment and scenario forecasting for the preservation and strengthening of economic security and well-being of Russia). ; The article has been prepared with the support of the Russian Foundation for Basic Research № 16–36–00097 «Economic and mathematical modelling of the regional metallurgical complex repositioning process in the conditions of new industrialization of the economy». ; The research has been supported by the Grant of Russian Science Foundation (Project № 14–18–00574 "Information and analytical "Anticrisis" system: diagnostics of regions, threat assessments and scenario forecasting for the purpose to preserve and strengthen the economic security and improve the well-being of Russia"). ; The article has been supported by the Russian Foundation for Basic Research № 15–06–090994, 16–36–00369, 17–06– 00537. ; The article has been supported by the Russian Foundation for Humanities (Project № 16–12–34015). ; The article has been prepared with the support of the Russian Foundation for Basic Research, the Project № 16–32–01081. ; The article has been supported by the Government of the Russian Federation (Resolution No. 211 of 16 March, 2013), Agreement No. 02.A03.21.0011. ; The article has been supported by the Ministry of Education and Science of the Russian Federation within the project «Development of a set of measures and mechanisms for the increase in the efficiency of the international cooperation in new production technologies» (the unique identifier of the project RFMEFI57216X0004). ; The authors of the articles thank for the support the Council for Grants of the President of the Russian Federation for the state support of the young Russian PhD scientists (Grant No MK-2752.2015.4).