Suchergebnisse

The article presents a comparative analysis of Master's programs of four leading Russian universities with those offered by top globally recognized universities (from QS, RePec, Best US News university rankings). Foreign universities' programs show a significant domination of public administration, public politics or public economics to the detriment of financial component. Out of 130 universities the author identifies only about 10 relevant programs with valuable and substantial public finance components. Russian master's programs are on a par with globally recognized programs, which provide a solid basis to easily adapt them for international students. The article contains references to top universities' programs and courses, English variants of disciplines and their Russian analogs that make the article useful for upgrading the Russian programs.

Department of Defence (DoD) spending has decreased by 1.9-2.2 times relative to GDP and population growth since 1986, as well as the amount of military stocks and their annual purchases. The gap in military spending with Russia reduces from a nominal 12 times to a real 2.2 times by the adjusted purchasing power of currencies and share of real production in GDP. Total military, social, interest and allied payments for the US military are twice the budget of DoD, reaching $1574 billion in 2022. Social programs consume 38%, contractors get 30%, military personnel - only 4,6%, utilities - 4,3% from that total. DoD, the military-industrial companies and subcontractors employ 8,4 mln. people, DoD pays for 8,2 mln veterans and retirees, totally 6,4% of adults. 93% of the military locate in the US and support the local economy. DoD secures national industry and financial sector. Half of the military falls on the army and marines, of which ¼ are combat units, ¾ are support and management units, only 190 k. are the field combat personnel. Contractors spent half of overseas contingency operations fund, profits and inefficiencies account for 10 and 30% of total contracts, 30-45% of the contracts are without fixed price and competition.

Since subprime mortgage crisis of 2008, financial system has no longer driven economies; zero or small GDP dynamics was only maintained by massive sovereign borrowings. The article reviews various theoretical approaches of the financial system characteristics and elements to find its better configuration and to reshape the system as economic engine. The review relies on the main macroeconomic statistics, interpretation of some major economic events, the system diversity across major economies and on various historic analogues. The article represents an attempt to observe and combine as wide amount of information, as opposite to popular stressing of a few conventional the system types or main characteristic. Keywords: investments, savings, corporate finance, household finance, public finance, public budget, sovereign debt, corporate retained earnings, commercial banks, investment banks, stock market, public credit, trade credit, financial regulation ; peer-reviewed