Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-9-24
I. Yakovlev, L. S. Kabir, S. Nikulina
This article examines the current trends and the state of development of the energy transition in the Russian Federation. This process presents many challenges and requires a country to develop a strategy for success. At the same time, the successful implementation of the energy transition requires a balanced solution for its organization and implementation and a clear economic calculation. The main purpose of the study was to systematize information on the organization and instruments of for financing the energy transition in the Russian Federation. Presented among the results of the planned modernization transformations of the economy, the energy transition must be considered in the system of existing relations to determine its role and place in this process. The article analyzes government decisions on the energy transition organization, describes key aspects of the modern energy agenda, and summarizes information on the main instruments of energy transition financing. The author concludes that Russia is shaping its energy transition agenda on the basis of competitive advantages and socio-economic development priorities. Regarding energy transition, the country currently adheres to the Paris Agreement, adapting cross-border carbon regulations. The system of organization of relations within the energy transition framework is only being formed in Russia today, while with regard to the funding mechanism there is some experience and groundwork formed in the organization of the financing process of the green economy. Financial flows are reoriented to sectors of the economy which ensure energy security, technological sovereignty and sustainable economic development of Russia.
{"title":"The National Strategy for Financing the Energy Transition: Assessing Opportunities and Finding Solutions","authors":"I. Yakovlev, L. S. Kabir, S. Nikulina","doi":"10.31107/2075-1990-2022-5-9-24","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-9-24","url":null,"abstract":"This article examines the current trends and the state of development of the energy transition in the Russian Federation. This process presents many challenges and requires a country to develop a strategy for success. At the same time, the successful implementation of the energy transition requires a balanced solution for its organization and implementation and a clear economic calculation. The main purpose of the study was to systematize information on the organization and instruments of for financing the energy transition in the Russian Federation. Presented among the results of the planned modernization transformations of the economy, the energy transition must be considered in the system of existing relations to determine its role and place in this process. The article analyzes government decisions on the energy transition organization, describes key aspects of the modern energy agenda, and summarizes information on the main instruments of energy transition financing. The author concludes that Russia is shaping its energy transition agenda on the basis of competitive advantages and socio-economic development priorities. Regarding energy transition, the country currently adheres to the Paris Agreement, adapting cross-border carbon regulations. The system of organization of relations within the energy transition framework is only being formed in Russia today, while with regard to the funding mechanism there is some experience and groundwork formed in the organization of the financing process of the green economy. Financial flows are reoriented to sectors of the economy which ensure energy security, technological sovereignty and sustainable economic development of Russia.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"47 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84986423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-71-88
S. S. Sudakov, S. Lazaryan, A. Votinov
Starting in 2026, the EU will introduce the Carbon Border Adjustment Mechanism (CBAM). Under this mechanism imports of certain products to the EU will be subject to a special fee based on the carbon intensity of these goods. This article is devoted to the quantification of payments under this mechanism for several countries in the Eurasian region: the EAEU member states, Georgia, Tajikistan and Uzbekistan. These countries were chosen due to the relatively high share of the EU in their exports. CBAM payments have a dynamic nature because certain parameters of the mechanism vary on an annual basis under the influence of a number of factors, for example, due to the annual change in the CBAM rate. According to the estimates obtained, the lowest aggregate CBAM payment accrues to imports from Armenia to the EU. Between 2026 and 2035 it is estimated 95.8 million euros (single CBAM pass-through rate into final prices in EU). The largest payment is estimated to come from Russia: it amounts to 97 billion euros over the same period (zero CBAM pass-through rate). The largest share of payments in exports to the EU is observed for Uzbekistan, Georgia, Tajikistan and Belarus. The largest share of payments falls on imports of metals (ferrous and non-ferrous), fertilizers, electricity and oil. However, the conclusion on products requires additional verification, since for a number of countries in the Eurasian region there are no high-quality and detailed data on the carbon intensity of certain goods.
{"title":"EU’s Carbon Border Adjustment Mechanism: Assessment of Future Payments for Exporters","authors":"S. S. Sudakov, S. Lazaryan, A. Votinov","doi":"10.31107/2075-1990-2022-5-71-88","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-71-88","url":null,"abstract":"Starting in 2026, the EU will introduce the Carbon Border Adjustment Mechanism (CBAM). Under this mechanism imports of certain products to the EU will be subject to a special fee based on the carbon intensity of these goods. This article is devoted to the quantification of payments under this mechanism for several countries in the Eurasian region: the EAEU member states, Georgia, Tajikistan and Uzbekistan. These countries were chosen due to the relatively high share of the EU in their exports. CBAM payments have a dynamic nature because certain parameters of the mechanism vary on an annual basis under the influence of a number of factors, for example, due to the annual change in the CBAM rate. According to the estimates obtained, the lowest aggregate CBAM payment accrues to imports from Armenia to the EU. Between 2026 and 2035 it is estimated 95.8 million euros (single CBAM pass-through rate into final prices in EU). The largest payment is estimated to come from Russia: it amounts to 97 billion euros over the same period (zero CBAM pass-through rate). The largest share of payments in exports to the EU is observed for Uzbekistan, Georgia, Tajikistan and Belarus. The largest share of payments falls on imports of metals (ferrous and non-ferrous), fertilizers, electricity and oil. However, the conclusion on products requires additional verification, since for a number of countries in the Eurasian region there are no high-quality and detailed data on the carbon intensity of certain goods.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"13 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84097618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-43-58
Z. Mingaleva, M. Sigova
The key issue of successful implementation of any project, program or development strategy is the problem of sufficiency and timeliness of financing of all planned activities. The purpose of this study is to analyze the financial aspects of the implementation of the fourth energy transition in terms of assessing the potential and actual opportunities for financing various activities within the framework of the energy transition. The relevance of the topic of the article is determined by the fact that in the process of the energy transition carried out in the Western countries, primarily in the countries of the European Union, a contradiction has developed and is rapidly deepening between the main areas of financing of various groups of measures to implement the energy transition and the effectiveness of these investments. To achieve the goal of the study, traditional methods of economic analysis were used, including bibliographic, statistical, comparative and factor analysis, methods of graphical representation of data, as well as methods of formal and logical analysis. In the course of the study, the specifics of financing of the modern energy transition were investigated; an analysis of the main sources of financing was carried out, as well as an in-depth analysis of the features of financing activities to create new generating capacities and to achieve the goals of the European Green Deal. The authors identify the main problems and difficulties in financing of the energy transition, primarily related to the ability to accumulate financial resources in the required amount, to the achievement of economic efficiency of investment projects, as well as to the availability of sufficient funds for the implementation of major energy transitions.
{"title":"Financial Aspects of the Implementation of the Fourth Energy Transition","authors":"Z. Mingaleva, M. Sigova","doi":"10.31107/2075-1990-2022-5-43-58","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-43-58","url":null,"abstract":"The key issue of successful implementation of any project, program or development strategy is the problem of sufficiency and timeliness of financing of all planned activities. The purpose of this study is to analyze the financial aspects of the implementation of the fourth energy transition in terms of assessing the potential and actual opportunities for financing various activities within the framework of the energy transition. The relevance of the topic of the article is determined by the fact that in the process of the energy transition carried out in the Western countries, primarily in the countries of the European Union, a contradiction has developed and is rapidly deepening between the main areas of financing of various groups of measures to implement the energy transition and the effectiveness of these investments. To achieve the goal of the study, traditional methods of economic analysis were used, including bibliographic, statistical, comparative and factor analysis, methods of graphical representation of data, as well as methods of formal and logical analysis. In the course of the study, the specifics of financing of the modern energy transition were investigated; an analysis of the main sources of financing was carried out, as well as an in-depth analysis of the features of financing activities to create new generating capacities and to achieve the goals of the European Green Deal. The authors identify the main problems and difficulties in financing of the energy transition, primarily related to the ability to accumulate financial resources in the required amount, to the achievement of economic efficiency of investment projects, as well as to the availability of sufficient funds for the implementation of major energy transitions.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"51 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90951024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-59-70
L. Petrenko, B. Safarov
The need to create an effective global energy structure that meets the current challenges of sustainable development and the growing demand for electricity implies an expansion of the use of nuclear energy potential and necessitates a more detailed study of the prospects for its development, taking into account the economic efficiency, high technology, environmental friendliness and safety of this method of power generation. The purpose of the study is to reveal features of, and identify opportunities for, the global nuclear power development in the conditions of increasing influence of the concept of sustainable development. The study substantiates the necessity and identifies features of the global nuclear power development, characterized by both intensification of capacity obsolescence processes and high degree of their significance in the overall energy structure under conditions of decarbonization. Given the need to achieve the Sustainable Development Goals, the authors justify the necessity of development and implementation at national levels of financial and economic measures in the design of energy markets, taking into account clean energy and the attributes of energy security of lowcarbon technologies, including nuclear energy, supported by the expansion of direct and indirect state participation. The issues considered have practical significance and social implications in terms of solving socioeconomic and environmental problems.
{"title":"Prospects for Nuclear Energy in the Framework of Implementation of the Sustainable Development Concept","authors":"L. Petrenko, B. Safarov","doi":"10.31107/2075-1990-2022-5-59-70","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-59-70","url":null,"abstract":"The need to create an effective global energy structure that meets the current challenges of sustainable development and the growing demand for electricity implies an expansion of the use of nuclear energy potential and necessitates a more detailed study of the prospects for its development, taking into account the economic efficiency, high technology, environmental friendliness and safety of this method of power generation. The purpose of the study is to reveal features of, and identify opportunities for, the global nuclear power development in the conditions of increasing influence of the concept of sustainable development. The study substantiates the necessity and identifies features of the global nuclear power development, characterized by both intensification of capacity obsolescence processes and high degree of their significance in the overall energy structure under conditions of decarbonization. Given the need to achieve the Sustainable Development Goals, the authors justify the necessity of development and implementation at national levels of financial and economic measures in the design of energy markets, taking into account clean energy and the attributes of energy security of lowcarbon technologies, including nuclear energy, supported by the expansion of direct and indirect state participation. The issues considered have practical significance and social implications in terms of solving socioeconomic and environmental problems.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"158 ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72419449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-89-104
H. Khachatryan
Studies show that correlations of ESG ratings provided by various rating agencies are fairly weak. The challenge related to disparities in ESG ratings often referred to as “divergence” of ESG ratings is widely discussed in academic and professional community. This divergence may lead to investment decisions made based on misleading information and thus, distort the re-orientation of capital flows into sustainable business. For this reason, there is a growing legislative and regulatory focus on ESG related issues, including the activities of ESG rating providers. The purpose of this article is to conduct a preliminary assessment of the approaches of foreign regulators in addressing the issue of divergence of ESG ratings through an in-depth exploration of this phenomenon and its sources. A careful study of the underlying factors of ESG rating disparities allows us to consider the identified foreign regulatory trends in the context of their focus on eliminating these factors. The methodology of the article is based on the review of the available academic literature and empirical research, study of ESG rating methodologies and analysis of adopted or proposed foreign regulatory requirements. A number of regulatory trends has been identified, which together shape the premise for the development of the regulatory framework of ESG ratings in the future. These trends include a strong focus on corporate ESG reporting and increasing transparency of ESG rating methodologies. However, elimination of the main sources of divergence are not among the tasks of the foreign regulators.
{"title":"Divergence of ESG Ratings: Foreign Regulatory Trends","authors":"H. Khachatryan","doi":"10.31107/2075-1990-2022-5-89-104","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-89-104","url":null,"abstract":"Studies show that correlations of ESG ratings provided by various rating agencies are fairly weak. The challenge related to disparities in ESG ratings often referred to as “divergence” of ESG ratings is widely discussed in academic and professional community. This divergence may lead to investment decisions made based on misleading information and thus, distort the re-orientation of capital flows into sustainable business. For this reason, there is a growing legislative and regulatory focus on ESG related issues, including the activities of ESG rating providers. The purpose of this article is to conduct a preliminary assessment of the approaches of foreign regulators in addressing the issue of divergence of ESG ratings through an in-depth exploration of this phenomenon and its sources. A careful study of the underlying factors of ESG rating disparities allows us to consider the identified foreign regulatory trends in the context of their focus on eliminating these factors. The methodology of the article is based on the review of the available academic literature and empirical research, study of ESG rating methodologies and analysis of adopted or proposed foreign regulatory requirements. A number of regulatory trends has been identified, which together shape the premise for the development of the regulatory framework of ESG ratings in the future. These trends include a strong focus on corporate ESG reporting and increasing transparency of ESG rating methodologies. However, elimination of the main sources of divergence are not among the tasks of the foreign regulators.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"1 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84616042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-23DOI: 10.1080/0015198X.2022.2100232
Timothy Riley, Qing-you Yan
Abstract Mutual funds’ maximum drawdowns (MDDs) are persistent, indicative of manager skill, and predictive of subsequent performance. Among funds with relatively strong past performance, those with relatively low past MDDs, on average, have an out-of-sample alpha of 2.40% per year. That alpha is magnified when markets are turbulent—a time during which manager skill should be most valuable. Investors are averse to drawdown risk. After controlling for typical measures of past performance, fund flows remain a decreasing function of MDDs, particularly among investors with greater risk aversion and during times of heightened risk aversion.
{"title":"Maximum Drawdown as Predictor of Mutual Fund Performance and Flows","authors":"Timothy Riley, Qing-you Yan","doi":"10.1080/0015198X.2022.2100232","DOIUrl":"https://doi.org/10.1080/0015198X.2022.2100232","url":null,"abstract":"Abstract Mutual funds’ maximum drawdowns (MDDs) are persistent, indicative of manager skill, and predictive of subsequent performance. Among funds with relatively strong past performance, those with relatively low past MDDs, on average, have an out-of-sample alpha of 2.40% per year. That alpha is magnified when markets are turbulent—a time during which manager skill should be most valuable. Investors are averse to drawdown risk. After controlling for typical measures of past performance, fund flows remain a decreasing function of MDDs, particularly among investors with greater risk aversion and during times of heightened risk aversion.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"78 1","pages":"59 - 76"},"PeriodicalIF":2.8,"publicationDate":"2022-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45237138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-18DOI: 10.1080/0015198X.2022.2095193
Daniel Mantilla-García, L. Martellini, Vincent Milhau, Hector Enrique Ramirez-Garrido
Abstract The effectiveness of duration and convexity hedging strategies deteriorates in the presence of non-parallel shifts of the yield curve. In the absence of appropriate constraints, the extension of these strategies accounting for changes in the shape of the yield curve generates unstable weights and extreme leverage, leading to poor out-of-sample hedging performance. To address this conundrum, we recast the bond portfolio immunization problem as a multifactor optimization program with leverage constraints and weight regularization. These regularized immunization strategies offer a robust improvement in hedging performance and are particularly well-suited to secure future cash flow needs such as pension liabilities.
{"title":"Improving Interest Rate Risk Hedging Strategies through Regularization","authors":"Daniel Mantilla-García, L. Martellini, Vincent Milhau, Hector Enrique Ramirez-Garrido","doi":"10.1080/0015198X.2022.2095193","DOIUrl":"https://doi.org/10.1080/0015198X.2022.2095193","url":null,"abstract":"Abstract The effectiveness of duration and convexity hedging strategies deteriorates in the presence of non-parallel shifts of the yield curve. In the absence of appropriate constraints, the extension of these strategies accounting for changes in the shape of the yield curve generates unstable weights and extreme leverage, leading to poor out-of-sample hedging performance. To address this conundrum, we recast the bond portfolio immunization problem as a multifactor optimization program with leverage constraints and weight regularization. These regularized immunization strategies offer a robust improvement in hedging performance and are particularly well-suited to secure future cash flow needs such as pension liabilities.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"78 1","pages":"18 - 36"},"PeriodicalIF":2.8,"publicationDate":"2022-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44669408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-18DOI: 10.1080/0015198X.2022.2092384
Pascal Böni, S. Manigart
Abstract This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section, with high performance dispersion across strategies and performance quartiles. Lagged performance significantly affects current fund performance. While ex ante and ex post credit market conditions strongly affect fund performance, general partners can only partially time them.
{"title":"Private Debt Fund Returns, Persistence, and Market Conditions","authors":"Pascal Böni, S. Manigart","doi":"10.1080/0015198X.2022.2092384","DOIUrl":"https://doi.org/10.1080/0015198X.2022.2092384","url":null,"abstract":"Abstract This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section, with high performance dispersion across strategies and performance quartiles. Lagged performance significantly affects current fund performance. While ex ante and ex post credit market conditions strongly affect fund performance, general partners can only partially time them.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"78 1","pages":"121 - 144"},"PeriodicalIF":2.8,"publicationDate":"2022-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45251369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-01DOI: 10.31107/2075-1990-2022-4-64-78
E. Dobrolyubova, A. Starostina
International comparisons demonstrate that Russia lags behind OECD countries in terms of citizen satisfaction with the quality of public services in education and healthcare. However, traditionally public perceptions of the quality of service delivery are not taken into account when evaluating public expenditures. Given the overall client centricity trend in the Russian public administration, the assessment of public expenditures on the basis of citizens’ satisfaction with the quality of public services is highly relevant. The paper proposes and implements an approach to evaluating the efficiency of public expenditures on primary and secondary education and primary healthcare based on the ratio of citizens’ satisfaction with the quality of public services and per capita expenditures from regional consolidated budgets. The authors demonstrate that citizens’ perceptions weakly correlate with the level and dynamics of budget expenditures on primary and secondary education and primary healthcare services. Thus, citizens’ priorities and expectations are not fully accounted for in the budgeting process. The proposed approach helped to identify Russian regions with high and low efficiency of public spending on primary and secondary education and primary healthcare. It is recommended to use this approach as a diagnostic tool for identifying regions and sectors requiring in-depth public expenditure review and to expand the proposed approach to evaluate public spending from citizens’ perspective in other areas.
{"title":"Efficiency of Regional Public Expenditures on Education and Healthcare: Evaluation from Citizens’ Perspective","authors":"E. Dobrolyubova, A. Starostina","doi":"10.31107/2075-1990-2022-4-64-78","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-4-64-78","url":null,"abstract":"International comparisons demonstrate that Russia lags behind OECD countries in terms of citizen satisfaction with the quality of public services in education and healthcare. However, traditionally public perceptions of the quality of service delivery are not taken into account when evaluating public expenditures. Given the overall client centricity trend in the Russian public administration, the assessment of public expenditures on the basis of citizens’ satisfaction with the quality of public services is highly relevant. The paper proposes and implements an approach to evaluating the efficiency of public expenditures on primary and secondary education and primary healthcare based on the ratio of citizens’ satisfaction with the quality of public services and per capita expenditures from regional consolidated budgets. The authors demonstrate that citizens’ perceptions weakly correlate with the level and dynamics of budget expenditures on primary and secondary education and primary healthcare services. Thus, citizens’ priorities and expectations are not fully accounted for in the budgeting process. The proposed approach helped to identify Russian regions with high and low efficiency of public spending on primary and secondary education and primary healthcare. It is recommended to use this approach as a diagnostic tool for identifying regions and sectors requiring in-depth public expenditure review and to expand the proposed approach to evaluate public spending from citizens’ perspective in other areas.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"37 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75746426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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