Financial Journal

About Journal

                            New issue of the Financial Journal

fm 2019 1 oblogka




Scientific periodical  ISSN 2075-1990 (key title – Finansovyj žhurnal).

Title for citation: Finansovyj žhurnal — Financial Journal

Mass media registration certificate No. FS77-52134 of December 11, 2012

Editor in Chief – Head of Financial Research Institute, PhD (Economics) Vladimir S. Nazarov.

Founder and Publisher: Federal State Budgetary Institution – Financial Research Institute.

The Journal is included in the Russian Science Citation Index.

Articles are available in open access mode at and

The DOI (Digital Object Identifier) are assigned to the Articles.

The Journal is indexed in  repec

The edition was issued under the title “Budget and Treasury Academy of the Ministry of Finance of the Russian Federation. Financial journal” from 2009 till 2011. The title was changed to “State University of the Ministry of Finance of the Russian Federation. Financial journal” in 2012.  The Journal has been issued under the title “Financial Research Institute. Financial journal” since 2013.

Subject publications. The journal publishes scientific articles on the development and implementation of financial policy in Russia (fiscal, monetary, fiscal), as well as materials on financial markets, insurance, banking, accounting, financial control, statistics, the world economy and international finance.

The Journal is being published 6 times a year (February, April, June, August, October, December).

OUTPUT SCHEDULE Financial Journal in 2019.

Editorial Office Address:

Nastasyinsky per., 3 str. 2, Moscow 127006, Russian Federation

Phone: + 7(495) 6997683


Web site Financial Journal



Publishing Ethics

Editorial Office, Editorial Board and Publisher of the Financial Journal adhere to generally accepted international standards of publishing ethics and make efforts to fully comply with them.


Duties and Responsibilities of Editors

Publication decision

The Editor in Chief of the Financial Journal is responsible for making decisions on the publication, based on the reliability of the data submitted and the scientific significance of the work, as well as on existing legal norms. While making a decision to publish an article, the Editor in Chief takes into account the opinion of reviewers and members of the Editorial Board.


The Editor in chief (editor) estimates manuscripts only on the basis of their scientific contents. The racial and national identity, gender, sexual orientation, religious views, nationality or a political position of the author(s) in no way affect the decision to publish.


The editor does not disclose the names of the manuscript authors submitted for publication to none other than the members of the Editorial Board, but the contents of the manuscript - to none other than the members of the Editorial Board and the reviewers. A use of unpublished materials, which are contained in the manuscript submitted to the publication, is not allowed without the written consent of the authors.

Prevention of the conflict of interest

If there is a conflict of interest, the editor and other members of the Editorial Board should not participate in the process of reviewing the manuscript. The Editorial Office requests experts to write a review containing a report on a conflict of interest. In this case, another reviewer is selected.


Duties and Responsibilities of Reviewers

Reviewer’s contribution to decision making process

The reviewer helps the Editor in Chief to make a decision on the publication of the article, and the author (through the interaction of the reviewer with the editor) – improves the content of his research.


Any manuscript received for review is considered by the reviewer to be a confidential document that is not transferable to anyone and is not discussed with anyone other than the editor. The reviewer does not have the right to use unpublished materials contained in the manuscript submitted to him for a review.

Standards of objectivity and conflict of interest

Reviewers should consider the manuscript objectively, and their position should be expressed clearly and reasonably. Personal criticism of the author is unacceptable. Reviewers are required to notify the editor of a conflict of interest due to competing relationships or cooperation.

Exclusion of plagiarism

The reviewer should pay the editor's attention to any case of substantial similarity or coincidence of the peer-reviewed manuscript with any published work, of which he knows. If there are no references to studies in the manuscript, the results of which are closely related to its content, the reviewer should point this out in the review.


Duties and Responsibilities of Authors

Authorship questions

The authors of the article can only be persons who have made a significant contribution to the concept, development, implementation or interpretation of the presented research. All persons, who have made a significant contribution, must be listed as co-authors of the article. The author submitting the article to the Editorial Board guarantees that the article lists all the co-authors who meet these criteria, and that all co-authors approved the final version of the article and agreed to submit it to the publication.

Originality of work and plagiarism

Authors should ensure that the article written by them is independent (original), and in case of using other people's works and / or utterances, they should reflect this in the form of appropriate references and citations.

Material submission standards

The article should contain all necessary information and all references, so that others can repeat the research done. False or incorrect statements are unethical conduct and are unacceptable.

Access to data and its retention

Authors may be asked to provide baseline data when reviewing an article by the editors, and they should be prepared to provide public access to these data and must retain it within a year since the publication date.

Disclosure of information and conflict of interest

All authors should indicate in manuscripts any conflict of interest, which could basically affect the interpretation of the work results. All sources of financial support for the research project should be disclosed.

Concurrent and multiple publication

Submitting the same manuscript to several journals simultaneously is considered as unethical and unacceptable. When sending an already published article to another publication, the author is obliged to obtain consent to a secondary publication from the Editorial Office of the magazine, in which the article was published for the first time. The reference to the primary work must be in the secondary publication.

Editorial Staff

V. Nazarov, Editor in Chief
Director, Financial Research Institute, PhD (Economics)

Editorial Advisory Board

R. Artyukhin, Head of the Federal Treasury, PhD (Law)

A. Bokarev, Head of the International Financial Relations Department, Ministry of Finance of the Russian Federation, PhD (Economics)

E. Danchikov, Head of the General Control Department of Moscow, PhD (Economics)

A. Drozdov, Chair of the Russian Federation Pension Fund Board, Honoured Economist of the Russian Federation 

N. Maksimova, Deputy of the State Duma of the Federal Assembly of the Russian Federation, Deputy Chair of the Budget and Taxes Committee of the State Duma, PhD (Economics) 

M. Mishustin, Head of the Federal Tax Service, Doctor of Economics

V. Nazarov, Director of the Financial Research Institute, Editor in Chief of the Financial journal, PhD (Economics) 

T. Nesterenko, First Deputy Finance Minister of the Russian Federation, PhD (Economics) 

S. Prokofyev, Deputy Head of the Federal Treasury, Doctor of Economics, Professor 

L. Shneidman, Head of the Accounting, Financial Reporting and Auditing Regulation Department, Ministry of Finance of the Russian Federation, Doctor of Economics, Professor 

Editorial Board

M. Alexeev, Professor of the Indiana University (USA)

O. Bogacheva, Leading Researcher of the Primakov National Research Institute of World Economy and International Relations, PhD (Economics)

C. Gerry, Professor of the University of Oxford (UK)

E. Gurvich, Head of Economic Expert Group, Member of Economic Board at the President of the Russian Federation, Member of the Public Board at the Ministry of Finance of the Russian Federation, PhD (Physics and Mathematics)

E. Gutzait, Leading Researcher of the Accounting Methodology Center, Financial Research Institute, Doctor of Economics

C. Davis, Professor of the University of Oxford (UK)

S. Drobyshevsky, Academic Director, Gaidar Institute for Economic Policy, Doctor of Economics

L. Kabir, Chief Research Associate of the of the Center for International Finance, Financial Research Institute, Doctor of Economics, Professor, Professor of Russian Academy of Sciences

L. Kotlikoff, Professor of the Boston University (USA)

V. Nazarov, Editor in Chief, Director, Financial Research Institute, PhD (Economics)

V. Omelyanovskiy, Head of Laboratory for Health Technology Assessment of the Applied Economic Research Institute, Russian Presidential Academy of National Economy and Public Administration, Doctor of Medicine, Professor

M. Pinskaya, Professor of the Department of Tax Policy and Customs Tariff Regulation, Financial University under the Government of the Russian Federation, Doctor of Economics

V. Trubin, Expert, Department for Social Policy, Analytical Center under Government of the Russian Federation, PhD (Economics)

P. Trunin, Head of the Macroeconomics and Finance Division, Gaidar Institute for Economic Policy, Doctor of Economics

K. Shvandar, Head of the Advanced Financial Planning, Macroeconomic Analysis and Finance Statistics Center, Financial Research Institute, Doctor of Economics

Editorial Office

V. Nazarov, Editor in Chief, Director, Financial Research Institute, PhD (Economics), e-mail:

T. Zakharova, Leading Editor, e-mail:   

I. Belova, Corrector, e-mail:  

A. Lukhin, Print Layout Designer, e-mail:   

G. Ageev, Editorial Manager, e-mail:  

Author Guide

Dear authors!

The Journal publishes materials on the following scientific specialties of economic science:
• Finance, Money Circulation and Credit (08.00.10);
• Accounting, Statistics (08.00.12);
• World Economy (08.00.14).

The DOI (Digital Object Identifier) are assigned to the Articles.

Please carefully read the attached materials and follow them. On the issues of editing of the articles, please contact Tatyana Zakharova, the editor of the magazine (Phone: +7 495 699-76-83, E-mail:

The rules of submitting, reviewing and publishing scientific articles in the periodical applied science edition "Financial Journal"

1. For publication we accept scientific articles which correspond to the subject area of the Journal and have not been published before. We will not consider submissions that are currently under consideration for publication elsewhere.

2. Articles are published free of charge. We do not charge a publication fee and do not pay royalties to authors.

3. By submitting a manuscript of a scientific article (hereinafter referred to as the "Article") to the editorial office authors agree with its editing (literary, technical), publishing and making available online, including an open access to it through the official website of the Scientific Electronic Library (SEL) and the website of the Financial Research Institute

4. An article should be submitted electronically via email as an attachment together with a cover letter to:

5. Formatting requirements

An article should be submitted as a Microsoft Word file. Then the following information should be provided both in Russian and in English: the title of an article; full names of the authors (typed in bold letters) together with their academic degrees, academic titles (if any), job position (job positions); the name of the department (faculty, laboratory, centre, institution); the full name of the organization.

All submitted manuscripts should have contact information of each co-author, including telephone numbers and email addresses (specified email addresses are published in the Journal). The title of an article should be brief and reflect its content. Then an abstract and keywords (5–7) should be provided both in Russian and in English followed and the JEL codes. Next - the text of the article.

The text of an article should comprise: introduction (700–1000 characters), main body divided by subtitles into parts, if possible, conclusion (findings, proposals) and references. The editors use the "Vancouver" style: [1] - citing the entire article; [1, p. 15] - when quoting specific data on a specific page. The length of the text should be from 21 000 up to 40 000 characters with spaces. Page numbers should be placed at the bottom center of a page. Graphs, diagrams made in Microsoft Excel, PowerPoint should be attached as separate files.

6. An article is accepted for consideration by the editorial staff if it meets all the requirements specified in paragraphs 1–5 of these Rules.

7. The article accepted for consideration is registered in the Record Book with its receipt date, title, full names of its authors, their place of employment and contact information specified. The article is given an individual registration number. The Senior Editor of the Journal or other editorial staff informs the author (authors) of the registration of the article.

8. All the articles submitted for consideration and corresponding to the subject area of the Journal undergo a mandatory peer review for them to be assessed from an expert point of view and checked for plagiarism.

9. The list of the articles submitted is considered by the Editor in Chief of the Journal on a weekly basis for their preliminary assessment and appointment of reviewers. The members of the editorial advisory panel, editorial board and invited experts act as reviewers. On the instruction of the Editor in Chief the Senior Editor of the Journal or other editorial staff submits the material for review to an expert, who deals with issues (problems, research) on the subject of the article reviewed and has publications on this topic during the last three years. The time period of review is specified by the Editor in Chief.

10. Peer review is anonymous for both reviewer and author. Reviewers are notified that the articles submitted to them represent an intellectual property of the authors and refer to confidential information.

11. Reviewers should sign the reviews sent to the editorial office specifying their job position, academic degree, academic title, full name and the date.

A review should meet the following requirements:

– contain judgements about conformity of the article content to the topic in the title, authenticity of the material, its novelty and urgency, the extent to which the issue has been examined, consistency and validity of the author's findings;

– contain a reasonable explanation of criticisms (if any);

– contain conclusions, along with a recommendation either for publishing the article in the Journal or publishing it after the author makes corrections to the text taking into account comments of the reviewer, or for refusal of publication.

12. The reviews are kept in the editorial office for five years and provided to the authors upon their written request as well as the corresponding request made to the Ministry of Education and Science of the Russian Federation without disclosing information about reviewers.

13. According to the review results the article can be accepted for publication, submitted to the author for revision or rejected. If the review contains recommendations for revision of the article, the Senior Editor of the Journal submits the text of the review to the author suggesting he or she make necessary corrections. The article submitted to the editorial office after its revision is the subject to a new peer review.

If the author sends a revised version of previously rejected article, the editorial office accepts this article as a new one in accordance with paragraphs 1–8 of these Rules.

14. A preliminary decision on possible publication of the article or refusal of its publication on the basis of peer reviews and conformity of the materials submitted to the subject area of the Journal is made by the editorial board. The final decision about publication of the article or refusal of its publication is taken by the Editor in Chief.

15. The Senior Editor or other editorial staff informs the author (authors) of the decision made by the Editor in Chief, estimated date of publication of the article or refusal of publication.


Issues of the Financial Journal in 2019

№1 (47) January-February 2019

Issues of the Financial Journal in 2018

№6 (46) November-December 2018
№5 (45) September-October 2018
№4 (44) July-August 2018
№3 (43) May-June 2018
№2 (42) March-April 2018
№1 (41) January-February 2018

Issues of the Financial Journal in 2017

№6 (40) November-December 2017
№5 (39) September-October 2017
№4 (38) July-August 2017
№3 (37) May-June 2017
№2 (36) March-April 2017
№1 (35) January-February 2017

Issues of the Financial Journal in 2016

№6 (34) November-December 2016
№5 (33) September-October 2016
№4 (32) July-August 2016
№3 (31) May-June 2016
№2 (30) March-April 2016
№1 (29) January-February 2016

Issues of the Financial Journal in 2015

№6 (28) November-December 2015
№5 (27) September-October 2015
№4 (26) July-August 2015
№3 (25) May-June 2015
№2 (24) March-April 2015
№1 (23) January-February 2015

Issues of the Financial Journal in 2014

№4 (22) October-December 2014
№3 (21) July-September 2014)
№2 (20) April-June 2014
№1 (19) January-March 2014

Issues of the Financial Journal in 2013

№4 (18) October-December 2013
№3 (17) July-September 2013)
№2 (16) April-June 2013
№1 (15) January-March 2013

Issues of the Financial Journal in 2012

№4 (14) October 2012
№3 (13) July 2012
№2 (12) April 2012
№1 (11) January 2012

Issues of the Financial Journal in 2011

№4 (10) October 2011
№3 (9) July 2011
№2 (8) April 2011
№1 (7) January 2011

Journal Articles