Application of Procedure of Discounting in Budgetary Process (О Применении Процедуры Дисконтирования В Бюджетном Процессе)

Abstract

Discounting of cash flow is the operation widespread in financial sector. But it is applied only to the corporate finance. In the article the opportunity of discounting of incomes and charges of the state budget is investigated. Besides in the article the opportunity of application of rules of acceptance of investment decisions (on the basis of NPV, IRR, cost of the capital, etc.) in public sector of economy is investigated. Affirms, that it can help to define potential corruption dangerous financial decisions. The author's variant of calculation of the parameter similar "cost of the capital" for public (state) sector of the finance is offered.

Note: Downloadable document is in Russian.

Keywords: Discounting, the state budget, cost of the state investments, corruption in public sector

JEL Classification: E6, G31, H6, H7