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Том 23, № 1, 2019 Vol. 23, Nо. 1, 2019 ISSN 2587-5671 (Print) Том 23, № 1, 2019 ISSN 2587-7089 (Online) Научно-практический журнал Предыдущее название — «Вестник Финансового университета» Издается с 1997 г. DOI: 10.26794/2587-5671 Издание перерегистрировано The edition is reregistered в Федеральной службе in the Federal Service по надзору в сфере связи, for communication, информационных технологий informational и массовых коммуникаций: technologies and media control: ПИ № ФС77- 70021 PI No. FS77-70021 от 31 мая 2017 г. of May 31, 2017 Периодичность издания — 6 номеров в год Publication frequency — 6 issues per year Учредитель: Финансовый университет founder: financial University Журнал ориентирован на научное The aim of the journal is the scientifi c discussion обсуждение актуальных проблем of topical issues in the fi eld of fi nance в сфере финансов и смежных областей and related fi elds Журнал входит в Перечень периодических научных The journal is included in the listing of periodicals изданий, рекомендуемых ВАК для публикации recommended by the Higher Attestation Commission основных результатов диссертаций на соискание for the publication of the main results of the ученой степени кандидата и доктора наук, postgraduate and doctoral dissertations. It is also включен в ядро Российского индекса научного listed in the core database of the Russian Science цитирования (РИНЦ) Citation Index (RSCI) Распространяется только по подписке. The journal is distributed only by subscription Подписной индекс 82140 Subscription index 82140 в объединенном каталоге «Пресса России». in the consolidated catalogue “The Press of Russia”. Журнал находится в открытом доступе на сайте The journal is publicly available (Open Access) on the http://fi nancetp.fa.ru/jour/index website http://fi nancetp.fa.ru/jour/index Vol. 23, Nо. 1, 2019 Scientific and practical journal Former title: Bulletin of the Financial University Published since 1997 DOI: 10.26794/2587-5671 ГЛАВНЫЙ редактор СОРОКИН Д.Е., доктор экономических наук, профессор, научный руководитель Финансового университета, член-корреспондент РАН, Финансовый университет, Москва, Россия ЧЛЕНЫ РЕДАКЦИОННОЙ КОЛЛЕГИИ АХАМЕР Г., доктор экономических наук, ПАПАВА В.Г., академик Национальной Консультативный совет по глобальным академии наук Грузии, профессор исследованиям, Университет Граца, Институт Тбилисского государственного экономической и социальной истории, Грац, Австрия университета им. И. Джавахишвили, БОГОЯВЛЕНСКИЙ В.И., доктор технических наук, Тбилиси, Грузия член-корреспондент РАН, заместитель директора ПФЛУГ Г., декан экономического факультета, Института нефти и газа РАН, Москва, Россия Венский университет, Вена, Австрия БОДРУНОВ С.Д., директор Института РУБЦОВ Б.Б., доктор экономических наук, нового индустриального развития им. С. Ю. Витте, профессор Департамента финансовых рынков президент Вольного экономического общества и банков, Финансовый университет, Москва, Россия России, первый вице-президент Санкт-Петербургского РУЧКИНА Г.Ф., доктор юридических наук, Союза промышленников и предпринимателей, доктор руководитель Департамента регулирования экономических наук, профессор, эксперт Российской экономической деятельности, Финансовый академии наук, Санкт-Петербург, Россия университет, Москва, Россия ГОЛОВНИН М.Ю., доктор экономических наук, САНДОЯН Э.М., доктор экономических наук, член-корреспондент РАН, первый заместитель профессор, директор Института экономики и директора Института экономики РАН, Москва, Россия бизнеса, Российско-Армянский (Славянский) КРЮКОВ В.А., доктор экономических наук, университет, Ереван, Армения. профессор, член-корреспондент РАН, директор СИЛЛА Р.Е., почетный профессор экономики, Школа Института организации промышленного бизнеса Стерна, Нью-Йоркский университет, Нью- производства, СО РАН, г. Новосибирск, Россия Йорк, США. ЛАФОРДЖИА Д., профессор Университета Саленто, ТИТЬЕ К., профессор Галле-Виттенбергского Италия университета им. Мартина Лютера, Германия ЛИ СИНЬ, директор Центра России и Центральной Азии, Шанхайская академия международных ФЕДОТОВА М.А., доктор экономических исследований, Шанхай, Китай наук, профессор, руководитель Департамента ЛОГИНОВ Е.Л., доктор экономических наук, корпоративных финансов, Финансовый университет, профессор Российской академии наук, заместитель Москва, Россия директора по научной работе Института проблем ХАН С.М., профессор Департамента экономики, рынка РАН, Москва, Россия Блумсбергский университет, Блумсберг, США ЛУКАСЕВИЧ И.Я., доктор экономических ХУММЕЛЬ Д., доктор экономических наук, наук, профессор Департамента корпоративного профессор, Университет Потсдама, управления, Финансовый университет, Москва, Россия Германия МУЛИНО А.В., профессор финансовой экономики ЦЫГАЛОВ Ю.М., доктор экономических наук, и руководитель Департамента финансов, профессор Департамента корпоративных финансов Бирмингемский университет, Бирмингем, и корпоративного управления, Финансовый Великобритания университет, Москва, Россия Рукописи представляются Редакция в обязательном порядке осуществляет в редакцию по электронной почте: экспертную оценку (рецензирование, научное [email protected] и стилистическое редактирование) всех материалов, публикуемых в журнале. Минимальный объем статьи — Более подробно об условиях публикации 4 тыс. слов; оптимальный — 6 тыс. слов. см.: financetp.fa.ru 2 ФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА / FINANCE: THEORY AND PRACTICE Т. 23, № 1’2019 EDItOR-IN-ChIEf SOROKIN D.E., Dr. Sci. (Econ.), Professor, Chairman for Research of the Financial university, Corresponding Member of the Russian Academy of Sciences, Moscow, Russia MEMbERS Of thE EDItORIal bOaRD ahaMER G., PhD, Advisory Board Global Studies, Graz MUllINEUX a.W., Professor of Financial Economics university, Institute for Economic and Social History, and Head of Department of Finance, university Graz, Austria of Birmingham, Birmingham, united Kingdom bOGOYaVlENSKY V.I., Dr. Sci. (Tech.), PaPaVa V.G., Academician of the National Academy Corresponding Member of the Russian Academy of Sciences of Georgia, Professor, I. Javakhishvili Tbilisi of Sciences, Deputy Director of the Institute of Oil State university, Tbilisi, Georgia and Gas of the Russian Academy of Sciences, PflUG G., Dean, Faculty of Economics, Vienna univer- Moscow, Russia sity, Vienna, Austria bODRUNOV S.D., Dr. Sci. (Econ.), Professor, RUBTSOV b.b., Dr. Sci. (Econ.), Professor, Department Director of the S. Yu. Witte Institute for New of Financial Markets and Banks, Financial university, Industrial Development, President of the Free Moscow, Russia Economic Society of Russia, First Vice-President RUChKINa G.f., Dr. Sci. (Law), Financial university, of the St. Petersburg union of Industrialists Head of the Department for Regulation of Economic and Entrepreneurs,, Expert of the Russian Activity, Moscow, Russia Academy of Sciences., St. Petersburg, Russia SaNDOYaN E.M., Dr. Sci. (Econ.), professor, Director GOlOVNIN M.YU., Dr. Sci. (Econ.), Corresponding of the Institute of Economics and Business, Russian- Member of the Russian Academy of Sciences, Armenian (Slavonic) university, Yerevan, Armenia First Deputy Director of the Institute of Economics of SYLLA R.E., Professor Emeritus of Economics, Stern the Russian Academy of Sciences, Moscow, Russia School of Business, New York university, New York, uSA KRYUKOV V.a., Dr. Sci. (Econ.), Corresponding tIEtJE С., professor of the Martin-Luther-university Member of the Russian Academy of Sciences, Director Halle-Wittenberg, Germany of the Institute of Industrial Engineering SB RAS, Novosibirsk, Russia fEDOtOVa M.a., Dr. Sci. (Econ.), Professor, Financial LAFORGIa D., professor, university of Salento, Italy university, Head of Corporate Finance Department, lI XIN, Director of the Center for Russia and Central Moscow, Russia Asia, Shanghai Academy of International Studies, KHAN S.M., the head of the Department Shanghai, China of Economics Bloomsburg university of Pennsylvania, lOGINOV E.l., Dr. Sci. (Econ.), Professor of the Russian Bloomsburg, uSA Academy of Sciences, Deputy Director for Research at hUMMEl D., Dr. Sci. (Econ.), Professor, the university Market Economy Institute of RAS, Moscow, Russia of Potsdam, Potsdam, Germany lUKaSEVICh I.Ya., Dr. Sci. (Econ.), Professor, tSYGalOV YU.M., Dr. Sci. (Econ.), Professor, Corporate Corporate Governance Department, Financial Finance and Corporate Governance Department, university, Moscow, Russia Financial university, Moscow, Russia Manuscripts are to be submitted The editorial makes a mandatory expertise to the editorial office in electronic form: (review, scientific and stylistic editing) [email protected] of all the materials to be published in the journal. Minimal size of the manuscript: More information on publishing terms 4 ths words; optimal — 6 ths words. is at: financetp.fa.ru FINANCETP.FA.Ru 3 СОДЕРЖАНИЕ ПО ИТОГАМ V МЕЖДУНАРОДНОГО ФОРУМА ФИНАНСОВОГО УНИВЕРСИТЕТА Tirole J. Global Challenges, the Economist, and the Common Good ......................................6 Mierzwa Z. Jean Tirole: Mathematician-Economist-Humanist .............................................13 МЕЖДУНАРОДНЫЕ ФИНАНСЫ Luttermann C.Н. Perspectives of Infrastructure Project Finance: Intercultural Investment, Connectivity and Trust ....................................................................27 Medovikov I. S. Can Stock Analysts Predict Market Risk? New Evidence From Copula Theory . 38 Синельникова-Мурылева Е.В., Гребенкина А. М. Оптимальная инфляция и инфляционное таргетирование: страновой опыт . 49 Жариков М. В. Модель установления консенсуальной ставки рефинансирования для
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