Subject. This article considers the peculiarities of regulation of inter-budgetary relations in the constituent entities of the Russian Federation in the conditions of an unstable economic situation. Objectives. The article aims to form an approach to assessing the effectiveness of the distribution of transfers from regional budgets in current conditions. Methods. For the study, we used the methods of analysis and synthesis, analogy, comparison, and grouping. Results. The article offers recommendations for the formation and improvement of the approach to assessing the effectiveness of the distribution of intergovernmental fiscal transfers between municipalities. Conclusions and Relevance. The proposed approach to assessing the effectiveness of inter-budgetary relations in the region can help comprehensively assess the effectiveness of the provision and use of inter-budget transfers to municipalities. This makes it possible, if necessary, to promptly adjust the distribution of funds between municipalities in an unstable external environment. The proposed approach to assessing the effectiveness of the distribution of intergovernmental fiscal transfers between municipalities should be used in the activities of regional authorities in the development of relevant regulatory documentation, as well as in the practice of financial interaction between regional and local authorities.

Subject. The article focuses on methods for modeling and quantifying the risk associated with common stockholders. Objectives. We perform a critical analysis and study how the existing risk assessment methods can be modified. The article demonstrates strengths and advantages of the determined financial model. Methods. The study is based on methods of the discourse analysis, mathematical statistics, financial modeling. Results. If the entity receives payments out of net profit, we show the modified formula for assessing the aggregate leverage and suggest using the term financial leverage in Russian. The chi-squared comparison method reveals the need to respect aggregate leverage restrictions. We also present formulae for assessing its minimum and maximum. In this study, we provide a broader view of the financial mentality as a concept, quantify to what extent the decision-maker is prone to risk. Conclusions and Relevance. The advisable aggregate leverage fits in the interval, which should be specifically assessed for each entity, and can be determined by official reporting data through the proposed formulae. Managing common stockholders’ risk pursues to maintain the aggregate leverage ratio within its maximum and minimum. This task can be solved by modifying the structure and ratio of fixed and variable costs.