Modern macroeconomic policy is based on the correspondence between goals and instruments, linking specific policy measures with established goals. However, in practice, one instrument can influence multiple goals simultaneously, and in different ways, as well as the structure of economic factors and individual elements. These effects are not considered by the neoclassical theories of economic policy. Therefore, the aim of this study is to provide a picture of how the main instruments of monetary and fiscal policy influence the goals of macroeconomic growth, including the growth rates, inflation, productivity factors and technology. The methodology is the theory of economic policy and growth, the principle of “distributed control”, regression model apparatus. The information base for the study is the data from Rosstat and the Central Bank of Russia. Applying the specified methodology allows us to obtain a general result — a picture of the distributed influence of monetary and fiscal policy instruments in Russia over the period 2000–2023 on target parameters of economic development. The use of the “distributed control” principle allows us to identify a stronger influence of monetary policy than budget policy on the growth rate, in a restraining sense, as well as its weakness in suppressing inflation in the long term, and its restricting nature in influencing total factor productivity. The absence of a significant influence of the two main instruments of macroeconomic policy (monetary and budgetary) on the growth of technological efficiency has been confirmed. While the resources of the national welfare fund, on the contrary, reveal an influence on technological efficiency and no influence on other target parameters considered in the study. The prospect is to assess various lags for different instruments and consider the problem of the joint influence of various instruments, not only on the structure of goals as in this study, but also on the framework of factors and elements of the economy.

Managerial overconfidence significantly influences firm performance. The main purpose of this research is how to find the impact of managerial overconfidence along with cash holding decision might be more negatively serious on firm performance. An empirical study is conducted on a sample of 648 firms listed in the Vietnam stock market. The research predicts that the higher the level of managerial overconfidence, the greater the risk and likelihood of loss in firm value, especially with inappropriate cash holding decision. Finally, the empirical results reveal a positive correlation between managerial overconfidence and firm value. However, firms characterized by both managerial overconfidence and low cash holdings tend to exhibit poorer performance compared to others. Those results are satisfied the purpose of the research.

The subject of this article is to assess the impact of globalization in the markets of tradable goods on the dynamics and manageability of inflationary processes. The main purpose of the article is to develop a methodology for identifying the causes and consequences of inflationary processes in the context of globalization and deglobalization of the economy. The relevance of this study is due to the low sensitivity of inflationary processes in the world to the impacts of monetary policy tools, including non-conventional measures, on them. Given the impossibility of effective application of monetary rules to coordinate inflationary processes, it is advisable to systematize modern approaches to determining the causes of inflation. At the same time, it is advisable to pay special attention to global factors in the development of inflationary processes, since it is the destruction of established value chains that is often associated with the increase in inflationary pressure on the global economy. The novelty of the study is to choose and justify a new classification of factors that affect the development of inflationary processes, as well as to identify the role and place of the situation in global markets in the system of these factors. The most important applied result of the work done is to identify the links between the liquidity of the global commodity market segment and the possibility of applying exchange rate management policies to affect the inflation rate. In terms of the effectiveness of conventional anti-inflation policies, this means that a country’s export structure can lead to the inability of anti-inflation policies.

This research uses bibliometric analysis to explore the relationships between retirement and financial behavior. A comprehensive search yielded 5202 documents spanning from 1946 to 2024. Utilizing bibliometric techniques, including co-citation analysis, keyword co-occurrence analysis, and citation network analysis, this study examines the evolution of research trends, key themes, and intellectual structures within the field. Findings reveal a growing interest in the intersection of retirement and financial behavior, with an increasing emphasis on topics such as retirement planning, financial literacy, savings behavior, and investment strategies. Co-citation analysis identifies seminal works and influential authors, while keyword co-occurrence analysis highlights prominent themes and concepts. Citation network analysis elucidates the interconnectedness of research topics and the dissemination of knowledge within the field. Limitations, including scope constraints and publication biases, are acknowledged, and future research directions are proposed to further advance our understanding of retirement and financial behavior dynamics. This study contributes to the existing literature by providing a comprehensive overview of research trends and thematic patterns, informing future research agendas and policy initiatives aimed at promoting financial wellbeing in retirement.

The aim of the article is to study the factors that influence the bank short-term and long-term interest rates. The relevance : in modern conditions the interest rate policy is considered not only as a way to ensure bank efficiency and financial stability, but also as a tool to stimulate economic activity. The purpose of the study is to identify the factors that determine the short-term and long-term interest rates and, on this basis, to determine economic and/or regulatory measures to improve the bank interest rate policy for the purposes of national economy. The scientific novelty includes the identification of the factors that determine the banking interest rate policy in the short-term and longterm aspects. The research methodology is based on statistical modeling using the vector autoregressive distributed lag model. The statistical database includes the Russian banking sector financial indicators and a significant range of macroeconomic variables. Results . The authors identified the factors of bank loans interest rates. The key parameters include macroeconomic variables: the money market interest rate and the structural liquidity deficit of the banking sector. The impact of macroeconomic parameters differs with respect to long-term and short-term rates, as nominal GDP is significant only for long-term interest rates. Loan portfolio quality indicators do not affect interest rates. Based on the study's findings, the authors proposed directions to develop the current banking regulation: to set regulatory alignment between the credit risk premium and the loan loss reserve requirement; to limit the corporate floating rates lending; to introduce an additional credit instrument of the Bank of Russia —a secured loan to systemically important banks for a one year.

This paper examines the effect of replacing Russia’s traditional investment partners with APEC economies on the income growth of Russian regions. The relevance of the study is explained by the fact that the restructuring of Russia’s foreign economic relations has increased the importance of alternative sources of investment and their contribution to regional development. The purpose of the study is to assess how inward and outward foreign direct investment linked to APEC countries influence regional income and wage dynamics, with particular attention to the differences between developed and developing APEC economies. The analysis is based on panel data from Russian regions for the period 2014–2021 and uses econometric methodology , including Fixed Effects models, and One- and Two-step GMM models to estimate the relationship between changes in the structure of foreign direct investment and regional economic performance. The results show that a higher share of inward FDI from APEC countries in total inward FDI to Russia is associated with increased regional income and wages. This positive effect is becomes stronger for inward FDI from developing APEC economies. Outward FDI coming from Russia to APEC countries has no statistically significant effect on regional growth. The study concludes that expanding investment cooperation with developing APEC countries is a more effective strategy to support Russian regional economies during sanctions than relying on developed APEC or non-APEC partners. Its practical significance lies in supporting policies aimed at attracting FDI int o priority sectors, especially manufacturing.

There is abundant literature on the nexus between finance and economic growth while the impact of financial openness and financial development on economic growth is scarce, especially for transition economies. Hence this study aims to investigate this linkage to examine whether financial openness and financial development improve or worsen the economic growth of transition countries. We utilize financial development by broad indicators of both financial institutions and financial market development to present its multifaceted concept. Econometrically, the authors used several estimation techniques for panel data of 27 transition countries over the period 1995–2022. Our empirical findings documented the robust positive impacts of financial openness and financial development on economic growth. Remarkably, this linkage exhibits a stronger effect when we observe financial openness and financial development in combination. Also, while three indicators of financial institutions, including access, depth, and efficiency exert beneficial effects on economic growth, only the financial market depth has a positive impact, and the aggregate financial market index does not. This ambiguous finding exploits the dark sides of financial market development that require further investigations. Our research makes a valuable contribution to the scant extant literature and offers significant implications for transition economies when formulating economic development policies.

Special economic zones (SEZs) are an important tool for government regulation aimed at attracting investment, promoting innovation, developing high-tech industries, and stimulating economic growth in regions. The purpose of this study is to identify trends and patterns in the formation of fiscal regimes for SEZs in different countries. The methodological basis for the research is an object-subject approach to describing entities, as well as methods of theoretical, retrospective, and structural analysis, and a systematic approach to modeling objects. The analysis includes an examination of different types of SEZs, mechanisms for supporting SEZ residents, and the results of these efforts. Based on the comparative analysis of the fiscal stimulation mechanisms and instruments used in SEZs in Russia and other countries, trends in the further development of these zones are identified, including multi-format interactions between the participants. The evaluation of tax incentives, infrastructure subsidies, and administrative support mechanisms is carried out, as well as the identification of the main obstacles and limitations in the Russian practice. Recommendations are developed to optimize fiscal policy measures to increase the attractiveness of SEZs for investment, taking into account successful foreign experience. The results of a comprehensive study on the budgetary and tax regulations of SEZs are presented in a comparative analysis, and a GWR (Geographic Weighted Regression) model is used to assess the effectiveness of SEZs on the territory of the Russian Federation. Based on a systematic analysis of regulatory legal acts, statistical data, and scientific publications, we conclude that the optimal model for fiscal incentives in SEZs should combine clear strategic guidelines with the flexibility to adapt to changing economic conditions. This will ensure the sustainable development of these zones as growth points for the national economy. When choosing tax incentives for SEZ entities, it is important to consider both the industry-specific needs of residents and the socio-economic characteristics of the territory. Monitoring the effectiveness of these incentives is essential, with reference to established indicators of economic growth and technological development. The use of the GWR (Geographic Weighted Regression) model will allow us to develop a regional tax policy that takes into account the specific needs and circumstances of each SEZ. This approach will help ensure that tax preferences are effective and contribute to the overall success of the zone.