Market Development Research Articles

The legal nature of crypto assets and its reflection in the civil and tax legislation of the Russian Federation

The article analyzes the legal nature of crypto assets in Russian legislation and the specifics of their taxation, focusing on the need to form a legal framework that promotes effective protection of the rights of participants in the turnover of crypto assets.The methodological basis of the research is the dialectical method, the formal logical method, the formal legal method and the method of interpretation of law.The lack of a unified terminology base in the field of digital economy in Russian legislation creates additional difficulties in creating comfortable conditions for the development of the crypto asset market. Currently used various terms such as “virtual assets”, “digital assets”, “crypto assets”, “cryptocurrency” are not fixed in the current legislation. At the same time, the terms existing in Russian legislation do not allow for effective regulation in the field of taxation and civil turnover, since they intentionally exclude the most common crypto assets from their scope. Without clear and unambiguous legal regulation, it is difficult to ensure proper control and taxation of transactions with crypto assets, which can lead to significant tax losses and a decrease in budget revenues.Moreover, the concept of “digital currency” used in Russian legislation does not correspond to the generally accepted meaning in international practice and is mainly considered in an economic context, rather than in a legal one. Such a discrepancy in terminology creates additional difficulties for participants in the cryptocurrency market and creates obstacles to the formation of an effective legal framework for the regulation of the digital economy. According to the results of the study, it was concluded that the current approaches to the development of the terminological apparatus of the regulation of crypto assets have flaws, since they allow for a mixture of concepts and do not imply the formation of a clear hierarchy. The definition of “the digital asset” is proposed for the purpose of filling existing terminological gaps in the current legislation.

Do the Energy-Related Uncertainties Stimulate Renewable Energy Demand in Developed Economies? Fresh Evidence from the Role of Environmental Policy Stringency and Global Economic Policy Uncertainty

Despite earlier research on green energy, there is still a significant gap in understanding how energy-related uncertainties affect renewable energy consumption (REN), especially in developed nations. Thus, this study explicitly looks into how the energy-related uncertainty index (EUI) can promote (or diminish) REN in sixteen wealthy nations between 2000 and 2020. Furthermore, we attempt to specify the factors of REN and explore whether environmental policy stringency (EPS) and global economic policy uncertainty (GEPU) could help moderate (or intensify) the EUI-REN nexus. To achieve this, we employ different panel data methods. The results underscore that the EUI significantly impacts REN, denoting that higher uncertainties related to energy markets lead to promoting REN. Additionally, the (EUI × EPS) underlines that EPS has a favorable role in increasing the positive effect of the EUI on REN in sample developed countries while (EUI × GEPU) has a detrimental effect. Remarkably, the findings underline that the effect of the EUI on REN is more positive in high EPS countries and that the positive effect of the EUI is more moderate when GEPU is high. The findings also underscore that the development of the financial market, FDI, personal remittances, and EPS positively stimulate REN whereas CO2, total natural resources rents, economic activity, and GEPU have a detrimental impact. The results are robust, and authorities and policymakers are advised to implement a wide range of policy proposals to accomplish sustainable development goals (SDGs) 7 and 13.

Factors Affecting Traditional and Modern Services Imports in an Emerging Economy: The Role of Real Exchange Rate and Remittances Inflows

This study examines the effects of real exchange rate and remittance inflows on total, traditional and modern services imports in India using the autoregressive distributed lag (ARDL) bound testing approach from 1990 to 2020. Banking sector development, stock market development and net foreign direct investment inflows are controlled variables in the estimated services imports functions. The findings from the ARDL long-run model indicate that real exchange rate and remittance inflows inversely affect all service imports. Banking sector development and stock market development positively impact total and traditional services imports. In the case of modern services imports, the banking sector (stock market) inversely (positively) affects it. Net foreign direct investment inflows positively (negatively) affect modern services imports (traditional and total services imports). These findings suggest that policymakers in India should check the adverse effects of real effective exchange rates and remittance inflows on total, traditional and modern services imports. JEL Codes: F14, F31, F24, G21, G10, C32

Domestic vs. Foreign Institutional Investors: Who Improves ESG and Value of Chinese Companies?

Recent years have seen the influence of both institutional investors and corporate social responsibility strengthen in the Chinese capital market. However, research on the impact of these market changes on corporate activities and values has been insufficient. To address this gap, this study analyzes the impact of foreign and domestic institutional investors who invest in Chinese A-share listed companies on corporate value through environmental, social, and governance (ESG) policies. The results of the analysis are as follows: First, the shareholding of both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) enhances corporate value. Second, the shareholding of FIIs strengthens the company’s ESG, while that of DIIs does not significantly affect it. Third, ESG has a positive impact on corporate value. Fourth, ESG partially mediates the positive relationship between the shareholding of FIIs and corporate value. The research findings provide academic implications for the causal relationship between corporate governance, sustainable management, and performance, as well as practical implications for the development of the Chinese capital market and corporate sustainability.

ASSESSMENT OF THE DOMESTIC WORKWEAR MARKET

The research paper examines the development of the market for tailoring work clothes in Ukraine. The European and domestic classification of types of work clothes and the corresponding segmentation of the market are given. Special purpose clothing guarantees protection to employees from the adverse effects of the working environment, reduces the risk of industrial injuries and shows their individuality. Under modern conditions, the market of overalls is developing rapidly, taking into account the growing need for it among enterprises in the construction industry, manufacturing industry, distribution of electricity, gas and water, wholesale and retail trade, tourism, medicine, the service sector and other industries. Therefore, the analysis of the development of the overalls market requires in-depth research and is an important and urgent issue. The article provides an assessment of the current state of the workwear market in terms of changes in the number of enterprises, volumes of merchandise and sales of special purpose products. The domestic market of work clothes and personal protective equipment maintains a stable growth trend. In particular, new business entities dealing with their tailoring and implementation are being opened. They expand the range of special purpose products; improve their quality and aesthetic appearance. The article outlines the trends in the development of the workwear market in Ukraine: cost optimization for the purchase of better quality workwear; the emergence of new technologies in the production of work clothes increase the requirements for the innovative component of the clothing market; orientation of manufacturers of work clothes mainly on consumers of low and medium price segments; growth in the amount of tailoring of uniforms for the Armed Forces, the State Emergency Service, and medical workers based on military needs; increase in the number of competing companies. Based on this, the ways of further improvement of the scope of sales regarding the tailoring of work clothes are planned: to make comfortable multi-functional overalls for active life and work; to revitalize the digitization of the market for the sale of workwear; to involve nanotechnology in the production of overalls (fabrics: a generator, a cooler, which changes color under the influence of water, heat and light, which is not subject to damage when using a knife). As a result of taking these measures, companies producing special purpose clothing will increase their competitiveness both on the domestic and European markets.

To the question about the features of banking services

In market conditions, banking institutions occupy one of the leading positions in ensuring economic growth. Proper development of the domestic economy is impossible from the proper functioning of the banking system, providing a range of specific services that would satisfy the needs of the client (consumer). This article discusses certain features of banking services. In the system of development of the modern banking services market, despite the already existing positive experience in the implementation of actions to provide banking services, there are still difficulties that negatively affect legal relations in this area. The main problem is that there is no legal definition of the concept of “service” and its characteristics. An analysis of the current legislation regulating legal relations in the provision of banking services was carried out. The Law of Ukraine “On Banks and Banking Activities” defines what “banking activities” and types of banking services are, but the very concept of “banking services” and its characteristics are absent. It is determined that banking services have common characteristics of services as objects of civil law, and attention is also drawn to the fact that banking services are characterized by certain features. The importance of a clear understanding of the “banking service” and its features is important for the reason that their absence leads to the fact that entities engaged in banking activities are interpreted differently. The article examines the issue that when concluding certain types of agreements on the provision of banking services, in particular a loan agreement, the banking institution is the creditor and at the same time the performer of the banking service, and the debtor is, accordingly, the customer of this type of service. In general, the theoretical research conducted is aimed at increasing the clarity of understanding of the basic categories in the field of banking.

House prices, financing mode and economic growth

This study delves into the intricate relationship between house prices and the economy, using a combined dataset of 287 Chinese cities and incorporating urban investment bonds, local government financing platforms, and land resources statistics. Key findings indicate that rising house prices boosted per capita gross domestic product before the financial crisis, but this effect diminished after the crisis. Although rising prices increased total output, they also heightened local debt risks, resulting in a double-edged impact. The study also found that government policies that caused a rapid increase in house prices disrupted resource allocation, jeopardizing urban sustainability. Research emphasizes the importance of carefully designed policies to ensure the balanced development of the real estate market, which is conducive to long-term economic health.

Legal regulation of rehabilitation in the field of health care

The article notes that the law guarantees everyone the right to health care and medical assistance. A full-scale invasion calls for the development and updating of legal acts on ensuring a person’s right to medical assistance, in particular, to the provision of rehabilitation services. It is noted that rehabilitation assistance is aimed at a number of main areas, firstly, at supporting the functions of the patient’s body during the exacerbation of chronic diseases. Secondly, for warning, early diagnosis of disorders of the organs and systems of the patient’s body. The third direction is aimed at full or partial restoration of damaged organs or systems and compensation of lost functions of affected organs or systems. The fourth direction is related to the prevention and reduction of the degree of disability. The author emphasizes that the lack of competent and effective medical rehabilitation in Ukraine is a multifactorial problem: there is an insufficient number of inpatient and outpatient rehabilitation departments; lack of medical personnel - rehabilitation specialists, psychologists; there is not enough rehabilitation equipment; there is a need for adequate educational programs for physicians. In the article, the author emphasizes that one of the tasks of the state is to help persons with disabilities realize their constitutional rights; implementation of state policy in the field of rehabilitation of persons with disabilities, support for their integration into society, and the full-scale war on the territory of Ukraine causes an increasing urgency and need for the rehabilitation of persons injured as a result of hostilities. Such factors of the population’s health, such as the increase in morbidity, injuries, temporary loss of working capacity, premature mortality of the population require the development of the rehabilitation medicine market of Ukraine and its legal regulation. The article notes that the positive aspects are the development of new medical rehabilitation technologies, including those based on telemedicine and IT technologies, the preparation of new professional standards for medical rehabilitation at the modern level in accordance with international recommendations. All this requires the effective functioning of the system, which first of all requires the improvement and development of regulatory and legal support in the field of rehabilitation.

Discussion On The Development Of China's Regional Carbon Market Under The Background Of Double Carbon

Accelerating China's carbon trading market is one of the important means to deal with climate change and achieve the dual carbon goal. Due to the huge differences in China's regional economic development and carbon resource endowment, the impact of the establishment of the national unified carbon trading market on regional economic development is unstable and uncertain. For local governments to make full use of this empty window period, this paper combs the recent development of the carbon market, and discusses the development prospect of China's regional carbon market under the background of carbon trading. The results show that: ①in the current development of the national carbon emission trading market, we can not achieve the carbon unification of the market and abandon the local carbon trading market; ②In the process of regional carbon trading, it can promote the low-carbon development of local economy; ③In the process of regional carbon trading, it can increase the share of clean energy and improve the efficiency of regional ecological and environmental protection. Then, some suggestions are put forward for the development of local carbon trading: ①appropriately expand the pilot scale of local carbon trading, go up and down, and realize the double cycle development of carbon market; ②Strengthen the training of professionals and create an innovative and entrepreneurial business environment; ③build a carbon platform with big data technology and improve the Regional Internet plus carbon enterprise database; ④Actively promote the development of PPP model, explore the carbon sink transaction of cooperation between the government and social capital, continuously improve the regional green and low-carbon development, and jointly promote the realization of the "double carbon goal".

The development of the life insurance market and bank stability in developing countries

This study investigates the relationship between the development of the life insurance market and bank stability within the context of developing countries. We used data from 2012 to 2020 across 108 developing countries and applied econometric techniques, including fixed-effect and system generalized method of moments (GMM) methods, to test the relationship between the life insurance market size, life insurance market growth, and bank stability at the country level. Our results indicate a positive relationship between life insurance market size and bank stability, i.e., a large life insurance market can help increase bank stability in developing countries. However, these countries should refrain from developing their life insurance markets too quickly; according to our empirical results, there is an inverted U-shaped relationship between life insurance market growth and bank stability. In the context of the growing life insurance market in developing countries as well as the increasing cooperation between banks and insurance companies towards expanding the life insurance market in these countries, our research provides important policy implications for ensuring the stability for financial markets in general.

Analysis of Art Incubation and Related benefit Mechanism: Ex-ploration of Transformation from Traditional Market to Digital Collection

This paper deeply analyzes the incubation and related interest mechanism of the transformation of the art market from the traditional model to the digital one. Firstly, the article summarizes the gradual attention paid by the state to the management of art market, including policy support and legislative guarantee, and points out that the value of art is multidimensional, involving aesthetics, philosophy, politics and finance. The article further discusses the stakeholders in the art market, including artists, middlemen and consumers, as well as their interaction and market operation logic. This paper discusses in detail the transformation of artworks from marketization to financialization, including different operation modes of art investment funds, such as portfolio investment, artist trust investment and art hedge investment. The article also emphasizes the rise of the digital collection market and how it can innovate the incu-bation and trading methods of works of art with the help of blockchain technology and NFT. Finally, the article puts forward some suggestions such as strengthening market supervision, perfecting laws and regulations, promoting the integration of market and finance, and supporting the development of digital collection market, to promote the healthy and sustainable development of the art market.

ANALYSIS OF INVESTMENT ACTIVITIES IN THE AGRICULTURAL SECTOR OF UKRAINE: DETERMINATION OF FACTORS AND WAYS OF ITS ACTIVATION

The purpose of the article is to study the theoretical aspects of investment activity, analyse the current level of investment activity in the agricultural sector of Ukraine's economy and identify factors and methods of its increase. Methodology. The theoretical and methodological basis of the study is the fundamental principles of national economic management, investment activity and development of agricultural production entities. The research used the following scientific methods: axiomatic (to establish basic definitions that clarify the essence of the study), systematic (to identify components within the agricultural production sector), institutional (to construct the subject-object framework of the institutional environment for investment activity in agricultural production), correlation-regression analysis (to identify key predictors influencing investment activity in the agricultural sector), abstraction (to prioritise the stimulation of investment activity in agricultural production), and reproductive (to substantiate alternative strategies for attracting investment in agricultural enterprises). The results of the study show that diversification of investment sources and modernisation of technological infrastructure of agricultural production are important prerequisites for institutional reforms in the agricultural sector of the country. Increasing investment activity in agricultural enterprises can be achieved by creating a favourable investment climate. This includes government initiatives to create a transparent and stable regulatory framework, simplify bureaucratic processes, and ensure legal and financial stability. Another key aspect is to facilitate access to financial instruments such as low-interest loans, grants and subsidies to support the development of agricultural enterprises. The results of the study are presented in the form of tables, figures, graphs, diagrams and charts. Practical implications. Given the high level of integration of the domestic agricultural sector into the global food market, it is worth exploring the potential of using customs instruments to stimulate investment processes. Such instruments could include a zero VAT rate for investment agricultural goods and measures to prevent double taxation. Value / Оriginality. Investment activity in Ukraine can be intensified under the following conditions: ensuring financing for innovations; developing and implementing a system of measures to increase the investment activity of commercial banks; promoting the development of the stock market and venture capital; developing investment infrastructure; borrowing the best international experience in assessing the efficiency of business centres and business incubators; forming an investment and innovation culture in society, etc.

The relationship between the rise of Vintage clothes’ market, culture and the new media

In resent years, vintage clothes have caught more and more people’s attention. To be specific, in the first-tier city and the new first tier city (such as Shanghai, Beijing, Hangzhou, Chongqing, Nanjing), the increases of the number of the vintage shop and the account about vintage in the new media have demonstrated that the vintage market share is growing. The aim of this study is to explore vintage culture and vintage clothing, the emotional connection people have with vintage garments, and how new media social platforms have renewed interest in vintage culture. The study aims to provide cultural and marketing insights for the future development of the vintage clothing market.

Competition in the vegetable market and challenges for the industry: a bibliometric analysis of dominant publications

Purpose. The purpose of this paper is to identify current and future directions of research using bibliometric analysis of publications indexed in Scopus and Web of Science databases on the problems of competition in the vegetable market and industry development, as well as dominant topics. Methodology / approach. A comprehensive review of 1246 publications indexed in the Scopus and Web of Science databases was carried out using the VOSviewer and Bibliometrix software packages. The analysis was carried out using Microsoft Excel, Canva, and Datawrapper programs, and after careful consideration, 67 works were selected for in-depth study. Results. The bibliometric analysis of the published publications revealed research trends; using software analysis, by periods, the main directions of research carried out in the last 60 years were evaluated; participation of countries in the process of scientific research was determined; research clusters were identified according to the countries and authors of dominant publications. The paper provides conclusions about current research problems in the publications on competition in the vegetable market and industry challenges, and offers recommendations for future research directions. It was determined that conducting a similar bibliometric research in developing countries such as Georgia is impossible at this stage due to the lack of a local scientific database, also they do not have enough abilities to publish a large number of articles indexed in Scopus and Web of Science. Impeding factors were identified and ways to solve the problem were determined. Originality / scientific novelty. Based on the bibliometric analysis, for the first time, investigation is conducted to examine the competition in the vegetable market and industry challenges. The bibliometric analysis revealed that the research field has been developing steadily and continuously over the years, with narrow and specialised topics being transformed in a multifaceted way in the wake of global issues. The research area is geographically unevenly concentrated in the countries of North America, Europe and Asia. Practical value / implications. The obtained results will help stakeholders, in particular: (і) researchers to identify current issues in the industry; (іі) the major players in the vegetable market in assessing the level of market competition; and (ііі) political actors in determining the characteristics of the industry for the implementation of innovative projects.

Exploring the mechanisms of underground economy: A case study of the informal bicycle market in a southern China city

This paper aims to explore the typical mechanisms of the underground economic phenomenon through anthropological and grounded theoretical methodology through an ethnographic study on the site of an informal bicycle market in a city in South China. It investigates and analyzes the formation path and mechanism of the informal bicycle market. Data was collected through unobtrusive observation and in-depth interviews. It follows a grounded theory data analysis procedure based on multiple data sources, such as participant observations, interviews, prior literature, and news reports. The model illustrates how the informal bicycle market is formatted and the mechanisms to maintain its operations. The findings indicated that the development of the informal market affects the efficiency of social resource allocation and, in many cases, may erode the overall system of the national economy. The analysis of the formation path and mechanism of the underground economy represented by the informal market is of great significance for the sustainable development of the social economy.

Assessment and comparison of tourist potential and public ratings of regions for the regional tourist market development (by the example of Orel region)

Objective: to develop and test the method of estimating a tourism potential of regions, the method of comparing them with public ratings of regions; to diagnose problem areas of management when forming the regional market of tourist services and justify recommendations for its development. Methods: general scientific and general logical methods, analysis, synthesis, comparison, generalization; statistical and correlation analysis. Results: the paper presents the author’s method of constructing summary estimates of the regions’ tourism potential, integrating official statistical indicators. Due to the introduction of dimensionless relative values, the difficulties of accounting for different-sized indicators were resolved. The obtained estimates were used to form an objective idea of the strength of the regions’ tourism potential, to compare them, to assess the opportunities and determine the prospects for tourism development in the region. Since one of the obstacles in solving this task is low public ratings, it is important to be able to compare them with objective assessments. For this purpose, we have developed and tested a method of comparing the summary estimates of the regions’ tourism potential with their ratings, in particular, with the values of the National Tourism Rating – 2022. As a result, by the example of Orel region, the disproportions were revealed that indicate the inefficient use of the region’s tourism potential. Based on the analysis of the regional strategies implementation, programs and practices of tourism organization and problem areas of management, recommendations are formulated, the implementation of which guarantees the economic development of the region and tourism sphere. Scientific novelty: the method of constructing summary estimates of the regions’ tourism potential is developed; the method of comparing the summary estimates of tourism potential with public ratings of regions is proposed and tested. The disproportions in assessments and ratings are substantiated quantitatively. The problem areas of management in the formation of the regional tourist services market are diagnosed; recommendations for its development are given. Practical significance: the study results can be used by business entities and authorities to formulate strategies and programs of regional development; the presented method of comparing the tourism potential and ratings of regions can be used in scientific, pedagogical and research activities.

Dynamic Impact of Digital Inclusive Finance and Financial Market Development on Forests and Timber in China: Economic and Social Perspective

This study investigates how digital inclusive finance, financial development, and technology influenced forest and timber outputs across 31 provinces in China from 2011 to 2021. The findings, derived from panel quantile regression analysis, indicate that digital inclusive finance significantly enhances forest economic output, particularly in regions with lower economic activity, by improving access to critical financial resources such as credit and investment. However, the positive effects diminish at higher levels of economic activity, suggesting potential diminishing returns. Through the marketization of credit distribution and diverse financial instruments, financial development is essential for promoting sustainable forestry practices and adopting new technologies. Based on the findings, the study suggests expanding digital financial services in areas with low forest activity to help people access credit and investments, boosting forest productivity. It also recommends improving financial markets and investing in new forestry technologies to support better forest management and timber production.

Evolutionary Game and Simulation Analysis of New-Energy Vehicle Promotion in China Based on Reward and Punishment Mechanisms

In China, new-energy vehicles are viewed as the ultimate goal for the automobile industry, given the current focus on the “dual-carbon” target. Therefore, it is important to promote the sustainable development of this new-energy market and ensure a smooth transition from fuel-driven vehicles to new-energy vehicles. This study constructs a tripartite evolutionary game model involving vehicle enterprises, consumers, and the government. It improves the tripartite evolutionary game through the mechanisms of dynamic and static rewards and punishments, respectively, using real-world data. The results show the following. (1) A fluctuation is present in the sales of new-energy vehicles by enterprises and the active promotional behavior of the government. This fluctuation leads to instability, and the behavior is difficult to accurately predict, which is not conducive new-energy vehicles’ promotion and sales. (2) A static reward and punishment mechanism can change the fluctuation threshold or peak value. Nevertheless, the stability of the system’s strategy is not the main reason that the government has been actively promoting it for a long time. However, enterprises are still wavering between new-energy and fuel vehicles. (3) The linear dynamic reward and punishment mechanism also has its defects. Although they are considered the stability control strategy of the system, they are still not conducive to stability. (4) The nonlinear dynamic reward and punishment mechanism can help the system to achieve the ideal stabilization strategy.

Cross-media Integration of Film and Television and Cultural Tourism in the Context of Internet Celebrity Cities

In 2023, with the hit of the TV series "Long Moon Embers", Bengbu will become popular on the whole network, which will make film and television programs and cultural tourism a cross-media integration for a while. Despite the hot atmosphere of the tourism market, the quality of cultural and tourism products is uneven, and it is difficult to live up to the truth under the banner of culture. This not only affects the consumer experience, but also detrimental to the long-term development of the industry. The TV series is detonated, and Bengbu's own profound historical context and urban heritage are the blessings of cultural tourism development. In the face of the city's "out of the circle", Bengbu City should take advantage of the situation to pursue, dig deep into its own resource endowment, and deeply cultivate cultural resources to build a cultural and tourism city; It is necessary to take the opportunity to transform, improve the business environment and industrial ecology, and stimulate the vitality of the city to achieve sustainable development. Do a good job in service with heart and affection, and continue to stimulate new momentum for the development of the cultural tourism market.

Перспективы рынка киберстрахования США под влиянием новых вызовов

The article delves into the analysis of current trends in the cyber risk insurance market in the United States, which is both the driving force of the global insurance industry and a major victim of cyber attacks. The work highlights the key factors that define the current cyber insurance market landscape and influence the increasing frequency and severity of cyber attacks. Legislative initiatives to curb the activities of attackers and create an effective infrastructure to combat ransomware developers are examined, which in turn determine insurers' underwriting policies when assessing cyber risks. The research emphasizes the growth of alternative risk transfer mechanisms and instruments, as well as the increasing restrictions on underwriting risks of a systemic nature against the backdrop of escalating cyber threats. The article presents an assessment of the current state and outlines the prospects for the development of the US cyber insurance market with a focus on improving modeling mechanisms and attracting highly specialized personnel.