Development Of Russian Economy Research Articles

Economic system of developed socialism: Experience and lessons

The paper deals with the analysis of economic performance and economic policy of the USSR at the stage of “developed socialism”, fundamentals and characteristics of the Soviet economic model and mechanisms of its emerging crisis. Special attention is paid to the developed socialism phenomenon of Dutch disease and its influence on economic and political trends. Analysis has been done through the prism of the experience of the last 50 years of Russian economic development. Conclusions are drawn about the lessons learned by modern Russia from the experience of the 1970s.

Banking risk management at the present stage of the Russian economy development

Banking risk management at the present stage of the Russian economy development

Territories with special regimes — the engine of Russian economic development

There are more than 50 territories with preferential regimes for business in Russia, and their number is constantly growing. Over 19 years of existence, special economic zones (SEZ) have attracted almost two trillion rubles of investment and created more than 50 thousand jobs. The article examines the main types of territories with preferential regimes, their advantages for investors and residents, and discusses the current situation with the development of SEZs in Russia, including problems and prospects. Particular attention is paid to the role of management companies in the development of SEZs, and key factors contributing to the successful development of territories with special regimes are highlighted.

Educational services sphere as a tool for improving the quality of human resources in the region

The educational services sphere of Stavropol Krai occupies a significant place in the Russian economic sector development, as its main task is to meet the needs of the region, which is currently receiving special attention from the state, in qualified personnel. It is the end result of the functioning of the sphere that is a reliable foundation for human resources formation in this constituent entity. The role of education and human resources in the development of the regional economy of Stavropol Krai has been considered. The influence of the educational system on qualified specialists training necessary for sustainable development of the regional economy has been analyzed. The main trends and challenges related to education development in the region have been studied, and practical recommendations for optimizing educational programs and improving the quality of training offered. Particular attention has been paid to the issues of training highly qualified personnel and creating favorable conditions for their retention in the region. The influence of the human factor on educational services development in the region by means of SWOT-analysis has been considered. The purpose of the study is to develop institutional tools for the human factor development in the educational services sphere. The objective of the study is the identification of forms and issues of human factor development in the sphere. The research methodology is represented by institutional analysis and statistical method, SWOTanalysis is also applied. The results obtained can be used for forming and implementing a strategy for improving the education system in order to increase the region’s competitiveness.

Technological Sovereignty and Economic Interests

Issues of technological sovereignty and strategic independence of the country are most often discussed from the standpoint of the realization of national interests. However, business has its own ambitions, its own ideas about the rational use of available resources and opportunities. The need to build partnerships between the state and business, to coordinate their economic interests, gives an institutional character to the problem of strengthening the technological sovereignty of the country. Institutional support is also necessary when combining the efforts of friendly countries in order to jointly achieve strategic autonomy. The development of measures to increase technological sovereignty involves the allocation of those links in the supply chains, without localization of which there is a high risk of being the object of external manipulation. Special attention is paid in the article to the choice of critical technologies, since it is influenced by narrow economic interests and the promotion of less significant technological areas by interested parties. It is shown that although the Russian economy has successfully adapted to the sanctions pressure, data on the structure of imports indicate the inertia of the country's technosphere. An analysis of the composition of Russian advisory bodies to determine the priority directions of scientific and technological development allows us to conclude that in the search for ways to strengthen the technological sovereignty of the country, not so much public-private as public-public partnership is being implemented. Various strategic measures aimed at updating the model of Russia's economic development do not remove the transition to a full-scale indicative planning system from the agenda.

Financial therapy for the Russian economy

Subject. The article addresses the monetary policy, balance of payments of Russia, securities market. Objectives. The aim is to assess the investment potential of the Russian economy, the banking system stability. Methods. The study employs methods of statistical analysis. Results. The paper shows that in the Russian economy, investment financing sources exceed the costs of net acquisition of non-financial assets. Opportunities to attract foreign investment by the middle of 2023 were largely lost. At the same time, there is an exponential growth in debt on loans from the non-financial sector, and an increase in the volume of intraday loans provided by the Bank of Russia. Conclusions. The nature of monetary policy is critical for Russia's economic development in the face of international sanctions.

The Impact of Meta-Universes on Business Development in Digital Economy

The article systematizes approaches to the definition of meta-universe essence as multi-dimensional spaces, which integrate multitude of virtual words, where digital copies of the real world (including business) are made, where participants can interact with each other and with surrounding objects. It was found out that meta-universes form a key trend in economy development in Russia in general and its certain branches and industries, which could foster productivity improvement and business-process optimization in the digital world. The authors analyzed examples of mixed reality (VR/AR-technologies), blockchain and crypto-currencies in Russia and abroad. Factors affecting the development of meta-universes, such as normative and legal, economic, technological, social were identified. The article enumerates risks and restrictions connected with the development of meta-universe technologies: cyberthreats and risks of big data protection, risks of the absence of common cash unit in meta-universes or rules of converting exchange means in meta-universes in usual exchange means, complexity of financing of developing technological projects due to prolonged market entering, insufficient number of experts in the field of virtual, augmented and mixed reality, blockchain, crypto-currencies, etc. The authors identified specific impact of metauniverses on the development of business in the digital environment (in virtual multi-dimensional spaces of metauniverses the pass-over to new economy of impressions speeds up and new possibilities for distance interaction are formed, the format of training and developing employees is transformed, digital doubles are built by developing accurate virtual copies of business-organizations and others). Final conclusions and recommendations were formulated concerning the necessity of taking into account the impact of normative and legal, economic, technological and social factors on business development in virtual spaces in meta-universes, as well as effective and potential threats and hazards connected with the development of economic activity in virtual spaces in order to realize potential of business in the field of new technological phenomenon of meta-universes.

New financial indicators for new conditions of financial and economic development of Russia

Subject. The article considers new financial indicators for new conditions of Russia’s financial and economic development. Objectives. The aim is to develop new financial indicators for the new conditions of financial and economic development of Russia, create a classification of new financial indicators. Methods. The study employs data tagging methods, index method, induction and deduction, and statistical methods. Results. We substantiated the need and proposed a new system of financial indicators for domestic financial markets, developed a classification of new financial indicators. Conclusions. The use of new financial indicators solves the problem of insufficient information in financial decision-making on domestic financial markets, reveals new aspects of financial decision-making, provides an adequate and objective assessment of situation in financial markets, furnishes domestic financial analysts with information sources independent of the external foreign information environment, gives the national regulator of financial markets new analytical and regulatory capabilities in accordance with the law on financial indicator administrators.

Connection of BRICS and EAEU integration projects in the context of Russian economic development

The ongoing transformation of the Russian economy under external sanctions pressure determines the development of integration projects in the post-Soviet space, which differ in the form and depth of economic cooperation. The expansion of BRICS, as well as the strengthening of mutual trade with Asia and the search for new trading partners, is of great relevance in the context of studying trade and economic connectivity between the BRICS members, Russia and the EAEU countries. The article is devoted to the analysis of promising areas of cooperation between the BRICS countries and the EAEU. The purpose is to identify the most promising trading partners among the BRICS countries in the context of the expansion of the organization and the accession of five new members. The study highlights optimal models of cooperation between the EAEU and BRICS countries in the context of reorientation of trade flows. The conclusion of the article is the need to strengthen horizontal interaction between companies of the EAEU and BRICS jurisdictions in the context of increasing the volume of parallel imports of high-tech products and developing infrastructure projects that affect the interests of Russia and partner countries.

High-tech industry development: selection of technology parks operation model elements in the field of high technology

The article presents the justification of model elements choice for technology parks work in the sphere of high technologies in Russia. The methodology for creating the model, which was built on the position of borrowing the best practices of existing models of innovation infrastructure facilities operation and functioning in the country, has been given. It has been proposed to form a rating among operating technology parks, within the framework of which a comprehensive assessment of technology park management companies’ performance has been carried out according to four groups of indicators (sub-indexes) such as subjects investment attractiveness, information openness, technology parks internal ecosystem, and management company efficiency. Based on the rating results, the leaders among technology parks have been identified, and their behavioral models adopted as reference metrics for the model to be developed. Based on the leaders’ position, it has been proposed to choose the best technology parks model in the field of high technologies in terms of their interaction with residents. Recommendations have been presented for the technology parks infrastructural model as the most promising for private companies, while investment projects should be developed considering federal requirements and standards to ensure their successful implementation and achievement of the set goals. Technology parks in the sphere of high technologies play a key role in Russian economy development. They contribute to the development of innovations, new technologies, high-tech industries, and knowledge-intensive business. It is important that such technology parks development is optimally organized with due regard to modern requirements and regulatory measures.

Trends in the Russian economy development during the new anti-Russian sanctions

Trends in the Russian economy development during the new anti-Russian sanctions

Tax Incentives for Economic Growth in the Russian Far East: Broad vs. Targeted Stimuli

The purpose of this study is to justify the choice of tax incentive policy instruments aimed at the economic development of the Russian Far East, which is facing acute demographic and environmental problems. To model the dynamics of the region’s real economic system, this study employed a mathematical model based on actual data from 2010 to 2021, covering economic, technological, and socio-ecological aspects. Using the versatile AnyLogic 8.0 platform for agent-based and system dynamics modeling, experiments on alternative tax incentive policy options involving both broad tax incentives and targeted economic development measures were conducted. Specifically, a 50% investment tax deduction for residents in special economic zones in the Russian Far East was implemented. The experimental results show that, despite comparable population dynamics, targeted stimulation of growth poles through public-private partnership programs outperforms broad tax incentives for economic entities in the Russian Far East. This is evident in higher economic growth rates in the region, particularly during the experimental period, except for 2040–2050, where adverse demographic trends constrain growth in both scenarios. The theoretical significance of the application of this method has shown that it allows us to obtain new significant results in the subject area of research due to the consideration of the complex interaction of factors of influence both at the micro- and macro-level, primarily behavioral factors that are fundamentally important for understanding the action of taxes. The practical implications of this study lie in defining the parameters of tax policy to target and stimulate growth poles in regions serving as hubs for generating and disseminating new technologies. The planned perspective is to encourage population growth and ensure sustained economic development in Russia’s Far East. It is advisable to explore comprehensive tax and budgetary regulations that simultaneously address economic, socio-demographic, and environmental issues in the region. Doi: 10.28991/ESJ-2024-08-03-021 Full Text: PDF

Weak ruble as a main obstacle to the Russian economy's development and growth

Weak ruble as a main obstacle to the Russian economy's development and growth

Тренд на цифровизацию финансового сектора как причина модификации банковского законодательства

The digital transformation of the financial sector has become a prominent feature of recent years, driven by various factors ranging from technological advancements to geopolitical developments. This study explores the implications of this trend on banking legislation and regulatory frameworks. The main vector of development in the banking sector over the past three years has been the active implementation of digital technologies. This article examines the reasons behind this digital boom. The study identifies the pandemic-induced shift towards remote banking services as a catalyst for the adoption of digital technologies in the financial sector. Subsequent changes in the geopolitical situation, including the imposition of numerous sanctions against Russia, such as disconnection from international payment systems and the suspension of foreign banking services, necessitated the urgent development and implementation of domestic alternatives. Naturally, all the changes taking place had to take place within the framework of the current banking legislation, which is being promptly modified. While most of the initial challenges stemming from the influence of other countries have been overcome, there remains a need to address issues related to the new industrialization, the application of advanced technologies, and the promotion of economic development in Russia. In conclusion, the trend towards digitization in the financial sector has prompted modifications to banking legislation to accommodate evolving technological and geopolitical dynamics. By embracing digital technologies and adapting regulatory frameworks accordingly, financial institutions can better meet the needs of customers and navigate the complexities of the digital age.

On establishing a benchmark crude in the Russian Arctic

The article analyzes the prospects for establishing Russian benchmark crude based on the arctic blend “Vostok Oil” with a price basis in Murmansk. The relevance of the study is conditioned by the importance of the pricing system’s transparency for maintaining a stable macroeconomic situation in Russia, with a leading role of Artic oil and gas potential for Russian economic development. The authors highlight the main signs of the modern pricing system’s crisis and note that amid the imposed anti-Russian sanctions pricing at European spot hubs can no longer reflect the real situation in the Russian oil market. As a result, there is a need to create a national pricing system by developing the Russian benchmark based on the crude oil blend with the dominance of “black gold” from the Vostok Oil project, which has a high-expected liquidity. The port of Murmansk, being distinguished by unique technical characteristics and access to the logistics potential of the Northern Sea Route, is proposed as a price basis and a price hub. The article presents a four-stage model for launching a corresponding futures contract on SPIMEX, which will help improve the exchange trading system for energy resources in Russia and increase the popularity of the Russian Arctic benchmark crude in the global oil market. In conclusion, the authors underline that the creation of a new benchmark and the launch of futures will ensure stability, transparency and independence of Russian oil exports.

The Influence of The Institution of Public Control on The Economic Development of The State

The article is devoted to the analysis of the influence of the institution of public control on the economic development of the state. The role and place of this institution of civil society in the system of legal guarantees for the implementation, protection and defense of both constitutional principles and the system of human and civil rights and freedoms, the rights and legitimate interests of public associations and other non-governmental non-profit organizations is substantiated. The system of factors influencing the economic development of the state is investigated. The place of public control in this system of factors is analyzed. The main directions of the impact of this institution of civil society on the economic development of Russia are being studied. The main problems that hinder the optimization of the processes of the impact of public control on the economic development of Russia are formalized and analyzed, in particular: the lack of formalization of this institution of civil society in the Constitution of the country; failure to include among the principles, goals and objectives of public control those aimed at ensuring the economic development of Russia; on the development in the Russian scientific doctrine of public control of forms, methods and types of public control measures aimed at ensuring, on the one hand, the implementation of the economic rights and freedoms of citizens, economic rights and legitimate interests of legal entities, and on the other hand, the economic development of the country as a whole ; lack of real powers among subjects of public control; their weak economic base; weak use in their work of positive foreign experience in the functioning of civil society institutions in the sphere of control over the apparatus of public power. The authors have developed and justified a system of measures to resolve these problems, including by: formalizing public control in the Russian Constitution; development and consolidation in the legislation on public control of the principles, goals and objectives of public control aimed at ensuring the economic development of the country; organization by the Civic Chamber of Russia of scientific and practical research on the forms, methods and types of public control measures aimed at ensuring the implementation of economic rights, freedoms and legitimate interests of individuals and legal entities, as well as the economic development of the country; expanding the powers of subjects of public control; strengthening their economic base; development of legislation on public control based on positive foreign experience in this area.

Russia's Economic Development Situation and Its Influence on Sino-Russian Economic and Trade Cooperation

This paper aims to analyze the development of the Russian economy and explore its impact on Sino-Russian economic and trade cooperation. Firstly, the paper reviews the historical background and current situation of the Russian economy, with a focus on analyzing the main economic indicators and government policies. Secondly, the historical background, current situation, and cooperation areas of Sino-Russian economic and trade cooperation are summarized, and the opportunities and challenges of cooperation are discussed. Subsequently, the paper analyzes the factors influencing the impact of Russian economic development on Sino-Russian economic and trade cooperation and prospects for future cooperation. Finally, based on the research results, strategies and suggestions for promoting the development of Sino-Russian economic and trade cooperation are proposed to provide reference and support for bilateral cooperation.

Scientific Approaches to Explore the Essence of the Technological Sovereignty of the Economy

On the current stage of economic and geo-political development of the country, that can be characterized by weakening of foreign-economic relations with unfriendly countries, sanctions against Russian economy and blocking the access to import technologies strategically important for Russian production, issues dealing with Russian economy arrival on the advanced technological level become more and more acute. Ensuring technological sovereignty of national economy in crucial industries is a top-priority task for attaining this goal and academic research of technological sovereignty is especially topical today. Thus, the present article studies essential and conceptual characteristics of economy technological sovereignty. By analyzing academic literature the author identified three scientific and practical approaches to understanding the essence of technological sovereignty: technological sovereignty as a component of economic and national security; technological sovereignty as an element of open-type economy; technological sovereignty as a factor of geo-political development and as a level of science and technological development collated with global one. The article shows strategic basis of technological sovereignty in Russia. And finally, the author came to the conclusion that the vector of Russian economy development combined with achieving technological independence of national economy is strategically true.

Impact of IT technologies on Russia's economic development

Impact of IT technologies on Russia's economic development

The Triple Helix Model as a Tool for the Economic Development of the Country on the Example of the Military-Industrial Complex of the Russian Federation

Relevance. The "state-science-business" model has firmly entered the practical sphere of human and social life as a signifier of many socio-economic processes. It is a systematic integrated approach to the consideration of problems exclusively applied areas that will allow them to be solved in the most effective way and in the shortest possible time. The economic sphere has always been considered by the state as one of the priorities, since a steadily developing economy provides ample opportunities for the development of civil society. Over the past few years, the President and the Government of Russia have outlined clear guidelines for the development of the economy, one of which is the modernization of the industrial complex of the state through the inclusion of the state and scientific and technological block in the industrial system. The purpose of this study is to review and analyze the model of interaction "state – science – business" within the framework of Russia's economic development and the long-term plans established by the President of the Russian Federation concerning the modernization of the industrial complex. Objectives: to analyze the international experience of the development of the industrial complex; to consider the features of the formation and functioning of the domestic industrial complex; to study the current state and assess the prospects for the development of the economy and production on the example of the military-industrial complex of Russia. Methodology. The study was carried out on the basis of the general provisions of the system theory and interinstitutional and transinstitutional communication using the system-structural method. Results. In the conditions of the established priorities of economic development at the highest level, it is necessary to: develop internal and external R&D; generate the creation of a new type of university, the ecosystem of which moderates ideas and projects requested by society and the state, releasing them into the real sector of the economy for production and economic development; introduce the university (science) into the business community; form engineering andscientific personnel potential. Conclusions. For the economic development of the country, it is necessary to strengthen the "state-science-business" relationships not only from the perspective of the industrial complex, but also scientific and educational platforms, including through the development of external R&D and their opening on the basis of higher educational institutions.