Different Groups Of Countries Research Articles

Aid, growth and institutions in Sub‐Saharan Africa: New insights using a multiple growth regime approach

AbstractNumerous sub‐Saharan African countries depend heavily on foreign aid. This paper explores the impact of foreign aid on economic growth in the continent using a finite mixture model. Contrary to previous studies, we hypothesise that the effect of aid on growth differs across groups of countries with similar but unobserved characteristics. The paper incorporates the potential presence of hidden heterogeneity and tries to explain group membership of countries by using various metrics of institutional variables. Focusing on a sample of 25 countries, we find that the impact of foreign aid on growth differs across three different groups of countries. Moreover, we find that aid works best in countries with effective government, good regulatory quality and low corruption. The results are robust to a battery of robustness checks. The paper underlines the importance of incorporating the heterogeneity in growth process in studies on aid effectiveness and provides evidence that sub‐Saharan African countries should undertake deep governance reforms to benefit from foreign aid.

Private and public investment in sub-Saharan Africa: The role of instability risks

This paper explores the impact of public investment on private investment in sub-Saharan Africa using the finite mixture model. We argue that the impact of public investment on private investment differs across groups of countries with similar but unobserved characteristics. Contrary to previous studies, the paper incorporates the potential presence of hidden heterogeneity and tries to explain the group membership. Using a sample of 42 countries, we find that the impact of public investment on private investment differs across three different groups of countries. Moreover, we find that countries with high risk of conflict, terrorism and repatriation of profits are less likely to be in the group where public investment crowds in private investment. The paper underscores the need for sub-Saharan African countries to ensure private investment security by reducing the risks associated with conflicts and terrorism, and preserving contract viability and repatriation of profits.

Dynamic Trends of Fine Particulate Matter Exposure across 190 Countries: Analysis and Key Insights

Despite the fact that fine particulate matter (PM2.5) causes serious health issues, few studies have investigated the level and annual rate of PM2.5 change across a large number of countries. For a better understanding of the global trend of PM2.5, this study classified 190 countries into groups showing different trends of PM2.5 change during the 2000–2014 period by estimating the progress ratio (PR) from the experience curve (EC), with PM2.5 exposure (PME)–the population-weighted average annual concentration of PM2.5 to which a person is exposed—as the dependent variable and the cumulative energy consumption as the independent variable. The results showed a wide variation of PRs across countries: While the average PR for 190 countries was 96.5%, indicating only a moderate decreasing PME trend of 3.5% for each doubling of the cumulative energy consumption, a majority of 118 countries experienced a decreasing trend of PME with an average PR of 88.1%, and the remaining 72 countries displayed an increasing trend with an average PR of 110.4%. When two different types of EC, classical and kinked, were applied, the chances of possible improvement in the future PME could be suggested in the descending order as follows: (1) the 60 countries with an increasing classical slope; (2) the 12 countries with an increasing kinked slope; (3) the 75 countries with a decreasing classical slope; and (4) the 43 countries with a decreasing kinked slope. The reason is that both increasing classical and kinked slopes are more likely to be replaced by decreasing kinked slopes, while decreasing classical and kinked slopes are less likely to change in the future. Population size seems to play a role: A majority of 52%, or 38 out of the 72 countries with an increasing slope, had a population size of bigger than 10 million inhabitants. Many of these countries came from SSA, EAP, and LAC regions. By identifying different patterns of past trends based on the analysis of PME for individual countries, this study suggests a possible change of the future slope for different groups of countries.

Factors of fertility ageing rate

The current demographic model of most developed countries is characterized by ageing and declining fertility. Despite the fact that this topic has been studied quite thoroughly, the question remains: what national indicators does the rate of ageing fertility depend on in different groups of countries? An analysis of some developed countries between 1990 and 2017 enables concluding that the dynamics of intensity of the first births over the age of 35 in the group of developed countries is negatively influenced by the dynamics of employment and the share of services in GDP, while the maternal age at first birth in the group of former socialist countries depends on the dynamics of the education indicator.

Directed technological change, energy and more: a modern story

AbstractReliance of modern economic activities on the use of energy, most of which still comes from non-renewable sources, provokes concerns regarding the most efficient utilization of energy inputs in production. While most theory expects directed technological change to be biased towards the non-renewable input, there is rare macro-level evidence that technological change is actually biased towards energy rather than other main inputs. To fill this gap, we apply stochastic frontier analysis to country data regarding output produced with capital, labor and energy, and estimate a set of indicators for technological change. Findings show that technological change is biased the most towards energy in general. In particular, although different groups of countries exhibit various patterns, there is strong evidence that technological change favors energy more than labor. This is in line with the theoretical expectation that technological change ought to be biased towards the non-renewable input rather than the renewable ones.

Partnership dynamics among immigrants and their descendants in four European countries

AbstractThis study investigates union formation and dissolution among immigrants and their descendants in four European countries with different migration histories and family patterns (United Kingdom, France, Spain, and Estonia). Although there is a growing body of literature on migrant families in Europe, there is still little comparative research on partnership dynamics among immigrants and their descendants. We apply event history analysis to pooled data from the four countries. The analysis shows a significant variation in partnership patterns across migrant groups in some countries (e.g., South Asians vs. Caribbeans in the United Kingdom) and similar partnership behaviour for some migrant groups in different countries (e.g., South Asians in the United Kingdom and immigrants from Turkey in France). Descendants of immigrants often exhibit partnership patterns that are similar to those of their parents' generation. The country context matters; specific patterns are observed for Spain and Estonia.

Societal Integration in Countries Ranking Similarly in Ease of Doing Business Index

Countries across the world differ in terms of macro-environmental factors. These differences reflect in their performance as well as growth and development. Most efficient countries have some common characteristics that make them distinct as compared to less efficient countries. Every year World Bank ranks countries on Ease of doing business Index. The present paper is an attempt to see if like other macro environmental factors (per capita income corruption etc.), there is any pattern in culture/social dimensions as well in two different groups of countries, i.e. countries which are ranked high and those which are ranked low on Ease of Doing Business Index. The data is taken from World Bank’s website. Top and bottom ranking countries were analyzed as two separate groups on two different parameters from Hofstede’s cultural dimension framework, viz., Individualistic vs. Collectivist and Power Distance.

Reexamination of Environmental Kuznets Curve for Ecological Footprint: The Role of Biocapacity, Human Capital, and Trade

Climate change has emerged as a global challenge because of its threat to sustainable development goals. Economic development is responsible for climate change as well as it is complementary to sustainability. Hence, environmental Kuznets curve (EKC) hypothesis is central to the development plans and formulation of climate change policy. However, the evidence on EKC is largely conflicting because it is provided using narrow measures of environment, small samples, short time duration and ignoring updated estimation methods. This study re-investigates the EKC by exploiting the lager panel data set, covering a longer time horizon more than half century (1961-2018) and using ecological footprint as a comprehensive environmental indicator and employing first-generation and second-generation panel time’s series methods. The study sample comprises 20 upper-income countries (UICs), 36 middle-income countries (MICs) and 20 low-income countries (LICs). The results conclude the presence of cross-sectional dependence, unit root at level and long run relationship among the variables allowing for long run estimates. The findings of different estimators validate an inverted U-shaped EKC for UICs while U-shaped EKC for MICs and LICs, respectively. The results of fixed effects quantile (FEQ) estimates suggest that the scale and technique effects depend upon the existing levels of EFP within and across different groups of countries according to development level and regional location. Moreover, the role of bio-capacity, human capital, and trade is conducive in managing global EFP. The findings imply that global environmental policies need to be aligned with the heterogeneity of different groups of countries.

Theoretical and applied aspects of tourism mobility in the global dimension

The purpose of the article is to develop the theoretical and applied foundations of the study of tourist mobility with the identification of features of its implementation in the global dimension, the analysis of global trends and values in terms of different groups of countries. Methodology of research. The tasks of the article are solved with the help of the following general scientific and special methods of research: analysis and synthesis, systematization and generalization, dialectical approach. Findings. The article summarizes the different approaches to understanding mobility and highlights its perspectives. Tourism is considered as a determinant of employment, self-realization in the sphere of service and hospitality. The meaning of the term “tourist mobility” has been defined and the retrospective of their use has been explored. The analysis of global trends in the implementation of tourist mobility with a focus on the dynamics of displacement and cost indicators in terms of different groups of countries on the basis of geography and profitability. The main trends of realization of tourist mobility of the population in the context of stimulating influence on human development are generalized. Practical value. The main trends of tourist mobility of the modern world are highlighted, in particular the growth of the level of tourist mobility of modern society is shown, which confirms the quantitative dimension of its realization and the change of approaches to the organization of travel. The link between the tourist mobility of the population and the quality of life is outlined. The necessity of complex monitoring of the level of tourist mobility according to different vectors with understanding of qualitative indicators of human development and finding ways to optimize the impact of tourism as an industry on the economy (state, region), capable of providing development in the conditions of stability, is substantiated. Keywords: mobility, tourist mobility, international tourism, global trends, international tourism revenues and expenditures. REFERENCES 1. A Dictionary of the Derivations of the English Language (1872). London and Glasgow: William Collins, Sons, and Company [in English]. 2. Stryuk, M. I., Semerikov, S. O. & Stryuk, A. M. (2015). Mobilʹnistʹ: systemnyy pidkhid [Mobility: a systematic approach]. Informatsiyni tekhnolohiyi i zasoby navchannya – Information technologies and training tools. 49 (5), 37–70 [in Ukrainian]. 3. Khorunzha, L. A. (2009). Formuvannya intelektualʹnoyi mobilʹnosti starshoklasnykiv u navchalʹnomu protsesi zahalʹnoosvitnʹoyi shkoly [Formation of intellectual mobility of high school students in the educational process of secondary school]. Extended abstract of candidate’s thesis. Kharkiv : Kharkivs’kyy nats. ped. un-t im. G. S. Skovorody [in Ukrainian]. 4. Urri, Dzh. (2012). Mobil’nosti [Mobility]. (A. V. Lazareva Trans.). Moskva : Izdatel’skaya i konsaltingovaya gruppa “Praksis” [in Russian]. 5. Svyrydenko, D. B. (2014). Akademichna mobilʹnistʹ: vidpovidʹ na vyklyky hlobalizatsii [Academic Mobility: the Response for Globalization Challenges]. Kyiv : National Pedagogical Dragomanov University (NPU) [in Ukraіnian]. 6. Bilyk, O. M. (2009). Mobilʹnistʹ v systemi lyudsʹkoho kapitalu: metodyka otsinyuvannya ta napryamy aktyvizatsiyi [Mobility in the human capital system: evaluation methods and directions of activation]. Extended abstract of candidate’s thesis. Kyiv : DVNZ “Kyyivsʹkyy natsionalʹnyy ekonomichnyy universytet imeni Vadyma Hetʹmana” [in Ukraіnian]. 7. Google Books Ngram Viewer. Retrieved from: https://books.google.com/ngrams/graph?content=tourism+&year_start=1800&year_end=2008&corpus=15&smoothing=3&share=&direct_url=t1%3B%2Ctourism%3B%2Cc0#t1%3B%2Ctourism% 3B% 2Cc1 (accessed 10 April 2019) [in English]. 8. Bilʹ, M. (2018). Prostorova mobilʹnistʹ naselennya: teoriya, metodolohiya, praktyka [Spatial mobility of the population: theory, methodology, practice]. Lviv : PAIS [in Ukraіnian]. 9. Oliveri, Antonino Mario, Parroco, Anna Maria & Vaccina, Franco (2012). Tourist mobility and destination competitiveness. Rivista Italiana di Economia, Demografia e Statistica – Italian Review of Economics, Demography and Statistics, 66 (2), 213–234 [in English]. 10. Hall, M. M. (2004). Tourism and Mobility. Presented at the CAUTHE conference in Brisbane, Queensland. Retrieved from: http://www.dcuci.univr.it/documenti/Avviso/all/all956735.pdf (accessed 21 April 2019) [in English] 11. Number of international tourist arrivals worldwide between 1950 and 2016 (in millions). Retrieved from: https://www.statista.com/statistics/262750/number-of-international-tourist-arrivals-worldwide/ (accessed 18 June 2019) [in English]. 12. UNWTO Tourism Highlights: 2018 Edition. Retrieved from: https://www.e-unwto.org/doi/pdf/10.18111/9789284419876 (accessed 11 July 2019) [in English]. 13. Global travel and tourism industry – Statistics & Facts: Statistician. Retrieved from: https://www.statista.com/topics/962/global-tourism/ (accessed 29 June 2019) [in English]. 14. International tourism: DataBank. Retrieved from: https://data.worldbank.org/ indicator/ST.INT.ARVL (accessed 24 June 2019) [in English]. Published: 2020-03-28

Wewnętrzna konkurencja podatkowa: wzrost gospodarczy i inwestycyjny

The purpose of the article is to assess the impact of tax competition at national level on economic growth and capital formation. The internal tax competition was considered from the point of view of fiscal decentralisation. The tax revenue decentralization ratio and revenue decentralization ratio are used in this paper as independent variables in panel regression analysis. As dependent variables, GDP per capita growth and capital formation growth were used. Analysis was conducted on a sample of 26 countries. The results of the analysis showed that international tax competition between countries has a greater effect on GDP per capita and capital formation than tax competition within the country. However, this is not due to the nature of tax competition, but to the fact that not all countries use the potential of tax competition within the country. The direction for further research is to analyze the impact of fiscal decentralization on the effectiveness of governments and economic growth in different groups of countries.

Robot adoption and FDI driven transformation in the automotive industry

This paper explores the relationship between inward foreign direct investments and the adoption of industrial robots, across different segments of the automotive value chain. Using the International Federation of Robotics and FDI Market datasets at a fine level of disaggregation of the automotive sector, we investigate the extent to which FDIs are related to the operational stock of industrial robots in 34 countries over the period 2005-2014. We find distinct patterns linking FDIs and robot adoption for different groups of countries and for different segments of the automotive value chain, that, is assembling and components production. With some relevant exceptions, FDIs are found to be highly correlated with robot adoption in the assembling segment across major leading countries. However, this correlation becomes weak for components production. To explain this differential role of FDIs in robot adoption, we formulate hypotheses around the country-specific drivers of robotisation for the components segment by pointing to the role of domestic ecosystems of suppliers and industrial policy as drivers of technology absorption and diffusion.

СХИЛЬНІСТЬ ДО ІНВЕСТУВАННЯ НА ЛОКАЛЬНИХ РИНКАХ ЯК КЛЮЧОВЕ ПОВЕДІНКОВЕ ВІДХИЛЕННЯ РІШЕНЬ ПОРТФЕЛЬНИХ ІНВЕСТОРІВ

The comparative analysis of the main approaches to the reasons for the home bias is explored. The main factors of home bias are identified. The reasons for the existence of home bias are determined on the basis of systematization of the existing discourse. The main stages of the evolution of approaches to determining the reasons for home bias are identified. It was found that the most promising approach is the behaviourist approach, as well as the institutional approach and the transaction costs approach. The historical and current dynamics of the home bias in the investment portfolios of different countries is studied. A comparative analysis of the home bias for different groups of countries according to their level of economic development is carried out. It was found that developed countries have the lowest share of local market assets in the portfolio. The evolution of approaches to the home bias has been studied. The main scientific publications on the issue of home bias in the historical perspective are analysed and systematized. The main quantitative dimensions of the expression of home bias are highlighted. The main forms of quantitative expression of home bias, which received relative expression in the form of indices, are studied. The qualitative and quantitative composition of modern investment portfolios of the countries with the largest shares in the world market capitalization is studied and analysed. It has been found that there are countries with traditionally low and high levels of international diversification, such as China and Luxembourg, respectively.

Comparative Analysis of Budgetary Indicators of European Municipal Subsystems in the Post-Crisis Term between 2009–2018

The aim of our research was to analyse trends in the fiscal indicators of municipalities in the countries of the European Union and the European Economic Area. To that end, we examined the municipal fiscal indicators between 2009 and 2018 across 31 European countries that report regularly to Eurostat. In our research, we sought answers to three main yet related research questions. Ad 1. How has the crisis affected the operation of European municipal systems? Ad 2. In which way has it influenced the different groups of countries defined in public law and European regional context? Ad 3. How did the characteristics of the local authorities governed by public law changed, that is, how did the classical system characteristics change evaluated by fiscal indicators in the light of the crisis and the crisis management measures made in response to it? We used methods of descriptive statistics, as well as cluster analysis and variance analysis to verify our hypotheses. In our study, we concluded that the crisis has made a significant impact on local government fiscal indicators, however, it had a different impact on the post-Soviet region, the Mediterranean region and the Scandinavian countries. The Rhine (public law) model has proved to be the most crisis-resistant. It has been proved that the specifics described by fiscal indicators do not fully correspond to the municipal system models under public law. At the end of our research, the characteristics of the Hungarian local governmental system following the municipal reform were presented.

Environmental Audit as a Tool for the Country's Eco-Innovative Development Ensuring

The issues of environmental impact reduction became a significant factor in the decision-making process for the development of organizations in the EU. Systematic environmental management is an effective way of solving environmental problems arising in organizations’ activities. Creating an effective environmental audit system is an essential step in ensuring the regulatory response to the extensive level of environmental pollution. To identify the role of environmental audit in the growth of environmental innovation activity of the country, a number of panel multiple regression dependencies were constructed. The survey database includes data for 28 countries of the European Union for the period 2010-2017. Factor variables of the study were the absolute number of environmental audit organizations, their ratio to the total number of enterprises, and the number of environmental audit and management sites. The resulting variables were the value of the index of eco-innovation of countries and its components. The conducted analysis showed that in the European Union countries, an environmental audit is an effective tool for ensuring their eco-innovative development. It is revealed that the biggest positive effect of the growth of the number of environmental audit organizations is manifested in the growth of the scope of eco-innovation activities and the volume of its financing, as well as the increase of the level of environmental responsibility of the organizations. On the other hand, the increase in the density of environmental audit organizations in relation to the number of enterprises is a factor hampering the country's environmental innovation. Research for different groups of countries proves that increasing the level of eco-innovation progress of states leads to an increase in the positive effects of the functioning of the environmental audit system for further eco-innovative development. At the same time, the maximum level of impact of environmental audit on the intensity of eco-innovation activity is observed for countries with an average level of progress. Thus, the necessity of the development of an environmental audit in the formulation of Ukraine's environmental policy was proved. Keywords: environmental audit, environmental reporting, environmental management, eco-innovation activities, environment.

RESEARCH OF STUDENT REPRESENTATION BODIES IN UNIVERSITIES: CURRENT STATE, PROBLEMS AND PROSPECTS

This article aims to present a critical and reflective analysis of modern practices of the student representation bodies that have institutional influence on decision-making of universities or the government. The article first describes different traditions of understanding student representation in the context of student politics and its links with student activism, political socialization, elections. Then we consider different approaches to understanding of student representation as a part of a higher education system (types and forms of interaction between students, on the one hand, and universities and governments, on the other hand). Finally, traditions of researching the practices of student representative bodies in different groups of countries (Anglo-Saxon countries, developing countries of Global South, and continental Europe) are discussed. The following section contains a critical analysis of the current research of student representation, its advantages (developed conceptual framework and limited geographic traditions of qualitative research as well as connection with political science in the electoral context) and disadvantages (insufficient empirical, positivistic focus; uneven geographical prevalence; lack of research focus on the «frontier» of the concepts of student representation and student activism). Then potential future areas of research are outlined, including the diversification of methodology (empirical quantitative methods) and geographical coverage (the post-Soviet space and key countries of East Asia) as well as refinements of the theoretical apparatus and a more detailed consideration of the connection between the practices of student representation and student activism. The originality and value of the article lies in the fact that despite the gradual increase in the popularity of student representation as a research topic in the last two decades, this topic remains largely underexplored in Russia, and the novel conceptual and methodological approaches proposed in this article should spur further studies.

Role of Central Bank Independence in Banking and Financial Stability Ensuring

This paper is devoted to defining the role of the central bank in ensuring banking and financial stability. The main purpose of the study is to assess the direction and strength of the impact of central bank independence in terms of its individual aspects on the parameters of banking and financial stability for different groups of countries. Systematization of literature sources and the results of existing empirical research has shown that the expected effects of increasing the independence of the central bank are to improve banking and financial stability. For the study, a sample of statistical data for 10 developed and 10 developing countries for the period 1991-2012 was formed. The methodological basis of the study were the tools of panel regression modeling with fixed effects with Stata software use. The article presents the results of empirical analysis, which showed that the independence of the central bank is an important factor in ensuring banking stability. At the same time, the impact on financial stability has not been conclusively confirmed. The study empirically confirms and theoretically proves that the stage of development of the country determines the strength of such influence. Thus, developed countries generally show closer links between central bank independence and banking and financial stability, which in most cases are directly dependent, while developing countries have less lasting effects. The results of the analysis of the links between certain aspects of central bank independence and the level of banking and financial stability are of great practical value. The results of the study create a scientific basis for substantiating the sequence of actions aimed at strengthening the independence of the central bank. Thus, in developing countries, the focus should be on defining and prioritizing central bank goals, while developed countries should take a deeper approach to this issue and ensure the independence of monetary policy and financial independence of the central bank. Keywords: central bank, independence, banking stability, financial stability, Z-score, non-performing loans, capitalization, developed countries, developing countries, panel data.

Evaluation of foreign products in the context of South-North geographic cues

The quality perceptions of imported goods create advantages and disadvantages for exporting countries. This conceptual paper examines how economic stereotypes about South and North in addition to country-specific stereotypes affect consumers' product evaluations. Similar to country-specific stereotypes, stereotypes about different regions within one country (e.g., Hollywood) and different groups of countries (e.g., EU) also affect consumers' product evaluations. We go one step further and propose that South and North geographic cues may become strong factors when made salient during foreign product evaluations. Specifically, we propose that consumers' stereotypes about the North as a more industrialised region may favourably affect their evaluations of technical products. Alternatively, consumers' stereotypes about the South as a traditionally agricultural region may favourably affect their product evaluations of food products. In some situations, however, the proposed effect may be too weak to override the country-of-origin effect.

Incorporating affordability, efficiency, and quality in the ICT development index: Implications for index building and ICT policymaking

International Telecommunication Union’s ICT Development Index and related measures of a country’s ICT development maturity suffer from several limitations, including subjective estimation of the weights of individual indicators and sub-indices, use of inappropriate quantitative models, specification bias arising from the exclusion of potential predictors from the estimation models, and a failure to capture the disparities among different groups of countries. To overcome these problems and provide a more reliable measure of ICT development, this study develops the Modified ICT Maturity Level Index using the 2015 data of 166 countries. This index adds affordability, efficiency, and quality to the existing sub-indices of access, use, and skills. Sub-index and indicator weights are determined in an outcome-orientated way using Partial Least Squares Structural Equation Modeling. We find that affordability, quality, and efficiency significantly explain the variation in the level of maturity of ICT development in addition to the previously used dimensions of International Telecommunication Union’s ICT Development Index and modified ICT Development Index (mIDI) developed by Gerpott and Ahmadi, and that their explanatory power differ by a country’s level of economic development. The new index produces significantly different country rankings. This has important implications for ICT policy priorities and provides a measure of ICT development maturity less prone to the innocent or intentional distortion of such policy priorities.

Demography of Early Entrepreneurship: Experience of Different Countries in Recent Years

The relevance of the study is due to the important role played by small and medium-sized businesses in the vast majority of modern national economies. The aim of the study is to assess the indicators describing the share of early-stage entrepreneurs belonging to five age groups in the total population of the respective age groups in different countries. The baseline data were the results of the Global Entrepreneurship Monitor project for 2018 among 48 countries and for 2017 among 54 countries. The estimation of differentiation of the considered indicators was carried out with the use of mathematical models representing density functions of normal distribution. The test showed that the developed functions well approximate the empirical data. On the basis of these functions, the average values and intervals of changes in the rates of early-stage entrepreneurial activity for most countries were determined. The study showed that the largest share of early-stage entrepreneurs in the total population is typical for people aged 25 to 44 years. The share of start-up entrepreneurs belonging to the group from 55 to 64 years is significantly lower. The study allowed to identify the countries, which are characterized by high and low values of indicators of early-stage entrepreneurial activity for these age groups.

The Analysis of Sanctions’ Influence on Russian Stock Market Based on Sanction Index Development

Anti-Russian sanctions have become one of the key factors, determining the state of the Russian national economics in recent years. Financial restrictions against companies and residents, which constrict the possibility of raising foreign funding and limit cooperation with abroad investors, have become one of the sanctions’ types. Such events could not but affect the state of the Russian financial market. The aim of the work under discussion is to estimate the impact of anti-Russian sanctions on the Russian financial market from 2014 till 2018. In order to achieve the stated objective the authors developed a system of indexes that allow quantitatively showing the sanctions imposed against Russia by different foreign countries. The indexes were calculated not only for all restrictions in total, but also for sanctions imposed by different groups of countries (USA, European Union and other countries). In addition, the developed indexes make it possible to take into account the degree of particular sanctions’ impact based on the level of the object under sanctions. The stated indexes’ analysis in relation to the variation of MOEX index allowed establishing the high degree of dependence of the Russian financial market’s dynamics on the imposed sanction restrictions and justifying the proposed approach to indexes’ calculation