Long-term Financial Resources Research Articles

Financial sovereignty as one of Russia’s strategic objectives at the present stage

Ensuring the financial sovereignty of the country is one of the key tasks to achieve national goals by 2030. The financial system of the Russian Federation (hereinafter referred to as Russia, RF) should do everything necessary to guarantee the financing of those needs that had been previously funded by Western countries. To do this, the inflow of long-term savings and investments in fast-growing high-tech projects is to be provided. President of RF during the meeting with members of the Government of Russia on January 11, 2023 noted the main directions of the Government’s work for 2023. One of the directions is strengthening the financial sovereignty of the RF which is a condition to increase investments in the country’s economy. M. V. Mishustin, Prime Minister of Russia, speaking with the Government’s report in the State Duma of Russia, mentioned that to achieve the financial sovereignty of the state is one of the important tasks for the current year. Attracting long-term financial resources to the economy, investment attractiveness and providing financial support for fast-growing technology companies are the main conditions to solve this problem. Thus, the Government of RF have developed five main directions for the task implementation in order to fulfill the instructions of President of RF. The purpose of this article is to consider the main measures aimed at achieving financial sovereignty in the current conditions. The activities of the Government of RF and the Bank of Russia on the implementation of the discussed mea sures are analysed as the results of the study. The main conclusion of the article is the justification of financial sovereignty role in increasing the prestige of the Russian economy.

MORTGAGE REAL ESTATE MARKET: LENDING TO HOUSEHOLDS BY COMMERCIAL BANKS OF UKRAINE DURING THE STATE OF MARTIAL

MORTGAGE REAL ESTATE MARKET: LENDING TO HOUSEHOLDS BY COMMERCIAL BANKS OF UKRAINE DURING THE STATE OF MARTIAL

საქართველოში საპენსიო ფონდების ბუღალტრული აღრიცხვისა და ფინანსური ანგარიშგების საკითხისათვის

In Georgia, A pension fund includes pension contributions made by employers, employees, the government, as well as any investment returns, gains or losses accrued on pension assets. The amount of accumulated funds depends on the amount of individual contributions, the profit of the fund and the number of participants. The pension system is a source of long-term financial resources, which contributes to the development of the capital market, the latter having a positive effect on the country's economy. Implementation a private pension system in our country is the most optimal decision, which will improve the long-term pension provision of pensioners. Countries in a situation similar to Georgia do not have to invent any radical innovations in the mentioned field, because European countries have a rich and diverse experience in the development of the social sphere. Sharing their experience is enough to develop your own model and successfully implement it in practice. Due to the great importance of pension funds, their accounting and reporting were included in the international accounting standards from the beginning. The first standard to regulate pension accounting with international practice - Statement of Standard Accounting Practice (SSAP) 24 - was created in Great Britain, which was launched in 1988 and remained for 12 years. The present value of the expected future payments under the pension program can be calculated and presented based on the current salary level, or on the basis of the projected salary level of the plan participants covering their entire period of service until retirement. In many countries, actuarial valuations are carried out at least every three years. If the actuarial valuations are not ready by the reporting date, the actuarial valuations of the nearest period are used as the base of the calculations and the valuation date is indicated. The management of pension funds are responsible for preparing and submitting financial statements of these funds. The government of the pension agency in Georgia are: the director, the supervisory board, the investment board and the senior investment officer. The director's responsibility is to ensure the continued operation and management of the agency. Pension Agency of Georgia presented the interim financial statements of the accumulative pension scheme as of June 30, 2022 and 2021, which include: financial statement; Statement of changes in net assets and explanatory notes to financial statements. The presented financial statements are prepared in full compliance with International Financial Reporting Standards ("IFRS"): IAS 26 - Accounting and Reporting for Pension Programs. The approved budget of the pension fund for 2022 amounts to 8,115 million GEL, which is financed by the annual service fee of pension assets, within the scope of the powers granted by the law. 65% of the budget is intended for agency management and administrative activities, and 35% for investment activities. This indicates that the management and administrative costs of the agency are presented in a large volume. It is necessary to increase investment assets at the expense of reducing them, which will contribute to the increase in profitability. Thus, it is essential that pension fund accounting reflects the long-term nature of pension liabilities and assets. They need to be reflected in order to assess the pension provision of the participants. Pension liabilities evolve over time, accounting standards use a mixed model approach, and therefore it is necessary to choose a model in which pension assets and pension liabilities are accounted for consistently. For accounting recognition, the plan value of the assets must be reduced to reflect the long-term pension liability. If pension assets are accounted for on the basis of discounted cash flows, this implies that the long-term nature of the investment planned to meet the pension obligation is accounted for in the same systematic manner as pension liabilities.

ОСОБЛИВОСТІ ФУНКЦІОНУВАННЯ НЕДЕРЖАВНИХ ПЕНСІЙНИХ ФОНДІВ

The article is devoted to the research of peculiarities of the functioning of non-state pension provision. A theoretical analysis of methodical approaches to the organization of activities of non-state pension funds was carried out. The functional components of their activity have been studied. The structural and logical scheme of relationships between the participants of the non-state pension system is presented. The expediency of using a complex approach in researching the specifics of the activity of non-state pension funds is substantiated. A systematic approach was used to investigate theoretical approaches to determining the role and importance of non-state pension provision. Considerable attention is paid to the analysis of the current state and quantitative dynamics of non-state pension funds and their administrators. With the help of the system analysis method, the pension contracts of legal entities and individuals were assessed using structural division. Restrictions on the implementation of this process in Ukraine are defined. The factors that restrain the active participation of the population in placing their own savings in non-state pension funds as financial intermediaries have been identified. Contradictions in the formation of pension assets by non-state pension funds were investigated and revealed. Based on this, it was concluded that pension funds are able to mobilize significant amounts of long-term financial resources and transform them into an investment resource for the stabilization and development of not only the country's financial market, but also the economy as a whole. Such approaches make it possible to explore possible options for attracting investment resources and to determine ways to increase their quantitative volumes and qualitative investment in various assets. The dynamics of changes in the quality of asset diversification of non-state pension funds are analyzed. This made it possible to confirm the hypothesis that state securities in the form of state bonds continue to be the predominant investment direction of pension assets. Measures to increase the effectiveness of the functioning of non-state pension funds are proposed. The use of a combined approach to the regulation of the investment activities of pension funds, namely: rules of reasonable behavior and quantitative restrictions on investments of NPFs, will allow solving the main problem of their activity - increasing the efficiency of using the investment potential of non-state pension funds.

FEATURES, ANALYSIS AND RESULTS OF METHODS OF ATTRACTING FINANCIAL RESOURCES FROM THE INTERNATIONAL FINANCIAL MARKET

This article examines and analyzes the essence and specific aspects of various methods of attracting capital from the international financial market, the processes related to the organization of effective capital attraction and efficient use through the international financial market, IPO practice. In addition, various research methods were used to analyze the optimal use of cheap and long-term financial resources through the use of various methods of attracting capital through the international financial market. Also, the essence, development trends of the international financial market, main aspects of international financial assets, characteristics of IPO practice were analyzed. Scientific conclusions and suggestions on further development of Uzbekistan's participation in the international financial market and attracting and using foreign capital are given.

ИННОВАЦИОННЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИ РАЗВИТИЯ ЭКОНОМИКИ РОССИИ

The proposed innovative financial technologies for the development of the Russian economy, harmoniously combining the interests of working citizens, owners and the state, make it possible, at quite achievable growth rates of gross domestic product (enterprise revenue) by 3% per year, to ensure a 48% increase in wages of working citizens over 10 years, which will practically end poverty. Increase contributions to the development fund from one employee by 1,843.07 rubles. On average, for a workforce of 100 people, 2,211,684 rubles will be allocated for development per year, with a number of 1,000 people, 22,116,840 rubles will be received, in which, first of all, the owners of enterprises and the entire workforce are interested, since this ensures the growth of their incomes and the possibility of constant modernization and updating of technological equipment and production new competitive products. First, to stabilize, and starting in 2028 to increase contributions to the Pension Fund of Russia and the Federal Compulsory Medical Insurance Fund and income tax, income tax and value added tax receipts and bring this growth to 2.5% by 2030, which will allow the state to solve many social problems. To reduce contributions to the Pension Fund of Russia by 2030 by 13.01% to 8.99% and the Federal Compulsory Medical Insurance Fund by 5.1% to 0%, which will significantly reduce the cost of goods, works and services of all Russian enterprises. When switching to the innovative financial technologies proposed in the article, almost 4 trillion steering wheels will accumulate on the pension and medical accounts of Russian citizens in the first year of implementation. And by 2026, 74 trillion rubles. Providing citizens with 2% per annum, banks will be able to lend to enterprises at 2.5% with a 25% margin, providing the Russian economy with huge, long-term and cheap financial resources.

СОЦИАЛЬНЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИ РАЗВИТИЯ ЗДРАВООХРАНЕНИЯ НА ОСНОВЕ МЕДИЦИНСКИХ НАКОПИТЕЛЬНЫХ СЧЕТОВ

The article details the transition, starting in 2023, from the existing financing system to medical savings accounts (MSA). It is shown that already in 2023, for all categories of citizens (employed, low-wage, non-working) income from the Ministry of Taxation exceeds standard (within the framework of compulsory health insurance) expenses. The surplus of funds for the Ministry of Taxes in the first year (2023) implementation amounted to 241,6 billion rubles, in the fifth year 4,9 trillion rubles, and in the twentieth 105,3 trillion rubles. These funds, placed by banks (Sberbank and VTB) in the form of loans, will provide the Russian economy with huge, long-term and cheap financial resources. It is shown that in about twenty years, citizens’ MSA will accumulate a non-reducible balance sufficient for 20 years of survival after retirement, and employers, instead of 5,1% of workers’ wages, will be able to deduct only 1% for co-financing of low-paid and unemployed citizens, which will significantly reduce production costs at all Russian enterprises. Since funds for the MSA can only be spent on medical care, the surplus of funds will provide the opportunity for Russian citizens to receive additional medical services, including high-tech ones, as well as receive medicines, and medical organizations will receive a huge additional source of funding.

The Economy of Green Investment in Various Projects: The Experience of Countries

A significant number of investment projects in the field of renewable energy, energy efficiency and other environmentally friendly projects are being implemented in the world, for the full launch of which there is a need to attract a significant amount of long-term financial resources. Such long-term financing is currently not easy to obtain from the Russian banking system and the local capital market. At the same time, raising funds by issuing green bonds has gained popularity in many countries around the world in recent years, and the use of this financial instrument has given countries access to a large and diverse pool of investors and helped them meet their international obligations. The complexity of this situation is compounded by climate change, a phenomenon that exacerbates the impact of any global crisis. Its impact is felt around the world and has concrete implications for achieving the Sustainable Development Goals set out in the Rio Millennium Declaration. Currently, the international community as a whole and Russia should look for new approaches to managing the economy and the environment, ensuring, on the one hand, their balance and compatibility of development, and on the other, ensuring together with the economic water, energy, food security of the state. within the framework of the international paradigm of sustainable development.

ENSURING THE BUDGET SECURITY OF UKRAINE DURING THE CRISIS THROUGH STRENGTHENING OF FISCAL STABILITY

In order to ensure sustainable economic growth, Ukraine, like many other countries of the world, sets the main task of carrying out a comprehensive socio-economic reform. At the same time, factors that prevent the effectiveness of its implementation pose a threat to financial security due to the loss of stability of its components. Such multifaceted factors include the spread of globalization and digitalization processes, which, along with new opportunities, create new challenges and threats, which, in turn, require a reliable economic foundation and support for financial stability, the formation of centralized funds and the attraction of long-term financial resources. An important tool, along with others, is the budget policy, which combines the regulatory and fiscal functions of the organization of the budget process, optimally and continuously through budget expenditures supports the creation of a resource for the leveling of threats and the development of the economy, and the indicator of its effectiveness is budgetary security. Therefore, the unsolved problematic issues of ensuring budget security as a strategic direction of financial security, in the relationship and mutual influence with fiscal stability, determined the choice of the research topic, its purpose and tasks. the impact of fiscal stability on it requires further research. The object of the study is the process of ensuring budgetary security. The subject of the research is theoretical, methodical and applied aspects of fiscal stability as a factor influencing budget security. The purpose and task of the study is to generalize and systematize the theoretical foundations and methodological approaches of ensuring budgetary security, impact assessment and development of proposals for strengthening budgetary security through the improvement of budgetary and fiscal policy, strengthening fiscal sustainability. To achieve the set goal, the research implemented the following tasks: generalized the theoretical principles of budget security; the role and significance of fiscal policy and fiscal sustainability in ensuring budget security are characterized; diagnosis of the state of budget security of Ukraine was carried out; the level of fiscal stability was analyzed and its impact on the budgetary security of Ukraine was assessed; practical recommendations have been developed to strengthen budget security through strengthening fiscal sustainability.

The Nigerian Capital Market and Selected Macroeconomic Variables: An Econometric Analysis

Capital market is the major components of a modern market-based economic system as they serve as the channel for the flow of long-term financial resources from the savers of capital to the borrowers of capital. Efficient capital markets are hence essential for economic growth and prosperity. Hence this study using econometric analysis investigated the effects of some key macroeconomic variables on the Nigerian Capital Market. Secondary data sourced from Central Bank of Nigerian (CBN) Statistical Bulletin from 1981 – 2019 were employed. The data was checked for stationarity using the Unit Root Test and OLS regression analysis (through E-view package) was carried out to achieve the objective of the study. All the variables were integrated of order 1(1) except Inflation rate (INFR) that was integrated of order 1(0), therefore we ran the regression following the order of integration. The regression result depicted that, all the variables were rightly signed. However, only Money supply (MNSY) had significant relationship with market capitalization (MKCN) – proxy of Capital Market. The result is acceptable though the joint effect of the explanatory variables (R2 Adjusted = 0.48) on capital market is not so high but from the Durbin-watson statistic there is no existence of autocorrelation in the model. The study concluded that, the relationship between the selected key macroeconomic variables and the Capital Market was not strong by the time of this study, but could be improved through appropriate policies of the Government. We therefore recommend among other things that government promote policies that will encourage industrial production as this may improve the performance of some macroeconomic variables that affect the growth of the Capital Market

Introduction of the ombudsman institute in the insurance market of Ukraine

The insurance industry plays an important role in the economy, contributing to the intermediation and risk-bearing mechanism. At the same time, the insurance industry contributes to socio-economic growth due to accumulated long-term financial resources that can be directly used in the economy. The purpose of the article is to develop recommendations on the possibility of creating an insurance ombudsman institute in Ukraine based on international experience. The set goal determined the solution of the following tasks: to investigate the legal aspects of the activity of the financial ombudsman in different countries and provide their comparative characteristics; to determine the specifics of the implementation in Ukraine of the alternative dispute resolution mechanism on the insurance market; justify the benefits of activating the activity of the insurance ombudsman institute in Ukraine. In the process of carrying out a scientific search, such general scientific methods as: abstract-logical; monographic; comparative; graphic; dialectical method; comparative legal method; structural-functional method. The peculiarities of the functioning of the relevant alternative mechanisms for resolving insurance disputes in different countries, the mechanisms for dealing with customer complaints, and the resolution of disputes with the participation of a professional mediator were studied. It was determined that in world practice, two main models of financial ombudsmen are usually distinguished: British and German. It is substantiated that the introduction of the insurance ombudsman institute in Ukraine as an alternative platform for considering complaints will have advantages for all participants of the insurance market.It has been proven that the activities of such an institution can consider disputes related to settlement of claims, wrongful sale, payment of insurance premiums, legal registration of the policy, delay of settlements, failure to issue insurance documents, etc. Such an insurance ombudsman institution will be responsible for protecting the interests and handling policyholder complaints, and the main purpose of the ombudsman’s activities is to handle policyholder complaints outside the court system in a cost-effective and impartial manner

Analysis of global trends in the european venture capital market

The article examines the relationship between the innovative development of the country's economy, the amount of venture funding for innovation projects, investment freedom and the tax system in the country using an empirical study of their causality and the impact of these factors on each other. The correlation is set at 0,59. An assessment of each of the factors on the level of innovative development of the country was made. Indicators for 16 European countries were taken for analysis.The most stable relationship is found between the country's innovative development and investment freedom. The correlation between innovative development and the volume of venture financing of innovative enterprises, as well as between innovations and features of tax policy in the country is somewhat smaller, but still significant. It is established that the availability of venture capital and the development of venture capital in a country will have a tax policy (special taxation, reduction of capital gains tax). It is established that the development of venture business in the country is important because it provides commitment to the innovation sector of long-term financial resources of institutional and individual investors.

Integrated Marine Management in the United Kingdom Overseas Territories

Like many small island communities, the United Kingdom Overseas Territories (UKOTs) are directly dependent on their marine resources for a range of ecosystem services, such as income generation, subsistence, leisure, recreation and wellbeing. Healthy marine ecosystems also play a broader role in climate regulation, coastal resilience and habitat provision. With Blue Belt Programme assistance, the UKOTs are developing enhanced protection and sustainable management strategies for their marine environments, using an Integrated Marine Management (IMM) approach. This coordinates cross-sectoral planning and management to carefully balance marine conservation and sustainable use of resources in order to minimize socio-cultural and economic impacts to the local community. We describe the IMM approach taken in two UKOT case studies. In Ascension Island, a conservation planning and resource management process was initiated with an objective to protect at least 50% of Ascension’s waters from commercial fishing, resulting in the designation of one of the largest Marine Protected Areas (MPAs) in the Southern Atlantic. In St Helena, a new licensing framework for marine developments was developed within an existing sustainable use MPA. From these two approaches, we highlight aspects of the process, lessons learned and recommendations that may be useful for other small islands planning to implement IMM, particularly regarding the importance of effective stakeholder engagement, coordination across different governance scales, and long-term financial resources.

THE ESSENCE AND DIRECTIONS OF MANAGING INVESTMENT AND INNOVATIVE DEVELOPMENT OF TERRITORIES

It is revealed that today innovations play an exceptional role in ensuring the sustainable development of both individual business entities and regions, territories and the country as a whole. This is due, firstly, to the nature of market relations and the strengthening of competitive confrontation both at the local, regional and international levels, and secondly, to the need to implement qualitative transformations at the regional level in order to overcome crisis phenomena and the disproportionality of their development and the national economy's exit to the trajectory of sustainable growth. It is indicated that in order to implement innovative transformations at the level of individual territories, it is necessary to form an investment basis for their implementation. Since the long-term limited financial resources for the implementation of critical innovation projects at the regional level has led to a significant lag of regions in relation to global development indicators and a reduction in their economic potential to ensure sustainable growth. The expediency of forming a theoretical basis for managing investment and innovative development of territories is proved. The existing scientific approaches to the interpretation of the content of the concept of innovative and investment development and directly investment and innovation growth are studied. It is revealed that most scientists consider the processes of innovation and investment development as separate, but closely interrelated, economic categories. The author's vision of managing investment and innovation development of territories as a process of development and implementation of Strategic and program initiatives aimed at sustainable investment and innovation growth of territories by creating favorable conditions for the functioning of objects of innovation and investment infrastructure and supporting business activities on the basis of integration interaction of participants in the investment and innovation process within the framework of innovative organizational forms of their cooperation is formed. The key directions of managing investment and innovation growth of territories are revealed.

Readiness of Russian students to form individual pension savings

Pension provision issues are among the most urgent problems in both the world and domestic socio-economic policy, as evidenced by frequent changes in pension legislation. Thus, the Russian pension system has undergone serious changes four times over the past two decades, however, by the standards of developed countries, the pension amount continues to be unsatisfactory. In order to attract long-term financial resources to the national economy and improve the quality of life of future pensioners, the authorities are increasingly demonstrating their interest in pushing the population to participation in the system of non-state pension provision. The article presents the results of a sociological study «Savings strategies of Financial University students», which was aimed at identifying the attitudes of Russian students regarding the formation of individual pension savings in non-state pension funds (NPFs). According to the results obtained, students, in general, are already thinking about their future retirement. However, in order to form savings for future old age, students need a sufficient amount of both current income and income in the long term. The most preferred tools for this are foreign currency, securities and cash rubles; the least interest is caused by services of NPFs and insurance companies, which is due to the ideas of insufficient profitability, as well as the riskiness of the activities of these organizations. To attract a youth audience, NPFs need not only to have a reputation as reliable, transparent and customer-oriented organizations, but also to build good communication with potential investors in order to explain the principles and mechanism of their work.

DEVELOPMENT OF THE NATIONAL SYSTEM OF MORTGAGE LENDING FOR THE AGRICULTURAL SPHERE

The article considers the problems of mortgage lending to agriculture on the basis of analysis of its current state and the creation of favorable legal and economic conditions for its development. Today there is a low profitability of agriculture and inefficient use of resource potential, as well as lack of long-term financial resources, so solving the problem of attracting long-term investment resources in agro-industrial production is largely associated with the development of mortgage lending in agriculture. The problem of land mortgage lending in Ukraine is the high risk of lending secured by land due to the uncertainty of their liquidity, which is due to the fact that their sale takes much longer than, for example, the sale of an apartment or land allocated for low-rise construction, due to underdeveloped land market infrastructure. World experience shows that land mortgages allow agricultural producers in developed countries, on the one hand, to expand agricultural production through the use of fixed assets acquired through mortgages, and on the other hand, to accelerate capital turnover and earn extra income. The main purpose of creating a national system of mortgage lending is the formation of effective market mechanisms to attract long-term financial resources in the financial and credit sphere. On this basis, the market of long-term mortgage lending will operate with the use of modern market infrastructure and financial instruments that allow to gradually reduce the cost of mortgage loans for agricultural producers. The effective mechanism of implementation of mortgage schemes of crediting of agriculture first of all depends on the effective legislation which should provide, on the one hand, reliable protection, both the mortgage creditor, and the borrower, and on the other hand, to provide incentives for further development and improvement of all complex of legal relations. in this area, taking into account foreign experience. Keywords: bank, mortgage lending, financial instruments, National Bank of Ukraine, loan guarantee fund, liquidity ratio.

STRATEGIC PRIORITIES AND INVESTMENT DOMINANTS OF BUDGET POLICY DEVELOPMENT OF THE COUNTRY

The research consists in substantiation and development of conceptual bases and recommendations on strategy of budgetary policy activization of Ukraine on the basis of investment. Investment analysis is a method of systematic analytical and research work to optimize investment decisions. Its indicators and methods of evaluation and interpretation are used in determining the effectiveness of alternative investment projects when it is necessary to make a choice. The main information and analytical tools for project evaluation: financial indicators of the project; indicators of economic efficiency; sensitivity analysis; break-even analysis; probability estimation. Their use is effective when using the discount method. Revision of the former regulatory system in accordance with the new priorities of economic policy provides assistance to the state in forming the infrastructure of the resource market, developing a network of non-bank financial institutions capable of mobilizing long-term financial resources, restructuring the banking system to implement investment functions of banks in the economy, insurance and investment incentives. The search for a new domestic model of investment development and the current mechanism of the state presence should be carried out taking into account the experience of state regulation of investment processes gained by foreign countries, using its positive aspects in Ukraine. state and administrative-territorial units. The purpose of the work is to study the systematization of the tool base for modelling the mechanism of budget management in the financial and economic system of the state and the development of conceptual approaches to the development of local budgets in the context of financial decentralization in Ukraine. Applied aspects are based on determining the main directions and effectiveness of budget policy in Ukraine for the period 2018-2020 pp. The authors study the structure of the budget mechanism and components of the budget management system as an instrumental basis for the conceptualization of local budgets in the economic system of the state. The practical part of the work is the monitoring of the investment sector of the Odessa region, the study of the dynamics of the main macroeconomic indicators of the region. In general, the implementation of administrative-territorial reform and the introduction of changes in the territorial organization of power in Ukraine have provided an update of the system of revenue generation of local budgets. The analysis of the selected research issues provides a conceptual basis for the formation of an effective mechanism of fiscal policy in Ukraine; forms a platform for developing macroeconomic stabilization policy. Prospects for further research are to improve the mechanism of effective functioning of the budget sphere and the implementation of integrated management analysis.

An ignored player in internationalisation: why and how does a Chinese regional university internationalise?

ABSTRACT Most scholarly work on internationalisation in Chinese higher education institutions has been conducted on top-level universities but prior research does not necessarily apply to regional universities that are pursuing a strategy of internationalisation and recruiting international students. This research has selected a Chinese regional university as a case study and has investigated its rationale for and practices in implementing internationalisation. Data were collected primarily through the university’s internal documents and 18 semi-structured interviews with university senior and middle managers. Results show that the university is motivated by quantitative indicators that relate to internationalisation in the China University Subject Rankings, which has determined the university’s long-term and short-term financial resources, reputation and development opportunities. This instrumental approach to internationalisation has resulted in changes and challenges in the university’s management and academic practices, and has indicated the debate of the good and bad of a strong government role in higher education internationalisation.

Crowdfunding as a tool for attracting investments in the innovative sector of the economy

In the context of digitalization, a special role in increasing the economic potential of the country is played by stimulating innovation and creating favorable conditions for doing business. The May decrees of the President of the Russian Federation determined the national development goals of the Russian Federation for the period up to 2024, which include an increase in the number of organizations implementing technological innovations [1]. At the same time, the priority task is to create conditions for the inflow of long-term financial resources into the economy. The solution to this problem will be facilitated not only by ensuring access for companies in the real sector of the economy to traditional channels of raising capital (bank lending, bonds and shares), but also by developing alternative investment mechanisms such as crowdfunding direct investments. The purpose of this article is to develop a concept for the creation and development of the infrastructure necessary for them by assessing the effectiveness of the current state and problems of the functioning of investment platforms in Russia. At the same time, modern methods of scientific knowledge were used: analysis, synthesis, induction, abstraction. The article substantiates the relevance of using crowdfunding as an important tool for information support of innovative projects (startups) of individuals and legal entities. The state and problems of development of investment platforms in Russia are investigated. At the same time, the factors of low popularity of investment platforms in Russia were identified. In addition, the legislative regulation of investment platforms in Russia was considered. Proposed activities for the development of investment platforms in Russia, such as: developing and conducting a strategic communication campaign, creating and maintaining a Central Repository of Public Sector Case Studies, and creating an underwriting mechanism or bridging fund for PPP projects.

Strengthening the role of public governance approaches to ensure sustainable economic growth

The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.