Modern Economy Research Articles

SUSTAINABLE DIGITAL TRANSFORMATION: THE NEXUS BETWEEN ICT AND GLOBAL GREEN ECONOMIC GROWTH

As a new engine to promote global economic and social development, information and communication technology (ICT) plays a key role in the field of modern economy. The aim of this paper is to investigate the nexus between ICT and green total factor productivity (GTFP) on a global scale. An extended data envelopment analysis model (DEA), named WINDOWS-US-SBM, was constructed for calculating the GTFP of 65 countries from 2007 to 2019. This paper empirically analyzes the spatial effect and the transmission mechanism of ICT development on GTFP in countries from different income groups. The results show a prominent imbalance between ICT development and GTFP in various countries. ICT can effectively improve GTFP and play a crucial role in lower middle-income countries. The development of ICT can improve GTFP through technological progress, energy intensity, and trade openness. This paper is helpful to provide policy guidance for the development of ICT and give a new perspective of global green development.

Modern development of the digital economy, opportunities and threats: An analysis of China's experience

Subject. This article explores the role of digital technologies in ensuring economic growth and improving the quality of life. Objectives. The article aims to assess China's achievements and prospects in the development of the digital economy, and analyze and discuss cybersecurity issues. Methods. For the study, I used the general scientific research methods. Results. The article finds that China's success in the field of digitalization can be explained by a systematic approach to the development of information technologies, and the development of strategies for creating a new economy. Artificial intelligence has a positive and significant impact on economic growth. Conclusions. The development of the modern economy requires solving the problems of digital inequality and information protection.

Cyclical issues of pricing of regulated services

The article reflects current issues of the formation and regulation of tariffs that have developed in the modern economy. A brief analysis of the historical development of tariff regulation with the assessment of the used methods and ways is conducted. The authors identified expediency of tariff formation and regulation by a single body determining functions and set tasks. The study uses descriptive, analytical, and comparative methods. The article describes a positive example of applying the practice of deregulation with subsequent possible extension to other areas. The reasons of inefficiency of using the marginal indices mechanism are determined and justified, which is directly related to underfunding of the industry and lack of investment components. The question is raised about the fulfillment of the development, or social function by tariff regulation. It is proved that the current tariff system is not able to change the situation of increasing the investment base necessary to stabilise the deterioration of infrastructure. The main components of the current tariff regulation system are identified, and the directions of a new development model are proposed with consideration to the problems found by the study. According to the research results, conclusions are given that reflect the essence of the designated topic for possible solutions to issues existing in the functioning development model.

Venture Capital Investment: A Full Look at Its History, Importance, Investment Dynamics, Effects on Entrepreneurship, and Outlook for the Future

To understand venture capital investment, it is necessary to go back in time and find out where venture capital comes from. Venture capital has its roots in the middle of the 20th century, a time when great changes occurred in both technology and the economy. In this paper, the history, current importance, investment complexities, and possible future paths of venture capital are analyzed. According to analysis, conclusions can be drawn that venture capital investment can create job opportunities, help in technological progress, encourage new ideas, support entrepreneurship, and boost the modern economy. At the same time, venture capital investment can also bring pressure to management in dealing with uncertainties or lead to conflicts of interest between entrepreneurs and venture capitalists. Overall, venture capital will continue to play an influential role in the future. Its capacity to adapt economic landscapes and seize new chances will determine its impact in shaping future economy and innovation.

Educational tourism in the context of global challenges

The article is devoted to educational tourism which currently acts as one of the promising technologies of modern education, demonstrating a steady demand for it despite the aggravated geopolitical and socio-economic situations, and that explains the relevance of this issue. An important goal of educational tourism is formation of a comprehensively developed personality capable of vigorous activity in a multiethnic and multicultural environment. On the basis of characteristic features of educational tourism described in this article, a definition is formulated in which the integrative nature of the studied type of tourism is identified. In addition, the main directions of educational tours are given that allow to get the most complete picture of this social phenomenon alongside with the advantages of educational trips for both the host country and the student. The paper considers the Russian export of educational services, which makes it possible to increase the stability of the local economy. Some relevant initiatives contributing to the development of educational tourism in Russia have also been studied. The arguments justifying the need for its immediate development are presented as well as the tasks that require priority solutions for this. It is concluded that tourism and education are the key drivers for the development of the modern economy.

Methodological bases for balanced development of the food supply of the population

A retrospective analysis of the economic theories of marginal utility, general economic equilibrium, spatial economics, production factors, and organization theory was carried out from the position of forming the methodological basis for the emergence of the theory of balanced development of food supply for the population. The substantive aspects of the critical concepts of the identified theories are detailed in their influence on the formation and formation of the methodology for food supply to the population, including maintaining a balanced and equilibrium state in the conditions of continuous influence of external factors on food systems. For each identified theory, provisions have been established that determine the relationship with the methodology of the area under study. It has been established that the emergence of the theory and methods of balanced development of food supply for the population is a natural stage in the evolution of economic science in the context of increasing the role and importance of man in the modern economy. The methodological grounds identified are the need to achieve and maintain a balanced human diet, ensure coordination and maintain a balance of social and economic interests of consumers and food producers, ensure a balanced state of food production and consumption, maintain a balance of resource capabilities and future food needs of people, prevent the emergence of imbalances in the food sector. The work results can be used to develop new conceptual frameworks for developing the domestic agro-industrial complex and allow us to form a more holistic and detailed understanding of the specifics and features of achieving balanced agri-food sector development.

ВЛИЯНИЕ ФИНАНСОВОЙ ГЛОБАЛИЗАЦИИ И МЕЖДУНАРОДНОГО ДВИЖЕНИЯ КАПИТАЛА НА НАЦИОНАЛЬНЫЕ ЭКОНОМИКИ

The modern world economy assumes significant involvement of many national economies in the process of creating a unified financial system. Thanks to the process of globalization, many national economies have gained the opportunity to interact with other partners, which increases the efficiency of resource allocation, including financial ones. However, in addition to the obvious advantages that the countries participating in the process of economic globalization receive, there are many risks for national economies. This risk requires a more in-depth analysis in order to be able to provide recommendations to the countries participating in the globalization process on minimizing their negative impact.

Integrating TOGAF and Big Data for Digital Transformation: Case Study on the Lending Industry

In today’s digital era, the strategic integration of enterprise architecture frameworks with Big Data technologies is crucial in driving digital transformation, especially within the lending industry. This research aims to identify and analyze how The Open Group Architecture Framework (TOGAF) can be integrated with Big Data to enhance innovation, operational efficiency, and decision-making in the lending sector. This study examines Indonesian financial institutions using qualitative case studies, exploring the intricate practices, challenges, and benefits of the combination of TOGAF and Big Data. The qualitative methodology focuses on in-depth interviews and document analysis to gather contextual insights into the implementation dynamics and impacts of these technologies. Findings indicate that integrating TOGAF and Big Data not only streamlines workflows but also significantly enhances data security and risk management—critical elements in the lending industry. A vital outcome of this study is the development of a robust integration model that serves as a blueprint for companies in similar sectors to navigate their digital transformation journeys. Additionally, this research provides strategic recommendations to overcome integration and implementation challenges. These guidelines facilitate the transition to a more cohesive and strengthened digital architecture, equipping financial institutions to manage the complexities of modern digital economies effectively. Ultimately, this study delivers a comprehensive framework that enriches theoretical understanding and offers practical insights for effective technology integration in financial services.

ON SOME APPROACHES TO REGULATING DIGITAL ECOSYSTEMS

The dichotomy of development and regulation of digital ecosystems has attracted the attention of many theorists and practitioners over the past 10 years. The emergence and poorly regulated development of electronic platforms and ecosystems contributed to the formation of a new business model that did not fit into the coordinates of the legal institutions of the functioning of the traditional economy. In the process of their expansion, digital platforms have demonstrated a number of advantages over traditional business models, while simultaneously increasing their fundamental disadvantages. The article reveals the causes of the emergence and rapid development of digital ecosystems, the phenomenon of ecosystem's dependence. The pros and cons of ecosystem's functioning, the formation of their monopolistic essence, the violation of fundamental market laws, and the factors of their destructive influence on the modern economy, society, and consumers are analyzed. The main directions of activity of national regulators in the USA, the EU, and Russia are presented.

Enhancing research skills of schoolchildren through 3D modeling

The problem and the aim of the study. 3D modeling and prototyping are important areas of digital education and have undoubted didactic potential for the development of engineering thinking, which is in demand in the modern economy. The authors suggest using 3D modeling technology to develop the research skills of schoolchildren when studying natural sciences and implementing interdisciplinary projects aimed at forming the foundations of a holistic scientific picture of the world through understanding the relationship and interdependence of the natural sciences. Research methods. The work uses the following classification of research skills: operational, communication, organizational, and information. For them, the authors have identified the corresponding indicators: conducting observations and research during modeling; putting forward a hypothesis; planning research activities; and analysis of information sources. The experimental base for the study was the Vyatka Technical Lyceum (Russian Federation). During the diagnostics, the products of students' educational activities were assessed - computer models and objects printed on a 3D printer. For statistical processing of data, the χ2 -Pearson criterion was used. Results. The curriculum and lesson planning for the “Technology” course are presented, which allows students to develop research skills during the implementation of applied educational tasks. A system of tasks and sample models has been developed to support all stages of students’ research activities during the implementation of educational interdisciplinary projects following the proposed lesson planning of the module. Statistically significant differences were determined in the qualitative changes that occurred in the level of research skills of schoolchildren (χ2 =6.184; p<0.05). In conclusion, the didactic potential of computer 3D modeling and prototyping for the development of research skills of schoolchildren is formulated: putting forward a hypothesis of a natural science nature and testing it experimentally; mastering the methodology of independent planning and conducting an experiment in compliance with safety regulations, etc.

The relative roles of energy and water intensity in the economic growth of the United States, 1950–2015

Water and energy are indispensable inputs to the modern economy and are of primary concern for the sustainability of the global economy. Continually growing use of water and energy cannot be sustained in the pursuit of greater wealth and prosperity, given planetary boundaries and other limitations on these resources. Water is a main input to the production of energy, and vice versa, and to some extent the two are substitutes. An economy’s energy intensity and water intensity measure the efficiency with which energy and water, respectively, are used in the generation of wealth. How far has an advanced economy like that of the US gone in decoupling energy and water use from economic growth? To answer this question, we decompose the growth of GDP per capita into improvement in energy and water intensity and the change in the per capita use of these two crucial inputs, using data for the US from 1950 to 2015. We find that water and energy use efficiency improvements are responsible for much more growth in per capita GDP than increases in water and energy inputs, and that water use can be decoupled more significantly from increasing wealth than the use of energy. The results have important implications for the future of energy and material consumption by the global economy.

Проблема распределения доходов между трудом и капиталом в современном мире: XX и XXI века

This work is devoted to an attempt to quantify the trends in the distribution of income between labor and capital and assess their compliance with the development opportunities of the modern economy. Trends in the distribution of income between labor and capital were assessed by constructing econometric models of the share of labor compensation in national income and GDP. The resulting models with a high level of confidence showed that in the 20th century in the United States there was a tendency to redistribute income from capital to labor. The main trend in the distribution of income between labor and capital in the 21st century in most countries, including Russia, is the tendency to redistribute income from labor to capital. In countries with predominantly socially oriented economic policies, the main trend in the distribution of income between labor and capital is the tendency to redistribute income from capital to labor. The trend of redistribution of income from labor to capital indicates an undervaluation of human capital. This trend does not correspond to the development possibilities of a modern post-industrial economy and leads to a loss of competitiveness of countries in whose economies this trend is observed. The emerging trend of redistribution of income from labor to capital in modern Russia is the result of a liberal economic policy, does not correspond to the development opportunities of the modern economy and slows down economic growth, and under the conditions of sanctions from unfriendly countries, it threatens economic stagnation.

ALIGNING PROFIT WITH PLANET: STRATEGIES AND IMPLICATIONS OF SUSTAINABLE FINANCE IN THE MODERN ECONOMY

In the wake of escalating environmental concerns and the imperative to address climate change, the integration of sustainability principles into financial practices has emerged as a critical avenue for fostering a more environmentally conscious economy. This research paper delves into the strategies and implications of sustainable finance, aiming to align profit motives with planetary well-being. The paper explores the evolution of sustainable finance, tracing its roots from ethical investing to the contemporary landscape of Environmental, Social, and Governance (ESG) criteria integration. Drawing on a comprehensive review of existing literature and case studies, the paper elucidates various sustainable finance instruments and mechanisms, including green bonds, impact investing, and sustainability- linked loans. Furthermore, it examines the motivations driving businesses and financial institutions to embrace sustainable finance, ranging from risk mitigation and regulatory compliance to reputational enhancement and long-term value creation. Moreover, the paper investigates the challenges and opportunities associated with mainstreaming sustainable finance practices, highlighting issues such as data quality, measurement methodologies, and the need for standardized reporting frameworks. Additionally, it discusses the role of policymakers, regulators, and industry stakeholders in fostering an enabling environment for sustainable finance adoption. Finally, the paper concludes with reflections on the broader implications of sustainable finance for economic growth, social equity, and environmental stewardship, underscoring its potential to catalyze systemic change in the modern economy towards a more sustainable and resilient future. Keywords: sustainable finance, economy, environment, climate.

Defining the directions for the impact of administrative management tools on the project management system

The object of this study is project management under the changing conditions of the modern economy. The way the top management of the company affects the implementation of projects in various sectors and branches of production is an issue related to business development in general. An increasing number of enterprises use project tools to adjust production processes. To this end, in particular, it is advisable to use administrative management tools against the background of its improvement at the level of the company's management. The logic of this study construction implies an emphasis on theoretical and experimental components. The theoretical foundations of the study include the identification of administrative management tools. The coverage of the experimental part is devoted to multifactorial regression analysis (the coefficient of determination is 0.715) of the influence of administrative management factors on the effectiveness of projects based on construction excavations. The interpretation of the research data confirms that the administrative management toolkit could be optimally used to establish high-quality project management. Based on the study of aspects of the relationship between administrative management and project management, the definition of administrative management and the project management system at modern enterprises is proposed. The study concluded that it is necessary to use those levers that are common in companies of industrialized countries of the world. Europe's experience will be useful in spreading the practice of project management in enterprises of countries with transition economies. The results of the research could be used at enterprises of various sectors of industry, agriculture, and the service domain, in particular at construction enterprises that were chosen as the object of research

Spatial Effects of Economic Modernization on Carbon Balance in China

Exploring the impact of economic modernization on carbon balance is an essential endeavor to achieve carbon neutrality and combat climate change. However, the spatial impact of economic modernization on carbon balance remains ambiguous. Therefore, this study aims to explore the spatial spillover effects of agricultural modernization, industrialization, and urbanization on carbon balance during the economic modernization process in China, taking 30 provinces and cities in China as examples from 2010 to 2021. This study utilizes the spatial Durbin model to derive the following results: In the past decade, the carbon balance ratio has shown a fluctuating and decreasing dynamic evolution trend. There is an increase in regions with serious carbon deficits. Further investigation into the spatial spillover effect of carbon balance unveils that for every 1% increase in the carbon balance ratio of a province, neighboring provinces experience a decrease of 0.833%. Additionally, the spatial spillover effects of the three modernizations in China on the carbon balance ratio behave differently. Agricultural modernization and urbanization demonstrate negative spatial spillover effects on the carbon balance in neighboring regions, while industrialization exerts a significant positive spatial spillover effect on the carbon balance of neighboring regions. Regarding control variables, the level of innovation solely contributes to local carbon balance realization without generating a trickle-down effect, whereas infrastructure development operates inversely. At the same time, there are differences in the spatial effects of agricultural modernization and industrialization on the carbon balance between the eastern region and the central and western regions. The study underscores the importance of economic modernization and development processes focusing on fostering synergistic growth between economic and environmental benefits within both local and neighboring areas.

Study of employee performance measurement, evaluation and management practices in tourism and catering companies in Szeklerland(with special reference to Harghita county)

As a resource, people are one of the most important factors in the modern economy. From a subjective measurement approach, it can form the basis of business performance measurement. In this research, I am looking for answers to the question: what does business practice show, and how consistent is it with theoretical findings? The results of the research show that companies operating in the hospitality sector in Harghita County are consistently aware of the fact that employee performance contributes greatly to company performance. For this very reason, employee guidance, performance monitoring and feedback are considered significantly important. Employee performance is measured and evaluated informally, often on a monthly basis. The standardised, formal form of measurement, on the other hand, is only done annually, from time to time when necessary. However, its frequency increases significantly with the size of the company. Companies are moderately satisfied with the current employee performance measurement and evaluation. They are therefore aware that there is room for improvement. In their opinion, the introduction of a performance management system in the future would make a significant contribution to solving the problems discussed in the research. In doing so, it would also contribute to the improving of the company's business performance at the same time. Our development objective could be to provide guidance in this area for the future.

Reflections on the Influence of American TV Series "13 Reasons Why" on Teenagers

With the continuous development of modern society and economy, Internet technology and mobile terminal devices have been rapidly popularized, and young people have more options for leisure and entertainment, among which movies and TV dramas are one of the most important ones, which are very attractive to young people and play a certain guiding role. Young people can learn important life knowledge from movies and TV dramas. But at the same time, some bad content and scenes of teenagers also have a negative impact on the healthy growth of teenagers. Therefore, this paper mainly discusses the impact of the TV series 13 Reasons Why on the health of teenagers. Through analyzing the content of the play and combining with the collected literature, this paper analyzes the impact on the health of teenagers and gives suggestions on how to better guide teenagers to watch the play and reduce the adverse effects.

The social stratification of older people in online shopping

The internet is important for the proper functioning of modern economies and societies. However, studies show the presence of an age-related digital divide with older people as unequal participants. This research investigates the social factors promoting or limiting the behaviour of older people in online shopping, and if older users/non-users of online shopping can be stratified based on these social factors. Following a survey with a sample size of 320 older people, we use a correlation and cluster approach to analyse the data. The results show that the strongest factor in determining if older people belong to a higher social stratum in online shopping is their place of residence or if they live in rural or urban areas.

Analysis of innovative financial instruments in modern Ukrainian scientific literature

Innovative financial instruments act as a driving force for economic development. In the modern economy, the role of innovative financial instruments has grown significantly. With the application of financial innovations, it is almost possible to obtain high profits, minimize costs, develop new markets, and create competitive products with a high degree of novelty. So, in the market economy, innovative financial instruments are an effective means of competitive struggle, as they lead to the creation of new needs, a reduction in the cost of products, an inflow of investments, and an increase in the image of the manufacturer of new products, to the attraction of new customers. This article aims to define the essence of innovative financial instruments, drawing on an analysis of existing definitions of the concept of 'financial innovation' in contemporary Ukrainian scientific literature. Building on the reviewed material, this article presents an analysis of the types of innovative financial instruments put forth by Ukrainian scientists. L. B. Kolinets offers a classification that includes innovations related to equity instruments and debt instruments. Another group of scientists, S. V. Radinsky and O. D. Dyachun, identify financing instruments, hedging instruments, and special financial services as innovative financial instruments. The article also references other types of innovative financial instruments explored in the works of contemporary Ukrainian scientists. We analyzed statistical data on the development of derivatives and fintech and implemented business projects in Ukraine with the help of the «Big Idea». The expediency of using innovative financial instruments has been determined. The main advantages of using innovative financial instruments are that they accelerate business development, expand access to capital, and support the development of new products and services. In conclusion, ways were suggested to contribute to developing innovative financial instruments. Keywords: financial instruments, financial innovations, derivatives, crowdfunding platforms, cryptocurrency, blockchain technologies, fintech, payment system.

Impact of quantum technologies on innovation processes in the global economy

The article examines the impact of quantum technologies on innovation processes in the global economy. It analyzes the critical aspects of integrating quantum technologies in various sectors of the economy, particularly in the financial, health care, production, and IT spheres. Theoretical models and empirical data confirming how quantum technologies can accelerate innovation processes, increase research efficiency, and create new economic opportunities are considered. The article also provides practical recommendations for strategic planning and management of innovation processes in the conditions of the quantum revolution. Special attention is paid to the importance of an interdisciplinary approach and cooperation between business and the state. The author noted that the modern economy is on the threshold of a new era, where quantum technologies play a decisive role, which represents a new class of tools capable of radically changing traditional approaches to data processing, security, and computing. Quantum computers, quantum cryptography and quantum communication open opportunities for the economy that can accelerate the development of new materials, optimize logistics chains and increase the level of data security. At the same time, the article highlights the need to develop global standards in the field of quantum technologies. The results of the research will contribute to a better understanding of the potential of quantum technologies to stimulate innovation and increase the competitiveness of the economy. Keywords: quantum technologies, global economy, innovation processes, quantum cryptography, quantum computing, quantum modeling, quantum communication, economic models, quantum algorithms, cyber security, logistics optimization, risk management, economic growth, financial markets, health care, production, quantum networks, development strategies, digital economy, technological revolution.