Modern Russian Economy Research Articles

Mortgage and mortgage lending as a tool for financial recovery of the modern Russian economy

The article is devoted to the institutional analysis of the problem of improving the legal regulation of mortgage relations in Russia in modern conditions in the presence of a rather limited financial capacity of the population in modern conditions to purchase real estate or housing. In this regard, the mortgage becomes the most necessary tool to ensure the socio-economic development of society, its stable and sustainable development. The formation of the property base currently generates a corresponding demand in the real estate market, and develops a corresponding interest among consumers in mortgage lending. At the same time, the emerging financial mechanism of mortgages also ensures the formation of the solvency of not only the population, but also other market participants, so that this market segment becomes not only in demand, but also successfully developed. Considering this problem, the author sought to update the scientific, theoretical and practical interest in this topic and to reveal the problems that hinder the development of mortgages as an important factor in the financial recovery of the modern market economy.

Prospects for the development of leasing relations in the agro-industrial sector

The article is devoted to the conceptual analysis of the problems related with the development of contractual relations in the agricultural sector of the modern Russian economy, which has recently begun to show tendensis towards its intensive development. This fully applies to the development of contractual leasing relations as a way of making agricultural infrastructure more effective. The analysis of this direction in the field of legal regulation of leasing relations allowed us in this study to reveal and justify the scientific and theoretical concepts of the modern contractual process in agriculture and, accordingly, to determine the goals and objectives of the study. The aim of the work is to update the scientific and research interest in the problem of the development of leasing relations in the agricultural sector of the modern Russian economy. At the same time, the objectives of the study allowed the authors to specify the main directions of the state’s financial policy in the agricultural sector of the economy.

Analysis of the Russian Governance

The article highlights the issue of the modern Russian economy management and the theoretic representations of the general criteria of management. The research contains an analysis of the Russian management figures dynamics for the six broad aspects of management of Worldwide Governance Indicators (World Bank Group). As a result of cluster analysis of the Russian management figures growth rate there have been revealed big and important clusters. The major directions and means of management are as follows: corruption combating – corruption control; government control efficiency – rule of law and regulatory quality; political stability and absence of violence – vote and accountability. In the Russian reality there exists rationality of state government based on the rule of law, regulatory quality, freedom of speech and responsibility for the expression of will. Corruption control is manifested through the visibility of fighting it. As a result of neural network analysis of the importance of growth rates of the Russian management indicators there has been detected an hierarchy of priorities among which the Government efficiency is the most important and the least important are the reign of law, political stability and absence of violence / terrorism.

Ecological debt as a form of nature-dwindling social reproduction

Since 1970, humanity has been spending more resources than our planet is able to restore, in fact, we live in debt. Examining trends in the indicator of environmental debt in different countries, the authors of the article show that the modern economic system, a prerequisite for the existence of which is a high rate of economic growth, does not solve the constantly accumulating global problems (inequality, poverty, hunger, waste growth, environmental pollution), but constantly enhances their severity. The study presents methods for calculating the ecological footprint and ecological debt, and also found that the ecological debt burden in the economy of modern Russia is significantly higher than the average in the world. The comparison of the Human Development Index and environmental debt carried out in the article, made it possible to assess whether the current situation corresponds to the material conditions of life within the ecological means of the Earth, and the socio-economic conditions of well-being. It was found that for the most part of the countries is outside the one planet prosperity quadrant, since the environmental debt in more developed countries is higher, and a low debt value is characteristic only of countries with a low Human Development Index. In the course of the study of green (“ecological”) investments, the authors revealed a discrepancy between their value in the Russian economy and the requirements of economic security (threshold value of 5 % of GDP). We suppose that partial neutralization of threats in this area is possible due to the state policy of «green loans», proposed for implementation in the Russian economy. The authors argue the conclusion about the need to modify the system of social reproduction towards its environmental friendliness and inclusiveness.

Regional Innovative Development in the Context of Current Trends of Neo-Industrialisation

Russian economy is characterised by raw materials dependence, the impossibility of using the latest achievements of the sixth technological mode, rapid digital development, internationalisation of scientific and technological progress, the impact of technological shifts on structural transformations. These aspects lead to the implementation of an innovative scenario for the development of regions in the context of neo-industrial challenges, which is necessary for identifying and consolidating the most effective tools for innovating the modern Russian economy. This problem primarily affects regional economic systems with a set of innovative economic entities. To solve the problem, we analysed and generalised the scientific-theoretical, methodological framework, and practical aspects of regional innovative development, taking into account current trends and key parameters of neo-industrialisation. Considering neo-industrialisation in regional economic systems, the innovative development path increasingly depends on such critical parameters as human capital, intersectoral interaction, and technological modernisation processes. The paper presents scientific and theoretical substantiation of the possibilities of regional innovative development in the context of current trends of neo-industrialisation. Research methodology and tools include systemic, categorical, structural, and functional analysis, conceptual modelling. We identified and described objective factors, trends, and problems of ensuring the long-term regional innovative development. Further, we defined and classified the current trends of innovative development of the regional economy, as well as substantiated the key parameters of neo-industrialisation. Then, we created a model of regional innovative development. To explain the discrepancies between the actual and the desired level of the development of neo-industrialisation parameters, we presented an algorithm that allows identifying bottlenecks, forming a roadmap, and implementing a mechanism for strengthening the potential of regional innovative development. Additionally, we specified key aspects of the innovative development path of regions, considering the current state of the real sector. The obtained theoretical results can be used for forecasting the most important economic challenges and identifying strategic factors for the regional innovative development in the context of neo-industrialisation.

The tourism industry and its role in sustainable, inclusive development

The strategy for the development of the tourism industry is considered, focused both on overcoming the crisis situation that has arisen as a result of the pandemic and on achieving the goals of sustainable, inclusive development in the post–crisis period. The strategy includes such stages as crisis management, financial recovery and post–crisis development, implemented through special regulatory instruments based on the interaction of the state, private sector and society. Practical recommendations have been developed to improve the efficiency of this strategy in the modern Russian economy.

Financial basis for the modern Russian economy

Subject. The article investigates the financial basis of the economy of contemporary Russia. Objectives. The focus is on identifying the financial basis of the modern Russian economy, the limits of economic activity, and conditions for economic development. Methods. The study rests on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. The paper unveils the need to study the financial basis of the modern Russian economy, which is caused by the duration of the transition from the socialist to capitalist socio-economic formation. The assessment of the growth rate of a wide range of statistical data reveals the financial basis of the modern Russian economy, i.e. direct investment, debt instruments, securities other than shares included in broad money, international liquidity, aggregate reserves, money supply. The existing financial basis limits the growth of gross value added, the increase in gross capital formation, etc. It also determines conditions for economic development, like high price of WTI crude oil and low price of gold, high gold price and the strength of the United States dollar. In the current structure of the Russian economy, both options lead to lower final consumption expenditure of the private sector and to limitation of stocks. Conclusions. The understanding of intermediate results of the long transition from socialist to capitalist socio-economic formation enables to define the boundary of the existence of the modern Russian economy. This boundary is generated by its raw material structure and financial basis.

How to fill the shortage of qualified personnel in the modern Russian economy

The demand for innovation-oriented specialists is growing every year. It becomes difficult to recruit qualified personnel capable of promoting innovative ideas and products in Russia. It is necessary to confront the difficulties of introducing new elements of the educational system in modern Sian universities and meeting the modern challenges of the economy - one of the main tasks of economic education and promoting this on the part of the state as a whole.

SOCIO-ECONOMIC SITUATION OF REGIONS IN PANDEMIC CONDITIONS (ON THE EXAMPLE OF PFD REGIONS)

The peculiarity of the modern Russian economy is in a greater degree heterogeneous development of its territories. The concept of long-term socio-economic development of the country for the period up to 2020 provided for the achievement of balanced development of regions as a priority direction. The pandemic suspended the growth of the entire world economy; Russia was affected by a sharp decrease in demand for energy sources, which was followed by a decrease in oil prices, budget revenues, worsening the population's economic conditions etc. The relevance and purpose of the article are conditioned by the need to study the impact of the pandemic on the socio-economic situation in the regions of the country. The study used the official data of Rosstat, Ministry of Finance of Russia, RIA Rating agency “Russia Today” for 2018–2019, the first half of 2019 and the first half of 2020. The research used the methods of analysis and synthesis, grouping, comparison, the index method, etc. Three regions of the PFD were chosen as objects of research: the Chuvash Republic, the Republic of Tatarstan and the Republic of Mari El, occupying different ranking positions by the level of social and economic development. The results of the study showed that the impact of the pandemic began in April 2020 and generally affected the indicators of the 1st half of 2020 and will affect the overall perfor-mance of the year. At this, the ranking places of the regions have not changed, and the indi-cators in absolute terms have sharply deteriorated. In the ranking of regions by the quality of life for 2019 the Republic of Tatarstan retained the 4th place, the Republic of Mari El moved from the 66th to the 61st place, the Chuvash Republic – from the 47th to the 44th place. The results of the study can be used in the practical activities of the authorities when carrying out the economic policy at the local level.

Роль политического ресурса в экономике России: история и современность

The study relies on the institutional economic history framework. We focus on the value of exclusive political resource leading to the building of hierarchically organized conglomerate of enclaves of wealth in the Russian economy. Various milestones of Russian history are emphasized. The functioning and evolution of enclaves of wealth are characterized through a complicated interweaving of added value chains and chains of value redistribution. The enclave nature of the Russian economy means that there is sustainable fragmentation of domestic economic markets. Integration of economy and society is ensured by the centralized market of power. Historically caused process of the building and functioning of enclaves of wealth in the modern Russian economy is the subject of special analysis. Their types are highlighted, and their impact on the development of the rest of the economy is characterized. The modern Russian economy is based on the export-resource enclaves of wealth. Industrial enclaves of wealth, which have been built in a number of Russian regions (for instance, Kaluga region), are the «inner maquiladoras» serving high-margin markets in the megalopolises and large cities. Innovation and scientific-educational enclaves of wealth have emerged as the result of projects of innovation development of the Russian economy and the transformation of the scientific-educational sector. These are positioned as the most important directions for building the innovation economy in Russia. However, the authors suggest that they are «pure recipients» receiving economic resources from the rest of the economy.

Directions of the Reproduction Process Transformation in Modern Russian Economy

The article is devoted to the analysis of the modern aspects of the reproduction process transformation in the context of the development of Russian economy. To achieve this goal, the work analyzes the transformation of the stages of social reproduction, as well as evaluates its impact on the relevant process scheme. It has been established that today each stage is undergoing significant changes, in particular, production methods and manufactured products are improved, the distribution of resources between sectors of economy is changing, exchange processes are expanding, and goals and methods of consumption are transformed. Among the features of modern reproduction models, the growth of the non-material sphere due to the development of the service market and their integration with material production, the implementation of the reproduction of a social product based on innovative production and Schumpeter competition, the establishment of human capital being a source of innovation as the basis of the reproduction process, should be noted. The current level of the development of Russian economy and promising requirements for the reproduction process in the neo-industrial model lead to the need to separate the stage of institutional and technological design of the product life cycle and to include a separate phase of scientific training in the traditional chain of stages of the social reproduction process. The results of the work can be used as a supplement to modern neoclassical theories and re-actualized political and economic methodologies.

State agricultural companies in Russia: characteristic and legal status

Modern Russian economy has many problems. In last decades country lost a significant part of its economic potential. Nowadays Russia has only a few strong sectors. One of them is agriculture. This sector consists of companies with state and private participation. Most of Russian agricultural companies are private. In some parts of the country and in certain sectors state companies dominate. The biggest agricultural companies with the participation of the Russian Federation are JSC “Head center for reproduction of agricultural animals”, JSC “United grain company”, JSC “Foreign economic corporation “Prodintorg”, JSC “Russian hippodromes”, JSC “Rosagroleasing”. Almost every Russian region has not less then one agricultural company with regional participation. The legal status of state agricultural companies is similar from region to region. Some Russian regions may have there own features.

The Significance and Role of the Public Sector in the Development of the Modern Russian Economy

The article examines the features of the public sector functioning, determines its role and importance in the development of Russian economy. Ensuring the performance of important socio-economic functions, public sector enterprises operate in strategically important sectors of economy, participate in job creation, produce goods and services, and contribute to the GDP growth. State-owned enterprises and corporations provide significant benefits to society, ensure the country’s defense capability. The authors analyze the functioning of the state sector of Russian economy, consider the structure of Russian enterprises and organizations by forms of ownership. The development of the state sector of Russian economy is investigated according to individual indicators, including the share of fixed assets of state property in all fixed assets, the average annual number of employees, the amount of investment in fixed assets of public sector enterprises. It is shown that taking into account only quantitative indicators does not reflect the full scale of the public sector of economy, and does not consider the output of large state-owned enterprises and corporations. An important role in the formation of modern Russian economy is played by the activities of state corporations, the key development indicators of which influenced the functioning of the public sector as a whole. By ensuring the performance of the reproductive, stabilization, innovation and investment functions in economy, state corporations support the development of strategically important sectors of national economy. Based on the results of the analysis of investment activities of large enterprises with state participation, conclusions are drawn about the need for the presence of these economic entities in the structure of national economy. It was revealed that the public sector of economy takes part in maintaining the economic security of our country, individual regions, thereby increasing the competitiveness and the level of well-being of society as a whole.

The strategy of the company Knauf, producing construction materials and systems in the context of the Russian economy modernization

The article discusses the economic aspects of the KNAUF group of companies’ activities in Russia in the context of economic modernization processes. Based on theoretical approaches to the analysis of the multinational manufacturing companies’ influence on national economic processes, the contribution of the group to the modernization processes in Russia is investigated. The correlation of the strategy and organization of the KNAUF group economy in Russia (organization of production, interaction with suppliers and consumers, investment and innovation policy, environmental and social aspects) with the key vectors of economic modernization, the risks are formulated for a positive projection of the company’s activities on the modernization processes.

To the adequacy of the financial system to the modern economy of Russia

Subject. The article examines the adequacy of the financial system to the Russian economy as is. Objectives. I evaluate whether the financial system meets requirements of the modern economy of Russia, and model the scope of compliance. Methods. The study relies upon the statistical analysis and mathematical modeling of developments in the correlation of cash flows and economic activities. Results. The focuses on the adequacy of the financial system to requirements of the modern economy of Russia. I analyze the structure, form and content of the economic system during the generation and utilization of cash flows. The financial system is deemed inadequate if there are some controversies between cash flows and economic activities, which can be eliminated with specific financial and economic remedies that are typical of the Russian economy. Financial remedies include an increment in gold reserves and money supply. Economic ones require to increase the production of crude oil, natural gas, associated gas, extraction and enrichment of iron ore. Modeling the dynamics of the financial and economic systems and applying the Cobb–Douglas production function, I marked the compliance boundary of the financial system from perspectives of the modern economic system. Conclusions and Relevance. Seeing the current situation in Russia, we can guess the financial system is adequate to the economic situation. I should also point out a variety of opportunities to preserve the structure, form and content of the economy, using financing mechanisms within the adequacy requirements. The findings enrich relevant knowledge and create new competencies of governmental authorities for making effective managerial decisions to ensure the sustainability of the Russian economy in accordance with the financial policy.

Formation, role and opportunities for the development of the construction industry in the modern economy of Russia

Formation, role and opportunities for the development of the construction industry in the modern economy of Russia

Oligopoly models and their manifestation in the modern Russian economy

This publication discusses the characteristics of oligopoly as one of the most common market structures, due to the fact that the attention of economists is constantly attracted to the problems of the functioning of a firm in such market conditions, the article presents a statistical analysis of various oligopoly models. Each model is characterized by certain signs. Based on these signs, oligopolistic markets are assigned to one or another model, an assessment of the appropriateness of using oligopoly models to analyze the interaction of market entities is presented. Based on an analytical comparison, it was revealed that oligopolies continue to be one of the most common market structures in the Russian economy. The influence of oligopolistic enterprises on the state of the country’s economy is very large, so it is so important to understand the processes that occur in oligopolistic markets, to explain the reasons for this or that behavior of firms. The most unfavorable oligopoly model for consumers is the cartel model, since in this case the market situation is close to the sellers monopoly. Most preferable for consumers are models in which there are no clear leaders, several firms can have a significant impact on the market. In an effort to maximize profits by increasing their market share, firms offer the most advantageous offers to consumers.

ANALYSIS OF THE CURRENT STATE OF THE FOOD INDUSTRY IN THE RUSSIAN FEDERATION ON THE EXAMPLE OF THE MEAT INDUSTRY

The modern economy of Russia has been reporting since 1991, when the collapse of the Soviet Union was happened. Since then, the country has taken a course to modernize the economy, as well as to integrate into the international economic space. Russia abandoned the planned system in favor of a market model of the economy, which is currently developing in the context of globalization, modernization and standardization. In recent years, due to the aggravation of the political situation in the world, Russia is in a situation of financial crisis and is experiencing enormous international pressure. In this regard, Russia is actively increasing its own production, primarily by developing the food industry. This industry is extremely important because it is connected with the production of raw materials and products aimed at meeting the food needs of the population.

Institutional Features of Digitalization of Russian Economy

The relevance of the research is caused by the importance of maintaining the competitiveness of the national economy in the conditions of forming and developing digital economy. The research objective is to analyze obstacles to the effective implementation of the strategy of digitalization of the domestic economy and factors that hinder it, which, in our opinion, are not given enough attention. The authors consider the influence of institutional features of modern Russian economy on economic behavior of business. The adverse institutional environment is considered the main reason which is slowing down digitalization of Russian economy and development of digital technologies by business. The analysis of the modern Russian institutional environment, in particular its important factors such as vulnerability of ownership rights and low institutional trust to the power, allows to draw the conclusion that they lead to the emergence and consolidation of new economic and behavioral norms, which become alternative mechanisms of the economic choice at implementing economic interests. Thearticle substantiates such a modern phenomenon of Russian economy as institutional alienation of reproduction functions of business at the social production. In this connection, there is a necessary to develop state actions for digitalization of economy at their coordination with a complex of actions for improving the institutional business environment, which is slowing down effective socio-economic development of the national economy.

THE CHALLENGES OF BANK LENDING OF SMALL AND MEDIUM BUSINESSES: MODERN RUSSIAN SPECIFICITY

The role of lending to small and medium-sized businesses in the development of the modern Russian economy has been considered. Bank lending in this particular segment of the economy has been analyzed with highlighting the main trends and problems. The most important role of the Central Bank of the Russian Federation in solving the problems of lending to small and medium businesses through the monetary policy and the improvement of the regulatory framework has been determined. The main ways to solve the existing problems in the bank credit market of small and medium businesses have been identified. The state support for lending to small and medium business entities through partial subsidizing of interest rates has been considered thoroughly, models of partial government subsidizing of interest rates at the stage of obtaining a loan and at the stage of loan repayment have been presented.