New Stage Of Economic Development Research Articles

The characteristics of the new dual-cycle development pattern and systemic financial risk based on TVP-SVAR and MS-VAR model analyses

The new development pattern of the dual cycle is an important strategic deployment by the Chinese government in response to the complex and changing economic environment and a new stage of economic development. Based on the perspective of this new dual-cycle development pattern, this paper explores the time-varying nonlinear relationship between this new development pattern and systemic financial risk by constructing two models: the TVP-SVAR-SV and the MS-VAR. The empirical results show that, first, there was a significant negative impulse response effect between the new dual-cycle development pattern and systemic financial risk. The inhibitory effects of the domestic cycle and short-term pulse response were more significant than those of the international cycle and medium- and long-term pulse responses. In addition, the inhibitory effect of the new dual-cycle development pattern on systemic financial risk exerted different impact effects at different timepoints, with significant variability. Second, there was a significant nonlinear relationship between the new development pattern and systemic financial risk. The MSIH(2)-VAR(1) model identified two regional states: the financial risk release stage and the financial risk accumulation stage. This effect lasted longer in zone 2 (financial risk accumulation phase), with a sample size of more than 60 % of the total sample and a duration of 6.12. Third, in the impulse response analysis of different zones, a mutually reinforcing effect was found between the domestic and international cycles, and both exerted a significant suppressive effect on systemic financial risk, which was more significant in zone 1. The findings of this paper have important theoretical and practical significance for constructing and perfecting the new dual-cycle development pattern, promoting the high-quality development of China's financial market, and preventing the accumulation and occurrence of systemic financial risk.

Organizational-economic and legal mechanisms of increasing the security efficiency of resource management of innovation-oriented enterprises of the hospitality industry in the context of digitalization

The article is devoted to the organizational, economic, and legal mechanisms that increase the security and efficiency of resource management of innovatively oriented hospitality industry enterprises in the context of digitalization. The study, crucial for the future of the hospitality industry, aimed to investigate the organizational, economic, and legal mechanisms for enhancing the security and efficiency of resource management in innovatively oriented hospitality enterprises within the context of digitalization. Given that one of the strategic tasks of the modern stage of development of the hospitality industry is to saturate the market with appropriate services that provide rationality and economy in the use of the critical resources of the enterprise: land, material, intangible, labor, financial, informational, time and entrepreneurial, its implementation determines the need the development of specific measures and the formation of a set of tools that would ensure the accelerated introduction of the hospitality industry to a new stage of economic development with further improvement of the efficiency of the production and economic potential of economic entities. The above actualizes the study of the organizational, economic, and legal mechanism of increasing the security efficiency of resource management of innovatively oriented enterprises of the hospitality industry in the context of digitalization. The directions for increasing the efficiency of the use of resources of innovatively oriented enterprises of the hospitality industry within the proposed mechanism are divided as follows: improving the quality of technical equipment, especially in the field of service provision; introduction of resource-saving technologies; introduction of new equipment and technology based on the achievements of scientific and technical progress; increasing the level of automation and robotization of technological processes and auxiliary works; reduction of production losses and waste; improvement of technological methods of production, reduction of waste and loss of resources due to the above-mentioned factors; ensuring the high quality of raw materials and materials necessary for the provision of services; introduction of new types of raw materials; improving the quality of services; selection of the most rational order forms; increasing the level of specialization of innovatively oriented enterprises of the hospitality industry. Keywords: organizational and economic mechanism, legal mechanism, security, efficiency, resource management, innovation-oriented enterprises, hospitality industry, digitalization.

К вопросу о подходах к определению понятия инновационного развития

The article discusses the results of a theoretical analysis of approaches to defining the concepts of “innovation” and “innovative development”. The authors proposed historical and economic approaches to the interpretation of the term “innovation”. These approaches identified three directions for considering the essence of innovative development: as a new stage of economic development, as a necessary element of economic growth, and as an obligatory element of economic development. The authors systematized the principles of innovative development and arranged them into three groups: general, specific, and interactive. In contrast to general and specific ones, the latter reflect modern trends in innovative development. The authors include the following interactive principles: activity, individualization, practical application and formative assessment. The article emphasizes that the dominant characteristic of innovative development is also its universality, i.e. innovatively in the modern economy, all industrial sectors will develop in different proportions.

ОЦЕНКА НА ИНОВАЦИИТЕ В ПРЕДПРИЯТИЯТА: ТЕОРЕТИЧНИ АСПЕКТИ

Innovations in enterprises and their evaluation are a real and significant problem regarding the transition to a new stage of economic development, as well as the related reformulation of enterprise development strategies and corresponding governmental policy. In this regard, the article aims to systematize the different positions on this problem. The positions of representatives from schools of economic thought at Brandeis, Harvard, Oxford and the University of Chicago and followers of Schumpeter, Porter, ordoliberals, etc. are distinguished. Different objectives of the renewal process are also established, respectively, in different evaluative contexts related to competition, enterprise size, welfare, general interest, new technological paradigms, etc., on the one hand, and various causes and consequences, on the other. The positions in the Bulgarian literature are grouped as those that reject the need for a change in the goal or those that define it as necessary and according to the goal’s content. In conclusion, it is summarized that modern discussions about innovations in enterprises and their evaluation are increasingly connected with current practical needs – the initiation of competition laws, solving contemporary challenges, the result of accelerating changes in the technologies used, etc. A recommendation is made to overcome the descriptive approach to problems of modernity in the Bulgarian economic literature and move to a problem-oriented one which aims at solving the current and emerging problems.

The impact of higher education on high quality economic development in China: A digital perspective.

In the context of China's new stage of economic development, this study examines the role of higher education in China's high quality economic development (HQED) strategy from a digital perspective. Using panel data of 30 Chinese provinces (municipalities and autonomous regions) collected from 2012-2020, comprehensive evaluations of the level of higher education and HQED are conducted through the entropy method, and a regression analysis is carried out with the fixed effect model. The results show that the level of higher education is positively associated with HQED and is able to achieve this effect through mechanisms that actively promote digital innovation and development. Further, the structure and quality of higher education plays a greater part in facilitating digital development than the scale and quantity. The heterogeneity analysis demonstrates that the impact of higher education on HQED is more significant in the eastern region of China than in the western region. An increase in the proportion of fiscal expenditure to GDP diminishes the impact of higher education on HQED, while an improvement in digital governance level enhances its influence.

The Polarizing Trend of Regional CO2 Emissions in China and Its Implications.

CO2 emissions are unevenly distributed both globally and regionally within nation-states. Given China's entrance into the new stage of economic development, an updated study on the largest CO2 emitter's domestic emission distribution is needed for effective and coordinated global CO2 mitigation planning. We discovered that domestic CO2 emissions in China are increasingly polarized for the 2007-2017 period. Specifically, the domestically exported CO2 emissions from the less developed and more polluting northwest region to the rest of China has drastically increased from 165 Mt in 2007 to 230 Mt in 2017. We attribute the polarizing trend to the simultaneous industrial upgrading of all regions and the persistent disparity in the development and emission decoupling of China's regions. We also noted that CO2 emissions exported from China to the rest of the world has decreased by 41% from 2007 to 2017, with other developing countries filling up the vacancy. As this trend is set to intensify, we intend to send an alarm message to policy makers to devise and initiate actions and avoid the continuation of pollution migration.

Research on Risk Contagion among Financial Submarkets in China Based on Complex Networks.

As the COVID-19 outbreak has an impact on the global economy, there will be interest in how China’s financial markets function during the outbreak. To investigate the path of risk contagion in China’s financial sub-markets before and after the COVID-19 outbreak, we divided the 2016–2021 period into two phases. Based on the time of the COVID-19 outbreak, we divided the new stage of economic development into pre-epidemic and post-epidemic stages and employed the DCC-GARCH model to investigate the dynamic correlation coefficients among the financial sub-markets in China. Furthermore, we employed complex network theory and the minimum tree model to describe the risk contagion path between two-stage Chinese financial submarkets. Finally, we provided pertinent recommendations for investors and policymakers and conducted a brief discussion based on the findings of the research.

Demand for leaders of a new type under present-day conditions

Subject. This article discusses the importance of leadership attributes at a new stage of economic development. Objectives. The article aims to investigate the factors influencing gender inequality in governance, and the attributes of transformational leadership of a new type necessary for the development of an innovation-driven economy. Methods. For the study, I used a comparative analysis and generalization. Results. The article describes the factors that prevent women from progressing up the career ladder, and finds that Russian society is largely exposed to gender stereotypes with the exception of the younger generation. Conclusions. The new challenges emphasize the importance of equal access to leadership positions for men and women, when the criteria of professionalism and the availability of competencies necessary to solve urgent problems play a crucial role.

Research on the Impact Evaluation of Digital Finance on the Synergy between Economic Development and Ecological Environment.

Following rapid growth, China's economy is entering a period of high-quality economic growth. High-quality economic development has a profound impact on China's current economic development. It can be said that the improvement of economic quality is an inevitable choice for China's new stage of economic development. From this point of view, promoting high-quality economic development has become an important practical issue in my country's current economic and social development. As the integration and innovation of digital technology and taxation, the blessing of digital technology maximizes integration and precision, which can effectively meet the needs of higher stages of economic development. Perfect and inclusive development has become an important support for sustainable and healthy economic development. At present, behind the rapid economic growth, human economic activities have led to the emergence of an ecological and environmental crisis. The growth mode characterized by high input, high consumption support, and high emissions has resulted in insufficient supply of regional ecological and environmental resources, pollution, and damage to the ecological environment and also intensified. Therefore, this paper first examines the concept of digital finance and its enlightenment to economic development, and believes that digital finance has a good role in promoting economic development. Second, an evaluation model for the relationship between environmental environment and economic development is established, and an evaluation index system is obtained. Finally, through the comprehensive evaluation and analysis of economic development and ecological environment, it is concluded that in the era of digital finance, the level of regional economic development has been greatly improved, and my country's regional economic development has been greatly improved, which is significantly faster than my country's ecological environment improvement level.

Космическая деятельность ОАЭ: разрушение стереотипов

The article analyzes the formation and development of the UAE space sector in the context of the country’s strategic plans. The author draws attention to how large-scale space activities change the existing perception of this country as a state whose economic well-being depends on export of energy resources. The article discusses how modernization has created conditions for transition to a fundamentally new stage of economic development, with space activity being one of its important sectors. The article analyzes in detail the organizational structure and legal acts that regulate activities in the field of space in the UAE. Space programs such as astronaut training, satellite launches, lunar exploration, and the Martian program are examined. All of them are part of Emirati international efforts aimed at space exploration. International cooperation, as the article argues, is a characteristic feature of the UAE space activities. The author acknowledges these colossal shifts that are taking place not only in the economic structure, but also in the social status, and in the minds of the Emirati citizens. The article also touches upon the rapid changes in the status of women, as demonstrated by the example of their participation in space activities. The author also draws attention to the growth in the number of nationally qualified personnel employed in the space sector, which indicates that there must be a reassessment of the established perceptions of the UAE as a traditional country whose citizens, with their well-being provided by the state, do not show interest in improving their education and increasing participation in economic development of their state. UAE space activities reflect the aspirations of the country to make a breakthrough in their economic and social development, as well as to increase their international prestige.

Discussion aspects of administration of taxes, fees, payments in terms of digitalization of the economy

Problem setting. Nowadays the world economy is in a permanent state of transformation. One of the main factors of transformation is digitalization, which affects almost all spheres of the economy. According to R.A. Petukhova, the defining modern trends of the new stage of economic development include: fast-developing business processes on the Internet, the formation of global information and financial centers and global mobile communication networks. All this affects economic processes and indicates the fact that today the digital international economy is being formed. To effectively regulate new ways of managing markets, methods of selling goods and providing services, transformation of public authorities, including tax authorities, is necessary. Analysis of recent researches and publications. Some issues related to the administration of taxes and fees were the subject of research of lawyers such as: O. Dmytryk, A. Lisovyi, M. Nazarov, R. Petukhova, S. Hasanova and others. Target of research is to consider the controversial aspects of the administration of taxes, fees, payments in the context of digitalization of the economy. Article’s main body. In the scientific article the actual issues of administration of taxes, fees, payments in terms of digitalization of economy are considered. Changes to the current national legislation of Ukraine (in particular, tax) aimed at stimulating the development of the digital economy are analyzed. Conclusions. Thus, at the present stage in Ukraine, the digitalization of the tax sector, in particular, the administration of taxes, fees, payments is gaining momentum. In our opinion, marked processes have both positive and negative characteristics. The introduction of technologies into the processes of tax administration allows to process large amounts of data, spend less time on it, get the necessary relevant information about the relevant taxpayers faster. In addition, it is advisable to note that with the help of digital technologies, transparency of business processes in the country’s economy is ensured.

The Impact of Foreign Shareholdings on Corporate Strategic Choice: A Quasi-natural Experiment from “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect

Strategic choice is an important corporate governance decision. What strategy the company needs to choose and what impact the strategy will bring to the company are the two most basic questions that need to be answered in the field of strategic management. Existing research mainly discusses the latter issue, but seldom involves the influencing factors of corporate strategic choice. Therefore, this paper is based on the important internal governance feature of equity structure, and selects the unique perspective of foreign shareholdings to investigate its impact on corporate strategic choice and its internal mechanism systematically. Considering that the capital market opening policy represented mainly by “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect has a certain exogenous nature and can effectively alleviate the endogenous problems faced in the study of the economic consequences of foreign shareholdings, this paper further selects “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect as a substitute variable for foreign shareholdings, and constructs a multi-time DID model to study the strategic choice tendency of the target company under the background of capital market opening. We find that foreign shareholders caused by “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect play an active external governance role in the strategic decision-making of the target company, which is manifested in effectively reducing the overall strategic progress of the target company. The above results are still valid after a series of robustness tests including substitution of key variables. The mechanism test shows that foreign shareholders mainly play the role of external governance by enhancing shareholder supervision, improving the information environment, and strengthening internal control, thereby restraining the target company’s strategic progress. Further research finds that foreign shareholders’ restraint on the target company’s strategic progress caused by the opening of the capital market has a more obvious time effect. That is, its governance effect gradually increases over time. This paper examines the specific motivations of strategic choice from the perspective of the company’s internal governance characteristics for the first time, enriches the relevant literature and research perspectives in the field of strategic management, and helps to analyze the ins and outs of corporate strategic choice from a more basic level. At the same time, this paper also expands the relevant research on the economic consequences of foreign shareholdings through the perspective of strategic choice, and provides incremental theoretical and empirical evidence for the comprehensive, objective and accurate evaluation of the economic consequences of capital market opening at the micro-level corporate governance under the background of the new era. It also provides a useful reference for the continuous improvement and optimization of the capital market opening system in the new stage of economic development. Finally, this paper not only provides a vivid case for the overall operation thinking of “opening to promote reform and reform to promote development” of China’s capital market during the 14th Five-Year Plan period, but also brings profound thinking for effectively promoting the modernization of listed companies’ governance capabilities and governance systems.

Новият стадий на икономическо развитие

Argumentation is presented for the emergence of a new stage in the development of national economies along with the global technology change and the new social and economic performance challenges. Theoretically, this notion is developed applying Hegel’s ideas of economic and social development. In this regard, economic development is defined as a continuous process of change, the quantitative accumulation of which leads to a new stage with а qualitatively different goal, subject and mechanism for achieving it. Arguments for transition to a new stage of economic development are drawn from the analysis of contemporary concepts of innovative development, knowledge economy, circular economy and digitalization of the economy. They are associated with the application of new indicators for targets of economic development and new methodologies for collecting and interpreting new appearances in the real economy. The article also provides arguments for the transition to a new stage of economic development from the practice of the EU concerning the development and monitoring policies for achieving new goals. This is accompanied by rethinking the strategy and developing new alliances. The presented data show an unsatisfactory performance of the development of the Bulgarian economy among the EU member states. Following the above statements, it is assumed that it is necessary to rethink national strategy taking into account the challenges of transition to a new stage of economic development and opportunities, they provide for progressive development based on specifics national economy and identity of the society.

Discourse of University: Knowledge in the Era of Contemporary Forms of Capitalism Development

The article represents research in the field of the contemporary forms of economic development based on the knowledge which acts as a new productive force. It is shown that the new stage of economic development is connected to the transformation from the material forms to non-material forms of functioning and has its roots in the cultural revolution of 1970s. The reorganization of the university and the educational organization in European countries in general played the key role as preconditions of the cultural revolution. Marxist methodology was chosen as an instrument for the analysis of knowledge-based economy taking into account the need to develop Marx conception of general intellect (scientific knowledge) and revise the class theory and the theory of surplus value.The key finding is that the contemporary knowledge-based economy implements both financial and productive tendencies in conjunction. It is shown that the predominance of one or another tendency depends on university’s discourse functioning which serves as a mediator between a subject of knowledge and the capitalism discourse. The first tendency reflects undesirable processes of social life: general intellect when it isn’t tied to the production, begins to develop according to the formula «G.I - G.I’», reproducing financial logic of capital increment. In such case, we deal with the process of knowledge submission to capital. The second tendency is connected with the dominance of productive function and defined in terms of cognitive capitalism, where knowledge-based intellectual labor gets its autonomy from capital. Cognitive capitalism represents such form of economic organization where knowledge, as a productive force, makes possible the intellectual productions which involve cognitarians - cognitive workers and producers which are able to create the innovative products. The maintenance and development of the cognitive capitalism become possible in connection with the correct organization of education at university which, in addition to the classic form of knowledge (hard skills), represents a contemporary digital space for the transfer of additional knowledge (soft skills) and serves as a platform for the organization of the effective forms of intellectual productions.

НОВЫЕ ПОДХОДЫ К ФОРМИРОВАНИЮ МЕТОДОЛОГИЧЕСКИХ ОСНОВ НОРМИРОВАНИЯ ТРУДА В ОТРАСЛЯХ БЮДЖЕТНОЙ СФЕРЫ

Digital technologies are being actively introduced into our life and economy that it is often impossible to track all innovations and the resulting effect of their appearance; the population quickly adapts and gets used to them. Similar trends are observed in the public sector. Visitors to clinics, museums, Multifunctional Public Services Centers, and other institutions easily use an electronic system that puts a queue to a specialist, use various services and gadgets. Due to digitalization, remote work is gaining more popularity, especially among young people, pensioners and women. The remote work market plays a very important role in the modern economy. As an extremely complex distribution mechanism, it ensures the connection of workers to remote workplaces. Thus, it affects both productivity and growth rates, as well as many other parameters of the economy as a whole. Digitalization is becoming such an important factor in increasing labor productivity and improving the quality of life that the changes taking place in the market are considered as the onset of a new stage of economic development. Currently, the development of digitalization is primarily associated with the introduction of digital communication technologies, the platform for which is the Internet and mobile devices. Information technologies are being integrated into all spheres of economic activity. In this regard, the nature of labor, as well as labor functions are undergoing dramatic changes, the proportion of work performed remotely or using specialized software is increasing. In this regard, the work intensity (provision of services) requires attention, which directly depends on the updating of the methodology of labor rationing. Within the framework of this article, the methodological foundations of labor rationing in the public sector are analyzed, considering the impact of digitalization and automation processes on labor rationing.

THE DEVELOPMENT OF ECONOMY OF KNOWLEDGE IN MINING REGIONS: POTENTIAL, CHALLENGES, PROSPECTS

Increasing role of human capital, knowledge and advanced technologies demonstrate the fact of shaping a new stage of economic development, i. e. economy of knowledge, where innovation becomes an integral part of business. However, indicators of innovation development show that Russia is seriously lagging behind western countries. At the same time the development of Russian regions is extremely uneven and it is connected mainly with mining regions. A key industrial region of the Russian Federation – the Kemerovo region was selected for analysis. The article estimates the innovation potential of the region and indentifies acute problems hindering its integration in economy of knowledge. It was shown that existing problems should be resolved by a whole set of measures aiming at the development of partnership relations of power, science and business, at the formation of conditions necessary to attract and retain highly-qualified specialists, at building up adequate infrastructure and surroundings for making business, at upgrading the legal base, at the development of international and inter-regional cooperation in the field of managing knowledge and innovation. Apart from that an important role of techno-parks for the development of economy of knowledge in regions was underlined.

ЦИФРОВИЗАЦИЯ ЭКОНОМИКИ КАК ОДНО ИЗ УСЛОВИИ ЭКОНОМИЧЕСКОЙ БЕЗОПАСНОСТИ

At present, modem society is being formed in the context of global changes. Advances in information technology and telecommunications are transforming every sphere of human activity. The most dynamically developing innovative phenomenon is the ‘digital economy’. The transition to a digital economy is considered one of Russia’s most important national development priorities, as the level of digital substitution determines a country’s international competitiveness. At the same time, the Russian Federation’s entry into a new stage of economic development requires its own scientific solutions and the latest developments. This article discusses the positive aspects of the introduction of digital technologies at the economic and social level. The economic problems and risks posed by the emergence of a new era, the digital age, are investigated. The conclusion highlights the main areas of economic and information security in the digital economy.

DEVELOPING ECONOMY OF INFORMATION SOCIETY IN RUSSIA

Today we can observe the trend of the rising role of knowledge and intangible assets, which is stipulated by the new stage of economic development, i.e. economy of information society. The issue of the information society development is directly connected with technological innovation. The article shows the essence of information society, its principle determining factors, including human capital, innovation potential, informationcommunication infrastructure, information security, information environment, etc. The author analyzes dynamics of these factors in our country and makes international comparisons. It brings us to the conclusion that Russia is lagging behind the world leaders by key indicators. Apart from that, developing economy of information society in our country is mainly identified with the use of information technologies without taking into account social components. It is underlined that the essential role in this process should be attributed to institute of trust. The author puts forward the hypothesis about future changes in economy and society, in production processes and in man himself and proposes a set of steps aimed at intensifying the process of developing economy of information society in the country and discusses the related prospects.

Innovative Technological Potential as the Basis of Mining Regions Sustainable Development in the Era of Knowledge

The increasing role of human capital, knowledge and high technology indicates the formation of a new stage of economic development – the knowledge economy, from which innovation becomes an integral part of business. However, in terms of innovation development, Russia lags behind the western countries several times. At the same time, the development of Russian regions is extremely uneven. First, it concerns mining regions. For analysis, a key mining cluster of Russian Federation was chosen – Kemerovo Region. The article assesses the innovative potential of the region, and identifies the most pressing problems that impede its integration into the knowledge economy. Solving existing problems should be carried out through a set of measures aimed at developing partnerships of government, mining science and mineral resources extracting business, creating conditions for attracting and retaining highly qualified specialists to the mining enterprises, creating an appropriate infrastructure, increasing the region’s investment attractiveness, developing interregional and international cooperation in the field of subsoil extracting management.

Recent developments in China's labor market: Labor shortage, rising wages and their implications

AbstractChina's abundant supply of cheap labor has played an important role in its remarkable economic and social development. Recently, however, China has experienced a labor shortage and rising wages, implying that the country's long‐lasting competitive advantage based on its “unlimited” labor supply and low costs is vanishing. We find that structural demographic changes, regional economic growth disparities and the household registration system may have caused the labor shortage. Furthermore, China's continued low wages, relatively low labor share of gross national income, declining proportion of household consumption to GDP, and productivity improvements as well as increasing unit labor costs can be used to explain the recent wage increases. The dramatic development of its labor market signals that China is entering a new stage of economic development. The country's prior successful model of economic development needs to be adjusted to adapt to the new situation in its labor market to achieve sustainable economic development.