Development Of Sector Research Articles

Modern conditions for reproduction of the educational potential of the Russian workforce

The relevance of the research is related to the need to substantiate the specifics of reproduction of the educational potential of workforce as a key resource that ensures generation of new knowledge, its successful implementation into practice, and innovative development of domestic enterprises. The purpose of the article is to identify and analyse modern conditions for the reproduction of the educational potential of the workforce. The research methodology is based on the use of an integrated and systematic approach to determining them, comparative and statistical methods of analysis. As conditions for the formation of the educational potential in the post-industrial era, the article considers: demographic conditions, globalisation, formation of a unified information space, and digitalisation of the economy, increasing demand for skilled labour, accelerated development of the service sector, and increase in labour migration. The results of the analysis show that in Russia, the reproduction of the educational potential is hampered as a result of the demographic crisis manifested in the continuation of the trend towards natural population decline and an increase in the number of people of retirement age; increase in the scale of external migration of skilled labour; average level of Internet accessibility to the population, and, as a result, insufficient formation of its digital skills. Attention is focused on the growing need of the national economy for personnel with a high educational and qualification level, digital skills, and information culture due to the formation of a unified information space and digitalisation of the economy, accelerated development of the service sector, globalisation, and the increasing role of universities in shaping the general culture of the population. The prospects for further research are to develop an organisational and economic mechanism for reproducing the educational potential of the workforce.

Industry specialisation of the Kemerovsk region – Kuzbass: trends and problems that affect economic growth and development of the region

The article is devoted to studying the influence of industry specialisation of the Kemerovo region – Kuzbass on the economic growth of the entity. The purpose of the study is to identify the most significant trends and problems of the industry specialisation that affect the development of the region. Using methods of scientific knowledge – description, synthesis and generalisation of the data obtained; literature review, graphical method – the following has been conducted: analysis of the dynamics of structural changes in the gross regional product (hereinafter referred to as GRP) of the Kemerovo region – Kuzbass; assessment of trends in the movement of main industry indicators and indicators of regional industry. The information base of the study consists of foreign and domestic publications devoted to the analysis of the GRP sectoral structure; statistical data from the Federal State Statistics Service and its territorial authority for the Kemerovo Region – Kuzbass. Based on the analysis of the structural changes dynamics, an increase in the contribution of the raw materials sector to the country’s gross domestic product and an increase in the share of mineral extraction in the industry structure of the GRP of the Kemerovo region – Kuzbass have been revealed. The trend of decrease in the industrial production index is analysed, it is shown that it has a trend similar to the dynamics of the decline in mining production, and the reasons for the decline are described. The strengthening trend of economic growth in the Kemerovo region – Kuzbass based on the raw model has been determined. East Asian models of economic growth are considered. The expediency of using international experience in the design of high-tech industries on the basis of private investment in the research and development sector, and its adaptation to the realities of the development of Russian regions is indicated. A conclusion is drawn about the need to support the technological sovereignty of the country and the transition of the development of the Kemerovo region – Kuzbass to a non-primary model.

State and trends in the development of the microfinance market in Russia

The relevance of the article is due to the insignificant contribution of microfinance to the development of the Russian economic system, especially in the context of supporting small and medium-sized businesses. However, the regulator sees it as a promising sector of the financial market and considers its progressive development necessary. The purpose of the work is to study the current state and identify trends in the development of the microfinance market in Russia. The methodological basis of the study includes empirical observation and analysis. During the work, official statistical data and scientific publications on the topic of microfinance have been used. The article provides a review of current legislative documents regulating the microfinance sector, and analyses the state of the market based on statistical data. It is substantiated that some elements of the monetary and financial policies pursued in the Russian Federation can be applied for the successful development of the microfinance sector, contribute to its effective and balanced work, and improve accessibility and sustainability. In the course of the work, key directions for the development of the microfinance market are formed: improving regulation and supervision; promoting financial literacy of the population; application of digital technologies; expansion and diversification of the product portfolio, development of partnerships, social entrepreneurship, which contribute to the sustainable development of this segment of the financial market. Particular attention is paid to a detailed analysis of improving the regulatory framework for microfinance in Russia from the point of view of legislation on bankruptcy of individuals, stimulating innovation and digitalisation, and supporting social entrepreneurship.

Impact of Tourism on Poverty Reduction: Strategies to Achieve Sustainable Development Goals Through Local Community Participation

Objective: This article aims to examine the impact of the existence of tourist destinations on the welfare of households living around tourist locations in an effort to achieve the Sustainable Development Goals category ‘No Poverty (SDGS 1)’. Method: The data used is the results of the 2021 National Socioeconomic Survey (SUSENAS). The selected respondents are households in Sumenep Regency, Madura, Indonesia. The data analysis method used is Propensity Score Matching (PSM) to avoid bias. Of the approximately 3,000 selected respondents, 101 were identified as tourist respondents and 310 non-tourist households Results and Discussion: The results of different tests on expenditure variables and income per capita show that households in tourist areas are not more prosperous than other households with similar characteristics. It can be concluded that the existence of tourist destinations has not made a positive contribution to the welfare of the community around tourist destinations. Research Implications: This study has important implications. First, the development of a sustainable tourism sector has an impact on poverty reduction. Second, the significant impact of poverty reduction can improve the welfare of society in general. Originality/Value: The originality of this research is that the use of the propensity score matching method in tourism analysis is still limited. This is an initial research that uses the PSM method to analyze the impact of tourism on poverty.

Analysis of Decoupling Effects and Influence Factors in Transportation: Evidence from Guangdong Province, China

In recent years, global environmental issues have become increasingly prominent. The transportation industry, as the fundamental sector of national economic development, is also characterized by high energy consumption and carbon emissions. Therefore, it is imperative to conduct research on the carbon emission problem within this industry. In light of the Tapio decoupling model, an analysis of the correlation between traffic carbon emissions and economic development in Guangdong province during 1999–2019 was carried out. With the aim of encouraging Guangdong province’s low-carbon transportation development, the factors affecting the transportation industry are analyzed utilizing the generalized Divisia index model (GDIM). We also introduced passenger and freight turnover as an influencing factor for analysis. The findings indicate that (1) Guangdong province’s traffic carbon emissions increased from 1999 to 2019; (2) the traffic carbon emissions’ decoupling effect is mainly “weakly decoupled”, and the overall decoupling effect is not strong in Guangdong province; (3) among the traffic carbon emissions’ factors, the effects of the production value of traffic and the turnover volume are at the forefront, and the effect of turnover volume has gradually exceeded the production value of traffic in recent years. The suppression of the intensity of carbon emissions is relatively large, while the suppression of the intensity of energy consumption and transport is relatively weak. Based on this, strategies were proposed to promote a cleaner energy mix, improve energy use efficiency, create energy savings, develop green technologies, and foster the restructuring of transportation.

Innovative policy of WTO on trade in the global financial services market

The World Trade Organization (WTO) has been actively working to address the various challenges facing the global financial services market and is of great importance for the regulation of trade in general, including trade in financial services. This is done through the WTO’s guidance in the conclusion of trade agreements containing provisions on financial services, such as the General Agreement on Trade in Services (GATS). The main goal of the GATS is to create conditions for legalizing and regulating trade in financial services between member countries. It promotes the creation of a legal framework for trade in services, including financial services, and establishes principlesand procedures to be followed by market participants. In addition, the WTO facilitates the exchange of information and best practices between countries to promote innovative development of the financial sector (FSC), Trade Facilitation Agreement (TFA), and stimulates competition, which can foster innovation. However, specific policies on innovation in the financial sector are usually determined by national governments and regulators, and the WTO helps to create a general framework for their development. However, it should be noted that ongoing efforts are needed to address the remaining challenges and to promote a more efficient and accessible global financial services market. The article examines the key features of the regulatory framework for modern financial instruments in individual countries, as well as the mechanisms of WTO regulation of the global financial services market.

INDIVIDUAL FACTORS, SOCIAL RELATIONS, UTILIZE SOCIAL MEDIA ON BUSINESS DEVELOPMENT

Globalization and the development of information technology, the Micro, Small and Medium Enterprises sector has become the main pillar in driving the local economy. Garut Regency, West Java, has great potential in developing MSMEs which play an important role in job creation, economic growth and income distribution. There are challenges in optimizing the growth and sustainability of MSMEs in this area. This research aims to examine the influence of individual factors, social relationships, and the ability to utilize social media on the development of MSME businesses in Garut Regency. The method used is an explanation survey with a quantitative and qualitative approach (mixed methods). Quantitative data was collected through questionnaires, while qualitative data was obtained from Focus Group Discussions and in-depth interviews. The results of analysis using Structural Equation Modeling show that individual factors have an influence of 32.1%, social relations have an influence of 32.9%, and the ability to utilize social media has an influence of 35.9% on the development of MSME businesses in Garut Regency. Simultaneously, these three factors have an influence of 44% on business development. This research provides a basis for formulating more effective policies and programs to support the growth of MSMEs in Garut Regency.

Emergence of global value chains as key driver behind industrial development: evidence from participating African countries

Purpose The purpose of this paper is to examine the role of global value chains (GVC) in industrial development of emerging economies, with particular focus on participating African countries. The findings of this study are expected to provide insight on the need for more developing countries to participate in GVC. Design/methodology/approach This study is built upon the neoclassical and endogenous growth theories, which postulate that savings, physical capital and human capital are the fundamental drivers of development in productive sectors of the economy. The investigation, covering the period 1980–2021, is carried out by using the unrestricted error correction model and dynamic ordinary least squares model. Findings The results of this study reveal that GVC stands as the dominant factor driving industrial development, compared to savings, physical capital and human capital. The findings, therefore, seem to contradict the postulation of conventional theories. The policy implications of the findings are not far-fetched. First, industrial development in the participating African countries has benefited largely from GVC; hence, it is necessary to encourage more participation. Second, industrial development also benefited from the control variables (savings, physical capital and human capital), hence the need to sustain their complementary role. Thirdly, only three African countries are actively participating in GVC, which suggests that more countries need to join, to facilitate industrial development. Originality/value Previous studies have not given adequate attention to African countries that participate in GVC, thus creating a void that needs to be filled. This study, therefore, produced results that are relevant to policy-making on industrial development in African countries.

Optimization of Marginal Price Forecasting in Mexico through applying Machine Learning Models

The Local Marginal Price (LMP) represents the value of energy at a specific moment and location, and its proper management is crucial for the development of the country's strategic sectors. This study compares the ADR, RPSG, SARIMA, and LSTM-H models for predicting the LMP, achieving an approximate effectiveness of 88%. By implementing it in 28 nodes of the three interconnection systems (SIN, BCA, and BCS) in Mexico, the results of the enhanced LSTM network analysis are presented through sensitivity analysis and an ensemble with Prophet, yielding the following metrics: MAE: 0.0189, MSE: 0.0101, RMSE: 0.1007, and MAPE: 12.18, at node 05PAR-115 in Hidalgo del Parral, Chihuahua. This model can construct tree diagrams (ADR) that identify the critical variables for predicting the LMP of any node, significantly contributing to the accuracy of predictive analysis models.

Comparative analysis of CO2 emission linkages of construction between China and the United States using structural path analysis

Structural Path Analysis (SPA) and the Hypothetical Extraction Method (HEM) are both established methods for studying CO2 emissions. However, their combined application to investigate emission linkages in specific sectors, such as construction, is relatively novel. This research integrates SPA and HEM to explore the CO2 emissions linkages within the construction sectors of China and the United States, providing a comprehensive understanding of how these emissions are interlinked. The findings show that construction sector of Untied States and China is the largest production-based CO2 emissions of construction sector in the world, but the consumption-based emissions of construction sector in China contributes 29.81% of total CO2 emissions, compared to 5.63% in the U.S. This suggests that the carbon footprint of the construction sector is a significant consideration, irrespective of whether it is assessed from the standpoint of production or consumption dynamics. Meanwhile, the development of construction sector has driven the electricity, gas, steam, and air conditioning supply sectors to emit a large amount of CO2 emission in both countries. By analyzing the differences in the main emission linkages and pathways of the construction sectors between China and the U.S., this study provides insights for reducing CO2 emissions in the construction sector and assists policymakers in developing future strategies.

ЕВОЛЮЦІЯ ДЕРЖАВНОГО БАНКІВСЬКОГО СЕКТОРУ УКРАЇНИ

Introduction. During the period of independence, several state-owned banks operated in Ukraine – from two in the 2000s to seven in 2013-2014 and 2024. Until 2008, the state’s share in the banking sector's assets was insignificant and amounted to approximately 6%. Since then, the share of state-owned banks has increased almost 10 times. Banks of the public sector are included in the list of critical infrastructure objects in the banking system and the list of authorized banks of Ukraine involved in work in the conditions of a special period. The purpose of the article is to determine the main trends in the development of the state banking sector in Ukraine during the period of independence. Methods. In the research process the following general scientific methods of knowledge were used, such as historical method (when studying the emergence and development of state banks in chronological order), generalization and comparison (when studying the essence of state banks, to compare the state banking sector of Ukraine and foreign countries), analysis (for assessment of the role of individual state-owned banks) and synthesis (for a generalized assessment of the share of the state-owned banking sector and the economic problems arising from it), a statistical method (in the study of quantitative indicators of the functioning of state-owned banks of Ukraine). The results. The main stages of the development of the state banking sector of Ukraine were studied: the reasons for the creation of state banks and the nationalization of private ones, the results of these decisions for the economy and the financial system, and the change state banking sector’s share in the banking system were analyzed. The place of individual state banks in the banking system by size and share of assets is highlighted. Conclusions. The main negative consequences of a high share of the state in the banking sector are summarized and the need to reform the state banking sector of Ukraine is formulated. The impracticality of privatizing the largest state-owned banks during the war has been substantiated.

Application of Public-Private Partnership Mechanisms to Ensure Innovative Development of the Healthcare Sector

INTRODUCTION. The pursuit of technological sovereignty in the current geopolitical situation has led to a growing emphasis on studying relations in the field of government support for healthcare innovation, in particular, the institute of public–private partnership (PPP). In the face of the challenges presented by sanctions, the economic crisis, and a potential deficit in sustainably competitive national innovative medical products, the Russian government is confronted with the necessity of financing the development and production of innovative medical products, including through involving private partners (investors). The use of PPP mechanisms is essential for the achievement of technological sovereignty. In addition to attracting private capital and competences, PPP mechanisms can significantly accelerate the development, realisation, and introduction of innovative medical products, improve the quality of medical care, and increase the production of medicines and medical devices.AIM. This study aimed to analyse existing PPP mechanisms for the development of the Russian healthcare, science, and technology sectors within the framework of state–business relations and to identify optimal models for the development, realisation, introduction, and production of innovative medical products.MATERIALS AND METHODS. The study analysed Russian federal legislation using an information-based analytical approach to identify the most promising mechanisms for innovative development in healthcare, with a focus on PPP models.RESULTS. The article considers frequently encountered forms of possible government involvement in and support of innovative healthcare development with the aim of increasing efficiency and scaling up the realisation and introduction of innovative medical products. Additional aspects covered include the funding of technological sovereignty projects, the expansion of preferential regimes, and the concept of using PPP models. The article presents various PPP realisation mechanisms, including special investment contracts, concession agreements, and PPP agreements, which allow placing infrastructure facilities under the management of private partners. The transferred facilities may include production facilities, research centres, and other facilities necessary for innovative development. The article pays particular attention to the terms and features of concession agreements in the healthcare sector, considers the distribution of duties and responsibilities between the parties involved, and investigates the use of the risk-based approach. Additionally, the article analyses established business practices to identify conditions that are necessary for the parties to a concession agreement.CONCLUSIONS. The realisation of PPP projects in the innovative development of the healthcare sector requires taking into account and overcoming constraining factors, including technological and administrative barriers that may hinder effective development. The authors believe that the most preferable PPP form is the concession agreement model.

Optimum carbon tax rate for emission targets of electricity generation system by life cycle techno-economic-environmental optimization model

Reduction of greenhouse gas emissions from the electricity sector is of special interest for decarbonization of energy systems. Optimum carbon tax as a powerful policy tool is here studied by integrated techno-economic-environmental life cycle analysis in a unit commitment problem. The present model is formulated as a bi-level optimization problem to reach the optimum carbon tax rates for different emission targets. The total life cycle CO2 emissions are estimated to be 20333.90 tons/hr in a real case study of Iran's electricity sector for the peak demand hour. The carbon tax rate for a 2% and a 3% emissions reduction is equal to 15.87 and 24.65 $/ton, respectively. In the business-as-usual scenario, higher carbon taxes will be required each year to meet the same emission target. However, developing the electricity sector with cleaner technologies and strategic plans may decrease the carbon tax rate. The extent of this reduction depends on the type of development program implemented in the green revolution scenario. Therefore, policy makers play a direct role in ensuring the sustainable development of the electricity sector. The present model provides a robust framework to analyze the real carbon tax rates for the whole life cycle of electricity generation dispatch.

The Digitalization Imperative: Unveiling the Impacts of Eco-Industry Integration on Sectoral Growth and Transformation

In the context of the global shift toward sustainable development, ecosystem-based ecological industries have become a critical area of focus for achieving green economic transformation and promoting the harmonious development of both society and the environment. This paper aims to explore the impact of industrial integration on the progression of ecological production within the framework of digitalization, with a particular emphasis on key sectors such as agriculture, forestry, and tourism. Utilizing multi-group data from 284 cities spanning the period 2011 to 2020, the study establishes a relationship between industrial integration and the growth of ecological industries, employing a two-way fixed effects model for analysis. The results demonstrate that industrial integration within ecological sectors significantly fosters sectoral development through two main mechanisms: the extension of industrial value chains and cross-sectoral synergies. Moreover, in the era of the digital economy, digitalization plays a pivotal role in facilitating the integrated development of ecological industries. The study further identifies that digital technology, digital finance, and digital expertise serve as mediating factors in this integration process. It is recommended that future initiatives focus on leveraging digital tools to enhance the integration of ecological industries, thereby advancing industrial growth. Furthermore, China is encouraged to continue promoting the integrated development of ecological industries by supporting the expansion of industrial value chains and fostering intersectoral cooperation. Simultaneously, the role of digitalization should be emphasized, with particular attention to the incorporation of relevant digital components into the industrial integration process moving forward.

Revisiting the Productivity Paradox: What is Next for the BRICS and European Banking Systems?

Information technology is a critical driver of productivity growth in modern economies. However, there has been no convincing explanation for the observed discrepancy in the literature, increasing suspicion on whether IT can improve institutional performance in contemporary banking markets. The fallacy of productivity adds credence to Robert Solow’s dictum, “You can see the computer age everywhere except in productivity statistics”. We employ two extensive bank-level datasets of 5,794 institutions across 37 nations to estimate the total factor productivity (TFP) payoffs from IT in BRICS and European markets. A DEA-based, Malmquist productivity index quantifies TFP change and its respective components. Findings provide evidence against the paradox as both regions experience IT-fueled productivity growth. Nevertheless, such associations vary across banking sector development, rationalizing how IT spending can explain productivity differences across nations. For BRICS banks, a significant proportion of TFP growth originates from frontier expansion instead of frontier progression, signaling a widening of technology gap. Contrastingly, IT has diminished the technology gap between European banks. Intra-country comparisons suggest that if IT-driven productivity growth is regarded as a nation’s long-term goal, industry characteristics should govern the distribution of knowledge capital.

Energy Policy Uncertainty, Financial Development and Public-Private Investment in BRIC Nations

The transition to sustainable energy systems requires substantial investment, yet the impact of policy uncertainty on investment decisions remains poorly understood, particularly in emerging economies. While previous studies have examined various determinants of energy investment, the interplay between energy policy uncertainty (EPU) and financial sector development (FSD) in shaping public-private energy investments has received limited attention. This study investigates how EPU influences public-private energy investments in BRIC nations and examines FSD's moderating role. Using an ARDL model on data from 1998-2022, we find that EPU significantly deters investment, while FSD exhibits a positive influence. Notably, FSD moderates the negative impact of EPU, suggesting that robust financial sectors can buffer against policy uncertainty's adverse effects. These findings provide crucial insights for policymakers in emerging economies, highlighting the importance of stable policy frameworks and developed financial markets in facilitating energy transition investments.

The Determinants of Financial Development: Evidence from Bayesian Model Averaging

We examine the determinants of financial development using our global sample and employing different measures of financial development that assess the degree of depth and efficiency of financial intermediaries. We use instrumental variable Bayesian model averaging to test competing theories with this unifying framework. After examining nearly 20 potential determinants of financial development, we find that the rule of law, as well as some of its components, is the most important. In addition, our results suggest that wealth inequality is irrelevant to banking sector development but positively associated with stock market development.

LEGAL PROTECTION TOWARDS PUBLIC COMPANIES FROM BANKRUPTCY

<p>Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations (UU KPKPU) only requires the provision that a Bankruptcy/PKPU application to be submitted by one creditor, and that it can be proven that the public company has at least two creditors, one of which is past due. Financial Services Authority (OJK) has the authority to regulate and supervise activities in the capital market field or sector carried out by public companies. OJK should be responsible for providing legal protection for public companies that submit applications for bankruptcy. The research method used is a normative legal research method. The results of this research confirm that Article 55 paragraph (1) of the OJK Law and Article 8 paragraph 4 of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law) are the legal basis or legal protection that gives the authority to the Financial Services Authority to carry out regulation and supervision of financial services activities in the capital markets sector, where financial services activities in the capital markets sector are also carried out by public companies. There must be rules that are made firmly and explicitly so that the OJK is given responsibility, function and authority in protecting public companies from bankruptcy by carrying out insolvency tests. This means that before a public company is submitted for bankruptcy, the OJK must first carry out an insolvency test to determine whether the public company is in a state of insolvency or is actually in a state of solvency. If the results state that the public company is indeed insolvent, then the OJK must provide a product stating either in the form of a cover letter or a certificate that the public company is suitable for the debtor to submit a bankruptcy petition.</p>

SOCIO-ECONOMIC SUSTAINABILITY OF THE TOURISM SECTOR ENTERPRISES IN THE CONTEXT OF THE COVID-19 PANDEMIC: GLOBAL AND UKRAINIAN DIMENSIONS

In 2020, one of the main negative factors affecting the development of the tourism sector was the COVID-19 pandemic. Complicating the economic situation due to the coronavirus crisis for developing countries and local communities that are disproportionately dependent on tourism threatens the growth of poverty in these countries, not to mention the possibility of developing the tourism industry on a sustainable basis. The article examines the situation in the tourism industry of Ukraine, which has arisen as a result of the spread of the COVID-19 pandemic, and analyzes the possibilities of recovery and development of the tourism industry based on sustainable tourism. Based on the analysis of statistical data and the study of the level and trends in the development of the tourism business at the global and national levels, the authors proposed practical directions for the recovery of the tourism industry in the context of COVID-19, which will be beneficial not only for Ukraine but for developing countries as well. It is shown that the crisis in the tourism industry, which arose as a result of quarantine restrictions to reduce the spread of the pandemic, has complicated the process of implementing the Sustainable Tourism Concept for countries with low economic performance. It has been proven that the further development of tourism in developing countries based on cooperation and consistency of measures is needed to regulate travel at the bilateral, regional and international levels, to ensure safety for travellers and workers. Bringing together the government, the public, and the business community to work on a practical and implementable plan to revive the tourism sector. Increasing investment in technology, green infrastructure and jobs.

Penerapan model kolaboratif dalam kebijakan data tunggal industri emas bagi penerimaan negara dengan pendekatan multi helix

Indonesia is one of the largest gold producing countries in the world. Based on mineral commodity data, Indonesia’s gold reserves reached 2,600 tons. In addition, the mining production reached 66 metric tons in 2021 and 70 metric tons in 2022. However, there are various problems and challenges related to efforts to utilize gold minerals, one of which is the limited availability and validity data. Therefore, this research aims to analyze how a collaboration model related to the gold industry’s single data policy for tax purposes can be implemented using a Multi Helix approach. In the Multi Helix concept, the role of each actor has very close participation to create success in creating quality data in the gold industry sector and sustainable development. Furthermore, it is expected to contribute significantly to tax revenues. Aside from that, the existence of the SDI policy is intended to provide benefits for sustainable economic development by maintaining a good quality of environmental ecosystems. Additionally, SDI data is expected to have a hand in state revenues both in the form of taxes and royalties to the state optimally, thereby creating competitive and growing businesses.