Economic

The Concept of “Industry 4.0” as the Basis for the Industrial Sector Reindustrialization

Introduction. The modern economy, based on digital technologies, poses the question for the public and private sector of how to modernize the industrial sector most effectively and smoothly through these technologies. Theoretical analysis. The researchers formed the idea of the need to modernize the industrial economy with the help of digital technologies, primarily through increasing the efficiency of planning processes and organizing the reproduction system. Empirical analysis. The analysis of the subtotals, the model of transition to the digital industrial sector Industry 4.0, introduced in Germany, is carried out. The key elements connecting the Internet of Things technology and the industrial sector of the economy are decomposed. The scheme of building global networks based on cloud-based platforms with communication between intelligent objects is considered. The main problems that enterprises face when introducing digital models in production are highlighted. Results. For the successful digitalization of Russian industry, in addition to harmonizing and harmonizing the interests of business and the state, developing an appropriate digital institutional environment, it also requires the development and harmonization of industrial standards, the implementation of a range of measures to ensure information security, training for digital industries and expanding cooperation in the “business – science – education – power” system. 

Ensuring the Company’s Economic Security in the Conditions of Economy Digitalization

Introduction. Currently, the economy digitalization is accelerating and transforming the company’s management system. The article discusses the problems and prospects of ensuring economic security in the context of companies’ digitalization based on personnel risk management. Theoretical analysis is based on the identification of personnel safety risks based on the systematization of theoretical practical and applied research done by Russian and foreign authors on this issue. Empirical analysis. The diagnosis of the personnel security level at the enterprise LLC “SEPO-ZEM” is carried out, factors that impede the digitalization of the company are identified. Results. Specific personnel risks that arise in the process of company digitalization are identified, which are connected with a lack of personnel with a high level of digital competencies, inability to synchronize ICT with business activities, information overload, non-compliance with the “digital diet” with a low level of “digital interaction culture”, etc. The degree of negative impact of personnel risks can be minimized by increasing the level of personnel security, in particular internal staff mobility, rejuvenating the team and regulating the fluidity level. 

Consumer Prices in Russia: Effects of the Exchange Rate Shocks

Introduction. National currency exchange rate change can lead to a change in prices for both imported and domestic goods. Therefore, the growth of inflation observed in 2014–2015, accompanied by the ruble depreciation, rises the question: what role did currency shocks play in this? The study is devoted to assessing the pass-through in Russia. Theoretical analysis. There are direct and indirect channels of pass-through influence in literature. The direct channel is based on changes in domestic prices for imported goods, expressed in national currency, and the indirect channel is based on the competitiveness of goods on the international market. In practice, in many countries there is an incomplete pass-through due to the microeconomic and macroeconomic factors. Empirical analysis. To estimate the pass-through monthly data on aggregated and disaggregated price indexes for goods (43 goods), exchange rate, money supply, industrial production index in Russia and oil price for 1997–2018 were used. The estimation was carried out by means of vector autoregressive model for the entire time period and for subperiods divided taking into account the crises of 1998 and 2008 and the sanctions set in 2014. Results. The estimates obtained confirm the existing scientific results on the incomplete transfer effect in Russia and at the same time demonstrate a large difference in its value for different categories of consumer goods. After the 1998 crisis, consumer price reactions to exchange rate shocks weakened.

Factors of Social Services Markets’ Restructuring in the Information Economy in Russia

Introduction. A modern economy, based on digital technologies and new consumption patterns, is restructuring not only traditional areas of business, but also markets that were not previously influenced by private capital. First of all, this applies to markets related to education and medical care. Theoretical analysis. The understanding of the modern theory of structural changes in the economic sector is based on the concept of structural shifts (qualitative changes) between the three main sectors (primary, secondary and tertiary) (J. Kruger, C. Clark, S. Kuznets), due to the uneven dynamics of their development (O. Yu. Krasilnikov). Theoretical and methodological approaches to the study of structural changes in modern economics are based on their assessment not as a consequence, but as one of the sources of economic growth (J. Lin). Based on the analysis of structural changes, conditions and tasks for an active structural policy are determined. Empirical analysis. The factors influencing the change in the structure of markets in the fields of medicine and education are decomposed. An analysis of the educational and medical services markets’ restructuring is carried out in the following areas: changing the nature of demand through new consumption patterns; the study of statistical information on the financial and physical volumes of the medical and educational services’ markets; determination of the state budgetary policy impact in the social sphere; assessment of disruptive innovations’ impact. Results. Among the most significant factors influencing the economic structure of the medical and educational sectors, there are such as changes in customer preferences and consumption patterns, market for relevant services’ restructuring and the emergence of new internal market niches, state policy that directly or indirectly affects the redistribution of financial flows within industries and the increased importance of modern digital technology application in the production of services.

Capital Market Structure Changes in an Emerging Digital Economy

Introduction. The structure of the capital market can be classified according to several parameters: time, institutional, organizational, etc. The article examines the functional structure of the capital market. Theoretical analysis. Various types of changes in the functional structure of the capital market due to the digitalization of the economy – human, monetary, currency, stock, credit and investment – are analyzed. Particular attention is paid to changes in the structure of human capital associated with the replacement of traditional economic activities (primarily based on the exploitation of natural resources) by technologically more advanced types. First of all, changes in the structure of monetary capital are the introduction of various electronic payment systems and non-state monetary systems based on cryptocurrencies. Shifts in the capital structure in the foreign exchange and stock markets are manifested in the transfer of major transactions into the virtual sphere. Changing the structure of credit markets in the context of digitalization has both positive (growth of lending) and negative sides (increase in overdue debt). Results. A conclusion is made about the contradictory impact of the capital market structure changes on economic dynamics in the conditions of digitalization.

Key Point of Modern Russian Economy

Introduction. It is theoretically and practically important to study the relations of the formation of a key point in the country’s economy development, since this will lead to a change in economic policy and to the improvement of economic relations. The article discusses the current problems of the country’s modern economy as a basic phenomenon of the need to form a key point in this process. Theoretical analysis. The concept of a key point of development, its modern characteristics and methods for its implementation, including innovative forms, are given. Discussion of results. In the modern Russian economy, there is a need to proceed to the formation of a key point in the economy development as an integral single existence of infrastructure instead of its fragmented development, which exists at present. Access to such a development is objectively necessary, although very difficult to achieve. Conclusions. The transition of the economy to providing a key point of development is objectively necessary. This requires substantial investment and changes in the existence of federal and regional authorities.

Digital Economy: Content and Development Trends

Introduction. The subject of the research is the basic properties and patterns of the digital economy development. Theoretical analysis. The methodology of the post-industrial and information society theory is used. It has been hypothesized that the digital economy is a new stage in the economy and society development. The structure of the information economy is revealed. New qualities of digital economy are defined, such as: the main type of product, transfer from goods production to service production, information-networking structure formation, change of proportions and destinations of investment assets, increase of creative work role, emergence of new management technologies, etc. Empirical analysis. The impact of digitalization on the activities of the state, enterprises and organizations, households and individuals is characterized. The features of the digital economy market relations development are substantiated. The influence of information and communication technologies and information resources on business functioning is shown. The growing activity of Russian enterprises and companies in the Internet is paid attention to. Trends and patterns of the digital economy development are revealed. The results can be applied in the development of concepts and programs aimed at accelerating the digital economy formation in Russia.

Russia’s Internal Debt Market Development: Formation Factors, Prospects of Change

Introduction. The article is devoted to the Russian Federation’s internal debt formation factors analysis, to the development prospects of internal borrowings market. The urgency of the issue related to the internal debt of our country is in the difficult geopolitical situation that has developed around Russia. Due to political tension, our country was partially limited from external sources of funding. Under these conditions, the most urgent now is the question of the Russian Federation’s internal debt, its current state and the prospects for its further increase. Theoretical analysis. The article analyzes three main factors of increasing the volume of domestic borrowing, namely: the president’s “May decrees”, low efficiency of their implementation and sanctions imposed by the US and the EU, which restrict access to external resources. Empirical analysis. An analysis was made concerning the prospects for government bonds demand, as the main instrument of government borrowing at the domestic market, among the largest holders of government bonds: banks and non-residents. Results. In the course of studying the causes of increasing domestic debt, the problem of limited demand for government bonds was revealed. At the end of the article, measures were proposed to remedy this situation.

Industrial Economic Systems’ Digitalization: Problems and Consequences of Modern Technologies

Introduction. The article is devoted to the disclosure of the essence of the industry’s digital transformation, which, according to the authors, is the key to building an economy of knowledge and obtaining measurable economic results by introducing cross-cutting technologies. Theoretical analysis. The fundamental factors influencing the increase of Russia’s global competitiveness in the context of its technological breakthrough are highlighted. The main modern trends are the huge amount of information that companies have to deal with, the rapid change of business models, the emergence of innovative management tools. The problems of industrial economic systems’ digitalization are analyzed, for the solution of which the adaptation of companies to new realities is required. It is digital transformation that can take the company to a new level of development and business efficiency. The article substantiates that the digital transformation of production and the legacy industries connected with it is a priority for all industrialized countries that have created their competitive advan It is proved that the digital transformation of production should be aimed at improving the efficiency, productivity and competitiveness of domestic industry in the world arena. Currently, this sector of the economy is undergoing major changes caused by the introduction of intelligent systems that promote the convergence of the physical and digital worlds. These extensive technological changes should be accompanied by the development of fundamentally new business processes at all levels of management.

Organization Competitiveness as an Institutional Regulation Object

Introduction. The problems of domestic organizations’ effective development and improving their competitiveness at the modern stage of economic development are of particular importance, since it is possible to assume a stable position in the market today only by offering high-tech and low-cost products that meet international quality standards. For this process to be fruitful, effective interaction between different institutions is necessary. As far as the impact of institutional regulation will be in line with current trends in the economy, the mechanisms for ensuring the organizations’ competitiveness will increase or weaken. Theoretical analysis. The article analyzes and summarizes various points of view, available in economics, concerning the definition of “organization competitiveness”. Results. The object of the organization competitiveness’ institutional regulation is defined, the author’s interpretation of the “organization competitiveness’ institutional regulation” concept is given, types of institutional regulation are considered.

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