The state role in the investments development in Russia’s digital economy

Introduction. The current stage of development is characterized by widespread digitalization of almost all economy spheres. One of the key areas for the developing digital economy in the Russian Federation is investments and investment relations. The state supports and develops the investments in data-driven formation of the digital economy. The article examines some of the subjects of the country’s influence on the mechanisms for expanding the innovation investment sphere, regarding local development specifics. Theoretical analysis. There are two categories for considering government influence on investments in the digital economy – the investment climate and the country’s investment policy. The key part of the research process is a set of economic, sociological and statistical methods, as well as applied scientific analysis in digitalization field of public institutions, institutional investment and investment relations as part of the economic system. Empirical analysis. Analyzed topical aspects of state role on the investments development in a rapidly changing environment, divided them into six fundamental categories. The process is presented in the forms of activating the legislative process and the testing of regulatory “sandboxes”. The article describes the caution of the Russian Federation in choosing a supported investment industry, its type and accompanying regulatory legal acts. Results. The research shows the development aspects description chosen by the state to support investment in digital economy conditions and a fact analysis of the state methods of influence on investment relations in the context of global and country economy digitalization.

Formal institutional factors’ influence on Russia’s internal debt dynamics

Introduction. The role of domestic government borrowing in Russia’s fiscal policy has become prominent in 2020. The relevance of this topic is related to the budget’s need for additional sources of financing due to COVID-19 pandemic. The effectiveness of the state’s debt policy is influenced by many factors: the political structure of the state, legal institutions, the economic situation in the country, the quality of infrastructure. In this study, the impact of formal institutional factors on the dynamics of domestic debt, the possibility of improving debt policy in modern conditions are analyzed. Theoretical analysis. The article reveals the concept of institutions in the context of domestic debt, the causal dependence of the public borrowing dynamics on the functional characteristics of the formal institutions that form it. Empirical analysis. The analysis of the main formal institutional factors, namely: legal institutions, the economic situation in the country, the infrastructure and the political structure of the state is carried out. Results. In the course of studying the factors of domestic debt growth, the weaknesses of formal institutions that determine the dynamics of state domestic borrowing in modern conditions were identified. Proposals are made for improving the state policy in the sphere of Russia’s state debt.

Types of synergetic effects in Russian economy

Introduction. In modern reality, great importance is given to synergetics and the synergetic effects that arise in Russian economy. Their appearance is influenced by such factors as various interactions of the economic system elements, the non-linear development of the economy, stable and dynamic processes in the economy of the country. Several aspects of the emergence and functioning of synergetic effects can be distinguished: the time trend, multiplicative changes, and the spatial-functional aspect. It is necessary to study these aspects and types of synergistic effects. This is the relevance of the research topic. Theoretical analysis. The analysis of the time aspect is of particular interest. The following types of synergy are distinguished: permanent, temporary, and trend (prolonged). From the position of the multiplicative changes monoenergetic effects and diversified (multiple) synergistic effects emerge. Optimal and non-optimal effects play a special role in the economy. The initial, pre-optimal and optimal synergy are considered from the point of view of the level aspect. Synergy, synergy and quasi-synergy are revealed using a historical-logical approach at the macro level. Internal and external, economic and non-economic factors of optimal and non-optimal synergistic effects are identified. Results. The consequences of synergetic effects for the development of the Russian economy are revealed.

Factors of the Russian-Chinese economic relations development in the Eurasian integration field

Introduction. We can confidently say already that in the current conditions of global economic development, China is the most important and priority partner in the development of our country’s foreign economic activity. Theoretical analysis. The development of a strategic approach to bilateral economic cooperation with China is the most relevant in the modern system of coordinates of Russia’s foreign economic activity. Nowadays China is really the most important and priority partner in the issues related to the development of our country’s foreign economic activity. There have been different stages in the history of relations between Russia and China, but their current state gives hope for even greater mutually beneficial effect in the strategic perspective. The need to study the formation, transformation and development of Russian-Chinese relations in the context of foreign economic relations and projects is due to the growing influence of China in Russia over the past four years, the cooling of relations between Russia and the West after the events of 2014 and the Russian “turn to the East”. Empirical analysis. Speaking about the effectiveness of foreign trade relations between Russia and China in 2019, it should be noted that Russia’s trade turnover with China in 2019 increased by 3.4% to $110.76 billion, including Russia’s exports to China increased by 3.2% to $61.05 billion, imports from China to Russia increased by 3.6% to $49.7 billion. In comparison, the trade turnover between China and the United States fell by 14.6% to $541.22 billion againist the background of a trade war between these countries. It amounted to USD 541.22 billion, with USD 418 billion coming from China to America. Results. The prerequisites and factors for further development of relations and deepening of trade and economic cooperation between Russia and China have recently been growing. In addition to classical factors: geographical, territorial and, consequently, common border, which allows the development of new forms of cooperation and business (cross-border trade, cross-border economic zones and clusters, interbank settlements in national currencies in border areas, etc.). Political factors are increasing, as well as the impact of modern world economic trends on deepening bilateral economic relations between the countries. However, it is important to remember that in today’s realities Russia needs China more than China needs Russia.

Competitiveness: Conceptual approaches and research levels

Introduction. Currently, the term “competitiveness” is firmly established in scientific literature and professional usage. It has become the subject of various methodological, theoretical and applied research. In literature, one can find different approaches to analyzing the problems of economic content of competitiveness. This is primarily due to the fact that as the market economy developed, the very category of “competitiveness” was interpreted by scientists basing on their own understanding of the current situation, the purpose and objectives of the study. This led to its overly wide use, when the concept of competitiveness was often not applied in its essence. Therefore, the relevance of this study is obvious. Theoretical analysis. The article summarizes various conceptual approaches used in economic science in the study of the category of “competitiveness”. Results. The concept of the “competitiveness” category is clarified, the levels of competitiveness research are considered, and their relationship is shown.

A century of J. M. Keynes’ macroeconomic masterpiece

Introduction. In this article, the point of view that recognizes J. M. Keynes’ book “The Economic Consequences of Peace” as his best work, dedicated to the results of the Versailles Peace Conference and published in December 1919, is substantiated. The uniqueness of this publication is due to the author’s participation in the negotiation process, expressing a personal position of protest against the content of the Versailles Peace Treaty and the destructive consequences of its implementation. Scientific review. The experience of macroeconomic research of the European economy transformations at the turn of the XIX–XX centuries is analyzed. The logic of the author’s concept development corresponded to the historical course of events: the economy of Europe before and after the war, on the eve of a peace treaty and the prospects for its post-war recovery. The chronological macroeconomic approach was relevant and productive. The scientific creativity of J. M. Keynes, presented in “The Economic Consequences of Peace”, was an original combination of a commitment to the tradition of English economic thought and an innovative understanding of extraordinary macroeconomic trends and extraordinary structural transformations of the economy. Conclusion. It explains the fundamental importance of the book “The Economic Consequences of Peace” in the scientific work of J. M. Keynes. In the process of its writing, bold, innovative ideas developed that served as a theoretical and methodological key to the formulation and solution of problems in the most famous book “The General Theory of Employment, Interest and Money”, published later. “The Economic Consequences of Peace” is a creation that deserves the status of a world economic thought classics, a masterpiece of macroeconomic theory that has not lost its scientific value and relevance in the century since its creation and publication.

Pandemic of Coronavirus as a Factor of Intensification of Development and Implementation of Digital Technologies

Introduction. The COVID-19 pandemic has become one of the largest business and economic shocks in modern history. Although it is difficult to assess the long-term consequences of this phenomenon at the current stage, events have already taken place in the economy that have catalyzed a number of changes. And in particular, these systemic innovations are closely related to the digitalization of technological business processes, which most of the market participants cannot ignore. Theoretical analysis. The economic downturn caused by the spread of the new coronavirus infection can be classified as an unpredictable factor that has made the external economic environment aggressive for a large proportion of enterprises, forcing businesses to seek alternative internal growth points. Empirical analysis. Based on the programs and strategies for adapting companies to the new crisis and the digital and operational transformations they have carried out, a number of elements can be identified that are integral to business models both during the period of isolation and after the end of the pandemic. Results. Universal self-isolation has become a unique phenomenon in the economy, on the one hand, manifesting itself as a global economic recession, and on the other, causing accelerated scaling and industrial application of digital technologies.

Basic Knowledge Standards for Evaluating Financial Literacy of Adults Population

Introduction. The article reflects the basic requirements for the results of the financial literacy system for the adult population. Theoretical analysis. The standard of basic knowledge is a tool in the field of education, fixing the level of knowledge that determines financial literacy. Empirical analysis. Financial knowledge is applied in nature, is a set of information and skills that have the property of universal applicability and are objectively necessary to maintain and improve financial well-being in daily life. Results. As a part of the implementation of the National Strategy for Financial Literacy in the Russian Federation for 2017–2023, the considered standards of basic knowledge for adults can be used in the process of developing regional programs aimed at a wide target audience, they can serve to identify factors and barriers to increasing the level of financial literacy of the Russian population, create effective tools for measuring the results of activities and a qualitative assessment of the results of work. The article was prepared as a part of the Project of the Ministry of Finance of the Russian Federation and the World Bank “Promoting Improving the Level of Financial Literacy of the Population and the Development of Financial Education in the Russian Federation”.

Asymmetry of Structural Development Economy of Russian Regions

Introduction. The article examines the asymmetry of the development of the economic structure of Russian regions. It is caused by unevenness, multidirection, differences in qualitative and quantitative characteristics, and a temporary dichotomy of structural shifts in terms of the spatial structure of the country’s economy. Theoretical analysis. The author considers the concepts of symmetry and asymmetry of the economic structure of the region, as well as structural shifts in the regional economy. Various approaches of the asymmetry of the territorial economic structure measuring are studied, in particular, the method of deviation from standard parameters and the balance method. A comparative analysis of the asymmetry of the economic structure of Saratov and Samara regions is carried out. The author notes the development of the automobile industry in Samara and the electric power industry in the Saratov region that goes beyond symmetry. At the same time, these imbalances can have a positive impact, complementing each other in the process of cooperation of regional economic structures. Results. From the point of view of the theory of comparative advantages, it is concluded that asymmetric structural shifts within regions can lead to an increase in structural symmetry in interregional economic systems. At the same time, there is a synergetic interaction of the structure of the economy of different regions, which leads to an increase in productivity and efficiency of the national economy as a whole.

Institutional Component of the Industrial Policy of the Russian Federation: Features and Problems of Formation

Introduction. For Russia, the development of an effective industrial policy is a response to the challenge of maintaining competitiveness and increasing the productivity of the country’s industrial complex. The study aims to identify and systematize the prerequisites and limitations of industrial development in the context of the institutional component of industrial policy. Theoretical analysis. We have considered the historical transformation of views on industrial policy, identified resource-industry and institutional approaches to industrial policy, and justified their differences. Based on the literature review the specific features of the institutional environment of Russia have been summarized: path dependence of previous development, weakness of institutions, institutional traps, distorting market signals. Empirical analysis. The analysis of statistical information made it possible to substantiate that over the past decades, Russia has deepened its raw material specialization, while there are some positive changes regarding the quality of the institutional environment. The analysis of the features of the institutional component of industrial policy made it possible to identify the following turning points: the creation of the Presidential Council on the modernization of the economy and innovative development of Russia; the adoption of a law on industrial policy; the modification of the system of central executive bodies and the improvement of their interaction; creation of infrastructure of the Industrial Development Funds. At the same time, a number of restrictions on the institutional environment have been identified. The most significant are: the formal and contradictory nature of the strategic planning of industrial development, duplication of powers and contradictions between formal institutions of state power, the creation of a system of “incomplete” regulation. Results. The analysis has revealed that effective institutes for the development of industrial policy have not yet been formed, despite the permanently changing institutional environment. The thesis on situational and institutional component of the fragmentation of the existing industrial policy has been confirmed.