Econometric Analysis of the Financial Market Structure’s Influence on the Russian Federation’s Economic Growth

Introduction. Currently, the study of the role of financial intermediation as an important auxiliary mechanism of economic growth has received considerable attention in the theoretical and empirical literature. The problems of economic and mathematical modeling of causal relationships between the rates of economic growth and the dynamics of the financial system development attract the attention of a large number of both foreign and Russian specialists. Most authors believe that not only depth growth, but also a change in the financial sector structure (the ratios between its various segments) can have an impact on economic growth. A quantitative assessment of the impact of the financial market’s type of structure (bank-oriented or based on the securities market) on economic growth is of practical interest. The aim of the work is an econometric study of the influence of the ratio of bank credit volume and the issuance of securities on the rate of economic growth in Russia. The observation period is from Q1 2003 to Q4 2017. Theoretical analysis. In Russia, a bank loan has penetrated into the economy much deeper than the securities market, which lags far behind in terms of depth and efficiency from the world average. The indicators characterizing the structure of the financial market are the volume of bank lending (with the allocation of loans to individuals and organizations) and the total market capitalization of shares traded on the Moscow Stock Exchange. The paper uses an econometric methodology for studying the statistical relationship between non-stationary time series, including tests for the Ingle-Granger cointegration, the study of causality and the response to shocks based on the vector-based error correction model (VECM). Empirical analysis. A comparison of time series of quarterly values of financial structure indicators, as well as Russia’s GDP for 2003–2017 is carried out. The article presents a statistical comparison of the level of development of the Russian stock market relative to the markets of developed and developing countries. The modern econometric Gretl package was used for calculations and modeling. Results. The cointegration of non-stationary time series has been established: gross domestic product, total capitalization of the Moscow Exchange, and bank lending to individuals and legal entities. The Ingle-Granger test found a cointegrating relation that confirms the long-term equilibrium relationship between variables and the authenticity of their correlation. It is shown that economic growth largely depends on the development of a bank credit and to a lesser extent on the growth of the market capitalization of shares. It is shown that in terms of contribution to economic growth, loans to organizations are more than twice as large as loans to individuals. Decomposition of the variance of forecast errors in the medium term revealed the influence of loans to organizations on the dispersion of economic growth and bank credit.

Retrospective Analysis of the Region’s Development Based on the Input-Output Balance Methodology

Introduction. The use of the inter-sectoral balance methodology expands the possibilities of the region’s economy retrospective analysis and thus contributes to the strategy improvement and increases the reliability degree of the socio-economic development forecasts. The planned economy and the market economy are characterized by a variety of General indicators in the regions’ development. The total social product, produced and used national income (net product) served for the first economy, while the gross regional product served for the second. These indicators are not comparable by themselves. Theoretical analysis. The article attempts to extend the period of retrospective analysis by developing an original method of ensuring the comparability of the generalizing indicators in the two periods. Empirical analysis. The materials of the reporting and planned dynamic inter-sectoral balances of the planned and market economies are used to expand the analysis significantly and thereby improve the base of forecasting and strategic management of the regional economy. Results. It is concluded that the category of regional product’s reproductive potential can be used as a tool of macroeconomic analysis. Its essence is determined by the region’s ability to produce, convert and consume regional intermediate and final product. The transition for the regional product from one system to another as a result of the developed equality and inequality in the system of balance of the national economy and the system of national accounts was carried out. The basis of the research is the inequality of the total social product and the national economic turnover and the equality of the economic turnover to the regional economy product.

Interregional Disproportions of Socio-Economic Development as Seen Through the Prism of Basic Theories of Regional Economy

Introduction. The socio-economic development of Russia is characterized by the presence of inter-regional imbalances that lead to the destabilization of a single economic space, crisis phenomena and economic losses. Theoretical analysis. The article outlines the main ideas of some basic theories of the regional economy in terms of substantiating inter-regional disparities in socio-economic development. It is shown that these theories should underlie the understanding of a natural, insurmountable factor of disproportions of territorial development and social inequality existence, which is associated with competitive advantages, location of economic activity and forms of settlement in the economic space. It is proved that inter-regional disparities in socio-economic development lead to inefficient use of economic space and the formation of local markets in regions characterized by significant differences. Results. Appealing to the theoretical heritage of the regional economy in order to search for objective reasons and identify trends and uneven socio-economic development of regions in modern Russia will allow you to choose the right strategy for managing regional development and minimize the negative effects of interregional differentiation.

The Methodology of Spatial-Temporal Analysis in Fernand Braudel’s Historical and Economic Research

Introduction. In this article, the advisability and productivity of the interdisciplinary synthesis of history and geography in fundamental and applied research of spatial and temporal parameters of economic development are discussed. The peculiarities of Fernand Braudel’ historical and economic views are explained. Theoretical and methodological analysis. The peculiarities of a multi-level, hierarchically organized economic space analysis is revealed through the study of the urban economy, the subordination of the economic mechanisms’ system elements, socio-economic structures in the microsystem model of the international labor division. The demonstration of economic space importance takes place in the analysis of its participation in the formation of regular and irregular economic cycles. Conclusion. The methodology of spatial-temporal analysis makes it possible to explore the labor division dynamics and the hierarchy of economic regulation mechanisms, sectors, industries, macroeconomic subjects. The hierarchy of chronologically ordered time characteristics (economic cycles) in the concept of the worldsystem model corresponds to a hierarchically organized space that exists in the form of territorial entities and spatially determined economic forms, institutions and economic processes.

Influence of Consumers on Improving the Quality of Electronic State Services

Introduction. The article examines the process of migration of public services to the Internet space, taking into account the development of new information and communication technologies.

Theoretical analysis. The process of interaction between users of a single portal of public services with government agencies providing these services has been studied. The analysis of the influence of consumers on the transfer of public services to the electronic form with the purpose of improving their quality is analyzed, the main directions of such influence are identified, the influence of digitalization of the process of rendering public services on behavioral patterns of consumers is investigated. It is emphasized that in modern innovative conditions of the development of civil society, only a personal approach and emotional investment in the consumer can become a competitive advantage and a rational response to price dumping in the public service of the future.

Empirical analysis. The dynamics of registration of citizens in a single system of identification and authentication is considered. The trends of consumer influence on the process of rendering public services are indicated. The main provisions are confirmed that migration of the processes of rendering state and municipal services to the digital space also influences the behavior patterns of consumers.

Results. The conclusion is made that in modern conditions of public administration a person becomes the main reference point and the entire process of rendering public services is aimed at satisfying his/her needs.

Clustering in the Training System

Introduction. The development of the digital economy has a mixed impact on the development of individual spheres of the economy. Technological innovations introduced into production and non-production spheres involve personnel changes and the use of highly skilled labor. However, the system interaction of industries, markets, and spheres in the present time is shown poorly, dysfunctions arise, especially between the training of labor resources and their actual application in the production process. The solution to the problem is partly clusterization, which is formed in various spheres and branches of the national economy. Considering technological, information changes, as well as new qualitative characteristics of the workforce, a full-fledged mechanism for the formation of qualitative labor force in the modern economy under clustering conditions has not been created.

Theoretical analysis. Clustering is considered separately for economic sectors, the mechanism of interaction between the system of training and production combined into clusters is not clearly defined. Existing approaches to the cluster interaction system are generalized. Scientific works touching on the problems of interaction between the labor market and education focus on the problems, functions, dysfunctions of such interaction and do not take into account the types of clusters, their goals and the transformation of the education system in Russia.

Results. The evolutionary foundations of the application of clusterization in the Soviet economy make it possible to use clusters more effectively in the relationship between education and production in modern Russia. The models for the development of clusters of the USSR and in the conditions of the development of the digital economy are shown. The connections of cluster interaction with the system of personnel training according to the levels of the modern education system in Russia are shown.

Constrainsts of Commercialization of Innovations in Russia

Introduction. The nature of Russia’s current economic development encounters restrictions on the commercialization of innovations in the economy, the identification of which was the purpose of the study. In the presented research, the inconsistency of the quality of the structure of the industrial markets of the Russian economy, forming its innovative segment, and the intensity of innovation spread in Russia is presented as the main problem of innovative development.

Theoretical analysis. The article considers neoclassical approaches confirming that in the market of perfect competition incentives for innovation are lower than in the monopoly market. However, in the conditions of monopoly, there are limitations to the development of innovation activity due to high costs and low probability of discovery.

Empirical analysis is based on the analysis of the data on the 50 largest technology companies in Russia and 30 technological products “for people” made in Russia.

Results. The conducted research made it possible to reveal the presence of restrictions on the commercialization of innovations related to the organizational structure of the innovation market, the monopolization of markets and low income of the population.

Theoretical Questions of Information Support for Investment

Introduction. It is theoretically and practically important to understand and research questions of information support for investment, because only based on the development of good information is possible the activation of investment activity.

Theoretical analysis. Information support of investment exists as a combination of general and specific relationships that allow the development of investment activities speed up. Information support of investments exists at all levels of management and is specific for all subjects of the economy.

Discussion of results. In the modern Russian economy, the information process of investments is actually implemented in the form of obtaining knowledge by various investors about the availability and origin of proposals for the possibility of obtaining investment. This information is associated with the development of various forms of information and ensuring its accessibility while protecting the information.

Conclusions. Information support for investment has a number of features. Such information is available to its various users. This information has internal patterns of development, which ensures the availability of modern forms of information support for investments.

Reverse of Culture in Economic Science in Modern Research: Political Economic Aspect

Introduction. The article deals with the problems of interaction between economic culture and economic science.

Theoretical analysis. The evolution of the paradigm of studying the interaction of culture and economy is analyzed, the demarcation of these concepts is carried out, the reversion of economic science to culture is theoretically investigated, and individual and collective behavior is understood within the framework of universalism and uniqueness, which finds practical application in modern comparative studies. The importance of the socio-economic culture as a factor of sustainable development is underlined.

Results. If preferences and subjective values become exogenous values, then a convenient channel for cultural penetration into the classical model of economic behavior appears, which undoubtedly enriches the orthodox economic theory. If exogenous variables are not included in the analysis, then culture cannot be imagined as a source of constraints in the rational choice model, since individuals do not have perfect information and are forced to avoid uncertainty, they “invent” (evolutionally adapt) institutions: social rules and norms of behavior; that make the surrounding reality more predictable, institutions take root in society and contribute to the sustainability of development.

To the Question of the Interrelation of the Monetary Factors of Investment Demand and Efficiency of the Economy

Introduction. The shocks that occurred in 2014 in the country’s financial markets, which gave rise to the current crisis, led to an understanding of the decisive role of financial sector behavior in determining economic dynamics. Economic policy, long held in our country, only nominally having the right strategic goals, caused stagnation at the expense of the means by which it was implemented. The chosen model led to the collapse of production, a decrease in the efficiency of the economy, significant economic losses and additional expenses of the state to mitigate the negative consequences of economic dynamics. Theoretical analysis. The research methodology is based on the principles of system analysis. Empirical analysis. During the research, statistical, correlation and factor analysis were used; empirical-theoretical, comparative, research methods, the method of synthesis of theoretical and practical material. Results. The study confirms that in order to ensure the sustainable development of investment relations, monetary stimulation of investment demand and the formation of an effective state economic policy to stimulate investment are necessary.