WORLD ECONOMY
This article examines the current state and features of the functioning of the fuel and energy complex (FEC) in France and its development prospects for the period up to 2050 as well. The author paid particular attention to the issues of nuclear power in this country and the possibility of replacing it with alternative sources in the medium and long term. The point of ensuring energy security in the use of nuclear power plants, which is solved thanks to effective state regulation of this industry, is considered. Separately, the author presented the analyses of energy problems of France in the interaction with the supranational structures of the European Union and considered the participation of this country in the development of a common energy policy for the integration. The author determined the advantages of the French fuel and energy sector in comparison with other EU member states. The results of the study substantiated conclusions about the prospects for further development in the context of the transition to a low-carbon economy. These prospects the author outlined in the country’s national carbon reduction strategy and long-Term energy program. Currently, achieving the targets set out in these documents is a difficult task, hence the inconsistency that is evident in the state energy policy. It is primarily due to the future of nuclear energy, which France has disagreed with the EU leadership and leading member States.
For the last two or three decades, concepts such as ‘creative industries’ and ‘creative economy’ have become widely recognized and influential in both academic literature and business practice. Creative industries are believed to be a key engine of economic growth in the current era. In Japan, development of the nation’s creative industries is an essential priority of the state, and various measures aimed at achieving this goal have been implemented, which are often collectively referred to as ‘Cool Japan’ strategy. It is assumed that cultural and creative industries present Japan with a possibility to revitalize the national economy after the long period of unsatisfactory performance known as ‘the Lost Decade’ and to strengthen the country’s position on the global political arena. There are numerous academic studies dedicated to the analysis of ‘Cool Japan’ strategy and the accession of Japan’s creative industries’ performance. The authors of these studies, who are often sceptical of ‘Cool Japan’ strategy, highlight several factors hindering Japanese creative exports, such as insufficient international marketing efforts and underdeveloped international distribution networks. Furthermore, it is asserted that Japanese creative exports are restricted by the Japanese content producers’ hesitation to switch to digital technologies and by their focus on catering to the domestic market (‘Galapagos syndrome’). Collaboration between Japanese animation producers and Netflix is a notable exception. National creative industries policy could play an important role in overcoming of all challenges mentioned above.
FINANCIAL ANALYTICS
Until now, the processes of global regionalisation have not been adequately reflected in the formation of systemic approaches to the management of financial relations within the Eurasian Economic Union. It leads to the search for new financial policy mechanisms necessary to stimulate the economies of the EAEU countries in the context of emerging economic and geopolitical constraints, as well as the creation of the necessary prerequisites for industrial cooperation in the context of anti-Russian sanctions and de-globalisation trends intensified by the COVID-19 pandemic. Currently, the vulnerability of the economies of the EAEU member states is due to their extreme dependence on external extra-regional demand, international capital and technology markets, as well as international settlement and payment systems based on the US dollar. The study is based on a dialectical approach. In conducting the research, we used general scientific methods of analysis, synthesis, generalisation, as well as methods of systemic, historical-logical and comparative analysis. The contradictory nature of the development of the world economy at the present stage was revealed. The role of the EDB in creating conditions for sustainable development of the EAEU member states has been substantiated. Changes in the structure of the EDB’s investment portfolio were analysed. The advantages and disadvantages of the EDB’s current activities in the context of the implementation of the Bank’s Strategy for 2018–2020 were summarised. Comparative characteristics of financing of EDB member countries through multilateral development banks were presented. The impact of the COVID-19 coronavirus pandemic on the current and future activities of the EDB was shown.
One of the most important goals of the state is to increase the country’s economic growth rate, including achieving high economic growth indicators such as the level of inflation and unemployment. The current situation in the Russian Federation requires a comprehensive approach from the authorities: within the country to increase the level of welfare of citizens, outside its borders-to preserve and increase competitiveness. This paper presents a retrospective analysis of economic growth rates from 1992 to 2019. Having studied the Russian experience of applying measures and tools of budget policy, the authors identified the most effective tax and budget tools. Best practices have shown the most significant effectiveness in such tax instruments as moderately progressive taxation of personal income, reducing the basic tax rate for indirect taxes, and expanding the practice of applying the simplified tax system. Among the budgetary instruments, the following have shown high efficiency: an increase in expenditures of the budget system budgets for basic and applied scientific research, an increase in budget investments in the industry that contribute to subsequent multiplicative growth, and an increase in expenditures of the budget system budgets for vocational training, retraining and advanced training of the working population.
In modern conditions of information technology development, the business management regime has changed. The sphere of management has expanded from internal to external. The innovation model of corporate Finance management must also adapt to this change. In an era of the global implementation of information systems and management tools, the innovation of the corporate financial management regime is not only in the rational planning and use of the company’s own resources but also in the inclusion of various categories of social resources necessary for the company’s operations in the category of corporate financial management and delivery to the enterprise. The purpose of the article is to consider the conceptual model of the financial management system of enterprises using modern information technologies. In the study, the author used a systematic approach to the enterprise’s financial management and methods of economic and deterministic factor analysis, synthesis, and grouping as well.
REAL SECTOR
In the current crisis economic conditions, the public-private partnership (PPP) mechanism can be used as one of the key ways to attract extra-budgetary sources of funds for the implementation of investment projects at the regional level. Despite the growing number of PPP projects in Russia, the presence of significant institutional constraints at the regional level hinder the further development of this mechanism. In particular, there is a lack of interconnection of PPP projects with long-term investment and state development programs at the regional level, low sectoral diversity of projects, high dependence of PPP projects on state financial institutions, and insufficient information support of regional PPP practices. The situation is aggravated by the lack of long-term money in the economy against the backdrop of limited private partners’ funds for the implementation of long-term PPP projects, as well as by existing legal restrictions. The practical purpose and scientific value of this article lie in the construction of a holistic and logical vision of solving the identified institutional problems of PPP development at the regional level.
Ensuring economic security at all levels of the national economy is an integral part of ensuring national security. The article proposes a system of indicators for monitoring the economic security of municipalities, which can be adapted for any municipality and effectively used for comparative analysis of the levels of economic security of the territories under consideration, located at different hierarchical levels. We propose that the system includes 11 indicators and threshold values for each of them. We based our research on a systematic approach. The study involved dynamic, graphical analysis and economic and mathematical methods. This article is one of the first attempts to create a unified system of indicators for monitoring the economic security of municipalities.
The article presents the results of a study aimed at defining the role of institutional and technological dynamics in the economic growth of the late USSR in comparison with reference countries. We propose a modification of the production function, similar to the exogenous growth model by Mankiw, Romer, Weil (1992) with physical and human capital, by augmenting it with variables for institutional and general technological components. We present our new estimates of the effects of an increase in physical and human capital in the late Soviet economy. Also, we obtain statistical assessments of the negative contribution of the decrease in the technological level of the industrial economy of the USSR. We partially confirm the hypothesis about the deterioration of the institutional environment in the USSR. But its negative contribution was not more decisive and more significant than in other countries. Thus, the idea of the doom of the Soviet economy, due to the substantial flaws of its institutions, was not confirmed. Finally, we discuss the prospective lines of further exploration into the issues under study.
ECONOMIC THEORY
The article discusses the formation of the demographic situation in Russia, considering the influence on them of the parameters of the development of social infrastructure. Today, most regions of the country are characterized by a decrease in population. Moreover, it is the level of development of medicine, education and other components of social infrastructure that determine the living conditions of the population and, as a result, the processes of natural and migration movement of the population. The study aims to determine the quantitative parameters of this relationship and the formation based on the results of the received rating of the administrative entities of the Russian Federation. In the framework of the work, we used methods of retrospective analysis, grouping, cluster analysis, correlation and regression analysis, and other methods. Further, we formed a list of indicators characterizing the level of development of the social infrastructure of the territory and highlighted groups of indicators. We proposed An approach to the formation of integral indicators of the level of development of social infrastructure for individual components of the population movement. The regions of the Russian Federation were grouped by the totality of the parameters of the demographic situation and socio-economic factors. As a result of testing the approach, we formed private and integral ratings of the regions of Russia according to the ratio of the parameters of the demographic situation and the level of development of social infrastructure. The results can be used in the development of the state demographic policy.
ECONOMIC POLICY
The article presents the results of the analysis of the main parameters of the investment sphere development over the past twelve years. The base year for comparison is pre-crisis 2007. We considered the main trends in the development of investment activity both for the full range of enterprises and organizations, and for large and medium-sized enterprises (without small businesses and the volume of investment that is not observed by direct statistical methods). We concluded that it is advisable to base further research on data collected by Rosstat for large and medium-sized enterprises., We grouped economic activities into 14 homogeneous industry complexes to identify areas of activity in the investment sphere. We carried out the analysis of sources of financing for investment activities in the context of own and attracted funds. The specific section of investments is linked to the investigation by economic sectors since it is the nature of the industry and its functionality that determine its specific structure. As a result of the analysis of the investment sphere, the authors have established the extreme instability of investment dynamics in recent years, identified problem points in the field of investment, the solution of which will contribute to the growth of investment activity in the country.
ISSN 2220-7872 (Online)