Estimates of the gross urban product (GUP), GUP per capita and GUP growth rates are compared with the level and evolution of gross domestic product (GDP) and gross regional product (GRP) to examine...

Economic performance of Russian regions’ capital cities

AbstractThis chapter focuses on the following problem: the methodology used to examine the dynamics of the development of economic systems does not meet the new realities of our time. It does not consider the specifics of the Fourth Industrial Revolution. This chapter intends to solve the problem presented by rethinking high-tech economic growth from the standpoint of economic time. To accomplish this, based on reliable statistics for 2020–2021 from authoritative sources (IMD, World Bank, International Monetary Fund, etc.), economic and mathematical modelling of space–time inequality is carried out using the “underdevelopment whirlpools” method; also, prospects are determined and recommendations are developed to reduce this inequality and achieve a well-balanced world economic system. The chapter’s contribution to literature consists in specifying the quality of economic growth, which has to be high-tech to contribute to the increase of living standards in the conditions of the Fourth Industrial Revolution. The considered experience of countries of BRICS could be helpful and could be extended to other countries of the world. Implementation of the authors’ recommendations will reduce countries’ inequality in the conditions of the Fourth Industrial Revolution.JEL CodesB41B59C23D63F42F43O14O25O3O33O38O47Q01KeywordsHigh-Tech Economic GrowthTheory of Economic TimeReduction of Inequality of CountriesSpace–Time InequalityQuality of Economic GrowthFourth Industrial Revolution 

High-Tech Economic Growth from the Standpoint of the Theory of Economic Time: Modelling and Reducing Space–Time Inequality

Purpose: The purpose of this work is to determine a promising algorithm for institutionalizing and financing responsible production and consumption in the regions of Russia in the Industry 4.0 in order to maintain environmental safety. Design/methodology/approach: In order to achieve this goal, the following tasks are consistently solved. The first task is to determine the current impact of industry financing 4.0 on the prevalence of responsible production and consumption practices in the regions of Russia, based on econometric modeling by regression analysis. Second task: proposal and justification of improved practices of financial support of practices of responsible production and consumption in regions of Russia in conditions of Industry 4.0 in order to maintain environmental safety. Findings: The results of the research revealed an imbalance in the contribution of society and business to the sustainable development of the regions of modern Russia. As it turned out, digitalization of business contributes to the popularization of practices of responsible consumption, but the internetization of society does not contribute to responsible consumption. This confirmed the hypothesis put forward about the insufficiently high effectiveness of institutional environmental security in the regions of Russia. Originality/value: An algorithm has been developed to institutionalize and finance responsible production and consumption in the regions of Russia in the Industry 4.0 in the interests of maintaining environmental safety. The proposed algorithm demonstrated the sequence of managing the processes of greening digital society and business in the regional economy, and outlined promising areas of financial support for responsible production and consumption in the regions at each stage.

Algorithm for Institutionalization and Financing of Responsible Production and Consumption in Russian Regions in Industry 4.0 in Order to Maintain Environmental Safety

Does financial institutions assure financial support in a digital economy for energy transition? Empirical evidences from Markov chain and DEA technique

ARTICLE INFO Iryna Skliar, Nataliya Pedchenko, Victoria Strilec, Victoria Novikova and Yevhenii Kozmenko (2020). Assessment of the reforms and programs results of Ukraine’s economy sustainable development by means of neural networks. Problems and Perspectives in Management, 18(3), 81-92. doi:10.21511/ppm.18(3).2020.07 DOI http://dx.doi.org/10.21511/ppm.18(3).2020.07 RELEASED ON Wednesday, 19 August 2020 RECEIVED ON Tuesday, 02 June 2020 ACCEPTED ON Monday, 10 August 2020

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Assessment of the reforms and programs results of Ukraine’s economy sustainable development by means of neural networks

Data set of balance of Russia's regional economy in 2005-2024 based on the methodology of calculation of "underdevelopment whirlpools".

The paper discusses the key directions and nature of the development of financial systems influenced by the digital economy and society. An analysis of the individual components of the financial system has been carried out and the nature of digitization in each of them has been identified. As a result, four key trends in the development of the financial system driven by the digital economy have been highlighted. The first trend: strengthening the role of remote interaction between financial institutions and end-users of financial products and services. The second trend: redistribution of the financial services market manifested in enhanced horizontal integration of financial institutions. The third trend: changing consumer behavior, requiring a review of existing business processes and regulations, and the development of the technological basis of the financial system. The fourth trend: the blurring of distinctions between the financial system and other sectors of the economy manifested in the partial substitution of traditional finance companies by high-tech companies. Digitization has been shown to have a definite positive impact on the financial system, making it more efficient, accessible, flexible and transparent. However, working with the digital financial system requires the user to have appropriate digital and financial competencies. This gives rise to the problem of managing the awareness-building of population and providing assistance to the most disadvantaged groups.

Financial Systems Development in a Digital Economy

Subject. State support for the country's economy, especially the support for its high-tech sector, is of great importance during a crisis.
State guarantees are also one of the key instruments of state support for investment activity in Russia. Significant successful practice of using this instrument has been accumulated in Canada, Spain, the Netherlands, the USA, Turkey, Sweden, and Chile. The world experience indicates that the implementation of projects as public-private partnerships (PPP) leads to the completion of the project on time and in accordance with its budget more often than when implementing the project based on public funding only.
Goals. The study is aimed at analysis of the mechanism of state guarantees in foreign countries, the conditions and consequences of their provision.
Methods. The research methods include a review of the scientific literature in this area, synthesis and analysis of the information obtained, as well as comparison, formalization, and specification.
Results. The practical implementation of state guarantees in foreign countries has been analyzed in the study. The specifics and the possibility of applying the best practices in Russia have been revealed.
Conclusion. The fiscal legislation of Russia includes a developed system for regulating the provision of guarantees and establishes the requirements for the application and accounting of state guarantees that are very conservative in accordance with international standards. The application of the world practice in the creation of guarantee agencies in order to support small and medium-sized enterprises can have a positive effect on business activities. The need to diversify directions for the provision of state guarantees with a view to balanced economic development must also be noted.

International Practice of Provision of Guarantees for Implementation of Investment Projects

The paper deals with special aspects of the use of mathematical apparatus Data Envelopment Analysis (DEA) for the analysis of relative performance of activities of companies operating in the digital economy sector. The DEA algorithm was implemented using the MATLAB math package. It was used for the analysis of the 11 major companies from the United States, China and Russia operating in three different sectors: production and delivery of equipment and facilities, provision of telecommunication services, and provision of various digital services. The performance of companies was assessed from the perspective of their ability to use the resources at their disposal to generate profit and cash flow for shareholders (i.e., profit and cash flow per share). It has been demonstrated that currently companies providing various digital services and facilities demonstrate the highest performance. The second position in terms of performance, far behind from the leaders, is held by telecommunication carriers. The lowest efficiency is demonstrated by companies whose activities are focused on the manufacture of equipment and facilities. This fact may be attributable to the high costs of research, development and production modernization emerging from the need to update the product line on a continuous basis. The dividend yield of company shares has been analyzed versus their market-value appraisal. The most attractive companies in terms of investment attractiveness have been identified. It has been established that the performance of English companies fully corresponds to their foreign competitors, despite the much smaller range of activity, capitalization and market-evaluation value. This makes them sufficiently attractive investment projects in the medium and long term. The strengths and shortcomings of this approach have been analyzed. It has been concluded that simplicity and quickness of this approach make it efficient for the assessment of economic entities in the context of the lack of information. However, taking into account available limitations, it may only be recommended for preliminary (“quick look”) analysis.

The Use of Mathematical Apparatus Data Envelopment Analysis for the Rating Analysis of Companies in a Digital Economy

Market does not produce objects, but passes information about them” (Friedrich August von Hayek). Any market is a means of interaction between manufacturers and consumers, based on a decentralized mechanism of pricing signals, which performs the most important functions in economy: distribution and redistribution of the main production factors; stimulation of development and technical progress; differentiation of revenues of market subjects.

Ksenia V. Ekimova

Papers

Data set of balance of Russia's regional economy in 2005-2024 based on the methodology of calculation of "underdevelopment whirlpools".

Financial Systems Development in a Digital Economy

International Practice of Provision of Guarantees for Implementation of Investment Projects

The Use of Mathematical Apparatus Data Envelopment Analysis for the Rating Analysis of Companies in a Digital Economy

Systemic Analysis of the Consequences of the Financial Market Digitization