Influence of Monetary Policy on Technological Development of the Economy in a Long-Term Aspect

DOI: 10.33917/es-5.171.2020.136-143

Monetary policy currently pursued by the Central Bank of the Russian Federation is a reflection of external market conditions. Regulatory approaches should, in particular, help reduce the dependence of monetary policy on external factors — such as oil prices, foreign loans, access to foreign markets, etc. This is not about completely isolating the monetary sphere of the Russian Federation from parameters and the external environment. It is required to refuse close, automatic communication with the given parameters. It is necessary to increase the stability of the monetary system of the Russian Federation and the economy as a whole in relation to external shocks. This can be done through more active use of a wide range of tools available to the regulator. These include monetary and regulatory mechanisms (interest rates, reserve requirements, foreign exchange positions, etc.), gold reserves, verbal interventions, etc., which can have a stimulating effect on economic growth. The high volatility of the ruble now observed makes it extremely difficult for enterprises to plan and forecast, thereby making it impossible for the normal course of investment processes and expanded reproduction. In order to use monetary mechanisms to stimulate economic growth and eliminate the negative effects of current monetary policy (in particular, implemented since autumn 2014), a departure from inflation targeting and free floating of the ruble exchange rate is necessary. At the same time, it is obviously necessary to abandon many components or closely related elements (for example, “monetary contraction”). In addition, steps will be needed to stabilize the foreign exchange market, which would have positive effects (falling volatility, lower inflation, etc.). Under current conditions, with limited access to external financial resources, it is important to use mechanisms  for generating financial flows based on internal sources. In other words, the monetary base should be formed due to internal factors, and not depend on the dynamics of energy prices. In previous years, the main emphasis in the Russian economy was placed on the external sphere as a source of growth financing. Restricting access to external cheap financial resources (due to low oil prices, sanctions, etc.), as well as continuing geopolitical tensions with regard to Russia, reduce the possibilities for implementing longterm investment projects in the economy. This increases the relevance of national mechanisms and sources of formation of the resource base (including long) necessary to refinance previously taken loans, as well as to implement structural changes in the Russian economy.

Approaches to assessing the contribution of global financial centers to the development of sustainable finance

DOI: 10.33917/mic-6.89.2019.97-102

Financial centers create a powerful clustering effect by concentrating a number of interconnected financial operations – banking, capital markets, investments, insurance, professional services (jurisprudence, accounting), and regulation. Thus, they act as a driver for promoting the principles of sustainability in business through the organization of financing. However, at present this incentive potential is underused due to the lack of a unified approach to assessing their contribution to the development of sustainable finances. The development of such a unified approach will increase investment in sustainable finance, optimize its regulation, and increase public awareness of the development of a sustainable financial system. The article is devoted to the analysis of the experience of the world’s leading financial centers in stimulating the development of sustainable finance.

Coronavirus Superstrategy: Global Projection of the “Just-in-time Catastrophe’s” Financial Model for Overcoming the Crisis and Entering into a New Geo-Economic Normality

DOI: 10.33917/es-4.170.2020.6-19

The world is changing rapidly and irreversibly. The critical value of accumulated macroeconomic imbalances requires radical managerial decisions. As a solution to the problem, catastrophe just-in-time was chosen — preparation and implementation of key extreme events aimed at fundamentally reformatting the global economic management structure with achieving a new global investment and financial cycle based on massive issue of US dollars. The classical model of transforming global crises into the format of phased global financial iterations has now been augmented with a new strategic tool — the coronavirus. The result of implementing the coronavirus superstrategy, which was similar in power to the third world war and successfully replaced it, is the shift in key macroeconomic determinants. The USA once again postponed financial collapse for 10–15 years. Dimension of the financial special operation is unprecedented in terms of resources, territorial scales and depth of impact: former key players voluntarily sacrifice their identity for the opportunity to remain on the Great Chessboard at least in the form of pawns. The other countries’ claims to world leadership have been completely removed. For Russia, unlike most countries — geo-economic competitors, coronavirus reality became a marker confirming the Great Power status. Elaboration of a strategy for the economic development of Russia in relation to new conditions is on the agenda

Sunlight Against Coal

DOI: 10.33917/es-3.169.2020.134-141

The article dwells on the topic of competition between coal and solar energy as types of fuel. The authors provide a comparison of the installed capacity of a virtual solar power station and an existing coal power station located within the land allotment of a coal mine. The development prospects of the coal industry in terms of thermal coal are shown.

Innovative activity as an important factor of increasing the investment attractiveness of current company

Тhe article attempts to summarize the system knowledge that allows forming a modern understanding of the possibilities of obtaining the desired effect of investment, as well as the investment attractiveness of the enterprise. The financial performance indicators of PJSC NOVATEK are analyzed, the investment attractiveness of the company is assessed, a set of measures that disclose its investment capital is determined, measures to intensify innovation activities are proposed.

Where are You Going, Russia?

DOI: 10.33917/es-5.163.2019.58-69

To answer the question “Whither goest thou, Russia?”, the authors analyzed the period of the neoliberal reformation in the social and economic aspects. They summed up the political confrontation that had taken place in the “tumultuous” 1990s and identified the main trends towards the integral development of the Russian Federation for the near to medium terms. A situation that first occurred in the country, when the systems scientific and mental approaches are not in the binary opposition, but they are interacting research technologies, holds out hope for a success in studying the complicated actors of social life. In the authors’ opinion, for Russia’s successful development one can need a sovereignty of the State and society, to support creative directions in the intellectual sphere, to return the masses to active politics and to restore a direct and honest dialogue between the Government and civil society, otherwise there would be no way to save a considerable stratum of the population from a metacognitive bias with regard to their hope for a social and just transformation of society

Investment Practices of Russia and Syria: Comparative Analysis

#1. Minds Confusion
Investment Practices of Russia and Syria: Comparative Analysis

Military operations in the Syrian Arab Republic affect foreign investment in the country. Despite this, Russia continues to cooperate with Syria in the investment field. Judging by Syria’s internal potential, peculiarities of its geopolitical situation in the region, as well as international trends and strategies of Russia’s foreign policy, the Syrian Arab Republic maintains its relations with the Russian Federation within the framework of the forces center policy and against the background of the prestige policy. At the same time, towards Russia Syria pursues completely different foreign policy than in relation to other countries. Exploring investment activities in Syria and Russia’s participation in the Syrian economy through investments, the author draws up a conclusion that Russian enterprises’ entry into the Syrian market after the conflict stabilization should be based on the principles of leasing. The most interesting form of cooperation from the Russian point of view will be interaction in the mining industry (oil, phosphates) and agriculture.

Problems of Russian Economy Modernization in the Context of Modern Realities

#2. Sisyphean Task
Problems of Russian Economy Modernization in the Context of Modern Realities

The paper defines the essence of economic modernization, pinpoints its main types, reveals the causes of objective necessity for modernization of the Russian economy, analyses the key modernization problems and gives he author’s view on the considered issues.

Overview of Economic and Trade Relations Between Kazakhstan and the European Union: Current Trends and Prospects

#3. Attraction of Diversity
Overview of Economic and Trade Relations Between Kazakhstan and the European Union: Current Trends and Prospects

The European Union (EU) and Kazakhstan have established close economic and trade relations much thanks to EU Strategy for Central Asia and Kazakh state program Path to Europe. Bilateral trade have been growing steadily since 2002. Today EU is Kazakhstan’s first trade partner with annual turnover of ,1 billion representing a half of the country total trade in 2016 and the largest investor, ahead of Russia and China. EU imports from Kazakhstan are dominated by energy (minerals, fuels) products. The main EU exports to Kazakhstan include machinery and transport equipment, other manufactured goods and chemicals. In 2015 Kazakhstan has joined WTO with the EU consistently supporting Kazakhstan’s accession. Over the past two decades, Kazakhstan and EU have developed a strong and mutually beneficial energy cooperation. Major EU-based energy companies have significant investments in the Kazakh oil and gas industry. Currently, around 70% of Kazakhstan oil exports go to Europe, corresponding to 6.5% of the EU total oil imports. The 2017-address by the President Nursultan Nazarbayev comprise an industrial strategy aimed at modernizing Kazakhstan’s economy by diversifying it away from overdependence on extractive industries, targeting R&D and joining the top 30 most developed countries by 2050. Therefore Enhanced Partnership and Cooperation Agreement signed in 2015 offers new opportunities for Kazakhstan and EU and could be interesting for partners in the Eurasian Economic Union.

On Socio-Economic Strategy of Qatar at the Beginning of the XXI Century

#5. Space Like a Punishment
On Socio-Economic Strategy of Qatar at the Beginning of the XXI Century

Emirate of Qatar, small in area and population, being a coastal state of the Persian Gulf, from year to year is demonstrating dynamic economic growth thanks to constantly growing income from hydrocarbon exports. According to experts of the British audit firm Ernst&Young and the Oxford Economics Institute, Qatar has topped the rating of the fastest growing markets in 2000-2010. The author particularly analyzes dynamics of the main socio-economic indicators of the country during the 2000s and also describes important provisions of the national government programs for medium and long-term periods. The study presents conclusions regarding the present situation and prospects of emirate’s economic development in the future.