The "Economic Strategies" journal

2022 #2. 2022

Monetary policy in Russia: negative cumulative effect in the framework of the neoclassical model and its overcoming

DOI: 10.33917/mic-2.103.2022.5-38

Monetary policy is the most important instrument of economic growth policy, but the influence of any instrument may weaken or strengthen over time. We will designate this state as the cumulative effect of monetary policy. The purpose of the study is to determine the cumulative effect of monetary policy, with the identification of the effectiveness of its measures in ensuring the growth of the Russian economy. The methodology of the study consists of monetary theory, structural analysis of the money supply, the principle of «goals-tools» of economic policy and correlation and regression analysis, which allow to identify the presence of the cumulative effect of monetary policy, to determine its impact on relevant macroeconomic goals: GDP growth and inflation.

The result of the study is the application of the introduced indicators of the sensitivity of macro-policy goals to monetary policy instruments, representing a picture of the weakening of the influence of monetary policy on the growth of the Russian economy. The increasing monetization was accompanied, in particular, by a decrease in the growth rate of the Russian economy, the unfolding of a recession, the consequences of which affect the dynamics of economic development, while maintaining a tight monetary policy option – with an increase in the key interest rate. The structural analysis of the money supply for the M2 aggregate made it possible to identify those components that, with an increase, slow down growth and reduce inflation, as well as to determine the closeness of the relationship of the interest rate with the changing components of the money supply. The assessment of the cumulative effect of monetary policy on two goals of macroeconomic development – growth and inflation, and two monetary policy instruments – the M2 money supply and the key interest rate, confirmed the existence of a negative cumulative effect of the policy for the growth goal and a positive cumulative effect on the inflation rate. For two purposes at once, the positive cumulative effect of monetary policy is confirmed only for the period 2016-2018 in the interval 2001-2020. Thus, monetary policy, firstly, ensured the containment of inflation out of connection with growth, and secondly, provided different cumulative effects for different purposes – due to the different sensitivity of the target to the instruments.

The prospect of the study is seen in the creation of some kind of aggregated indicator that would allow taking into account the overall impact on the dynamics of the entire set of monetary policy measures, and not separately by goals and instruments, as presented in this study.



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Conflicts of state interests: from theory to analytical examples of economic practice

DOI: 10.33917/mic-2.103.2022.39-48

The state is a specific economic entity. With all the variety of tasks performed on behalf of the state in the actions performed with state funds and property, the legitimate interest of the state at the general epistemological level is not defined in any way. The article focuses on the need for universal approaches to develop criteria for assessing the violated state interest from the position of an expert economist who evaluates the effectiveness of managerial decisions.


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Conceptual approach to mathematical modeling of the results of production diversification as a direction of long-term strategic development

DOI: 10.33917/mic-2.103.2022.49-57

The article considers the diversification of production as a direction for the long-term strategic development of an enterprise/holding. It is proposed to model and evaluate the results of production diversification using dynamic programming methods and graph theory. The problem is to find the optimal control and optimal state for each stage, which are optimal for the whole process.


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Formation of an optimal asset structure of production enterprises according to the goals of their owners

DOI: 10.33917/mic-2.103.2022.58-64

The article considers the issue of forming the optimal structure of assets of manufacturing enterprises according to the goals of their owners. An original approach is proposed to optimize the structure of the company’s assets according to the criterion of maximizing their effectiveness for owners through the enterprise capitalization indicator.

To link the indicators of capitalization and profit from the existing assets of manufacturing enterprises of the manufacturing industry, the authors propose to create a multiple regression model, where the independent variable is capitalization (profit), the dependent ones are indicators of specific assets.

After finding the contributions (regression coefficients) of each asset, we propose to form their structure according to the principle of a portfolio approach, in which the efficiency indicator of all assets will strive to the maximum and at the same time the specific features of the enterprise in each case will be taken into account [10].


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Digital transformation in the context of socio-economic development of regions: problems and prospects

DOI: 10.33917/mic-2.103.2022.65-74

The article defines the purpose of the study, which is to identify the most pressing problems of digital transformation at the regional level. A brief description of the digital transformation strategies of several subjects of the Russian Federation, differing in the level of socio-economic development, is presented. The authors also present a comparative analysis of the regions in six mandatory areas of digitalization. It is concluded that it is necessary to create an appropriate infrastructure, including new models of interaction between business, scientific organizations, authorities and, as a result, the formation of a high level of public confidence in the reliability and security of digital infrastructure.


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Digitalization of the process of electricity consumption in residential buildings of the Arctic zone

DOI: 10.33917/mic-2.103.2022.75-84

The article identifies negative factors affecting the economic state and development of electricity industry in Murmansk Oblast cities and towns and provides a rationale for smart systems of energy consumption management based on digitalisation of the metering process. In particular, the high demand for and the scarcity and inefficient use of energy in the Arctic have laid the groundwork for the Smart House Project within the National Projects for Housing and Urban Environment and Digital Economy. Key results of the project include a reduction in consumer debt for energy, reduced costs of reading and processing data from electricity meters, increased efficiency of enforcing energy consumption restrictions, increased economic efficiency of the sector, and safety for people living in residential houses.


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Theoretical and methodological foundations of the study of a tourist destination on the example of the Republic of Tatarstan

DOI: 10.33917/mic-2.103.2022.85-90

The scientific article summarizes the types, stages of the life cycle and the constituent elements of a tourist destination according to the R. Prossera method; the author’s definition of a tourist destination is given. A rating assessment of the indicator of the tourist destination of the Republic of Tatarstan was made on the basis of the points of dislocation of the centers of the tourist destination.


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Use of economic security tools in public institutions

DOI: 10.33917/mic-2.103.2022.91-97

Economic security is a complex system, since it includes all aspects of management aimed at preventing crises and bankruptcies, as well as other negative phenomena that affect the stability of the state of any economic entity. At the same time, a significant role of economic security belongs to state institutions, which, like commercial ones, conduct their activities in the conditions of instability of the external environment. The article provides a comprehensive analysis of the features of economic security in state institutions, examines the tools that ensure it, identifies the areas of security and their impact on the functioning of modern state institutions. It is concluded that public institutions need to effectively build the system under consideration, which includes personnel, financial, resource and information components.


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Modern features and contradictions of economic security development in Russia

DOI: 110.33917/mic-2.103.2022.98-103

The article deals with the conceptual provisions of Russia’s economic security. The authors analyzed the existing approaches to the definition of the concept of «economic security». It is concluded that social, technogenic, informational and other processes directly affect the provision of economic security of the state. On the example of the situation in Russia, the main areas are identified, the impact on which with the help of economic instruments can cause significant damage to security in the context of the problems of «economic stability» at the national and regional levels. An assessment of the key threats to the economic security of the Russian Federation is given.


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