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Publications of Stepanov Nikita Sergeevich
Finance and Management, 2022-4
Stepanov N.S. - Prospects for the Development of the Great Tumangan Initiative (GTI) in the New Geopolitical Reality pp. 34-41


Abstract: The subject of the study is the process of East Asian regionalism, considered in the context of the development of the Great Tumangan Initiative. The proposed goal is to characterize, analyze and evaluate the impact of the new geopolitical reality on the prospects for integration processes in Northeast Asia. The main research methods used in the study are a literature review on the topic and a descriptive method. As a result of the work, the following can be distinguished: analysis of geopolitical factors affecting the integration processes in Northeast Asia; the features of the development of the Great Tumangan Initiative are determined and the main problems limiting the effectiveness of this initiative are identified. The scientific novelty lies in the substantiation of the priority directions for the development of the untapped potential of the Great Tumangan Initiative: improvement of institutional support; the need to cooperate simultaneously at four levels: regional, local, multilateral and bilateral. It is concluded that the achievement of regional connectivity is the main priority in the development of regional cooperation and economic integration in Northeast Asia.
Finance and Management, 2022-1
Stepanov N.S. - The future of China's economy under the influence of trade tensions with the United States pp. 1-8


Abstract: The subject of the study is the trends and patterns of development of the Chinese economy, taking into account the impact of trade friction with the United States. It is proved that the conflict between the United States and China has been growing for more than half a century, intensifying in recent years, which is reflected in the growing bilateral tensions at the political and economic levels. The goal of China's modern strategy in the international arena is to make a multipolar world a reality, to make China an alternative to the United States, and as a result led to trade friction between the United States and China. China remains the most involved country in the production value chains on the world market, and is trying to maintain and increase the positions gained over the past decades.    It is proved that the introduction of additional tariffs on mutual trade between the United States and China has led to classic trade effects associated with a change in the level of protection, namely, the effect of creation and shift. Their direction was opposite to the effects observed in the case of a reduction in customs duties. The main strategic directions of the development of the Chinese economy are formulated. In the new conditions, the trade war between the United States and China should be considered as a conflict that sets a certain trend. There is more and more talk about new terms of trade liberalization agreements, whether bilateral, regional or global. The institutional subsystem develops under the influence of changes in socio-economic relations.
Finance and Management, 2021-2
Stepanov N.S. - Institutions for the development of the Extended Tumangan Initiative as one of the factors impacting regional economy pp. 75-88


Abstract: The subject of this article is the examination of the institutions development institutions of the Extended Tumangan Initiative and their impact upon regional economy. The relevance of this topic is associated with the fact that the creation of special economic zones, including industrial parks, has a specifically positive effect on economic development and ability of the regions to attract direct foreign investment. The countries of Northeast Asia offer the advantages of high economic complementarity, trustworthy relations that are the foundation for economic cooperation, and the experience of industrial clusterization in form of various entities that ensure optimization of the economic structure, trade flow, stimulation of investment, and strengthening of business ties. The Extended Tumangan Initiative was created specifically for this purpose, which today serves as one of the sources of economic development in the region. The article employs the methods of scientific knowledge, which are substantiated by the research tasks in determining the place and role of the institutions of the development of the Extended Tumangan Initiative; studying the content and peculiarities of assessing the development of this territory and Russia’s participation therein; for substantiating the practical grounds of this initiative as the factor impacting regional economy. Leaning on the analysis of cooperation of the member-states in the initiative, the author highlights the following priority vectors of cooperation within the Extended Tumagan Initiative: facilitation of transboundary trade; development of the system of transport infrastructure and tourism; improvement of the system of logistics and transport systems in the region; expansion of scientific and technological cooperation; solution of environmental problems of the territory; engagement of the territories of the Extended Tumangan Initiative into global economy. The author substantiates the importance of the Extended Tumangan Initiative as the only international platform for coordination of the actions of the regional countries.
Finance and Management, 2020-2
Stepanov N.S. - Economic and political future of Hong Kong pp. 21-30


Abstract: Relevance of this article is substantiated by series changes in the world's largest economy, related to the special status of Hong Kong, which is rapidly losing its autonomy and privileges associated with it. The goal consists in outlining potential prospects and restrictions pertaining to economic and political future of Hong Kong. The subject of this research is the peculiarities, trends and patterns of Hong Kong’s development in the economic and political spheres. Examination of the development of Hong Kong and the factors impacting these processes was conducted by means of structural approach, methods of logical, comparative and statistical analysis, grouping, abstract-logical modeling, etc. The conducted research of modern trends and patterns allowed determining the key problems that may negatively affect successful development of Hong Kong in the nearest future: China’s encroachment on the special status of Hong Kong, reflected in the adoption of in 2019; possible sanctions from the United States, threatening to deprive Hong Kong of the status of world’s top financial hub; protests of Hong Kong’s residents; effects of the Coronavirus pandemic in the economic sector. The acquired results may be applied in formation of Hong Kong’s strategic development vectors, considering current conditions of political conflicts, as well as crisis trends related to Coronavirus pandemic. The scientific novelty lies in identification of the problems of current state of Hong Kong, as well as in formulation of possible solutions for balancing the crisis trends. The author believes that there could be several scenarios of events. Full abolition of the special status of Hong Kong seems less realistic, as it would suppress the attempts to establish relations based on the principle “one state – two systems”.
Finance and Management, 2020-1
Stepanov N.S. - Investment prospects of Russia in terms of economic cooperation with PRC pp. 1-12


Abstract: The subject of this research is the trends and peculiarities of investment cooperation between the Russian Federation and the People’s Republic of China. The object of this research is the economic cooperation of the two states. The relevance is substantiated by the fact that Russia-China economic cooperation is in priority among the politicians and researchers; due to its high importance for the two countries, it would expand gradually, but there are still multiple problems for deepening the relations and increasing complementarity. The foal of the article consists in examination of investment prospects of the Russian Federation in terms of economic cooperation with China, identification of the problems, and search of possible ways out of the situation. It is underlined that Russia-China economic relations are largely based on the traditional trade. Investments between the countries are limited, and joint projects lately remain incomplete. The author assumes that the significant internal modernizations are necessary in supply chains, which should be subsidized by Russia in order to retain sustainability of regional development. It is determined that there is strong potential for intensification of economic relations, fulfillment of which requires solution of multiple problems.
Finance and Management, 2019-3
Stepanov N.S. - Creation of common supranational currency within the framework of the Shanghai Cooperation Organization (SCO) pp. 50-60


Abstract: This article analyzes the experience of a successful monetary integration within the framework of integration associations of the European countries and their applicability in the conditions of intensified integration processes in the context of Shanghai Cooperation Organization. Since SCO is relatively young, it depicts specific features and problems of any growing organization; therefore, it is important to examine successful global practices of the development and expansion of the financial and currency integration. The author refers to the experience of the European Union and its resolution of the monetary and financial convergence and full integration based on the formula: economic integration – currency integration – financial integration. Research methodology leans on the systemic approach, which through systematization and generalization of theoretical and practical aspects of financial integration allows determining the issues and prospects of these processes in the Eurasian Region. The subject of this study is the possibility of creation of supranational currency and currency union in Eurasia. The author explores the peculiarities of formation and modern trends of currency integration, which necessity is justified by a number of economic challenges that can be resolved only by the countries united by a common targeted orientation. The scientific result of this article lies in substantiation of the key measures aimed at expansion of financial integration within the framework of Shanghai Cooperation Organization, which in a long-term perspective can ensure the condition for creating common supranational currency to intensify the processes of de-dollarization of the world economy.
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