Finance and Management
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MAIN PAGE > Journal "Finance and Management" > Contents of Issue 01/2022
Contents of Issue 01/2022
Question at hand
Stepanov N.S. - The future of China's economy under the influence of trade tensions with the United States pp. 1-8

DOI:
10.25136/2409-7802.2022.1.36724

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.
Financial politics
Gordienko M.S., Popkov V.A. - Development of a system of financial risk indicators based on logistic regression and the CorporateMetrics methodology pp. 9-30

DOI:
10.25136/2409-7802.2022.1.36057

Abstract: Business entities in their practical activities are constantly faced with the presence of various risks, manifested in the negative impact on them of factors of both internal and external environment. The most important for any financial manager are financial risks (market, credit, fiscal, currency, etc.), the management skills of which in a crisis period reveals genuine professionals in their field. To simplify the management process, algorithms or models are being developed that allow increasing the efficiency and speed of the management decision-making process. The subject of this study is the development of a methodology for assessing and forecasting financial risks. The purpose of the development is to simplify the process of selecting mechanisms for influencing risk, which allows maintaining the stability of cash flows over time and achieving the target financial indicators of an economic entity. The research methodology is based on the use of a combination of logistic regression tools and the CorporateMetrics methodology. These systems of financial risk indicators are highly sensitive to changing market conditions due to unfixed thresholds determined by the average values of the indicators used by the industry. The novelty of the study lies in the fact that the joint use of various indicators and indicators allows to comprehensively assess the exposure of an organization to each type of financial risk and monitor changes in the values of risk indicators. The scope of application of the results is presented on the example of the evaluation of open data on the economic activity of MTS PJSC for the period 2016-2018, the mechanism of using the methodology is shown. It is worth noting that the ability to adapt the indicators and indicators used in the methodology allows it to be applied to any economic entity of the non-financial sector of the economy.
Financial regulation
Zhao W. - The measurement and dynamics of financial openness of Chinese economy pp. 31-46

DOI:
10.25136/2409-7802.2022.1.37698

Abstract: Currently there are many literatures examining the linkage between financial openness and other economic factors in emerging economies. Nevertheless, the accuracy of measurement of financial openness is the prerequisite of evaluating its effects. Different scholars usually construct different indicators that capture different facets of financial openness, hence yielding systematically different regression results. Therefore, it is necessary to construct a comprehensive indicator and measure the financial openness in an all-around way. The innovation of this paper lies in the concept of financial opening facilitation that is newly put forwarded by the author. This paper constructs a new sub indicator: financial opening facilitation. Different from previous literatures, this paper argues that although some factors are not directly related to financial opening, they can facilitate the operation of financial institutions and support the flow of international capital, so they also play an important role. The author measures the financial openness in terms of financial account openness, financial institutions openness, financial opening facilitation. This brand-new method can be conducive to the further researchers when they examine the relation between financial openness and domestic economy. Furthermore, China's experience of financial opening can give many revelations to other emerging countries.
Investments and investing
Lebedev V., Avdeeva A., Mamedov T. - Venture investments as a factor in the development of the Russian economy in a pandemic pp. 47-57

DOI:
10.25136/2409-7802.2022.1.37318

Abstract: The subject of the study is the role of venture investments in the development of the Russian economy during the pandemic. The object of the study is venture investments. The purpose of the study is to identify the role of venture investments in the development of the Russian economy in the context of a pandemic. The global economic crisis caused by the pandemic is forcing investors to look for new sources of financing for the long term. The methodology of the work uses logical generalization, factorial and comparative analysis, grouping method and systematic approach. To determine the role of venture investments in the development of the Russian economy in the conditions of the coronocrisis, an assessment of the current state of venture investment in the country was carried out. The results of the study are to substantiate the importance of the development of the Russian venture capital investment market and the formation of proposals to solve problems related to the insufficient effectiveness of the implementation of venture projects. Based on the research conducted within the framework of the article, it can be concluded that venture investments had a positive impact on the economy during the pandemic, as they became a source of financing for the development of various projects, including e-commerce, which allowed many business entities to continue their activities. It is advisable to create a Venture Fund of the EAEU on the basis of RVC the state fund of Funds, which is an institute for the development of the Russian Federation, purposefully attracts Russian and foreign investors to priority segments of the Russian economy, promotes the development of new investment instruments of the national venture market.
Economic control and management
Ivanova Y.O., Grigoreva V.V., Pozdnyakov K.K. - The impact of tourism on the national economy and methods of its assessment: literature review pp. 58-73

DOI:
10.25136/2409-7802.2022.1.37282

Abstract: In the last decade, there has been a rapid growth of scientific research devoted to assessing the impact of tourism on the national economy. At the same time, existing studies of the relationship between tourism and the growth of the national economy, its potential benefits and negative externalities, are characterized by the vastness and heterogeneity of content, and often a distorted and incomplete understanding of the economic consequences of tourism. Various methods and models are used to assess the economic impact of tourism, so empirical studies vary significantly in quality and accuracy. The variety of approaches and methods causes significant discrepancies in conclusions regarding the contribution of tourism to the economy. The methods of assessing the contribution of tourism to economic growth are not without a number of drawbacks that reduce the effectiveness of their application for development management purposes. In order to highlight the basis of the research tradition in this field of knowledge, we applied the method of systematic review of the literature to analyze and generalize methodological approaches to assessing the economic impact of tourism. The article analyzed such concepts as economic contribution, economic impact, economic effect of tourism. Spatial aspects and factors influencing the economic effect of tourism are investigated. The main hypotheses and the area of existence of parameters for assessing the impact of tourism on the national economy are determined. The authors analyzed the possibilities and disadvantages of economic models used to assess the indirect and induced economic effects of tourism in modern research. The conclusions and recommendations of the authors can be used in the process of developing programs and projects for the development of tourism and the hospitality industry, improving models for assessing the impact of tourism on economic growth.
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