Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.2.008
B. Kheyfets, V. Chernova
Relevance. China is the dominant trading partner for many countries of the world. The new plan for the Chinese economic development in 2021–2035, based on the “double circulation” model, has become the subject of vigorous debate. Research objective. The study aims to identify China’s economic growth drivers before and during the COVID-19 pandemic and evaluate the impact of external and internal factors on China’s economic growth, taking into account future strategic changes. Data and methods. To identify the growth factors of GDP, we used a factor model based on GDP components by spending and the data provided by the State Bureau of Statistics of the PRC for 2007–2020. Results. Over the past decade, the contribution of GDP components that shape domestic demand has been steadily reduced. The decline in the share of net exports in GDP growth was replaced by the fluctuations in the external and domestic demand shares in the subsequent periods. The evaluations show that in 2020, 1% of 3.56% of China’s economic growth in GDP (in national currency) was provided by net exports and 2% of 3.56% was provided by an increase in gross capital formation. Conclusions. The increase in the contribution of net exports to GDP growth was caused not only by the growth of exports with a slowdown in the growth of imports but also by the redistribution of the shares of all factors and primarily by the sharp reduction in the share of the contribution of household expenditures to consumption. To promote domestic circulation through personal consumption, it is necessary for China to lower the savings rate, solve the problem of income inequality, and increase disposable income per capita.
{"title":"Impact of external and internal factors on China’s economic growth","authors":"B. Kheyfets, V. Chernova","doi":"10.15826/recon.2022.8.2.008","DOIUrl":"https://doi.org/10.15826/recon.2022.8.2.008","url":null,"abstract":"Relevance. China is the dominant trading partner for many countries of the world. The new plan for the Chinese economic development in 2021–2035, based on the “double circulation” model, has become the subject of vigorous debate. Research objective. The study aims to identify China’s economic growth drivers before and during the COVID-19 pandemic and evaluate the impact of external and internal factors on China’s economic growth, taking into account future strategic changes. Data and methods. To identify the growth factors of GDP, we used a factor model based on GDP components by spending and the data provided by the State Bureau of Statistics of the PRC for 2007–2020. Results. Over the past decade, the contribution of GDP components that shape domestic demand has been steadily reduced. The decline in the share of net exports in GDP growth was replaced by the fluctuations in the external and domestic demand shares in the subsequent periods. The evaluations show that in 2020, 1% of 3.56% of China’s economic growth in GDP (in national currency) was provided by net exports and 2% of 3.56% was provided by an increase in gross capital formation. Conclusions. The increase in the contribution of net exports to GDP growth was caused not only by the growth of exports with a slowdown in the growth of imports but also by the redistribution of the shares of all factors and primarily by the sharp reduction in the share of the contribution of household expenditures to consumption. To promote domestic circulation through personal consumption, it is necessary for China to lower the savings rate, solve the problem of income inequality, and increase disposable income per capita.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.3.023
A. Stepanov, A. Burnasov, G. N. Valiakhmetova, M. Ilyushkina
Relevance. The turbulence of the global economy and pressure from sanctions have become a serious challenge for the Russian economy. Industry is hit the hardest as it is involved in the international division of labor and creation of value chains, unlike other branches of material production. It is, therefore, necessary to conduct in-depth research on these processes in order to provide Russian industrial regions with effective strategies to adapt to this new geo-economic reality. Research objective is to identify trends and prospects for the development of Russian industrial regions in the context of international sanctions pressure. A particular focus is made on the case of Sverdlovsk region, which has a high concentration of mining and manufacturing enterprises. Data and methods. The study applies a systematic approach by using methods of structural, statistical and comparative analysis. Statistical materials of relevant ministries and departments of the government of Sverdlovsk region as well as the data from international databases comprise the empirical basis of the study. The results of the survey of 50 managers from 12 logistics companies of Sverdlovsk region have been analyzed as well. The survey was carried out from January, 2022 to August, 2022. Results. The study has shown the complex effects of the international economic sanctions on the trajectory and dynamics of the development of the industrial sector in Russia. The study describes the scenarios of the industrial development of Sverdlovsk region involved in the process of import substitution and transformation of logistics and value chains. Conclusions. These findings can be of interest to policy-makers on the national and regional levels as well as businesses involved in import substitution programs.
{"title":"The impact of economic sanctions on the industrial regions of Russia (the case of Sverdlovsk region)","authors":"A. Stepanov, A. Burnasov, G. N. Valiakhmetova, M. Ilyushkina","doi":"10.15826/recon.2022.8.3.023","DOIUrl":"https://doi.org/10.15826/recon.2022.8.3.023","url":null,"abstract":"Relevance. The turbulence of the global economy and pressure from sanctions have become a serious challenge for the Russian economy. Industry is hit the hardest as it is involved in the international division of labor and creation of value chains, unlike other branches of material production. It is, therefore, necessary to conduct in-depth research on these processes in order to provide Russian industrial regions with effective strategies to adapt to this new geo-economic reality. Research objective is to identify trends and prospects for the development of Russian industrial regions in the context of international sanctions pressure. A particular focus is made on the case of Sverdlovsk region, which has a high concentration of mining and manufacturing enterprises. Data and methods. The study applies a systematic approach by using methods of structural, statistical and comparative analysis. Statistical materials of relevant ministries and departments of the government of Sverdlovsk region as well as the data from international databases comprise the empirical basis of the study. The results of the survey of 50 managers from 12 logistics companies of Sverdlovsk region have been analyzed as well. The survey was carried out from January, 2022 to August, 2022. Results. The study has shown the complex effects of the international economic sanctions on the trajectory and dynamics of the development of the industrial sector in Russia. The study describes the scenarios of the industrial development of Sverdlovsk region involved in the process of import substitution and transformation of logistics and value chains. Conclusions. These findings can be of interest to policy-makers on the national and regional levels as well as businesses involved in import substitution programs.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.3.019
L. Bozhko
Relevance: The new challenges for Kazakhstan's economy have emerged in the aftermath of current geopolitical tensions, especially after Kazakhstani businesses have found themselves under the threat of the US and EU secondary sanctions. The industries of the export-oriented metals and mining sector were hit the hardest. Kazakhstani enterprises in their attempts to navigate the sometimes contradictory trends in world trade responded in a variety of ambivalent ways. This situation clearly requires more research. While the lack of large data volumes makes qualitative diagnostics and scenario-based forecasting extremely difficult, the proposed approach may prove to be a viable solution. Research objective: This study aims to identify and describe the main models of behaviour demonstrated by Kazakhstani companies that seek to manage the risk of secondary sanctions and mitigate their export losses. Data and methods: To study the responses of Kazakhstani companies to the risk of secondary sanctions, the case study method was used, which provides us with a broader view on the companies of different sizes and territorial presence. The cases are then systematized to identify the key types of corporate responses to secondary sanctions. The study relies on the observations and data gathered from the documentations of Kazakhstani companies, media publications, reviews, the List of Items Prohibited for Export and Import in Russia and the Republic of Belarus Pursuant to Sanctions, and the normative legal acts of the Republic of Kazakhstan. Results: The study has brought to light the models of behaviour demonstrated by large enterprises and junior companies in Kazakhstan's metals and mining industry. Seeking to minimize the risk of secondary sanctions, Kazakhstani enterprises choose different behaviour models. A comprehensive in-depth content-analysis has revealed the basic trends in the development of Kazakhstan's metals and mining sector. Conclusions: The analysis of the resulting portfolio of cases has shown differences in the responses of large companies affiliated with TNCs and small and medium-sized juniors. The study also brought to light the sanctions' negative impact on the development of Kazakhstan's economy.
{"title":"Challenges of anti-Russia sanctions for metals and mining enterprises in Kazakhstan","authors":"L. Bozhko","doi":"10.15826/recon.2022.8.3.019","DOIUrl":"https://doi.org/10.15826/recon.2022.8.3.019","url":null,"abstract":"Relevance: The new challenges for Kazakhstan's economy have emerged in the aftermath of current geopolitical tensions, especially after Kazakhstani businesses have found themselves under the threat of the US and EU secondary sanctions. The industries of the export-oriented metals and mining sector were hit the hardest. Kazakhstani enterprises in their attempts to navigate the sometimes contradictory trends in world trade responded in a variety of ambivalent ways. This situation clearly requires more research. While the lack of large data volumes makes qualitative diagnostics and scenario-based forecasting extremely difficult, the proposed approach may prove to be a viable solution. Research objective: This study aims to identify and describe the main models of behaviour demonstrated by Kazakhstani companies that seek to manage the risk of secondary sanctions and mitigate their export losses. Data and methods: To study the responses of Kazakhstani companies to the risk of secondary sanctions, the case study method was used, which provides us with a broader view on the companies of different sizes and territorial presence. The cases are then systematized to identify the key types of corporate responses to secondary sanctions. The study relies on the observations and data gathered from the documentations of Kazakhstani companies, media publications, reviews, the List of Items Prohibited for Export and Import in Russia and the Republic of Belarus Pursuant to Sanctions, and the normative legal acts of the Republic of Kazakhstan. Results: The study has brought to light the models of behaviour demonstrated by large enterprises and junior companies in Kazakhstan's metals and mining industry. Seeking to minimize the risk of secondary sanctions, Kazakhstani enterprises choose different behaviour models. A comprehensive in-depth content-analysis has revealed the basic trends in the development of Kazakhstan's metals and mining sector. Conclusions: The analysis of the resulting portfolio of cases has shown differences in the responses of large companies affiliated with TNCs and small and medium-sized juniors. The study also brought to light the sanctions' negative impact on the development of Kazakhstan's economy.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.2.009
A. Suvorova
Relevance. The new challenges that exacerbate long-standing issues stimulate the Russian economic system to evolve faster and to seek greater efficiency. One of the impediments to this process, however, is the inertness of the spatial organization of the national economy. There is a need for more detailed research on the characteristics of the national economic space for evidence-based policy-making in the sphere of spatial development. Research objective The study aims to describe the organization of Russia's economic space by focusing on the patterns of localization of its territorial capital. Data and methods. The study uses official statistical data on Russian regions provided by the Federal State Statistics Service (Rosstat) and a set of indicators of regional inequality. Methodologically, the study relies on the methods of spatial autocorrelation analysis and cartographic analysis. Results. It has been shown that there are significant regional disparities combined with the high level of polarization of the Russian space. There is a scarcity of asset concentration areas, which are mostly located in the country's western part, leaving the eastern part lagging behind and limiting its potential. The territories that are struggling the most are those devoid of resources and located remotely from the areas of asset concentration. The patterns of geographic distribution of gross regional product are to a great extent similar to the patterns of distribution of production capital, which may point to the existence of factors leading to regional divergence. The distribution of creative capital in Russia is far from optimal, which prevents it from becoming a major driver behind the country's economic growth. Conclusions. Policy-makers need to take into account the patterns of asset distribution in devising measures for enhancing territorial capital and setting priorities for the country's economic spatial development.
{"title":"Territorial capital of Russian regions and its spatial organization","authors":"A. Suvorova","doi":"10.15826/recon.2022.8.2.009","DOIUrl":"https://doi.org/10.15826/recon.2022.8.2.009","url":null,"abstract":"Relevance. The new challenges that exacerbate long-standing issues stimulate the Russian economic system to evolve faster and to seek greater efficiency. One of the impediments to this process, however, is the inertness of the spatial organization of the national economy. There is a need for more detailed research on the characteristics of the national economic space for evidence-based policy-making in the sphere of spatial development. Research objective The study aims to describe the organization of Russia's economic space by focusing on the patterns of localization of its territorial capital. Data and methods. The study uses official statistical data on Russian regions provided by the Federal State Statistics Service (Rosstat) and a set of indicators of regional inequality. Methodologically, the study relies on the methods of spatial autocorrelation analysis and cartographic analysis. Results. It has been shown that there are significant regional disparities combined with the high level of polarization of the Russian space. There is a scarcity of asset concentration areas, which are mostly located in the country's western part, leaving the eastern part lagging behind and limiting its potential. The territories that are struggling the most are those devoid of resources and located remotely from the areas of asset concentration. The patterns of geographic distribution of gross regional product are to a great extent similar to the patterns of distribution of production capital, which may point to the existence of factors leading to regional divergence. The distribution of creative capital in Russia is far from optimal, which prevents it from becoming a major driver behind the country's economic growth. Conclusions. Policy-makers need to take into account the patterns of asset distribution in devising measures for enhancing territorial capital and setting priorities for the country's economic spatial development.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.3.016
A. A. Pobedin
Relevance In 2022, Russia has been facing unprecedented sanctions pressure, which has created a need to reconsider the established classifications of sanctions. As the new challenges arise, one has to deploy not only the current analytical resources but rely on the integrated conceptualization of earlier cases. Research objective. The study aims to describe and test methodology for analysis of sanctions regimes by using the current data on the sanctions against Russia. Data and method. The study relies on the methods of case study and statistical analysis and uses the data provided by Rosstat, Central Bank of the Russian Federation, Castellum.AI, UNCTAD. Results. The study proposes a base model of sanctions which combines two dimensions – the areas of foreign economic activity impacted by the restrictions and the factors that determine the sanctions' influence on the target country. It is shown how the proposed model can be adjusted for the analysis of the Russia sanctions regime. Conclusions. The sanctions put considerable pressure on Russia's economy because by the nature of their impact and scope they far exceed the scale of the restrictions that were previously applied to other countries. To withstand the sanctions pressure, a serious revision and reorganization of the country's foreign trade structure and domestic economic policy is necessary.
{"title":"Reconsidering contemporary classifications of sanctions in the light of the Russia sanctions regime","authors":"A. A. Pobedin","doi":"10.15826/recon.2022.8.3.016","DOIUrl":"https://doi.org/10.15826/recon.2022.8.3.016","url":null,"abstract":"Relevance In 2022, Russia has been facing unprecedented sanctions pressure, which has created a need to reconsider the established classifications of sanctions. As the new challenges arise, one has to deploy not only the current analytical resources but rely on the integrated conceptualization of earlier cases. Research objective. The study aims to describe and test methodology for analysis of sanctions regimes by using the current data on the sanctions against Russia. Data and method. The study relies on the methods of case study and statistical analysis and uses the data provided by Rosstat, Central Bank of the Russian Federation, Castellum.AI, UNCTAD. Results. The study proposes a base model of sanctions which combines two dimensions – the areas of foreign economic activity impacted by the restrictions and the factors that determine the sanctions' influence on the target country. It is shown how the proposed model can be adjusted for the analysis of the Russia sanctions regime. Conclusions. The sanctions put considerable pressure on Russia's economy because by the nature of their impact and scope they far exceed the scale of the restrictions that were previously applied to other countries. To withstand the sanctions pressure, a serious revision and reorganization of the country's foreign trade structure and domestic economic policy is necessary.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.3.021
S. Balashova, Timur I. Musin
Relevance. Cloud computing brings significant benefits to economy; the speed of its adoption is crucial for emerging as well as for established businesses. In 2022, since the sanctions against Russia were introduced, the dynamically developing Russian cloud market has been dealing with new challenges, which require scholarly attention. Research Objective. The purpose of this study is to summarize the key factors that determine cloud adoption globally, identify the peculiarities of the Russian cloud market and outline the prospects for the development of cloud computing in Russia, taking into account the sanctions imposed in 2022. Data and methods. The study relies on the statistical data from global databases and market surveys. The methodological framework of the study comprises comparative analysis and scenario methods. Results. The main drivers of cloud adoption are infrastructural, economic, social and legal factors. Even though in some of these parameters Russia has achieved good results, the overall level of adoption of cloud services in the country is quite low. The Russian cloud market has a large share of local players, but the negative factor is SMEs’ reluctance to move to the cloud. Further growth in this sphere is possible, however, even if the size of the cloud market shrinks. Conclusions. The 2022 sanctions have posed a major threat to the Russian cloud market as they affected the segments of the critical IT infrastructure. However, there is likelihood that local cloud service providers might be able to substitute global providers. In many ways, it depends on the success of import substitution programs in the field of IT equipment, the policy of local providers, legislative support, and businesses’ willingness to move to the cloud.
{"title":"Cloud computing: global trends and challenges for Russia in the time of sanctions","authors":"S. Balashova, Timur I. Musin","doi":"10.15826/recon.2022.8.3.021","DOIUrl":"https://doi.org/10.15826/recon.2022.8.3.021","url":null,"abstract":"Relevance. Cloud computing brings significant benefits to economy; the speed of its adoption is crucial for emerging as well as for established businesses. In 2022, since the sanctions against Russia were introduced, the dynamically developing Russian cloud market has been dealing with new challenges, which require scholarly attention. Research Objective. The purpose of this study is to summarize the key factors that determine cloud adoption globally, identify the peculiarities of the Russian cloud market and outline the prospects for the development of cloud computing in Russia, taking into account the sanctions imposed in 2022. Data and methods. The study relies on the statistical data from global databases and market surveys. The methodological framework of the study comprises comparative analysis and scenario methods. Results. The main drivers of cloud adoption are infrastructural, economic, social and legal factors. Even though in some of these parameters Russia has achieved good results, the overall level of adoption of cloud services in the country is quite low. The Russian cloud market has a large share of local players, but the negative factor is SMEs’ reluctance to move to the cloud. Further growth in this sphere is possible, however, even if the size of the cloud market shrinks. Conclusions. The 2022 sanctions have posed a major threat to the Russian cloud market as they affected the segments of the critical IT infrastructure. However, there is likelihood that local cloud service providers might be able to substitute global providers. In many ways, it depends on the success of import substitution programs in the field of IT equipment, the policy of local providers, legislative support, and businesses’ willingness to move to the cloud.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.4.026
O. Osabuohien-Irabor, I. Drapkin
Relevance. Outward foreign direct investment (OFDI) and international trade are traditionally viewed as key drive of economic integration and globalization. At the same time, the relationship between these phenomena is ambiguous both from theoretical and empirical points of view. This study contributes to the existing literature by analyzing the relationship between outward foreign direct investment and international trade for countries with different levels of income per capita. Research objective. This study examines the dynamic interplay between OFDI and international trade in different income groups such as low-income (LIC), low-middle income (LMIC), upper-middle income (UMIC), and high-income (HIC) groups. Data and methods. Based on World bank country income classifications, data from 161 countries are divided into LIC, LMIC, UMIC, and HIC for the period 1998-2019. The study employs the Difference (DFF-GMM) and two-step System Generalized Method of Moments (SYS-GMM) techniques to explore the OFDI-trade nexus. Results. The results are mixed and significant providing support for both complementarity and substitutive FDI. Findings suggest that OFDI and trade nexus in LIC have negative impact indicating a substitutive effect, but in other economies, the impact is significantly positive and complementary. Conclusions. Trade and OFDI nexus are substitutive in LIC, hence sound economic policy, aimed at increasing country’s international competitiveness, should be adopted. However, trade and OFDI in LMIC, UMIC and HIC economies have mutually complementary relationship that facilitates the improvement of the domestic economy. Thus, government should promote policies that sustain the benefits of OFDI and trade interactions.
{"title":"FDI outflows and international trade nexus: Empirical evidence from country income groups","authors":"O. Osabuohien-Irabor, I. Drapkin","doi":"10.15826/recon.2022.8.4.026","DOIUrl":"https://doi.org/10.15826/recon.2022.8.4.026","url":null,"abstract":"Relevance. Outward foreign direct investment (OFDI) and international trade are traditionally viewed as key drive of economic integration and globalization. At the same time, the relationship between these phenomena is ambiguous both from theoretical and empirical points of view. This study contributes to the existing literature by analyzing the relationship between outward foreign direct investment and international trade for countries with different levels of income per capita. Research objective. This study examines the dynamic interplay between OFDI and international trade in different income groups such as low-income (LIC), low-middle income (LMIC), upper-middle income (UMIC), and high-income (HIC) groups. Data and methods. Based on World bank country income classifications, data from 161 countries are divided into LIC, LMIC, UMIC, and HIC for the period 1998-2019. The study employs the Difference (DFF-GMM) and two-step System Generalized Method of Moments (SYS-GMM) techniques to explore the OFDI-trade nexus. Results. The results are mixed and significant providing support for both complementarity and substitutive FDI. Findings suggest that OFDI and trade nexus in LIC have negative impact indicating a substitutive effect, but in other economies, the impact is significantly positive and complementary. Conclusions. Trade and OFDI nexus are substitutive in LIC, hence sound economic policy, aimed at increasing country’s international competitiveness, should be adopted. However, trade and OFDI in LMIC, UMIC and HIC economies have mutually complementary relationship that facilitates the improvement of the domestic economy. Thus, government should promote policies that sustain the benefits of OFDI and trade interactions.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.4.024
I. Turgel, V. Derbeneva, I. Baskakova, K. Chukavina
Relevance. The relevance of the study is determined by the growing importance of creative industries in the global economy, which necessitates the formation of common approaches to identifying and defining creative industries to make effective management decisions at the state level. The lack of a unified approach to defining the conceptual and methodological apparatus necessitates additional research on this topic. Purpose of the study. The purpose of this study is to conduct a comparative analysis of approaches to identifying creative industries that have developed in the international and domestic academic community. Data and methods. The study is based on the Scoping review method, which consists of a full analysis of the existing literature in the context of key concepts of a given area of research. The international bibliographic database Scopus was used to select publications for the review. To consider the national specifics of research, the sample was expanded to include articles from the Russian Science Citation Index (RSCI). Results. The article reviews and summarizes the existing scientific approaches to identifying creative industries, highlights the main debatable issues of terminology in the field of the creative economy. Based on a comprehensive review of the approaches of international and domestic researchers, the article presents a system of criteria for identifying creative industries, which are differentiated by types of sources, specifics, and results. The application of this system of criteria will allow us to determine the boundaries of creative industries and distinguish creative industries from the general array of economic sectors. Conclusion. Systematization of theoretical approaches to defining and identifying creative industries is a necessary condition for their further classification and evaluation. The proposed system of criteria is a synthesis of existing approaches, which makes it universal and suggests the possibility of its practical application for solving a wide range of tasks related to managerial decision-making in the field of creative economy development.
{"title":"Theoretical approaches to identifying creative industries","authors":"I. Turgel, V. Derbeneva, I. Baskakova, K. Chukavina","doi":"10.15826/recon.2022.8.4.024","DOIUrl":"https://doi.org/10.15826/recon.2022.8.4.024","url":null,"abstract":"Relevance. The relevance of the study is determined by the growing importance of creative industries in the global economy, which necessitates the formation of common approaches to identifying and defining creative industries to make effective management decisions at the state level. The lack of a unified approach to defining the conceptual and methodological apparatus necessitates additional research on this topic. Purpose of the study. The purpose of this study is to conduct a comparative analysis of approaches to identifying creative industries that have developed in the international and domestic academic community. Data and methods. The study is based on the Scoping review method, which consists of a full analysis of the existing literature in the context of key concepts of a given area of research. The international bibliographic database Scopus was used to select publications for the review. To consider the national specifics of research, the sample was expanded to include articles from the Russian Science Citation Index (RSCI). Results. The article reviews and summarizes the existing scientific approaches to identifying creative industries, highlights the main debatable issues of terminology in the field of the creative economy. Based on a comprehensive review of the approaches of international and domestic researchers, the article presents a system of criteria for identifying creative industries, which are differentiated by types of sources, specifics, and results. The application of this system of criteria will allow us to determine the boundaries of creative industries and distinguish creative industries from the general array of economic sectors. Conclusion. Systematization of theoretical approaches to defining and identifying creative industries is a necessary condition for their further classification and evaluation. The proposed system of criteria is a synthesis of existing approaches, which makes it universal and suggests the possibility of its practical application for solving a wide range of tasks related to managerial decision-making in the field of creative economy development.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.3.015
I. Turgel
Sanctions have a long history, which spans over two thousand years. In fact, the first recorded cases of sanctions go as far back as ancient Greece. In the Middle Ages, such measures were formalized in legislation and were called repressalia. Under their current name, sanctions came to be known after World War I: the power to deploy sanctions was described in the League of Nations' Covenant. After the establishment of the United Nations, such measures were included into the Chapter VII of the UN Charter. Traditionally, sanctions are seen as a foreign policy tool falling between diplomacy and military force and applied in response to the undesirable actions of a certain state. Unlike diplomatic intervention efforts, sanctions have a more pronounced economic effect and are seen as more likely to bring the desired change in the target state's behaviour on the international arena. Unlike military force, sanctions are a less costly alternative and they also carry less risk of further escalation of the conflict. Lately, the topic of international sanctions has gained much urgency worldwide and has been actively discussed in the academic circles. The debates mostly centre around the impact of sanctions on the target's economy and their appropriateness as a foreign policy tool. There is, however, a perceived shortage of studies providing a comprehensive analysis of sanctions' impact on the regional, national and international levels as well as the specific tools of sanction policy and their effectiveness. More inquiry is needed into the challenges faced by target countries as well as the whole international community in relation to sanctions. The papers included in this special issue can be divided into three groups. The first group deals with the theory and methodology of sanctions studies. A.A.Pobedin in his paper 'Reconsidering Contemporary Classifications of Sanctions in the Light of the Russia Sanctions Regime' systematizes the approaches to the classification of international economic sanctions and proposes a qualitative model that can be used to examine specific sanctions regimes. The second group of studies includes the papers analyzing specific sanctions episodes. Special attention is given to comparative analysis of sanctions in different countries. I.V.Lazanyuk and D.Mambu Diu investigate the development of the Angolan economy under the pressure of sanctions. The authors focus on the role and mechanisms of the sanctions adopted by Western countries against Angola and some other African states. O.S.Sukharev and E.N.Voronchikhina compare the development of Iran and Russia during their respective sanctions episodes by looking at the dynamics of each country's macro-indicators. L.L.Bozhko in her paper 'Challenges of Anti-Russia Sanctions for Metals and Mining Enterprises in Kazakhstan' considers the problem from the perspective of Kazakhstan, which is not targeted by sanctions but is nevertheless affected by them because of its close trade ties wi
{"title":"Sanctions in international politics: Expectations and reality","authors":"I. Turgel","doi":"10.15826/recon.2022.8.3.015","DOIUrl":"https://doi.org/10.15826/recon.2022.8.3.015","url":null,"abstract":"Sanctions have a long history, which spans over two thousand years. In fact, the first recorded cases of sanctions go as far back as ancient Greece. In the Middle Ages, such measures were formalized in legislation and were called repressalia. Under their current name, sanctions came to be known after World War I: the power to deploy sanctions was described in the League of Nations' Covenant. After the establishment of the United Nations, such measures were included into the Chapter VII of the UN Charter. Traditionally, sanctions are seen as a foreign policy tool falling between diplomacy and military force and applied in response to the undesirable actions of a certain state. Unlike diplomatic intervention efforts, sanctions have a more pronounced economic effect and are seen as more likely to bring the desired change in the target state's behaviour on the international arena. Unlike military force, sanctions are a less costly alternative and they also carry less risk of further escalation of the conflict. Lately, the topic of international sanctions has gained much urgency worldwide and has been actively discussed in the academic circles. The debates mostly centre around the impact of sanctions on the target's economy and their appropriateness as a foreign policy tool. There is, however, a perceived shortage of studies providing a comprehensive analysis of sanctions' impact on the regional, national and international levels as well as the specific tools of sanction policy and their effectiveness. More inquiry is needed into the challenges faced by target countries as well as the whole international community in relation to sanctions. The papers included in this special issue can be divided into three groups. The first group deals with the theory and methodology of sanctions studies. A.A.Pobedin in his paper 'Reconsidering Contemporary Classifications of Sanctions in the Light of the Russia Sanctions Regime' systematizes the approaches to the classification of international economic sanctions and proposes a qualitative model that can be used to examine specific sanctions regimes. The second group of studies includes the papers analyzing specific sanctions episodes. Special attention is given to comparative analysis of sanctions in different countries. I.V.Lazanyuk and D.Mambu Diu investigate the development of the Angolan economy under the pressure of sanctions. The authors focus on the role and mechanisms of the sanctions adopted by Western countries against Angola and some other African states. O.S.Sukharev and E.N.Voronchikhina compare the development of Iran and Russia during their respective sanctions episodes by looking at the dynamics of each country's macro-indicators. L.L.Bozhko in her paper 'Challenges of Anti-Russia Sanctions for Metals and Mining Enterprises in Kazakhstan' considers the problem from the perspective of Kazakhstan, which is not targeted by sanctions but is nevertheless affected by them because of its close trade ties wi","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67263772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.15826/recon.2022.8.1.006
F. Shah, Yumin Liu, Y. Shah, Fadia Shah
Relevance. The rapid spread of COVID-19 around the world is disastrous to low-income countries. The pandemic was a serious threat to developing countries. In the case of Pakistan's textile industry, small and medium-sized enterprises (SMEs) have been hit hard. Importantly, the textile sector is the largest industrial sector in Pakistan. Purpose of the study. The purpose of the article is to identify the challenges that SMEs are facing due to the pandemic and to consider trade credit as a possible tool to resolve them. Data and Methods. The data were collected through the questionnaire survey among the representatives of SMEs in the textile industry in Pakistan. In total, representatives of 150 textile industries were surveyed, but due to incomplete data only 115 were used for the analysis. The survey was conducted from March 2020 to March 2021. Then, the structural equation model (SEM) was applied to ensure the accuracy of the results. Results. The COVID-19 pandemic has impacted the textile industry in Pakistan and the buying process as well as the satisfaction level. The study highlights the industrial safety issues during the pandemic which exacerbated the economic difficulties. The study also explains the mechanism how perceived control over buying, perceived satisfaction, and perceived trust in science relate to trade credit and COVID-19 pandemic. Conclusions. The Pakistani government has taken many proactive measures, but there is still no consistent policy to attract more agents to the small textile business. Thus, a trade loan is the best solution for SMEs as it does not require immediate cash payments. The lack of government support has exacerbated the general pandemic-related economic crisis. In this light, trade loans may be considered as one of the most effective tools to keep SMEs afloat.
{"title":"Trade credit promotes industrial growth during the COVID-19 pandemic: Evidence from the textile sector of Pakistan","authors":"F. Shah, Yumin Liu, Y. Shah, Fadia Shah","doi":"10.15826/recon.2022.8.1.006","DOIUrl":"https://doi.org/10.15826/recon.2022.8.1.006","url":null,"abstract":"Relevance. The rapid spread of COVID-19 around the world is disastrous to low-income countries. The pandemic was a serious threat to developing countries. In the case of Pakistan's textile industry, small and medium-sized enterprises (SMEs) have been hit hard. Importantly, the textile sector is the largest industrial sector in Pakistan. Purpose of the study. The purpose of the article is to identify the challenges that SMEs are facing due to the pandemic and to consider trade credit as a possible tool to resolve them. Data and Methods. The data were collected through the questionnaire survey among the representatives of SMEs in the textile industry in Pakistan. In total, representatives of 150 textile industries were surveyed, but due to incomplete data only 115 were used for the analysis. The survey was conducted from March 2020 to March 2021. Then, the structural equation model (SEM) was applied to ensure the accuracy of the results. Results. The COVID-19 pandemic has impacted the textile industry in Pakistan and the buying process as well as the satisfaction level. The study highlights the industrial safety issues during the pandemic which exacerbated the economic difficulties. The study also explains the mechanism how perceived control over buying, perceived satisfaction, and perceived trust in science relate to trade credit and COVID-19 pandemic. Conclusions. The Pakistani government has taken many proactive measures, but there is still no consistent policy to attract more agents to the small textile business. Thus, a trade loan is the best solution for SMEs as it does not require immediate cash payments. The lack of government support has exacerbated the general pandemic-related economic crisis. In this light, trade loans may be considered as one of the most effective tools to keep SMEs afloat.","PeriodicalId":33206,"journal":{"name":"REconomy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67262924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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