Pub Date : 2022-01-01DOI: 10.21638/spbu05.2022.102
Tatyana A. Isachenko, I. Medvedkova, Roman Krjuchkov
This article is a deep analysis of the Agreement between such major partners as the European Union and China, which is fundamentally new for the current stage of international investment cooperation. The need in such arrangement is due to the stagnation of the world economy, the strengthening of protectionist tendencies, the crisis of the multilateral trading system and the strengthening of China’s position, which makes this market more and more attractive,but requires ensuring transparent investment rules and strengthening the regulatory component. The study is the first publication devoted to the analysis of the course and results of the negotiation process, the authors concluded that the ability to ensure the protection of their investors in the market of the partner’s country is the main factor in choosing a market for investment. The authors argue that the intensification of bilateral cooperation between the EU and China has become the most important argument for initiating negotiations on a new agreement and striving to achieve a balance of interests, which determines the appropriate course of negotiations. The aim of the article was to analyze the basic provisions of the investment agreement of the new format, on the basis of which the authors assessed the readiness of the PRC and the EU to provide expanded access to foreign players, as well as identify the main problems in terms of the current regulatory investment regimes and the possibility of achieving a balance of interests of the largest trading partners. The research methodology is based on a qualitative analysis of the content of individual articles and provisions, as well as a quantitative analysis using a general equilibrium model on the example of the automotive industry, as one of the largest and most complex sectors. The author’s assessment of the effect of the Agreement makes it possible to update the conclusions about the advisability of forming agreements of this format in order to achieve mutually beneficial access to each other’s markets, as well as for third countries. This experience can be used when signing investment agreements between other countries.
{"title":"EU — China comprehensive investment agreement: Problems of conclusion and search for the balance of interests","authors":"Tatyana A. Isachenko, I. Medvedkova, Roman Krjuchkov","doi":"10.21638/spbu05.2022.102","DOIUrl":"https://doi.org/10.21638/spbu05.2022.102","url":null,"abstract":"This article is a deep analysis of the Agreement between such major partners as the European Union and China, which is fundamentally new for the current stage of international investment cooperation. The need in such arrangement is due to the stagnation of the world economy, the strengthening of protectionist tendencies, the crisis of the multilateral trading system and the strengthening of China’s position, which makes this market more and more attractive,but requires ensuring transparent investment rules and strengthening the regulatory component. The study is the first publication devoted to the analysis of the course and results of the negotiation process, the authors concluded that the ability to ensure the protection of their investors in the market of the partner’s country is the main factor in choosing a market for investment. The authors argue that the intensification of bilateral cooperation between the EU and China has become the most important argument for initiating negotiations on a new agreement and striving to achieve a balance of interests, which determines the appropriate course of negotiations. The aim of the article was to analyze the basic provisions of the investment agreement of the new format, on the basis of which the authors assessed the readiness of the PRC and the EU to provide expanded access to foreign players, as well as identify the main problems in terms of the current regulatory investment regimes and the possibility of achieving a balance of interests of the largest trading partners. The research methodology is based on a qualitative analysis of the content of individual articles and provisions, as well as a quantitative analysis using a general equilibrium model on the example of the automotive industry, as one of the largest and most complex sectors. The author’s assessment of the effect of the Agreement makes it possible to update the conclusions about the advisability of forming agreements of this format in order to achieve mutually beneficial access to each other’s markets, as well as for third countries. This experience can be used when signing investment agreements between other countries.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782290","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: 10.21638/spbu05.2022.402
A. Faizova, X. Xiaohe, Wang Wentao
China’s modern insurance market is the largest in the world in terms of several key indicators: both the number of contracts concluded and the volume of premiums collected. At the same time, insurance products related to property insurance are the second most popular among the population. However, the development curve of the insurance market in China is significantly different from the trajectories of changes in the insurance markets in Europe or the United States. This article is a comprehensive analysis of the evolution of insurance relations in the Chinese market under the influence of various factors, such as changes in the macroeconomic environment, the introduction of innovative technologies and the COVID-19 pandemic. During the transition from a planned economic system to a market one, as well as after China’s joining the WTO, external economic factors changed the development trends of China’s insurance industry. Based on the data of the National Bureau of Statistics of China for 2007–2020 and the Wind database, the authors built an econometric model that allowed analyzing the impact of various factors on the growth of property insurance in China. Special attention is paid to the impact of modern trends associated with the active introduction of digital technologies and the ongoing coronavirus pandemic (COVID-19) on the development of the property insurance segment. The ongoing optimization of the system of insurance protection of the property of the population is primarily due to its risk management function. China’s experience in the development of insurance relations in the national market may be in demand in Russia, which belongs to countries with a developing insurance market.
{"title":"Optimization of the system of personal property insurance protection: China’s experience and opportunities for Russia","authors":"A. Faizova, X. Xiaohe, Wang Wentao","doi":"10.21638/spbu05.2022.402","DOIUrl":"https://doi.org/10.21638/spbu05.2022.402","url":null,"abstract":"China’s modern insurance market is the largest in the world in terms of several key indicators: both the number of contracts concluded and the volume of premiums collected. At the same time, insurance products related to property insurance are the second most popular among the population. However, the development curve of the insurance market in China is significantly different from the trajectories of changes in the insurance markets in Europe or the United States. This article is a comprehensive analysis of the evolution of insurance relations in the Chinese market under the influence of various factors, such as changes in the macroeconomic environment, the introduction of innovative technologies and the COVID-19 pandemic. During the transition from a planned economic system to a market one, as well as after China’s joining the WTO, external economic factors changed the development trends of China’s insurance industry. Based on the data of the National Bureau of Statistics of China for 2007–2020 and the Wind database, the authors built an econometric model that allowed analyzing the impact of various factors on the growth of property insurance in China. Special attention is paid to the impact of modern trends associated with the active introduction of digital technologies and the ongoing coronavirus pandemic (COVID-19) on the development of the property insurance segment. The ongoing optimization of the system of insurance protection of the property of the population is primarily due to its risk management function. China’s experience in the development of insurance relations in the national market may be in demand in Russia, which belongs to countries with a developing insurance market.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782674","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: 10.21638/spbu05.2022.302
G. Soboleva, E. Zuga
Participants in economic processes should be involved in work to achieve Sustainable Development Goals. Companies should align their business strategies with global priorities. Business assesses market participants’ progress toward achieving the SDGs through long-term strategies based on ESG principles and requires disclosure of this information. In the past, the ESG approach to investing was based on ethical considerations. Today, ESG materiality, impact on future corporate capitalization, and ability to deliver better risk-adjusted performance predominate. Insufficient participation in such processes can create risks for companies in accessing investment funds. Non-financial reporting plays an important role in informing investors about companies’ success in implementing ESG principles. Our study is devoted to one of the issues on the ESG agenda, namely the achievement of goal number 5. Factors that evaluate a company’s performance in relation to the studied goal are included in the social and corporate block of ESG ratings. The paper formulated a hypothesis about the insufficient activity of Russian companies in implementing the ESG strategy for Goal 5. The disclosure of information in non-financial reporting was analysed, for which a statistical analysis based on panel data was performed and key indicators were identified. The results obtained were compared with the rating agencies’ requirements for information disclosure and with statistical data. For the key indicators, additional analysis was performed based on panel data from independent sources. The results of the study show that only market leaders have an effective sustainable development strategy and provide high-quality information in non-financial reporting.
{"title":"The participation of Russian companies in the implementation of the ESG agenda: Social and corporate aspects in the context of non-financial reporting","authors":"G. Soboleva, E. Zuga","doi":"10.21638/spbu05.2022.302","DOIUrl":"https://doi.org/10.21638/spbu05.2022.302","url":null,"abstract":"Participants in economic processes should be involved in work to achieve Sustainable Development Goals. Companies should align their business strategies with global priorities. Business assesses market participants’ progress toward achieving the SDGs through long-term strategies based on ESG principles and requires disclosure of this information. In the past, the ESG approach to investing was based on ethical considerations. Today, ESG materiality, impact on future corporate capitalization, and ability to deliver better risk-adjusted performance predominate. Insufficient participation in such processes can create risks for companies in accessing investment funds. Non-financial reporting plays an important role in informing investors about companies’ success in implementing ESG principles. Our study is devoted to one of the issues on the ESG agenda, namely the achievement of goal number 5. Factors that evaluate a company’s performance in relation to the studied goal are included in the social and corporate block of ESG ratings. The paper formulated a hypothesis about the insufficient activity of Russian companies in implementing the ESG strategy for Goal 5. The disclosure of information in non-financial reporting was analysed, for which a statistical analysis based on panel data was performed and key indicators were identified. The results obtained were compared with the rating agencies’ requirements for information disclosure and with statistical data. For the key indicators, additional analysis was performed based on panel data from independent sources. The results of the study show that only market leaders have an effective sustainable development strategy and provide high-quality information in non-financial reporting.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782497","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: 10.21638/spbu05.2022.306
V. Burov, Zhargal Tumunbayarova, Nadezhda Khanchuk, Pavel Masalov
The article summarizes the theoretical and methodological tools for studying the shadow economy in foreign and domestic scholarship. A comparative analysis of the existing and used diagnostic approaches for scaling the shadow economy, including review articles devoted to this paper, is carried out. The characteristics of scientific publications on countering the shadow economy are presented. In the course of the study, an analysis of features and directions of research by Russian and foreign scientists of the phenomenon of “shadow economy” was carried out, a comparison of the data array of scientific publications by bibliometric methods (VOSviewer) conducted on the international databases Dimensions, which is one of the new and is characterized by its objectivity, and the Scopus database, which is the most qualitative and widespread for the analysis of bibliographic data. It was revealed that studies in the format of articles on the shadow economy are mostly published in the humanities, which is more consistent with the Scopus database. For domestic articles, the eLIBRARY.RU scientific electronic library was used, as one of the largest and most authoritative bibliographic databases in Russia. It was revealed that the citation rate of Russian scientific works is low, but at the same time there are high counts of downloads and views, which indicates interest in this topic, but also the low scientific significance of these publications. According to the authors, in domestic and foreign scientific publications, there are insufficient recommendations on counteracting the shadow economy and, taking into account the conclusions of the analysis of methods for measuring the scale of the shadow economy, insufficient attention is paid to the regionalization of factors in the development of shadow economic relations, which would make it possible to increase the practical efficiency of the scientific research. A review of methods for measuring the scale of the shadow economy allows us to conclude that it is difficult to understand what the shadow economy is.
{"title":"Issues of countering the shadow economy in the scientific literature","authors":"V. Burov, Zhargal Tumunbayarova, Nadezhda Khanchuk, Pavel Masalov","doi":"10.21638/spbu05.2022.306","DOIUrl":"https://doi.org/10.21638/spbu05.2022.306","url":null,"abstract":"The article summarizes the theoretical and methodological tools for studying the shadow economy in foreign and domestic scholarship. A comparative analysis of the existing and used diagnostic approaches for scaling the shadow economy, including review articles devoted to this paper, is carried out. The characteristics of scientific publications on countering the shadow economy are presented. In the course of the study, an analysis of features and directions of research by Russian and foreign scientists of the phenomenon of “shadow economy” was carried out, a comparison of the data array of scientific publications by bibliometric methods (VOSviewer) conducted on the international databases Dimensions, which is one of the new and is characterized by its objectivity, and the Scopus database, which is the most qualitative and widespread for the analysis of bibliographic data. It was revealed that studies in the format of articles on the shadow economy are mostly published in the humanities, which is more consistent with the Scopus database. For domestic articles, the eLIBRARY.RU scientific electronic library was used, as one of the largest and most authoritative bibliographic databases in Russia. It was revealed that the citation rate of Russian scientific works is low, but at the same time there are high counts of downloads and views, which indicates interest in this topic, but also the low scientific significance of these publications. According to the authors, in domestic and foreign scientific publications, there are insufficient recommendations on counteracting the shadow economy and, taking into account the conclusions of the analysis of methods for measuring the scale of the shadow economy, insufficient attention is paid to the regionalization of factors in the development of shadow economic relations, which would make it possible to increase the practical efficiency of the scientific research. A review of methods for measuring the scale of the shadow economy allows us to conclude that it is difficult to understand what the shadow economy is.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782637","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: 10.21638/spbu05.2022.104
M. Safiullin, R. Burganov, Aliia Burganova
This study develops and complements the theoretical provisions of the scientific direction in which crowdsourcing is considered as a “tool for solving complex problems” in terms of understanding the processes of community formation based on interests and values. The hypothesis of the study — understanding the nature of the processes of harmonization, complementarity and cooperation of individual interests with social values allows us to explain the forms and nature of the formation and development of communities and, accordingly, the specifics of crowdsourcing processes occurring in them. The object of the study is the peculiarities of the formation and development of communities in the digital economy. The subject is new relations and communications in the digital economy that arise among economic entities in the process of creating and evolving communities and crowdsourcing. The first section presents the evolution of the definition and content of the phenomenon of “crowdsourcing” in order to understand the nature of this new phenomenon and the most important components of its development; the second section analyzes the essential characteristics of the basic economic category “interest” as the basis for the emergence and development of crowdsourcing, which made it possible to cluster interests, understand how they combine (conflict), develop motivation and form values, determining the nature and form of crowdsourcing communication; in the third section, on the basis of synthesis, the author’s model of the process of harmonization of interests, value crystallization, community formation and the emergence of crowdsourcing is developed, which allows us to consider crowdsourcing through the management paradigm and propose approaches to optimize these processes; in the fourth section, conceptual recommendations for applying the proposed model in practice are presented. The scope of application of the results is the development of economic science and understanding of new tools for its evolution, increasing “inclusion” (“involvement”) in economic development through crowdsourcing, the implementation of key projects in public policy.
{"title":"Crowdsourcing as a new driver of the digital economy and a tool for harmonizing the interests of participants","authors":"M. Safiullin, R. Burganov, Aliia Burganova","doi":"10.21638/spbu05.2022.104","DOIUrl":"https://doi.org/10.21638/spbu05.2022.104","url":null,"abstract":"This study develops and complements the theoretical provisions of the scientific direction in which crowdsourcing is considered as a “tool for solving complex problems” in terms of understanding the processes of community formation based on interests and values. The hypothesis of the study — understanding the nature of the processes of harmonization, complementarity and cooperation of individual interests with social values allows us to explain the forms and nature of the formation and development of communities and, accordingly, the specifics of crowdsourcing processes occurring in them. The object of the study is the peculiarities of the formation and development of communities in the digital economy. The subject is new relations and communications in the digital economy that arise among economic entities in the process of creating and evolving communities and crowdsourcing. The first section presents the evolution of the definition and content of the phenomenon of “crowdsourcing” in order to understand the nature of this new phenomenon and the most important components of its development; the second section analyzes the essential characteristics of the basic economic category “interest” as the basis for the emergence and development of crowdsourcing, which made it possible to cluster interests, understand how they combine (conflict), develop motivation and form values, determining the nature and form of crowdsourcing communication; in the third section, on the basis of synthesis, the author’s model of the process of harmonization of interests, value crystallization, community formation and the emergence of crowdsourcing is developed, which allows us to consider crowdsourcing through the management paradigm and propose approaches to optimize these processes; in the fourth section, conceptual recommendations for applying the proposed model in practice are presented. The scope of application of the results is the development of economic science and understanding of new tools for its evolution, increasing “inclusion” (“involvement”) in economic development through crowdsourcing, the implementation of key projects in public policy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782404","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: 10.21638/spbu05.2022.305
I. Lvova
The article deals with issues related to creating accounting textbooks the late 19th and early 20th centuries, when mass business education began to develop in Russia. The evolution of ideas about the textbook, the requirements for textbooks, the evaluation of textbooks by reviews, the role of competitions in stimulating authors, the problem of selecting the qualitative textbook and attempts to solve it by administrative and market means, and, finally, the image of a modern accounting textbook as seen more than a century ago are examined. The article is based on a critical analysis of sources little or never used in previous studies, including textbooks, journal articles, materials from congresses of Russian leaders on technical and vocational education, and other representative meetings. The study shows that the historical context not only reveals the problems relevant to modern business education, but also provides an opportunity to learn about different approaches to solving them. The study suggests using historical experience to examine how effective administrative decisions about recommending educational literature have been. The study demonstrates that past experience can be used, for example, in organizing authors competitions. In retrospect, the debates about the permissibility of publishing reviews of textbooks are also of interest. The study proves that the concept of an accounting textbook proposed at the beginning of the 20th century hasn’t lost its relevance in terms of the abundance and scope of innovations and can be claimed by modern accounting science and methodological practice.
{"title":"On the history of the creation of accounting textbooks: Late 19th — early 20th century","authors":"I. Lvova","doi":"10.21638/spbu05.2022.305","DOIUrl":"https://doi.org/10.21638/spbu05.2022.305","url":null,"abstract":"The article deals with issues related to creating accounting textbooks the late 19th and early 20th centuries, when mass business education began to develop in Russia. The evolution of ideas about the textbook, the requirements for textbooks, the evaluation of textbooks by reviews, the role of competitions in stimulating authors, the problem of selecting the qualitative textbook and attempts to solve it by administrative and market means, and, finally, the image of a modern accounting textbook as seen more than a century ago are examined. The article is based on a critical analysis of sources little or never used in previous studies, including textbooks, journal articles, materials from congresses of Russian leaders on technical and vocational education, and other representative meetings. The study shows that the historical context not only reveals the problems relevant to modern business education, but also provides an opportunity to learn about different approaches to solving them. The study suggests using historical experience to examine how effective administrative decisions about recommending educational literature have been. The study demonstrates that past experience can be used, for example, in organizing authors competitions. In retrospect, the debates about the permissibility of publishing reviews of textbooks are also of interest. The study proves that the concept of an accounting textbook proposed at the beginning of the 20th century hasn’t lost its relevance in terms of the abundance and scope of innovations and can be claimed by modern accounting science and methodological practice.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782626","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: 10.21638/spbu05.2022.403
A. Kolomiets, A. Kurdin
The integration of the EEU economic space includes measures directed to create common electric power markets, however, theoretical and empirical scientific research does not allow us to speak unequivocally about the positive effects for all participants of such an integration alliance. The issue of creating a common electricity market of the EEU countries is also quite controversial in practice due to a number of existing regulatory and technical barriers. The presented work is proposed to consider the possible consequences of the creation of wholesale electricity markets for Russia. The author, using the autoregressive fractional-integrated moving average model, shows that the creation of a common electricity market of the EEU countries may be premature at the current level of technical capabilities and the structure of national markets. Obtained as a result of modeling forecast price of the general market exceeds the price of the domestic wholesale market in Russia. It can cause a disparity in supply and demand on the domestic and the general markets, that increases in prices for the domestic buyers with some probability. Thus, the integration effects of the creation of a common electricity market may not always be positive for all parties to the agreement, which means that the overall gain from lower electricity prices under such an agreement requires a comparison of the costs and benefits of the agent making the decision to join such an alliance.
{"title":"Russia Common electricity market of the EEU: Effects for Russia","authors":"A. Kolomiets, A. Kurdin","doi":"10.21638/spbu05.2022.403","DOIUrl":"https://doi.org/10.21638/spbu05.2022.403","url":null,"abstract":"The integration of the EEU economic space includes measures directed to create common electric power markets, however, theoretical and empirical scientific research does not allow us to speak unequivocally about the positive effects for all participants of such an integration alliance. The issue of creating a common electricity market of the EEU countries is also quite controversial in practice due to a number of existing regulatory and technical barriers. The presented work is proposed to consider the possible consequences of the creation of wholesale electricity markets for Russia. The author, using the autoregressive fractional-integrated moving average model, shows that the creation of a common electricity market of the EEU countries may be premature at the current level of technical capabilities and the structure of national markets. Obtained as a result of modeling forecast price of the general market exceeds the price of the domestic wholesale market in Russia. It can cause a disparity in supply and demand on the domestic and the general markets, that increases in prices for the domestic buyers with some probability. Thus, the integration effects of the creation of a common electricity market may not always be positive for all parties to the agreement, which means that the overall gain from lower electricity prices under such an agreement requires a comparison of the costs and benefits of the agent making the decision to join such an alliance.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782130","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: 10.21638/spbu05.2022.404
I. Gagarina, I. Knyazeva
The article examines the experience of the German competition authority and the limits of the intervention of the German state and the competition policy developed by it in the digital economy. Particular attention is paid to the methodological approaches of the German regulator to assessing the dominant position of companies in digital markets, problems arising in their practical application, assessing the impact of the digital agenda on markets and competition. Current cases reflecting the multidimensional assessment of market power in digital markets are presented. The opinion of the German antimonopoly regulator is systematized, including the development of a set of measures aimed at reducing negative effects in the form of abuse of market power and the ability to have a negative impact on the market from online platforms. The basic rules of the regulatory doctrine adopted in 2021–2022 by the Economic Commission for Europe within the framework of the Digital Markets Act (DMA) are briefly presented. Particular attention is paid to the description of the concept of “intermediary power” as a special tool for assessing the market power of online platforms and the implementation of antimonopoly control and regulation of their behavior based on the regulatory concept of “gatekeeper”. The results of the research, based on new original ideas and meaningful content, can be integrated into the discourse of modern science as a vector conceptual approaches to the study of digital markets, as well as applied in the direct practice of antimonopoly regulation in the Russian Federation.
{"title":"German state competition policy: Responses to the challenges of digitalization of the economy, lessons for Russia","authors":"I. Gagarina, I. Knyazeva","doi":"10.21638/spbu05.2022.404","DOIUrl":"https://doi.org/10.21638/spbu05.2022.404","url":null,"abstract":"The article examines the experience of the German competition authority and the limits of the intervention of the German state and the competition policy developed by it in the digital economy. Particular attention is paid to the methodological approaches of the German regulator to assessing the dominant position of companies in digital markets, problems arising in their practical application, assessing the impact of the digital agenda on markets and competition. Current cases reflecting the multidimensional assessment of market power in digital markets are presented. The opinion of the German antimonopoly regulator is systematized, including the development of a set of measures aimed at reducing negative effects in the form of abuse of market power and the ability to have a negative impact on the market from online platforms. The basic rules of the regulatory doctrine adopted in 2021–2022 by the Economic Commission for Europe within the framework of the Digital Markets Act (DMA) are briefly presented. Particular attention is paid to the description of the concept of “intermediary power” as a special tool for assessing the market power of online platforms and the implementation of antimonopoly control and regulation of their behavior based on the regulatory concept of “gatekeeper”. The results of the research, based on new original ideas and meaningful content, can be integrated into the discourse of modern science as a vector conceptual approaches to the study of digital markets, as well as applied in the direct practice of antimonopoly regulation in the Russian Federation.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782164","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: 10.21638/spbu05.2022.401
E. Chernova, S. Razmanova
Currently, the demand for the supply of liquefied (LNG) and compressed (CNG) gas to the EU regional market significantly exceeds its supply. For the past five years, the gas market in Europe has been exclusively a buyer’s market, аble to dictate the main demand constraints in this market. However, since the autumn of 2021, the trend has changed in favor of suppliers, i. e. the supply side. The trend change occurred due to a number of reasons that led to the fact that world energy prices rose rapidly, reaching such a high level that entire industries, private entrepreneurs and ordinary consumers became insolvent in a short time. The article examines the main suppliers of natural gas to the EU countries, analyzes the dynamics of renewable and non-renewable sources in the production of electricity in the Europe. The possible delivery volumes of major natural gas suppliers, including the supply of compressed and liquefied gas, are analyzed. The purpose of the study is to identify the key causes of the current energy crisis in the European gas market. The research consists in assessing the factors shaping the supply-demand ratio in the regional European gas market in the medium term, as well as in answering the question: will Russian gas really not find its buyer in other regional markets?Conclusions are drawn that the current situation of natural gas supplies from Russia to European countries should be considered from the standpoint of the existing long-term cooperation between Gazprom PJSC and European companies. Otherwise, the European economy will feel the negative impact caused by the shortage of supply оn the gas market.
{"title":"European gas market: Finding a balance between supply and demand sides in the context of the energy crisis","authors":"E. Chernova, S. Razmanova","doi":"10.21638/spbu05.2022.401","DOIUrl":"https://doi.org/10.21638/spbu05.2022.401","url":null,"abstract":"Currently, the demand for the supply of liquefied (LNG) and compressed (CNG) gas to the EU regional market significantly exceeds its supply. For the past five years, the gas market in Europe has been exclusively a buyer’s market, аble to dictate the main demand constraints in this market. However, since the autumn of 2021, the trend has changed in favor of suppliers, i. e. the supply side. The trend change occurred due to a number of reasons that led to the fact that world energy prices rose rapidly, reaching such a high level that entire industries, private entrepreneurs and ordinary consumers became insolvent in a short time. The article examines the main suppliers of natural gas to the EU countries, analyzes the dynamics of renewable and non-renewable sources in the production of electricity in the Europe. The possible delivery volumes of major natural gas suppliers, including the supply of compressed and liquefied gas, are analyzed. The purpose of the study is to identify the key causes of the current energy crisis in the European gas market. The research consists in assessing the factors shaping the supply-demand ratio in the regional European gas market in the medium term, as well as in answering the question: will Russian gas really not find its buyer in other regional markets?Conclusions are drawn that the current situation of natural gas supplies from Russia to European countries should be considered from the standpoint of the existing long-term cooperation between Gazprom PJSC and European companies. Otherwise, the European economy will feel the negative impact caused by the shortage of supply оn the gas market.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782666","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: 10.21638/spbu05.2022.301
N. Pakhomova, K. K. Richter, M. Vetrova
Working with trends reflecting the ongoing aggravation of the climate situation, the authors evaluate countermeasures taken at the interstate and national levels, as well as those implemented by large businesses in priority sectors that are important emitters greenhouse gases. In this context, the article makes several points. First, it provides an overview of legal regulations implemented at the interstate and state levels aimed at preventing and minimizing adverse climate change. Second, the authors examine the impact of climate challenges and new regulatory mechanisms on sectors of the modern economy that are a priority for achieving carbon neutrality, as well as on businesses operating in these sectors. This includes analyzing ESG strategies and ratings of companies, as well as rating-related failures in solving problems of the climate agenda. Third, using the example of ferrous metallurgy enterprises, the article examines decarbonization strategies implemented by business and conducts a comparative assessment of them as one means of achieving carbon neutrality. Special attention is paid to systematizing existing and projected tools for the decarbonization of production and technological processes in the steel industry, an assessment is made of their technological maturity, as well as the impact on increasing the product cost and the possibility of reducing greenhouse gas emissions. The authors propose ways to further refine the mechanism of climate regulation in Russia, as well as methods for selecting proactive business strategies that provide an effective solution to the problems of decarbonization and achieve sustainable competitiveness in the context of the structural restructuring of the modern economy.
{"title":"Global climate challenges, structural shifts in the economy and the development of initiative-taking strategies by businesses to achieve carbon neutrality","authors":"N. Pakhomova, K. K. Richter, M. Vetrova","doi":"10.21638/spbu05.2022.301","DOIUrl":"https://doi.org/10.21638/spbu05.2022.301","url":null,"abstract":"Working with trends reflecting the ongoing aggravation of the climate situation, the authors evaluate countermeasures taken at the interstate and national levels, as well as those implemented by large businesses in priority sectors that are important emitters greenhouse gases. In this context, the article makes several points. First, it provides an overview of legal regulations implemented at the interstate and state levels aimed at preventing and minimizing adverse climate change. Second, the authors examine the impact of climate challenges and new regulatory mechanisms on sectors of the modern economy that are a priority for achieving carbon neutrality, as well as on businesses operating in these sectors. This includes analyzing ESG strategies and ratings of companies, as well as rating-related failures in solving problems of the climate agenda. Third, using the example of ferrous metallurgy enterprises, the article examines decarbonization strategies implemented by business and conducts a comparative assessment of them as one means of achieving carbon neutrality. Special attention is paid to systematizing existing and projected tools for the decarbonization of production and technological processes in the steel industry, an assessment is made of their technological maturity, as well as the impact on increasing the product cost and the possibility of reducing greenhouse gas emissions. The authors propose ways to further refine the mechanism of climate regulation in Russia, as well as methods for selecting proactive business strategies that provide an effective solution to the problems of decarbonization and achieve sustainable competitiveness in the context of the structural restructuring of the modern economy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782486","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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