Pub Date : 2021-01-01DOI: 10.21638/spbu05.2021.301
I. Nesterov
Ultra-accommodative monetary policy, fiscal stimulus, and, as a result, growing debt were the main features of advanced economies development in the 2010s. The pandemic crises of 2020 intensified those trends. Russian authorities had to respond to the new challenges inspired by the global economic slowdown and massive lockdowns thru adopting relaxing monetary conditions and employing fiscal impetus. However, “the new financial reality” of zero-negative interest rates and fast-growing public debt in major advanced economies highlighted the long-standing problems of international financial architecture as well as created new challenges for the Russian national economy. In the article, the author analyzes monetary, fiscal and debt risks challenging the world economy during the last decade and concludes that under current circumstances continuing accumulation of foreign exchange reserves is resulting in growing dependence of Russia economy on the monetary policy of the world’s leading central banks, creating devaluation pressures on the ruble and, consequently, increasing outside inflationary impact on the domestic economy. Ultimately financing the already inflated budget deficits of the United States, the Eurozone and Japan and thereby feeding the wave of “debt tsunami” that is looming from these economies, the Russian Federation is losing investment resources that are so vital for sustainable economic growth recovery. The main goal of the article is to prove that within the framework of the new global financial reality, the further accumulation of foreign exchange reserves preserves ruble undervaluation and ultimately undermines the sustainable development and economic growth of the Russian economy. The author suggests the key elements for national economic policy aimed to support the domestic economy may and should be ruble appreciation. The adjusted paradigm of Russian economic development based on the import substitution model is a strong argument in favor of this proposal.
{"title":"Accommodative monetary policy, fiscal stimulus and foreign exchange reserves within the framework of Russian national economic interests: Long-standing problems and new challenges","authors":"I. Nesterov","doi":"10.21638/spbu05.2021.301","DOIUrl":"https://doi.org/10.21638/spbu05.2021.301","url":null,"abstract":"Ultra-accommodative monetary policy, fiscal stimulus, and, as a result, growing debt were the main features of advanced economies development in the 2010s. The pandemic crises of 2020 intensified those trends. Russian authorities had to respond to the new challenges inspired by the global economic slowdown and massive lockdowns thru adopting relaxing monetary conditions and employing fiscal impetus. However, “the new financial reality” of zero-negative interest rates and fast-growing public debt in major advanced economies highlighted the long-standing problems of international financial architecture as well as created new challenges for the Russian national economy. In the article, the author analyzes monetary, fiscal and debt risks challenging the world economy during the last decade and concludes that under current circumstances continuing accumulation of foreign exchange reserves is resulting in growing dependence of Russia economy on the monetary policy of the world’s leading central banks, creating devaluation pressures on the ruble and, consequently, increasing outside inflationary impact on the domestic economy. Ultimately financing the already inflated budget deficits of the United States, the Eurozone and Japan and thereby feeding the wave of “debt tsunami” that is looming from these economies, the Russian Federation is losing investment resources that are so vital for sustainable economic growth recovery. The main goal of the article is to prove that within the framework of the new global financial reality, the further accumulation of foreign exchange reserves preserves ruble undervaluation and ultimately undermines the sustainable development and economic growth of the Russian economy. The author suggests the key elements for national economic policy aimed to support the domestic economy may and should be ruble appreciation. The adjusted paradigm of Russian economic development based on the import substitution model is a strong argument in favor of this proposal.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782519","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 : 2021-01-01DOI: 10.21638/spbu05.2021.402
A. Biktashev
Risk-oriented regulation of brokers is considered in the article. Its implementation helps to improve the quality of regulation and the development of the economy. Risk-based regulation of brokers in theory and practice faces the problem of a lack of indicators and risk assessment system. Therefore, the purpose of the work is to develop proposals for assessing the risks of brokers in regulation. The theoretical substantiation of the study is the approaches of smart and risk-oriented regulation. The method of comparative analysis, methods of description and interpretation, statistical analysis were used. The article identifies risk factors and their indicators based on the analysis of research, foreign and Russian regulatory experience. These indicators are divided into dynamic and constant. The study verifies, using binary logistic regressions, the actual impact of the developed indicators on the work of brokers. Thresholds are defined for dynamic metrics. Exceeding the threshold value indicates an increase in the risks of the broker’s activities. The paper establishes significant indicators and develops a broker risk assessment model. The analysis revealed that some of the current standards do not affect the risks of brokers. Indicators and methods for calculating brokers’ risks can be used by regulators, and the methodology for their development can be applied in other areas.
{"title":"Regulation of broking activities based on assessment of its risks","authors":"A. Biktashev","doi":"10.21638/spbu05.2021.402","DOIUrl":"https://doi.org/10.21638/spbu05.2021.402","url":null,"abstract":"Risk-oriented regulation of brokers is considered in the article. Its implementation helps to improve the quality of regulation and the development of the economy. Risk-based regulation of brokers in theory and practice faces the problem of a lack of indicators and risk assessment system. Therefore, the purpose of the work is to develop proposals for assessing the risks of brokers in regulation. The theoretical substantiation of the study is the approaches of smart and risk-oriented regulation. The method of comparative analysis, methods of description and interpretation, statistical analysis were used. The article identifies risk factors and their indicators based on the analysis of research, foreign and Russian regulatory experience. These indicators are divided into dynamic and constant. The study verifies, using binary logistic regressions, the actual impact of the developed indicators on the work of brokers. Thresholds are defined for dynamic metrics. Exceeding the threshold value indicates an increase in the risks of the broker’s activities. The paper establishes significant indicators and develops a broker risk assessment model. The analysis revealed that some of the current standards do not affect the risks of brokers. Indicators and methods for calculating brokers’ risks can be used by regulators, and the methodology for their development can be applied in other areas.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782624","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 : 2021-01-01DOI: 10.21638/spbu05.2021.204
Olga Ismagilova
Over 30 years, the Asia-Pacific Economic Cooperation has evolved from an informal consultative dialogue into a leading inter-economy forum for promoting open trade and investment, business facilitation, as well as economic and technical cooperation. The number of APEC economies has increased, the agenda has expanded significantly to include, for example, environmental issues, digitalization, and social aspects of regulation. At the same time, in the institutional sphere, the forum has preserved the principle of consensus in decision-making, as well as the voluntary nature of commitments made by participants and the lack of mechanisms to enforce them. There is not much research on the overall results of APEC’s activities, especially on quantitative assessments of sectoral performance. The article provides an overview of international studies analyzing the forum’s achievement in different areas, including the “Bogor Goals” of trade and investment liberalization in the region. In addition, the authors conducted their own quantitative evaluation of APEC’s sectoral performance based on I. Yamazawa’s methodology and developed proposals for improving the methodology. The assessments have shown that APEC has been very successful in promoting the Bogor Goals, though the economies still have not achieved full liberalization of trade and investment in the region by 2020 deadline. Nevertheless, APEC continues its work to promote trade globalization, share regulatory experiences and best practices, harmonize standards, and improve connectivity in the region.
{"title":"APEC: Assessing progress towards the Bogor goals","authors":"Olga Ismagilova","doi":"10.21638/spbu05.2021.204","DOIUrl":"https://doi.org/10.21638/spbu05.2021.204","url":null,"abstract":"Over 30 years, the Asia-Pacific Economic Cooperation has evolved from an informal consultative dialogue into a leading inter-economy forum for promoting open trade and investment, business facilitation, as well as economic and technical cooperation. The number of APEC economies has increased, the agenda has expanded significantly to include, for example, environmental issues, digitalization, and social aspects of regulation. At the same time, in the institutional sphere, the forum has preserved the principle of consensus in decision-making, as well as the voluntary nature of commitments made by participants and the lack of mechanisms to enforce them. There is not much research on the overall results of APEC’s activities, especially on quantitative assessments of sectoral performance. The article provides an overview of international studies analyzing the forum’s achievement in different areas, including the “Bogor Goals” of trade and investment liberalization in the region. In addition, the authors conducted their own quantitative evaluation of APEC’s sectoral performance based on I. Yamazawa’s methodology and developed proposals for improving the methodology. The assessments have shown that APEC has been very successful in promoting the Bogor Goals, though the economies still have not achieved full liberalization of trade and investment in the region by 2020 deadline. Nevertheless, APEC continues its work to promote trade globalization, share regulatory experiences and best practices, harmonize standards, and improve connectivity in the region.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781482","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 : 2020-12-11DOI: 10.21638/SPBU05.2020.306
Наталья Брониславовна Болдырева, Людмила Геннадьевна Решетникова
This article examines reasons for the low efficiency of investment activity by pension asset managers, and pension investment rules are formulated. These rules are based on the Asset Allocation strategy, taking into account the long-term pension investments and the life-cycle investment strategy. All pension portfolios of Russiаn managers have weak diversification by asset classes, a high share of fixed income financial instruments, and a mismatch of the portfolio structure with the risk profile of the beneficiary. The pension industry has high costs. We evaluated the real efficiency of investment activity by pension asset managers according to the classical theory of investments, and compared it with the risk-return benchmarks of the Russian financial market. The real cumulative return by pension asset managers is negative for the period 2008–2018. At the same time, the Russian financial market provided opportunities for real growth of pension savings. Bank deposits allowed to defend capital from depreciation. Modeling of index pension portfolios (conservative, balanced, and aggressive) in the Russian financial market, according to pension investment rules, showed a positive impact on investment management efficiency of regular rebalancing of the portfolio containing stocks. The management of index pension portfolios by the proposed rules protect pension savings against inflation. Pension asset managers improve the investment policy efficiency following the pension investment rules.
{"title":"Effectiveness of investment activities of managers in the mandatory pension insurance system","authors":"Наталья Брониславовна Болдырева, Людмила Геннадьевна Решетникова","doi":"10.21638/SPBU05.2020.306","DOIUrl":"https://doi.org/10.21638/SPBU05.2020.306","url":null,"abstract":"This article examines reasons for the low efficiency of investment activity by pension asset managers, and pension investment rules are formulated. These rules are based on the Asset Allocation strategy, taking into account the long-term pension investments and the life-cycle investment strategy. All pension portfolios of Russiаn managers have weak diversification by asset classes, a high share of fixed income financial instruments, and a mismatch of the portfolio structure with the risk profile of the beneficiary. The pension industry has high costs. We evaluated the real efficiency of investment activity by pension asset managers according to the classical theory of investments, and compared it with the risk-return benchmarks of the Russian financial market. The real cumulative return by pension asset managers is negative for the period 2008–2018. At the same time, the Russian financial market provided opportunities for real growth of pension savings. Bank deposits allowed to defend capital from depreciation. Modeling of index pension portfolios (conservative, balanced, and aggressive) in the Russian financial market, according to pension investment rules, showed a positive impact on investment management efficiency of regular rebalancing of the portfolio containing stocks. The management of index pension portfolios by the proposed rules protect pension savings against inflation. Pension asset managers improve the investment policy efficiency following the pension investment rules.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781203","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 : 2020-07-17DOI: 10.21638/spbu05.2020.206
V. Yakimova
The digital economy creates new opportunities for the development of all types of economic activity, and first of all it allows to improve the organizational, technical and methodological support of information services, which include audit services. Developing technologies based on artificial intelligence, descriptive and predicative analysis of big data can find an applied aspect in the digitalization of audit activities, which will help to accelerate the collection of information, the transition from manual procedures to computer-aided processing of information, planning algorithms and a deeper understanding of the activities of audited entities. With the development of the market of high (hi-tech) and end-to-end technologies, digitalization of information systems of economic entities, the problems of adapting auditory methodological and organizational-technological tools to current conditions become urgent. Thus, in auditing science there is a paradigm shift: the transition from traditional audit to intellectual (AI audit), the methodology of which is based on machine learning technology in the professional field and the use of professional cognition. The application of the ecosystem approach allows us to describe the features of the content and functional purpose of individual digital technologies for performing cognitive processes in audit activities. A cognitive ecosystem of audit activities is proposed, which is necessary for defining digital technologies, with the help of which specif- ic tasks and directions of audits and audit-related services can be implemented. The proposed ecosystem can be used as a supporting mechanism for creating a comprehensive AI-audit system in audit organizations and for developing AI-audit as a field of scientific knowledge.
{"title":"Opportunities and prospects for using digital technologies in auditing","authors":"V. Yakimova","doi":"10.21638/spbu05.2020.206","DOIUrl":"https://doi.org/10.21638/spbu05.2020.206","url":null,"abstract":"The digital economy creates new opportunities for the development of all types of economic activity, and first of all it allows to improve the organizational, technical and methodological support of information services, which include audit services. Developing technologies based on artificial intelligence, descriptive and predicative analysis of big data can find an applied aspect in the digitalization of audit activities, which will help to accelerate the collection of information, the transition from manual procedures to computer-aided processing of information, planning algorithms and a deeper understanding of the activities of audited entities. With the development of the market of high (hi-tech) and end-to-end technologies, digitalization of information systems of economic entities, the problems of adapting auditory methodological and organizational-technological tools to current conditions become urgent. Thus, in auditing science there is a paradigm shift: the transition from traditional audit to intellectual (AI audit), the methodology of which is based on machine learning technology in the professional field and the use of professional cognition. The application of the ecosystem approach allows us to describe the features of the content and functional purpose of individual digital technologies for performing cognitive processes in audit activities. A cognitive ecosystem of audit activities is proposed, which is necessary for defining digital technologies, with the help of which specif- ic tasks and directions of audits and audit-related services can be implemented. The proposed ecosystem can be used as a supporting mechanism for creating a comprehensive AI-audit system in audit organizations and for developing AI-audit as a field of scientific knowledge.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45752890","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 : 2020-07-17DOI: 10.21638/spbu05.2020.201
Булина Анна Олеговна, Мозговая Кристина Александровна, Пахнин Михаил Александрович
For a long time economists have been actively discussing the mechanisms of economic growth. One of the most fundamental factors of economic growth which underlies the variation in per capita income between different countries is human capital, i.e., the stock of knowledge and professional skills embodied in each person. Human capital can be considered as an input used in the production of economic value, just like physical capital — additional investments in human capital (in the form of education or training) earn additional returns. At the same time, from the point of view of economic theory, human capital is very different from other types of capital — in particular, the production of human capital exhibits increasing returns to scale, which is not true for physical capital. This survey aims at discussing the role of human capital in the theory of economic growth. In particular, we address the following issues: why did Adam Smith compare an educated person with an expensive machine; how the growth rate of technical progress and education affect each other; what is the difference between knowledge and human capital as economic goods; how accumulation of human capital leads to leapfrogging; how to measure the level of human capital; why education investment policies in many countries did not succeed in promoting economic growth; how social environment affects the accumulation of human capital; what is human capital externality and how does it operate. We hope that this survey will contribute to the accumulation of human capital in our country.
{"title":"Human capital in economic growth theory: Classical models and new approaches","authors":"Булина Анна Олеговна, Мозговая Кристина Александровна, Пахнин Михаил Александрович","doi":"10.21638/spbu05.2020.201","DOIUrl":"https://doi.org/10.21638/spbu05.2020.201","url":null,"abstract":"For a long time economists have been actively discussing the mechanisms of economic growth. One of the most fundamental factors of economic growth which underlies the variation in per capita income between different countries is human capital, i.e., the stock of knowledge and professional skills embodied in each person. Human capital can be considered as an input used in the production of economic value, just like physical capital — additional investments in human capital (in the form of education or training) earn additional returns. At the same time, from the point of view of economic theory, human capital is very different from other types of capital — in particular, the production of human capital exhibits increasing returns to scale, which is not true for physical capital. This survey aims at discussing the role of human capital in the theory of economic growth. In particular, we address the following issues: why did Adam Smith compare an educated person with an expensive machine; how the growth rate of technical progress and education affect each other; what is the difference between knowledge and human capital as economic goods; how accumulation of human capital leads to leapfrogging; how to measure the level of human capital; why education investment policies in many countries did not succeed in promoting economic growth; how social environment affects the accumulation of human capital; what is human capital externality and how does it operate. We hope that this survey will contribute to the accumulation of human capital in our country.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781327","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 : 2020-07-17DOI: 10.21638/spbu05.2020.204
O. Stoianova, T. Lezina, V. Ivanova
At present, the focus of discussions on digital transformation has shifted from issues of its necessity to problems of assessing a company’s readiness for digital transformation. The speci- ficity of digital transformation in Russia requires new criteria of readiness and prioritization of existing criteria. This study explores a combination of factors (prerequisites) that determine the readiness of Russian companies for digital transformation. Our hypothesis is that it is possible to systematize and formalize these prerequisites, which can be presented as a framework for assessing readiness. The purpose of the study is to design such a framework that takes into account not only the current state of the company, but also its previous development. The paper formulates the requirements for the readiness assessment system in the form of a framework. It also proposes a method of desing a framework with these requirements. The method combines analysis of practical cases and theoretical study of modern concepts and best management practices. As a result of applying the proposed method a framework for a company’s readiness for digital transformation assessment (DTRA) is created. The DTRA framework includes criteria and characteristics of readiness grouped into domains. It is in- tended for a qualitative evaluation of readiness and for understanding obstacles to success of the digital transformation.
{"title":"The framework for assessing company’s digital transformation readiness","authors":"O. Stoianova, T. Lezina, V. Ivanova","doi":"10.21638/spbu05.2020.204","DOIUrl":"https://doi.org/10.21638/spbu05.2020.204","url":null,"abstract":"At present, the focus of discussions on digital transformation has shifted from issues of its necessity to problems of assessing a company’s readiness for digital transformation. The speci- ficity of digital transformation in Russia requires new criteria of readiness and prioritization of existing criteria. This study explores a combination of factors (prerequisites) that determine the readiness of Russian companies for digital transformation. Our hypothesis is that it is possible to systematize and formalize these prerequisites, which can be presented as a framework for assessing readiness. The purpose of the study is to design such a framework that takes into account not only the current state of the company, but also its previous development. The paper formulates the requirements for the readiness assessment system in the form of a framework. It also proposes a method of desing a framework with these requirements. The method combines analysis of practical cases and theoretical study of modern concepts and best management practices. As a result of applying the proposed method a framework for a company’s readiness for digital transformation assessment (DTRA) is created. The DTRA framework includes criteria and characteristics of readiness grouped into domains. It is in- tended for a qualitative evaluation of readiness and for understanding obstacles to success of the digital transformation.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48847149","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 : 2020-04-17DOI: 10.21638/spbu05.2020.102
A. Koval, O. Trofimenko
The study of the trade policy concepts within a framework of hyperglobalization and global regulation system transformation requires new theoretical and methodological approaches. On the one hand, trade policy design and implementation is closely linked to a wide range of issues from e-commerce to gender inequality. On the other hand, the newest trade theory focuses on studying the companies’ export activities, their participation in global value chains and their trade costs. In addition, research methodology for various quantitative methods has grown significantly. An increasing number of papers deal with the analysis of specific trade policy instruments. However, despite the expanding number of studies on international trade and trade policy in the economic, political and legal fields, the interdisciplinary approach for a deeper understanding of the impact of specific measures on the countries socio-economic development has not yet been developed. The paper presents an integrative review of studies in leading foreign and Russian journals on international trade, as well as a comparative analysis of the identified research areas.
{"title":"Theoretical concepts of trade policy development and analysis: Evolution and modern challenges in the context of the international trading system transformation","authors":"A. Koval, O. Trofimenko","doi":"10.21638/spbu05.2020.102","DOIUrl":"https://doi.org/10.21638/spbu05.2020.102","url":null,"abstract":"The study of the trade policy concepts within a framework of hyperglobalization and global regulation system transformation requires new theoretical and methodological approaches. On the one hand, trade policy design and implementation is closely linked to a wide range of issues from e-commerce to gender inequality. On the other hand, the newest trade theory focuses on studying the companies’ export activities, their participation in global value chains and their trade costs. In addition, research methodology for various quantitative methods has grown significantly. An increasing number of papers deal with the analysis of specific trade policy instruments. However, despite the expanding number of studies on international trade and trade policy in the economic, political and legal fields, the interdisciplinary approach for a deeper understanding of the impact of specific measures on the countries socio-economic development has not yet been developed. The paper presents an integrative review of studies in leading foreign and Russian journals on international trade, as well as a comparative analysis of the identified research areas.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46210234","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 : 2020-04-17DOI: 10.21638/spbu05.2020.104
N. Molchanov, Yulia Rybakova
The article describes the main stages in the development of methods for joint value creation for product and technological innovations, including: external ventures, open innovations and their support tools, and the current transition from open- to client-oriented innovations and their development and financing tools, including crowd-sourcing and crowd-funding. The use of client-oriented innovations leads to the transformation of companies’ business models. Involving buyers in creation and co-production becomes a key factor in this process. First, it ensures rapid adaptation to clients’ ever-changing needs. Second, sustainable and direct B2C partnerships enhance a company’s competitive position and efficiency. This article presents results of a field study on the practical application of joint venture creation tools in Russian innovation-oriented medium and large companies located in the North-West region. Representativeness of the survey is ensured through coverage of various sectors of the economy and businesses. The survey was conducted twice, in 2014 and 2017, which allowed a dynamic analysis. The study concludes that Russian innovation-oriented companies do not make sufficient use of target tools for creating joint value in the development of incremental innovations. At the same time, characteristics of innovation-oriented companies that influence the application of joint value creation methods were identified, including: novelty of innovations developed by the firm, company size, nature of the relationship with suppliers, etc. National innovation-oriented companies were given recommendations for using the methods of quality function deployment to increase the competitiveness of the developed innovations. It has been recommended to use CRM systems more actively for communicating with consumers.
{"title":"Customer-oriented innovations: Analysis of development practices (the case of North-West Russian regional companies)","authors":"N. Molchanov, Yulia Rybakova","doi":"10.21638/spbu05.2020.104","DOIUrl":"https://doi.org/10.21638/spbu05.2020.104","url":null,"abstract":"The article describes the main stages in the development of methods for joint value creation for product and technological innovations, including: external ventures, open innovations and their support tools, and the current transition from open- to client-oriented innovations and their development and financing tools, including crowd-sourcing and crowd-funding. The use of client-oriented innovations leads to the transformation of companies’ business models. Involving buyers in creation and co-production becomes a key factor in this process. First, it ensures rapid adaptation to clients’ ever-changing needs. Second, sustainable and direct B2C partnerships enhance a company’s competitive position and efficiency. This article presents results of a field study on the practical application of joint venture creation tools in Russian innovation-oriented medium and large companies located in the North-West region. Representativeness of the survey is ensured through coverage of various sectors of the economy and businesses. The survey was conducted twice, in 2014 and 2017, which allowed a dynamic analysis. The study concludes that Russian innovation-oriented companies do not make sufficient use of target tools for creating joint value in the development of incremental innovations. At the same time, characteristics of innovation-oriented companies that influence the application of joint value creation methods were identified, including: novelty of innovations developed by the firm, company size, nature of the relationship with suppliers, etc. National innovation-oriented companies were given recommendations for using the methods of quality function deployment to increase the competitiveness of the developed innovations. It has been recommended to use CRM systems more actively for communicating with consumers.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44975203","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 : 2020-01-01DOI: 10.21638/spbu05.2020.101
M. Lobanov, S. Glinkina
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