Pub Date : 2022-01-01DOI: 10.15826/vestnik.2022.21.3.016
L. Vazhenina, E. Magaril, I. Mayburov
The purpose of this study is to develop methodological foundations for a comprehensive assessment of the resource efficiency of natural gas extraction, processing and pipeline transportation companies as the basis for balanced consumption and resource provision. The study shows that in complex and rapidly changing conditions, the growth of global consumption of hydrocarbons, in particular natural gas, triggers a search for new resource-saving methods and technologies that reduce the resource intensity of industrial production and the impact on the environment, to develop resource-efficient methods and resource-saving policies. The paper proposes a conceptual approach to a comprehensive assessment of the resource efficiency of gas industry companies and highlights its main provisions. A methodological approach and a methodology for a comprehensive assessment of the resource efficiency of the gas industry have been developed, including an integral calculation and a comparative assessment of the resource efficiency indicators of industrial enterprises: extraction, processing and pipeline transport of natural gas. The proposed methodology for a comprehensive assessment of resource efficiency is distinguished by a system of indicators reflecting the functioning of production, economic, financial, investment, energy and environmental spheres of activity, which makes it possible, based on simulation modeling and scenario forecasting, to conduct a comparative analysis of the development of industry companies by the level of resource conservation, resource availability and resource consumption in the post-forecast and forecast period. The proposed methodology for a comprehensive assessment of resource efficiency in the formation of an optimal structure of resource supply and resource consumption of an industrial enterprise is distinguished by the use of predictive and analytical tools and simulation modeling of the activities of industrial companies, which enables them to determine their resource-efficient development option and select promising business processes. The methodological tools were tested using the cases of companies engaged in gas production (Novatek), gas processing (Sibur) and pipeline gas transportation (Gazprom). The analysis of the results of the conducted approbation showed the existing differences in modern mechanisms for resource conservation, consumption and provision of resources in industry companies, as well as possible growth points and prospects for their resource-efficient development.
{"title":"Comprehensive Assessment of Resource Efficiency of Russian Gas Industry Companies","authors":"L. Vazhenina, E. Magaril, I. Mayburov","doi":"10.15826/vestnik.2022.21.3.016","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.3.016","url":null,"abstract":"The purpose of this study is to develop methodological foundations for a comprehensive assessment of the resource efficiency of natural gas extraction, processing and pipeline transportation companies as the basis for balanced consumption and resource provision. The study shows that in complex and rapidly changing conditions, the growth of global consumption of hydrocarbons, in particular natural gas, triggers a search for new resource-saving methods and technologies that reduce the resource intensity of industrial production and the impact on the environment, to develop resource-efficient methods and resource-saving policies. The paper proposes a conceptual approach to a comprehensive assessment of the resource efficiency of gas industry companies and highlights its main provisions. A methodological approach and a methodology for a comprehensive assessment of the resource efficiency of the gas industry have been developed, including an integral calculation and a comparative assessment of the resource efficiency indicators of industrial enterprises: extraction, processing and pipeline transport of natural gas. The proposed methodology for a comprehensive assessment of resource efficiency is distinguished by a system of indicators reflecting the functioning of production, economic, financial, investment, energy and environmental spheres of activity, which makes it possible, based on simulation modeling and scenario forecasting, to conduct a comparative analysis of the development of industry companies by the level of resource conservation, resource availability and resource consumption in the post-forecast and forecast period. The proposed methodology for a comprehensive assessment of resource efficiency in the formation of an optimal structure of resource supply and resource consumption of an industrial enterprise is distinguished by the use of predictive and analytical tools and simulation modeling of the activities of industrial companies, which enables them to determine their resource-efficient development option and select promising business processes. The methodological tools were tested using the cases of companies engaged in gas production (Novatek), gas processing (Sibur) and pipeline gas transportation (Gazprom). The analysis of the results of the conducted approbation showed the existing differences in modern mechanisms for resource conservation, consumption and provision of resources in industry companies, as well as possible growth points and prospects for their resource-efficient development.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"51 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83774924","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/vestnik.2022.21.1.006
D. Sandler
Globalization and the development of the knowledge economy increase competition in the higher education market. Improving the competitiveness of higher education in the world market in the second decade of the 21st century has officially become a project to be implemented by the state. In this regard, it is extremely important to study the competition among and competitiveness of universities. The purpose of this study is to substantiate the existence of quasi-competition among Russian universities and assess its impact on improving the efficiency of Russian higher education. The research hypothesis is that despite the inequality in the system of higher education, there is quasi-competition, not only within the groups of leading universities at the federal level and among regional universities, but also against everyone, and this competition increases the efficiency of the system as a whole. Particular attention is paid to such specific feature of university competition as competition for public funding, competition in a regulated market with high concentration and even monopoly. As a practical case for studying the competition of universities, the fight for applicants is considered as a vivid manifestation of competition. The information base of the study is the results of annual surveys of applicants of Ural Federal University. The main method of research is the economic and mathematical analysis of the results of surveys of graduates. It is concluded that the quasi-competition model best describes the established higher education markets. The Russian system of higher education operates under the dominance of state funding and quasi-market competition. An important aspect of the study is to identify the relationship between competition in the field of higher education and university funding. Competition between universities increases financial inequality in the higher education system. At the same time, in a number of areas, especially in terms of preparing bachelors, regional universities can compete with leading universities. The influence of competition on the higher education system contributes to the increase in the efficiency of universities through their struggle for a limited set of resources. An interesting practical finding of the study, which can be useful when planning admission campaigns, is that price competition for undergraduate applicants is inferior to competition for the quality of education in the campaign to attract students to master's programs.
{"title":"Manifestations of Competition and Quasi-Competition of Russian Universities in the Struggle to Attract Applicants","authors":"D. Sandler","doi":"10.15826/vestnik.2022.21.1.006","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.1.006","url":null,"abstract":"Globalization and the development of the knowledge economy increase competition in the higher education market. Improving the competitiveness of higher education in the world market in the second decade of the 21st century has officially become a project to be implemented by the state. In this regard, it is extremely important to study the competition among and competitiveness of universities. The purpose of this study is to substantiate the existence of quasi-competition among Russian universities and assess its impact on improving the efficiency of Russian higher education. The research hypothesis is that despite the inequality in the system of higher education, there is quasi-competition, not only within the groups of leading universities at the federal level and among regional universities, but also against everyone, and this competition increases the efficiency of the system as a whole. Particular attention is paid to such specific feature of university competition as competition for public funding, competition in a regulated market with high concentration and even monopoly. As a practical case for studying the competition of universities, the fight for applicants is considered as a vivid manifestation of competition. The information base of the study is the results of annual surveys of applicants of Ural Federal University. The main method of research is the economic and mathematical analysis of the results of surveys of graduates. It is concluded that the quasi-competition model best describes the established higher education markets. The Russian system of higher education operates under the dominance of state funding and quasi-market competition. An important aspect of the study is to identify the relationship between competition in the field of higher education and university funding. Competition between universities increases financial inequality in the higher education system. At the same time, in a number of areas, especially in terms of preparing bachelors, regional universities can compete with leading universities. The influence of competition on the higher education system contributes to the increase in the efficiency of universities through their struggle for a limited set of resources. An interesting practical finding of the study, which can be useful when planning admission campaigns, is that price competition for undergraduate applicants is inferior to competition for the quality of education in the campaign to attract students to master's programs.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"350 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76914766","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/vestnik.2022.21.2.011
M. Kakaulina, D. R. Gorlov
The article examines tax incentives established in the special economic zones of the Russian Federation. The topic seems to be extremely relevant, since such an instrument of state support as tax incentives does not have a clear economic efficiency. In this regard, having high hopes for it in the current post-pandemic situation, the state risks depriving many enterprises of the opportunity to carry out their activities uninterrupted. This dictates the need for a comprehensive assessment of the effectiveness of the introduced tax incentives. The purpose of the article is to assess the impact of tax incentives on the investment activity of residents of special economic zones of the Russian Federation in the period 2016-2020. The hypothesis of the study is the absence of a significant impact of tax incentives, as well as the existence of a negative impact of such benefits on the investment activities of residents of special economic zones of the Russian Federation in some cases. The assessment is carried out by building power econometric models for all zones in the aggregate for each year of the five years under consideration. As a result, a significant positive relationship was found between the number of tax benefits for the previous time period and the volume of investments made within the zones in the current time period. Thus, a 2-fold increase in the intensity of the use of tax benefits by residents of the zones causes an increase in the size of current investments by 60-74%, depending on the period under consideration. The authors concluded that, contrary to popular belief about the inefficiency of tax incentives and their harmful impact to the budget system in the form of shortfalls in tax revenues, they are actually a unique and useful tool that promotes business development in specific areas. The practical significance of the study is expressed in the possibility of the Government of the Russian Federation applying the obtained results when making decisions on expanding the list of tax incentives operating in special economic zones or on extending their period of validity.
{"title":"Assessment of the Impact of Tax Incentives on Investment Activity in Special Economic Zones of the Russian Federation","authors":"M. Kakaulina, D. R. Gorlov","doi":"10.15826/vestnik.2022.21.2.011","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.2.011","url":null,"abstract":"The article examines tax incentives established in the special economic zones of the Russian Federation. The topic seems to be extremely relevant, since such an instrument of state support as tax incentives does not have a clear economic efficiency. In this regard, having high hopes for it in the current post-pandemic situation, the state risks depriving many enterprises of the opportunity to carry out their activities uninterrupted. This dictates the need for a comprehensive assessment of the effectiveness of the introduced tax incentives. The purpose of the article is to assess the impact of tax incentives on the investment activity of residents of special economic zones of the Russian Federation in the period 2016-2020. The hypothesis of the study is the absence of a significant impact of tax incentives, as well as the existence of a negative impact of such benefits on the investment activities of residents of special economic zones of the Russian Federation in some cases. The assessment is carried out by building power econometric models for all zones in the aggregate for each year of the five years under consideration. As a result, a significant positive relationship was found between the number of tax benefits for the previous time period and the volume of investments made within the zones in the current time period. Thus, a 2-fold increase in the intensity of the use of tax benefits by residents of the zones causes an increase in the size of current investments by 60-74%, depending on the period under consideration. The authors concluded that, contrary to popular belief about the inefficiency of tax incentives and their harmful impact to the budget system in the form of shortfalls in tax revenues, they are actually a unique and useful tool that promotes business development in specific areas. The practical significance of the study is expressed in the possibility of the Government of the Russian Federation applying the obtained results when making decisions on expanding the list of tax incentives operating in special economic zones or on extending their period of validity.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"23 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88223315","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/vestnik.2022.21.1.001
C. Omodero
This study investigates the impact of direct taxes on agricultural funding. For this analysis, the petroleum profit tax, personal income tax, and corporate income tax were employed as direct taxes. These are the three largest direct taxes chosen for this analysis. Agricultural finance has long been a cause of concern, forcing the entire country to suffer from acute hunger as a result of unnecessary apathy. Furthermore, Nigeria now has a high degree of hunger index at 28.3, placing the country 103rd out of 116 countries in the 2021 Global Hunger Index record. This research considers all of these problems and aims to assess the extent to which direct taxes may alleviate the load by providing more direct tax revenues to agricultural enterprises. The evaluation is carried out by collecting secondary data from the Organization for Economic Cooperation and Development (OECD) on chosen direct taxes and agricultural spending from the Central Bank of Nigeria's Statistical Bulletin. The study period runs from 2010 to 2020. The study used a multiple regression technique to present real evidence that all of the direct tax types analyzed had a minor impact on agricultural finance, with the exception of personal income tax, which has a positive and considerable impact on agricultural growth. This leads to the request that Nigerian tax rules be altered to allow for significant use of tax revenue for agricultural loans. The insignificance of petroleum profit tax and corporate income tax to agricultural funding necessitates more effective tax processes and a crackdown on malfeasance among tax authorities.
{"title":"Assessment of the Impact of Direct Taxes on Public Investment in Agriculture in Nigeria","authors":"C. Omodero","doi":"10.15826/vestnik.2022.21.1.001","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.1.001","url":null,"abstract":"This study investigates the impact of direct taxes on agricultural funding. For this analysis, the petroleum profit tax, personal income tax, and corporate income tax were employed as direct taxes. These are the three largest direct taxes chosen for this analysis. Agricultural finance has long been a cause of concern, forcing the entire country to suffer from acute hunger as a result of unnecessary apathy. Furthermore, Nigeria now has a high degree of hunger index at 28.3, placing the country 103rd out of 116 countries in the 2021 Global Hunger Index record. This research considers all of these problems and aims to assess the extent to which direct taxes may alleviate the load by providing more direct tax revenues to agricultural enterprises. The evaluation is carried out by collecting secondary data from the Organization for Economic Cooperation and Development (OECD) on chosen direct taxes and agricultural spending from the Central Bank of Nigeria's Statistical Bulletin. The study period runs from 2010 to 2020. The study used a multiple regression technique to present real evidence that all of the direct tax types analyzed had a minor impact on agricultural finance, with the exception of personal income tax, which has a positive and considerable impact on agricultural growth. This leads to the request that Nigerian tax rules be altered to allow for significant use of tax revenue for agricultural loans. The insignificance of petroleum profit tax and corporate income tax to agricultural funding necessitates more effective tax processes and a crackdown on malfeasance among tax authorities.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"4 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81251662","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/vestnik.2022.21.3.021
E. Balatsky, N. Ekimova
The aim of the article is to systematically consider the conceptual foundations of the process of formation and maintenance of the social contract, its properties and meaning. The paper uses historical and structural approaches to the study of the phenomenon of social contract in conjunction with their practical application to contemporary events. The result of the study is the authors' substantiation and disclosure of six provisions of the social contract theory. In particular, it provides a systematic explanation of why the understanding of justice underlying the social contract changes significantly over time. The structure of the social contract, which assumes the presence of a constant (obligations of the population) and a variable (obligations of the authorities) part, is substantiated. It is shown that the constant part in the form of the population's loyalty allows the state itself to be preserved over a long historical period, and the variable part in the form of changing requirements to the authorities ensures the evolution of society. Two conditions of the effectiveness of the social contract, when the fulfillment of obligations by both sides of the contract leads to the strengthening of the country and improvement of the situation of the masses, are formulated and formalized: the level of obligations of the supreme power and society should be approximately equal; the luggage of good deeds of power should exceed the luggage of its not-so-good deeds. It is shown that the first condition generates the property of the social contract, when under extraordinary conditions the demand for loyalty from the authorities to the population sharply increases, and the second condition allows us to understand the long-term existence of ineffective regimes of rule such as dictatorship, when despotism in the face of an authoritarian ruler does more good than harm. The main conclusion of the work consists in the substantiation of the fact that at present in the Russian Federation there is a unique situation for the creation of an effective new the social contract, the need for which has been felt for a long time. The presented theoretical provisions can be used in the system of public administration to form the content of the new social contract.
{"title":"Social Contract Phenomenon: Evolution of Concepts and Modern Interpretations","authors":"E. Balatsky, N. Ekimova","doi":"10.15826/vestnik.2022.21.3.021","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.3.021","url":null,"abstract":"The aim of the article is to systematically consider the conceptual foundations of the process of formation and maintenance of the social contract, its properties and meaning. The paper uses historical and structural approaches to the study of the phenomenon of social contract in conjunction with their practical application to contemporary events. The result of the study is the authors' substantiation and disclosure of six provisions of the social contract theory. In particular, it provides a systematic explanation of why the understanding of justice underlying the social contract changes significantly over time. The structure of the social contract, which assumes the presence of a constant (obligations of the population) and a variable (obligations of the authorities) part, is substantiated. It is shown that the constant part in the form of the population's loyalty allows the state itself to be preserved over a long historical period, and the variable part in the form of changing requirements to the authorities ensures the evolution of society. Two conditions of the effectiveness of the social contract, when the fulfillment of obligations by both sides of the contract leads to the strengthening of the country and improvement of the situation of the masses, are formulated and formalized: the level of obligations of the supreme power and society should be approximately equal; the luggage of good deeds of power should exceed the luggage of its not-so-good deeds. It is shown that the first condition generates the property of the social contract, when under extraordinary conditions the demand for loyalty from the authorities to the population sharply increases, and the second condition allows us to understand the long-term existence of ineffective regimes of rule such as dictatorship, when despotism in the face of an authoritarian ruler does more good than harm. The main conclusion of the work consists in the substantiation of the fact that at present in the Russian Federation there is a unique situation for the creation of an effective new the social contract, the need for which has been felt for a long time. The presented theoretical provisions can be used in the system of public administration to form the content of the new social contract.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"25 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82298885","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/vestnik.2022.21.4.028
M. Yurevich
Theoretical concepts of the modern university pay a lot of attention to the evaluation of financial performance of research activities. The attraction of government-provided R&D funding is associated with the creation and enhancement of the scientific potential, and the accretion of scientific knowledge, rather than its practical application, is prioritised. Research projects commissioned by the private sector represents the university's contribution to the needs of the real economy or the "market" value of the accumulated potential. In Russian management practice, both of these criteria have become part of the regular evaluation of HEIs performance along with many other parameters characterizing the success of HEIs in achieving the benchmarks of scientific development. The objective of the study is to identify the factors that increase the financial success of Russian universities in the field of R&D. The fundamental hypothesis is that there is a direct correlation between universities' revenues from R&D and the priority directions of the state S&T policy with regard to universities, including the increase in publication activity, enhancement of human resources potential and formation of innovation infrastructure. The information base of the study was formed by the results of monitoring the activities of educational institutions of higher education in Russia in 2016-2022 for 590 institutions. The financial performance of HEIs' research activities is assessed using three indicators: the share of R&D revenues in the total revenues of an educational organization; the amount of extra-budgetary revenues from R&D per one research project and faculty member; the share of extra-budgetary funds in R&D revenues. To assess the statistical significance of the relationships, the tools of regression analysis of panel data were applied. The main conclusion of the study is to prove the mutual correlation between the vectors of scientific development of the university sector, which have been set at the state level in the last 10 years. The focus on strengthening university science coupled with intensification of cooperation with the real sector of the economy has been synchronized with the tasks of growth of publication activity, material provision of scientists, renovation of the instrumentation base, construction of research and innovation infrastructure.
{"title":"Factors of Growth in Income from Research Activities in Universities of the Russian Federation","authors":"M. Yurevich","doi":"10.15826/vestnik.2022.21.4.028","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.4.028","url":null,"abstract":"Theoretical concepts of the modern university pay a lot of attention to the evaluation of financial performance of research activities. The attraction of government-provided R&D funding is associated with the creation and enhancement of the scientific potential, and the accretion of scientific knowledge, rather than its practical application, is prioritised. Research projects commissioned by the private sector represents the university's contribution to the needs of the real economy or the \"market\" value of the accumulated potential. In Russian management practice, both of these criteria have become part of the regular evaluation of HEIs performance along with many other parameters characterizing the success of HEIs in achieving the benchmarks of scientific development. The objective of the study is to identify the factors that increase the financial success of Russian universities in the field of R&D. The fundamental hypothesis is that there is a direct correlation between universities' revenues from R&D and the priority directions of the state S&T policy with regard to universities, including the increase in publication activity, enhancement of human resources potential and formation of innovation infrastructure. The information base of the study was formed by the results of monitoring the activities of educational institutions of higher education in Russia in 2016-2022 for 590 institutions. The financial performance of HEIs' research activities is assessed using three indicators: the share of R&D revenues in the total revenues of an educational organization; the amount of extra-budgetary revenues from R&D per one research project and faculty member; the share of extra-budgetary funds in R&D revenues. To assess the statistical significance of the relationships, the tools of regression analysis of panel data were applied. The main conclusion of the study is to prove the mutual correlation between the vectors of scientific development of the university sector, which have been set at the state level in the last 10 years. The focus on strengthening university science coupled with intensification of cooperation with the real sector of the economy has been synchronized with the tasks of growth of publication activity, material provision of scientists, renovation of the instrumentation base, construction of research and innovation infrastructure.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"1 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74432620","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/vestnik.2022.21.3.015
Y. Evlakhova, N. Amosova
Non-banking financial intermediation, which means the conduct of credit operations by financial institutions that do not have a license for this and was previously interpreted as “shadow banking”, has become a long-term trend in the development of the global financial market. The purpose of the study is to determine the changes in non-banking financial intermediation during periods of crises and the inter-crisis period, as well as to identify the leading countries in the development of non-banking financial intermediation in a long-term retrospective. A hypothesis is formulated that during periods of crises, not only does the volume of non-banking financial intermediation decrease (on a global scale and within national markets), but its structure also changes. To test the hypothesis, a cross-country comparative analysis of the level of development of non-banking financial intermediation based on the corresponding index was carried out, as well as clustering using the FOREL method to identify changes in the structure of global non-banking financial intermediation. As data sources, data from the Financial Stability Board Monitoring Dataset on Non-Bank Financial Intermediation and OECD. Stat data were used. The results of the study confirmed the correctness of the formulated hypothesis. On their basis, the directions for the development of non-banking financial intermediaries in the current conditions of the approaching recession of the world economy are determined: (1) maintaining the index of non-banking financial intermediation in the current range of values; (2) preservation of the polycluster structure of non-banking financial intermediation, since the decrease in the number of clusters occurs during periods of relative stability of the world economy; (3) increased heterogeneity of countries in terms of the level of non-banking financial intermediation. It is shown that the crisis caused by the pandemic had a stronger negative impact on non-banking financial intermediation than the global financial crisis. The theoretical significance of the results obtained is to identify the structure of global non-banking financial intermediation, as well as to propose a criterion for countries' leadership in terms of its level. The practical significance lies in the possibility of using the results obtained in the development of measures to ensure the stability of financial markets both at the global and national levels.
{"title":"Nonbank Financial Intermediation in Times of Crisis: Identifying Leadership in the G20 Countries","authors":"Y. Evlakhova, N. Amosova","doi":"10.15826/vestnik.2022.21.3.015","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.3.015","url":null,"abstract":"Non-banking financial intermediation, which means the conduct of credit operations by financial institutions that do not have a license for this and was previously interpreted as “shadow banking”, has become a long-term trend in the development of the global financial market. The purpose of the study is to determine the changes in non-banking financial intermediation during periods of crises and the inter-crisis period, as well as to identify the leading countries in the development of non-banking financial intermediation in a long-term retrospective. A hypothesis is formulated that during periods of crises, not only does the volume of non-banking financial intermediation decrease (on a global scale and within national markets), but its structure also changes. To test the hypothesis, a cross-country comparative analysis of the level of development of non-banking financial intermediation based on the corresponding index was carried out, as well as clustering using the FOREL method to identify changes in the structure of global non-banking financial intermediation. As data sources, data from the Financial Stability Board Monitoring Dataset on Non-Bank Financial Intermediation and OECD. Stat data were used. The results of the study confirmed the correctness of the formulated hypothesis. On their basis, the directions for the development of non-banking financial intermediaries in the current conditions of the approaching recession of the world economy are determined: (1) maintaining the index of non-banking financial intermediation in the current range of values; (2) preservation of the polycluster structure of non-banking financial intermediation, since the decrease in the number of clusters occurs during periods of relative stability of the world economy; (3) increased heterogeneity of countries in terms of the level of non-banking financial intermediation. It is shown that the crisis caused by the pandemic had a stronger negative impact on non-banking financial intermediation than the global financial crisis. The theoretical significance of the results obtained is to identify the structure of global non-banking financial intermediation, as well as to propose a criterion for countries' leadership in terms of its level. The practical significance lies in the possibility of using the results obtained in the development of measures to ensure the stability of financial markets both at the global and national levels.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"151 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76840421","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/vestnik.2022.21.4.022
J. Okrah, A. Nepp
Access to finance has been a major constraint in a lot of developing countries, especially in Africa. This research seeks to explore the role of mobile money in the development of the financial sector and its role in enforcing financial inclusiveness by making banking easily accessible and convenient. We look at data of сountries which operate mobile money credit facilities. Looking closely at how these loan services are increasing financial accessibility and the intensity of entrepreneurship, we hypothesize that mobile money positively influences entrepreneurship and domestic saving by providing an avenue for financial inclusiveness. To explore our objectives, we use panel data consisting of developing countries. With repeated observations of enough cross-sections, panel data analysis permits us to study the dynamics of change with time series. Our data consists of 28 developing countries from the year 2010 to 2018. Our results indicated a positive effect of mobile money registered accounts on new business density and positive effect of transactional volume on domestic savings. We realized that the mobile money system has increased people's confidence in saving and investment since their money is easily accessible with just a click away. People now feel much safer, and this system is educating more people rapidly in developing the culture of saving. This improves how banks treat their clients in rural communities and it also creates employment for young graduates. Access to loans has become much easier by replacing the collateral system with the credit score system. We also realized that since there are no regulations regarding access to loans, mobile money operators seem to take advantage of the people by taking interest rates of more than 10% per month.
{"title":"Mobile Money Services: An Enabler of Development Processes in Africa","authors":"J. Okrah, A. Nepp","doi":"10.15826/vestnik.2022.21.4.022","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.4.022","url":null,"abstract":"Access to finance has been a major constraint in a lot of developing countries, especially in Africa. This research seeks to explore the role of mobile money in the development of the financial sector and its role in enforcing financial inclusiveness by making banking easily accessible and convenient. We look at data of сountries which operate mobile money credit facilities. Looking closely at how these loan services are increasing financial accessibility and the intensity of entrepreneurship, we hypothesize that mobile money positively influences entrepreneurship and domestic saving by providing an avenue for financial inclusiveness. To explore our objectives, we use panel data consisting of developing countries. With repeated observations of enough cross-sections, panel data analysis permits us to study the dynamics of change with time series. Our data consists of 28 developing countries from the year 2010 to 2018. Our results indicated a positive effect of mobile money registered accounts on new business density and positive effect of transactional volume on domestic savings. We realized that the mobile money system has increased people's confidence in saving and investment since their money is easily accessible with just a click away. People now feel much safer, and this system is educating more people rapidly in developing the culture of saving. This improves how banks treat their clients in rural communities and it also creates employment for young graduates. Access to loans has become much easier by replacing the collateral system with the credit score system. We also realized that since there are no regulations regarding access to loans, mobile money operators seem to take advantage of the people by taking interest rates of more than 10% per month.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"11 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87256056","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/vestnik.2022.21.1.004
R. Vasilyeva, V. A. Voitenkov, A. Urazbaeva
The dependence of Russian exports on hydrocarbon products negatively affects the country's economy due to the high volatility of oil and gas prices. The purpose of the study is to assess the degree of export diversification of Russia's regions and to determine the main determinants of export diversification. The hypothesis of the study is that in order to increase the number of exporters and the volume of international trade, the regions of Russia need to balance the structure of exports and actively develop small and medium-sized businesses. To identify regional determinants of export diversification in Russia, we use panel data for 83 entities of the Russian Federation for the period from 2001 to 2019. Within the analysis, we calculate the indicator of export diversification at the regional level using the Herfindahl and Theil indices and implement the quantile regression approach, which allows us to solve the heteroscedasticity problem and identify regions with high, medium, and low levels of export diversification. The study considers such regional characteristics as small and medium-sized businesses, the index of business potential and risk, the region's openness to international trade, the natural resources endowment, and also take into account the impact of sanctions imposed against Russia. The results of the study show that regions with the lowest level of export diversification have more opportunities to reduce the export concentration. The most significant factor contributing to export diversification is the number of small and medium enterprises in the region. At the same time, the analysis revealed that the vast majority of regional characteristics increase export concentration, for example, the extraction of natural resources, the import of technologies, the indicator of openness, risk and potential of companies. The results obtained complement the existing literature on export diversification in Russia and can be used to develop recommendations for improving government policy in terms of the reduction of oil and gas share in the overall exports structure.
{"title":"Modelling of the Influence of Regional Determinants on Export Diversification in Russia","authors":"R. Vasilyeva, V. A. Voitenkov, A. Urazbaeva","doi":"10.15826/vestnik.2022.21.1.004","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.1.004","url":null,"abstract":"The dependence of Russian exports on hydrocarbon products negatively affects the country's economy due to the high volatility of oil and gas prices. The purpose of the study is to assess the degree of export diversification of Russia's regions and to determine the main determinants of export diversification. The hypothesis of the study is that in order to increase the number of exporters and the volume of international trade, the regions of Russia need to balance the structure of exports and actively develop small and medium-sized businesses. To identify regional determinants of export diversification in Russia, we use panel data for 83 entities of the Russian Federation for the period from 2001 to 2019. Within the analysis, we calculate the indicator of export diversification at the regional level using the Herfindahl and Theil indices and implement the quantile regression approach, which allows us to solve the heteroscedasticity problem and identify regions with high, medium, and low levels of export diversification. The study considers such regional characteristics as small and medium-sized businesses, the index of business potential and risk, the region's openness to international trade, the natural resources endowment, and also take into account the impact of sanctions imposed against Russia. The results of the study show that regions with the lowest level of export diversification have more opportunities to reduce the export concentration. The most significant factor contributing to export diversification is the number of small and medium enterprises in the region. At the same time, the analysis revealed that the vast majority of regional characteristics increase export concentration, for example, the extraction of natural resources, the import of technologies, the indicator of openness, risk and potential of companies. The results obtained complement the existing literature on export diversification in Russia and can be used to develop recommendations for improving government policy in terms of the reduction of oil and gas share in the overall exports structure.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"67 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75050268","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/vestnik.2022.21.4.023
R. Vasilyeva, E.A. Rozhina
The Russian economy is often characterized by dependence on the extraction of natural resources, which leads to high risks in the event of an unstable situation in the international market and volatility in commodity prices. Modern literature notes the significant role of economic diversification in leveling risks for the national economy, which confirms the relevance of the problem and the need to study the determinants of economic diversification. The purpose of the study is to assess the impact of the ethnic diversity of Russian regions on the diversification of the economy. At the same time, the effect of this influence is differentiated based on the results of quantile regression by separating regions with a high, medium, and low level of economic diversification. The hypothesis of the study is the assumption that the ethno-cultural heterogeneity of the regions of the Russian Federation contributes to the diversification of their economy. The regions of Russia differ to a large extent in terms of socio-economic indicators, as well as the national composition. At the same time, different ethnic groups have their own religion, language and traditions, which affects both the conduct of economic activity and the characteristics of production. For econometric modeling, panel data were used for 85 regions of Russia for the period 2000–2019. For analysis, indicators of economic diversification and ethnic diversity were calculated based on the Theil decomposition index and the ethnolinguistic fractionalization index, respectively. Taking into account the high heteroscedasticity in regional data, the method of single-stage quantile regression is used. The results of the study indicate the negative impact of the ethnic diversity index and the number of official languages on the diversification of the economy. However, the indicator of the number of major religions contributes to economic diversification. The results obtained complement the existing literature on economic diversification and ethnic diversity in the context of Russian regions, and can be used to develop public policy in the field of supporting national minorities and expanding economic diversity in Russia.
{"title":"Econometric Modeling of the Impact of Ethnic Diversity on Economic Diversification: Analysis of Russian Regions","authors":"R. Vasilyeva, E.A. Rozhina","doi":"10.15826/vestnik.2022.21.4.023","DOIUrl":"https://doi.org/10.15826/vestnik.2022.21.4.023","url":null,"abstract":"The Russian economy is often characterized by dependence on the extraction of natural resources, which leads to high risks in the event of an unstable situation in the international market and volatility in commodity prices. Modern literature notes the significant role of economic diversification in leveling risks for the national economy, which confirms the relevance of the problem and the need to study the determinants of economic diversification. The purpose of the study is to assess the impact of the ethnic diversity of Russian regions on the diversification of the economy. At the same time, the effect of this influence is differentiated based on the results of quantile regression by separating regions with a high, medium, and low level of economic diversification. The hypothesis of the study is the assumption that the ethno-cultural heterogeneity of the regions of the Russian Federation contributes to the diversification of their economy. The regions of Russia differ to a large extent in terms of socio-economic indicators, as well as the national composition. At the same time, different ethnic groups have their own religion, language and traditions, which affects both the conduct of economic activity and the characteristics of production. For econometric modeling, panel data were used for 85 regions of Russia for the period 2000–2019. For analysis, indicators of economic diversification and ethnic diversity were calculated based on the Theil decomposition index and the ethnolinguistic fractionalization index, respectively. Taking into account the high heteroscedasticity in regional data, the method of single-stage quantile regression is used. The results of the study indicate the negative impact of the ethnic diversity index and the number of official languages on the diversification of the economy. However, the indicator of the number of major religions contributes to economic diversification. The results obtained complement the existing literature on economic diversification and ethnic diversity in the context of Russian regions, and can be used to develop public policy in the field of supporting national minorities and expanding economic diversity in Russia.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":"72 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78871935","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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