Pub Date : 2022-12-01DOI: 10.31107/2075-1990-2022-6-111-123
A. Navoy
The article focuses on the evolution of the global financial architecture in the context of geopolitical challenges. It introduces the conceptual apparatus of the global financial architecture (GFA) in conjunction with the structure of the global financial system. It then substantiates the thesis of GFA structure transformation towards establishing a parallel control circuit — informal institutions (forums) acting in close coordination with international financial institutions with broad international legal competence and implementing “soft” regulation of GFA on the basis of international standards and codes. The position of the Russian Federation in GFA is identified, and a conclusion about Russia’s secondary position in MFA institutions is made. The direction of transformations of Russia’s role in GFA are outlined: coordination of activities with other large developing economies; proactive position in the discussion of codes and standards, renewal of discussion on the formation of an international payment system independent of the reserve currency issuers.
{"title":"The Transformation of Russia’s Role in the Global Financial Architecture in the Context of Geopolitical Challenges","authors":"A. Navoy","doi":"10.31107/2075-1990-2022-6-111-123","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-6-111-123","url":null,"abstract":"The article focuses on the evolution of the global financial architecture in the context of geopolitical challenges. It introduces the conceptual apparatus of the global financial architecture (GFA) in conjunction with the structure of the global financial system. It then substantiates the thesis of GFA structure transformation towards establishing a parallel control circuit — informal institutions (forums) acting in close coordination with international financial institutions with broad international legal competence and implementing “soft” regulation of GFA on the basis of international standards and codes. The position of the Russian Federation in GFA is identified, and a conclusion about Russia’s secondary position in MFA institutions is made. The direction of transformations of Russia’s role in GFA are outlined: coordination of activities with other large developing economies; proactive position in the discussion of codes and standards, renewal of discussion on the formation of an international payment system independent of the reserve currency issuers.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"103 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88007831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-01DOI: 10.31107/2075-1990-2022-6-44-58
O. Timofeeva
At the beginning of the 21st century, the issues of openness (transparency) of budgets of public-legal entities became especially relevant. This is due to technological changes (the advent of the Internet) and a common form of political participation in modern states (representative democracy). The task of measuring budget openness is also topical. Currently, there is no single solution for it. The article presents the methodology and results of measuring the openness of budget data in the constituent entities of the Russian Federation. The measurement of the budget openness of the regions is carried out on the basis of a special methodology. The article presents its main characteristics and features, as well as the results of budget openness assessment of all the subjects of the Russian Federation for the period from 2013 to 2021. The methodology of assessing the budget openness of Russian regions uses innovations that allow obtaining reliable and high-quality results. The evaluation system works as an incentive mechanism to increase the openness of budget data. During the measurement period, the openness of regional budgets has increased significantly. At this stage, not all aspects of budget openness can be measured. It is necessary to improve the methodology and technology of measurement, to expand the coverage of areas and to improve the quality of the assessment.
{"title":"Methodology and Results of Measuring the Transparency of Russian Regional Budgets","authors":"O. Timofeeva","doi":"10.31107/2075-1990-2022-6-44-58","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-6-44-58","url":null,"abstract":"At the beginning of the 21st century, the issues of openness (transparency) of budgets of public-legal entities became especially relevant. This is due to technological changes (the advent of the Internet) and a common form of political participation in modern states (representative democracy). The task of measuring budget openness is also topical. Currently, there is no single solution for it. The article presents the methodology and results of measuring the openness of budget data in the constituent entities of the Russian Federation. The measurement of the budget openness of the regions is carried out on the basis of a special methodology. The article presents its main characteristics and features, as well as the results of budget openness assessment of all the subjects of the Russian Federation for the period from 2013 to 2021. The methodology of assessing the budget openness of Russian regions uses innovations that allow obtaining reliable and high-quality results. The evaluation system works as an incentive mechanism to increase the openness of budget data. During the measurement period, the openness of regional budgets has increased significantly. At this stage, not all aspects of budget openness can be measured. It is necessary to improve the methodology and technology of measurement, to expand the coverage of areas and to improve the quality of the assessment.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"39 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74948260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-01DOI: 10.31107/2075-1990-2022-6-8-24
M. Alexeev, A. Korytin, E. V. Melkova
Recent changes in the Russian tax legislation aimed at weakening the tax powers of the federal subjects in relation to profit tax open the question of a reasonable degree of limitation of the fiscal autonomy of Russian regions, as well as the regulation of regional tax competition. This article discusses the peculiarities of regulation of domestic tax competition in Canada and the United States on the basis of an analysis of the provisions of the tax legislation related to the fiscal powers of regional jurisdictions (provinces, states). The article focuses on approaches to limiting harmful tax practices that affect the economy or budget revenues of other regions. Empirical studies confirm the existence of negative effects of domestic tax competition, as well as the relevance of measures to restrict it. The considered countries make efforts to limit domestic tax competition both at the level of interregional agreements and at the level of central authorities. However, practice shows that it is difficult to ensure actual implementation of agreements at the regional level, so regulation by the central government is of key importance. Based on this result, recommendations are given for taking measures against harmful tax competition between the regions of Russia.
{"title":"Regional Tax Competition in Canada, the United States and Russia: Assessment of Regulatory Experience","authors":"M. Alexeev, A. Korytin, E. V. Melkova","doi":"10.31107/2075-1990-2022-6-8-24","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-6-8-24","url":null,"abstract":"Recent changes in the Russian tax legislation aimed at weakening the tax powers of the federal subjects in relation to profit tax open the question of a reasonable degree of limitation of the fiscal autonomy of Russian regions, as well as the regulation of regional tax competition. This article discusses the peculiarities of regulation of domestic tax competition in Canada and the United States on the basis of an analysis of the provisions of the tax legislation related to the fiscal powers of regional jurisdictions (provinces, states). The article focuses on approaches to limiting harmful tax practices that affect the economy or budget revenues of other regions. Empirical studies confirm the existence of negative effects of domestic tax competition, as well as the relevance of measures to restrict it. The considered countries make efforts to limit domestic tax competition both at the level of interregional agreements and at the level of central authorities. However, practice shows that it is difficult to ensure actual implementation of agreements at the regional level, so regulation by the central government is of key importance. Based on this result, recommendations are given for taking measures against harmful tax competition between the regions of Russia.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"8 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81386855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-01DOI: 10.31107/2075-1990-2022-6-59-73
A. I. Lukashov
The article deals with the organization and implementation of internal financial control and internal financial audit in the public administration sector. This issue is of particular relevance due to regularly taken decisions to restrict (moratorium) the activities of internal state financial control bodies. At the same time, the current socio-economic situation in the country requires an increase in the amount of budget funds allocated to address important state objectives. Under such conditions, the importance of internal control mechanisms, allowing for targeted and effective use of budget funds, increases. At the same time, the results of analytical activities carried out by the Federal Treasury indicate a significant number of shortcomings and difficulties on the part of the chief administrators of budgetary funds in the organization and implementation of audit. In this regard, the author, using methods of analysis of results, analysis of statistical data and analysis of official documents, conducted a study of the current system of internal financial control and internal financial audit. The empirical base of the study was formed by the results of analytical activities of the Federal Treasury, the results of monitoring the quality of financial management carried out by the chief administrators of federal budget funds, as well as regulatory legal acts of the Russian Federation and departmental legal acts of federal executive bodies regulating internal financial control and audit. According to the results of the study, proposals were developed to improve the efficiency of the internal financial control system and internal financial audit in the public administration sector.
{"title":"Improving Internal Financial Control and Audit as Mechanisms to Increase the Efficiency of Budget Funds","authors":"A. I. Lukashov","doi":"10.31107/2075-1990-2022-6-59-73","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-6-59-73","url":null,"abstract":"The article deals with the organization and implementation of internal financial control and internal financial audit in the public administration sector. This issue is of particular relevance due to regularly taken decisions to restrict (moratorium) the activities of internal state financial control bodies. At the same time, the current socio-economic situation in the country requires an increase in the amount of budget funds allocated to address important state objectives. Under such conditions, the importance of internal control mechanisms, allowing for targeted and effective use of budget funds, increases. At the same time, the results of analytical activities carried out by the Federal Treasury indicate a significant number of shortcomings and difficulties on the part of the chief administrators of budgetary funds in the organization and implementation of audit. In this regard, the author, using methods of analysis of results, analysis of statistical data and analysis of official documents, conducted a study of the current system of internal financial control and internal financial audit. The empirical base of the study was formed by the results of analytical activities of the Federal Treasury, the results of monitoring the quality of financial management carried out by the chief administrators of federal budget funds, as well as regulatory legal acts of the Russian Federation and departmental legal acts of federal executive bodies regulating internal financial control and audit. According to the results of the study, proposals were developed to improve the efficiency of the internal financial control system and internal financial audit in the public administration sector.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"56 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76383005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-01DOI: 10.31107/2075-1990-2022-6-124-138
L. Sannikova
The development of the cryptocurrency market and its growing integration into the global financial system has heightened the debate about the risks of cryptoassets to both the global financial system and national financial systems. This paper analyzes the main risks associated with cryptoassets, highlighted both internationally and nationally. These include consumer risks; money laundering and terrorist financing risks; environmental risks; and financial stability risks. The main purpose of the study is to identify the risks of cryptocurrencies in relation to the Russian financial market. Although the risks are identical due to the extraterritorial nature of cryptoassets, the impact of these risks on countries' national financial systems differs significantly. Financial sanctions against Russia also force us to reconsider our established approaches to the assessment of existing cryptoasset risks. Russia has the technological and organizational capacity to mitigate most of the risks. An objective assessment of existing risks and development of balanced approaches to their management open up opportunities for creating a domestic crypto market and using cryptoassets to overcome the sanctions pressure on the Russian financial market.
{"title":"Risks of Using Cryptoassets in Russia and the Potential for Mitigation","authors":"L. Sannikova","doi":"10.31107/2075-1990-2022-6-124-138","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-6-124-138","url":null,"abstract":"The development of the cryptocurrency market and its growing integration into the global financial system has heightened the debate about the risks of cryptoassets to both the global financial system and national financial systems. This paper analyzes the main risks associated with cryptoassets, highlighted both internationally and nationally. These include consumer risks; money laundering and terrorist financing risks; environmental risks; and financial stability risks. The main purpose of the study is to identify the risks of cryptocurrencies in relation to the Russian financial market. Although the risks are identical due to the extraterritorial nature of cryptoassets, the impact of these risks on countries' national financial systems differs significantly. Financial sanctions against Russia also force us to reconsider our established approaches to the assessment of existing cryptoasset risks. Russia has the technological and organizational capacity to mitigate most of the risks. An objective assessment of existing risks and development of balanced approaches to their management open up opportunities for creating a domestic crypto market and using cryptoassets to overcome the sanctions pressure on the Russian financial market.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"59 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91067806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-08DOI: 10.1080/0015198X.2022.2129946
G. Hall, Kai Liu, Lukasz Pomorski, Laura Serban
We propose an intuitive measure of supply chain climate risks, reflecting the fact that even a green company may have material climate exposure if its customers or suppliers face climate risks. Our measure captures price movements around climate news better than traditional climate data and shows performance patterns consistent with re-pricing of climate risks. The metric is more suitable for risk measurement than scope 3 emissions and requires raw data that is broadly accessible for large cross-sections of stocks and is of higher quality than currently available scope 3 data. We discuss applications for both portfolio and corporate decision-making.
{"title":"Supply Chain Climate Exposure","authors":"G. Hall, Kai Liu, Lukasz Pomorski, Laura Serban","doi":"10.1080/0015198X.2022.2129946","DOIUrl":"https://doi.org/10.1080/0015198X.2022.2129946","url":null,"abstract":"We propose an intuitive measure of supply chain climate risks, reflecting the fact that even a green company may have material climate exposure if its customers or suppliers face climate risks. Our measure captures price movements around climate news better than traditional climate data and shows performance patterns consistent with re-pricing of climate risks. The metric is more suitable for risk measurement than scope 3 emissions and requires raw data that is broadly accessible for large cross-sections of stocks and is of higher quality than currently available scope 3 data. We discuss applications for both portfolio and corporate decision-making.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"79 1","pages":"58 - 76"},"PeriodicalIF":2.8,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43480788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-04DOI: 10.1080/0015198X.2022.2126590
Samarpan Nawn, Gaurav Raizada
Abstract Using transactions-based calendar time (TBCT) portfolio analysis, we investigate informativeness of trades of investor categories, namely institutions, proprietary traders, and retail clients. We find that trade informativeness is positive for institutional and negative for retail-client investors. The informativeness of liquidity-demanding trades are less than the informativeness of liquidity-supplying trades for all trading groups, over both long and short horizons. We also find that institutions are benefitted by algorithmic executions compared to manual executions and this benefit is elevated on days of high volume and volatility. Proprietary algorithmic traders (high-frequency traders) generate positive alpha for their trades only from their liquidity-supplying trades.
{"title":"Trade Informativeness in Modern Markets","authors":"Samarpan Nawn, Gaurav Raizada","doi":"10.1080/0015198X.2022.2126590","DOIUrl":"https://doi.org/10.1080/0015198X.2022.2126590","url":null,"abstract":"Abstract Using transactions-based calendar time (TBCT) portfolio analysis, we investigate informativeness of trades of investor categories, namely institutions, proprietary traders, and retail clients. We find that trade informativeness is positive for institutional and negative for retail-client investors. The informativeness of liquidity-demanding trades are less than the informativeness of liquidity-supplying trades for all trading groups, over both long and short horizons. We also find that institutions are benefitted by algorithmic executions compared to manual executions and this benefit is elevated on days of high volume and volatility. Proprietary algorithmic traders (high-frequency traders) generate positive alpha for their trades only from their liquidity-supplying trades.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"79 1","pages":"77 - 98"},"PeriodicalIF":2.8,"publicationDate":"2022-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45980575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-120-137
V. Y. Cherkasov
After thirty years of continuous evolution, following the conceptual reform in 2004–2007 and subsequent easing, the Russian system of FX controls has come to a point where many administrative barriers have already been removed, the residents’ duties to repatriate proceeds from export of goods, except for FX proceeds from raw materials, are being cancelled, and bureaucratic procedures have been streamlined. At this point, the question is raised of what other steps in the field of liberalization of FX controls can be taken in the first place to achieve the ever more urgent goal of developing nonresource exports. The article analyzes the purposes of regulation, describes the evolution of the system, examines experts’ opinions regarding the course of reforms, and concludes with a view of the rational prospects for reforming the system. The central problem is the continuation and expansion of the automatic exchange of financial information between the tax authorities of Russia and foreign countries, which, in particular, would help limit fiscal risks when eliminating the remaining residents’ repatriation duties.
{"title":"The Evolution of Foreign Exchange Regulation and FX Control in Russia and the Prospects for Continued Liberalization of FX Legislation","authors":"V. Y. Cherkasov","doi":"10.31107/2075-1990-2022-5-120-137","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-120-137","url":null,"abstract":"After thirty years of continuous evolution, following the conceptual reform in 2004–2007 and subsequent easing, the Russian system of FX controls has come to a point where many administrative barriers have already been removed, the residents’ duties to repatriate proceeds from export of goods, except for FX proceeds from raw materials, are being cancelled, and bureaucratic procedures have been streamlined. At this point, the question is raised of what other steps in the field of liberalization of FX controls can be taken in the first place to achieve the ever more urgent goal of developing nonresource exports. The article analyzes the purposes of regulation, describes the evolution of the system, examines experts’ opinions regarding the course of reforms, and concludes with a view of the rational prospects for reforming the system. The central problem is the continuation and expansion of the automatic exchange of financial information between the tax authorities of Russia and foreign countries, which, in particular, would help limit fiscal risks when eliminating the remaining residents’ repatriation duties.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"101 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88549257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-105-119
S. Vasiliev, I. A. Nikonova, O. Miroshnichenko
The introduction of Big Data technology into banking activities is aimed at improving the efficiency of banks, improving business processes, however, it creates new risk factors and determines the need to transform regulatory approaches. The purpose of the article is to develop recommendations on the use of Big Data technology in banking, including the bank transactions using a financial platform, taking into account the need to ensure the stability of the banking sector at the macro and micro levels, and the development of the financial market. It has been established that Big Data technology is used in the management of banking risks, in the development of relationships with customers, the development of personalized products; in cost reduction. The use of Big Data defines new requirements for staff competencies. As a result of the analysis, the need for cooperation between banks, operators of financial platforms with specialized providers of cloud services, software, as well as fintech companies is substantiated. It was revealed that the implementation of Big Data technology increases the importance of model, reputational risks, third-party risks, unethical behavior, and cybersecurity. When using Big Data technology, banks are recommended to separate the data management function; the regulator — to expand the regulatory principles and approaches to the use of data in the construction, validation, adjustment of banking models based on Big Data technology, to the exchange of data and their protection, to the use by banks, operators of financial platforms of Open data, to the certification of specialized suppliers, interacting with banks; the legislator is recommended to develop a legal framework that regulates the formation and use of open data by economic agents.
{"title":"Banks, Financial Platforms and Big Data: Development Trends and Regulation Directions","authors":"S. Vasiliev, I. A. Nikonova, O. Miroshnichenko","doi":"10.31107/2075-1990-2022-5-105-119","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-105-119","url":null,"abstract":"The introduction of Big Data technology into banking activities is aimed at improving the efficiency of banks, improving business processes, however, it creates new risk factors and determines the need to transform regulatory approaches. The purpose of the article is to develop recommendations on the use of Big Data technology in banking, including the bank transactions using a financial platform, taking into account the need to ensure the stability of the banking sector at the macro and micro levels, and the development of the financial market. It has been established that Big Data technology is used in the management of banking risks, in the development of relationships with customers, the development of personalized products; in cost reduction. The use of Big Data defines new requirements for staff competencies. As a result of the analysis, the need for cooperation between banks, operators of financial platforms with specialized providers of cloud services, software, as well as fintech companies is substantiated. It was revealed that the implementation of Big Data technology increases the importance of model, reputational risks, third-party risks, unethical behavior, and cybersecurity. When using Big Data technology, banks are recommended to separate the data management function; the regulator — to expand the regulatory principles and approaches to the use of data in the construction, validation, adjustment of banking models based on Big Data technology, to the exchange of data and their protection, to the use by banks, operators of financial platforms of Open data, to the certification of specialized suppliers, interacting with banks; the legislator is recommended to develop a legal framework that regulates the formation and use of open data by economic agents.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"109 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84986174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-01DOI: 10.31107/2075-1990-2022-5-25-42
I. Dovbiy
This study reveals the financial conditions and drivers of the energy transition in the world and in Russia. The purpose of the study is to characterize the essence, content and financial conditions of the energy transition for the national economy. The objectives of the article are to study the features of the energy transition models for developed and developing countries; to consider the impact of "sustainable financing" on the energy transition process; to identify the specific financial conditions and risks. It was found that two major concepts of the energy transition have been formed, reflecting the vision of the goals and timing of completion, conditions and financing formats. The analysis of global investments in the energy transition showed high investors’ optimism: the renewable energy sector is the most attractive; the Asia-Pacific region has become the largest region in terms of investment volume; more energy transition financing programs are implemented in the European Union. The author reveals relationship between policies to achieve carbon neutrality and the phenomenon of "sustainable financing" subject to the principles of ESG, which was expressed in the refusal of the world's leading financial institutions to finance any fossil fuel projects, which could lead to higher demands and direct pressure on the energy and oil and gas sector in developing countries. The main financial risks and financial losses that the Russian economy may face in process of energy transition are outlined. Russia, as the largest exporter of hydrocarbons, will have to adapt to the new conditions despite the unprecedented sanctions pressure on the financial system and the withdrawal of major investors from the oil and gas and electric power sectors. First of all, this is cooperation in the BRICS format — both in the energy and in the financing of infrastructure projects, including within the framework of the BRICS New Development Bank activities. State loans, subsidies, grants, tax incentives, etc. may be used as financial measures of state support for the energy transition.
{"title":"Financial and Economic Conditions of the Energy Transition for the National Economy","authors":"I. Dovbiy","doi":"10.31107/2075-1990-2022-5-25-42","DOIUrl":"https://doi.org/10.31107/2075-1990-2022-5-25-42","url":null,"abstract":"This study reveals the financial conditions and drivers of the energy transition in the world and in Russia. The purpose of the study is to characterize the essence, content and financial conditions of the energy transition for the national economy. The objectives of the article are to study the features of the energy transition models for developed and developing countries; to consider the impact of \"sustainable financing\" on the energy transition process; to identify the specific financial conditions and risks. It was found that two major concepts of the energy transition have been formed, reflecting the vision of the goals and timing of completion, conditions and financing formats. The analysis of global investments in the energy transition showed high investors’ optimism: the renewable energy sector is the most attractive; the Asia-Pacific region has become the largest region in terms of investment volume; more energy transition financing programs are implemented in the European Union. The author reveals relationship between policies to achieve carbon neutrality and the phenomenon of \"sustainable financing\" subject to the principles of ESG, which was expressed in the refusal of the world's leading financial institutions to finance any fossil fuel projects, which could lead to higher demands and direct pressure on the energy and oil and gas sector in developing countries. The main financial risks and financial losses that the Russian economy may face in process of energy transition are outlined. Russia, as the largest exporter of hydrocarbons, will have to adapt to the new conditions despite the unprecedented sanctions pressure on the financial system and the withdrawal of major investors from the oil and gas and electric power sectors. First of all, this is cooperation in the BRICS format — both in the energy and in the financing of infrastructure projects, including within the framework of the BRICS New Development Bank activities. State loans, subsidies, grants, tax incentives, etc. may be used as financial measures of state support for the energy transition.","PeriodicalId":48062,"journal":{"name":"Financial Analysts Journal","volume":"11 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85632490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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