The relevance of this study is supported by the fact that the achievements of modern research are beginning to change the nature of sovereignty, strengthening the role of the technological component. This, in turn, requires updating the sources of R&D funding. The aim was to investigate the impact of public, private and blended financing on R&D, both in world practice and in the Russian context in an inextricable connection with the formation and preservation of state sovereignty, including technological sovereignty. It has been shown that the basic models of research and development (R&D) financing, focused exclusively on public or private sources, are insufficient in modern conditions. This necessitates the search for and justification of new approaches to funding. Research methods: a) are based on classical ideas about the role of R&D in shaping economic growth and, consequently, ensuring state sovereignty, including with regard to technological security; b) include an assessment of current R&D dynamics, including in the context of different countries. The results of the study indicate that R&D financing models are largely influenced by the historical path taken by each country. The historical and evolutionary generalization of the key paradigms for R&D financing has allowed us to identify the following models: the linear model, the system model, the triple helix model, mission-based models, unified landscape models, and ecosystem development models. The presented models allowed us to identify the advantages and disadvantages of blended financing for two types of models. It has been shown that blended financing can be both organizational and financial structuring. It has been concluded that, despite the development of approaches to attracting private capital, the state remains the “early-stage investor” that assumes the majority of risks. This allows it to strengthen its role in achieving technological security goals (especially with the linear model). It has also been shown that blended financing can be used to ensure investment attractiveness for private investors, accelerate market recognition, including the “reach out” of technologies. It has also been proven that blended financing schemes do not impose restrictions on achieving technological security, but rather require control over the distribution of intellectual property rights.

The classical Mundell-Fleming trilemma, which posits the impossibility of simultaneously achieving a fixed exchange rate, free capital movement, and an independent monetary policy, is being re-examined empirically in the context of stable hybrid regimes. The Russian case (2014–2024) is of particular scientific interest, as it demonstrates the long-term viability of a model that formally violates the classical postulates in the face of sanctions, multi-directional fiscal and monetary policies, and active exchange rate management. The goal of the study is to identify the mechanisms for the sustainability of such violations of the trilemma, using the example of Russia, in a comparative perspective with the experience of Thailand and Malaysia. It also aims to develop a theoretical modification of the concept. The methodological basis is a combined approach that integrates a comparative analysis of macroeconomic indicators, an institutional analysis of the interaction between monetary and fiscal authorities, using the concept of institutional flexibility, econometric methods for identifying structural gaps, and counterfactual risk modeling. The results of the study revealed three key factors of the sustainability of the Russian model: sanctions-induced autarky, which artificially limited capital mobility; structural rent dependence, which ensured a current account surplus of $ 107 billion in 2022; and reactive coordination between the Central Bank of the Russian Federation and the Ministry of Finance, manifested in the growth in the correlation of their decisions during the post-sanction period. The Russian hybrid regime qualitatively differs from its Asian counterparts in its transformation of sanctions and administrative barriers into a permanent institutions and the system-forming role of geopolitical confrontation. The study substantiates the need to expand the classical trilemma and proposes a “geo-economic trilemma” where independent monetary policy is replaced by a coordinated one, free capital flows by sanctions-managed flows. It also replaces a floating exchange rate with an administrative-market hybrid system. While the model has proven to be resilient in extreme conditions, its long-term viability depends on overcoming structural imbalances and institutionalizing coordination without suppressing the independence of the central bank. 

One of the key indicators of a corporate bond issuer’s credit risk is the credit spread. The credit spread is the difference in yield to maturity between a corporate bond and a government bond with similar duration. Since 2014, the Russian market has experienced several periods of stability and instability, during which the impact of various factors on credit spreads has varied. The aim of this study is to investigate the factors that influence the yield spread between corporate and government bonds on the Russian market, using switching models. The risk-free rate, the slope of the zero-coupon yield curve, the return of the Moscow Exchange index, the volatility of the Russian stock market, and the growth rate of oil prices are all considered variables of interest in this study. The Markov switching model, logistic regression, and threshold autoregression (TAR) are used as methods. The scientific novelty of this work lies in the modeling of credit spread changes in different regimes on the Russian bond market. It has been found that switching models can better explain changes in credit spread, according to the Akaike criterion. Additionally, stock market volatility can help predict switching between regimes. The level of the risk-free rate, the slope of the zero-coupon yield curve, the volatility, and the return of the stock market are all negatively correlated with the level of credit spread. However, the negative relationship between the stock index’s return and credit spread is only observed during periods of high stock market volatility. Considering multiple regimes in the credit spread modeling allows assessing the impact of factors under consideration more accurately. The results obtained might be useful for investors to assess the risks associated with investing in bonds. This allows them to rebalance their portfolios at different times in order to achieve the desired level of risk. Based on these results, regulators will be able to adjust their policies, considering the specific economic circumstances of the time period.

Demonetization is the withdrawal of a national currency from circulation. This method is used worldwide to control inflation, limit liquidity, and combat the accumulation of funds. Various economic and financial factors influence the success or failure of demonetization. These include currency denomination, the ratio of the demonetized currency to the current currency in circulation, and the ratio to GDP per capita. The aim of the study is to identify the key factors affecting demonetization. The analysis is based on the example of India in 2016 and is supplemented by a literature review. Twelve factors influencing the process have been studied, and their relationship with success of demonetization has been established using statistical analysis with the ordinal logistic regression method in Python. Economic indicators have been identified that can help countries carry out demonetization without causing social chaos. An equation for assessing the success of demonetization has also been derived. The article recommends careful preparation for this process, competent planning, and competent execution.

Civil liability insurance for medical organizations and healthcare professionals in Russia is currently developing as a voluntary type of insurance. However, despite the importance of finding effective ways to resolve “doctor-patient” conflicts and the need to protect the interests of medical professionals in case of claims from patients, insurance currently only covers a small number of medical organizations and doctors in our country. At the same time, in most developed countries, this type of insurance is widely used to settle claims and lawsuits related to medical malpractice, regardless of the form it takes at the national level, such as compulsory, imputed, or voluntary insurance. The purpose of this research is to investigate the history of the medical malpractice liability insurance market in the United States, with a focus on identifying institutional and legislative measures that were implemented to stabilize the market during times of crises. The methodological basis for the work is the use of economic and statistical methods for information processing, including the use of statistical information from the National Practitioner Data Bank. The study examines the three crises of professional liability insurance for physicians that have occurred in the American market over the past 50 years, the reasons that prompted them, and the methods used to overcome them. Based on statistical data provided by the National Database of Practicing Physicians, the current state of the American market for this type of insurance has been analyzed. The current state of affairs in the Russian civil liability insurance market for medical organizations and healthcare professionals has been analyzed. Also, comparisons of main institutional and legislative distinctions between the American and domestic markets at the present stage have been made.

In the context of escalating geopolitical tensions, economic sanctions are becoming one of the main instruments of external pressure on countries that do not follow the recommendations of Western countries. The imposition of restrictions by the European Union and the United States on the Russian Federation in 2014, and especially after February 2022, has had a significant impact on various sectors of the Russian economy. The sanctions have affected the financial system, foreign economic activity, and access to high technologies and international capital markets. International economic sanctions are a tool of coercive diplomacy, designed to create sufficient economic costs to encourage the recipient country to encourage them to reconsider its policy. The aim of the study is to systematically analyze the impact of restrictive measures imposed by the United States and the European Union on the economic security of the Russian Federation. This will be achieved through a comparative analysis of historical context of the sanctions and an evaluation of their current effects. The primary attention of this work was on the structural transformation of the national economy, reorientation of foreign trade flows, and the role of monetary factors in stimulating business activity. The main types of measures that have been implemented are considered, as well as vulnerable areas of the economy that have been identified. Additionally, adaptation mechanisms developed by the state to minimize negative consequences have been discussed. Special attention has been paid to Russia’s response measures, such as transitioning to settlements in national currencies, developing import substitution, and diversifying trading partners. It has been concluded that, despite significant pressure, the Russian economy has demonstrated a certain level of resilience thanks to active government intervention and restructuring of foreign economic relations. Nevertheless, the long-term consequences of the sanctions regime require constant monitoring and improvement of the country’s economic security strategy.

The article is devoted to the analysis of the effects of tax incentives on the structure of the economic space of the Russian Federation. Tax incentives, exemptions and other benefits are a common tool used to stimulate economic activity and improve the socio-economic situation. With the increasing focus on issues of spatial development in the public policy, it is relevant to understand the current role of these tax incentives in achieving goals and implementing objectives of spatial development. The purpose of the article is to identify and justify the extent and nature of the impact of tax incentive instruments on the structure of the economic landscape of the Russian Federation. The hypothesis of the study is that, at the present stage, tax incentives as a tool of public policy do not significantly impact the structure of a country’s economic space. Based on the results of the study, the researchers have recorded that, with the current approaches to the use of tax incentive instruments, their impact on the structure of the national economic space remains limited and insignificant. The leading regions are mostly represented by the subjects of the Russian Federation, which have a low population and are dominated by extractive industries. On the other hand, the outlying regions are the subjects of the Russian Federation, which are characterized by a depressed socio-economic situation. In conclusion, it was noted that tax incentives could potentially be used in the context of solving spatial development problems, but this would require a change in the approach to their implementation, as well as their integration into a broader and more comprehensive system of public policy measures.

The purpose of the study is to determine the impact of GDP, investment, the national currency rate, the state budget deficit, indicators of the foreign trade sector, the level of foreign exchange reserves, and world prices for Brent and West oil on the dynamics of the current account of Azerbaijan’s balance of payments. An econometric analysis of the interdependence of the indicators of the current account of the balance of payments with the listed macroeconomic indicators and the residuals of the model was carried out to form an error correction model. The paper applies and summarizes the latest methodological developments in the direction of modern econometrics research. As a result, the degree of dependence of endogenous and exogenous factors was revealed, as well as the short-term and long-term relationship between dependent and independent factors. To check the stability of the AR model, the Roots of Characteristic Polynomial test was applied, and the inverse roots of the characteristic equation of the polynomial from the shift operator were calculated. An error correction model has been created, which makes it possible to conduct an economic and statistical analysis of the dynamics of the current account of the balance of payments and on the basis of which it is possible to give a forecast assessment for the future period.

The object of the study relates to investment projects in the power energy sector of Russia, implemented using a special mechanism of the contract for the provision of capacity, known as DPM KOMMOD in project implementation practice. The subject of the study is the application of measures of state support for investment projects in the power energy sector,

specifically with regard to the possibility and reasonableness of combining the mechanism of the contract for the provision of capacity with financial support measures, such as Factory of Project Finance in Russia. The relevance of the study is caused by the role played by the power energy sector in the economic and social life of society. The financial and economic features of the industry include extremely high capital intensity, long payback periods, moderate profitability indicators, and high depreciation of the capacities of some companies, as well as the need for increased capacity in the future. Additionally, there is a high cost of debt financing, which act as a barrier to implementation of investment projects. Also, there are active measures of state support for investment activity that require harmonization and coherence in application and further improvement. The purpose of the study is to assess the feasibility and sufficiency of measures of state support for investment projects in the selected sector of the power energy industry. This article uses the methods of investment appraisal and financial analysis. The methods of analysis and synthesis are used to review the industry drivers and the indicators of selected companies. An analysis of the separate impact of support measures on various aspects and risks of an investment project is also given. Based on the comparative analysis and investment appraisal methodology, we have identified differences between the planned and total profitability of investment projects implemented using the DPM KOMMOD mechanism and properly determined planned, as well as actual internal rates of return for the investor. Based on the results of the study, we have made a conclusion on the reasonableness of combining the specified support measures in the energy sector, and the need to take into account the identified characteristics of projects implemented on the basis of the DPM KOMMOD mechanism as well as the features of the mechanism itself, when determining the profitability of these projects for shareholders. Additional tasks are formulated for investigation and implementation by the project initiators, practicing analysts in the field and the scientific community. 

The phenomenon of decentralized finance (DeFi) is today one of the epicenters of research interest in financial development problems. At the same time, the variety of issues related to DeFi that have been covered in the current scientific literature is limited by the general characteristics of this field, those that appear on the surface of phenomena and are associated with the features of the technologies used. At the periphery of the studies, there are questions about the description of the DeFi phenomenon, including from the perspective of its development, changes in relations with traditional finance (TradFi). Today, these changes are reflected in the increased interaction between TradFi and DeFi, which makes the task of investigating the factors and sustainability of this trend more relevant. The aim of the study is to determine the reasons for the displacement of market niches TradFi and DeFi, opening up a space for the activation of their interaction. The methodological basis of the study was the emerging theoretical concept of decentralized finance. Methods of qualitative analysis of the practice of interaction TradFi and DeFi, system and logical methods, induction and deduction were used, which allowed to identify causes and factors of interaction and mutual influence of each of the spheres, to identify problems in modern scientific discourse. As a result of the study, it was found that it is the opportunities of the financial market to use the advantages of the institutional conditions of TradFi and DeFi that determine the trend stability of their interaction, not antagonism. These opportunities are formed by the set of institutional conditions that accompany the functioning of TradFi and DeFi, and more fully they are realized in the field of tokenization of real world assets (RWA). A hybrid approach to analyzing the interaction between TradFi and DeFi leverages the strengths of both systems and reveals the growth potential of this interaction, including in the area of tokenization of real assets. Implementation of the proposed approach forms benefits for institutional investors, technology solution developers, TradFi and DeFi entities, opens up scope to improve the effectiveness of regulatory response to financial decentralization risks.

The budgetary organizations in Russia rely equally on market signals and on the directive target settings of their state founders. The author outlines the conclusion about the excessive negative externalities of state managerialism, which has spread in Russia since the budget reform. The author justifies the transformation of the budget economy, which is described as being “forged in fire”. On the one hand, the economy is forced to operate under the laws of the market. On the other hand, it functions within a closed bureaucratic system. As an alternative to the “dualism” of budget subsidies and revenue from services, alternative investments could become the “third pillar” that could gradually take the place of the state. The purpose of the article is to present the author’s model dedicated to the transformation of the budget sector by promoting the economic deregulation and investment finance. As a result, the model proposes a new approach to reducing the burden on the overall budget system in the long run by replacing subsidies with the other sources of revenue. The model is based on the bank loan to a budget organization, providing the government guarantees the amount of N-year total budget subsidies. The organization subsequently uses the bank funds to establish an endowment and generate investment income. At the end of the N-year period, the founder is relieved from the obligation to finance the budgetary organization. In the mathematical version of the model, given the parameters of the money market, a target level of investment return is determined that ensures the viability of such a model. Calculations confirm the conclusion that the model can be implemented with low (preferential) interest rates and a loan term of 8–12 years.

The purpose of the study is to assess the association of process and object digital transformation with daily returns of the broad and sectoral Moscow Exchange indices using textual patent analysis. The subject is the short-run response of the Russian stock market to patent-based digital technology indicators. We propose a research method that separates object transformation (material components) from process transformation (management and information technologies). The empirical base contains 850,784 patent records covering the period from 1977 to 2025; the estimates use ARXEGARCH models. Conclusions: The association is heterogeneous across technology blocks and sectors: after multiple-testing correction, robust negative short-run coefficients remain for process indicators in energy and finance. The applied and empirical-methodological novelty of this study is a reproducible patent indicator of object and process digital transformation for the Russian stock market.

The subject of this study is the system of financial and economic relations in oil and gas regions that ensures an increase in their level of economic security. This is measured by several criteria, including the net financial result, turnover, and the proportion of unprofitable industrial organizations in the region. Additionally, it is measured by the ratio of fixed capital investment, accounts payable, and receivables to the GRP. The aim of the research is to develop methodological approaches for assessing the economic security level of a region, and to provide systemic support for the growth of financial results in the oil and gas industry of that region. Additionally, the research aims to enhance the resilience of the region’s economy in the face of potential external threats to its logistical, scientific, technological, and fuel and energy independence, which are crucial components of national economic stability. The following main tasks have been identified and completed: theoretical studies on the issues of state and corporate financial support for regional investment projects, with a focus on Russian industrial policy’s transition to technological sovereignty and new industrial development formats in a changing global financial landscape; theoretical research into the formation of institutional mechanisms for utilizing hard-to-recover hydrocarbon resources to revitalize and reindustrialize regions with a petrochemical industry that forms the basis of their budgets, ensuring the preservation and growth of well-paying jobs and profitable activities in related and service sectors.; Regression, structural and variance analysis of the net financial result, turnover, and share of unprofitable regional industrial organizations, as well as the formation and evaluation of criteria for regional economic security based on the ratio of investments in fixed assets, accounts payable, and receivables to the gross regional product. The results are presented in the form of a unique research algorithm identifying the close relationship between the financial indicators of economic security in the oil and gas regions of the Volga Federal District and their interregional hierarchical clustering. This was revealed during the original research process, as a new approach to using financial indicators in industry to mobilize economic resources horizontally and use regulatory tools to overcome imbalances between regions in the national economy, which can lead to crisis situations and a decrease in overall economic security.

The digitalization of the economy and the results achieved through artificial intelligence require the application of new approaches and tools by managers of commercial organizations within the overall financial management system. These are reflected in research expenditures. Auto manufacturing organizations are also free from such problems. The article aims to propose an integrated approach to the control of current financial requirements in automobile manufacturing companies listed on international stock exchanges within the context of artificial intelligence solutions. This is intended to serve as a new pathway for enhancing financial management through optimizing capital structure. This article presents an interrelated assessment of inventories, accounts receivable, and accounts payable in leading automobile manufacturing companies listed and studied in the global stock market by capitalization. Practical solutions for improving the control of current financial requirements have been proposed through structural changes in capital. The scientific novelty of this research lies in the development of control boundary intervals using a predictive model for the turnover (in days) of current financial requirements. 

This study investigates three specific research purposes: (1) to analyze the relationship between Bitcoin and gold, (2) to assess Bitcoin’s effectiveness as a hedge against the stock market, and (3) to explore the impact of market turmoil on the relationship between Bitcoin and the stock market. The study employs the generalized autoregressive conditional heteroskedasticity (GARCH) model to examine interactions among Bitcoin, gold, and the NASDAQ stock market, with money supply as a control variable to assess its influence on these relationships. The results reveal that Bitcoin does not function as a hedge for stock market, particularly NASDAQ, thus refuting the hypothesis about its hedging capabilities. Additionally, the money supply variable is found to lack significant relevance in elucidating the connection between Bitcoin and both NASDAQ and gold. However, during periods of market turmoil, a notable correlation between Bitcoin and NASDAQ emerged, with stronger associations being observed under such conditions. This validates the hypothesis related to market turmoil. Despite its characterization as “digital gold”, the study found no statistically significant relationship between Bitcoin and gold, although both assets exhibited similar price trends.

This article presents the results of a study examining the evolution and current state of the digital financial assets market in Russia. The study aims to identify key trends and development prospects for Russia’s digital financial assets market, assess emerging risks and threats, and propose measures to prevent fraud and money laundering. The research was conducted using general scientific methods, including economic statistics, econometrics, and economic analysis. The following market development trends have been identified for 2023–2025: exponential but volatile growth; low trust; a structural shift towards institutional investors; increasing importance of short-term funding; market oligopolization; a simple product range; and a gradual expansion of the legal framework and market opportunities. The study substantiates several key trends: rising issuance volumes, a growing number of real-economy issuers, increased competition and differentiation among information system operators, intensifying rivalry among issuers, the emergence of a secondary market, an expanding investor base, product line diversification, and the evolution toward more sophisticated tokenization practices. The original contribution of the research lies in its comprehensive and advanced analysis of the Russian digital financial assets market. It identifies core development trajectories, categorizes emerging risks by their potential market impact, and formulates recommendations to strengthen accountability. The findings provide a practical foundation for designing regulatory frameworks and control systems for the issuance and circulation of new asset types.

The number of young investors in Indonesia has grown significantly in recent years, marking a notable shift in the country’s investment landscape. Although the total assets of younger investors are smaller compared to those of older investors, their increasing participation has positively influenced the development of the investment sector and improved financial literacy among younger generations. Based on this phenomenon, the purpose of this study is to examine the attitudes of Generation Z as the young investors towards business and management programs, the use of investment applications, and robo-advisor services. The research focuses on two distinct groups: students who have had prior exposure to finance and investment-related courses, and those who have not had such courses. The method used was structured focus group discussions to explore students’ knowledge and experiences, then supplemented with a survey questionnaire to validate findings and provide deeper insights. The research concluded that there were no significant differences between the two cohorts regarding their interest in understanding and the importance of investments. Some participants had already started investing without formal financial education, while others explored unconventional investments such as collectible hobby items. Moreover, participants generally trusted risk assessments provided by robo-advisors, but many of them were hesitant to follow the recommendations. They expressed a greater confidence in their ability to make independent investment decisions. 

Indonesia has shown a strong commitment to achieving SDGs through various regulations and strategic initiatives. This study focuses on the SDG target “Accountable and Inclusive Institutions at All Levels” by examining financial perspectives specifically, the influence of regional financial information systems, understanding of government accounting standards, and human resource competencies on the quality of government financial reports. As a decentralized and archipelagic country, Indonesia promotes regional autonomy to support equitable development and social welfare. However, persistent corruption issues expose accountability gaps within this system. The study focuses on the heads of financial subdivisions and treasurers who are involved in financial reporting across regional government organizations in Kebumen Regency, Central Java. Using purposive sampling, 60 we selected respondents. The data were analyzed using multiple linear regression with SPSS 26. The results show that understanding government accounting standards has the greatest impact on financial report quality (β = 0.476, p = 0.021), followed by human resource competencies (β = 0.244, p = 0.007) and regional financial information systems (β = 0.214, p = 0.021). These findings highlight the critical role of technical knowledge and capacity in improving financial report quality, reinforcing the importance of accurate, transparent financial management for achieving accountable and inclusive governance within the SDGs framework. The results of the study can be applied in the planning and management of the activities of the authorities of Central Java and other similar regions in the field of sustainable development.