The subject of the study is the processes of budget decentralization in the management of public finances, as well
as mathematical methods and models for implementing the concept of hard budget restrictions in order to create conditions for the self-development of administrative-territorial units.

The aim of the study is to develop adaptive economic and mathematical models for implementing the strategy of hard budget constraints implemented in the process  of inter-budget regulation.

The relevance of the study is due to the fact that currently the subject of acute discussion in the scientific community is the self-development of administrative-territorial entities and increasing their financial independence. In this regard, the focus of economic research is focused on the problems of budgetary decentralization as an engine of economic development, as well as the related topics of the use of mathematical tools for modeling decision support in this area. The created models are subject to the requirements of learnability, adaptability to changing conditions of environmental influences, and the ability to operate not only with quantitative, but also with qualitatively defined characteristics. The problem of mathematical modeling is solved by applying an interdisciplinary synthesis of the theories of stochastic automata operating in random environments and fuzzy logic.

The proposed synthesis of theoretical and methodological devices is the novelty of the research.

As a result, an economic and mathematical model of a fuzzy automaton is constructed for determining and quantifying the values of the norms for the distribution of tax revenues between budgets of different levels of the budget system. A fuzzy automaton interacts with a simulation model that reproduces budget flows and quantifies the decisions made by the automaton model.

The practical significance of the research results lies in the program implementation of the developed models and their inclusion in the public finance management circuit. In the future, it is planned to create a mathematical model of the collective behavior of fuzzy automata models, the interaction of which solves the problem of coordinating the interests of budgets of different levels of the hierarchy in the distribution of tax revenues. 

 The relevance of the study is due to the lack of scientific research devoted to assessing the state and searching for new tools to activate innovative processes in the economy of Tajikistan, as well as a number of systemic problems that have developed in the innovation sphere.

The article aims to study the role of state-owned enterprises in Tajikistan in the innovative development of the national economy in modern conditions.

The objectives of the research are 1)analysis of factors influencing the innovative development of the economy of Tajikistan; 2) assessment of the role  of public enterprises in the innovative development of the economy; 3) development of proposals to increase the innovative activity of state-owned enterprises.

The author applies methods of analysis of statistical data and strategic documents of Tajikistan and the public corporate sector, generalization, grouping, observation, benchmarking, tabular and graphical analysis. The study shows that the problems of innovative development of Tajikistan are determined by the discrepancy between the chosen model of public administration and innovative development, which is a key deterrent to modernization and transition to an innovative path. It was revealed that most of the deterring factors of innovative development were formed not in the external, but the internal environment and they are localized in the field of public administration. Due to the low socio-economic status of the country, insufficient development of state institutions and institutions of a market economy, and control over the expenditure of budgetary resources, even large state-owned enterprises are experiencing financial difficulties.

The author concludes that the government of Tajikistan should conduct financial rehabilitation of unprofitable enterprises, abandon ineffective management methods, carry out a comprehensive audit of tax incentives, revise the model for managing innovative development of the economy as a whole — shift the focus from large but ineffective state-owned enterprises to comprehensive support for science and small forms of innovative entrepreneurship. 

 The study explores the influence of internal factors on the level of exports of products of the agro-industrial complex
of the Russian Federation (AIC RF).

The subject of the research is the competitiveness of export-oriented companies in  the agro-industrial complex of the Russian Federation.

The relevance of the study is due to the growth of exports of agricultural products, which is gradually becoming one of the most important sources of foreign exchange earnings in the country.

The aim of the paper is to form a rating model for Russian companies focused on the export of agricultural products, on the basis of which to propose the most effective measures to support agricultural enterprises.

The authors apply the following methods: systematization and classification of information, statistical, coefficient, and regression analysis. Such tools as linear regression models, logistic regression (logit, probit), ordered probit model are considered The authors use the Ginny coefficient (area under the curve Roc) for binomial models and an adjusted R² for the
linear model as a quality criterion for the model.

As a result, the study identified the key internal and external factors affecting the competitiveness of agricultural exporting companies. Internal factors include stocks, net assets, short-term borrowings, equity capital, fixed assets turnover, long-term liabilities, accounts payable. Among the external factors for both ordinal and binomial models, the most significant were the increase in imports, the logarithm of GDP, and the logarithm of GDP per capita. A model of rating assessment of companies has been developed. Proposals are formulated for using the developed system as a simulation model when making decisions on the development and support of food exports in Russia. The authors propose a combined mechanism for supporting enterprises, depending on the rating determined by the model.

It is concluded that the implementation of this approach will significantly increase the level of economic efficiency of budget support funds aimed at stimulating exports. The prospect for further research on this topic is to study the influence of qualitative factors that were not included in the model: the drought index, sanctions, and other macroeconomic events and parameters. 

 The author examines the place and role of corporate venture funds, the state of the venture capital market
in Russia, and the impact of venture financing on the innovative activity of corporations, in particular, on the
innovative development of the economy as a whole.

The purpose of the study is to provide an economic assessment  of the importance of using corporate venture capital for the innovative economy of the Russian Federation. The author applies methods of statistical, financial, and logical analysis. The study covers the period 2013–2020 and is based on the analysis of data from international organizations, analytical centers, mass media, official data sources of the Government of Russia, and the Central Bank of the Russian Federation. The author reviewed the literature and analyzed the practice of corporate venture capital funds to understand investment in innovation in Russia and around the world. The article analyses the history of the emergence and development of corporate venture funds in Russia and other countries and provides an assessment of the innovation activity of corporations and the Russian state. The theoretical aspects of corporate venture funds, the dynamics of the development of the innovative activity, and the venture market in Russia are considered.

The author makes a conclusion about the need for state regulation of the processes of financing scientific and technological development and the effective use of market instruments, such as corporate venture funds. 

 The authors investigate the role of money in the reproduction process from the perspective of a functional approach, including the influence of external factors.

The aim of the study is to develop the modern theory of money at the formal and functional level based on the analysis of the role of money in the reproduction process in the concept of coordination of monetary, macroprudential and financial policies of Russia for the purpose of economic growth.

The novelty of the research is due to the development of the modern theory of money on the basis of clarifying the role of money in the reproduction process influenced by decisions made to coordinate the monetary, macroprudential and financial policy.

The authors apply methods of system-structural, formal-functional, comparative economic analysis, econometric modeling using correlation-regression analysis, economic and mathematical methods. The authors developed a methodological framework for analysis, identified and structured the possibilities and risks of applying macroprudential policy measures for monetary circulation, illustrated the threats to the economy and its main macroeconomic entities due to the spread of coronavirus disease, summarized measures in the field of monetary and financial regulation to overcome threats and strengthen the role of money in the reproduction process.

The authors conclude that it is necessary to form a trusted digital space, that forms the possibility of leveling the negative impact of external factors on the reproduction process and restoring the reproduction potential of money for economic growth, considering the coordination (conjugation) of monetary, macroprudential and financial policies. The implementation of the authors’ proposals to enhance the role of money in the reproduction process will allow to “revive” the economy by increasing the demand for money and ensuring an adequate money supply. It will also enhance the ability of monetary, macroprudential, and financial policy instruments to influence reproduction processes and economic growth. 

 The subject of the research is a complex of financial technologies that are actively used in the financial and credit sector in Russia and abroad.

The study aims to show the place of technological progress based on the use of FinTech and the development of human capital in the Russian economy; transformation of business processes based on modern financial technologies, creating new promising opportunities, and responding to the challenges of Industry 4.0. The paper considers the issues related to the study of the prospects for the development of financial technologies in global practice and the possibilities of their adaptation in the activities of Russian financial organizations. The research is based on the analysis of data provided by international consulting companies, analytical centers, and official data sources of the Central Bank (Bank of Russia).

The authors apply methods such as comparative research, empirical, logical, graphical, analysis, interpretation, and comparison. The study assesses the growing role of financial technologies in the Russian economy, identifies the main problems, and outlines development prospects based on the integration of traditional institutions and FinTech companies for the reproduction of financial innovations in the future.

As a result, it was concluded that improving the technological effectiveness of banking processes is possible on the basis of digitalization using various financial technologies, which will lead to the simplification and optimization of traditional operations, prevention of fraud, create new and more personalized offers according to customer needs, while changing the way of interaction with them. 

 The article examines and analyzes the essence of pension relations in modern Russia.

The aim of the article is to study and test the hypothesis that an important factor in ensuring the effectiveness of the Russian pension system is a clear definition of the essence of economic relations in it, as well as adequate legal and organizational formalization of these relations.

The scientific novelty of the study lies in the analysis of the validity and adequacy of applying (from terminological to organizational and practical levels) the classical insurance principles in the organization of the pension system, as well as the possibilities of increasing the efficiency of this system on the basis of the insurance sector. The research methodology is based on the analysis of the genesis and current state of the Russian pension system.

The results of the study indicate that the structure of the Russian pension system requires serious reorganization, in particular, a clear distinction between the insurance (pension insurance) and non-insurance (pension provision) segments. The authors substantiated that pension insurance should be based on the classical principles of life insurance, and insurers who have an appropriate license obtained under the Law “On the organization of insurance business in the Russian Federation” should be involved in the implementation of this insurance. At the same time, non-state pension funds must either be transformed into life insurers, or acquire new functionality within the framework of pension provision (the non-insurance part of the pension system). The practical implementation of the research results and related recommendations will allow, according to the authors, to organically structure the insurance and non-insurance segments of the Russian pension system and increase its efficiency.

The authors conclude that the construction of pension insurance on the basis of the classical principles of life insurance will make it possible to fully use the accumulated global and domestic experience of using life insurance as a reliable instrument for financing pensions. At the same time, it is necessary to extend to pension relations the norms of regulation of the insurance market and state insurance supervision, which have proven their effectiveness. 

 This paper aims to investigate the essence and method of building a financial model of healthcare in Russia.

The author applies methods such as analysis and synthesis, statistical data processing, systemic and structural approaches. This article is an analysis of the basics of building a budgetary and insurance model: cost allocation (various types of medical care, individual costs) by funding sources; system of inter-budgetary relations; the structure of expenditures of the budgetary system of the Russian Federation on healthcare in 2019. The study presents the financial model of the compulsory medical insurance (СMI) system and defines the role of insurance and private medical organizations in the  CMI system. The mechanism of  financing state (public) healthcare institutions is shown. The procedure for financing medical organizations according to the territorial program is considered (as illustrated by the example of the Irkutsk region). The article analyzes the methodology for calculating the cost of the territorial program and identifies the problems associated with it. The author pays special attention to organizations that do not carry out activities in the field of compulsory medical insurance, outlining the specifics of financing and legal regulation, and arguing the reasons for excluding a number of diseases from the compulsory medical insurance program. The paper examines the content of the new law on the CHI reform, which provides for direct financing from the budget of the Federal CHI Fund of federal institutions providing specialized medical care. The author highlights the main problems of the building of the budgetary and insurance healthcare funding model such as congestion, inconsistency, cost intensity.

The author concluded that it is necessary to revise the organization of the healthcare system and mechanisms for its financial support. The outstripping growth in healthcare costs, on the one hand, and inadequate funding of medical institutions, on the other, lead to a constant search for a compromise between equity and cost-effectiveness.

Based on this, the author substantiated the goals and determined the directions for further research, such as reducing transaction costs, changing the motivation of participants, identifying cost growth factors and the possibility of eliminating them. 

 The study presents the author’s approach to monitoring the volatility of cash flows. The relevance of the study is due to the fact that a high increase in volatility can have a negative impact on the stability of individual economic entities; therefore, central banks are faced with the task of organizing a system for monitoring cash flow volatility, as well as developing approaches to their regulation.

The purpose of the study is to develop a methodological approach to organizing the monitoring of cash flow volatility.

Statistical methods, including fractal analysis, are used in the study. The study determines the approach to classifying different levels of cash flow volatility. Three main types of cash flow — moderate, transient, and turbulent,—are defined. The study confirmed two hypotheses. First, it is proven that the volatility of cash flows is more the result of behavioural factors than institutional ones. Second, it is established that the turbulent type of cash flow occurs in more rare cases than the moderate or transient types. It is shown that the volatility of the cash flow is the result of behavioral reactions of economic entities to fluctuations in economic activity. Institutional factors determine the limits of cash flow volatility, but fluctuations within these limits are the result of the reaction of economic actors to changes in the external environment. The turbulent type of cash flows occurs during the period of simultaneous actions of all economic entities. Based on the three-sigma rule, a methodological approach to determine confidence intervals classifying cash flows by the type of movement was suggested.

It is concluded that since the turbulent type of cash flows has the greatest negative impact on the stability of the economy, it should be of significant interest for monitoring and subsequent regulation by the Bank of Russia.

A promising direction for further research may be the development by the Bank of Russia of a specialized refinancing instrument to compensate for the shortage of funds due to the increased level of cash flow volatility. 

 The Shanghai Cooperation Organization is generally considered a security organization. But many of its member countries are in favor of strengthening cooperation in the economic field, and a whole series of decisions on economic cooperation was adopted on their proposal.

The purpose of the article is to summarize the results, positive experiences and negative lessons of economic cooperation over the past 20 years in the field of trade, investment and finance within the framework of the SCO and to look into the future. In this direction of research based on the dialectic of materialism, the article uses positive and normative economic analysis, the paradigm of institutionalism, statistical and other methods. Asserting that economic cooperation for the sake of common prosperity and the building of a “Community of Economic Interests” is an essential component of the “Community of the Common Destiny of Mankind”, and that the SCO is an essential platform for the joint coordination and promotion of the concept of “One Belt and One Road” and the common distribution of their fruits, and for the promotion of mutually beneficial economic cooperation. The article concludes that, on this platform, the Chinese and Russian initiatives “One Belt and One Road” and “Greater Eurasian Partnership” work closely together to develop infrastructure interconnections, trade facilitation and regional economic integration, resulting in the formation of the Eurasian Economic Partnership for the sake of common prosperity in the SCO region. The article also shows the challenges and difficulties that the SCO faces in its development.