The subject of the study is the impact of monetary and fiscal policy instruments on the functioning of the structural elements of the economy, represented by sectors and technological structures. The purpose of the paper is to establish how the monetary and individual fiscal policy instruments influenced the structure of the Russian economy. The methodology consists of the “distributed control” doctrine, which modifies Tinbergen’s principle of “goals-instruments” of macroeconomic policy, since it allows to reveal the unequal power of the instrument by objects of economy, structural and empirical analysis, correlation-regression analysis, with which it is possible to show a picture of the distributed influence of monetary and fiscal policy instruments. A general algorithm of research and application of the doctrine of “distributed management” at the macroeconomic level are developed — by technological structures and economic sectors, which made it possible to obtain a picture of the distribution of the influence of monetary policy on economic objects, to identify the significance of individual fiscal policy instruments. The general result of the research is that the doctrine of “distributed management” used not only modifies the classical theory of economic policy, but also confirms that, in addition to the economic structure, the impact structure of standard monetary and fiscal policy instruments arises. The distribution of the most significant instruments of monetary and fiscal policy by technology and three sectors of the Russian economy to ensure its growth in the period 2011–2021 are obtained. It was found that the development of high-level processing and technological modes were more influenced by monetary than budgetary instruments, and the transfer of resources to the national welfare fund hindered their development. Fiscal policy measures — revenues, expenditures, budget deficit/surplus — did not have an equal impact on the development of the considered sectors of the economy. The prospect of further research is to develop a software module that includes ongoing analysis and automates calculations based on available statistics to change of monetary and fiscal policy measures in Russia aimed at developing the manufacturing sector and high-tech.

The subject of the study is the factors, models and processes of the emergence and development of modern innovation ecosystems (IES) that ensure the flow of assets, their transformation into innovations, and distribution across the territories of economic growth. The purpose of the paper is to identify the factors and trends in the development of the IES, based on the practices of individual States and driving forces of the world. The methods of sampling, grouping, comparison, analogy, analysis, generalization, system-structural approach to assessing the development of the subject of research are used. The result of the study was the definition of IES as an open institutional mechanism for the reproduction of innovations, transforming the competitive market environment in the direction of the dominance of stable intersectoral network structures. The decisive role of IES in the chain “national innovation strategy → (start-ups + companies + state institutions) → IES → [new start-ups + deep-tech companies unicorns (hectocorns) + new level of quality of the competitive environment] → global competitive advantage of the State” is established. On the example of China, the prospects of formation a model of the national IES, focused on long-term development, technological selfsufficiency of the State and, at the same time, providing the possibility of expansion to new markets, are proved. The authors see the prospects for further research of the IES in Russia in a shift of emphasis from the “banking” nature of the IES towards the formation of large territorial centers of the location of the IES while maintaining strong institutional support of the State.

The article is devoted to the study of niche opportunities for using the digital currency of the central bank (CECB or digital ruble) in the mechanism of concessional lending to agriculture. The purpose of the study is to identify possible effects from the use of the digital ruble for industry borrowers, the budget and banking system through the digitalization of transactions between participants in multilateral interaction and strengthening the control function. The relevance of the study is associated with a prospective assessment of the possibilities of digital modernization of existing areas of state financial support for agriculture, opened by the circulation of the digital form of the Russian ruble. The scientific novelty consists in clarifying the consumer properties of the digital ruble in relation to its possible use in agricultural lending with state support, which are practically not considered in modern scientific research, especially in an industry context. The author used the methods of abstraction, generalization, formalization, analogy, scenario forecasting. It is shown that digital financial instruments can improve the manufacturability and practical availability of concessional lending, as well as eliminate bureaucratic barriers. A promising model for the modernization of existing mechanisms for preferential lending to the agro-industrial complex using the Central Bank of Central Banks in the channels of loan capital and budget financing has been developed. Conclusions are drawn about the prospects of using digital labels that accept the permissible properties of spending funds (loans and subsidies) in the Central Bank of Central Banks, an algorithm for the automatic execution, control and documentation of all transactions regulated by the mechanism of concessional lending to the agro-industrial complex in the form of a smart contract on the projected digital ruble platform is described. The main positive effects from the use of the Central Bank of Central Banks are associated with an increase in the transparency of payments and the possibility of automating the control of target, cost and procedural parameters of transactions, accelerating the procedures for passing loan applications, and increasing the diffusion of modern digital innovations into the agricultural sector of the economy. Prospects for further research are related to the empirical verification of the proposed provisions in the process of approbation and issuance of the digital ruble by the Bank of Russia.

The purpose of the study is to determine of the influence of the Russian money supply provision with gold and foreign exchange reserves (GFR) on the exchange rate of the Russian ruble in dynamics and to form of approaches to the practical application of the results. The objectives of the study are: theoretical substantiation of the form of connection between the money supply of GFR and the national currency exchange rate; analysis of the relationship of these indicators according to the data of the Russian economy for 27 years at the 1994–2022; reinforcement of theoretical claims with data from empirical analysis; formation of methodological foundations and determination of directions for the practical application of the results obtained. The research methodology is based on graphical data analysis. The results of this analysis identified the presence of time lags in the reaction of the ruble exchange rate to the dynamics of the provision the Russian money supply with GFR; determine the specific value of the ratio of the volume of GFR and the money supply as a boundary, at which the national currency trend will be observed. Based on the results obtained, it was concluded that it is possible and necessary to use the relationship of the analyzed indicators not only as a leading indicator of the dynamics of the ruble exchange rate, but also as an active tool to manage the exchange rate of the national currency in a way that normalizes economic activity.

This research paper aims to investigate the monetary transmission in India through bank lending channel, to know whether a change in monetary policy affects bank loans or not. A balanced panel data of 50 commercial banks covering a timeframe of 11 years from 2009 to 2020 has been undertaken for the research methodology. The outcomes of the dynamic panel have been considered by using the Generalized Method of Moment developed by Arellano Bond Blundell and Bover estimator. The result indicates that channel of bank lending has improved banks’ resilience to monetary shocks. This paper finds the significance of bank characteristics like size, liquidity, and capital which have a substantial impact on bank lending. This research study concludes that repo rate, cash reserve ratio and weighted average call rate are imperative instrument of monetary policy transmission. Banks with small size, capital, and liquidity are more sensitive to any variation in monetary policy as compared to large banks.

The subject of the research is to define the structure of microfinance organizations (MFOs) with the Russian Region’s authorities within the founders (participants, shareholders). The aim of the paper is to define the role of the public-type MFOs, including the problems of their accounting, identification and supervision as an independent element of the MFOs market. The relevance of the research is due to the lack of list of public-type MFOs, the need of State Entrepreneurship Financial Support Policy control and measurement in the context of the new coronavirus infection and sanctions. The scientific novelty emerges, as there is no research about the public-type MFOs as the solid part of the Russian MFO market. The author develops an algorithm to identify public-type MFOs, analyzes the composition of this segment compared to the MFO Market structure in general. The author uses methods of statistical and content analysis, public data bases (the State Register of Legal Entities, registers of MFOs by the Bank of Russia, the Register of Infrastructure for SME Support). The results are the list of public-type MFOs, determination of the composition of this segment compared to the MFOs system as a whole. The author concludes that public-type MFOs have greater non-commercial orientation of this segment, its geographical distribution and its compositional unity in terms of organizational and legal forms and forms of ownership. The author recommends: to identify the RSMB Corporation in charge of the List of the public-type MFOs, to involve MFOs, created by the local authorities, into the SME Support activities, and public-type MFOs — into the preferential bank-loans Programs.

The article considers the issues associated with the formation of a forecast for the socio-economic development of a municipality in the context of budgetary resources. The relevance of the study is due to the variety of theoretical and practical approaches to forecasting the socio-economic development of municipalities, which are used in the activities of local governments with different degrees of effectiveness, which has a negative impact on strategic planning at the municipal level as a whole. The purpose of the study is to develop an integrated approach to the formation of a forecast for a socio-economic development of a municipality with emphasis on the budgetary sphere. The research methodology is based on the use of complex and statistical analysis, methods of economic and mathematical modeling. Approbation was carried out on the example of the municipality “City of Kirov”. Conceptual scheme for construction of economic and mathematical model of a municipal formation is substantiated and proposed, and also allow to form a forecast of socioeconomic development of a municipality for long-term period, in which factors are identified and influence on the local budget parameters. To build an economic and mathematical model, a municipal statistical base for the city of Kirov was formed for a twenty-year period. On the basis of the collected statistical series, balance ratios and factor dependencies of the model parameters were identified and formalized in accordance with the logic of the relationship of indicators within the model of the socio-economic system of the municipal level by constructing a system of econometric equations and conducting a correlation-regression analysis. On the basis of the constructed economic and mathematical model, a scenario forecast was implemented and estimates of changes in the budget parameters of the city of Kirov for the period up to 2035 were obtained. It is concluded that the approach developed by the authors to the formation of the forecast for a socio-economic development at the municipal level is universal for various types of municipalities in the Russian Federation and can be applied as for municipal socio-economic system as a whole and for its individual subsystems and spheres.

The subject of the study is the intensity of targeted search queries as a leading indicator of bank deposits outflow. The goal is to propose a mechanism for accounting information about the dynamics of search queries, able to signal changes in the volumes of deposits of individuals. The study was conducted using time series analysis models. Statistical data of Rosstat, Bank of Russia, searches in Yandex wordstat, Google Trends for the period from February 2009 to May 2022 were used. The relationship between the intensity of targeted search queries and household decisions to withdraw money from deposits and bank accounts was revealed. An assessment of the short-term predictive ability of search queries on dynamics of deposits was carried out. The use of statistical indicators on the dynamics of targeted search queries as a leading indicator of the outflow of funds of the population from deposits in commercial banks is substantiated. It was revealed that the use of the intensity index of targeted search queries as a signal indicator of the outflow of the placed funds by the population increases the accuracy of forecasting on the horizon in 1 month by 0.15–0.25 p.p. to assess the dynamics of ruble deposits and by 0.20–0.35 p.p. to assess the dynamics of foreign currency deposits. The use of information from search queries for the management of commercial banks is especially useful in the event of a threat of a sharp outflow of deposits of the population. The obtained results indicate the prospects of using textual information, including targeted search queries in order to form leading indicators of deposits outflow of the population. Preventive identification of negative trends associated with the outflow of deposits of the population can ensure the credit institution’s stability against negative macroeconomic influences.

The modern digital economy requires “new finance”. The subject of the study is to clarify their content, and the goal is to develop the author’s view of the term of “finance”. The relevance of the topic is dictated by the need to analyze complex theoretical questions of technological transformation of financial markets and activities of financial intermediaries. The scientific novelty consists of the theoretical contribution of the theory of finance evolution in the digital era. The main research methods are systemic and logical approaches, the method of theoretical cognition, the historical method and the method of scientific abstraction. The results of the study are clarification the essence of finance and applied issues of their use in Russia and abroad. It will contribute to the development of a scientific doctrine of digital assets circulation; will allow to refine the model of the activities of financial intermediaries’ regulation in our country and lay the foundation for the formation of global norms and rules for the development of national and international financial markets of the CIS, the EAEU, the SCO, and BRICS countries. The conclusions of the study are: a) confirmation of the author’s position on the essence of finance. The paper indicates that, in the context of the economy’s digital revolution, the substance of economic categories stays constant, although their forms vary according to innovation, behavioral characteristics, and other factors; b) without rejecting the rational knowledge formed in the Western scientific school, the authors emphasize that the social sciences cannot be global, they have a national character; c) based on the investigation, the author defines “finance” as a distribution category in the development and utilization of financial resources.

The subject of the study is modernization of budget relations based on horizontal decentralized connections. The relevance of the study is mitigation of the shortcomings and risks in 2023, especially the tax on excess profits of previous years. The goal of the study is to develop a fundamentally different scheme for financing a part of government spending on the principles of “uberization” that is mutually beneficial for the state and business. The objective of the study is to improve the mechanism of the one-time fee on large business (windfall tax). The research method is the analysis of business community opinions, foreign experience, results of research work of the Department of Public Finance and the Department of Taxation and Tax Administration of the Financial University. The basic principles of building a new decentralized electronic platform are described. Specific examples of federal budget expenditures that should be “uberized” in the first place are considered: federal subsidies for NPOs and financing of the “Krug Dobra” fund. The scientific novelty and practical significance of the proposed new mechanism for additional financing of public expenditures is direct connection of payers and recipients of budget subsidies on an electronic platform while preserving the control functions of the State. The conclusion is made about the practical applicability of the proposed new scheme of “uberization” of budgetary relations as a mechanism for collecting the one-time fee on large businesses (windfall tax), which can actually unload the federal budget, “liberating” it from part of expenses, without creating additional sanctions and other risks for participants.

The article is devoted to one of the main characteristics of the bond-the yield to maturity. The subject of the study is the type of yield to maturity indicator. It is known, that there are two approaches to determining the yield to maturity of a bond: the nominal interest rate and the effective interest rate method. The relevance of the study is due to the fact that, as preliminary comparison has shown, these two approaches to determining the yield to maturity may be unequal in research. The purpose of this paper is to conduct a study of the dependence of the research results on the type of yield to maturity indicator. For this purpose, the problem of the dependence of the interest rate risk of a bond on the number of coupon payments per year was chosen. The literature contains reports on the dependence on the frequency of coupon payments over the term a bond that evaluates interest rate risk. The problem of the dependence directly of the interest rate risk of a bond on the number of coupon payments per year has not been considered in the literature. The task was set to determine which of the two approaches to determining the yield to maturity allows us to obtain results for interest rate risk that are consistent with the dependence of the duration of the bond on the number of coupon payments per year. Methods of differential calculus are used to solve the problem. As a result, it was proved that the use of the yield to maturity determined by the effective interest rate method allows us to obtain results consistent with the dependence of the duration of the bond on the number of coupon payments per year. The results obtained by using the yield to maturity determined by the nominal interest rate method do not agree with the dependence of the duration of the bond on the number of coupon payments per year. It is concluded that the yield to maturity determined by the nominal interest rate method in research may lead to incorrect results, in contrast to the yield to maturity in the form of an effective interest rate. Results of the work can be useful to both the bond issuer and the investor, as well as in theoretical studies of investments in bonds.

The paper’s goal is to determine the current state and trends of Fintech development in the United Arab Emirates’ (UAE) financial sector, customer satisfaction with financial technology implementation in the banking sector, and the impact of financial technologies on the efficiency and competitiveness of financial and banking institutions. Qualitative research conducted through a structured questionnaire is designed to collect data from 500 banking service clients in the UAE. The data was collected through email communication and WhatsApp using Google forms. The data was evaluated using the Likert scale of five-point: 1 = strongly disagree to 5 = strongly agree. According to the survey results, the majority of respondents are familiar with FinTech services. The most demanded FinTech service was an app for financial management. Furthermore, the majority of respondents stated that the services they supplied were innovative to them, and the same percentage stated that they were pleased with the services given by their banks. Hence, better service associated with FinTech is seen as a major incentive for them to leave their current bank to the digital one. In addition, when selecting a bank, reliability is the most important criterion, with ease of use of its services ranking in second.

The recent rise in inflation in Europe, caused by the pandemic, the increase in prices for energy resources and the violation of the logistics of energy supplies, has led to a decrease in company income. This makes it relevant to study the financial condition of companies with falling revenues. The purpose of this study is the development of tools for quantifying the impact of falling company incomes is becoming essential for making adequate management decisions. Until recently, such tools in capital structure theory did not exist. Two main theories of the capital cost and capital structure — Brusov — Filatova — Orekhova (BFO) theory and Modigliani — Miller (MM) theory — described companies with constant revenue: the first — for arbitrary age company, the second — for perpetuity companies. Within last couple years both these theories have been generalized for the case of variable revenue. In this paper the peculiar properties of the financial state of companies with falling income are studied within the modern capital cost and capital structure theory — Brusov–Filatova– Orekhova (BFO) theory, generalized for the case of variable revenue. As part of the goal, the tasks are solved to study the behavior of the main financial indicators (the cost of raising capital, the discount rate, the company’s capitalization, the cost of equity, and others), their dependence on debt financing, the age of the company in the face of declining income, which will make it possible to make adequate management decisions and reduce risks for companies.  

In the context of growth trends in the scale and diversification of business, the internal costs of companies with a complex holding structure are also increasing. Solutions that improve the efficiency of settlement systems are particularly relevant and significant. Therefore, the paper is devoted to the problems of building settlement systems that minimize the negative impact of certain factors reducing the economic efficiency of calculations. The purpose of the study is to develop methodological foundations for rationalization the holding’s settlement system based on clearing obligations. The tasks of this paper are set as follows: to propose methodological tools for the reorganization of the system of intra-holding settlements; to test the proposed recommendations for the rationalization of the settlement system in holding structures. According to the results of the study, the authors systematized a set of factors that determine the effectiveness of the system of intra-group settlements. It is proposed to attribute the number of payment transactions and the volume of payment turnover to the quantitative factors of the settlement system efficiency. Qualitative factors of the settlement system efficiency are associated with the consolidation of financial information, the degree of automation of settlement processes, and the flexibility of the settlement system. The authors used the Ward method to build a cluster structure of the holding based on the analysis of payment turnover of pairs of companies, statistical methods of quantitative and qualitative assessment of the effectiveness of the holding’s settlement system. The scientific novelty is expressed by the fact that the paper offers methodological tools for reorganization the system of intra-holding settlements. A methodology for rationalization the holding’s settlement system based on clearing obligations, universal in use by holding-type companies, has been developed and its approbation has been carried out. The conclusions based on the results of the study form recommendations for changing some aspects of the holding’s activities in accordance with the results of the modernization of the holding’s settlement system. The method of rationalization of the system of intra-holding settlements proposed by the authors has versatility in application and can be used in solving management tasks within any holding.

Subject of study — role of corporate governance practices in managing the largest Russian banks. The relevance of the study is due to the fact that decisions affecting financial results of companies depend on socio-demographic characteristics of their decision-makers and technology of these decisions. The Board of Directors is the body that controls the activities of management, and the efficiency of management decisions depends on its structure. The aim of the study is to estimate the influence of socio-demographic characteristics of directors on financial results of banks. In this research the authors use such method as panel regression analysis to estimate the significance of the obtained results. The sample captures the data on 6 largest Russian banks by total assets for the period 2011–2020. As the result, gender board diversity has a positive and statistically significant impact both on ROA and ROE. Meanwhile, the influence of national diversity on ROE is insignificant whereas the effect of this variable on ROA is significant and negative. In addition to board diversity features, business size is also an important determinant of profitability. The negative influence of this indicator should not be understood literally. The largest Russian banks are examined in this article, so the growth in the volume of their assets is associated with a decline in profitability in relative terms. The analysis also reveals that board independence and leverage do not affect profitability. Conclusion confirm a positive influence of board gender diversity on financial performance of Russian banks. Along with that, a negative impact of national diversity and an insignificant impact of board independence refute the results reported by both foreign and Russian authors. Further research on the influence of corporate governance practices on financial performance of Russian companies is required.

The authors of the article present the results of scientific and practical research on the development of methods of primary assessment of the efficiency of payback infrastructure projects public-private partnerships achieved through the monitoring and analysis of the state company’s investment activities and project portfolio management. The purpose of this study is to develop methodology for preliminary evaluation of payback infrastructure projects, that is able to be used to evaluate efficiency of capital investment at the stage of initial project appraisal and planning and to range perspective projects in accordance with their efficiency. The subject of the article: efficiency of payback investment projects in the infrastructure industry. The relevance of the study is determined by absence of a generally accepted methodology for initial evaluation of investment projects, that allows for into consideration the legal and economic specifics of federal projects approval and implementation in the regions of Russia. The methodology formed on the basis of an interdisciplinary approach implemented in the course of approval and evaluation practice of investment projects appraisal within the framework of the activities of a state-owned company. The instrumentation reviewed in this paper is based on data from financial modeling of infrastructure projects, with preliminary geographical modeling of traffic flow intensity. It includes the following modified indicators based on discounted cash flows: consolidated coverage ratio, ratio of operating income to capital investment, share of extrabudgetary funding in the life cycle of a project, internal rate of return. These indicators are unified into a single integral indicator, which allows to rank and manage future projects in a company’s portfolio. The applicability of the proposed methodology has been verified by the results of implementation of the public-private partnership projects. Based on the results of the study a financial model for initial assessment of project efficiency has been prepared, which can be used as the initial stage of project justification.

The subject of the study was the public non-financial reporting of oil and gas companies in Vietnam and Russia. The research methodology is based on the analysis of theories, methods for assessing and rating the best practices of public non-financial reporting from the standpoint of disclosing stakeholder risks when making economic, including investment decisions. The analysis revealed the limitations of the studied methods within the framework of openness and the absence of an important component of quantifying the satisfaction of stakeholders with the disclosure of information that is of high importance to them from in terms of key risks associated with the company’s activities. In this regard, the purpose of the study was to develop a methodology and analytical tools to assess the degree of disclosure of information about stakeholder risks in the non-financial reporting of oil and gas sector companies (the degree of satisfaction of the most significant stakeholders). The methodology is based on the identification and correlation of companies’ key risks with the interests of the most significant stakeholders, which is the theoretical significance of the study, and also includes a compliance approach, mathematical and statistical assessment of the degree of satisfaction of stakeholders’ interests. The empirical base of the study was the 20 leading companies in Russia according to the RUIE 2022 ranking and the 23 largest companies in Vietnam according to the VN 500 2022 ranking in terms of revenue. The practical significance of the methodology lies in the fact that its results make it possible to increase the effectiveness of the company’s communications with the most significant stakeholders in order to achieve the goals set in the field of sustainable development.

The question of assessing the magnitude of risks using certain risk measures presents one of the most important problems of modern finance. However, many modern risk measures require considerable effort at times and, in practice, the investor would have sufficient knowledge of the upper limits of those risks. Comparing them with their risk appetite, an investor, in the case when the upper limits of risk measures would fit into their risk appetite, could assess this risk as acceptable to themselves. Only if the upper limit of the appropriate risk measure exceeded their risk appetite would there be a need for a detailed assessment of the appropriate risk measure. The aim of this paper is to consider upper limits first for known risk measures such as value at risk, VaR, and expected deficit or notional value at risk of ES. Next, upper limits are obtained for the risk measures VaR to the degree of t, VaR^{(t )} and ES to the degree of t, ES^{(t )} introduced by the author into scientific use. Also, using the results of V. Hürlimann, representations for maximum values of risk measures VaR^{(t )} and ES^{(t )} . The method of obtaining the described results is the application of certain representations of all these risk measures, the application of P. Chebyshev’s inequalities, as well as the results of V. Hürlimann. As a result of the study, descriptions have been proposed for the upper limits, expressing them only after a few first moments of the loss distribution law. The author concludes that the study of the upper limits of important risk measures of scientific interest has practical value for the express assessment of relevant risks.