Ferrous metallurgy traditionally makes a significant contribution to the GDP of the Russian Federation, accounting for a large share of industrial production and generating a significant amount of export revenue. However, the industry has faced significant challenges in recent years. Therefore, it is important to identify the factors that have led to these problems and the drivers that can ensure the sustainable development of this sector in the future. The purpose of this paper is to comprehensively examine the current state of the Russian ferrous metallurgy industry, identify and categorize relevant factors, and determine trends and pathways for development in light of current global market processes and the current geopolitical context. The research is based on the calculation and analysis of key indicators for the global and domestic ferrous metallurgy markets using economic analysis, econometric and statistical techniques. The study found that, since 2022, Russian steel and rolled product production has been declining, as well as stagnating in demand for metal products in the Russian domestic market. The imposition of sanctions has significantly changed the geographical structure of Russian ferrous metal exports, leading to a decline in metal product exports and simultaneously causing problems with logistics and margins in new markets. Due to the impact of a number of identified factors, the financial performance of leading Russian metallurgical companies has been steadily declining since 2022. The results of the study support the implementation of systemic, strategically-oriented measures to address the challenges facing the Russian metallurgy sector and outline the future prospects. Specific factors within the metallurgical industry that determine its current status and future development are of theoretical importance. The practical value of the results obtained lies in their potential use for monitoring the implementation of strategies for the development of priority sectors of the national economy, as well as implementing import substitution, and justifying investment projects that will contribute to the future economic growth of the ferrous metallurgy industry in Russia.

To fulfill its main function of protecting and ensuring the stability of the ruble, the Bank of Russia actively uses an inflation targeting policy, operating in conditions of permanent crises (macroeconomic, political, institutional, monetary). Such an approach makes it relevant to study the degree of influence of pro-inflationary factors on the actual inflation rate, as well as to analyze the experience of monetary policy as an alternative to regulating the key rate. The purpose of the study is to assess the effectiveness of using the key rate as an inflation targeting tool. The scientific novelty of the research consists in the identification and the analysis of factors influencing the formation of inflation targeting goals. During the study, the methods of generalization, grouping, statistical and comparative analysis were used. As a result of the study, the impact of pro-inflationary factors on the Russian economy as well as on the level of inflation targets in Russia and the world was assessed; the actual problems of inflation targeting using the key rate were formulated; the contradiction of social and monetary policy in the conditions of economic and political shocks was revealed; and alternative mechanisms of inflation regulation were proposed. Based on the results of the study, the conclusions were made that to effectively achieve the target inflation rate, it is necessary to increase the level of confidence in the Bank of Russia and the predictability of monetary policy on the basis of increased transparency of the Bank’s decisions on the key rate. It is shown that the open policy of inflation targeting, even at a high level of the key rate, may increase the adaptability of the economy to the short-term shocks, but at the same time, a coordinated macroeconomic policy implemented by the Bank of Russia jointly with the Government of the Russian Federation is also necessary. Based on the identified urgent problems of reducing inflation, measures to minimize them are proposed.

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 object of the study of the article is the Annual Reports of Islamic financial institutions prepared taking into account the provisions of the AAOIFI standards (Accounting and Auditing Organization for Islamic Financial Institutions — an organization that develops standards on Sharia, management, ethics, accounting and reporting, as well as auditing according to the principles and rules of Sharia — Islamic law). The subject of the study is the analytical capabilities of the Annual Reports of Islamic financial institutions. The purpose of the study is to identify additional analytical capabilities of the Annual Reports of Islamic financial institutions generated taking into account the AAOIFI standards, in comparison with the traditionally compiled annual reports of such companies containing financial statements in accordance with IFRS. Using such methods as comparison, contrast, analysis and synthesis, as well as logical and systematic approaches, the authors studied the Annual Reports of a number of Islamic financial institutions and identified their main analytical capabilities, which are of crucial importance for investors. The scientific novelty of the study lies in identifying additional analytical capabilities of the Annual Reports of Islamic financial organizations formed according to AAOIFI standards (in comparison with the Annual Reports of Islamic companies that do not draw them up according to such standards) to provide information critical for analysis and decision-making by users focused on Islamic economic principles, and taking this experience into account in the future by Russian participants in partnership financing. In addition, the study proposes approaches to the model for assessing the compliance of the Annual Reports of Islamic financial organizations with the AAOIFI standards for Russian participants in partnership financing.

This study examines the relationships between natural rent streams, financial development, institutional quality, and economic growth in the Middle East and North Africa (MENA) region and is the development of fixed effects panel models during 1990–2020. The analysis of the MENA region sheds light on the complex, dynamic nature of the region’s economies and societies, as this region is an interesting case study where economic, political and cultural dynamics are diverse. The region faces economic diversification needs, conflicts, migration, and climate change, making this study timely and relevant. To this end, fixed effects regressions and scenario approaches were applied to the collected panel data. The findings reveal natural resource rents as the primary driver of economic growth, their effectiveness dependent on financial development and institutional quality levels. A well-developed financial sector facilitates efficient channeling of rents into productive investments, while strong institutions mitigate resource curse effects. In contrast, while remittances and foreign aid do not directly impact growth, their effectiveness is enhanced by financial development and institutional frameworks. The results highlight the critical roles of financial sector development, institutional quality, and robust governance in shaping the impacts of resource rents in this resource-rich region. The policy recommendations emphasize strategies for managing resource wealth, strengthening financial systems, promoting inclusion, improving institutions, and fostering an enabling environment for remittances and foreign aid to promote sustainable economic growth.

Legitimacy theory posits that organizations strive to align with societal expectations to gain advantages, yet its focus has primarily been at the company level. The purpose of the study is to investigate the global applicability of legitimacy theory by examining the relationship between Environmental, Social, and Governance (ESG) disclosures and Foreign Direct Investment (FDI). In particular, the study sets the task: analyze the impact of ESG disclosures on FDI across twenty-eight countries; compare the ESG performance of different nations; and explore the role of regional ESG standards in influencing ESG performance and FDI. The application of the Kruskal-Wallis test revealed the dominant position of Western nations with developed ESG standards. The Bonferroni adjustment post hoc test on World Bank data indicated that countries with well-developed ESG standards act as global investors, trusting the high standards of rapidly improving Western regions. Statistical tests confirmed that countries in the developing stage, with values somewhat similar to the most developed areas, present attractive alternatives for foreign investors. However, the lack of standardized norms hinders the establishment of trustworthy economic relationships. These findings suggest that just as businesses use Corporate Social Responsibility (CSR) to gain legitimacy, countries can adopt ESG practices to align with global norms and attract FDI. Although this transition may be time-consuming, developing regional ESG disclosure norms could serve as an effective stepping stone.

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.

This study examines the relationship between earnings management and firm value, emphasizing the mediating role of corporate social responsibility (CSR) disclosure and the moderating effect of accounting conservatism. Using a sample of 731 non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2023, with 5,848 firm-year observations, the research employs panel regression and conditional process modelling to test moderated mediation effects. The findings reveal that earnings management negatively impacts firm value, as profit manipulation erodes investor confidence and diminishes the reliability of financial statements. CSR disclosure fully mediates this relationship by mitigating the adverse effects of earnings management, signalling the firm’s commitment to social responsibility, and enhancing stakeholder trust. Furthermore, accounting conservatism moderates these relationships by weakening the negative association between earnings management and firm value while strengthening the positive effect of CSR disclosure on firm value. These results highlight the strategic importance of combining CSR disclosure and conservative accounting practices as governance mechanisms to bolster investor confidence and stabilize firm value.

The decentralized finance (DeFi) ecosystem is a complex and ever-evolving system composed of various protocols. One of these protocols is lending, which has seen significant growth in recent times. However, the motivations behind investors’ interest in this area remain largely unknown. Lending protocols operate on predefined algorithms that automatically provide loans to users, allowing them to actively participate in DeFi lending platforms on public blockchain networks. The adaptation of these algorithms to a blockchain network within the framework of state legislation has not been explored in depth. This determines the importance of the study. The object of the study is to compare lending in a blockchain network with traditional forms; the subject is to identify the factors that influence decentralized lending and its relationship with traditional finance. The aim of this study is to develop a model architecture that can be used to create decentralized credit applications within a consortium blockchain network that uses a native currency, such as a central bank digital currency (CBDC). The main objectives of this study are:1) using data on transactions from the Aave lending protocol, one of the leading decentralized finance (DeFi) ecosystems in terms of market capitalization, to identify the motivations that drive participants to engage in DeFi lending activities; 2) based on research into the DeFi token ecosystem and its market, as well as analogues of traditional financial lending models, to develop a mathematical model and an architectural diagram for a decentralized lending system built on a consortium blockchain with a Central Bank Digital Currency (CBDC) as the native currency. The results of the study are presented in the form of a mathematical model and a diagram of the architecture for a decentralized lending system based on a consortium blockchain network using a consortium with a native cryptocurrency, known as CBDC.