Improving the competitiveness of the national economy is one of the priorities of the socio-economic policy of the Russian Federation. In this regard, the identification of factors for increasing competitiveness is highly relevant for achieving the goals of sustainable development. In this paper, attention is paid to updating the problem posed and assessing the degree of influence of investment, technological, industrial, labor, social and financial factors on increasing Russia’s share in global GDP. The purpose of this study is to systematize the factors and identify promising areas for improving Russia’s competitiveness in the global economy. The object of the study is the development of the Russian Federation in 2014-2023 and for the future until 2026, and the subject is the study of factors and an assessment of their impact on improving the competitiveness of the national economy. Economic, mathematical and statistical methods were used as research methods. In particular, trend, correlation, regression, and comparative analysis have found practical application. As the main results of the study, it is necessary to highlight the justification of the influence of factors on increasing the competitiveness of the Russian economy; rank the influence of investment, technological, industrial, labor, social and financial factors on increasing Russia’s share in world GDP; determine the forecast values of Russia’s share in world GDP

based on the construction of the trend equation; identify the degree of influence of factors on the competitiveness of the national economy based on the calculation of correlation coefficients; and analyze the best practices of Russian raw materials companies in achieving world-class competitiveness.

The subject of the study is the choice of a model for financial forecasting of budget revenues, which allows the most correct assessment and obtaining a forecast value for the next period. The purpose of the study is to identify promising models of financial forecasting of budget revenues of the Russian Federation. DSGE models used since the 60s of the twentieth century have failed to identify a number of crises and timely predict the level of changes in government revenues in the United States, the Eurozone, and Russia, which did not allow for prompt adjustment of the policy pursued in the field of public revenue management. The novelty of the study consists in identifying the shortcomings of the modern methodology of financial forecasting associated with the obsolescence of the approaches used and the need to search for new models that allow you to quickly refine the prognostic results. The study used such methods as measuring predictive values and the size of their errors, analyzing and comparing the results obtained using methods and models of machine and deep learning. As a result of the study of predictive methods and models of machine and deep learning used in real business, the stock market and public finance, the most promising of them were selected. The main selection criteria were the possibility of modeling nonlinear relationships of parameters, the efficiency of calculation, the minimality of error, and the absence of a problem with retraining. In the course of the study, the expediency of time series decomposition was revealed, which made it possible to minimize predictive errors and choose the most accurate model for forecasting budget revenues of the Russian Federation. The results of the study can be used to form a system

of predictive indicators used to develop a dashboard system for civil servants in order to improve the accuracy and efficiency of their decisions.

The subject of the study is the dynamics of real and nominal GDP in Russia for the period from 1995 to 2024 inclusive. In this study, the impact of the money supply on the economic growth rate and the level of inflation in the Russian Federation is assessed, and a forecast of such an impact is made for 2025. The purpose of the study is to determine, using quantitative methods, the degree of influence of the money supply on the dynamics of Russian GDP and inflation in order to identify the direction and limits of monetary management of the economy. The relevance of the study is that the results allow obtaining a higher rate of economic growth in Russia. The result of the study is the constructed stochastic model of the annual balanced increment of the money supply, as well as the discovered non-linear statistical relationship between the dynamics of the increments of the money supply and GDP. Dynamic modeling of the money supply was used as a method of analysis. Dynamic modeling of the money supply was used as a method of analysis.The model constructed by the authors, which includes the Keynesian demand function for the money supply and the neoclassical Cobb-Douglas production function, approximating the dynamics of GDP, helped to calculate the annual volume of money supply growth (M2 aggregate), accelerating the GDP growth rate in modern economic conditions. A non-linear relationship between the dynamics of the money supply and GDP was confirmed in the course of the study, which made it possible to evaluate the most optimal increase in the money supply in the country to accelerate the growth of Russian GDP. The result that

was obtained indicates that one should not artificially restrain the growth of the money supply, since the analysis of time series using vector autoregression recorded a positive effect of the growth of the money supply on the dynamics of Russian GDP and the absence of any impact on the dynamics of inflation.

The purpose of the paper is to assess the impact of the transition to the inflation targeting regime on inflation in modern conditions. To achieve this goal, we carry out econometric modeling of the impact of this monetary policy regime on the dynamics of the overall price level. As an empirical strategy, we use the estimation of models with fixed effects on cross-country panel data containing information up to and including 2022. In addition, to clarify the long-term effects of changing the monetary policy regime, we use the difference of differences estimator with the inclusion of additional control variables. The modelling results demonstrate that even in today’s shock conditions for the global economy, inflation targeting remains an effective tool for achieving price stability. This effect is observed for various subsamples of countries. In relation to Russia, it is important to conclude that inflation targeting is an effective tool for achieving price stability for oil-exporting countries.

The subject of the study is the dynamics of world economic relations in the context of a conflict between national industrial policies and the interests of multinational enterprises (MNEs). The purpose of the paper is to establish whether the country’s industrial policy determines the international activities of national corporations, or, on the contrary, this policy only reflects the actual competitiveness of such companies. The methodological basis of the study was the theoretical concepts of economic globalization. Methods of qualitative and quantitative analysis of the theory and practice of world economic relations were used. As a result of a study of the consequences of economic globalization for developed and developing countries in the context of national industrial policies, it was established that the interests of MNEs originated from matured economies in maximizing profits and, on this basis, sustainable growth of their value in many cases diverges from the preferences of their countries of origin’s authorities in the field of world economic relations. It is concluded that the specified motivation of MNEs will most likely prevail over the desire of the authorities to limit the geography of their presence.

In a number of countries, an important economic problem is the imbalance of foreign economic relations, which manifests itself, in particular, in the positive and negative balances of the current account of the balance of payments. The purpose of the study is to investigate the impact of rising oil prices on Azerbaijan’s balance of payments using a vector error correction model (VECM). In the paper, the analysis correctly applied econometric methods, the necessary statistical procedures to determine the order of integration of non-stationary time series of Azerbaijan’s current account balance and the prices of Brent crude oil and West Texas Intermediate, covering the period from 1995 to 2024, to identify and evaluation of the model parameters to check the adequacy and validity of the forecast values both in the short term and in a long term. When constructing survey graphs and implementing econometric test procedures, the Eviews and Excel application packages were used. As a result of this study, a VECM was formulated, which makes it possible to carry out an economic and statistical analysis of the functioning of the current account of the balance of payments and world oil prices. The constructed models make it possible to measure both deviations from the equilibrium state and the rate of equilibrium recovery. It is concluded that the long-term equilibrium relationship between the variables can be considered stable, as stability is restored in short periods after disturbances from shock reactions to changes in world oil prices. The constructed models make it possible to measure both deviations from the equilibrium state and the rate of equilibrium restoration.

Existing studies of the problem of the emergence and development of decentralized finance (DeFi) are largely limited to non-principled clarification of certain positions and formulations, with emphasis on technical and technological innovations, far from the level of fundamental research. The authors set the task of theoretical understanding of the ongoing transformation processes in the financial sphere. The purpose of the study was to identify the conditions, driving forces and nature of the process of development of decentralized finance; to define DeFi and identify its sustainable features; and to substantiate the possibilities of considering DeFi as a separate economic category and institution. Setting the goal determined the sequence of its solution in two stages. The first stage implied a higher level of abstraction, an appeal to the theory of money and its modern achievements. The second stage —“movement to the surface”, inclusion in the analysis of specifications accompanying the development of DeFi. The authors used systematic and logical methods, induction and deduction as the main methods, which allowed them to generalize and systematize the ideas about the essence of decentralized finance, identify problems in the modern scientific discourse. As a result, the causes are revealed, and the nature of the process of emergence and development of the sphere of decentralized finance is substantiated, the definition of DeFi is given, the principles of their functioning are highlighted and recommendations on structuring the conceptual apparatus of DeFi are developed. It is concluded that the process of formation and development of decentralized finance is objective and driven by changes in the monetary sphere, technological advances, and problems of traditional finance. At the same time, the stable features of DeFi determine the potential of reproduction of financial relations on a decentralized basis, but at the same time do not allow us to qualify DeFi as an independent category and institution. The results of the study can be used both in elaborating the concept of DeFi development and taken into account as part of the regulatory response to DeFi.

The purpose of the study is to reveal the nature of the relationship between financial digitalization approved by nonfinancial institutions such as communication companies (mobile phones) and the size of growth in their investment opportunities. The study sought to analyze the volume of financial exchange resulting from some banking activities adopted by the aforementioned companies through their operations Operational, in a step to facilitate the lives of its customers by providing electronic financial wallets licensed by the Central Bank of Iraq that allow them to deposit, withdrawal and transfer funds. In the current study, the comparative analytical approach was adopted for the study sample which are the two companies: Asia Cell and Zain Iraq, for the period from (January 2018 to December 2022), and the necessary data was obtained from the statistical publications of the Central Bank of Iraq, and the data published in Iraq Stock Exchange market, and this data was processed financially according to mathematical equations to measure the variables of the study, and statistically through the program (SPSS-V: 22) to reach the desired goals. The study reached a number of results, the most important of which is the significant increase in the growth of digitalization of banking business adopted by the two communication companies (study sample) during the specified period despite the clear discrepancy between them, as well as the clear growth in increasing their investment opportunities for the same period. The most important recommendations were the need to work on increasing the banking financial services provided by these companies through their electronic applications, in addition to encouraging mobile phone users to benefit from the banking services provided to them through the electronic applications approved by them, which are (Zain Cash & Asia Hawala).

In the context of countering sanctions from unfriendly countries within the framework of the implementation of the state import substitution program and the food security doctrine, improving measures aimed at developing subjects of the agro-industrial complex is of particular relevance. The purpose of the study is to formulate proposals for improving the mechanism for collecting the Unified Agricultural Tax based on assessing the effectiveness of tax incentives for agricultural producers, using statistical data from the Federal Tax Service of Russia in form No. 5-Unified Agricultural Tax. To achieve this goal, the following tasks were solved: the fiscal and regulatory role of the Unified Agricultural Tax was assessed; tax benefits for agricultural producers were analyzed, including the mechanism for introducing a reduced unified agricultural tax rate in certain regions; The feasibility of applying benefits under the Unified Agricultural Tax was determined using mathematical tools by calculating the pairwise correlation coefficient between the number of registered payers of this tax and the tax payments they paid in the context of federal districts. The methodology used in the study includes the compilation of time series, statistical and correlation analysis of statistical tax reporting data of the Federal Tax Service of Russia in the context of federal districts. Based on the identified scholastic relationship between the number of Unified Agricultural Tax payers and revenues from this tax to the budget system, a conclusion was made about the effectiveness of using this special tax regime in relation to agricultural producers, including regions where preferential rates are applied. The scientific novelty of the research is to increase the efficiency of the provided tax benefits using mathematical tools by analyzing the received tax payments from this category of taxpayers. Efficiency is achieved by reducing shortfalls in budget revenues by narrowing the circle of benefit recipients. Based on a generalization of the results obtained, proposals were made that would allow greater emphasis to be placed on targeting tax preferences to subjects of the agro-industrial complex, manipulating the conditions for their provision, which should strengthen the role of the regulatory function of the Unified Agricultural Tax.

Cash register equipment is recognized as an effective tool for controlling the taxpayer’s proceeds in settlements with the population. At the same time, scientific and practical literature lacks scientific and methodological analysis of approaches to the formation of preferential categories of participants of trade relations exempt from state control in retail markets. The purpose of this study is to form common universal approaches to the mechanism of transformation of the established financial and economic models of behavior in the market territories. In the course of the study, the methods of systematization, comparison, logic, and statistical analysis were applied. It has been revealed that there are no common law enforcement approaches to the implementation of trade in the territory having the status of a retail market, which imposes additional obligations on the seller, different from taxation, but bearing financial and administrative costs without providing any advantages in comparison with other formats of trade. There are very few effective tools to counteract these risks. The article substantiates that the exemption from the obligation to use cash register technology (CRT), based on a superficial description of the criterion of the premises used and the principle of ensuring the “safety of goods”, does not provide a clear regulation of the boundary of the use of CRT in markets. According to the authors, when considering the issue of changing approaches to the formation of preferential categories exempted from state control in retail markets, it is important to establish what is the reason for exempting a person from using a cash register, i.e., why a taxpayer selling goods in the market is exempt from a cash register, but performing the same activity in a shop is obliged to use it? The article substantiates the conclusion that for a comprehensive solution to the problem, it is necessary to extend the privilege of non-application of KKT exclusively to payers of the unified agricultural tax (UAT), regardless of the category of the trading platform (markets, fairs, exhibitions, etc.), and to the relevant trade organisers (the organisation managing the market, fair, exhibition) — the obligation to control the use of KKT by other tenants with the introduction of the responsibility of landlords for the non-use of KKT by tenants.

The digital space facilitates individuals’ access not only to securities, but also to information that can influence their decisions. When making decisions about selecting securities to include in an investment portfolio, individual investors strive for rationality, but are influenced by various behavioral factors that increase as the digital space expands. We assume that, in addition to profitability and risk, decisions about selecting securities for investment are influenced by various behavioral factors, fundamentally shaped by motives of thrift and caution in combination with fear of missing out (FOMO) and other phenomena described in the theory of behavioral finance. We test an approach that allows us to assess, without resorting to sociological tools, the degree of significance and potential influence on the choice of a retail investor of such parameters as the affordability and liquidity of securities. Our approach is to design a profitability and risk ranking of securities included in the MOEX40 index, and to incrementally adjust the ranking by affordability and liquidity in indicators various combinations. An instrument’s rank change compared to the base ranking is a measure of the factor significance from the point of view of a quasi-rational retail investor. We have empirically shown that relatively more expensive lots are prone to more significant decrease of investment appeal that in some cases cannot be compensated by higher returns. The developed framework can be used by portfolio managers and issuers to assess the potential demand for securities by retail investors, to explain and predict their antipathy to relatively more expensive instruments. The result of the study can also serve as a theoretical justification for splitting expensive shares in order to increase their attractiveness for retail investors.

In the context of artificial restrictions on Russia’s access to world financial markets, the importance of internal factors for ensuring the dynamic development of the national economy, including temporarily free funds of the population placed in bank deposits, is significantly increasing. In this regard, it is important to identify how stable the trends in credit and savings behavior of the Russian population are, which determines the relevance of the research topic. The purpose of the paper is to identify trends in the credit and savings behavior of the Russian population in order to formalize the explanatory factors for its assessment. In the course of the work, methods of literature analysis, abstraction and aggregation, graphical comparison, index calculation, correlation analysis were used. The results of the study in terms of the development of the theory of financial behavior of the population consist of the development of an approach to identifying long-term behavioral trends based on information on the volume of debt on loans and deposits of the population for the period 2011-2024. Practical results are: periodization of active and passive behavior of depositors and borrowers; identification of phases of changes in savings and credit behavior of the population; calculation of limit boundaries of corridors within which they were formed. An empirical study based on the developed theoretical approach made it possible to draw conclusions about the presence of stable trends in the savings and credit behavior of the Russian population during this period, which mainly demonstrates a long-term active growth in the volume of deposits and debt on loans, as well as the relative narrowness of the corridors within which both indicators developed. The population of Russia adheres to an adaptive type of both types of behavior. At the same time, the stability of savings behavior is more pronounced than credit behavior, which can be explained by the greater rigidity of the population to the factor of experiencing the status of the depositor than to experiencing the status of the debtor.

AbsTRACT

The relevance of the study is due to the social significance of the Russian passenger air transportation industry, its high exposure to complex risks due to the sanctions policy of unfriendly countries, the turbulence and uncertainty of existing risk factors, the need for state regulation and control over the functioning of companies in the industry, as well as the lack of an effective system for monitoring its sustainable development. In 2022, the Government of the Russian Federation approved a comprehensive program for the development of the aviation industry in the Russian Federation until 2030. In this regard, the purpose of the study was to develop a strategic approach to monitoring the risk tolerance of companies in the passenger air transportation industry based on a comprehensive analytical toolkit that provides a vector definition of strategic indicators of their sustainable development. The scientific novelty of the proposed strategic approach lies in the development of a business analysis algorithm as a sequence of analytical procedures that make it possible to form a sustainable development strategy, as well as monitor the risk tolerance and financial security of companies in the passenger air transportation industry. The strategic approach includes three logically connected stages: sectoral-industry analysis, identification of risk factors and assessment of their impact on the company using improved methods of strategic analysis; formation of a target matrix of the company’s competitive advantages, focused on a stakeholder approach to sustainable development; definition of a system of strategic indicators for monitoring the risk tolerance of the company. The theoretical significance of the study lies in the development and adaptation of the industry analysis methodology to the specifics and needs of the passenger air transportation industry for its sustainable development in a highly turbulent economy. The improved tools of strategic analysis, focused on a balanced assessment and differentiated accounting of risk factors affecting the industry and a particular company, the complexity of their impact, as well as increasing the feasibility of a sustainable development strategy, have practical significance. The results may be useful for key stakeholders of airlines, including the Federal Air Transport Agency, in order to minimize the risks of implementing a comprehensive program for the development of the aviation industry, as well as monitoring information on the state of financial security of socially significant companies.

The main purpose of the study is to evaluate the direct influence of financial literacy application and money management behaviour on financial wellbeing as well as whether money management behaviour mediates the influence of financial literacy application on financial wellbeing among young adults. A questionnaire survey method was utilized to gather information from young working adults. The partial least squares structural equation modelling (PLS-SEM) was the data analytic technique employed to analyze the data. The result revealed that financial literacy application and money management behaviour have positive and significant direct influence on the financial wellbeing of young adults. Also, the study found out that money management behaviour partially mediates the influence of financial literacy application on financial wellbeing. The study bridges the gap between theory and practice to offer an enriched empirical basis for young adults to continuously apply financial knowledge and possess sound money management attitude to attain financial wellbeing. By proposing a framework, this study contributes to existing knowledge and highlights the importance of developing good money management behaviour to support financial literacy application role in dealing with financial wellbeing problems. Thus, the study will be useful for young adults, parents, and policymakers in designing financial wellbeing programmes for better quality of financial life and value creation among the young working adults.

The aim of the study is to determine the impact of efficiency and integration of the Chilean stock market on Energy transition using Deep Seek AI optimization. The novelty of the research lies in the systematization of aspects of efficiency and integration of financial markets that are heavily dependent on renewable energy sources. The methodology is based on the Kramer-von Mises method and market performance assessment tests using Deep Seek AI optimization. Using two recent network expansions in the Chilean electricity market, it was found that market integration has led to a convergence of prices between regions, increasing electricity production. It is proved that the methods of behavioral theory are the most promising for studying the effectiveness of Chili markets. The main results show that there is a problem of reducing electricity production from renewable sources between demand centers as a result of crises. The emphasis of market integration on investment effects is studied. It is concluded that the market integration and high efficiency of the Chilean stock market increase the efficiency of resource allocation due to the benefits of trade and stimulate the emergence of new renewable energy sources. The practical significance of the research results lies in the application by regulators of aspects of efficiency and integration of financial markets in the transition of the economy to renewable energy sources.

This study attempts to construct the concept of performance measurement using the values of Catur Purusa Artha. The method used as a construction tool is the study of literature and the development of concepts from the values of Hindu religious goals, namely Catur Purusa Artha. This research shows that humans aim to achieve happiness through physical well-being (sekala) and inner peace (niskala), the antithesis of homo economicus found in performance measurement, which is only dominated by financial performance measurements. The formation of the concept that is formed is a broader and more comprehensive goal and perspective, namely worship of God based on the teachings of goodness (dharma), which is aimed at obtaining wealth (artha) by controlling desires (kama) to achieve a balance of the ultimate goal as the highest goal in the form of happiness (moksa).

The purpose of the study is to determine the relationship between financial leverage and the financial performance of companies in the insurance industry in Jordan, taking into account the influence of market concentration and product diversity. It analyzes data from 20 Jordanian insurance companies over 15 years (2005-2019). The study reveals a positive connection between financial leverage and insurance company profitability, with product diversification enhancing this relationship. Initially, market concentration had a negative impact on return on equity, but product diversification turned it into a positive influence. Additionally, the study highlights the positive mediating role of market concentration in the financial leverage-financial performance relationship. These findings have practical implications for insurers, emphasizing the need for diversified product portfolios and effective financial leverage strategies in a competitive market. This research contributes to understanding capital structure dynamics in emerging markets, specifically in the Jordanian insurance sector, by providing empirical evidence of the mediating and moderating effects of market concentration and product diversity. 

This article reveals the nature and economic essence of a bank within the system of financial relations with the state and society. The bank is considered as an intermediary in the conduct of entrepreneurial activities from the perspective of fulfilling a social mission, which is reflected in the transformation of attracted savings into investment resources. The object of the study is China’s postal savings system. The subject is the Lushi financial model and the program of the Postal Savings Bank of China (PSBC). The purpose of the study is to develop an author’s position regarding the concept of inclusive finance in the context of postal banking. In the article, the task is analysis of the concepts of postal banking and inclusive finance; study of the evolution and current state of postal banking in BRICS countries, analysis of the Lushi model and PSBC. The following methods were used: systemic, historical, theoretical cognition, scientific abstraction, and logical approach. The author hypothesizes that the development of inclusive finance largely depends on the bank’s strategy. The social strategy of PSBC China was analyzed, using the example of the Lushi financial model and the PSBC of Self-Commitment program. An assessment of the current state of postal banking and the role of PSBC China in the issues of inclusive finance has been provided. The conclusions include: the author’s position on the interpretation of the concept of financial inclusion, which differs from existing ones in that it is based on the analysis and study of the postal bank’s activities, defining it as an integral part of the bank’s strategy; the postal service can be a link between the government and society; China has achieved the best results among BRICS countries; postal banking is distinct from classical banking business and is a resource for developing inclusive finance. Recommendations for the development of postal banking are proposed: to develop a socially oriented bank strategy, ensure quadrilateral interaction, form a sustainable postal banking ecosystem, and use a system of indicators when evaluating inclusive finance. The scientific novelty lies in the justification of the effectiveness of postal banking and its connection with inclusive finance. The results of the study can be used to build a scientific rationale for the accessibility of financial services.