Subject: financial and economic relations associated with the implementation of an investment project (hereinafter referred to as the project) using public-private partnership (hereinafter referred to as PPP) models in a constituent entity of the Russian Federation (hereinafter referred to as the region).

Objective: to develop of a scientific and practical approach for justifying the selection of the most suitable PPP model for implementing the project in a given region from the perspective of both private and public stakeholders.

Tasks: to identify factors influencing the use of PPP in Тютюкина Е.Б., Губернаторов А.М., Егорова Д.А., 2025 the regions, as well as approaches to choosing a PPP model for project implementation based on content analysis; to develop and test an algorithm for selecting a PPP model for project implementation in a specific region; based on the results obtained, justify different levels of use of PPP models in the regions; propose modifications to PPP models that can be implemented in the Russian economy.

Methods: content analysis to identify factors influencing the use of PPPs in the regions; grouping method and scenario approach to develop an interactive matrix for selecting potential PPP models for project implementation; correlation and regression analysis to identify factors influencing the use of PPP models in the regions; a method for calculating the efficiency of PPP projects for both public and private partners using formulas.

Results: An algorithm for selecting a PPP model is proposed, which acts as a funnel to select models for project implementation in a specific region. At the first stage, potential PPP models are identified using an interactive matrix. Then, at the second stage, the feasibility of using a particular PPP model in the region is assessed based on financial and economic factors identified through correlation and regression analysis. The commercial, budgetary, and socio-economic feasibility of each PPP project is evaluated at stages three through five. Finally, the most suitable PPP model is chosen based on an integrated assessment at the sixth stage. Based on these results, differences in demand for PPPs across regions are demonstrated, as well as the necessity and suggestions for developing customized PPP models.

Cryptocurrencies are a type of financial instrument that has been widely used by financial market participants since the early 2010s. Despite their growing popularity, their status within financial systems across different countries remains a topic of ongoing discussion. There is still no consensus on how to best understand the economic nature of these digital assets. This paper uses discourse analysis and content analysis to explore the various interpretations of cryptocurrencies’ economic nature. The paper argues that the interpretation of cryptocurrency’s economic nature depends heavily on the perspective of the stakeholder and the intended purpose of using the term. It considers arguments both for and against treating cryptocurrencies as commodities, currencies (including electronic and private currencies), or properties (assets, such as financial assets). It concludes that traditional cryptocurrencies do not meet the criteria for being considered money, and only central bank-issued digital currencies can fulfill all the functions associated with money. Decentralized cryptocurrencies, such as Bitcoin, cannot be classified as securities because there are no companies or organizations that issue these assets and bear any obligations under them. Instead, these assets have the characteristics of commodities. Different types of cryptocurrencies can be treated as either commodities or securities for tax purposes, depending on the specific circumstances. At the same time, assets with unique characteristics and behavior in the financial market may be included in a separate category for accounting purposes, or if the state allows for the use of cryptocurrencies in transactions without restrictions, they can be considered equivalent to cash.

In contrast to the abundant theoretical literature on the finance-growth nexus, there is a lack of research that directly examines the impact of financial innovation on growth models. This study proposes a theoretical model that systematically interprets the transmission mechanism of how financial innovation affects economic growth. By establishing a paradigmatic economy, the research constructs a model based on the microeconomic foundations of four main agents: households, financial innovators, financial intermediaries, and firms. The influence of financial innovation on economic growth is examined through the actions of each agent. The results of the model demonstrate a positive external effect of existing financial innovations leading to the creation of new financial innovations. Additionally, new financial innovations enhance the efficiency of financial intermediaries. Moreover, an increase in financial intermediary efficiency leads to higher savings and investment. Consequently, new financial innovations contribute to the enrichment of the capital stock and have a positive impact on economic growth. This research provides a theoretical basis for conducting empirical studies and implementing policies.

The object of the study is the financial system of Russia. The subject of the study is the reasons for the increase in household deposits in banks and the impact of these funds on the economy during the period of reducing the key rate.

The relevance of the work is due to the potential impact of these funds on inflation.

The purpose of the study is to assess the volume of funds on bank deposits that can exert inflationary pressure, and to develop proposals for its minimization.

Econometric modeling and general scientific methods, including analysis and synthesis, were used. Based on the results of the study, it was recommended that authorized government agencies carry out a liquidity maneuver in order to reduce inflationary pressure from deposits.

This should also contribute to the growth of stock market capitalization. scientific novelty lies in a comprehensive study of the problem of household savings and the proposal of a liquidity maneuver to solve a number of macroeconomic problems. Conclusions are made that deposits can affect inflation depending on the macroeconomic scenario. To minimize this impact, the authors proposed to conduct a liquidity maneuver, the effectiveness of which will depend on the implementation of a set of measures, including: expanding the investment insurance system to include property recorded in all household investment accounts; increasing the profitability and diversity of collective investment schemes through legal incentives for management companies by the regulator within the framework of consolidated supervision; improving the culture of dividend payments within the framework of the exercise of shareholder rights; promoting the creation of independent “long-only” funds that invest for the long term; creating a state-controlled fund to support the IPO market and secondary circulation of recently listed shares; fine-tuning tax incentives for companies entering IPO and SPO, and for households investing in industries critical to the economy; exemption from dividend taxation; creating guarantees for households participating in IPOs; popularizing the culture of investment in the media. The results of the study may be useful to government agencies when making decisions on further macroeconomic policy. 

This article analyzes the inflationary dynamics in the United States and Europe, the factors that drive them, and the recessionary risks obscured by understated official statistics. The study emphasizes the global significance of monetary policies implemented by the Federal Reserve (Fed) and the European Central Bank (ECB) under inflation targeting. The objective is to assess the effectiveness of these policies in the face of divergent regulatory measures. Using systems theory, financial and statistical analysis, and liquidity cycle modeling, the research identifies the key drivers of inflation in 2022-2024, evaluates the Fed’s policy of interest rate hikes and balance sheet reduction, and examines their impact on inflation and recession dynamics. The findings show that measures intended to curb inflation have instead increased Treasury yields, worsened debt refinancing, and pushed the financial system towards a liquidity crisis by early 2025. The study highlights persistent imbalances, including oil market cycles, low strategic reserves, unrealized bond losses, central bank deficits, and rising sovereign debt costs, which hinder the stabilization of inflation. It concludes that monetary tightening has had counterproductive effects, making interest rate reductions unlikely before 2026. These results valuable provide insights for policymakers and other stakeholders in developing effective monetary strategies.

The development of the FinTech, AgTech and GovTech industries and the digital ecosystems that are emerging around them, the prospects for their convergence and the emergence of hybrid architectural solutions based on them are the subject of active scientific discussion. The purpose of the study is to develop the concept of a hybrid solution for the agro-industrial complex, incorporating industry value chains and public administration functions in a single digital platform, as well as the subsequent development of an ecosystem model of the functioning of agricultural credit. The methodology of this work is based on the hypothetico-deductive approach, and the hypothetical design of the study is formed by assumptions about the feasibility of developing ecosystem forms of government functions implementation in the agro-industrial complex. These include the need to integrate elements of the credit mechanism within the agro­industrial industry into the value chains that form the business models of industry ecosystems, as well as the possibility of creating a digital infrastructure ecosystem that combines commercial and government services on a single platform. Based on cases existing in the agro-industrial complex and financial sphere of digital ecosystems, we have developed a model of an infrastructure industry ecosystem. The model is structured into object, environmental, process, and project subsystems. Organizationally, the ecosystem will have a modular structure, and the Russian Ministry of Agriculture will act as its coordinator and IT integrator. Within the proposed model, we outline directions for incorporating elements of the industry credit mechanism into the ecosystem value chains, and for preferential loans, government support measures will become an element of a new ecosystem form of implementing public administration functions in the agro-industrial complex. The credit segment of the infrastructure industry ecosystem is implemented as a client-centered system based on digital technologies and FinTech, elements of the environmental subsystem and credit infrastructure. This system ensures seamless interaction between all participants and cost savings through the automation of transactions and the exchange of information.

The area of behavioral finance integrates economic and psychological concepts to comprehend and elucidate the decision­making process involved in personal finance.

The purpose of this paper is to determine the impact of anchoring, herding, and loss aversion on influencing working women investors’ investment decision-making. The sample size consists of 196 working women investors who are trading in the Indian Stock Market from Uttar Pradesh, India. A structured questionnaire is used for the collection of data, which is based on a five-point Likert scale.

The SPSS (Version 22) software is used to analyze data employing the linear regression function.

The result of this study confirmed that anchoring, herding, and loss aversion bias have a significant positive impact on working women investors’ investment decision-making. Based on the data obtained, this paper concludes that anchoring has the most influence on working women investors’ investment decisions, followed by herding, while loss aversion has the least influence on working women investors’ investment decision-making.

The findings of this study have significant implications for working women investors, researchers, policymakers, and financial advisors. Awareness of these behavioral biases is vital for empowering working women to make informed and rational investment choices. It is important for financial advisors and policymakers to acknowledge these behavioral biases in order to offer customized counselling and support for working women investors. Even though these biases affect people of both genders equally, this research concentrates on how they particularly affect working women since they frequently deal with particular socio-cultural settings and expectations.

Saving, particularly saving money, has become a topic that has attracted a lot of public attention. Young people nowadays believe that enjoying the present is more important than worrying about the future, which contrasts with the perspective of previous generations. While there have been some studies on this topic in the past, little research has been done in the context of Vietnam. The purpose of this study is to identify the factors that influence the saving intentions of young people, specifically Generation Z university students in Vietnam. This study uses both quantitative and qualitative methods to collect data from 920 participants aged 18-25, from all regions of the country (Northern, Central, Southern), and currently university students from all three regions of the country. The data was processed using SPSS and AMOS software to create a Structural Equation Model (SEM). The results indicate that attitudes towards saving and financial knowledge have a positive direct impact on saving intentions, with attitude having the stronger impact. Additionally, risk aversion does not directly influence intention to save but has a positive influence through the mediation of attitude. These findings provide valuable information for governments, financial institutions, and universities in promoting the saving intentions of students and, more broadly, promoting saving behavior and financial well-being among young people.

The imperative of achieving a growth rate for the Russian economy that meets or exceeds the global average-grounded in the pressing issue of resource availability, particularly financial resources-stimulates significant academic interest in a thorough examination of this challenge. Given that financial resources are essential for addressing structural issues, including the establishment of advanced technological production and investments in infrastructure and human capital, these resources must be of a long-term nature; hence, the term “long-term finance” is frequently used in the literature.

The purpose of this study is to elucidate the concept of long-term finance, identify the key areas of inquiry associated with it, and delineate the theoretical frameworks necessary for examining its various dimensions.

The primary methods employed in this study include a content analysis of pertinent academic literature and a critical examination of case studies pertaining to the formation and utilization of long-term financial resources across various countries.

Results: This study has led to the development of analytical approaches to long-term finance, emphasizing their supply, demand, and the mechanisms that facilitate the alignment of these two dimensions. Specifically, the analysis of the supply of long-term finance includes a critical examination of the concept of global savings glut. The measures that resulted in the freezing of Russian reserve assets undermine one of the primary drivers behind the migration of capital flows towards “safe haven” destinations, potentially affecting the incentives for various entities to accumulate substantial savings. In the analysis of the demand for long-term finance, it is demonstrated that the maturity structure of debt held by firms and governments is determined through a trade-off between the costs and the rollover risks. In the examination of the interaction between the demand on and supply of long-term finance, the critical importance of maintaining the functionality of mechanisms that facilitate the transformation of maturities is underscored. The study identifies five vehicles essential for the effective functioning of long-term finance. Furthermore, it demonstrates that regulatory errors can compromise these vehicles, hindering their capacity to supply the economy with necessary long­term financial resources.

Against the background of large-scale globalization processes, accelerated with the development of information technology, and the fragmentation of the world economy caused by growing geopolitical tensions and sanctions confrontations, interest in solving problems of ensuring national security has increased. Particular attention was paid to such components of national security as the financial security and energy security of the country, which is explained by the high importance of the financial sector and the energy industry in ensuring the stable functioning of the national economy. The interest of the Russian researchers in solving these problems is also due to the fact that most of the most severe anti-Russian sanctions were introduced against these sectors of the economy. The relevance of the challenges has stimulated the emergence of many studies in the field of development of assessment methods and ways to ensure financial and energy security, but these studies were carried out without an in-depth analysis of the phenomenon of interdependence of financial and energy security, whereas at present, achieving one state cannot be achieved without achieving the other.

The purpose of this study is to theoretically understand and describe how to integrate financial and energy security, which will enable us to develop strategic solutions for the country’s financial system while considering the energy sector’s role in ensuring its sustainability and uninterrupted operation.

The scientific novelty of this research is the development of a theory that explains how the national financial system functions by highlighting the interdependence between financial and energy security.

The result of the study is methodological recommendations for ensuring national financial security in the context of the development of the energy industry. 

International reserves as the most important component of the international monetary system (IMS) operate on the basis of their inherent basic principles and reflect the main systemic transformations. The use of international reserves as an instrument of pressure on sovereign states has caused uncharacteristic risks in the system and led to its significant transformations, manifested in the dynamics of reserve accumulation and the structure of reserve portfolios.

The purpose of the study was to determine the causes, factors and transformation trends of the international reserve system and the subject of the research was international reservation in the context of fragmentation of the global economy. In the course of the research, the methods of comparative, logical and contextual analysis, systematization and generalization, statistical analysis of time series and extrapolation were used. The author’s contribution was an analysis of the dynamics of accumulation of international reserves and their distribution by groups of countries for the period from 2000 to 2024, which revealed significant discrepancies between forecast and actual parameters, primarily for the group of developing countries. The differences in the policy of managing international reserves of developed and developing countries and the impact of geopolitical risks are shown.

It is concluded that the replacement of major reserve currencies with gold in the international reserves of developing countries is aimed at reducing vulnerability to the risk of blocking by decreasing the volume of toxic currency assets. This process leads to the remonetization of gold, strengthening its role both in the international reserve system and in the IMS.

The subject of the study is the process of digital transformation of regional banks within the framework of integrating artificial intelligence (AI) and open APIs (Open API). The impact of these technologies on the competitiveness of banks, the transformation of their business models, and their adaptation to the modern challenges of digitalization are considered.

The purpose of the study is to determine the advantages of using AI and Open APIs in a regional bank, identify obstacles, and develop practical approaches that facilitate the integration of these technologies into banking operations.

Methods such as system analysis, the logical method, and process and empirical approaches were applied. Special attention is given to assessing the costs of implementing AI and Open APIs. The study allowed for the formation and justification of directions for the digital transformation of banks through the integration of AI and Open APIs. The costs associated with digitalization are presented, and ways to minimize these expenses are proposed. An important outcome of the study was the identification of areas for cooperation between regional banks and FinTech, which allows them to reduce costs when using open APIs.

The novelty of the study lies in analyzing the specifics of AI and Open API integration in regional banks, unlike most studies that focus on examining the digitalization practices of large credit institutions. The author proposes approaches to integrating innovative solutions, taking into account limited IT budgets. This allows us to view AI and Open APIs not only as tools for process optimization, but also as factors for the survival of regional banks in the digital age. The research findings can be used by regional banks in developing digital transformation strategies and optimizing business processes. The proposed directions will allow banks to reduce costs associated with AI and Open APIs, as well as identify the most promising partnership models for collaboration with technology companies.

The Russian oil and gas complex is closely integrated with global financial markets and has been building trade and logistics links with foreign trade partners throughout the 21st century, as the main flow of produced hydrocarbons and their derivatives is exported. The oil and gas complex plays a key role in generating state budget revenues, replenishing the country’s foreign exchange reserves and ensuring the country’s balance of payments. As of 2024, the share of the oil and gas complex in the structure of the Russian stock market is 45%, and the market price of equity capital reaches 50% of the capitalization of the Russian securities market. Despite the economic shocks caused by the consequences of the pandemic, special military operations, large-scale sanctions restrictions, and military and political conflicts in the Middle East, the Russian oil and gas complex is a steadily growing industry with high macroeconomic indicators. Also, the investment potential of Russian oil and gas companies is revealed in their ability to provide not only the safety of savings, but also significant financial benefits from rising share prices and attractive dividend income under the strict monetary policy of the Bank of Russia and high inflation. The presence of risks, volatility of quotations together with other factors create uncertainty for investors on the stock market. It is difficult and, in some cases, impossible to determine to what extent one or another parameter influences the change of derivative price. As a consequence, the main purpose of the article is to create statistically significant models for analysing and investing in securities of oil and gas companies, taking into account benchmark markers, to form a relevant investment portfolio in the Russian oil and gas market in the current turbulent conditions. The results of the scientific research reflect the obtained multifactor regression equations and relevant investment portfolio of securities of oil and gas gas companies in Russia.

The paper investigates the association between various green, dirty, energy cryptocurrencies and socially responsible investment markets.

The purpose of the study is to identify the potential benefits of portfolio diversification for socially responsible investment markets from green, dirty and energy cryptocurrencies using three alternative methodologies for portfolio construction (1) the equally weighted portfolio, (2) the least variance portfolio, and (3) the maximum Sharpe portfolio thus contrasting it with the alternative of home investing.

The research Methodology used in the study are, correlation analysis, used to investigate short-term association, and subsequently, network analysis, to investigate the long-term connectedness between the socially conscious investment markets and the different green, filthy, and energy cryptocurrencies.

The study is unique to focus on the interlinkages of socially responsible investment and the green, dirty and energy cryptocurrencies while evaluating the possible portfolio diversification benefits.

The results of the study suggest that the investors in all other SRI assets, except green bonds, can benefit from the least variance technique. The maximum Sharpe portfolio is beneficial to all investors who make socially conscious investments.

The study has consequences for asset allocation and investment decisions for investors and portfolio managers.

The increased sanctions pressure on Russia in recent years has significantly altered the current situation and economic landscape in the energy sector, increasing the risks to the stability of companies with foreign capital involvement. Due to the significant importance of the energy sector to the Russian economy, it is essential to examine the structure of its funding sources. The purpose of this study is to analyze the extent of foreign capital investment in the Russian energy sector by examining its dynamics and structural changes. We will examine the main owners in the sector and focus on the share of foreign investment in 2023 compared to 2021 for key industries such as electric power, coal mining, oil production, natural gas extraction, and uranium mining. Sanctions risks are also analyzed in the report. The findings show that, despite the years of sanctions, foreign investment continued to flow into the Russian economy. Since 2022, domestic businesses have not shown a significant decline in interest in offshore jurisdictions, and foreign multinationals still own assets in the Russian energy sector. The share of foreign capital in the electricity industry is 44%, coal mining — 38%, oil production — 40%, gas production — 19%. Sanctions risks for the energy sector have been identified due to the presence of foreign investors in companies’ capital. However, despite the apparent feasibility of transferring these companies to Russian jurisdiction, processes of redomiciling Russian businesses within the country are currently not actively developing. In the context of the transformation of the global energy landscape and the reorientation of Russian companies towards new markets, it is crucial to develop mechanisms for redomiciling, explore new investment strategies, and create favorable conditions for investors in the Russian energy industry.

In 2021-2023, the volume of investments in the crowd-lending market showed more than threefold growth, but the corresponding volume of unfulfilled obligations doubled. Global and Russian experience confirm that the crowd-lending market has great potential, which depends on effective risk management. The purpose of the study is to propose measures to regulate the risks of the Russian crowd-funding market. Research hypothesis: the mechanism of operation of the crowd-lending market is similar to the exchange-traded corporate bond market, which suggests the possibility of adapting individual regulatory mechanisms of the corporate bond market to the crowd-lending market. The scientific novelty of this research lies in the fact that it is the first time an analysis of the Russian crowd-lending market by level of credit risk has been conducted. The comparison of the regulatory mechanisms of the exchange-traded corporate bond market and the crowd-lending market is also original. Furthermore, new measures for managing the risks associated with the Russian crowd-lending market have been proposed. Research methods: grouping, FOREL clustering, comparative analysis. Main results: 1) in the Russian crowd-lending market, 2 groups of participants were observed annually: with zero and moderate risk, groups with high credit risk were present sporadically. When using FOREL clustering, it was revealed that the group of investment platform operators with zero and moderate credit risk is heterogeneous; 2) the common features and differences between the regulation of the exchange-traded corporate bond market and the crowd-lending market are discussed; 3) risk management measures in the crowd-lending market are proposed (quarterly reporting by the platform operator on the share of outstanding obligations in the total volume attracted investments with the establishment of a recommended threshold value for such an indicator; the introduction of a representative of borrowers among the participants of the investment platform to protect their rights and interests; the inclusion of the procedure for dealing with overdue debts in the rules of the investment platform).

The object of the study is the ownership structure of large companies in food service and hotel businesses in Russia.

The subject of the study is the financial statements of these companies.

The purpose of the study is to investigate large companies in the fields of food service and hotel businesses, and to determine how their structures affect the preparation of financial reports. To achieve this goal, we solved the following tasks: we analyzed the individual financial statements as the main report for a commercial organization. The sufficiency of financial statements to disclose financial position and results have been verified. The consolidated financial statements and their limitations for the formation of aggregate indicators for a group of companies have been considered. The article examines the features of combined financial reporting as a new type of financial reporting and its opportunities at the present time. The author analyzed the ownership structures of large organizations in the fields of food service and hotel businesses. The author assessed the extent to which current approaches to the preparation of financial indicators reveal information about financial situations and results. The empirical basis of the study is information disclosed by large companies on the unified state registry of legal entities and voluntary disclosures made in appendices to their financial statements. The study reveals that existing approaches do not fully facilitate the disclosure of aggregated indicators for a group of companies. As a recommendation, we propose a new type of financial accounting and reporting — additive. The additive financial accounting system focuses on the formation of individual financial statements, consolidated financial statements, and combined financial reports, regardless of the number of companies in the group or ownership structure.

The subject of this study is issues related to approaches to determining the customs value of goods exported from the territory of a customs warehouse. Current regulations stipulate that within the EAEU, the specifics of determining the customs value of goods upon completion of the customs procedure of a customs warehouse are established by the Eurasian Economic Commission (EEC) within the framework of a separate project (draft Specific Features).

The purpose of the study is to offer fundamental approach for the Draft regulation “Customs value of goods in the event of the closure of Customs warehouse procedure”.

To achieve this goal, the following tasks were set and solved: to consider the systemic term for determining the customs value of goods “sale of goods for export to the customs territory of the importing country”, as applied to goods for which the customs procedure of a customs warehouse is terminated; and to consider existing approaches to determining the customs value of goods for which the customs procedure of a customs warehouse is terminated; to develop standard situations that allow the author to develop a position on approaches to determining the customs value of goods exported from the territory of a customs warehouse. The methodology assumes that the customs warehouse is part of the Union’s customs territory, while the goods being valued are not “Union’s goods”. Research results and conclusions: The authors developed a methodology for determining the customs value of goods upon their removal from a customs warehouse. They substantiated that the last transaction for their export should be taken into account when assessing the value of such goods. They prepared proposals for the EEC Expert Group on the specifics of determining the customs value of goods after the completion of the customs warehousing procedure.