The subject of the study is to assess the impact of government spending on the economic growth in the Russian Federation from a sectoral perspective.

The purpose of the study is to identify the parameters that cause changes in government spending and their impact on economic development in Russia.

The methodological basis of this work is the economic, statistical and analytical methods of information processing.

The objectives of the study are: to substantiate the term «geopolitical occurrence» and to identify the most significant occurrences related to the Russian Federation, which have affected government spending; to analyze changes in the composition of federal budget expenditures in Russia; to examine the dynamics of gross value added in various sectors of the Russian economy.

As a result, the accession of Crimea to the Russian Federation, the COVID‑19 pandemic, and the Special Military Operation have been among the geopolitical events. The calculations show significant differences in the structure of government spending and economic growth between various geopolitical occurrences.

The conclusion is that the entire structure of the federal budget is undergoing changes related to government spending, and structurally this directly corresponds to the nature of geopolitical events. At the same time, changes in the volume and structure of government spending can significantly affect the dynamics of gross value added in certain sectors of the economy if they are aimed at supporting businesses in the real economy. However, this effect is limited to a certain range of sectors.

The purpose of this study is to assess the impact of social disclosure in non-financial corporate reporting on company stock prices in the periods before and after the coronavirus pandemic.

The study methodology includes panel regression, text analysis, and quantitative analysis of social content indicators in companies’ annual reports. Machine learning and LDA were used to generate key word «topics». These were selected based on research into Russian investor characteristics and mentality: these were the primary factors investors pay attention to when examining a company’s social policy.  Results: The study revealed that social factors assumed a more significant role in shaping investment attractiveness in 2021–2022. Assessing indicators for two periods, referred to as «pre-COVID» and «post-COVID», demonstrated an increase in the number of significant social factors influencing company stock prices. Thus, in 2018–2019, we identified only three significant indicators, but in 2020–2021, we identified nine significant social variables, thereby confirming Hypothesis 3. Social policy indicators were found to have both a direct relationship (working conditions, average number of hours of training) and an inverse relationship (average salary, injury rate, social investment).

Conclusions: the theoretical contribution of signaling theory is confirmed, as it is signals related to social policy that influence investors and their decisions.

The relevance of developing practical tools for assessing the impact of key factors on investment attractiveness, corresponding to the current socio-economic context, stems from the existence of significant challenges in the formation of the investment attractiveness of the Russian Arctic region, as well as its global geopolitical significance. The purpose of the study is to develop, based on the concept of a balanced scorecard, methodological tools for evaluating the influence of investment-significant factors on the investment attractiveness of the Arctic regions. The scientific novelty of this study lies in the methodological approach proposed by the authors, which allows for a comprehensive assessment of the investment attractiveness of the Arctic regions in a factorial context. The methodological basis for the study is the concept of the investment climate, which allows us to view the region as a partially self-contained system, whose investment attractiveness is determined by the influence of regional factors on attracting investments. Additionally, we use the balanced scorecard concept, which guides our study of the Arctic territories’ investment attractiveness in conjunction with key regional development factors. The main result of the study is the development of system for assessing the degree of influence of key investment factors on the attractiveness of the Arctic regions for investment. Based on the testing of the developed methodological tools, we have identified key investment factors that have a significant impact on the investment attractiveness of the Arctic regions. These factors include production and financial indicators for five specific regions, and natural resource factors for three of them. Regarding the development component that determines the prospects for investment activity, the overall indicator for six regions has a minimum value, due to the insufficient level of innovative, infrastructural, and institutional factors. A classification of key factors influencing the investment attractiveness of Arctic territories in the context of changes in the natural, climatic and socio-economic environment is presented. Based on the generated information, a study was conducted to identify directions for changing the level of investment attractiveness of the Arctic regions in a factorial context. The use of the developed methodological tools will allow us to formulate a set of measures aimed at increasing the investment attractiveness of the Arctic zone of the Russian Federation.

The article discusses the financing of railway transport development in the countries of the Eurasian region. This study is relevant because the development of railway transport in the Eurasian region is a key factor for improving the infrastructure of national economies and creating conditions for their effective interaction. In today’s reality, this is not only a response to the difficult geo-economic situation, but also an important factor for the growth of the EAEU member states’ economies. The purpose of the study is to identify the optimal sources of funding and investment tools for the development of the transport and logistics infrastructure of the railway network in the Eurasian region given limited budgetary resources. Methods of system analysis, scientific abstraction and logical generalization are used. The scientific novelty of the research lies in its analysis of foreign investment practices in the field of railway projects. As a result, potential financial sources have been identified for the development of railway transport in the Eurasian area in light of the sanctions. The study showed that it is nearly impossible to attract external financial resources from international development banks and international financial institutions. The key projects in the field of railway transport in the post-Soviet space that have attracted Chinese investors are analyzed. It has been concluded that financing most often occurs at the expense of internal reserves and public-private partnerships (PPPs). This is due to the fact that traditional methods of fundraising are limited due to Western sanctions. Companies from the Eurasian region, due to a lack of finance, are increasingly investing their profits in the development of transport and logistics infrastructure. The results of the study will be valuable for the economic departments of the member countries of the Eurasian Economic Union (EAEU), as well as direct investment funds in terms of understanding the investment potential of rail transport in the Eurasian region.

In the era of the fourth industrial revolution and changes in the international financial system, there has been a growing interest in non-fiat currencies. In order to strengthen sovereignty and effectively manage monetary policy, many countries are actively exploring the use of digital currencies. At present, 134 countries, representing 98% of the global GDP, are developing central bank digital currencies (CBDCs). However, digitalization faces new challenges. Economic sanctions pose obstacles for businesses, particularly for Russia. To overcome these challenges, it is essential to create tools that can help circumvent restrictions. A possible solution could be the development of a stablecoin backed by the Russian ruble.

The purpose of this study is to examine international progress in digitalizing the economy and using digital technologies to facilitate cross-border payments. Additionally, it aims to develop recommendations for applying this experience to Russian realities. The study also aims to explore solutions for restoring ties with international markets amidst sanctions pressure.

The research methods include comparative analysis, statistics, mathematics, generalization, concretization, systematization, and deduction.

The research results include the concept of the CBDC and its main functions and benefits. This is supported by examples from other countries’ practices based on data from the Atlantic Council. Additionally, the current status of Russia’s digital ruble development, its integration with international financial systems, and potential obstacles are investigated. Furthermore, the phenomenon of stablecoins, their operations, and their impact on international commerce and financial transactions are analyzed. Successful cases of stablecoin use in various countries and their potential integration with the Russian economy are also discussed. It has been concluded that the introduction of the digital ruble represents a significant step for the Russian financial system. This innovation makes services more accessible, reduces transfer fees, enhances control and transparency, and fosters technological advancement. To ensure the successful implementation of the digital ruble, it will be necessary to develop appropriate infrastructure, strengthen cybersecurity measures, and improve regulatory frameworks.

The paper studies DeFi (decentralized finance) as a decentralized system for the circulation of financial tokens in virtual and cryptocurrency spaces.

The subject of the study is the basic concepts, structures, and properties of DeFi.

The relevance of the work is determined by the presence of unresolved issues related to the conceptual apparatus and structure of DeFi, factors of reduction and methods for determining the level of decentralization of DeFi, the functioning of the DeFi infrastructure, which highlights the need for further research into the concepts, structures and properties of DeFi.

The aim of the study is to form a theoretical and methodological foundation for DeFi by clarifying the conceptual apparatus and identifying the features of DeFi functioning.

The methodological framework of the study is based on the following principles: an object-subjective approach to describing entities, a method of structural analysis of objects, a systems approach to model objects, a process approach to analyzing the functioning of systems, and a service approach to analyzing interactions between serving and served systems.

The study resulted in the formulation of the concept of DeFi (including the concept of a decentralized system). The following were identified: factors of centralization (reduced decentralization) of DeFi; the structure of DeFi as a set of subsystems for the circulation of virtual financial tokens and crypto tokens; a method for assessing the degree of DeFi decentralization as a system for the circulation of digital financial tokens; a three-tier service model of the DeFi infrastructure; and a model for the interaction of financial token circulation processes.

Conclusions: The conceptual framework of DeFi, including the definition of DeFi as a decentralized system for the circulation of financial tokens in virtual and crypto spaces, allows us to identify the functional features of DeFi that ensure conditions for significantly greater transparency of the rules and results of financial transactions compared to traditional centralized financial systems. The use of virtual and crypto tokens, along with other DeFi mechanisms in financial circulation, significantly reduces uncertainty and the associated risks of executing financial agreements between economic entities.

Human resource development can only be achieved by promoting female entrepreneurship. There is a very low level of female entrepreneurship in India, especially in rural areas, which has recently been a cause for concern. Women are now aware of their existence, privileges, and employment circumstances.The subject of this research is female entrepreneurs in rural India, their contribution towards society, problems faced by women entrepreneurs in India, and initial steps taken by the administration for their development in India’s rural region. The research is explanatory. The primary data is used in the paper. The self-structured questionnaire was circulated to the women entrepreneurs in rural India. The data collected was analysed using a targeted sampling method in the Statistical Package for Social Sciences programme, followed by a study of the statistical results. During the survey, 44 respondents were interviewed. The results showed that among the most significant challenges were women’s family responsibilities, gender inequality, financial difficulties, low risk inclination and competition between men and women. It was concluded that the challenges faced by women entrepreneurs could be addressed through appropriate incentives, training, encouragement, social recognition of their entrepreneurial capabilities and appropriate family support.

The article considers scientific approaches to the study of financial behavior, Russian experience in studying financially literate behavior. The relevance of studying the topic of financial behavior is substantiated, including the results of the content analysis of publication activity for the period from 2017 to 2023 conducted by the authors.

The purpose of the study is to identify models of financially literate behavior of Russians and effective tools for shaping financially literate behavior of the population in the context of sanctions pressure.

The research methodology consists of scientific research methods (questionnaires, analysis and synthesis), data processing is carried out using factor and cluster analyses (Ward’s hierarchical clustering method).

Nine models of financially literate behavior have been identified and described, constituting 3 groups: problematic, intermediate and positive. The tools for shaping financially literate behavior in Russia have been studied from the point of view of their effectiveness and prevalence.

The main results of the work: it has been confirmed that positive models and practices of financially literate behavior prevail among the population; the levels of effectiveness and prevalence of tools for shaping financially literate behavior have been determined. Conclusions were made about the average level of effectiveness of the existing tools for developing financially literate behavior under the pressure of sanctions.

The prospects for applying the results are expressed in the methodological substantiation and development of educational programs aimed at specific target groups demonstrating problematic models of financially literate behavior, as well as in the adoption of measures by government authorities to enhance the effectiveness and prevalence of tools for developing financially literate behavior. The study can serve as a basis for further scientific work related to behavioral economics, in particular, aimed at studying the financial behavior of the population in different periods of the country’s economic situation.

The subject of the study is alternative scientific and practical works by Russian scholars from the second half of the 19^th and the first third of the 20th century, dedicated to ideal models of economic life based on moral values and connected with the German historical school and Marxism.

The purpose of the study is to examine and systematize the unique traditions of the moral approach in Russian political economy. This approach was formed during the period under study based on the theoretical and methodological ideas of the German Historical School and Marxism. It includes moral and ethical principles and norms of human behavior in society.

The methods used were: analysis and synthesis, logical, and historical-economic. The reasons why traditionalists in Russian political economy do not absolutize the moral foundations associated with Smithian metaphors of the «economic man» and the «invisible hand» have been identified. The enduring values of their legacy have been identified, which are based on research into the development and justification of a holistic toolkit for the moral and ethical development of the national economy. The authors conclude that the traditions of prioritizing moral foundations in Russian political economy, which took shape in the second half of the 19th and the first third of the 20th centuries, anticipated subsequent political economic research that emphasizes the need for all economic actors to adhere to the principles of justice and ethics, spirituality and honesty. The prospect of further research in this area is primarily linked to the development by the scientific economic community of a system of morally oriented measures in economic life that will permanently contribute to giving it a social focus.

The subject of the research is the credit system. The objective is to develop a model of the object and, on its basis, formulate a definition of the credit system. It is hypothesized that using the methods of formal logic, categorical-system methodology and the theory of dynamic information systems will allow us to obtain a scientifically sound and logically correct definition of the desired concept. The methods of critical analysis of literature, logical definition of the concept, triadic decoding of the category and generalization are used. A necessary and sufficient condition for classifying objects as credit systems was determined. These conditions included being a subsystem of the economy and possessing specific resources with the qualities of repayment, urgency, and payment. A model of the credit system is developed based on the principles of formal logic, and it is a subsystem of the economy. Using the ideas of triadicity, a model of the credit system was developed that reflects its functions, such as accumulation, redistribution, multiplication and their varieties. A detailed definition of the credit system is formulated — it is a subsystem of the economy that has specific resources characterized by the properties of repayment, urgency and payment and performs the functions of accumulation (preserving, saving, accumulating), redistribution (transfer, transfer, assignment) and multiplication (reserve, deposit, trust). It is concluded that the developed models of the credit system reflect its natural essence, fundamental differences from other forms of economic systems and provide a systemic understanding of the object; most fully and accurately reflect the meaning of the name, the phenomenon under study, and also serve as a basis for constructing a detailed definition of the concept. The obtained results contribute to the development of the scientific theory of credit and the credit system. The practical value lies in the fact that the obtained results contribute to a more precise understanding of the nature of the credit system and assist in the formation of a more adequate theoretical platform for developing a program for the development of the domestic credit system. A program for the development of the credit system with a reliable theoretical basis will be more effective both at the macro level and at the level of credit institutions.

The development of the digital banking business and the transition from offline interaction to an online format in modern conditions encourage us to pay more attention to the generation of cyber risks in the banking sector.

The purpose of the study is to develop the theoretical and practical foundations for ensuring the cyber stability of credit institutions in the context of the development of digital banking business.

The objectives of the study were to study the conceptual apparatus of the cybersphere of credit institutions; to substantiate management decisions for building a cybersecurity system in a commercial bank; and to access the parameters of ensuring the security of client transactions in the process of cooperation between a commercial bank and an IT company.

The scientific novelty of the research lies in the substantiation of management decisions in an economic system with a high level of turbulence and insufficient information about the mechanisms of their functioning using specific tools in the form of a phenomenological type model. The study aimed to describe the system’s response to various impacts. In the course of the research, a dialectical method was used, revealing the possibilities of studying cyber risks in conditions of geopolitical instability, interconnection and interdependence, as well as such general scientific methods and techniques as scientific abstraction, analysis and synthesis, methods of grouping and comparison. The process of researching cyber risks in the context of the development of digital banking was considered through the prism of general patterns of banking activity, interconnection and unity of theory and practice, and a number of empirical research methods were also used. The paper presents a critical review of domestic and foreign scientific literature on cyber risks and cybersecurity and proposes a new concept of «cyber ecosystem». A model of interaction between a commercial bank and an IT-company specializing in the provision of anti-cyber risk services was developed, and an algorithm for justifying the bank’s management decisions on allocating funds for cyber protection was proposed. The bank’s cyber resilience map has been built, which made it possible to visualize the modern landscape of cyber threats to credit institutions. The conducted research can be useful both for specialists in this field and for regulatory and supervisory authorities of the financial market.

The purpose of the study is to find out whether partial acquisitions enhance the shareholders’ wealth of the acquiring firms in the Indian chemical and pharmaceutical industry. Partial acquisitions are the unique form of corporate restructuring and have become the choice of most companies, which makes this study relevant to explore in the current context. The objective of the study is to evaluate the impact of partial acquisition announcements on the stock price return of the acquiring companies listed on the Indian Stock Exchange and test the statistical significance of the returns for different event windows. The novelty of the study is that it examines the announcement effects of partial acquisitions on the shareholders’ wealth of acquiring firms in the Indian chemical and pharmaceutical industry. Event Study Methodology is used with different event windows along with parametric and non-parametric tests to verify the statistical significance of returns. The research results shows that the announcements of partial acquisitions generate positive reaction in the shorter event windows of (–1, 0), (0, +1) and (–1, +1) but this reaction is only temporary and quickly diluted over the longer event window of (–10, +10). Hence, the study concluded that the shareholders can have a significant return in a shorter event window around the announcements of partial acquisitions. The results of the study are useful for various stakeholders including shareholders, investors, and managers of the companies of the selected industries in their decision-making during partial acquisitions.

The sanctions restrictions imposed on the Russian economy have predetermined the risks of reduced control and blocking cross-border financial channels for international payments. Under these circumstances, an important element of the state’s economic policy is the development of adaptation solutions that ensure the ability to minimize the risks associated with transformation of foreign economic activity. One of the mechanisms that forms the basis for solving this problem is the use of decentralized finance (DeFi) in the practice of international settlements. Meanwhile, it should be noted that in this area of financial and economic relations today there are a number of open issues — ranging from the conceptual framework to the impact of these fintech-innovations on the prospects for the stability of national financial systems and economic development in general. These issues acquire a special level of relevance at the regional level. The subject of the study is the prospects and mechanisms for using DeFi tools in the system of cross-border payments within the region. The object of the study is the foreign trade operations of the Republic of Tatarstan with the People’s Republic of China. The purpose of the study is to develop and test methodological approaches for assessing the potential impact of fintech DeFi tools on the organization foreign economic activity in the region on the stability of gross GRP dynamics. The authors used methods of cointegration analysis, scenario modeling, substantiation of the studied patterns using regression analysis methods, etc. The information and statistical basis for the study were derived from data from the Federal State Statistics Service of the Russian Federation, the National Bureau of Statistics of China, as well as data from the territorial statistical authority of the Republic of Tatarstan. The study resulted in the systematization of the macroeconomic effects of using DeFi technologies for organizing international payments. A series of macroeconomic models have been developed that made it possible to identify and justify the potential for economic growth in the region through the practical application of DeFi tools in the system of organizing transnational settlements under sanction restrictions.

After the COVID-19 pandemic, a surge in new stock investors, motivated by the pursuit of alternative income, fear of missing out, and social media influence, has heightened global stock market activity. This surge underscored the necessity of online stockbrokers as streamlined platforms for facilitating communications with investors and executing their transactions. This study investigates the adoption of online stockbrokers among Indonesian investors, focusing on both desktop and mobile users to provide a holistic understanding of the domain. Extending the Unified Theory of Acceptance and Use of Technology framework with additional constructs — System Quality, Perceived Reputation, Trust, Risk, and Price Value — this research examines diverse factors influencing investor adoption. Using survey data from 143 investors and analyzing it with Partial Least Squares-Structural Equation Modeling, the study identifies the pivotal roles of performance expectancy, system quality, and social dynamics like perceived reputation and social influence as significant predictors of adoption. The findings reflect a shift from traditional, personalized stockbroker interactions to accessible, efficient digital platforms and emphasize the critical role of social dynamics in driving the adoption of financial services. Lastly, the study offers theoretical insights and practical recommendations for advancing financial services, particularly in contexts where users prioritize high complexity and feature-rich platforms, by highlighting the critical factors driving online stockbroker adoption.

The growing dynamics of technology development in all areas of the economy at the present stage of development often lead to the fact that their implementation takes longer than the development of the technology itself. In practice, this means that it is necessary not only to evaluate the effectiveness of their application, but also the likelihood of new trends emerging. One of the most vulnerable economic sectors in this context is the banking sector. The article provides an analysis of already existing banking innovations, in particular, their possible classification, and also evaluates the evolution of their appearance. This procedure allowed us to make an attempt to assess the main possible directions for the development of banking innovations. Under their influence, the modern classical banking system is becoming a thing of the past. It is being replaced by a symbiosis of the latest achievements in the field of technology based on the foundation of the credit market. Based on this, the authors present a model of a future generation banking organization. It is based on forecasting trends in the development of innovations and the extent of their penetration into the modern banking market. Artificial intelligence is considered the main favorite among modern innovations. Its emergence occurred relatively recently, but the speed of its influence on the banking market is increasing every day. Although the banking business is complex, it is a fairly structured and standardized type of activity. This fact, with a high probability, may cause the emergence of banking organizations that not only function entirely under the control of artificial intelligence, but were also originally created by it. The competitiveness of such banks can be significantly higher not only than classical credit institutions, but also the business models of modern neobanks.

The reliability of financial reporting is based on the audit institution, which means it depends on the current state of it. What do the facts say? In 2024, one of the largest Russian audit firms was deprived of the right to conduct audits of socially important organizations. Sometime earlier, during a series of bankruptcies of a number of large Russian banks, the Bank of Russia discovered huge «holes» in their balance sheets, about which there was no information either in the financial statements of these organizations or in the audit reports prepared on them (including by audit firms in the top ten in terms of volume of services provided). All this indicates that this institute is not in the best situation. In this regard, the following questions legitimately arise. Are the mechanisms for monitoring its activities in place? Are the procedures developed in this area adequate to the theoretical concepts and provisions on which they are based? This article is devoted to answering these questions. The object of research is one of the bodies performing control and supervisory functions, and the subject is the tool used to increase the reliability of financial reporting in terms of control over auditing activities. To achieve this goal, the article proposes to use an approach developed within hermeneutics (the method of hermeneutic analysis). Its use made it possible to identify a number of contradictions in the methodology for assessing risks and planning external audits of the activities of audit organizations, contained in one of the basic regulatory documents in this area. The basis of these contradictions, as shown in the article, is an unacceptable combination of elements of a one- and two-factor risk assessment model, allowed by the developers of this regulatory act. The suggested methods for addressing these contradictions enhance both the reliability of the methodology’s results and its clarity for all stakeholders involved. They also make it possible to resolve a number of problems revealed during the recent heated debate in the audit community about the effectiveness of the existing system of regulation of auditing activities as an institution for improving the quality of financial reporting.

The subject of the study is the impact on world gold prices by leading actors in the international financial system.

The purpose of the study is to identify signs of consistency in the management of world gold prices within the framework of the hypothesis of preventing an uncontrolled rise in the price of gold against the dollar in order to ensure the stability of the existing international monetary system. The main objectives are to consider the peculiarities of manipulating gold prices within the framework of exchange and over-the-counter trading in derivatives, and analyze the problems associated with the influence on the gold market of such institutions as the Bank of International Settlements (BIS) and central banks. Particular attention is paid to the analysis of gold price series on world exchanges.

Methods include the selection of representative data on the activities of leading global financial institutions, quantitative and qualitative analysis of their activities, and statistical analysis of gold price series. The results obtained indicate the presence of signs of systematicity in the management of world gold prices, which allows us to conclude that gold still indirectly serves as the basis of the world monetary system and is therefore the object of manipulation in international markets.

The object of the study is data on the distribution of Russian cinema films from July 2022 to September 2023. Specifically, it analyzes 185 films that were released during this period. The research tool consists of 26 and 146-factor machine learning models that have been pre-trained based on previous periods (from 2004 to July 2022, with 1,500 films).

The purpose of the study is to demonstrate that machine learning models, trained on historical data, can accurately predict future data, which is especially important for funding programs aimed at developing national cinema in the Russian Federation and attracting private investment, in light of the departure of foreign film distributors from the film market. The study used methods to evaluate film projects based on their historical profitability using rental indicators and the characteristics of the creative teams involved in producing them. The emphasis is on ensemble models –AdaBoost, Bagging, ExtraTrees, GradientBoosting, RandomForest, Stacking, Voting, XGBoost, CatBoost.

The novelty of this research lies in introducing of new sources into the scientific community and the potential for practical application of the developed methods for both public and private investors to evaluate film projects prior to the start of the production cycle.

Conclusions: Conclusions: Based on the analysis of the quality metrics (accuracy, ROC AUC, and others) for a sample of 185 newly released films (through September 2023), we found that the drop in these metrics was not significant. This suggests that it is possible to use pre-trained models based on historical data to make predictions about fees and other rental outcomes. By analyzing the past work of the project director, screenwriters, cameramen, producers, artists, editor, composer and key actors of the project, estimated distribution data, and the amount of project funding, it is possible to make an accurate prediction about the success of a film. This will allow you to see the total fees, payback period, number of views, and viewer rating.