RUDN Journal of Economics

Editor-in-Chief: Vladimir M. Davydov, Corresponding member of Russian Academy of Sciences (RAS), Professor, Director of the Institute for Latin America of the RAS

ISSN: 2313-2329  (Print) ISSN: 2408-8986 (Online)

Founded in 1993. Publication frequency: quarterly 

Open Access: Open Access. APC: no article processing charge

Peer-Review: double blind. Publication language: Russian, English

PUBLISHER: Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)

Journal History

Indexation: Russian Index of Science Citation, Google Scholar, Ulrich's Periodicals Directory, WorldCat, East View, Cyberleninka, Dimensions, DOAJ, ResearchBib,Lens, Research4Life, JournalTOCs, British Library, Bodleian Libraries (University of Oxford), Ghent University Library


RUDN Journal of Economics is an international peer-reviewed, open access journal for the field of economics and macroeconomics (Economics and Management of the national economy, Finance, World Economy).  

The journal publishes regular original research papers and reviews.

Particular emphasis is placed on applied empirical and analytical work. The journal is open for innovative research approaches and methods.

We focus on the current problems of the global economy.

The journal covers the following topics:

- Macroeconomics, economic theory and politics

- Economic development

- Growth and natural resources

- Labor market and migration

- Monetary and financial economics

- International trade

Our authors are known Russian scholars of economics who represent leading universities, as well as experts from foreign countries, including those from the top European, U.S. and Asian universities.



2024 template portfolio

Posted: 26.10.2023

No. 1, 2024 – "The world economy in the context of global transformation" (full text – until December 01, 2023)

No. 2, 2024 – "Innovations and investments: opportunities and prospects" (full text – until March 01, 2024)

No. 3 2024 – "Formation of a multipolar world: BRICS+" (full text – until June 01, 2024)

No. 4, 2024 – "Trends, strategies and management problems in the context of global digital transformation" (until September 01, 2024).

More Announcements...

Current Issue



Russian-Indian trade relations in the period of global economic transformation
Naumenko R.V.

Development of bilateral trade relations between countries in the period of deglobalization of world economy is a priority issue of the foreign economic policy of the state, aimed at ensuring its economic security. Particular attention should be paid to the study of trade and economic interrelations of the main actors of world economy, which are representatives of the new gravitational centers of economic activity. The interaction of such states, as a rule, is characterized by macro-regional effects that tend to reach the level of the global agenda. Undoubtedly, Russia’s foreign trade with India belongs to the above type of bilateral cooperation. The study shows the transformation of the countries’ economies over the past 10 years, characterized by the consistency of India’s economic growth and the turbulence of Russia’s economic policy, based on the need to adapt the economy as a result of systemic external pressure. The relationship of this retrospective with the cardinal trade changes in 2022 as a result of the geopolitical and energy crisis is determined. The author concludes that past events is an attempt to break the theoretical paradigm of trade and economic relations between countries that has existed in recent decades.

RUDN Journal of Economics. 2023;31(4):635-654
pages 635-654 views


The system of sustainability factors of the fuel and energy complex of the regional economic system and improving the management of these factors in the regions of Russia
Zemlyacheva E.A.

The study is devoted to the definition of a system of sustainability factors for the fuel and energy complex of the regional economic system, as well as the development of recommendations for improving the management of these factors in the regions of Russia. Based on the provisions of the Systemic Approach, econometric modeling and a comprehensive analysis of the influence of potential factors identified in the literature on the sustainability of the fuel and energy complex of modern regional economic systems around the world are carried out. The international experience of 120 countries in 2022 is projected onto Russia and compared with Russian regions. As a result, a system of factors has been formed, including the electrification factor, the clean energy availability factor and the carbon emission factor in cement production, which increases the predictability and manageability of the sustainable development of this system. The barriers to the sustainable development of the fuel and energy complex in the regions of modern Russia are identified, firstly, the incomplete availability of clean energy (90 %), which, however, is significantly higher than the average for the international sample (76.95 %). Secondly, a large amount of CO2 emissions from the combustion of fossil fuels and the production of cement (10.81 tCO2 per capita). The prospect for the period up to 2025 is disclosed and recommendations are proposed for improving the management of selected key factors for the sustainable development of the fuel and energy complex in the regions of Russia. The practical significance of the article is explained by the fact that the author’s recommendations proposed in it on improving the management of selected key factors will ensure

RUDN Journal of Economics. 2023;31(4):655-667
pages 655-667 views
Modernization of Mali’s investment policy in the context of improving the sustainable development strategy
Dembele M.

Since 2012, the Republic of Mali has been facing numerous security challenges caused by the separatist uprising led by the National Movement for the Liberation of Azawad and many non-State armed groups. This led to a loss of control by the authorities in several areas where the provision of public services and the operation of development programs were disrupted. The base of the economy - the agricultural sector - suffered, on the one hand, due to physical destruction of infrastructure and delays in the construction of new facilities due to limited financial and implementation opportunities, and on the other - due to limited access of households to agricultural resources and modern irrigation methods, which hindered the development of agriculture, expansion of acreage. The devastating consequences also affected other areas of the country. As a result, there is still an urgent need for humanitarian assistance, especially in the northern part of the country, and food insecurity due to the conflict and dependence on weather conditions remains a serious problem. Thus, money transfer programs from major international donors are one of the main sources of functioning of the economy and society of Mali. However, such dependence, in the end, does not benefit the country much in the context of long-term and sustainable development. This is confirmed by the difficulties that have arisen in recent years in connection with the imposed international sanctions. On the other hand, the country has quite attractive investment potential, but foreign investments pursue in most cases purely private interests of investors, ignoring the issue of social responsibility of business and not contributing to the restoration of the social and environmental spheres of Mali. In this regard, the study is devoted to the problem of sustainable development of the country and the possibility of using investment policy tools to implement policy objectives in this area. To this end, the formation and state of Mali’s sustainable development policy is analyzed; the dynamics of the main indicators reflecting the aspects of sustainable development are assessed; the world experience of implementing the concept of “green” investments that had positive environmental and social effects is reviewed. Conclusions are drawn about the need to revise and modernize the policy of attracting investments into the economy of Mali, which will provide additional opportunities for comprehensive development and increasing the level of independence.

RUDN Journal of Economics. 2023;31(4):668-686
pages 668-686 views
Tools for studying the digital development rates of economic systems at country and region level
Baranova N.M., Larin S.N., Basharina O.Y.

National economy digitalization is a powerful economic growth engine and one of the key areas for developing and maintaining the competitiveness of the state. Digital economy potential lies in accelerating the pace of economic development of enterprises, industries, regions and countries, and in improving in living standards. Under the conditions of digitalization, a tool for assessing the pace of economic system development at the country, region, industry and enterprise level becomes a source of competitive advantages. Therefore, the relevance of the study is evident. The purpose of the study is to develop tools for studying digital development rates at country and region level. The database of the study was represented by the proceeding of well-known foreign and Russian scientists and statistical data on the main indices of the US and Chinese stock markets. The methodological base was represented by the ISPI (Information System Portfolio Investor) digital model. The effectiveness of the obtained results was verified using the PRM (Profitability-Risk model) tool. The result of the study was an analysis of digital development rates at the country level by the case of the United States and China. The analysis was based on the calculation of the main parameters of the portfolio theory: expected return, risk level, return-to-risk ratio. Scatterplots were constructed for the main US and Chinese stock market indices based on the fitted data. They show the mutual distribution of groups of main indices and allow to determine the most promising areas for investment, including digital development. The findings confirm the possibility of using the proposed tools to determine the most attractive sectors for investment in the world stock markets and countries, and/or countries and regions that need investment for their development, including digital one. The introduction of the proposed tools into practice at the enterprise, industry, region and country level will contribute to the further development of the digitalization in all aspects of society at the enterprise, industry, region and country level.

RUDN Journal of Economics. 2023;31(4):687-699
pages 687-699 views


High technologies and artificial intelligence as driving factors in the evolution of the world financial and economic architecture
Smirnov F.A.

The current dynamics of the development of the world economy is gaining new momentum despite the high crisis dynamics, containing financial, economic, monetary and geopolitical parameters. The factors accelerating the transformation of the global financial and economic architecture (GFEA) are high technologies, including the digital economy and artificial intelligence. The purpose of the study is to study the dynamics of the development of high technologies and its contribution to the evolution of the global financial and economic system. To conduct this analysis, the work uses a wide range of different scientific methods and approaches - the methodology of system analysis, methods of historical, logical and comparative analysis. Technologies are analyzed according to seven groups of impact on the GFEA transformation process: blockchain technologies, 3D printing, the Internet of Things, mobile broadband, cloud computing, robotics, and artificial intelligence. Their economic contribution to the processes under study is given. The activities of the Singularity University are considered as an example of a transnational think tank engaged in scientific and applied synthesis of high technologies, analysis of their prospects and consequences of their influence on the life of society. Proceeding from this, the contours of the further development of the GFEA and the strategies of behavior in the new conditions are given.

RUDN Journal of Economics. 2023;31(4):700-711
pages 700-711 views
Using an Additive Component Model to forecast the number of mergers and acquisitions in China
Reshetnikova M.S., Pavlov M.A.

Research is devoted to the topic of modeling and forecasting seasonal fluctuations in M&A transactions in China to assess the short-term outlook for the movement of this sector, as well as for future studies of M&A market conditions in the PRC. As a forecasting method the authors have chosen a model with an additive component that considers quarterly data on the number of M&A deals in the Celestial Empire for the past 15 quarters. The order of building a model with additive component is calculation of seasonal component values, deseasonalization of data, trend calculation and evaluation of forecast accuracy. Additive model allows smoothing seasonality by separating seasonal component from time series and separating it from trend and residual component. This action is performed by subtracting the seasonal component from the original time series. Thus, seasonality is removed from the time series, and only trend and residual component remain. After extraction of the seasonal component, it can be analyzed separately and used to predict future values of the time series. It is also possible to use smoothing methods, such as moving average or exponential smoothing, to smooth the seasonality and get a smoother trend. The authors also built trend models, namely linear, power, polynomial, exponential and logarithmic trend models and chose the polynomial model that provides the highest coefficient of determination. The resulting model has made it possible to forecast the number of transactions by quarter until the end of 2023, in the aftermath of which the possible reasons for the decline in the number of mergers and acquisitions in China are described.

RUDN Journal of Economics. 2023;31(4):712-722
pages 712-722 views


Chinese automotive market: Сurrent state and prospects
Kiryukhina S.E., Mikheshkina E.E.

China occupies a significant position in the world market and is one of the countries that is developing rapidly and increasingly introducing new technologies into various sectors of the economy. Thus, one of the most important industries is the automotive industry, influencing the national economy and the global mechanical engineering market. In recent years, the Chinese economy has occupied a leading position in the world market in exports and imports of cars, production growth and sales of new cars. Even during the pandemic, where many countries faced an economic crisis, China was able to recover quickly. The investigation is devoted to the analysis of the dynamics of the main economic indicators of the automotive industry and its impact on the PRC economy. To identify the level of efficiency of this industry, statistical methods were used in the work, thanks to which leaders in sales and production of new cars were identified, as well as China’s place and share in the world market in terms of exports and imports. Using an analysis of literary sources, the trends that are observed in various countries and their interrelation were substantiated. Analysis carried out on goods of group 8703 “passenger cars and other motor vehicles intended primarily for the transport of people (other than motor vehicles of heading 8702), including utility vans and racing cars” on the domestic market of the People’s Republic of China from 2008 to 2022 year, showed economic activity and trends in various periods. The most important factors are highlighted that played at the macroeconomic and microeconomic level: economic, political and social factors. Econometric methods were used to forecast sales in the Chinese domestic market. The forecast is based on a logarithmic trend model, which has a high approximation accuracy, which was later used for a model with an additive component and a multiplicative model. For the predicted volume of vehicle sales, the accuracy of the forecast was assessed using error calculations, which showed that the deviation from the actual one, up or down, was 1.37 million vehicles.

RUDN Journal of Economics. 2023;31(4):723-739
pages 723-739 views
Comparative analysis of the carbon market and the carbon tax mechanisms efficiency to achieve the goals of the global carbon footprint reduction
Zavyalova E.B., Li J.

The environmental agenda is decisive in the formation of the world economy at the present stage. The need for a green transition is rarely questioned by scientists. However, there remains a wide range of opinions about which instruments are the most effective in achieving the set goals of reducing the carbon footprint. The most popular mechanisms today are the carbon market and carbon tax mechanisms. Aim of the research was using modeling, literature analysis, and deduction methods to compare the similarities and differences between the basic principles of applying a carbon tax and a carbon market mechanism, the authors of the article identify the advantages and disadvantages of both approaches. The results of the research showed that the carbon market mechanism has obvious advantages such as flexibility, cross-industry and crossterritory coverage, and relative benefits for companies compared to a carbon tax mechanism. At the same time, the carbon tax mechanism has the obvious advantage of low management costs and wide coverage, but, on the other hand, these advantages are offset by potential inefficiencies and high “cost” for companies. The analysis of the policies of large countries with large carbon emissions over the past 2-3 years shows that they are more likely to introduce elements of the carbon market to reduce emissions. Based on the theoretical analysis of the main characteristics of the carbon market and carbon tax, as well as their advantages and disadvantages, the authors urge not to be limited to one of the options, but to use both mechanisms simultaneously. In particular, the carbon market should be the main mechanism when the goal is to create more incentives to actively reduce carbon emissions, while carbon tax policies can be an additional measure to incentivize or “punish” those enterprises that exceed emission standards, also, the carbon tax will help to involve those industries that, for various reasons, cannot be represented on the carbon market.

RUDN Journal of Economics. 2023;31(4):740-759
pages 740-759 views
School education reform in India 2020: Economic prerequisites and purposes
Gubina M.A.

In 2023, India surpassed China in terms of population, becoming the most populous country in the world. Many experts emphasize that India has a demographic dividend, which allows for high rates of economic growth. However, millions of young people enter India’s labor market each year, a significant portion of whom lack basic education and can only be engaged in low-skilled jobs. This situation affects the quality of life, working conditions, and overall socioeconomic situation in the country. The Government of N. Modi, along with other reforms relevant and timely for India, has developed a comprehensive transformation of basic and higher education in the country. The objective of the research is to identify the economic prerequisites, tasks, and methods for implementing the reform of the basic education system. It has been identified that despite the 2002 amendment to the Constitution and the Right to Education Act passed in 2006, many families do not send their children to school, and in other cases, some children do not complete their education. This is due to several reasons, including the remoteness of schools, difficulty in entrance and transfer exams, the need to help parents, among others. The new National Education Policy of 2020 aims to provide holistic early childhood and school education. The traditional structure of the education system has been changed: preschool education is now incorporated into the education system, allowing kindergarten graduates to transition smoothly into school. The traditional 10+2 model has been replaced with a 5+3+3+4 model. Regional languages are given special importance - education will be conducted in the mother tongue up to the fifth grade, and then students will also learn Hindi and English. Age-appropriate teaching methods are applied at each stage of education. In the final stage of schooling, students are given the freedom to choose disciplines based on their interests. Each stage of education aims to develop critical thinking, the ability to engage in discussions, and case analysis. Thus, the education system reform, if successfully implemented, aims to provide India’s economy with a higher quality workforce, regardless of whether the school graduate continues their education in college or enters the labor market after completing school.

RUDN Journal of Economics. 2023;31(4):760-778
pages 760-778 views
Development of Russian lubricants market under sanction pressure
Chernyaev M.V., Kudryashov A.M.

The oil and gas sector is one of the key sectors in the structure of the economy of the Russian Federation, as well as petroleum products industry, and particularly oil lubricants and components for their production. According to official statistics, the share of exports of petroleum products in monetary terms was 29 % in 2021, and in some years the figure was more than 50 %. Because of global events in recent years, including the impact of the COVID-19 pandemic and the consequences of sanction pressure, significant changes have occurred in the global and Russian lubricants markets, which have led to the emergence of turbulence in the markets, and resulted in uncertainty about the further development. The main purpose of this study is to identify the main trends in the development of the lubricants market in Russia in 2023. Within the framework of the study, the concept of “oil lubricants” and the main technological features of their composition and production process are determined. The analysis of the main geopolitical events and changes that occurred in 2022 and their impact on the lubricants market was carried out. In particular, the influence of the latter on the market dynamics of the main raw material component to produce lubricants, as well as its cost both in retrospect and 2023 expectations (taking into account expected consumption volumes in the domestic and foreign markets) was studied. The study gives a brief description of the market segments, as well as analyzes the main brands that were present on the Russian market in 2022 and changes in their composition due to recent events in the industry. Based on the results of investigation, a comprehensive conclusion about the state of Russian lubricants market at the current time and the prospects for its development in 2023 was formulated.

RUDN Journal of Economics. 2023;31(4):779-790
pages 779-790 views
Analysis of the chemical crop protection market in Russia
Zhilkin O.N., Grigoryev M.Y.

The research is devoted to the analysis of the current state of chemical crop protection market in Russia. Significant industry growth has occurred in last decade due to the attractiveness of agriculture as an export-oriented industry. Russian agricultural products are in stable demand all over the world. Countries in the Middle East, South-Eastern Asia and Africa with constantly growing population rely on foodstuff import, including from the Russian Federation. Thus, country makes a significant contribution in a global food security. However, in order to develop and increase competitiveness, Russian farmers need to intensify crop production. One of technological improvement elements, which let growers to get sufficient yield and quality, is application of innovative chemical crop protection products. Pesticides help farmers struggle with crop diseases, pests and weeds, as well as minimize adverse climate factors in some cases. Agrochemicals market in Russia is represented not only by foreign players, but by domestic manufacturers as well. Market share of these two groups in value terms of market players is approximately equal. However, it’s worth mentioning, that like in many other industries, this sector is heavily dependent on import inputs. Major part of components for local pesticide production are imported and key technological process is constrained as a type of mixing necessary inputs in proper way. Domestic business, together with Russian Government and, probably, in cooperation with some international players, needs to solve the problem of deepening the production cycle, look for stimulus for development of the entire production chain in the long-term perspective, including development of fundamental science in chemical crop protection industry. Learning and adapting foreign experience can be the first step in the process of structural change of the crop protection industry. Simultaneously, it is critical to maintain openness and desire to use best practices at pesticide market, without which the competitiveness of Russian agricultural production will be constrained and development of the entire industry will have a pace inferior to other countries.

RUDN Journal of Economics. 2023;31(4):791-801
pages 791-801 views
The current development of women’s education in China
Guleva M.A.

Since the founding of the new China in 1949, the Chinese government has given priority to educating the female population. This is not only a necessary condition to end gender discrimination in education, but also because education has been proclaimed as the foundation of a harmonious and prosperous China, and the female population plays an important role in the social and economic development of the country. In the past decade alone, great strides have been made in education, overcoming historical obstacles to the education of girls and women. Enrolment rates at all levels of education have increased significantly. Girls are increasingly embracing the concept of lifelong learning, which allows them to improve their skills and compete on an equal footing with the opposite sex in many professions. However, there are still many issues to be resolved, working towards equal access to education among the adult population and in the least developed regions of the country, and ensuring equal opportunities for employment. An important task for the Chinese authorities remains to identify gaps in the existing education system and to improve the quality of education in order to ensure equality and comprehensive development of the population.

RUDN Journal of Economics. 2023;31(4):802-813
pages 802-813 views

Developed and developing countries economy

Knowledge-based economic development of Iran: Mitigating sanctions and enhancing national competitiveness
Rezaeinejad I., Lavrov S.N., Simonov A.G.

The knowledge economy is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. A knowledge-based economy is a kind of economy without limitations. This study studies the prospects of Knowledge Economy in Iran. In recent years, the scope of innovative activity and the necessity of a knowledge economy in Iran has grown. However, this study shows that knowledge development alone is not efficient: it is useful only when knowledge is being generated and applied in a real business environment. Iran would probably benefit as well in the case the expertise of national academia and business community is used more intensively; otherwise, it would grow vulnerable if the foreign innovative technologies were only used. Under the current circumstances, Iran, dealing with ever-expanding sanctions, should be seeking opportunities to commercialize its domestic researches and developments.

RUDN Journal of Economics. 2023;31(4):814-829
pages 814-829 views
Luxury tax perspectives: The evidence of the Republic of Belarus
Karaleu Y.Y., Tishkovskaya P.I.

The study is dedicated to the reasons for luxury tax implementation into the national taxation system. The purpose of the research is to study the emergence and experience of applying the luxury tax in various countries in order to determine the feasibility of introducing such a tax in the Republic of Belarus. Authors’ conclusions and findings have been presented against the background of the analysis of digitized texts on tax and bibliometric and scientometric analysis of the scientific field of taxation. As a testing ground for making our conclusions in terms of lessons learned from past historical experience and real economic background, the Republic of Belarus was chosen. Possible reasons for the introduction of such a tax were considered, as well as an analysis of the market for luxury goods in the Republic of Belarus and the demand for them was conducted. We have drawn some parallels between the Republic of Belarus and the Russian Federation to reach a reasonable conclusion. For this purpose, the Russian luxury goods market (premium car and real estate markets) was analyzed based on available statistics for the years 2020-2022. As the most politically controversial tax that can be not as efficient as income taxes and have unintended consequences, luxury tax was examined from the point of international experience and historical perspective. Examples of luxury goods throughout history and in real life together with historical references to the implementation of this tax were presented. The effectiveness of luxury tax and its impact that depends on a variety of factors (tax rate, types of goods and services being taxed, economic conditions, etc.) together with the modern concept of luxury tax with national specific was evaluated. Considering the situation in the Republic of Belarus, although during recent years there has been a budget deficit and there is a necessity to find new sources of state income, we didn’t find any reasons for the implementation of such a tax into the national taxation system. These types of taxes are mainly imposed in highly developed countries where people can afford “luxurious” goods and the variety of these goods is higher. In the case of the Republic of Belarus, there is a trend of decreasing the number of people whose purchasing power would allow them to buy luxury goods and the real disposable income of Belarusians has also declined, making it less likely that Belarusians will spend money on the consumption of luxury goods.

RUDN Journal of Economics. 2023;31(4):830-847
pages 830-847 views

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