RUDN Journal of Economics

The forced digital transformation of the banking industry and monetary policy were a response to the growing trend of increasing adoption of decentralized finance. The transition from traditional, physical forms of money and payment systems to digital currencies and blockchain technology represents a significant shift in the financial landscape. This transition is characterized by the development of unique, nonreplicable assets, which define cryptocurrencies and other forms of digital assets. These assets are actively responding to the rapid changes in financial markets and represent a major development in monetary systems. The introduction of central bank digital currencies (CBDCs) represents a key event in this transformation, and their potential as monetary policy instruments should not be overlooked. Governments around the world are addressing the challenges of implementing these new currencies and ensuring their transparency, while also considering their potential benefits for economic stability. This study will explore the current state of CBDC development and its implications for the future of monetary systems. By analyzing the motivations for CBDC initiatives, the challenges of integrating these digital currencies into existing financial systems, and their implications for international payments, privacy, and security, this study reveals the multifaceted consequences of this technological development. The research is based on an examination of global CBDC projects, identifying successful implementations and the diverse approaches taken by various countries. Ultimately, this article emphasizes the importance of international cooperation and the establishment of a regulatory framework in order to benefit from the potential benefits of CBDC while mitigating the associated risks.

The development of technology opens up many opportunities for creating e-business, digital platforms and entrepreneurship. However, the evolution of economic and business processes creates unique platforms and ecosystems, and forces companies to quickly meet the demands of a changing economic environment. In such conditions, consulting becomes a key tool for business and helps to ensure a quick response of the company in challenging times. This study aims at studying business consulting from several points of view: historical development, the present and the future forms, the implementation of new solutions to mitigate current and strategic business risks. The authors of the study attempt to establish the patterns of formation and development of consulting business, to determine the behavior of consulting actors at the national and international levels, to evaluate the key elements of the consulting business model, its reaction to technological changes and success in solving staff-r elated problems. The research was based on facts and statistics of HR and consulting business experts, data on the structure and dynamics of the consulting services market, scientific research by Russian and foreign scientists, and the authors’ own observations. The results of the study may be of interest to specialists in HR technologies, in digitalization and adaptation of business processes, experienced and novice entrepreneurs, management consultants and those who might be interested in the issues discussed.

The modern medical tourism market is a fast-growing and promising industry that combines various aspects of healthcare, tourism and economics. The trends and forecasts of the development of this market are considered, the key factors of its growth are analyzed, and the features of medical tourism in different regions of the world are studied. Based on the literary review, the author’s interpretation of the term “medical tourism” is proposed. A universal classification has been formed and the directions of medical tourism have been determined. As a rule, the structure of medical tourism includes: diagnosis and treatment of various diseases, surgical and other interventions, rehabilitation and prophylaxis, as well as sanatorium treatment. The current trends of the modern medical tourism market are described, including the growing demand for medical services abroad, the development of innovative technologies in medicine, globalization and integration of national markets, as well as increased competition between medical centers and clinics. Special attention is paid to the forecasts of the development of the medical tourism market in the coming years. The potential of individual regions and countries is analyzed, factors contributing to the successful development of medical tourism are identified, and recommendations for market participants are proposed. The results of a comprehensive study of the modern medical tourism market and its prospects can be useful for specialists in the field of healthcare, tourism and economics.

The research is devoted to analysing the current state of the market of the most expensive platinum group metal over the last thirty years - rhodium. The study considers the main problems of the global rhodium market over the last decade. Based on the analysis of global export-import transactions in 2022, South Africa, Germany and the US were the largest exporters of rhodium, while the US, Japan and Germany were the largest importers. Rhodium exports and imports have been growing at an intensive pace since 2018 owing to the increasing mining, production, and refi of the noble metal in question. Leading companies in the rhodium market are locating mining plants in South Africa owing to its rich raw material base. South Africa has been the leading producer and supplier of rhodium, either unprocessed or in powder form, for the past thirty years. Of all platinum group metals in 2022, South Africa exported 34 per cent of unprocessed rhodium and 10 per cent of rhodium in semi-fi products, which is why rhodium is such an important commodity for the South African economy. The world’s leading companies also include Russia’s Nornickel, which ranks 5th on the world stage for rhodium production in 2022. An econometric method was used to analyse world exports which has a high accuracy of approximation. The trends in the global rhodium market have been substantiated with the help of research and literature analysis. The impact of economic, environmental and political crises on the global rhodium price dynamics has also been examined. One of the objectives of this study is to identify the prospects of international rhodium trade and the possibility of investment in rhodium. Limited supply and unstable demand can cause huge fl in rhodium prices, which aff investors’ decision making. Compared to other precious metals, rhodium is considered not attractive for investment. The expansion or contraction of the automobile industry has a direct impact on the demand for rhodium.

To assess the sustainability of the municipal solid waste management system (MSW), decoupling index is used. This index reflects the impact of mismatch of the direct relationship between economic growth and consumption of natural resources (pollution production). For the first time, the authors calculated the decoupling index for Moscow MSW management system in order to assess the environmental and economic sustainability of the system. The methodology of the study was based on a numerical assessment of decoupling over a certain period of time using the ratio proposed by UNEP. Calculations of the decoupling index for the municipal solid waste management system in Moscow have shown relative decoupling between the solid waste generation in the city for the period 2020-2023 and the growth of the gross regional, with the exception of the period 2021-2022, when there was a sharp decrease in condensed municipal solid waste by almost 0.7 times and absolute decoupling took place. This indicates improvements in the MSW management system in Moscow within the framework of a circular economy. The study assessed the magnitude of the mitigated greenhouse gas emissions as a result of meeting targets by diverting MSW from landfills. The approach used to assess the decoupling index for Moscow, can serve as a useful tool for assessing the environmental and economic sustainability of the MSW management system of other cities to develop future policy scenarios for sustainable MSW management in the near future.

The system of adopted legal acts on the common electricity market of the Eurasian economic union (EAEU) is formed brings closer its start and the possibility of participants from different EAEU Member States to sell and buy electricity. The decision of the Supreme Eurasian Economic Council of December 20, 2019. 31 provides for the adoption of the procedure for monitoring the functioning of the Common Electricity Market of the Eurasian Economic Union by January 1, 2026. At the same time, the approaches to the analysis of the work and efficiency of the market have not yet been determined. The aim of the study is to identify approaches to assessing the functioning of the common electricity market and related indicators. Based on the national approaches of the EAEU Member States to assessment of energy security, the article offers approaches for monitoring the functioning of the future common electricity market and relevant indicators, formed in groups on the basis of their influence on energy self-sufficiency, security of supply, energy efficiency of final consumption of fuel and energy resources and economic sustainability, energy security and efficiency of electricity trade for its development within the EAEU. The study also compiled a system algorithm for monitoring compliance with the performance indicators of the common electricity market, taking into account the energy security and economic sustainability of the “Eurasian Five” countries. The results of the monitoring algorithm can be useful for the development of high-quality and effective mechanisms of the common electric power market of the EAEU during its operation. The proposals formed on the basis of the results obtained based on the results of monitoring will help to form a balanced and regulated common electricity market of the EAEU.

For more than 30 years, the world community has been discussing the need for green global economic development. The role of international trade is increasing in fostering global green transition. The study’s main purpose is to identify trends in international trade in green goods based on its volume and structure analysis, ascertain potential risk factors that hinder green exports. The authors consider green trade as a tool for implementation and of the green direction state and indicator in the global economic development. The total volume of green trade was calculated based on 226 commodity sub-codes (IMF data). Focus of the study was on exports analysis of electric vehicles, nuclear reactors, electric generating plants for wind farms, biodegradable packaging, industrial waste for recycling and use. These groups characterize individual green sectors’ global development. The analysis systematized green agenda evolution and theoretical approaches to its justification; identified key trends in green exports and the leading countries in “volume of green goods exports” and “share in green goods global exports” (China, Germany, USA, Japan, etc.). The largest contribution to green trade is made by 3 sub-items: industrial waste for recycling and use (12.5% of global green exports), electric vehicles (9.6%) and solar panels (4.2%). It was concluded that the contribution of green trade to the world GDP is insignificant (1.8%) at the present time with its slow growth rate (by 0.3 percentage points in 2010-2021). However, the share of green trade in world exports is already quite noticeable and has reached 8% (comparable to world food exports). Global green products exports showed steady growth in 2010-2021. Three factors’ groups were substantiated as the main obstacles to the green trade development: institutional, technical, and geopolitical. Each of these groups can initiate green protectionism not so much in a defensive as in offensive form.

This study analyzes the impact of officially multilateral foreign funds in the Kyrgyz Republic on its economy, on broader socio-economic development. It identifies key strengths, obstacles, weaknesses, lessons from different periods official multilateral financing and the key features of the public investment system with foreign loans. The analysis shows the positive impact of public investment on socio-economic development, although this positive effect is significantly reduced due to the debt trap, high servicing costs, a large share of lost effects from loans owed to both creditors and countries from operational failures as well as economic and financial mistakes. A sensitivity analysis is conducted showing the size and impact of possible additional effects on the country’s economic development and growth, budgets and debt levels that could be achieved through more efficient implementation of public investment processes, improved project selection, preparation, and optimization of investment project implementation, as well as better utilization foreign financial funding.

Demographic development is one of the important elements of sustainable socio-economic development of the state (and its individual subjects) and at the same time a factor of its national security. The development of the Far East is a strategic priority for Russia in the 21st century, the main resource for which is human potential. Demographic policy in the Far East is aimed at stabilizing and increasing the population. The Far East is the most sparsely populated region of the Russian Federation. The average population density is 1.2 people per 1 sq. km. The region’s population is extremely uneven, partly due to the diff in climate in the north and south of the region. The highest density is more than 12 people per 1 sq. km in Primorsky Krai. The southern part of Sakhalin is quite densely populated. At the same time, in the Republic of Sakha, Magadan and Kamchatka regions, the population density is only 0.3…0.8 people per 1 sq. m. This study is aimed at analyzing the demographic development of the Far East. The importance of demographic processes is on a par with ensuring the necessary rates of economic growth and, on this basis, raising the living standards of the population, and ensuring security-related issues. The demographic situation in the Russian Far East continues to be determined by: low birth rate, high mortality, natural population decline, rapid aging of the population, shorter life expectancy than in Russia as a whole, and a steady outfl of the population to the western regions of the country and abroad. One of the demographic components that infl the reproduction of the population in the macroregion and its dynamics is migration as a process of territorial movement of the population. The demographic situation in the Far East has always been largely determined by migration processes, which previously were the source of formation of the size and composition of its population.