Vol 28, No 3 (2020)

The article examines the relationship between financial innovation (mobile banking) variables in sub-Saharan Africa. Mobile banking (also known as mobile money) is one of the main financial innovations in the sub-Saharan region, and it is a system through which non-bank residents (residents without bank accounts, etc.) receive financial services. The overall importance of financial innovation in today’s digital and knowledge-based economy, and indeed, innovative development, inspired this study. Using a partial linear regression model, we analysed the International Monetary Fund data set, the World Bank’s national economic data, and mobile banking data from GSMA for the period from 2011 to 2017. A negative correlation was found between these variables and growth, as well as financial development, but a positive relationship was established between financial development and economic development. This positive relationship re-confirms the argument that financial development affects economic growth. It is recommended that policy makers develop and implement the necessary policy tools that can promote this form of financial innovation, and thus link its benefits to the national economy in general.

The article is devoted to the study of the sectoral and territorial structure of investment industrial projects in order to identify the potential development of the Samara region in a 30-year perspective. The main information of the study was the data on the developed and implemented investment projects of 2008-2048 from the Fund “Agency for Attracting Investments of the Samara Region”. It was revealed that more than 80% of the total investment in these projects is related to strategic projects designed to ensure the integrated development of the region. This implies the future changes in the sectors of the regional economy and its spatial development. 144 regional investment projects were considered, 79 of which are industrial and at the same time concentrate 2/3 of all investments. The analysis showed that the number of investment projects in the manufacturing industry of traditional areas prevails, however, 75% of the financial resources are allocated for the development of the fuel industry (the creation of oil refineries). A significant part of the projects is located in the largest cities: about 90% of all investments were directed to four cities - Samara, Novokuybyshevsk, Syzran and Tolyatti. The most important investment industrial projects are described for these cities, they make adjustments to their city-forming functions. Information and statistical base are materials of the Federal State Statistics Service and sites of cities of the Samara region also. The region specificity of current socio-economic situation is characterized and the industrial profile is determined. The most important cities are described as the centers of the region by their location, the main industries and leading enterprises. A comparison of the existing sectoral and territorial features of Samara regional economy and its investment projects allowed to draw the following conclusions. The most of industrial projects are implemented in the same industries that are basic in the economy of the region, so it will continue in the future. The role and importance of oil refining in the economy will increase significantly, while the manufacturing industry will decrease. The spatial picture of the economy will not change, but the imbalances will increase due to the development of large-scale oil refining projects in the largest cities of the Samara region. The processes of diversification of industrial production will mainly affect the development of the cities of Togliatti and Samara.

Currently, the heterogeneity of economic space, relatively low development rates and negative trends in the socio-economic development of individual territories, and limited resource opportunities (including investment opportunities) are among the significant problems of municipalities. One of the mechanisms for solving them at the level of local government bodies is the institution of inter-municipal cooperation. The aim of the paper is to analyze the possibilities of territorial and sectoral inter-municipal cooperation aimed at overcoming the negative imbalances of the region's investment development (based on a case study of the Vologda region). The methods of cluster analysis and time series analysis were used, as well as tabular and graphic methods for the visual representation of the study results, the application packages “MS Excel” and “STATISTICA”. The paper examines the main trends in the development of inter-municipal cooperation processes in the Russian economy, identifies the specifics of the interaction of municipal entities in the Vologda region, and presents a territorial and sectoral approach to the development of different forms of cooperation based on the example of the Vologda region. The obtained results can be used by regional and local authorities in the development of investment policy, the formation of a system of organizational and economic mechanisms for the intensification of investment processes in the region. The study materials presented in the paper may be interesting for scientific discussion, for use in scientific and educational activities.

Every day more and more companies rely on artificial intelligence, from small startups to large companies, among which stand out not only the IT giants Google, Microsoft, Facebook, IBM, but even those that seemingly far from this topic - for example, General Motors and Boeing created a joint laboratory for AI research. It becomes obvious that AI technology is the real mainstream of our time. The article examines the global market for artificial intelligence systems and technologies. The authors described the peculiarities of the formation of this market and the main trends and segments in its development. The goal of research - identify the dynamics, features and trends of the global market for artificial intelligence systems and technologies. The methodology of system analysis, the dialectical method of scientific cognition, methods of historical, logical and comparative analysis are used. The concept of artificial intelligence has been systematized, the dynamics of the global market for artificial intelligence systems and technologies have been revealed, as well as in the regional context. The relationship between its dynamics and the sharp jump in performance of information processing algorithms, which became possible due to the fast computer based on GPUs, an avalanche-like data growth and the emergence of almost unlimited possibilities for storage and technology access, has been detected. It is shown that the global market for artificial intelligence technologies is in a phase of inflated expectations and with a high enough level of risk for investors. The main trends and segments in the development of the global market for artificial intelligence systems and technologies have been identified. These include deep learning technologies, the convergence of AI technologies with other technologies such as analytics, ERP, the Internet of Things, blockchain, and even quantum computing, which has the greatest impact, the development of cognitive intelligence systems, and the creation of a cognitive computer. It is shown that business leaders consider AI fundamental and absolutely necessary for the development of future business opportunities. It has been proven that the rapid development of AI systems and technologies is not just another technological innovation, but the technological platform of the Fourth Industrial Revolution, which is associated with hopes for accelerating the economic growth of the world economy, increasing the competitiveness of countries and companies.

The rapid acceleration of scientific and technological progress, which started at the beginning of the 21st century, has become a decisive factor in influencing the global economy. Who will lead the global innovation race? This problem is especially relevant in the field of artificial intelligence (AI). At the moment, the United States and China are the main participants in the battle for dominance in this area. The author assesses China’s innovative potential in the field of AI and identifies its achievements in this area. Based on the statistics provided, China’s AI leadership has reached a critical point. China is confidently leading the new fundamental research of artificial intelligence, forming its theoretical base and applied research and development, which will contribute to the creation of new high-tech innovative products and services. However, in terms of the number and quality of AI specialists (AI Talents) and the number of companies engaged in AI, China is still lagging behind its main rival, namely the United States. The author proved that, despite the obvious successes of China, the United States still has an equal lead in the global innovation race.

This study aims at identifying the challenges of digitalization and artificial intelligence for modern economies, societies and business administration. The implementation of digitalization schemes as Industry 4.0 are presently official policy of many developed countries. The goal is optimization of production processes and supply chains. Artificial intelligence is also affecting many fields. Both technologies are expected to substantially change working conditions for many people. It is important to identify the kind and impact of these changes and possible means to minimize negative effects. For this purpose, this study uses previous results about the disappearance of manufacturing jobs in the USA and their impact on different groups of society together with technical information about the new technologies to deduce expected changes caused by digitalization and artificial intelligence. Results are that both technologies will destroy large numbers of jobs and complete job classes while at the same time creating new jobs very different from the ones destroyed. Extensive permanent education and re-education of employees will be necessary to minimize negative effects, probably even changes to a more broad-based education to improve the potential of job changes into completely new fields. In addition, the technical information about digitalization in cyber-physical systems points to dangers that will require solutions on the international level.

The article explores the experience of a number of EU countries. It is revealed that in the EU countries there is growing interest in using public procurement policies for food security by promoting the development of farms, small farmers entering the national market, increasing their incomes, developing rural areas, improving quality nutrition. The main directions of transformation of public procurement policies in the agri-food sector are green public procurements (GPP), aimed at solving environmental problems, and sustainable public procurements (SPP). At the same time, inclusion of quality criteria in the public procurement system and access to the market public procurement of small agricultural producers requires solving a number of problems, including increasing the professionalism of state buyers, introducing innovative methods in boards using modern technology. In addition, the multisectoral nature of these initiatives requires coordinated action between different sectors of the economy at all levels. The conclusion is drawn on the need to transform the Russian government procurement policy in accordance with the target guidelines of economic policy in modern conditions.

The article offers a classification of types of economic security and separately identifies foreign trade security as the most important element of the state’s economic security in the context of global escalation of trade contradictions in international trade. The essential characteristics of foreign trade security, characterized by permanent external influence, are revealed. Based on the identified features and characteristics, the definition of foreign trade security is given as a state of protection of exports and(or) imports from threats caused only by external influence, but not internal, in contrast to other types of economic security. It is shown that it is impossible to achieve the state of full provision of foreign trade security of the state in the conditions of participation in international economic relations. To resolve the contradiction between the goal of maximizing the effect of foreign trade activities and the simultaneous need to ensure security, we propose the formation of a scientifically-based system for ensuring foreign trade security and identify its main constituent elements.

The article deals with internal and external factors, which have an impact on China’s foreign economic policy at the period of the “new normal”, highlights new priorities and directions for the modern foreign economic policy in China. The article attempts to summarize all the economic, political, environmental, and social challenges that the Chinese leadership currently faces at the domestic, regional, and global levels. Special attention is paid to the One Belt, One Road Initiative, which reflects and summarizes new directions of China’s foreign economic policy in the context of slowing down the national economy development, excessive production capacity, the growing disparity in the development of Western and Eastern regions of China, the escalation of economic confrontation with the United States and further deepening cooperation with countries in the Asian region.