In this issue

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RUDN Journal of Economics. 2021;29(2):237
pages 237 views


Features of the American foreign direct investment: the role of the American holdings

Konovalova Y.A., Liongo Monkisheme V., Ushanov S.A.


Article is dedicated to the determination of key features of the United States participation in the international capital movement on the example of FDI’ outflows and inflows, and confirmation of its heterogeneous nature. Tax reform that has been implemented in the end of 2017 led to the result when USA was deleted of the list of TOP-20 world investors of 2018 (by UNCTAD). The scientific opinion and fears were connected with the forecasts that the tax reform could change the movement of FDI flows back to the USA from foreign countries, especially, and the countries with the low taxes and the most favorable investment regimes. At the same time, it needs to underline that the analysis of U.S. FDI inflows and outflows showed that the negative indicator of U.S. FDI outflow (export) in 2018-2019 was connected with the repatriation of U.S. holding companies’ profits, that were doing business in countries with the most favorable tax and investment regimes. The authors tried to investigate the nature of the American holdings role and the integration of U.S. in to the global system of FDI and capital movement.

RUDN Journal of Economics. 2021;29(2):238-252
pages 238-252 views

Opportunities and prospects for Russian-Tajik trade and investment cooperation

Dadabaeva Z.A.


In today’s world, small and economically weak States find it difficult to develop without the assistance of international partners. Analysis shows that trade relations between Russia and Tajikistan are developing in a mixed manner. Their structure is characterized by some one-sidedness and raw material orientation. Exports from Russia predominate, and Russian products occupy a stable first place in the overall trade turnover of Tajikistan. While Tajik export goods are not so much in demand in Russia, their share in the total Russian trade turnover is insignificant. Russian investment activity, which was active in the zero years of the 21st century, is gradually losing its position. The study shows that this has been facilitated more by the internal-Tajik factor, in particular the sharp deterioration of the investment climate for Russian investors. But, in the author’s opinion, the potential for successful trade and investment cooperation between Russia and Tajikistan is quite wide. Ecologically clean and of good quality fresh fruit and vegetables and dried fruit from Tajikistan could, under certain conditions, diversify the Russian market for agricultural products. In turn, the Tajik economy needs new technologies in telecommunications, the agricultural sector, the digitization of all sectors of the economy, and assistance in the construction of hydroelectric power stations, new power lines, roads and railways.

RUDN Journal of Economics. 2021;29(2):253-265
pages 253-265 views

Modern exchange rate formation in a resource-oriented economy: the institutional dimension

Bunevich K.G., Gorbacheva T.A.


There is an increasing need for in-depth theoretical and applied studies of the essence, structure and features of the formation of the exchange rate, the development of the mechanism of currency regulation in the Russian Federation, determining the degree of state regulation of currency relations, including due to the introduction of currency restrictions, clarifying the main criteria for the effectiveness of their application, as well as developing directions for improving the mechanism of currency regulation in the conditions of post-crisis economic development. The main purpose of this article was to consider the peculiarities of the formation of the exchange rate in a resource-oriented economy, which includes the Russian economy. The article uses general scientific methods, in particular, analysis, synthesis, comparison, as well as a systematic approach to the study of information. The value of the exchange rate for the economy is indicated. The main indicators of exchange rates and the main groups of factors affecting the exchange rate of the national currency are described.

RUDN Journal of Economics. 2021;29(2):266-277
pages 266-277 views

Examining causal relationship among stock market index, crude oil price, exchange rate amid COVID-19 era: an empirical evidence from Indian financial market using VAR model

Pandey M.K., Sergeeva I.G., Gudla V.


The year 2020, so far, has been relentlessly wreaking havoc on the very concept of life and work as we know them. This unprecedented event has been unfolding multiple worst-case scenarios on all fronts of our society and has eclipsed almost every other natural disasters of the modern world and pushing humanity on the verge of tipping point. Up to now, more than 29 million people have been infected and more than 1000 thousand have lost their lives because of COVID-19. So far, this epidemic has not only taken human lives but also snatched the livelihood of millions of people worldwide. Because of this epidemic, the world has been experiencing a kind of regressive mindset, where countries are looking inward, and all kinds of political, social, and economic relations are in a very confused state on account of this ongoing assault on them. Consequently, this epidemic has triggered a high level of skepticism in investors about the certainty of the rapid healing of the social and economic condition which is hindering the quick and healthy recovery of financial markets in most of the pandemic ridden countries of the world. The purpose of this study was to examine the causal relationship among various factors such as crude oils price, exchange rate, and stock market performance during Covid-19 in the context of financial market performance in India. Several methodologies have been applied during this study such Johansen co-integration test, vector autoregression model, and Granger causality test. The results have supported a significant causality among crude oil prices and the exchange rate on stock market performance.

RUDN Journal of Economics. 2021;29(2):278-298
pages 278-298 views

Industrial organization markets

Methodological approaches to the development of investment activities of a professional sports organization

Matviyenka A.I.


The article discusses ways to improve the investment regulation of professional sports organizations. The approaches of scientists and researchers in the world economic thought to the problem under study are considered. The effectiveness of professional sports as a type of economic activity in the structure of the national economy of the Republic of Belarus is noted. Based on the assessment of the economic efficiency of the functioning of professional sports organizations in the Republic of Belarus, the analysis of normative legal acts and effective foreign experience, a method of effective regulation of investments in the development of a professional sports organization is proposed, which includes a model of investment regulation and methodological recommendations for maximizing income. In contrast to the existing practice, a holistic system has lined that takes into account the management, marketing, export, information technology, innovation and investment potentials of a professional sports organization. The carried out tested developed methodology for optimize the investment regulation of a professional sports organization on the subject for compliance with real market conditions on the example of the football club of the highest League of the Republic of Belarus “Shakhtyor” (Soligorsk), the results showed a positive economic effect of organization and revealed directions for the development of its supporting segments.

RUDN Journal of Economics. 2021;29(2):299-311
pages 299-311 views

Impact of changes in economic pressures on the activities of foreign oil and gas companies in Venezuela

Chadaeva E.A., Ojeda Kalluni E.


The article discusses several new laws in the oil and gas sector of Venezuela, which appeared at the beginning of the 21st century. It also presents the tax regimes in this area of the country and the types of tax and economic burdens that apply to these regimes; highlights the main problematic aspects of changes in tax legislation and the consequences on the activities of foreign companies and the development of the oil and gas sector of the country as a result of such changes. It is concluded that the increase in state revenues not solve the problem of attracting investments in the oil and gas sector of the country, and only scare off a large company in the future (Exxon Mobil and ConocoPhillips have left the Venezuelan market), resulting in a fall in production at the country, its government revenues, and then slowing down economic growth in the country. As an alternative approach to improving state regulation and the conduct of the oil business in the country, the options for improving this situation are presented: to increase the share of foreign companies in strategic partnerships; review the tax system for oil companies; allow some programs to be implemented directly by foreign companies; and propose new distribution and profitability schemes that will adapt to the current international hydrocarbon market.

RUDN Journal of Economics. 2021;29(2):312-323
pages 312-323 views

Global trends and growth dynamics in media industry

Pinchuk E.S.


The article reviews the trends in the media industry landscape formation based on content as a source of economic processes taking place in the industry. A wide range of expert opinions, reflecting the current changes was collected and analyzed. The life cycle of content is examined and the key trends in its production, packaging, distribution and consumption are highlighted. The attention is focused on the economic and technological factors that determine each of the trends, for instance, a change in the model of media consumption, the development and distribution of OTT platforms as a new way of delivering content, as well as a rapid transition to a new technological level. The latest statistical data from Russian and foreign sources support the reviewed trends. There is a separate description of the coronavirus pandemic impact consequences on the global media and the Russian industry in particular, and the key aspects of the development of the industry are identified in the current period on its basis.

RUDN Journal of Economics. 2021;29(2):324-337
pages 324-337 views

Positions of Boeing and Airbus in the global civil aircraft industry: comparative analysis

Kidun E.S.


There is a duopoly in the global civil aircraft industry. The market for the production of passenger aircraft is mainly divided between companies such as Boeing and Airbus. This work describes the history of the creation and activities of both companies throughout their existence, as well as the trends in their activities today, related to external events. Competition between these companies is quite high and exists due to a number of certain factors. The results of this competition are the position of each of the companies in the market, which is reflected in their production and financial indicators and reflects the overall situation in the market for the production of civil aircraft. Also, this work allows us to identify future trends in the activities of these manufacturers, and, accordingly, the entire industry as a whole.

RUDN Journal of Economics. 2021;29(2):338-347
pages 338-347 views

Management of material recourse supply of automotive enterprises based on expert systems

Nechaeva P.A.


The importance of managing the material recourse supply has become apparent in the modern economy as it largely determines the survival of a corporation and its success in the market, which is especially important in a crisis. The procurement has a particular impact on this process. The problem of subjectivity when choosing a supplier is increasing in modern condition, which forces companies to use new tools, such as artificial intelligence system to make management decisions. The article proposes an expert supplier management system as an integral part of the material recourse supply management system for automotive enterprises. The possibility of improving the efficiency of procurement system, in particular supplier management. Based on a fuzzy expert system is considered. The fuzzy knowledge used to build the expert system will allow the company's management to take into account the uncertainty when making decisions about choosing a particular supplier, as well as see a description of the supplier's criteria that cannot be quantified. The use of an expert system becomes especially relevant when difficulties arise in objective decision making and choosing from a variety of alternatives. As a result of the work of the expert system, the top management of the company will receive an objective decision on choosing a supplier.

RUDN Journal of Economics. 2021;29(2):348-358
pages 348-358 views

Reducing the cost of electricity transmission services of industrial enterprises connected to the electric networks of electric power producers

Dzyuba A.P.


Reducing the cost of electricity consumption by industrial enterprises is the most important area of increasing the operational efficiency of their activities. The article is devoted to the issue of reducing the cost of paying for the service component of the transport component of purchased electrical energy from industrial enterprises that have technological connection to the electrical networks of electricity producers. The article makes an empirical study of the features of the pricing of payment for the services of the transport component of purchased electrical energy for industrial enterprises connected to the electric grids of electricity producers with the identification of factors influencing the overestimation of the cost of paid electricity, and calculating such overestimations using the example of a typical schedule of electricity consumption of a machinebuilding enterprise for various regions Russia. On the basis of the developed author's indicators (tariff coefficient for electricity transportation by the level of GNP, index of tariff coefficient for electricity transportation, weighted average price for electricity transportation, index of weighted average price for electricity transportation, integral index of efficiency of GNP tariffs) study of the effectiveness of the application of tariffs for the transport of electricity for industrial enterprises connected to the electric networks of electricity producers. Based on the calculated indicators, the article groups the regions into three main groups, with the development of recommendations for managing the cost of purchasing electricity by the component of the cost of the transport component of purchased electricity in each group. As the most optimal option for reducing the cost of electricity transportation, the author proposes the introduction of demand management for electricity consumption, which will reduce the costs of industrial enterprises that pay for the transport component of purchased electricity at unfavorable tariff configurations.

RUDN Journal of Economics. 2021;29(2):359-383
pages 359-383 views

Structural-content model of the territories marketing system as a direction of the socio-economic policy of the state

Antonov V.N.


The article is devoted to the development of a structural-meaningful model of the territory marketing system as a direction of the state's socio-economic policy. At the same time, it is substantiated that the territory marketing system belongs to the category of open and is influenced by: systems of higher levels (for example, the economic security of the state); existing or potential financial and investment, material and resource, intellectual and personnel, digital development of territories, which, in fact, largely determines the capabilities of the state in the implementation of socio-economic policy and the choice by the authorities of tools for marketing territories; traditions, lifestyle and mentality of the population. Based on this, the signs and consequences of an insufficiently effective socio-economic policy in connection with its key directions are identified, and the features of the implementation of its main mechanisms are identified, in relation to the marketing of territories within the framework of the proposed structural and substantial model.

RUDN Journal of Economics. 2021;29(2):384-401
pages 384-401 views

Economic integration and globalization

Analysis of currency integration indicators in the Eurasian Economic Union

Budarina N.A., Chernenkov A.S.


For the world economy, the integration process is one of the most widespread and global. The Eurasian Economic Union is a typical example of bringing countries together to achieve shared goals and to face diverse challenges successfully by implementing coordinated policies and harmonizing the regulatory framework. The formation of a monetary union will be the next stage of integration. The EAEU member States need to achieve a certain level of economic convergence for that purpose. Thus, the main aim of this research article is to analyze some of the economic indicators of the EAEU in order to identify common problems, the solution of which will be necessary for the successful formation and functioning of the monetary union. The authors have studied such indicators as GDP volumes and inflation levels, as well as the dynamics of changes in exchange rates and the level of mutual direct investment in terms of sigma convergence. The authors have also used methods of graphical representation of the scientific results. The reports of the Eurasian Economic Commission and the Central Banks of the EAEU Member States were used as the main sources of statistical data.

RUDN Journal of Economics. 2021;29(2):402-412
pages 402-412 views

Latin American regionalism and trade agreements with the European Union: experiences and approaches

Tayar V.M.


The article deals with the issues of trade cooperation between the European Union and Latin America and the Caribbean region (LAC). The characteristics of interregional trade are presented, and trade interaction between the EU and the subregional blocks of the LAC is analyzed. The author shows that Latin American regionalism predetermines the EU's approaches to trade and economic cooperation with LAC. Despite the fact that Latin American integration format differs from the European model, the EU countries manage to maintain trade and economic relations with subregional associations and particular Latin American countries, despite the growing competition in this region from the United States and China.

RUDN Journal of Economics. 2021;29(2):413-425
pages 413-425 views

Developed and developing countries economy

Instruments for implementing China's economic interests in the developing countries on the example of Sub-Saharan Africa

Biryukov D.Y., Dyuzheva N.V.


The article examines China’s foreign economic policy in the developing countries of Sub-Saharan Africa. The purpose of the study is to determine what financial and nonfinancial instruments the PRC uses to implement its economic interests in the region. The relevance of the study is due to the increased role of China in the economies of the region, its active investment and lending policy, which in theory can lead to the emergence of “debt traps”, and the spread of “soft power”. To determine the scale of interaction, a general statistical analysis of trade and economic cooperation between the PRC and the countries of the region is provided, and its structure is determined. The institutional framework is studied, for example, the China - Africa Cooperation Forum, and the main instruments which are used to implement the economic interests of the PRC are given, such as the Belt and Road Initiative and investments within its framework, credit policy, assistance in the creation of SEZ, individual elements of “soft power”. The systematization of such instruments makes it possible to assess China’s place in the region in more detail and identify potential risks for developing countries. The implications of the utilization of such instruments in the context of the economic development and economic security of African countries are determined based on the results of the study.

RUDN Journal of Economics. 2021;29(2):426-438
pages 426-438 views

The impact of climate risks on Russia’s economic development: example of the North Caucasian Federal District

Lukyanets A.S., Bragin A.S.


This article presents an analysis of climate risks’ structure and effects on the Russian Federation's economic development. Despite the existed theoretical background, it is not clear about the leading risk factor, human adaptation to it, and the subsequent effect on the economy. This happens since some climate risks can be controlled; therefore, their impact on the regional economy is minimal. Thus, we are interested in the scope of certain climate risks affecting the Russian Federation’s economic situation. We have selected the North Caucasian Federal District because it is strongly susceptible to the most severe climate risks as droughts and floods. Considering the complexity of the climate risk formation process, we use mixed-methods. It allows identifying the quantitative component and analyzing the object in the framework of the existing theoretical background. During our research, we determined the cause of climate risk formation in the Russian Federation. With the collected empirical data for 2010-2013 regarding the level of drought, precipitation, and crop productivity, we have compared the region's economic situation with climate risks. It was determined that despite the clear manifestation of climate risks in the North Caucasian Federal District, the economic damage to the region is minimal due to the high level of the region's resistance to the existing threats and their localization. Nevertheless, guided by the theoretical and methodological basis of the topic under study and revised data on the migration loss of the region, we can assume that the North Caucasian FD’s climate risks are expressed in the concept of climate migration, and this process has an increasing dynamic.

RUDN Journal of Economics. 2021;29(2):439-450
pages 439-450 views

Estimating the oil revenues of Iran premised on the US - Iran relationship analysis

Sineok M.N., Gribanich V.M.


The Islamic Revolution of 1979 has filpped Iran's foreign policy around and country has changed cooperation with the West for confrontation with it. In this regard, over the past 40 years, relations between Iran and the US have had mostly negative dynamics, the country has been permanently under sanctions. During these 40 years, there were periods of exacerbation, in particular in 2006-2013 and after 2018, when the United States imposed serious sanctions against Iran, in particular against the country's oil and gas sector. Thanks to the nuclear deal, bilateral relations entered a short period of relief, that allowed Iran to increase its economic activity. The election of Donald Trump as US President with his aggressive foreign policy, has become the reason for the renewal of sanctions, a reduction in Iranian oil imports and Iran's loss of its positions in the global economy. The 2020 US presidential election has given new impetus to bilateral relations. Trump’s opponent Joseph Biden has announced his plans for a softer policy, including relations with Iran. Certain difficulties for Iran in rebuilding the relations and its positions in the world economy arised in view of the presidential elections in the country, due to victory of the conservatives, who do not intend to conduct a constructive dialogue with the West. All these factors are decisive for the future international position of the country, especially in the oil market. As one of the key players in this market, Iran plays an important role in maintaining the balance, especially amid low oil demand caused by the coronavirus pandemic. In this regard, the country's oil export capabilities based on the above factors are analyzed and the most optimal option is esteemed.

RUDN Journal of Economics. 2021;29(2):451-462
pages 451-462 views

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