Vol 29, No 3 (2021): New trends, strategies and structural changes in emerging markets


In this issue

Reshetnikova M.S.
RUDN Journal of Economics. 2021;29(3):477-478
pages 477-478 views


Belarus’ external debt in the context of the pandemic and ways to resolve it

Gracheva A.D., Miroshina E.A.


The changes in the amount of the external debt of Belarus depending on various factors are analyzed. The study found that the consequences of the epidemic COVID-19 had a significant impact on the increase in the amount of external debt. In addition, political protests against the government have a special weight in the reasons for the growth of Belarus’ external debt, since their consequences significantly reduced the level of confidence on the part of foreign investors, which led to a fall in the ruble. The role of foreign countries as the main creditors in the external debt of Belarus, as well as in the economy of Belarus as a whole is examined, and the importance of the Belarusian “friendship” with Russia is considered. In conclusion, an assessment of the structure of the Belarusian economy and methods of its regulation is carried out, and then possible ways of settling the Belarusian debt are presented.

RUDN Journal of Economics. 2021;29(3):479-489
pages 479-489 views

Investment cooperation between Russia and India

Manshin R.V., Ghafari A.L.


The long-term cooperation between Russia and India in the investment field is analyzed. This cooperation is of great strategic importance not only for the development of these countries, but also for solving problems at the global level. The world is currently undergoing large-scale changes affecting various spheres of public life. On the basis of Russian and Indian statistics, as well as statistics of international organizations, conclusions are drawn about the uneven distribution of foreign direct investment between Russia and India, and their different position in the international movement of capital is indicated. Examples of specific investment projects between TNCs of the two countries are given. Prospects for investment cooperation between the two countries have been substantiated. The purpose of this research is to study investment cooperation between Russia and India. The theoretical basis of the study was the works of Russian and foreign authors, which examine the issues of the socio-economic situation of developing countries, and in particular, the economic development of India and Russian-Indian relations. The work used methods of analysis and comparison of theoretical positions, as well as methods of statistical and analogy, expert assessments. It was found that the most interesting projects for the Indian economy are the extraction of oil and other minerals, construction, trade, and real estate. For Russia, the sphere of manufacturing is of particular investment interest, as well as the sphere of trade and the financial sector.

RUDN Journal of Economics. 2021;29(3):490-501
pages 490-501 views


The Indian Republic in the global energy markets

Gusakov N.P., Konovalova Y.A., Reshad S.A.


Energy is an integral part of the economic security of any state, and it is more complex, the lower the degree of provision with its mineral resources and the higher the number of the population living in the country. Being the undisputed world leaders in terms of population (1.4 billion people and 1.3 billion people), China and India are concerned about ensuring the energy security of their national economies. According to the latest forecasts formed by the International Energy Agency, by 2040, these two countries will become world leaders in terms of imports of mineral products (in this case: crude oil and natural gas). China is the world leader in exporting goods; India is implementing an economic and industrial policy to turn the country into a world manufacturing hub. In this regard, providing countries with energy resources is one of the most critical tasks. At the same time, a significant problem is a dependence on regular supplies of raw materials and world prices for energy carriers. Respectively, countries should pursue a policy of diversification of suppliers of mineral products. The subject of this study is the Republic of India and its position in the world energy markets; issues of energy security and energy policy are also highlighted.

RUDN Journal of Economics. 2021;29(3):502-509
pages 502-509 views

Legal services global market: current state and development prospects

Yastrebov O.A., Tinkova A.A.


The article answers the question: what are the distinctive features of the global legal services market in the context of globalization, as well as what place and role it occupies in international trade and trade policy? The study is divided into 3 parts. The first part structures the main theoretical aspects concerning the legal services world market: the concept and classification of legal services, forms and methods of international trade in legal services. The second part analyzes the market indicators of the global legal services market, characterizes the main problems and trends in its development. The place and role of Russia in the global legal services market are revealed. The third part deals with the foreign trade policy issues, mechanisms for protecting the internal market. Special attention is paid to the analysis of the Services Trade Restrictiveness Index for legal services. The mechanism of countries’ foreign trade policies’ influence on the British legal services sector is illustrated in the context of Brexit.

RUDN Journal of Economics. 2021;29(3):510-523
pages 510-523 views

Economic integration and globalization

Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece

Bijan A., Ejazi E.


The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greece’s lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greece’s policymakers to implement IMF’s austerity measures in their country are sought.

RUDN Journal of Economics. 2021;29(3):524-536
pages 524-536 views

Problems of customs control over the movement of hazardous waste across the customs border of the Eurasian Economic Union

Vorotyntseva T.M.


Hazardous waste is a trigger of the environmental crisis, especially at the stage of increasing production and consumption of goods, leading to a significant increase in industrial waste and its movement across customs borders. The cross-border movement of hazardous waste is controlled by the state, customs authorities are entrusted with the tasks of protecting national security, human life and health, animal and plant life, the environment, including protection against the illegal import of hazardous waste. The transboundary movement of hazardous wastes is carried out within the framework of the permissive procedure. Such a unified licensing procedure has also been adopted in the EAEU with respect to the import into the customs territory, transit, export from the customs territory of dangerous wastes. This procedure assumes that the declarant submits to an official of the authorized body a license of the Ministry of Industry and Trade of the Russian Federation or a permit for the transboundary movement of hazardous waste of the Federal Service for Supervision of Environmental Management. However, despite the efforts of the international community in the fight against hazardous waste, the dynamics of illegal movement of certain types of waste continues to grow, which indicates the existence of a number of unresolved problems. In the course of the study, the conceptual and categorical apparatus in the field of “hazardous waste” is analyzed, the main provisions of the procedure for moving this category of goods across the customs border of the EAEU are considered. The basis for national legislation in terms of the conceptual apparatus and regulation of the transboundary movement of hazardous wastes through the customs territory of the EAEU is the norms of international law, while a comparative analysis confirms the ambiguity of their recognition and classification in the EAEU member states. The analysis of the dynamics of the movement of hazardous waste, including used pneumatic tires and tires, showed that every year the problems of environmental protection become more acute. As a result of the study, specific problems in the field of transboundary movement of hazardous wastes were identified and recommendations for their solution were given.

RUDN Journal of Economics. 2021;29(3):537-553
pages 537-553 views

Trade facilitation: definition and current significance for economic development of Russia

Nenadyshina T.S.


At the present stage of the functioning of the multilateral trading system there is an increasing need to find new approaches to the development and facilitation of trade other than the reduction of tariff and non-tariff barriers. Trade facilitation is the field of activity of many international organizations, it is recognized as an effective tool for promoting economic development and capacity building both at the level of an individual state, and within integration associations and regions, which, due to their geographic location have close political and economic ties. The areas targeted by trade facilitation measures are diverse and have evolved over time. This has led to the fact that the concept of “trade facilitation” does not have a specific applied characteristic, as well as a generally accepted framework for the implementation of initiatives in this area, which undoubtedly deserves scientific attention. This approaches to interpretation of “trade facilitation” term in Russian practice are described. Also were hold the analyses of considering term definitions, which were defined by international organizations in accordance with their scope of work and those, which are proposed by scientists. The main approaches to understanding of considering term were exposed, that make possible to characterize the essence and main directions of trade facilitation measures implementation. The feasible economical profits of implementing initiations in field of trade facilitation in framework of international trade both from supply and demand are described. In addition, the main perspectives of trade facilitation measures for different participants of international trade were systematized. In conclusion, defined author’s approach for understanding of “trade facilitation term” concerning the interests of Russia in this sphere. The author identified the most relevant vectors for the implementation of measures to facilitate trade procedures, which reflect the current directions for the implementation of the economic policy of the Russian Federation, as well as ensure the creation and maintenance of a favorable business environment to stimulate the development of foreign economic activity and foreign trade.

RUDN Journal of Economics. 2021;29(3):554-566
pages 554-566 views

Mali’s participation in the West Africa’s integration processes

Andronova I.V., Dembele M.


The first ever integration bloc in Africa was formed back in the colonial era in 1910, when a number of British colonies were integrated. Modern integration processes in the African countries in the south of the Sahara began much later, from the early 1960s, when most of the former colonies gained independence, and it was during this period that the construction of a number of economic blocks began. The article reveals integration processes in West Africa and sub-Saharan African countries features. Integration as such is viewed as a complex procedure, with the success way which depends on many factors. On the experience of the Republic of Mali, the authors demonstrated how an irrational socio-economic policy can lead to deformation of integration processes, which inevitably threatens with deep financial and socio-political crises.

RUDN Journal of Economics. 2021;29(3):567-574
pages 567-574 views

Developed and developing countries economy

What’s happening to the locomotive of global economy, or The myths about the recovery of China

Reshetnikova M.S., Pugacheva I.A.


The COVID-19 pandemic has caused irreparable damage to all economies. Coping with the consequences by the leading players in the global economy is only expected. However, the world’s leading organizations have been trumpeting about overcoming the crisis in China. The aim of the research is to analyze the current state of the Chinese economy and answer the question whether it has overcome all the crisis phenomena. As part of the study, the authors analyzed indicators such as GDP, debt level, level of domestic demand, activity in the financial market and the M&A market, as well as technological and social policies of China and the structure of trade. For the analysis of quantitative indicators, a combination of comparison and classification methods, media scanning, and crowdsourcing was used. The information base was grounded on annual reference books published by official institutions in Сhina, World Bank, International Monetary Fund, statistical data from international publications devoted to Chinese economy. The analysis showed the presence of trigger situations in the stock market, in the market for innovative investments and the banking sector. The state of the credit system is also a matter of concern. The authors have proven that enthusiastic statements about the rapid recovery of the Chinese economy are more an encouraging myth than a fait accompli. Today, China is only at the beginning of its recovery from the crisis caused by the pandemic. Will it be able to become the locomotive of global economic growth again, as in 2008? The answer to this question remains open.

RUDN Journal of Economics. 2021;29(3):575-586
pages 575-586 views


Contribution of Lionel Robbins’ essay to economic psychology

Tileva I.


Nowadays economic psychology is a field of science that has serious potential to compete classical economic theories. Many contemporary authors are interested in the discipline which is proved by the variety of emerging branches of economic psychology. Some of them are economists, other psychologists, but a small percentage of them have both economic and psychological education. This pattern explains some serious misunderstandings in the scientific literature in the field. The lack of understanding of both sciences at the same time leads to extremes in the conclusions, which in turn are not accepted as universally valid by economists and psychologists. Мoreover, the literature on the subject written by economists and psychologists seems very different. Economists attach more importance to the results of economic choice, while psychologists analyze primarily the causes for it. However, the connection between the two disciplines is indisputable. Despite the variety of branches of economic psychology, it is worth paying attention to the first work in the field written by an economist, which gives fundamental answers that modern scientists seem to miss. Lionel Robbins’ essay represents an extraordinary balance between the economic and the psychological issues, united in an ideal symbiosis.

RUDN Journal of Economics. 2021;29(3):587-594
pages 587-594 views

Group averaging and the Gini deviation

Pavlov O.I., Pavlova O.Y.


It is known that partitioning a society into groups with subsequent averaging in each group decreases the Gini coefficient. The resulting Lorenz function is piecewise linear. This study deals with a natural question: by how much the Gini coefficient could decrease when passing to a piecewise linear Lorenz function? Obtained results are quite illustrative (since they are expressed in terms of the geometric parameters of the polygon Lorenz curve, such as the lengths of its segments and the angles between successive segments) upper bound estimates for the maximum possible change in the Gini coefficient with a restriction on the group shares, or on the difference between the averaged values of the attribute for consecutive groups. It is shown that there exist Lorenz curves with the Gini coefficient arbitrarily close to one, and at the same time with the Gini coefficient of the averaged society arbitrarily close to zero.

RUDN Journal of Economics. 2021;29(3):595-605
pages 595-605 views

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