Brics' Foreign Debt Burden and its Impact on Core Institutional Basis

Creation of a multipolar international economy and economic relations is accompanied by shifting gravity centers of international finances, redistribution of positions on the global market for financial services in favor of large emerging countries and countries with transitional economies. This post crisis period triggered serious problems related to international capital inflows and outflows at the BRICS states. This is all due to a slow recovery of developed countries; a high probability of a full-scale debt crisis in some E.U. states; mounting uncertainties following financial reforms in some states, etc. But raising debt as an important way to finance speedy economic growth and import of technologies to the BRICS countries make their financial systems more vulnerable to exogenous stresses and shocks, which result in an unreasonable firming of national currencies. In our research, we have identified the risks and misbalances of global development, which affect BRICS, evaluated the influence of foreign debt and singled out the key growth trends. We have revealed the importance of the New Development Bank development, which will help solve urgent problems of its participants connected with their growing role in international economic relations: the creation of a regional financing mechanism as well as a core institutional basis to represent BRICS' interests in the global financial structure and to become the missing link in interaction with global financial institutions

THE STUDY OF THE RISK OF CRYPTOCURRENCIES VOLATITY UNDER GLOBAL UNCERTAINTY

The entire international economic space is affected by the aftermaths of both the global pandemic and sanctions shocks, which directly influence the cryptocurrency market. Therefore, the volatility risks of fiat currencies, as well as of bitcoins and altcoins, are increasing. The study focuses on analyzing  the risk of cryptocurrencies vitality under global uncertainty. To that end, To meet the study’s aim, a range of general methods, including descriptive, comparison, analysis and observational methods are utilize. According to the results, the exchange rate fluctuations of bitcoin to the US dollar and bitcoin to the euro are synchronous, which to a greater extent indicates the actual absence of the impact of bitcoin on the world's fiat money. At the same time, the cross-rates of fiat currencies are in direct interaction, which confirms the actual absence of the impact of bitcoin on the stability of the euro or dollar monetary currencies. The conducted research made it possible to identify the main risks and threats associated with the regulation of crypto markets at the level of individual jurisdictions. It implies the improvement of the current digital legislation to regulate the activities of crypto exchanges in order to forestall the growth of the shadow economy

Инвестиционные модели ведения бизнеса в энергетическом секторе экономики

Investment by companies, which target growth of key labor productivity factors, labor attraction, modernization, and development, as well as reduction of production risks and higher investment attractiveness, is the main growth factor for emerging economies. However, the key drawbacks of the existing models of investment attractiveness assessment of state-sponsored projects are the absence of alternative financing from adjacent sources and the lack of the scenario approach when analyzing cash flows of a project. The authors’ scientific and practical research offers the choice of the best investment project model, ensuring a lower default risk, lesser expected losses for the state (in case of redeeming the loss, occurring in the case of breach of warranty), and a lower possibility of tax receipt shortfalls under the project. The measures imply the use of the scenario and probabilistic approach, ensuring consideration of all possible alternatives for an investment project of companies, engaged in the energy business, and, consequently, higher efficiency of budget spending.El factor principal en el crecimiento de las economías de tipo en desarrollo es la implementación de proyectos de inversión por parte de entidades comerciales centradas en el crecimiento de los principales factores de productividad, atracción de recursos laborales, modernización y desarrollo, reducción de los riesgos de producción y aumento del atractivo de la inversión. Al mismo tiempo, los principales inconvenientes de los modelos utilizados para evaluar los proyectos de inversión implementados con apoyo estatal son la falta de consideración de alternativas para el financiamiento de fuentes relacionadas, la no utilización del enfoque de escenario para analizar los flujos de efectivo del proyecto. Como parte de la investigación, se hizo una selección del modelo de proyecto de inversión más óptimo, que reduce el riesgo de una probabilidad de incumplimiento, reduce las pérdidas esperadas para el estado (en caso de compensación por daños incurridos en el caso de un evento de garantía), y reduce la probabilidad de ingresos fiscales por debajo de lo esperado para el presupuesto. . La implementación de estas medidas implica el uso del escenario y el enfoque probabilístico, que permite considerar todas las alternativas posibles para el proyecto de inversión para las empresas que realizan negocios en los sectores energéticos de la economía y, como consecuencia, la implementación de esta medida permite aumentar la eficiencia del uso de los fondos presupuestarios.Основным фактором роста экономики стран развивающего типа является реализация инвестиционных проектов хозяйствующими субъектами, ориентированными на рост основных факторов производительности, привлечении трудовых ресурсов, модернизации и развития, снижении производственных рисков и увеличении инвестиционной привлекательности. Вместе с тем основными недостатками используемых моделей оценки инвестиционных проектов, реализуемых за счет государственной поддержки, является отсутствие рассмотрение альтернатив финансирования из смежных источников, неиспользование сценарного подхода при анализе денежных потоков проекта. В рамках проведенного научного исследования предложен выбор наиболее оптимальной модели инвестиционного проекта, позволяющей снизить риск вероятности дефолта, уменьшить ожидаемые потери для государства (в случае возмещения ущерба, образовавшегося при наступлении гарантийного случая), снизить вероятность недополучения ожидаемых в рамках проекта налоговых поступлений в бюджет соответствующего уровня. Реализация данных мер подразумевает использование сценарного и вероятностного подхода, что позволяет рассматривать все возможные альтернативы для инвестиционного проекта для компаний, занимающихся ведением бизнеса в энергетических секторах экономики и как следствие реализация данной меры позволяет увеличить эффективность использования бюджетных средств

CLUSTER AS THE BASIS FOR THE SUSTAINABLE FUNCTIONING OF ENTERPRISES IN THE AGRO-INDUSTRIAL COMPLEX

Objective. This article is devoted to the analysis of the concept of an agro-industrial cluster and the development of recommendations for improving competitiveness in the agro-industrial complex. Materials and methods. The research methodology is based on the collection and analysis of initial data and information. The article uses a systematic approach to the study of socio-economic processes and phenomena. The study is based on modern theories of competition, innovation, as well as the modern paradigm of the cluster development of the economy. Results. The conducted research makes a certain contribution to the development of theoretical science. A model of the structure of a regional industrial agricultural cluster is proposed. Practical recommendations can be used by economic and state authorities, heads of agricultural organizations, peasant (farm) enterprises, LPH. Conclusion. It is concluded that the characteristic features of the cluster and the effects arising in it increase the competitiveness of both individual members of the cluster and the cluster as a whole, and the competitiveness of the region in which the cluster is located, which, in turn, leads to an increase in the competitiveness of the national economy

The Inductiveness of Agricultural Village-Type Cluster Creation in Developing Countries

The assessment of emerging risks is substantial risk in implementing and creating various types of clusters used in the agricultural sector of the economy. In this regard, the goal is to develop practical measures to ensure the creation of a cluster of an agricultural settlement at the regional level, taking into account various types of risk that directly affect its creation and development. The study revealed that within the framework of the policy of substitution for domestic production and marketing of agricultural products during the formation of a cluster, it would allow combining more into a standard established system from production, processing to the sale of finished agricultural products both at the local level and at the federal level. This approach will significantly harmonize the interests of all participants of the agroindustry, as well as significantly simplify and expand access to external export markets, thereby reducing the cost of marketing research. At the same time, clustering will increase the overall economic impact on individual farmers, which will have a more significant impact on the development of non-resource zonal territories employed to produce agricultural products. Therefore, it will affect the increase in jobs in small villages.JEL Classification: F63, O13, Q18How to Cite:Petrova, L. I., Glubokova, N. Y., Akhmadeev, R. G., Bykanova, O. A., Artemova, E. I., & Gabdulkhakov, R. B. (2021). The Inductiveness of Agricultural Village-Type Cluster Creation in Developing Countries. Etikonomi, 20(2), xx– xx. https://doi.org/10.15408/etk.v20i2.2201

Federal Budget and State Fiscal Policy: Macroeconomic Adaptation until 2025

The article examines the modern concept of the state fiscal policy in Russia and the possibilities of its implementation through the federal budget in the face of new global challenges. To this end, the authors assessed the resource base of the federal budget of the Russian Federation, as well as the adequacy of measures of fiscal regulation of the current economic situation. In this regard, the authors evaluated the feasibility of the initial macroeconomic indicators underlying the parameters of the federal budget for 2023–2025, primarily its revenues, and the risks of their possible change. The authors associate the key risks of failure to achieve the stated goals of the budget and tax policy for the period 2023–2025 with a sharp reduction in the resource base of the federal budget, especially its oil and gas revenues in the context of worsening geopolitical tensions and increasing sanctions pressure on the Russian Federation. The study focuses on the justification of approaches to minimize the negative consequences of external shocks both for the subjects of the Russian economy and for public finances. In the course of the study, the authors used the methods of statistical data processing, factor modeling, regression analysis and expert evaluation. The scientific novelty of the study lies in the assessment of the impact of new global challenges on the balance of the Russian federal budget and substantiation of approaches to transform fiscal regulation measures in response to these challenges. The practical significance of the study lies in the possibility of using its results in the development of state fiscal policy in the medium term under the conditions of dramatic changes in the scenario conditions of formation of the federal budget

Energy Industry: Effectiveness from Innovations

Putting the energy industry on the way of innovations is a task of utmost importance, whose success will shape up future development and competitiveness of emerging economies to a great extent. Research of the main trends of innovative development of distributed generation demonstrated that they are characterized by high spending both on installation of innovative power equipment and on its creation. Our research of financing in the Russian distributed energy and power engineering demonstrated that the bulk of capital investment is done from companies' own funds, which points to the unaffordability of other funding instruments, credit included.  Consequently, the process of creating and using innovations in distributed energy is accompanied by significant investment risks. This scientific research offers an approach to innovations in distributed energy based on coordination of economic interests of innovation process subjects with the aim of optimizing the task of looking for a threshold price through defining and comparing the effectiveness of a novelty for its creators, consumers and the state with the help of an internal rate of return. The use of a business approach to the introduction of innovations in the distributed energy will coordinate the interests of the producer of innovative equipment and the energy company. Such an approach will ensure co-financing of innovation research and development of all subjects of the relations. Keywords: innovation processes, power equipment, power energy, heat energy, economy, taxation, capital investment, energy efficiency, digital information JEL Classifications: E22, G3

Hydrocarbon Market in Countries with Developing Economy: Development Scenario

Hydrocarbon resources represent cumulative wealth of a country because they form for many millions of years. At the same time, the use of such resources is taking place all the time, from year to year. These two circumstances have predetermined two aspects of the hydrocarbon market research – a tactical aspect connected with the annual use by a country of its resources, and a strategic aspect connected with accounting for the remaining the raw material given exploration of new deposits. The undertaken study of the qualities of resource prices confirmed the synchronization effect of international countries-exporters' losses because of unfavourable prices at the international raw materials markets. The scientific research offers to use indicators of tactical, strategic and integral dependence of a national economy on natural resources, taking into consideration the fact that emerging countries are multiresource producers. Taking a comprehensive strategic resource assessment of a country's dependence as a basis, we are offering an order of weighing local resource characteristics, which, in turn, will help a wider practical use of monitoring of emerging countries' resource dependence. Keywords: rеsource dependence of an economy, emerging states, development strategy, coal production, oil and gas exports, budget JEL Classifications: E6, F

Evaluation of financial and analytical activities of the biggest car makers of the Russian federation

Companies need an internal management control system to develop successfully in the current conditions of a market economy. This statement is true irrespective of an organisational form of a company. Financial indicators (such as profit) can give a full picture of absolute effectiveness of the company's performance. The main activities of any company can be split into the following groups: production, sales, procurement, financial and investment activities. According to the 2013-2016 consolidated financial statements prepared under IFRS, Russia’s largest car producers include AVTOVAZ Group, GAZ Group, KAMAZ Group and SOLLERS Group. They all used a three-factor model of return on equity and other mathematical tools. Analysis of the three-factor model of return on equity enabled us to formulate several statements. The main factor affecting return on equity is the sales margin. When the sales margin is measured within a certain period of time, there can be either a negative or a positive influence on the final financial results of a company. The two other factors that influence return on equity are less significant. The factor of margin is the most significant and the index of capital intensity is the least significant factor of the three. Our practical innovation is a new model to analyse financial reporting of a car making company, which showcases the financial position of a company

How do green roofs affect per capita energy consumption in residential buildings under various climate conditions?

Green roofs are innovative techniques for creating a low-cost, sustainable environment that have been demonstrated to save energy in buildings and reduce ambient temperatures. In general, the internal temperature of a building is determined by the energy used for lighting and electrical equipment, ventilation, heating caused by light entering the building through windows, convection through the walls, and convection through the roof. In hot seasons, green roofs reduce the need for cooling by lowering the temperature of the lower surfaces of the roof, thereby lowering the internal temperature of the structure; in cold seasons, they act as insulation by reducing heat loss via convective movement through the roof. Heating and cooling costs account for one-third of the energy used in modern buildings. Green roofs may be potential to reduce heating and cooling costs. This study was conducted to address the topic of green roofs with little emphasis on roof structures and their role in maximizing energy efficiency. A one-story residential building in two non-insulated and insulated states and three climatic zones was used for dynamic simulation. The hot and humid climates of Medan, Indonesia, Najaf, Iraq, and Moscow, Russia were studied. Green roofs reduce cooling loads in hot, humid environments. Green roofs can reduce a building's energy use by 30.7% because cooling loads are the most common in this region. Increased thermal resistance reduces heating load by up to 71%. Due to the heavy cooling load in these regions, a green roof is used to save energy. Dry weather condition appears to reduce green roof performance compare to humid climate