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

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

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

The Impact of Genetic Polymorphisms in Glutamate-Cysteine Ligase, a Key Enzyme of Glutathione Biosynthesis, on Ischemic Stroke Risk and Brain Infarct Size

The purpose of this pilot study was to explore whether polymorphisms in genes encoding the catalytic (GCLC) and modifier (GCLM) subunits of glutamate-cysteine ligase, a rate-limiting enzyme in glutathione synthesis, play a role in the development of ischemic stroke (IS) and the extent of brain damage. A total of 1288 unrelated Russians, including 600 IS patients and 688 age- and sex-matched healthy subjects, were enrolled for the study. Nine common single nucleotide polymorphisms (SNPs) of the GCLC and GCLM genes were genotyped using the MassArray-4 system. SNP rs2301022 of GCLM was strongly associated with a decreased risk of ischemic stroke regardless of sex and age (OR = 0.39, 95%CI 0.24–0.62, p GCLM possessed protective effects against ischemic stroke risk (p GCLC. The mbmdr method enabled identifying epistatic interactions of GCLC and GCLM gene polymorphisms with known IS susceptibility genes that, along with environmental risk factors, jointly contribute to the disease risk and brain infarct size. Understanding the impact of genes and environmental factors on glutathione metabolism will allow the development of effective strategies for the treatment of ischemic stroke and disease prevention

Polymorphisms of CYP2C8, CYP2C9 and CYP2C19 and risk of coronary heart disease in Russian population

Epoxyeicosatrienoic acids (EETs) are important vasoactive products of arachidonic acid metabolism with a wide range of biological actions in the cardiovascular system. The present study investigated whether single nucleotide polymorphisms (SNP) of genes coding cytochrome P450 2C subfamily, enzymes involved in biosynthesis of EETs, are associated with the risk of coronary heart disease (CHD). A total of 1255 unrelated Russian subjects comprising 561 patients with angiographically diagnosed CHD and 694 age- and sex-matched healthy subjects were included in the study. DNA samples from all study participants were genotyped for six common SNPs rs7909236, rs1934953 of CYP2C8, rs9332242, rs4918758 and rs61886769 of CYP2C9 and rs4244285 of CYP2C19 using by the Mass-ARRAY 4 system. SNP rs4918758 of CYP2C9 was associated with decreased risk of CHD (codominant model) at a borderline significance with odds ratio adjusted for sex and age 0.61 (95% CI: 0.41–0.92, P = 0.038, Q = 0.20). SNP rs9332242 of CYP2C9 showed a trend towards association with increased CHD risk in cigarette smokers (P = 0.049, Q = 0.29). Log-likelihood ratio test (LRT) pointed out epistatic interactions between rs9332242 and rs61886769 of CYP2C9 (codominant model, Pinteraction = 0.02), however, this P-value did not survive after correction for multiple tests. Bioinformatic analysis revealed a regulatory potential for a majority of the investigated SNPs. Our preliminary results demonstrate that polymorphisms of genes encoding CYP2C subfamily represent potential genetic markers of CHD susceptibility. Further studies are required to substantiate the contribution of these genes to the disease risk

Polymorphisms of CYP2C8, CYP2C9 and CYP2C19 and risk of coronary heart disease in Russian population

Epoxyeicosatrienoic acids (EETs) are important vasoactive products of arachidonic acid metabolism with a wide range of biological actions in the cardiovascular system. The present study investigated whether single nucleotide polymorphisms (SNP) of genes coding cytochrome P450 2C subfamily, enzymes involved in biosynthesis of EETs, are associated with the risk of coronary heart disease (CHD). A total of 1255 unrelated Russian subjects comprising 561 patients with angiographically diagnosed CHD and 694 age- and sex-matched healthy subjects were included in the study. DNA samples from all study participants were genotyped for six common SNPs rs7909236, rs1934953 of CYP2C8, rs9332242, rs4918758 and rs61886769 of CYP2C9 and rs4244285 of CYP2C19 using by the Mass-ARRAY 4 system. SNP rs4918758 of CYP2C9 was associated with decreased risk of CHD (codominant model) at a borderline significance with odds ratio adjusted for sex and age 0.61 (95% CI: 0.41–0.92, P = 0.038, Q = 0.20). SNP rs9332242 of CYP2C9 showed a trend towards association with increased CHD risk in cigarette smokers (P = 0.049, Q = 0.29). Log-likelihood ratio test (LRT) pointed out epistatic interactions between rs9332242 and rs61886769 of CYP2C9 (codominant model, Pinteraction = 0.02), however, this P-value did not survive after correction for multiple tests. Bioinformatic analysis revealed a regulatory potential for a majority of the investigated SNPs. Our preliminary results demonstrate that polymorphisms of genes encoding CYP2C subfamily represent potential genetic markers of CHD susceptibility. Further studies are required to substantiate the contribution of these genes to the disease risk

The contribution of CYP2C gene subfamily involved in epoxygenase pathway of arachidonic acids metabolism to hypertension susceptibility in Russian population

Numerous studies demonstrated an importance of cytochrome P-450 epoxygenase pathway of arachidonic acids metabolism for the pathogenesis of essential hypertension (EH). The present study was designed to investigate whether common single-nucleotide polymorphisms (SNP) of CYP2C gene subfamily such as CYP2C8 (rs7909236 and rs1934953), CYP2C9 (rs9332242), and CYP2C19 (rs4244285) are associated with susceptibility to EH in Russian population. A total of 816 unrelated Russian individuals comprising 425 EH patients and 391 normotensive controls were included into the study. Genotyping of SNPs was performed using the MassARRAY 4 system. SNP rs7909236 of CYP2C8 was significantly associated with increased risk of EH (OR adjusted for sex and age was 2.99 95% CI 1.39-6.44, P = 0.005). SNPs rs1934953 CYP2C8 and rs4244285 of CYP2C19 showed association with EH risk but at a borderline statistical significance (P ≤ 0.04). Combination of genotypes CYP2C8 rs7909236 TT and CYP2C19 rs4244285 GG was associated with increased EH risk (OR 3.34 95%CI 1.48-7.51, P = 0.004). Genotype–phenotype correlation analysis showed that the levels of CYP2C8 mRNA were significantly correlated with SNP rs7909236 (P = 0.01). in silico functional prediction analysis revealed the functionality of majority of investigated SNPs. Thus, genes of CYP2C subfamily are important genetic determinants of susceptibility to essential hypertension in Russians

Solving a Two-Level Location Problem with Nonlinear Costs and Limited Capacity: Application of Two-Phase Recursive Algorithm Based on Scatter Search

This study examines the issue of distribution network design in the supply chain system. There are many production factories and distribution warehouses in this issue. The most efficient strategy for distributing the product from the factory to the warehouse and from the warehouse to the customer is determined by solving this model. This model combines location problems with and without capacity limits to study a particular location problem. In this system, the cost of production and maintenance of the product in the factory and warehouse is a function of its output. This increases capacity without additional costs, and ultimately does not lose customers. This algorithm is a population-based, innovative method that systematically combines answers to obtain the most accurate answer considering quality and diversity. A two-phase recursive algorithm based on a scattered object has been developed to solve this model. Numerical results show the efficiency and effectiveness of this two-phase algorithm for problems of different sizes