Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies最新文献

{"title":"Green agenda in the modern practice of countries and regions: In search of a unified approach","authors":"Elena Efimova, A. Maltsev, D. Chupina","doi":"10.21638/spbu05.2023.103","DOIUrl":"https://doi.org/10.21638/spbu05.2023.103","url":null,"abstract":"Although international environmental cooperation goes back several decades, negotiation and rule-making processes aimed at ensuring sustainable development of the individual regions and world economy have intensified in last years. In the context of the simultaneous intensification of international pressure to “green up” world economy and the growing contradictions between the international actors, the team of authors set a goal to identify the areas of common interest and main disagreements in the positions of key actors on the transition to low carbon development. The research is based on the use of historical and systemic approaches, analytical, bibliographic, logical, structural methods. The authors put forward and test the hypothesis about the primacy of the international approach to the “greening up” of the modern economy. The evolution of the perception of greenhouse gas emissions from a natural satellite of economic progress (before the 1960s) to the main cause of global warming (since the 1990s) is shown. Key international climate agreements and initiatives were systematized, to record the transition from strict top-down benchmarks of harmful emissions reduction to softer self-determined commitments and “green” projects. The conducted correlation analysis revealed the reasons for national differences in the formation of the climate agenda. For the studied group of countries, population and GDP have the greatest impact on CO2 emissions. Developed countries are characterized by an inverse relationship: population growth and GDP growth lead to a decrease in emissions, which can be explained by the predominant share of the service sector in the national economy. Industry and foreign direct investment are the key generators of hydrocarbon pollution in the EU, in India and China respectively. The impossibility of resolving problems at the regional level has led to the delegation of authority to national and international institutions. The article will be of interest to specialists involved in the shaping environmental programs, experts in the field of the regional economy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Use of insurance by Russian enterprises to offset the risks associated with the financial consequences of the COVID-19 pandemic","authors":"A. Tsyganov, D. Bryzgalov","doi":"10.21638/spbu05.2023.205","DOIUrl":"https://doi.org/10.21638/spbu05.2023.205","url":null,"abstract":"The article examines the emergence of new insurance interests in Russia related to the COVID-19 pandemic. Research methods: empirical research methods — selective market research, general theoretical methods — analysis, synthesis, comparison and generalization. Research hypothesis is so that in Russia, specialized insurance services have appeared, are used, but have not found wide distribution, designed to compensate for the financial risks of a pandemic. The weak use of insurance as a way to protect against the risks of the financial consequences of the pandemic in the Russian economy is due not only to the level of knowledge about insurance, but also to the desire of Russian entrepreneurs to receive state rather than private protection and support. The purpose of the research is to study the preferences of enterprises when choosing mechanisms for compensating the risks of activities in a pandemic, to identify changes in insurance interests, options for their satisfaction and the prevalence of the use of insurance contracts, to identify the priority of obtaining public state support or insurance protection that takes into account the specific interests of the entrepreneur. In summary, the results of a market research of consumer preferences of enterprises in relation to insurance programs as a mechanism for compensating for the damage of the risks of a “coronavirus” infection are presented, the main insurance products, the level of use and factors preventing an increase in the level of insurance are highlighted. It has been proved that there is a significant proportion of enterprises using insurance to minimize the financial consequences of the pandemic, in the context of the prevalence of the paternalistic model of behavior of the owners and management of enterprises in terms of the formation of financial reserves in the context of the coronavirus infection, which leads to a pronounced priority of state financial support over the private form of financial support for enterprises. Taking into account the results obtained, recommendations were formulated for the development of insurance as a private form of support for enterprises in the context of coronavirus infection, allowing to take into account the peculiarities of the paternalistic behavior of the owners and management of enterprises in terms of compensating for “coronavirus” risks.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Network board capital and performance of international companies","authors":"G. Teplykh, Petr Parshakov","doi":"10.21638/spbu05.2023.203","DOIUrl":"https://doi.org/10.21638/spbu05.2023.203","url":null,"abstract":"The paper estimates the influence of links between boards of directors on corporate performance at the world level in the framework of network analysis. The vast majority of empirical papers on the topic analyses the case of isolated countries. The current study estimates the effect of networking in large companies at the international level. It enables a more correct construction of the network between directors and eliminates the influence of national specificity. We construct an international network of boards and calculate three alternative centrality metrics: degree, closeness, and betweenness. Then the econometric analysis is applied to estimate the effect of centrality on performance. We consider two dependent variables which are responsible for the long-term and short-term effects (correspondingly, M/B ratio and ROE). The effect of boards’ networking on firm outcomes is found to be positive on average for large global companies. This resultis robust to used centrality metrics and financial indicators.The influence of networking is found to be similar in the short and long term. We found that closeness centrality is the most important aspect of network capital for firm outcomes; degree has a moderate impact; the effects of betweenness are the weakest and statistically close to insignificant. The study contributes considerably to existing literature summarizing particular empirical evidences. Obtained findings also raise new theoretical issues and provide some useful practical implications.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modeling the impact of stock exchange migration on trading volumes in competing markets","authors":"Alexey Vorontsovskiy, N. Bazhanova","doi":"10.21638/spbu05.2023.101","DOIUrl":"https://doi.org/10.21638/spbu05.2023.101","url":null,"abstract":"This article examines the impact of a stock exchange’s migration on its trading activity and the performance of competing markets. It examines the importance of the location of trading floors for all market participants; analyzes the relationship between the location of a trading floor and the speed of transactions in the stock market, as well as the impact of accelerating transactions on trading activity. The migration of the Euronext exchange from Paris to Basildon on September 25, 2010, was chosen as the event under study. The method of matched pairs demonstrates the possibility of rationalizing of experimental and control sample for further analysis and modeling of the impact of the relocation of the considered stock market on its and competing exchange’s performance. It is illustrated multidirectional changes in the shares of the value volume of trading and the number of transactions on the Euronext exchange itself and four competing markets. In order to model the impact of the migration of the exchange the method of “difference-in-differences” is suggested, that bases on the use of experimental and control samples and on the construction of regression equations of a special kind. Theoretical bases, advantages and disadvantages of the application of the method of “difference of differences” in the analysis of the impact of certain events on economic results were analyzed. Empirical estimates showed a different expected increase in the value of trading volume after the event on the Euronext and Chi-X Europe exchanges. It is noted that as a result of the migration, the Euronext exchange became closer to the alternative trading floors located in London. This accelerated the execution of transactions between them, and stimulated the alternative markets to become more competitive, faster and more fully reflect the changes taking place on the main Euronext Paris market.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Central bank digital currencies: An innovative tool for enhancing domestic and cross-border payments and settlements","authors":"I. Nesterov","doi":"10.21638/spbu05.2023.102","DOIUrl":"https://doi.org/10.21638/spbu05.2023.102","url":null,"abstract":"“Central Bank Digital Currencies (CBDCs)” is a relatively new but very fast developing story. The rush of central banks all over the world toward CBDCs proof-of-concept studying and piloting in recent years, as well as somewhere already the practical implementation of their own digital currencies have been motivated by a number of factors that are analyzed in this study. The potential gains of CBDC domestic issue and application can be distinctly outlined today. But, the leading central banks, following to the basic principle “do no harm!”, are acting as carefully and slowly as possible in order to avoid the negative consequences of an abrupt shifts in the contemporary financial landscape. However, successful progress of the People’s Bank of China in piloting the digital yuan, as well as the launch of CBDCs in the Bahamas, Nigeria, Jamaica and the countries of the Organization of Eastern Caribbean States, not only stimulate other states to intensify their own research developments for CBDC, but also raise the question of future implementation of CBDCs for international settlements. The study’s key hypothesis, put forward by the author, is that the inevitable approaching issue of central bank digital currencies will create unique opportunities to enhance significantly the quality of settlement and payment systems not only domestically, but, and especially, internationally. CBDCs’ implementation for cross-border transactions will help to overcome the long-known but still unresolved hurdles of the existing archaic infrastructure of international settlements: low speed, high costs, limited access and insufficient transparency.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The verification of regional capital mobility in the Russian Federation: A spatial econometric approach","authors":"V. Shcherbakov, D. Tereshchenko","doi":"10.21638/spbu05.2023.105","DOIUrl":"https://doi.org/10.21638/spbu05.2023.105","url":null,"abstract":"In many cases the perfect capital mobility hypothesis is used by default. Therefore, if we follow this idea there should not be any connection between internal savings and investments in a country or at least this connection must be not significant. But some of empirical research demonstrate opposite results. In economic literature this concept is well-known as the “Feldstein — Horioka Puzzle”. Considering the relative lack of studies concerning this theme on the regional level, it seems quite perspective to research the hypothesis from the mesoeconomical point of view. So, the central aim of this article is the verification of regional capital mobility in the Russian Federation, following the logics of the Feldstein — Horioka Puzzle. The main peculiarity of the paper is based on the application a spatial econometric approach. The authors use SLX (spatial lag of X model) and SDM (spatial Durbin model) models to achieve the aim. As the result it was found out that there is almost perfect capital mobility situation on the regional level in the Russian Federation. Hereby the Feldstein — Horioka Puzzle was rejected. Along with it several significant direct and indirect effects were established (for instance, reinforced interaction between geographical neighbors-region, absent of capital flow from some regions and other). The results can be used for the consideration of relatively more efficient regional government policy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cross-country convergence of broadband Internet access","authors":"J. Varlamova, O. Podkorytova","doi":"10.21638/spbu05.2023.201","DOIUrl":"https://doi.org/10.21638/spbu05.2023.201","url":null,"abstract":"Technology diffusion contributes to the technological and economic convergence of countries. The rapid spread of Internet technologies creates bases to put forward a hypothesis about the convergence of countries in terms of their level of penetration. The purpose of the study is to identify a trend towards convergence or divergence in both fixed and mobile broadband for the countries of the world as a whole and for groups of countries identified on the basis of the following criteria: geographical (by geographic macro-regions), economic (by national income per capita), and institutional (according to membership in an international organization). The data sources were the open data of the International Telecommunication Union. The research methodology includes the construction of dynamic models on panel data to test the hypothesis of the presence of unconditional beta convergence. In addition, the absolute scale of the digital divide between groups of countries in terms of broadband Internet access was estimated using a sigma convergence model. The results of the study indicate the presence of beta convergence for both fixed and mobile broadband. This pattern is observed both for the full sample of countries and for geographic regions, with the exception of Oceania. Also, beta convergence is typical for groups of countries identified by the level of income per capita and participation in the Organization for Economic Cooperation and Development. At the same time, the results of the study indicate a persistent digital divide between countries in terms of Internet broadband penetration. The practical significance includes recommendations developed on the basis of the research findings, aimed at implementing a strategy for accelerated technological development in order to stimulate the spread of mobile broadband access and expand the telecommunications infrastructure.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Digital accessibility in the context of preference for financial services","authors":"V. Ivanov, N. Lvova, S. Saksonova, Igor Lyukevich","doi":"10.21638/spbu05.2023.202","DOIUrl":"https://doi.org/10.21638/spbu05.2023.202","url":null,"abstract":"The paper addresses the question of how digital access is related to the preference for financial services. The purpose of the research was to reveal the main types of interrelationships between digital and financial access by dividing and comparing countries with different corresponding characteristics. The research hypothesis suggested a negative correlation would exist between digital access and penetration of traditional financial services. To test this hypothesis, data from countries with advanced and developing markets were analyzed. The share of the population with Internet access was used as an indicator of digital access. To evaluate the availability of financial services, the IMF financial access index was considered. The countries were ranked by the level of digital and financial access, which allowed them to be divided into four groups according four sub-hypotheses: low financial and high digital penetration, high digital and financial penetration, low digital and high financial penetration, and low digital and financial penetration. The correlation analysis of the obtained data revealed a weak negative relationship between digital and financial access for each of the groups, and confirmed the tested hypotheses. It was concluded that digital access by itself is not a driver for expanding the availability of financial services, but it can contribute to innovative financial development through the formation of alternative financial services. This research contributes to the understanding of the ambiguous relationship between digital and financial access and, ultimately, to the criticism of the optimistic perception of digital finance, which has practical significance for financial regulation.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67783448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamics of demand for skills and industrial structure of economy: Developed and developing countries","authors":"Marina Telezhkina","doi":"10.21638/spbu05.2022.103","DOIUrl":"https://doi.org/10.21638/spbu05.2022.103","url":null,"abstract":"The paper considers changes in the structure of employment by skill level in countries. Differences in dynamics of the shares of employed with high, medium and low skill levels is traditionally explained by differences in exposure to routine-biased technologies, participation in international trade, exposure to offshoring in the country. The current paper contributes to the literature about the drivers and determinants of changes in structure of employment by skill level considering the industrial structure to be the one of main factors. We assume that the dynamics of employees with high, medium and low skill levels depends on the shares of agriculture, manufacturing and service in the economy. Service industry has the largest share of employment; it is highly competitive and prone to the growing influence of large scale technologies. Using the data of 218 countries for the period 1989–2019 we prove that the greater the service industry in the economy, the higher the share of employed in high skill occupations in absolute value and relative to the share of employed in medium skill occupations. The faster the growth of service industry, the higher the growth rate of the number of employed in medium and high skill occupations. The share of manufacturing in GDP, the value of GDP per capita are the significant determinants of the dependent variables. We highlight substantial differences in the models of the structure of employment by skill level and its dynamics in the developed and developing countries, the oil exporting countries. The research results make it possible to identify and explain trends in structure of employment by skill level by the peculiarities of production in economy.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Unfair commercial practice (misseling) as a barrier to the ESG transformation of the Russian banking business","authors":"Alexander Kanaev, O. Kanaeva","doi":"10.21638/spbu05.2022.405","DOIUrl":"https://doi.org/10.21638/spbu05.2022.405","url":null,"abstract":"The article is devoted to a little-studied phenomenon of the modern financial system, called “mis-seling”, which is a series of interrelated unfair practices and methods of selling financial services that cause significant damage to the reputation of Russian banks and undermine the long-term loyalty of their customers. The purpose of this article is to reveal the essence of misselling as a complex legal, social, commercial and financial phenomenon, study its forms and methods, analyze the reasons for its spread in Russia, and develop proposals for protecting consumers from these practices. Achievement of articles’ purpose is ensured by use of the historicalgenetic research method, analysis of the leading experts’ publications and regulatory documentation in the field of responsible finance, generalization of empirical monitoring studies on the rights of financial services consumer protection. Results: a reconceptualization of mis-selling was carried out, which made it possible to give an expanded interpretation of this phenomenon as unfair commercial practice that violates consumer rights and contradicts the principles of responsible business conduct. It is shown that the prospects for large-scale ESG-transformation of the banking business, its restructuring on the principles of sustainable development, to a decisive extent depend on the solution of tasks to strengthen consumer protection. Conclusions: the implementation of the course towards the development of a modern, efficiently functioning financial sector of the economy, based on the principles of trust and competition and using tools that meet the needs of stakeholders, involves strengthening the social orientation of the development of the banking business, which will be facilitated by: a serious modernization of the consumer protection system, measures to expanding the jurisdictional powers of the Bank of Russia in the field of preventing administrative offenses, improving non-financial reporting and increasing the financial literacy of the population of the country.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}