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

{"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}

{"title":"Russian insurance market: Current state and prospects for development","authors":"S. Belozyorov, E. Zlobin, Igor Kotlobovskiy","doi":"10.21638/spbu05.2022.406","DOIUrl":"https://doi.org/10.21638/spbu05.2022.406","url":null,"abstract":"The review describes the content and main results of the work of the traditional annual international insurance conference, which was organized by the All-Russian Union of Insurers, the only self-regulatory organization in the insurance market, and St Petersburg State University for teachers of economic disciplines of universities and colleges of the Russian Federation and neighboring countries. The conference was attended by representatives of the legislative (State Duma of the Russian Federation) and executive (Ministry of Finance of Russia) authorities. In addition to the current state of the insurance market, both global and Russian, forecasts and models of its development in modern conditions, a wide range of problems regarding certain types of insurance and reinsurance was also considered. Particular attention was paid to the implementation of the principles of sustainable development in the activities of insurance companies in the Russian economy. The consequences of the general digitalization of society for organizing the efficient operation of insurance companies, improving the quality of services provided to customers, developing fundamentally new insurance products, methods and channels for bringing them to consumers were comprehensively analyzed. The participants also discussed the problems of teaching students insurance disciplines and training personnel for insurance, organizing the educational process in the system of secondary vocational education, interaction between universities and colleges, educational institutions and insurance companies, and improving the financial literacy of the population. During the work of the postgraduate seminar, presentations were made by both young scientists from Russia and representatives of the People’s Republic of China and the Syrian Arab Republic.","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":"67782235","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":"ESG factors in reputational risk assessment of Russian banks","authors":"Y. Evlakhova","doi":"10.21638/spbu05.2022.303","DOIUrl":"https://doi.org/10.21638/spbu05.2022.303","url":null,"abstract":"This article discusses risks for financial institutions associated with the transition to sustainable development and aims to determine the role of ESG factors in maintaining the reputation of Russian banks based on the development of a reputation risk assessment methodology that assumes ESG factors, which we test using data of systemically important Russian banks. The achievement of this goal is mediated by methods of theoretical analysis of publications, the use of ratings and ranking, the quantitative methods. Key theoretical positions and conclusions are formulated within the concept of sustainable development and a green economy. The main hypothesis is that for systemically important Russian banks, the influence of ESG factors on business reputation is manifested in the same way as for foreign counterparts: positive changes and efforts of banks in achieving sustainable development goals contribute to positive changes in financial indicators and strengthening business reputation. It was revealed that the efforts of systemically important Russian banks in achieving sustainable development goals really contribute to the growth of the business reputation of banks, but they can occur against the background of both improvement and deterioration in the dynamics of financial indicators, that is, the study hypothesis was partially confirmed. A possible reason is the features of the modern stage of the formation of a green economy in Russia. Under these conditions, it becomes important to avoid alarmist sentiment and premature use of ESG ratings for the purposes of banking regulation or investment decisions.","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":"67782506","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":"Modern monetary theory: A historical retrospective","authors":"Alexandr Dubyanskiy","doi":"10.21638/spbu05.2022.304","DOIUrl":"https://doi.org/10.21638/spbu05.2022.304","url":null,"abstract":"This article examines applied aspects of Modern Monetary Theory (MMT). Currently, this theory has gained popularity in wide academic circles and is the subject of wide discourse among both theoretical economists and practical economists. Scholars evaluate this theory ambiguously, and many researchers believe its main provisions are divorced from economic realities, contradictory and, therefore, not acceptable as instruments of macroeconomic policy. The author believes that the use of retrospective analysis could be productive for the verification of certain provisions of the MMT. The use of the historical experience of monetary circulation, in which similar principles were used, certainly has significant research potential. The article discusses the fundamental provisions of the MMT related to the peculiarities of the functioning of fiat money systems in a historical context. Knapp, creating his state theory of money, also relied on the Russian experience of paper-money circulation. In the presented work, using examples taken from Russian economic history, it is shown how monetary policy instruments similar to those proposed by MMT were used in the real economy. In particular, the history of the first Russian paper money-banknotes is considered. The Russian experience of paper-money circulation can be considered quite successful, because thanks to them, the financial situation of the country was quite stable, the national economy was actively developing. An important circumstance was that the models of monetary administration in Russia were applied creatively, and not dogmatically scrupulously. This is the way to approach the use of MMT in the modern Russian economy, which is under unprecedented sanctions.","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":"67782581","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":"EU — China trade cooperation in the context of the BRI: Analysis and perspectives on different examples of the EU countries","authors":"E. Kašťáková, Anabela Luptáková, Barbora Družbacká","doi":"10.21638/spbu05.2022.101","DOIUrl":"https://doi.org/10.21638/spbu05.2022.101","url":null,"abstract":"This paper aims to examine the EU’s foreign trade relations with China following the launch of the Belt and Road Initiative (BRI), assess trade intensity developments and identify the export potential of China’s largest trading partners in the EU. We established two hypotheses:1) in the context of the BRI, the intensity of Chinese trade to the EU was higher than the intensity of EU trade to China during the period considered; 2) the export potential of the EU’s most important partners to China in 2019 focused on higher value-added commodities in the context of the BRI. We used the trade intensity index to confirm hypothese 1. In the case of hypothese 2, the export potential indicator was used to identify products that have good prospects for further export. The EU is China’s largest trading partner with a growing trend in mutual trade. An examination of trade intensity has shown that trade flows between countries have been lower than expected given the position of economies in the world economy. German exporters recorded the highest activity, but the Netherlands recorded the highest intensity of Chinese exports to the EU. Coetaneous, we can say that Germany, France, Italy, and the Netherlands had the untapped export potential to China, which mainly concerned motor vehicles and parts, machinery, and pharmaceutical components. The BRI can be seen as a slightly positive impact on the development of trade and investment cooperation between the EU and China","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":"67782230","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":"Incompleteness of information on the housing market under construction","authors":"A. Tsyganov, D. Bryzgalov","doi":"10.21638/spbu05.2022.105","DOIUrl":"https://doi.org/10.21638/spbu05.2022.105","url":null,"abstract":"The article analyzes the contradictions that have developed in the modern market for shared construction associated with the introduction and implementation of escrow accounts. The regulatory system that has developed in Russia by 2020 does not solve all the problems of incomplete information when deciding on the purchase of housing. It is shown that the development of the market for housing under construction and more effective participation of citizens in shared construction are constrained by the incompleteness of information that remains in the Russian primary real estate market — an insufficient level of knowledge about the construction object, the existing mechanisms of financial guarantees for the fulfillment of obligations by developers and about credible sources of information about their activities. It is assumed that this “market failure” should become the subject of state regulation in terms of creating modern information resources and a task in the policy of increasing the financial literacy of the population. The presence and influence of incompleteness of information among citizens — potential buyers of real estate in terms of insufficient information about the object and possible tools for protecting investments in new construction — are proved, mechanisms for overcoming the incompleteness of information are proposed. It was found that in modern Russian conditions, the continuing incompleteness of information among buyers in the shared construction market, and the dominant position of developers contributes to the preservation of citizens’ distrust in equity participation instruments and prevents the achievement of strategic goals for the provision and affordability of housing.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"62 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782426","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":"International trading system: Up the down staircase?","authors":"A. Koval, Alejandro Gamboa-Alder, D.M. Van Gorp, S. Sutyrin, Carlos Uriarte Sánchez","doi":"10.21638/spbu05.2022.106","DOIUrl":"https://doi.org/10.21638/spbu05.2022.106","url":null,"abstract":"The future of the international trading system under modern challenges is uncertain. The surge of protectionism, the re-balancing of power between nations, and a recent pandemic along with expanding digitalization demonstrate the necessity of rethinking global trade governance. The paper aims to reveal the key challenges of modern international trading system and provide possible ways to address them. Participants in the debate indicated that protectionism inevitably remains in modern trade policy, although liberalization and multilateral trade talks could provide incentives for more fair trade. The global interconnectivity in the framework of global value chains requires a new trade agenda. It is clear that states, especially in modern circumstances, primarily defend their national interests. However, strategically all WTO members will benefit from the development of multilateral cooperation. The responsibility of national policy makers and companies, especially those most powerful, is to maintain sustainable economic development. COVID-19 made more evident the core problems of the development of the international trading system. It has also provoked “pandemic-specific” protectionism, which should be taken into account in future developments of global governance. Digital technologies will certainly re-shape the modern structure of international trade, regardless of whether it happens in a revolutionary or evolutionary manner. The globalization leads to the digital divide among nations and the necessity to adjust the national policies. The World Trade Organization is not obliged to cope with all these issues, but its members are.","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":"67782569","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}