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

{"title":"Crowdfunding as a tool for investing in sustainable development projects and its place in the green finance ecosystem","authors":"D. Valko","doi":"10.21638/SPBU05.2021.105","DOIUrl":"https://doi.org/10.21638/SPBU05.2021.105","url":null,"abstract":"This article discusses and substantiates the potential of “green crowdfunding” as a component of the ecosystem of green finance, including the consideration of its investment features in financing projects aimed at sustainable development. The main hypothesis under discussion is that crowdfunding technologies have the potential to increase the financial and commercial success of environmentally-oriented projects. The achievement of this goal is mediated by methods of analysis of empirical research, bibliometric and content analysis of publications in the framework of a systematic approach. The logic of this work predetermines the following range of tasks: outlining and characterizing the conventional classification of crowdfunding, systematizing its modern forms; bibliometric and content analysis of the demand for the concept of green crowdfunding in foreign and domestic studies, as well as the selection of the conventional interpretation; systematization of the investment features of green crowdfunding projects; and highlighting the place of green crowdfunding in the ecosystem of green finance. Green crowdfunding, given the current limitations, remains largely adequate to the conditions of the ecosystem of green finance, as it supports the selection of green investments in the global environment of collective investment and interconnects the distributed sources of ideas in the field of sustainable development with funding sources. This is most relevant in the context of national economic crises and uneven market compression, where individuals from other regions and countries can easily be drawn to finance.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43943832","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 cadastral value as a tool for monitoring the real estate market value","authors":"L. Gadasina, M. Laskin, E. Zaytseva, Llc “Wrike Ru”","doi":"10.21638/SPBU05.2021.104","DOIUrl":"https://doi.org/10.21638/SPBU05.2021.104","url":null,"abstract":"In the theory and practice of real estate valuation, in analytical studies of the dynamics of real estate markets there is a problem of tracking changes in market prices. The apparent simplicity of this task leads to the fact that in everyday practice both market participants and professional analysts are satisfied with observations of average prices. The advantage of this traditional approach is computational simplicity. However, in the conditions of presence of a large number of special software and extensive statistical material can be used more complex research methods. The purpose of this article is to research big current market data of real estate objects and compare these data with the cadastral value determined in accordance with Russian legislation as the market value at the specified date. In this regard, there are problems associated with the multidimensional distribution of market prices and cadastral values. The article presents the method of calculation of changes of the real estate market prices on the basis of comparison of two-dimensional prices distributions of offers and cadastral prices for two periods. The main problem in studying the dynamics of real estate market prices is the inability to track the change in market prices for each property, as objects are constantly put up for sale and removed from it. The work carried out in the Russian Federation in 2014 to establish the cadastral value of real estate opens opportunity to analyze two-dimensional distributions of current market and cadastral prices and to assess the dynamic characteristics of the market for any real estate objects. The main result of article is the method which allows to apprise the market value of real estate in real time when new market data come by their comparison with the previously established cadastral value. Cadastral value is assumed to be defined as market value at the valuation date.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781392","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 models of systems of central bank digital currency","authors":"D. Kochergin","doi":"10.21638/spbu05.2021.202","DOIUrl":"https://doi.org/10.21638/spbu05.2021.202","url":null,"abstract":"The article examines modern models of digital currency systems of central banks (CBDC) for retail payments and wholesale settlements. The study gives economic interpretation and defines the key characteristics of central bank digital currencies, identifies the features of the main models of digital currencies systems and analyzes the most advanced national implementation projects of CBDC. The study concludes that the digital currencies of central banks are a new (digital) form of fiat money. The implementation of digital currencies of central banks is due to the need to improve the efficiency of the monetary and payment systems and is aimed at preserving of the central banks as a monetary issuer. The main advantages of digital currencies for retail payments are the offer of a highly liquid, low-risk and universally accessible means of payment. The key benefits of wholesale digital currencies are to provide faster, safer, and cheaper cross-border payments. Among the models of digital currencies systems for retail payments (R-CBDC) the model of hybrid system is characterized by the best reliability and speed when processing a large number of payment transactions. Therefore, these systems are the most promising for implementation. Between the models of systems for wholesale payments (W-CBDC) systems with a universal digital currency are the most suitable for eliminating the main problems of cross-border payments. However, the implementation of such systems may require a large number of technological, managerial and financial changes in the payment systems of central banks. Currently, the most advanced project for issuing R-CBDC is the DCEP system of the People’s Bank of China, which is implemented on the basis of a hybrid model. W-CBDC projects are implemented jointly by the central banks of the leading countries, as they require financial and technological unification of settlements. Most projects of W-CBDC involve the use of systems with a convertible or universal digital currency.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781556","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 impact of the ownership structure on the innovative activity of Russian companies","authors":"V. Cherkasova, Artem Baron","doi":"10.21638/spbu05.2021.403","DOIUrl":"https://doi.org/10.21638/spbu05.2021.403","url":null,"abstract":"Capital structure determines a company’s growth prospects by affecting its investment activity. The article examines what type of capital, foreign or state-owned, stimulates a company’s innovative activity as measured by its number of patent applications. The study was carried out using data from 238 public Russian companies in the period 2012–2020. The results of the study show that state and foreign investors influence innovation to different degrees: state capital positively affects the number of patent applications filed, while foreign capital does not. The impact of political connections and board structure on research and development was investigated. The political ties of the CEOs and the board chairs are expressed by the experience of working in the public service. The presence of such experience in the company’s management increases the company’s innovation activity. However, political connections are effective only in companies with state capital, or in specific industries. The company’s state capital and political connections have a positive impact on the number of patent applications filed in the energy and industrial sectors. The presence of political ties has a positive impact on the role of foreign capital in innovation. The share of foreign directors has a positive effect on patents. Also, the presence of patents from previous years, as well as the age and size of the company, affects the receipt of patents in the future. The younger and larger the company, the more patent applications there will be.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782106","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 contribution of V. V. Kovalev in the development of theory and practice of accounting, financial management and statistics in Russia","authors":"Mihail Pyatov, V. Kovalev","doi":"10.21638/spbu05.2021.404","DOIUrl":"https://doi.org/10.21638/spbu05.2021.404","url":null,"abstract":"The article describes the main stages of the creative path of the professor of St. Petersburg State University Valery Viktorovich Kovalev (1948–2020), who made a significant contribution to the revival in the 1990s of the Russian school of balance sheet science and financial analysis, considering the balance sheet as the most optimal financial model of a company. The features of the traditional Soviet school of analysis of the economic activity of enterprises, formed by the beginning of perestroika in the USSR and, to a certain extent, unable to satisfy the information needs of interested persons in the new economic conditions, are characterized. Demonstrates and reveals the range of methodological tasks posed to accountants — theorists by new conditions of management during the formation and further development of the post-Soviet economy in Russia. The content of the basis proposed by V. V. Kovalev methods of analysis of accounting (financial) statements of a legally independent business entity in modern conditions of a market economy as a synthesis of the developments of domestic balance sheets of the early 20th century and the conceptual foundations of the Anglo-American school of corporate finance at the end of the 20th century. The article characterizes the connection between the content of Professor Kovalev’s works and the provisions of the works of the famous Russian theorist in the field of accounting A. P. Rudanovsky (1863–1931). The development of the works of V. V. Kovalev from a set of indicators for the dynamic analysis of accounting (financial) statements to a new national school of financial management, which for the first time combined the concepts of continental European and Anglo-American accounting traditions and practices. The educational activities of V. V. Kovalev in the 1990s, the content of his works in the field of the history of financial science in Russia, including those created at the St. Petersburg State University, is revealed.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"142 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782126","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":"Capital markets and perceptions of sectoral sensitivity to COVID-19","authors":"Zbigniew Korzeb, Paweł Niedziółka, Dmitry Pankou","doi":"10.21638/spbu05.2021.305","DOIUrl":"https://doi.org/10.21638/spbu05.2021.305","url":null,"abstract":"This article analyzes the performance of industry sub-indices during the COVID-19 pandemic, done on the basis of the evolution of rates of return for 247 industry indices from 15 European countries in 2020. Differences between the achieved rates of return on industry and the main stock indices in all examined countries were estimated. Additionally, the volatility of individual sector indices over was calculated. This allows us to draw the following conclusions. Firstly, investors considered tourism and the oil and gas and financial sectors to be among industries most vulnerable to COVID-19. Secondly, the need to transfer business to the Internet and to accelerate digital transformation are prerequisites for investors’ decisions to increase the share of technology companies in their portfolios. On the other hand, growing uncertainty is impacting the performance of providers of food and other necessities. Due to administrative constraints put on tourism and passenger transport activities, demand for leisure goods increased rapidly, which translated into results and quotations of the entities responsible for their production. The pandemic crisis, contrary to symptoms observed in Q1 2020 and analysts’ expectations, did not adversely affect industrial production. Finally, in general, the behavior of investors in the Russian market was similar to that of investors in other economies. However, for the three sub-sectors, the reaction of investors was different.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782543","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":"Applying Bayesian methods for macroeconomic modeling of business cycle phases","authors":"Maria Guseva, A. Silaev","doi":"10.21638/spbu05.2021.205","DOIUrl":"https://doi.org/10.21638/spbu05.2021.205","url":null,"abstract":"In the present research, the features of applying two models for estimating macroeconomic dynamic in the USA are investigated: Bayesian vector autoregression and Bayesian vector autoregression with Markov switching. The research goal is to identify periods, structure of fluctuations and the main directions of interaction of the variables (real US GDP and employment) using Bayesian vector autoregression models. Models with Markov chains include many equations (structures). The switching mechanisms between these structures are controlled by an unobservable variable that follows a first-order Markov process. The analyzed variables were taken from the first quarter of 1953 to the third quarter of 2015. The model parameters were estimated on the basis of a prior for the multivariate normal distribution — the inverse Wishart distribution (a generalization of the Minnesota a priori distribution). Basing on the results of the estimation of the two-dimensional model with Markov Switching the average GDP growth rate and expected duration of phases was calculated. The estimated model is acceptable for describing the US economy and with high accuracy describes the probability of being in a particular phase in different periods of time. On the basis of medium-term forecasts, root mean squared errors of the forecast are calculated and a conclusion is made about the most appropriate model. Within the framework of this paper, impulse response functions are built allowing to evaluate how variables in the model react on fluctuations, shocks.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781603","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":"Personalization as a trend in the development of corporate reporting","authors":"Zh.E. Kashchina","doi":"10.21638/spbu05.2021.406","DOIUrl":"https://doi.org/10.21638/spbu05.2021.406","url":null,"abstract":"The article deals with the problems of the financial reporting methodology associated with the discrepancy between its new forms and the information needs of stakeholders. The purpose of the study is to examine the hypothesis about the existence of an interest of economic participants in financial reporting, focused on individual information requests of specific counterparties of the reporting companies, in the form and content that new technologies can achieve. To show the current trend of individual reporting format for a specific user, the concept of personalized reporting is used. The theoretical basis for this study was the work of Russian and foreign authors devoted to the current crisis of public corporate reporting on possible options for the development of its practice, as well as studies on the degree of compliance of traditional forms of financial reporting with the level of development of new technologies. The practical basis for this study was the materials of a survey of the top management of more than 300 Russian companies, and the requests of counterparties received by these companies for providing them with personalized reporting. The methodology for conducting this research was based on the works of a number of foreign authors who have conducted similar studies in recent years. The research has confirmed the hypothesis put forward. Conclusions are drawn that the use of new integrated communications in accounting can significantly improve the quality of information provided to stakeholders. It should be stressed that, personalized reporting can be a supplement or alternative to new financial reporting. Attention is drawn the need to rethink the accepted methods of financial reporting, as well as to study the main changes in its practice.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782215","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 impact of digitalization on the demand for labor in the context of working specialties: Spatial analysis","authors":"J. Dubrovskaya, E.M. Kosonogova","doi":"10.21638/spbu05.2021.302","DOIUrl":"https://doi.org/10.21638/spbu05.2021.302","url":null,"abstract":"The spread of digital technologies, as well as the expansion of remote work practices, have a direct impact on the transformation of the labor market. At the same time, there is no wellestablished scholarly consensus about the nature and consequences of this influence. The key premise of the article is that there are relatively few empirical studies on the labor market that account for the influence of the location of regions relative to each other. This article tests a hypothesis about the significance of location and neighborhood of territories on labor demand in the context of economic digitalization, based on the calculation of coefficients of demand localization for specialists of different profiles and methods of spatial econometrics. The assessment is based on the evaluation of the registered unemployment rate heterogeneity for municipalities in the Perm region of the Russian Federation, using the global and local Moran’s indexes. The studies revealed a positive spatial autocorrelation among neighboring municipalities that proved the high spatial heterogeneity of the registered unemployment rate. Centers of localization and development of labor resources (“growth poles”) and territories affected by spillover effects were also identified. This demonstrates that spatial inter-territorial relations have a significant impact on the demand for labor, which makes it necessary to account for spatial effects when modeling dynamics of employment indicators. The method of labor market analysis based on the assessment of spatial heterogeneity of the unemployment rate and the calculation of localization coefficients is universal and can be applied to various taxonomic units.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67782533","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":"Exchange rate regulation in economic unions: The case of Euroasian Economic Union","authors":"M. Voskanyan, A. Galstyan","doi":"10.21638/SPBU05.2021.106","DOIUrl":"https://doi.org/10.21638/SPBU05.2021.106","url":null,"abstract":"This article explores currency regulation in the EAEU countries for the harmonization of currency policies in the context of economic integration. The object of the study is currency regulation in countries of Eurasian integration. The main hypothesis is that EAEU member countries are not ready for currency integration, due to the presence of many macroeconomic distortions in their economies. The authors assess the possibility of creating a monetary union by analyzing and evaluating key criteria for currency integration as known in the scholarly literature. For this goal, the authors conducted a literature review of the key prerequisites for currency integration, including the experience in the countries of the Eurozone. Then the authors analyze currency regulation in EAEU countries for meeting key criteria for currency integration. At this stage, the authors evaluate key factors of currency integration by EAEU member countries. The theoretical and methodological basis of the study was classic and modern approaches in the field of monetary and currency regulation—in particular, the research of modern analysts of the International Monetary Fund, the largest Central Banks of the world, and well-known experts of the field. The research results showed the inexpediency of creating a currency union within the Euroasian economic space at this stage.","PeriodicalId":41730,"journal":{"name":"Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67781404","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}