Voprosy Ekonomiki最新文献_第3页

The evolution of the debt—equity doctrine in the light of financial instruments’ digitalization 金融工具数字化背景下债务-权益理论的演变

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Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-55-73

K. V. Krinichansky, V. E. Ponamorenko

{"title":"The evolution of the debt—equity doctrine in the light of financial instruments’ digitalization","authors":"K. V. Krinichansky, V. E. Ponamorenko","doi":"10.32609/0042-8736-2024-5-55-73","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-55-73","url":null,"abstract":"The article outlines the basics for using the debt—equity dichotomy in the financial instruments typology and analyzes the contradictions and short-comings of the existing approach to classification. It is shown that the “trap” of the debt—equity dichotomy comes from the path dependence process, mainly formed by the inertia of the tax system. It is noted that the applying of the debt—equity dichotomy entails a formalist approach to classification, which does not bring closer to the clarity of the delimitation of contracts according to the criteria of risk and reward distribution, and restrictions on post-contractual opportunism. Arguments are given to explain why the foundations of the debt— equity doctrine may be weakened in relation to crypto assets. This is supported by the fact that the genesis of digital assets occurs in a specific technological context, which determines its own criteria and framework for the typology of instruments. Another set of arguments comes from the fact that the world of crypto assets appears to be coherent with the specific environment of venture capital investment. This environment, in turn, arouses the demand for overcoming the debt—equity dichotomy to implement the tasks of risky investors and structuring the relations of the parties involved in projects. This demand has now led to the emergence of a number of instruments that cannot be classified as either debt or equity, including those using the construct of tokens or contractual agreements used by crowdfunding platforms. Overall, the intellectual effort that previously satisfactorily explained companies’ choices of financing styles and modes is now insufficient to reconcile capital structure theories with the practice of digital asset financing.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140997166","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}

引用次数: 0

A new stage in the development of the Russian gas industry 俄罗斯天然气工业发展的新阶段

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Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-74-90

V. A. Kulagin

{"title":"A new stage in the development of the Russian gas industry","authors":"V. A. Kulagin","doi":"10.32609/0042-8736-2024-5-74-90","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-74-90","url":null,"abstract":"The article presents the results of a study of the current situation in the Russian gas industry. The main problems are identified. Directions for the transformation of regulation to ensure its sustainable operation and development are proposed. The present moment can be characterized as the transition to a new stage for the gas industry. Gas exports to Europe are no longer a source of financing the unprofitable domestic supplies and an investment resource for the development of new production centers and the gas transmission system. Eastern projects still require large investments, and it will be possible to talk about their profitability in decades. Therefore, complex transformations are needed in the industry, including the development of competition and gradual deregulation of prices, bringing regulated prices to reasonable costs, the inclusion of a seasonal factor in prices, resolving the issue of the gas transportation tariff, a revision of tax policy for a predictable sharing of risks and profitability between the state and business under high volatility on external markets. It is also necessary to create conditions and coordinate the activities of ministries to stimulate the development of companies’ businesses in the direction of working with highly processed products, which will not only guarantee sales, but also ensure the creation of new jobs and additional GDP growth.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140997602","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}

引用次数: 0

Reducing the number and the size of sovereign defaults in the world: Long-term trend or temporary phenomenon? 减少世界主权违约的数量和规模：长期趋势还是暂时现象？

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-5-20

A. O. Trofimov, D. V. Skrypnik

{"title":"Reducing the number and the size of sovereign defaults in the world: Long-term trend or temporary phenomenon?","authors":"A. O. Trofimov, D. V. Skrypnik","doi":"10.32609/0042-8736-2024-5-5-20","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-5-20","url":null,"abstract":"The paper explains the current global trends, which consist in a decrease in both the number and the size of defaults. For this purpose, a new approach to modeling the probability and the size of defaults based on nonlinear models (generalized additive models) has been applied. The obtained empirical estimates confirm the significant nonlinearity of the relationships between factors. Based on the proposed approach, it is possible to detect the disciplinary effect of the rate of increase in interest expenses and confirm the significance of the rate of debt accumulation as a development of previous works. We have found that the main contribution to this trend is made by the institutional factor — government efficiency: the more effective the government is, the better it ensures debt sustainability, reducing both the number of defaults and their size. Another important factor is the soft monetary policy of developed countries. It affects the default size, reducing it, but is not the reason for the decrease in the number (probability) of defaults in the world. Thus, the current trend is long-term and shows the progress of some countries and international organizations in reducing risks to global financial stability.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140996884","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}

引用次数: 0

Connection fee as a factor to ensure financial affordability of utility services for consumers 将接通费作为确保消费者在经济上负担得起公用事业服务的一个因素

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-38-54

S. B. Sivaev, O. O. Smirnov, A. M. Abdullaev

{"title":"Connection fee as a factor to ensure financial affordability of utility services for consumers","authors":"S. B. Sivaev, O. O. Smirnov, A. M. Abdullaev","doi":"10.32609/0042-8736-2024-5-38-54","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-38-54","url":null,"abstract":"Utilities as a type of mixed public good have the characteristic of non-rivalry, that is, they must be available to the entire population without exception and all households must be able to pay for them. As a rule, such financial inclusion is achieved by providing targeted assistance to low-income families. For example, in Russia this problem is solved by a program of subsidies for housing and communal services. In various countries, other mechanisms are also used: the provision of social housing, budget subsidies for producers, price discrimination. This paper analyzes another way to reduce the financial burden for consumers of utility services, which has been used in most developed countries. It consists of shifting part of the costs of developing engineering infrastructure to future consumers through connection fees (technological connection) for capital construction projects. From the perspective of pricing theory, it is shown that connection fees can reduce the average costs of a utility company passed on to consumers of services; it is graphically illustrated how connection fees increase the financial affordability of utility services for consumers and reduce budget costs for subsidizing the payment of housing and communal services for households with low incomes.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140995985","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}

引用次数: 0

How to measure inequality of opportunity: The axial institutions index 如何衡量机会不平等：轴心机构指数

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-128-153

S. Rebrey

引用次数: 0

Economic complexity and income inequality in Russian regions 俄罗斯地区的经济复杂性和收入不平等

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-105-127

T. Ivakhnenko, A. Polbin, S. Sinelnikov-Murylev

引用次数: 0

Estimating social discount rate for government investment projects in Russia 估算俄罗斯政府投资项目的社会贴现率

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-21-37

T. Kossova, M. Sheluntcova

{"title":"Estimating social discount rate for government investment projects in Russia","authors":"T. Kossova, M. Sheluntcova","doi":"10.32609/0042-8736-2024-5-21-37","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-21-37","url":null,"abstract":"The article explores methods of estimating discount rate for investment projects financed with budgetary funds and aimed at creating social benefits. Social benefits often do not have a direct monetary value, so the methods for determining the discount rate for such projects differ from market ones. Spending budget funds on investment projects means that society gives up consumption at the current moment in time for the sake of future return on investment. The discount rate should reflect public preferences regarding the distribution of consumption between the current and future periods. The method for estimating these preferences is called the social rate of time preferences. Another approach to determine the discount rate allows one to consider the alternative possibility of implementing a project in the private sector (social opportunity cost of capital). The article describes the development of methods for evaluating the social discount rate and discusses the possibilities of their application for Russia. The value of the social rate of time preferences, equal to 2.5%, and the value of the social opportunity cost of capital, equal to 4.4—5%, are substantiated for short-and medium-term public investment projects in Russia. Rates are given in real terms.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140996803","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}

引用次数: 0

On establishing a benchmark crude in the Russian Arctic 关于在俄罗斯北极地区建立原油基准

IF 0.8

Voprosy Ekonomiki Pub Date : 2024-05-09 DOI: 10.32609/0042-8736-2024-5-91-104

P. B. Katyukha, N. A. Flegontov

{"title":"On establishing a benchmark crude in the Russian Arctic","authors":"P. B. Katyukha, N. A. Flegontov","doi":"10.32609/0042-8736-2024-5-91-104","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-5-91-104","url":null,"abstract":"The article analyzes the prospects for establishing Russian benchmark crude based on the arctic blend “Vostok Oil” with a price basis in Murmansk. The relevance of the study is conditioned by the importance of the pricing system’s transparency for maintaining a stable macroeconomic situation in Russia, with a leading role of Artic oil and gas potential for Russian economic development. The authors highlight the main signs of the modern pricing system’s crisis and note that amid the imposed anti-Russian sanctions pricing at European spot hubs can no longer reflect the real situation in the Russian oil market. As a result, there is a need to create a national pricing system by developing the Russian benchmark based on the crude oil blend with the dominance of “black gold” from the Vostok Oil project, which has a high-expected liquidity. The port of Murmansk, being distinguished by unique technical characteristics and access to the logistics potential of the Northern Sea Route, is proposed as a price basis and a price hub. The article presents a four-stage model for launching a corresponding futures contract on SPIMEX, which will help improve the exchange trading system for energy resources in Russia and increase the popularity of the Russian Arctic benchmark crude in the global oil market. In conclusion, the authors underline that the creation of a new benchmark and the launch of futures will ensure stability, transparency and independence of Russian oil exports.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140994987","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}

引用次数: 0

Measuring the effectiveness of budget expenditures 衡量预算支出的有效性

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Voprosy Ekonomiki Pub Date : 2024-04-10 DOI: 10.32609/0042-8736-2024-4-92-110

N. Akindinova, A. Chernyavsky, A. Chepel

{"title":"Measuring the effectiveness of budget expenditures","authors":"N. Akindinova, A. Chernyavsky, A. Chepel","doi":"10.32609/0042-8736-2024-4-92-110","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-4-92-110","url":null,"abstract":"The article discusses the issues of measuring the effectiveness of budget expenditures on the basis of international comparisons using the DEA method . Macroeconomic (Musgrevian) indicators as well as sectoral performance indicators in relation to administrative expenditures, education and healthcare were used. Expenditure indicators were the share of budget expenditures in GDP and indicators of expenditure on education and health care per capita. We assess the integral efficiency of budget expenditures, based simultaneously on macro economic and sectoral indicators, as well as separately the effectiveness of expenditures on health care and education. In the DEA efficiency calculations, models with one performance indicator and one type of input and models with several types of costs and benefits were used. It is noted that when calculating integral efficiency, the highest results were achieved during the two periods under consideration by countries both with high results and with a low level of costs, the same applies to calculations of sectoral efficiency. When calculating comparative efficiency, the most favorable results for Russia are related to the calculations of the effectiveness of budget expenditures for education (secondary one). According to the first model of calculations based on DEA, Russia and three other countries are at the efficiency frontier in a sample of 41 countries. It is also noted that Russia’s results in education are higher than in the countries with a similar level of spending.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140720028","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}

引用次数: 0

What is evolving in an economy? 什么是不断发展的经济？

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Voprosy Ekonomiki Pub Date : 2024-04-10 DOI: 10.32609/0042-8736-2024-4-5-23

V. Tambovtsev

{"title":"What is evolving in an economy?","authors":"V. Tambovtsev","doi":"10.32609/0042-8736-2024-4-5-23","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-4-5-23","url":null,"abstract":"Modern evolutionary economics consists of several areas of research that differ significantly both in objects and research methods. One of these areas includes in its tasks the search for evidence that changes occurring in the economy are similar to those that were studied in Darwin’s theory of the living nature’s evolution. The article poses and solves two main tasks: firstly, to demonstrate the incorrectness of the interpretation of “Generalized Darwinism” as a model of evolution, the features of which coincide with the original Darwinian understanding, and, secondly, to show that in economics it is really possible to identify objects in which changes occur in a way close to what was discovered by Charles Darwin. It is shown that “Generalized Darwinism” is in fact a model of those types of evolution that are not Darwinian. At the same time, it has been demonstrated that in economics it is indeed possible to distinguish subsystems called “systems for creating product families,” whose properties are similar to fruit plants, and changes are carried out through natural Darwinian selection. The final part presents directions in which the use of the proposed approach can make a certain contribution to further development of evolutionary economics.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140719865","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}

引用次数: 0