{"title":"ICO as a Modern Method for Financing High-Tech Projects","authors":"E. A. Obukhova","doi":"10.1080/10611991.2020.1968745","DOIUrl":"https://doi.org/10.1080/10611991.2020.1968745","url":null,"abstract":"ABSTRACT Attracting investments is one of the most significant problems faced by management at any stage of a business project’s life cycle. Besides traditional fundraising channels, relatively new methods of raising financing, such as crowdfunding and initial coin offerings (ICOs), have recently become more widespread. This route is most frequently used by teams implementing high-tech projects. Investor interest is heating up because of the rapid growth of cryptocurrencies and also because of the policies of a number of leading countries that support the circulation of cryptocurrencies and cryptocurrency transactions. This article surveys global experience with ICO and conducts a SWOT (strengths, weaknesses, opportunities, and threats) analysis of this mechanism for attracting investments. It also considers examples from the actual economic practice of recent years. These examples illustrate the capabilities and limitations of this method. Taking these into account, the article formulates several scenarios for the development of the technology used to create and use cryptocurrencies. It also assesses the prospects for carrying out an ICO based on issuing such currencies.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"249 - 260"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42554951","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 External Sector of the Russian Economy: Low Investment Yields and Capital Flight","authors":"N. Dement'ev","doi":"10.1080/10611991.2020.1968752","DOIUrl":"https://doi.org/10.1080/10611991.2020.1968752","url":null,"abstract":"ABSTRACT According to the Bank of Russia (BR), Russia has been a large net creditor to the rest of the world for the last two decades. In this period, however, the rest of the world’s net indebtedness to Russia has seen almost no increase. This article provides an explanation for this paradox: The net lending in Russia’s official balance of payments (BP) was to a large degree ephemeral, and several provisions in the methodology of these balances are debatable. The article also studies questions connected to the extremely low yields of Russia’s external investments, and it pays special attention to the divergence between the Bank of Russia’s and Eurostat’s statistics for direct investments between Russia and the European Union (EU). Based on the latest statistics constructed on the directional principle, it is shown that as compared to Eurostat, the Bank of Russia greatly inflates the volume of Russian direct investment into the EU and understates the scale of illegal capital flight from Russia. Finally, the article comes to the conclusion that some of the funds that the BR includes in Russia’s foreign direct investment (FDI) into the EU are considered by Eurostat to be capital irreversibly withdrawn from Russia. It also assesses the amount of Russian investment that makes round trips from “Russia EU special-purpose entities Russia.”","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"298 - 313"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43090501","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":"Development of a Russian National Payment Card System in the Midst of Economic Sanctions","authors":"D. Kochergin, A. I. Iangirova","doi":"10.1080/10611991.2020.1968749","DOIUrl":"https://doi.org/10.1080/10611991.2020.1968749","url":null,"abstract":"ABSTRACT The goal of this article is to study the main stages in the formation of the Russian national payment card system (NPCS) in the midst of the economic sanctions. The authors analyze the key factors characterizing modern development of an NPCS, and they conclude that the acceptance-and-settlement infrastructure must be improved and the roll-out of economic incentives for system participants should be more aggressive. In the long term, the Russian NPCS will successfully compete with international payment systems on the domestic market only if it can introduce innovations in the acceptance and processing of payments and also offer competitive advantages with respect to the price and function of its products. The results of this article can be used by research economists, credit institutions, and national regulatory bodies in order to improve the national payment card system, increase its efficiency, and stimulate the growth of cashless payments in the country.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"272 - 285"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48661240","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":"Cryptocurrencies and Blockchain: Potential Applications in Government and Business","authors":"A. Pestunov","doi":"10.1080/10611991.2020.1968751","DOIUrl":"https://doi.org/10.1080/10611991.2020.1968751","url":null,"abstract":"ABSTRACT Cryptocurrencies and distributed registers (blockchains) have recently attracted increased interest among specialists from the widest variety of fields. In turn, the public has generated a pool of regularly asked questions, which have not yet been answered thoroughly. This article provides lines of reasoning with regard to several popular questions linked to this subject. It also addresses issues such as the creation of national cryptocurrencies and use of blockchain technology by businesses and governments. In addition, it analyzes the opinion that cryptocurrencies are a financial pyramid. Finally, it briefly examines the configuration of Bitcoin’s distributed register and looks at how this register could be affected by the hypothetical creation of a quantum computer.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"286 - 297"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45461409","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 Balance of Financial Flows Between Russia’s Center and Regions","authors":"V. Klimanov, D. Eremina, A. Mikhailova","doi":"10.1080/10611991.2020.1929778","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929778","url":null,"abstract":"ABSTRACT This article discusses the process whereby “direct” federal budget expenses are distributed throughout the territory of Russia. This process determines the status of “donor” regions, as well as the flow of funding to and from specific regions (including population areas). The article considers the role of each federal subject of Russia in forming federal and regional budgets and describes the significant differences between different federal subjects in terms of tax concentration and the share of financial assistance. 1","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"231 - 240"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47315768","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 Russian Population’s Adaptation to the New Economic Reality","authors":"E. Avraamova, D. Loginov","doi":"10.1080/10611991.2020.1929775","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929775","url":null,"abstract":"ABSTRACT The article considers the adaptive behavior of Russians during 2015–2017 (a period that is often referred to as the “new reality”) by analyzing how Russians perceive the prospects of economic development, and the available resources they can use to formulate their strategies for adapting to the new conditions. We likewise describe the available resources that Russians can bring to bear on the situation and the results of their efforts. We used the database produced by the monitoring study “The Social Well-Being of the Population,” which was conducted by the Institute of Social Analysis and Forecasting, (Russian Presidential Academy of National Economy and Public Administration) via eight rounds of annual representative population surveys with a sample size of 1,600 respondents per each round. The population is not alarmed at the current economic situation, but has little hope for improvement. Most people have adapted not by actively maintaining or improving their material well-being, but by becoming inured to lower consumer standards. Only a fifth of the population has the necessary resources to develop a variety of adaptive strategies, and twice as many people have low resource potential. Apart from restricting their spending, people in the low resource group also turned to the use of private household plots. A third of the population implemented active forms of adaptation associated with a variety of resources.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"189 - 201"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929775","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42872843","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":"In Search of a Lost Balance Between Government Regulation and Market Uncertainty","authors":"A. V. Alekseev","doi":"10.1080/10611991.2020.1929772","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929772","url":null,"abstract":"ABSTRACT This article describes Russia’s current model of economic development and considers why recent attempts to upgrade this model have proved unpromising. The main goal of medium-term economic development should be to create a relatively independent national economic system (in terms of critical technologies) to ensure national sovereignty from the global economy. It is concluded that the Russian economy requires greater strategic management by using the potential of the market mechanism as a counterweight to the excessive reliance on market methods with fragmented elements of indicative planning, as is currently the case.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"147 - 162"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929772","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44409571","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}
A. Yakovlev, A. Tkachenko, O. Balaeva, Y. Rodionova
{"title":"The Russian System of Public Procurements: Persistent Problems in the Context of Legislative Changes","authors":"A. Yakovlev, A. Tkachenko, O. Balaeva, Y. Rodionova","doi":"10.1080/10611991.2020.1929777","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929777","url":null,"abstract":"ABSTRACT Based on an analysis of data gathered from a mass survey of procurers and suppliers, this article discusses the problems of the public procurement system in Russia. Despite significant legislative changes, the national public procurement system still has persistent problems, including price dumping, regulatory conflicts, and a lack of competition in tenders. The answers given by survey participants were analyzed in the context of their work experience and other factors. One reason procurers and suppliers continue to have a negative perception of government regulation in this area is the fact that changes in procurement legislation have focused on satisfying the interests of departmental agencies while largely ignoring the concerns of individuals directly participating in the procurement process. For this reason, we offer several proposals for how to regularly monitor the opinions and assessments of ordinary procurers and suppliers.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"214 - 230"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929777","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43657469","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 Forecast for Scientific and Technological Development in Russia: How Realistic Is This Mechanism of Strategic Planning?","authors":"A. V. Alekseev","doi":"10.1080/10611991.2020.1929776","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929776","url":null,"abstract":"ABSTRACT The article discusses the theoretical and methodological foundations for “The Long-Term Forecast of Scientific and Technological (S&T) Development in Russia until 2030” and argues that its authors have failed to fully conceptualize the modern global economy (thereby misrepresenting Russia’s long-term development interests and characteristic challenges), which casts doubt on the methodological foundation for the project. The S&T Forecast’s orientation toward the tactical (economic) goals of scientific–technical activity reduces its value as a strategic planning tool. A more consistent application of the systematic approach to scientific–technological development as an integrated national economic complex would significantly improve the S&T Forecast.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"202 - 213"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929776","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46923697","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 Opaque Mirrors of the Oil Economy","authors":"O.S. Anashkin","doi":"10.1080/10611991.2020.1929774","DOIUrl":"https://doi.org/10.1080/10611991.2020.1929774","url":null,"abstract":"ABSTRACT By analyzing the operations reports of vertically integrated oil companies, this article considers the prospects for obtaining the data necessary to adequately assess the economic impact of subsoil management. The information provided by specialized databases is considered. Finally, the article evaluates the degree to which international extractive companies are willing to share their data.","PeriodicalId":85345,"journal":{"name":"Problems of economic transition","volume":"62 1","pages":"178 - 188"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10611991.2020.1929774","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42102598","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}