Finance: Theory and Practice (E-Journal) / Финансы: теория и практика
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ФИНАНСИАЛИЗАЦИЯ ЭКОНОМИЧЕСКОГО РОСТА И РОССИЙСКАЯ НАЦИОНАЛЬНАЯ ФИНАНСОВАЯ СИСТЕМА
Get PDFThe last decades was been marked by the financialization of the world economy, i. e. the faster development of the financial system as compared with other sectors. This process lost its pace but did not stop after the global financial crisis of 2007–2009. However, in the post-crisis years, it is continuing against the background of the international financial system restructuring and the changing role and place of developing countries therein. The paper analyzes the current stage of the global financialization and outlines the specificity of this process in Russia. With the use of cross-country comparisons as well as extensive financial statistics data, it is shown that the Russian economy has failed to be fully integrated into the above development trend. Neither the internal nor the external investment potentials of the financialization are being utilized in full due to imperfections of both the institutions for mobilizing financial resources and the institutions that convert the latter to long-term investments. Inside the country, the “financialization” scale of the economic growth is assessed as very modest, near to “definancialization”. There is a predominance of bank intermediation while non-banking sectors remain underdeveloped; meanwhile, the liquidity surplus accumulated in the banking system since 2016 does not lead to a significant increase in lending to the real sector. Corporate and government borrowings through financial markets by bond issues are still at a low level. The global potential of financialization is noted to be underutilized too because Russian financial institutions do not fully cope with the role of the transmission mechanism between international funding sources and the demand of the domestic economy for investment, especially under sanctions. Their inability to use foreign financial flows for this purpose, unlike China and India, has become one of the reasons for the loss of investment attractiveness of the national economy. The research findings prove that the lack of depth and the institutional instability of the Russian financial system impose serious constraints on the investment process whose significance for reaching a new trajectory of sustainable economic growth can be hardly overestimated. Seeking ways to overcome these constraints by joint efforts of both national financial market players, including major banks, and financial regulators could be subject for further discussion
ПРОЕКТНО-КОНТЕКСТНОЕ ОБРАЗОВАНИЕ В РЕАЛИЗАЦИИ МНОГОУРОВНЕВОЙ ПОДГОТОВКИ ЭКОНОМИСТОВ
Get PDFThe dynamics of modern society and the growth of innovative economy needs lead to shortening of graduates’ periods of adaptation to professional activity, growing of their mobility, competitiveness, and make the professional education face new tasks.Authors discuss the problem of multilevel economic education organization, aimed at elimination of the gap between employers requirements and assignable educational services. The necessity of development of projectcontextual education technology is being proved. It creates an opportunity of competence approach realization. In the article Financial University’s experience is showed to develop and introduce the educational standard „Economics” in the practice of training personnel for innovative economy. This experience defi nes the opportunity of designing the educational process according to „weighting coeffi cient” of particular competences importance and systematic unity of higher education levels. Динамичность современного общества, рост потребностей инновационной экономики обусловливают сокращение сроков адаптации выпускников вузов к профессиональной деятельности, повышение их мобильности, конкурентоспособности и ставят перед профессиональным образованием новые задачи. Авторами обсуждается проблема организации многоуровневого экономического образования, направленного на устранение разрыва между требованиями работодателей и предоставляемыми образовательными услугами. Обоснована необходимость разработки технологии проектно-контекстного обучения, создающей возможность содержательной реализации компетентностного подхода.Представленный в статье опыт Финансового университета при Правительстве РФ по разработке и внедрению Образовательного стандарта высшего образования по направлению «Экономика» в практику подготовки кадров для инновационной экономики определяет возможность проектирования образовательного процесса в соответствии с «весовым коэффициентом» важности отдельных компетенций и системном единстве уровней высшего образования.
Экономические интересы России в реализации перспективных энерго-инфраструктурных проектов в Восточной Азии
Get PDFPurpose. The purpose of the article is feasibility study of transformation’s mechanisms of management of Russian fuel and energy complex (FEC) for elimination of risks and threats to national economic interests for our country, which were manifested in the period of falling oil prices and the introduction of anti-Russian economic and political sanctions.Methodology. In this article were used general scientific and special methods, including methods of system and economic analysis. Using the analytical methodology, there were investigated the main components of the protection of economic interests of Russia, during realization of perspective infrastructure projects in energetics in East Asia in the circumstances of critical economic and financial instability.Results. It is substantiated the expedience and the basic steps for creating an Asian energetic grid as a promising infrastructure project in energetics aimed at global redistribution of value added on the basis of energy supply by Russia of the cluster of key East Asian countries. It is proved that the concept of formation of an Asian energetic grid must be based on the strategic role of Russia as the guarantor of the energy security of the cluster of key East Asian countries, through the supply of a package of key Russian fuel and energy resources (electricity, gas, oil, coal, etc.). This will allow for a significant increase in mutual trade through integration of energetic systems of Russia, China, South Korea and Japan.Conclusions. There are suggested approaches to the justification of the ways of protecting the economic interests of our country in respect of the FEC of Russia, including: national concentration of management of energy resources’ export flows (delivery distribution, volumes of extraction, transportation, terms of payment, etc.); intercorporate coordination of measures on development, reconstruction and modernization of fuel and energy infrastructure; formation of qualitatively new infrastructure of the wholesale and retail markets of fuel and energy resources (FER); go to create overseas mechanism of energy hub management in respect of the supply and transportation of Russian energy resources; refinement of measures of coordination and work of the profit centers, corporate financial centers, centers of concentration of property’s ownership and financial assets and management for major energy corporations of Russia, including their subsidiaries and affiliates abroad, etc.Sphere of application. The technology in question is offered as an integral part of the technology of management of sectors of the Russian economy with regard to possible economic fluctuations in the global economy in the circumstances of significant changes associated with the new political realities in the US, EU, etc.Цель. Целью статьи является обоснование направлений трансформации механизмов управления топливно-энергетическим комплексом (ТЭК) России для устранения рисков и угроз национальным экономическим интересам нашей страны, проявившимся в период падения цен на нефть и введения антироссийских экономических и политических санкций.Методология. Использованы общенаучные и специальные методы, включая методы системного и экономического анализа. С помощью аналитической методологии исследованы основные составляющие защиты экономических интересов России при реализации перспективных энерго-инфраструктурных проектов в Восточной Азии в условиях критической финансово-экономической нестабильности.Результаты. Обосновывается целесообразность и основные шаги по созданию Азиатского энергокольца как перспективного энерго-инфраструктурного проекта, нацеленного на перераспределение мировой добавленной стоимости на базе энергоснабжения Россией кластера ключевых стран Восточной Азии. Доказано, что концепция формирования Азиатского энергокольца должна базироваться на стратегической роли России как гаранта энергетической безопасности кластера ключевых стран Восточной Азии путем поставок пакета ключевых российских топливно-энергетических ресурсов (электроэнергия, а также газ, нефть, уголь и пр.), дающей возможность существенного наращивания взаимного товарообмена при объединении энергосистем России, Китая, Южной Кореи и Японии.Выводы. Предлагаются подходы к обоснованию путей защиты экономических интересов нашей страны в отношении ТЭК России, включая: государственную концентрацию управления экспортными потоками топливно-энергетических ресурсов (направлениями поставок, объемами добычи, транспортировки, условий расчетов и т.п.); межкорпоративную координацию мер по развитию, реконструкции и модернизации топливно-энергетической инфраструктуры; формирование качественно новой инфраструктуры оптовых и розничных рынков топливно-энергетических ресурсов (ТЭР); переход к компоновке за рубежом механизма энерго-узлового управления в отношении поставок и транспортировки российских ТЭР; уточнение мер координации и работы центров прибыли, корпоративных финансовых центров, центров концентрации владения имущественными и финансовыми активами и управления ими в отношении крупных энергетических корпораций России, в том числе их дочерних и зависимых обществ (ДЗО) за рубежом и пр.Область применения. Рассматриваемая технология предлагается как составная часть технологий управления отраслями российской экономики применительно к возможным экономическим флуктуациям мировой экономики в условиях существенных перемен, связанных с новыми политическими реалиями в США, ЕС и пр
ГОСУДАРСТВЕННЫЕ ЗАКУПКИ: СОВРЕМЕННЫЕ ПРОБЛЕМЫ
Get PDFOpportunism is primarily identified with the policy. However, in the economic sphere is now quite often manifests this concept, which negatively affects the position of the owner of the resource. The opportunism in a prism of economic science is considered in Oliver Uilyamson’s works the Nobel Prize laureate on economy in 2009 with the formulation “for researches in the field of the economic organization”. O. Uilyamson understood as opportunism “following to the interests, including fraudulently, including such obvious forms of deception as lie, theft, fraud here…”. Market relations, this phenomenon does not cause such a violent public backlash, as the market is the market. However, in the field of public participation, namely public procurement market opportunistic behavior of agents is often a public outcry, which requires the development of specific preventive measures. The urgency of this problem is justified considering the constant tightening measures to combat corruption in the state order. In connection with what in this article on the basis of methods of analysis, deduction and systematic approach is considered opportunistic aspect of public procurement in the Russian Federation. The author gives a classification of opportunistic behavior in the current contract system of Russia in accordance with the position of the founder of the concept in economics O.Williamson.The dynamics of the positive economic effect of public procurement market, as well as the dynamics of opportunistic behavior identified by public authorities supervising the observance of the legislation in this area. Proposed focus of reducing the influence of negative trends on the operation of the contract system of the Russian Federation