PLATFORMS FOR THE DEVELOPMENT OF THE FINANCIAL MARKET IN THE DIGITAL ECONOMY

2021 ◽  
pp. 91-99
Author(s):  
Polina S. Chernyshova ◽  
◽  
Vyacheslav V. Burlakov ◽  
Keyword(s):  
Financial Market ◽  
Mobile Communications ◽  
Financial Services ◽  
Technology Development ◽  
Negative Impact ◽  
Digital Economy ◽  
The State ◽  
Economic Life ◽  
Financial Condition ◽  
Russian Economy

Significant changes taking place in the economic life of the state and society are associated with the active and widespread development and spread of the digital economy. The Internet, personal computers, smartphones, mobile communications, artificial intelligence, robotics and much more have become an integral part of the life of our society. The digital economy development has a significant impact both on the economy as a whole and on its individual segments: the engineering and technology development is accelerating, the boundaries between various fields of activity are blurring and significant changes in the activities of enterprises and workers are taking place. Thanks to digitalization, it became possible to identify various risks which are associated with activities and which can have a negative impact on the development of the entire financial market. One of the markets actively involved in the development of digital technologies is the financial market, which is a combination of the credit, investment, insurance, and stock sectors. In fact, the financial market is a significant indicator of the state of the entire Russian economy. In connection with the above, it is not accidental in the strategy of the Bank of Russia that it strives to develop platforms for the “digitalization” of the financial market. The development of platforms is necessary to create a competitive and trusting environment in the financial market, to maintain its stable financial condition, as well as to ensure the capital and financial services availability. In addition, the development of such platforms provides significant economic and financial benefits for variSignificant changes taking place in the economic life of the state and society are associated with the active and widespread development and spread of the digital economy. The Internet, personal computers, smartphones, mobile communications, artificial intelligence, robotics and much more have become an integral part of the life of our society. The digital economy development has a significant impact both on the economy as a whole and on its individual segments: the engineering and technology development is accelerating, the boundaries between various fields of activity are blurring and significant changes in the activities of enterprises and workers are taking place. Thanks to digitalization, it became possible to identify various risks which are associated with activities and which can have a negative impact on the development of the entire financial market. One of the markets actively involved in the development of digital technologies is the financial market, which is a combination of the credit, investment, insurance, and stock sectors. In fact, the financial market is a significant indicator of the state of the entire Russian economy. In connection with the above, it is not accidental in the strategy of the Bank of Russia that it strives to develop platforms for the “digitalization” of the financial market. The development of platforms is necessary to create a competitive and trusting environment in the financial market, to maintain its stable financial condition, as well as to ensure the capital and financial services availability. In addition, the development of such platforms provides significant economic and financial benefits for various participants in the financial market, which will positively affect the entire economy development.

Development of Competition in Russia in the Digital Economy

2021 ◽  
pp. 36-43
Author(s):  
Yu. A. Svalova ◽  
G. N. Konnov
Keyword(s):  
Public Procurement ◽  
Digital Economy ◽  
Economic Life ◽  
Socially Responsible ◽  
Foreign Markets ◽  
Russian Economy ◽  
National Economic ◽  
Modern Economic ◽  
Business Entities ◽  
Traditional Approaches

The article discusses a number of problems and prospects for the development of competition in the context of the growing digitalization of the Russian economy. It is noted that the digital economy is becoming a relatively independent environment for the economic life of business entities. The reaction of the state, business and the population caused by the COVID-19 coronavirus pandemic served as a catalyst to accelerate the digitalization of the economy.Largely, this acceleration was due to the ineffectiveness of standard measures to combat the pandemic, which made it necessary to revise the “frame of reference” for the development of the economy as a whole, to adjust the traditional approaches to antimonopoly regulation.According to the authors, the modern economic policy of Russia should be aimed at preserving and developing domestic entrepreneurship interested in developing the national economic environment, using profits for the development of domestic markets.This approach creates the preconditions for the growth of a national socially responsible business focused on competing in foreign markets.To achieve this goal, it is necessary to update the existing legal instruments (including using the mechanism provided for by the National Plan for the Development of Competition in the Russian Federation) in the field of antimonopoly control, tariff regulation, public procurement in order to ensure the growth of the competitiveness of Russian goods (including services) in foreign markets.

scholarly journals Improving state regulation of the insurance services market

2020 ◽  
Vol 45 (2) ◽  
pp. 99-107
Author(s):  
Olha Klymenko
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
State Regulation ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Regulation System ◽  
Positive Trend ◽  
The European Union ◽  
Insurance Premiums

An urgent task in the field of public administration of non-banking financial services markets is to improve the regulation of the insurance market. On the example of the insurance services market, the problems of the functioning of the financial market regulation system are highlighted. Suggestions for its improvement are presented to increase the competitiveness of these markets. The development of the Ukrainian insurance market after 2015 to the present has a positive trend, which indicates the effectiveness and managerial ability of the state regulation system. The indicators of the state of the insurance market of Ukraine in comparison with similar indicators of such markets in the countries of the European Union are considered. The dynamics of concentration of the insurance market of Ukraine over the past 15 years has been analyzed. The main trends in the development of competition in this financial sphere have been identified. The necessity of state regulation of the concentration of the insurance market is substantiated. Views on the methodology and tools used in the study of the concentration and competitiveness of the insurance market are presented. Suggestions for improving the methods are given. It is shown that from 2012 to 2019 the Herfindahl - Hirschman index for risky types of insurance and for the insurance market as a whole has been increasing. It is established that according to the gradation of financial market concentration levels using the Herfindahl - Hirschman index, the insurance market of Ukraine corresponds to the degree of low concentration. According to the value of the Herfindahl - Hirschman indicator, the concentration of the life insurance market during 2003 – 2019, with the exception of 2015, is moderate. But the total share of gross insurance premiums collected by the three largest insurance companies in 2017 – 2019 exceeded 50 % of all gross insurance premiums. According to the Ukrainian law, such a market is considered a monopoly. It is shown that when analyzing the state and development of the insurance market of Ukraine, it is advisable to supplement the values of the Herfindahl - Hirschman index with corrective coefficients that take into account regional characteristics of the market, types of insurance, additional indicators of its functioning efficiency. Measures are proposed to accelerate the development of the insurance market of Ukraine by improving its regulation system.

Positive Approaches and Practices for Sustainable SME Development in the COVID-19 Context

2021 ◽  
pp. 403-429
Author(s):  
Elena Viktorovna Burdenko ◽  
Elena Vyacheslavovna Bykasova
Keyword(s):  
Industrial Production ◽  
Service Industry ◽  
Negative Impact ◽  
Food Service ◽  
Economic Sectors ◽  
Financial Condition ◽  
Russian Economy ◽  
Fitness Industry ◽  
Domestic Tourism ◽  
Positive Practices

The chapter is dedicated to the research and analysis of positive practices implemented by small and medium-sized enterprises (SMEs) in Russia amid the COVID-19 pandemic. From 2016 to 2019, small and medium-sized business has most developed in such spheres as services, trade, construction, industrial production, and agriculture. The introduction of strict quarantine measures had a negative impact on the financial condition of all economic sectors; therefore, the most affected industries of the Russian economy have been identified. The chapter considers the positive practices used by SMEs operating in the affected industries such as tourism and hotel business, food service industry, and fitness industry. When the borders were closed and after the lifting of severe restrictions, domestic tourism saw the fastest development. The research that was carried out showed that amid strict isolation, only food service establishments that managed to adopt a new mode of services—connection to aggregators, organization of meals delivery to clients, take-away orders—were able to continue operating.

scholarly journals The state of professional orientation of schoolchildren in the modern Ukrainian school

New Collegium ◽  
2021 ◽  
Vol 1 (103) ◽  
pp. 67-70
Author(s):  
Y. Mohylna
Keyword(s):  
High School Students ◽  
Career Guidance ◽  
Negative Impact ◽  
Positive Impact ◽  
Deep Understanding ◽  
Vocational Guidance ◽  
The State ◽  
Economic Life ◽  
Sufficient Information ◽  
Low Level

The article analyzes the state of the identified problem. It was found that vocational guidance in modern schools of Ukraine is conducted at a low level, is ineffective and uses a narrow range of methods. Ways to implement career guidance are mostly theoretical and do not provide sufficient knowledge for a conscious choice of profession. Lack of implementation of practical ways deprives high school students of a deep understanding of the chosen profession, the ability to conduct self-analysis and compare personal abilities and skills with the requirements for the specialty. For the most part, career guidance is reduced to the propaganda work of higher education institutions. Student visits by students and other activities organized by universities are mostly aimed at acquainting students with the peculiarities of studying in a particular university, its advantages over other educational institutions. However, such measures cannot be considered career guidance, as they do not provide sufficient information about professions, but only acquaint future entrants with the specifics of training and provide general information about the relevant professions. In addition, in Ukraine there is no relationship between the State Employment Center and the vocational guidance of schoolchildren. This leads to an imbalance between supply and demand in the labor market, which in turn negatively affects the economic situation of the country due to higher unemployment. It also has a negative impact on social development, because a person who has not been able to realize himself cannot be a socially active and life-satisfied citizen who loves his country. Due to professional uncertainty and misunderstanding by young people of the answer to the question "Who am I?" loss of flair and abilities, the development of which could bring the country advantages, victories, economic independence. Analysis of career guidance work in schools abroad shows that career guidance in schools in Ukraine is at a low level, lacks a number of important components and does not have a positive impact on the social and economic life of the country.

scholarly journals The state of the Russian payment market: digitalization and the impact of COVID-19

2020 ◽  
Vol 217 ◽  
pp. 06003
Author(s):  
Olga Korobeynikova ◽  
Diana Burkaltseva ◽  
Tatiana Dugina ◽  
Zinaida Kozenko ◽  
Svetlana Shaldokhina
Keyword(s):  
Financial Services ◽  
Digital Economy ◽  
Market Analysis ◽  
The State ◽  
Payment Cards ◽  
Three Stages ◽  
The Russian Federation ◽  
Main Factors ◽  
Money Transfers ◽  
The Impact

The purpose of the article is to assess the state of the Russian payment market and the impact on it of two main factors - the COVID-19 pandemic and the development of the digital economy. Objectives of the article: 1) highlight the stages of development of the modern payment market in Russia; 2) identify the dynamics of the payment market of the Russian Federation (infrastructure for the provision of payment and other financial services, the number of non-cash payments, the use of cash); 3) to establish the impact of the COVID-19 pandemic and the development of the digital economy on the state of the Russian payment market. As a result of solving the tasks, the following was established. There are three stages to assess the Russian payment market. Analysis of data on the infrastructure for the provision of payment and other financial services showed that since 2010 there has been an annual decrease in the number of banks. The structure of non-cash payments is changing: the number and amount of transactions using payment cards are growing, the number and volume of money transfers are decreasing, and cash is being phased out. The impact of the COVID-19 pandemic and digitalization on the state of the Russian payment market reflects trends that are being strengthened by the pandemic and are shaping a sustainable trend.

scholarly journals Creation of a trusting environment in the financial market as an actual direction of financial and legal policy in the digital economy

2020 ◽  
pp. 148-153
Author(s):  
E. N. Pastushenko
Keyword(s):  
Central Bank ◽  
Financial Market ◽  
Russian Federation ◽  
Financial Services ◽  
Government Regulation ◽  
Self Regulation ◽  
Digital Economy ◽  
Legal Personality ◽  
Digital Format ◽  
The Russian Federation

This article is devoted to the study of issues related to the formation of a trusting environment in the financial market in the digital economy. The author concludes that the protection of the rights of consumers of financial services, including financial services provided in digital format, requires the formation of a trusting environment in the financial market. This involves a combination of government regulation of authorized entities, including the Central Bank of the Russian Federation, and self-regulation by financial organizations. The development of banking legislation and law enforcement practice testifies to the transformation of the legal personality of the Central Bank of the Russian Federation and the expansion of its authority to issue programmatic legal acts in the field of increasing the availability of financial services in the Russian Federation. This is due to the application of a systematic approach and the proposal to secure at the federal law level the powers of the Bank of Russia to issue program legal acts in the field of financial technologies.

scholarly journals Digitalisation of the Economy of Social and Labour Relations in Modern Conditions

2021 ◽  
Vol 110 ◽  
pp. 01043
Author(s):  
Margarita Stefanenko ◽  
Elzara Abdulkhairova
Keyword(s):  
Labour Market ◽  
System Analysis ◽  
Rapid Development ◽  
Information Infrastructure ◽  
Digital Economy ◽  
The State ◽  
Infrastructure Development ◽  
Russian Economy ◽  
High Level ◽  
The Impact

The authors represent data on the state of the process of digitalisation of the Russian economy and draw a conclusion about the high level of the information infrastructure development along with that they note a great gap in the digitalisation level between regions. When assessing the impact of the development of Internet technologies on employment, two main consequences have been identified: the reduction of the impact of the geographical factor on the supply and demand in the labour market and the involvement of previously unoccupied social groups in the production process. The rapid development of the digital economy, the accelerated industrialisation of digital technologies such as the Internet, big data and cloud computing, have led to further improvements in computing power, a significant reduction in computing costs, and a significant leap in data analysis and processing capabilities. The purpose of the study is to analyse and evaluate the effects of economy digitalisation on employment. Within the framework of the research conducted, both general scientific and specific scientific methods were used: formal and logical research methods (the method of induction, deduction, analogy, synthesis, comparison, observation, description, systematisation), formal and legal, historical and legal, comparative and legal, institutional, system analysis. The paper analyses the current global economic and technological trends that affect the transformation and formation of new socioeconomic relations in the context of the digital economy formation. This article examines the impact of the development of digital information technologies on the labour market and employment. The authors represent data on the state of the process of digitalisation of the Russian economy and draw a conclusion about the high level of the information infrastructure development along with that they note a great gap in the digitalisation level between regions. The results of the study can be used in the work of public authorities at all levels to develop and adjust programmes for the further labour market development and to prevent unemployment.

scholarly journals Legislative measures to improve the economic security of enterprises of the Russian Federation in modern conditions

2019 ◽  
pp. 295-298
Author(s):  
Anton Shcherbakov
Keyword(s):  
Russian Federation ◽  
Economic Security ◽  
Digital Economy ◽  
The State ◽  
Advantages And Disadvantages ◽  
Russian Economy ◽  
The Russian Federation ◽  
Joint Consideration ◽  
Positive Results ◽  
Legislative Measures

The article discusses the implementation of the digital economy in Russia related to the economic security of our country. The digital economy brings both substantial positive results and many problems. The article shows main advantages and disadvantages of the introduction of the digital economy and the conclusion about the necessity of their joint consideration in the implementation of digital projects in the Russian economy to ensure the economic security of the state.

scholarly journals Digitalization of the Russian Economy as a National Goal

2021 ◽  
Vol 93 ◽  
pp. 02025
Author(s):  
A.V. Savoskin ◽  
A.V. Kurdyumov ◽  
V.A. Meshcheryagina ◽  
M.N. Vilacheva
Keyword(s):  
Information Security ◽  
Digital Technologies ◽  
Information Infrastructure ◽  
Legal Framework ◽  
Digital Economy ◽  
Digital Transformation ◽  
The State ◽  
Digital Environment ◽  
National Goal ◽  
Russian Economy

The gist of this article boils down to the legal conditions for the formation of a unified system of digitalization of the economy based on the improvement of normative regulation of the digital environment are considered; creation of information infrastructure of the economy; providing the digital economy with competent personnel; ensuring information security. The authors conclude that the state concept of "digital transformation" has not yet been implemented, but the first steps in this direction have been taken. Achieving the national goal of digitalizing the economy will entail the creation of a new legal framework for relations between citizens, business and the state, which is necessary (and even inevitable) due to the development of digital technologies.

scholarly journals Current trends in household finances of Ukraine

2020 ◽  
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Well Being ◽  
Cash Flows ◽  
The State ◽  
Government Support ◽  
Subsistence Level ◽  
Investment Activity ◽  
Household Finances ◽  
Financial Condition

The article considers the peculiarities of the functioning of household finances in Ukraine in modern conditions, examines their place and role in the financial system of the country. The basic functions of household finances are specified and it is determined that the household is an important subject of financial relations, which interacts with the state, economic entities, financial market institutions, continuously creates incoming and outgoing cash flows, the size of which tends to increase. The sources of income generation and expenditures of Ukrainian households have been clarified, as a result of which we can state the dominance of wages and social benefits in income and consumption expenditures in total household expenditures, which significantly reduces their investment activity. The analysis of statistical data characterizing the financial condition of households in Ukraine was carried out and the growth of nominal values of such indicators as total income and expenditure of households, minimum and average wages, pension, social assistance, subsistence level was noted. In 2020, there is an increase in unemployment in the country, which has a negative impact on household income, reduces solvent demand and creates an additional burden on the budget. A study of the financial condition of households in the context of the coronavirus epidemic and the introduction of quarantine measures in Ukraine. We note its deterioration and note the low level of savings of the population, which leads to a decline in living standards and the need for government support. The key problems in the sphere of household finances are formulated and perspective directions of their development are determined, the use of which will allow to increase the level of well - being of households and will have a positive impact on the socio - economic situation of the state as a whole.

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