Abstracts of Main Articles

About unacceptability of the project of «Main directions of uniform state monetary policy for 2019 and period of 2020 and 2021» of the Bank of Russia (dissenting opinion of the member of National Financial Council)

Glaziev S.Yu., RAS Academician, Member of the National Financial Council, Chairman of the Council on Eurasian Economic Integration, Competitiveness and Sustainable Development, Advisor to the President of the Russian Federation

Abstract. Continuing constructive and critical analysis of the latest strategy of the Bank of Russia, presented in numerous publications in the scientific and economic periodicals, the author gives a negative assessment of the project of the central three-year plan — 2019–2021. According to the author, this document, like the similar three-year plans 2015–2017 and 2017–2019, is not only based on untenable scientific and practical arguments, contradicts the current legislation, and the guidelines of the long-term state economic policy formulated at the highest political level.

It is proposed to prepare an alternative project: a) to form a working group from the members of the National Financial Council, to include authoritative experts in the field of the theory of economic development and modern money circulation; b) to conduct on the basis of the available document on approaches to monetary policy, developed by experts under the guidance of the author of the article in 2016.

Keywords: Central Bank of the Russian Federation (CBR), Bank of Russia (BR), mega-regulator, National Financial Council (NFS), monetary policy, monetary policy, «The main directions of the unified monetary policy for 2019 and the period 2020 and 2021», interest rates, the key rate of the Central Bank of the Russian Federation, the regulation of the exchange rate, inflation targeting, the institution of bankruptcy, bankruptcy legislation, «pledge raiding».

 

Mineral resources complex of Russia: trends of technological modernization and basic principles of formation of innovative system

Vinslav Yu.B., Doctor of Economics, Professor, Chief Researcher of MGRI-RGGRU

Abstract. This article considers the latest technological development trends of the domestic mineral resource complex. Despite on a clearly insufficient level of innovation activity in subsoil use, leading commodity corporations in recent years focus on deepening of the raw mineral materials processing. Still complex (interdepartmental and multi-level) management system of innovative processes in the sphere of subsoil use has not yet developed enough. Authors of the article propose key principles for creating such a system; develop a model of determining factors for the effectiveness of innovation process at the macro-, meso- and micro level of economy; formulate basic methodological provisions for managing innovation at the corporate level of MRC.

Keywords: technological innovations, mineral resources complex, innovation processes, innovation trends, oil and gas sector, exploration, mining and metallurgical sector, strategic planning, intersectoral interaction, integrated corporations.

 

National project «Ecology» as a factor of formation of «green financing» system in Russia

Zvorykina Ju.V., Doctor of Sciences (Economics), Director of the VEB Research & Expertise Institute,

Sementsov S.P., Candidate of Sciences (Economics), Head of the Green Economy Program, VEB Research & Expertise Institute

Abstract. The article presents the analyses of the national project “Ecology”, interrelation of the national project with the former adopted strategies in solid waste management and best available technologies. Financial instruments planned for project implementation are analysed. Basic parameters of the green finance system required described. New financial instruments required for the task analysed. The approaches of the EU and China in shaping the green finance system presented.

Keywords: «green economy», «green finance», energy efficiency, competitiveness, best available technologies, international ecological standards, financial instruments.

 

Money of the future: cryptocurrencies and monetary policy prospects

Zembatov M.R., PhD in Economics, Head of the Center for Law and Economics Analysis of the Financial Research Institute of the Ministry of Finance of Russian Federation

Abstract. In this article an attempt is made to comprehend the role of cryptocurrency in the modern financial evolution. Observing bitcoin rate fluctuations and it’s influence on «market imagination» brought to the conclusion that bitcoin’s volatile nature and the nature of the «informational cascade» can be bound as having something in common. The suggestion is made whether the cryptocurrencies can be used in managing the way of application the negative interest rates in the future order of global finances. And the problem is marked if the modern cryptocurrency can be viewed as the precursors and transition link to the money of the future based on the universal measurement equivalent capitalizing time and other basic values of humanity.

Keywords: cryptocurrency, blockchain, electronic money, bitcoin, informational cascade.

 

Imperatives and palliatives of economic integration within the framework of the Greater Eurasian partnership

Tkachuk S.P., Projects Director with Scientific Center for Eurasian Integration under RAS Scientific Board on Problems of Eurasian Economic Integration, Modernization, Competitiveness and Sustainable Development (the Head of the Center and the Chairman of RAS Scientific Board S.Yu. Glazyev)

Abstract. The foreign policy initiatives of the Russian leadership to create an exceptionally wide, far beyond the post-Soviet, area of preferential trade and economic cooperation in Eurasia, initiatives clothed in various phraseological forms — it was about the approval of both the «free trade zone from Lisbon to Vladivostok» and «The Greater Eurasian Partnership» (GEP), are a natural striving for the sovereignization of the interaction space with the participation of the Russian Federation in the conditions of stagnation of the former order and e new attempts by leaders of the western world to adapt international law to their own ideas and goal orientations. If a decade ago, the temporary space for creative reflection and realization of the prospects and limitations of the new economic and integration format in Eurasia was uncertain (due to the absence of irresistible force factors burdening the Russian-European dialogue), now the corresponding forecast horizon is in the range of 2023–2027.

This predetermines the need for Russia to energetically shift the priorities and modalities of trade, economic and investment relations in the Asia-Pacific Region (APR). However, the «turn to the East» announced a few years ago, while it took place mainly at the verbal-rhetorical level. In this context, the Russian agenda for implementing the head of state’s initiative to create a GEP should obviously be based on a realistic program of multidisciplinary, highly diversified cooperation, reflecting not only an economic, but also an ideological component designed to explain the natural and objective nature of such partnership.

This article attempts to define the GEP format as a flexible system of legal norms, joint projects and institutions that differ in: the diversity of interests of the participants and the purely voluntary nature of their cooperation; the presence of certain principles of its organization, priority (most attractive) areas of integration interaction, as well as mechanisms for planning relevant activities and a joint response to exogenous (in relation to partner countries) challenges and threats.

Keywords: Eurasian Economic Integration, Reintegration of the Post-Soviet Economic Space, «Big Eurasian Partnership» (BEP), Customs Union — Common Economic Space (CU — CES), Eurasian Economic Union (EEU), Eurasian Economic Commission, European Union (EU), CIS, Asia -Pacific region (APR), SCO, BRICS, CHN, «The economic belt of the new Great Silk Road», S.Yu. Glazyev.

 

Prospects for the use of business intelligence in the management of economic organizations

Stanislav Mitrovic, the Doctor of Economics, the University to Novi Sad, the Republic Serbia; Doctoral Candidate of Economics Department Lomonosov Moscow State University

Abstract. In the article there are considered the prospects of use of business intelligence (BI) which can be treated not only as the instrument of realization and improvement of quality of the economic analysis of economic activity of the organizations, but as modern strategic knowledge of economy of the enterprise. The purpose of scientific research of the author consists in determination of some additional theoretical and methodological aspects promoting further improvement of the existing methodologies of use of systems of business intelligence in business management, to improvement of quality of the economic analysis of the organizations and increase in efficiency of administrative decisions. It is proved that BI gives effective opportunities for analytical association of all kinds of activity for the productive and steady organization of business in modern economic conditions. Special attention is paid to opportunities of adaptation of foreign aspects of development of methodology in the explored area, considering the existing differences in international experience of use of BI solutions and in the Russian practice.

Keywords: innovative information technologies, business intelligence, business analytics, economic analysis, management of knowledge, strategy of business, balanced system of indicators.