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Economics of Contemporary Russia

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The scientific journal “Economics of Contemporary Russia“ was founded in 1998 by Academician Dmitry Semenovich Lvov. For the last years the journal has advanced and entered the range of the leading most authoritative and read scientific journals of Russia in general economics. The editorial collegium and editorial board consist of many famous Russian economists, 16 of which represent the Section of Economics of the Russian Academy of Sciences. The papers of the leading scientists-economists that contain the results of the recent studies on the basic trends of the contemporary economic theory, real economic policy and economic practice are regularly published in this journal.

The editorial collegium and editorial board have chosen  the coverage of position and state of the economics as the institutional community of some scientists and collectives representing the academic, industrial and high school science, as well as the economic and analytical groups affiliated with the agencies of the state power in the bank, industrial, financial and other structures, as the main objective of publishing the journal. At the same time, not only the actuality and the public interest towards the chosen topic are considered to be the main criterion of publication in the journal, but also the novelty of the presented ideas and their scientific justification.

The high-qualified and impartial coverage of the total spectrum of viewpoints on the problems of theoretical and applied economics, as much as possible, is the priority task of the journal. The editorial policy formulated in such way enables to hope that the scientific journal “Economics of Contemporary Russia” will help the scientists and the teachers, the post-graduate students and the students to catch up with the trends of the economic life of the country, with the experience of the foreign countries, and, which is the most significant, - to learn directly about the last achievements of the contemporary economic theory, to perform an analysis of the economic decisions being made.

The journal is included in the List of the leading scientific journals and publications  by the Higher Attestation Commission of the Russian Ministry of Education list of the leading scientific journals and publications, recommended for publication of the results of theses for the degree of Doctor and Candidate of Sciences.

The journal is registered by the RF Ministry for Press, Broadcasting and Mass Communications on September 15, 2000, a certificate of registration: ПИ № 77-5426.

Current issue

Vol 29, No 2 (2026)

ACTUAL PROBLEMS OF ECONOMICS

5-20 66
Abstract

This article presents a conceptual model of regional production systems, with the “industrial model” serving as the primary analytical unit. Drawing on discussions in the fields of global industry studies and social theory, this conceptual model reimagines regions as active, complex systems within a rapidly changing global context. Industrial models are defined as meso-level “assemblages” of productive and socio-material practices, control nodes and spatial patterns. These industrial models are embedded in specific organizational structures within regional and macro-regional systems. Thus, the article presents a multi-level, nested ontology for the study of regional production systems. Regional systems are permeated by macro- and micro-mechanisms. The article emphasizes the competitive and contractual nature of industrial models as an important microfoundation of regional systems’ theory. This provides a basis for searching for specific mechanisms to develop regional production systems. The specific channels of communication within regional systems ensure the co-evolution of regional system participants and give rise to complex, cross-border “assemblages” and non-linear trajectories of regional economic development through the complex dynamics of nested systemic processes. The article criticizes various aspects of the Global Production Networks (GPN) approach, such as the abstract understanding of “territorial relational networks” and the shift in research focus to flagship Western “focal firms”, and proposes methodological counterbalances based on the plurality of industrial models, their uneven integration into the global economy and the potential for alternative, decentralised regional agency. Thus, the article proposes a compact, mechanistic model of regional production systems, capable of providing various statistical hypotheses for validation. The article puts forward initial suggestions for operationalisation of the proposed theory for further empirical testing and for researching the equilibria of regional production systems and ways of resolving conflicts within them. It also outlines prospects for future research.

21-32 27
Abstract

This study examines the social capital of the Russian regions in the context of their spatial interactions. Social capital is determined by the density of social network connections. The study’s methodological basis is spatial econometric methods, which allow for the analysis of spatial interactions between socioeconomic phenomena. To identify the possible existence of spatial effects in selected Russian regions, global Moran’s IQs were calculated. Spatial effects were estimated using an autoregressive SAR model. Panel data analysis methods were used to obtain a matrix of explanatory variables. Spatial effects were estimated with an autoregressive SAR model. Panel data analysis methods were used to obtain a matrix of explanatory variables. The best result was obtained using a fixed-effects model, which estimates the invariant variables while controlling for individual effects. All calculations were performed using the corresponding module in STATA 16. As a result, it was established that in the context of the proposed definition of social capital, there is a positive spatial autocorrelation of the social capital of neighboring regions of the Russian Federation, which makes possible to improve the quality of the obtained modeling results.

33-44 33
Abstract

The article is devoted to the peculiarities of application of the theory of efficiency of economic activities in the practice of decision-making on implementation of long-term large-scale projects of transport infrastructure development. It is shown that the approaches accepted all over the world to prove the public efficiency of such projects on the basis of traditional criteria are untenable; they do not provide information on real economic results of the project for investors (economic entities, the state). The example of high-speed railways, proves that the decision to start implementation of the state long-term large-scale project of transport infrastructure development cannot be justified by calculations of commercial and public efficiency of the project in the classical sense of these terms due to the high level of uncertainty of basic cost and natural indicators over a period of 10–20 years or more, and the low level of objectivity in selection of directions of influence of the project on the economy and social life of the regions of influence. It is argued that the basis for implementation of such projects should be considered the proven need for transport services, which the project would first of all provide, as well as the possibility of creation and development of new promising technologies for the construction of transport facilities and provision of transport services. At the current stage of development, the need to maintain and develop production capacities in the most important sectors for the country’s economy, including the construction industry, mechanical engineering, metallurgy and others, can also be considered as such a basis.

45-63 31
Abstract

 This article provides a theoretical and empirical assessment of the impact of public procurement on the development of domestic innovative entrepreneurship, with a focus on developing a system of measures to further institutionalize state procurement of its products. Given the increasing pressure of sanctions against Russia and the need to ensure technological sovereignty, the search for effective mechanisms to support domestic innovative firms has become particularly urgent. The most important of these, given severe budget constraints, is the institution of public procurement of innovative products. The aim of this study is to develop a research methodology, monitor public procurement of innovative products as a mechanism for supporting innovative firms, identify problem areas, and develop evidence-based recommendations for improving this institution. The paper places particular emphasis on the need to expand government demand for innovative products and develop a system of measures to support innovators in the public procurement market. In addressing these objectives, theoretical and methodological approaches to the interpretation of the concepts of “institutionalization” and “innovative procurement” are systematized. This article provides an in-depth analysis of institutionalization as a process of institutional change based on the introduction of new rules and norms, their adoption, and their transformation into widespread institutional practice. It is shown that a new paradigm of economic development in Russia under sanctions, based on the increased role of innovation, science, and research, objectively determines a stronger role for the state in stimulating the development of innovative firms, in particular by expanding its demand for innovative products through the formal institutionalization of their procurement. An econometric analysis was conducted to identify the influence of public procurement institutions at the level of innovation in national economies. The evolution of the regulatory framework in Russia is characterized, and institutional barriers to the participation of innovative businesses in procurement are identified. An empirical analysis of regional practices is used to assess the effectiveness of the existing institution of reporting by government customers. Based on the study’s results, practical recommendations were developed for the further institutionalization of innovative public procurement, aimed at stimulating state demand for the products of domestic innovative firms and developing an appropriate system of measures.

ECONOMICAL POLICY AND ECONOMICAL PRACTICE

64-73 33
Abstract

This article explores and systematizes systemic issues in strategic innovation monitoring at commercial banks in the Russian Federation amid digital transformation. The objective is to identify structural and methodological shortcomings in existing approaches to innovation management and develop a theoretical and practical model for their optimization. Based on an analysis of internal documents and financial statements of credit institutions, key issues were identified: the fragmentation of monitoring functions among various departments, such as risk management, information technology management and development, and sustainable development and corporate governance committees. An analysis of financial statements and corporate documentation at Russian commercial banks, as well as literature, suggests that a shift from the dominance of retrospective financial metrics to the use of metrics that take into account non-financial components is advisable. Based on an analysis of corporate documentation and financial statements from leading Russian banks, organizational models were reconstructed, revealing an imbalance in the KPI system, manifested by the dominance of retrospective financial metrics and a shortage of specialized innovation indicators. This is shown to be particularly important given the lack of specialized key innovation indicators, the underestimation of the intangible effects of innovation, and the underdevelopment of forecasting tools. Specific recommendations are proposed as the main area of optimization, including: 1) institutionalizing the controlling function through a responsibility center for controlling innovation; 2) developing a balanced scorecard that takes into account the specifics of various types of innovation; 3) implementing forecasting tools based on scenario analysis and simulation modeling. The practical significance of the study lies in the formulation of measures aimed at overcoming fragmentation and increasing the strategic relevance of controlling innovation.

74-85 183
Abstract

The purpose of the study is to determine the role of inter-budget transfers in creating conditions for the implementation of public-private partnership (PPP) projects in industry and to develop proposals to improve the effectiveness of their use within the framework of budgetary policy. The paper examines the trends in the development of the PPP market in Russia, the specifics of the industry structure and the current directions of inter-budgetary financing. The empirical base consists of data from the Federal Treasury, the Ministry of Finance of Russia, the Bank of Russia, the Unified PPP Information System and Rosstat for 2019–2023. Methods of comparative analytical and structural analysis, content analysis of normative legal acts, as well as systematization of regional practices are applied. The existing system of inter-budget transfers has an indirect impact on the development of industrial PPP projects, performing mainly a compensatory rather than stimulating function. The lack of investment performance criteria and the inconsistency of inter-budgetary and investment instruments limit the effectiveness of government support. An approach to improving the system of inter-budgetary financing is proposed, based on the differentiation of transfers, taking into account the investment potential of regions, the development of mechanisms for monitoring the effectiveness and digital transparency of budget flows. The scientific novelty of the study is to clarify the role of inter-budget transfers as an institutional tool for creating infrastructural and organizational conditions for attracting private investment in industry. The results can be used to adjust methodological approaches to the allocation of inter-budget transfers and the development of regional industrial development programs based on PPP.

86-96 28
Abstract

The article provides a comprehensive analysis of the institutionalization process of non-profit organizations (NPOs) in Russia, defined as the entrenchment within society of norms, rules, and behavioral patterns associated with their functioning. The study covers the period from the emergence of the non-profit sector from the 1990s to 2024. A central issue addressed is the low level of popularity and trust among Russian citizens towards NPOs. This is attributed primarily to insufficient public awareness about the actual activities of these organizations. An important aspect of the research involves tracking the evolution of state policy regarding NPOs. It reveals that while during the 1990s–2000s, the focus was on developing NPOs as promoters of civil society institutions, since the 2010s they have been increasingly seen by authorities mainly as partners for implementing social policies. This thesis is supported through an analysis of legal regulations governing third sector entities. Introducing the concept of “socially oriented nonprofit organization” into legislation, providing tax benefits, allowing NPOs participation in public-private partnerships, and creating registries of social service providers are shown to aim specifically at integrating the non-profit sector into the national system of social services. The conclusion draws that, notwithstanding considerable progress, it is premature to declare the full-fledged institutionalization of third sector organizations. Nevertheless, they currently function as highly efficient partners for the state in tackling social problems, a feature typical of the European non-profit sector model, albeit with a Russian particularity manifested in intensified state oversight.

97-108 29
Abstract

Research into improving the economic security of oil and gas regions is a pressing scientific challenge, the solution of which is essential for ensuring the country’s sustainable economic development. This topic received ample coverage in domestic and international scientific literature. However, despite a significant amount of research, a number of issues remain insufficiently analyzed or require rethinking in the context of current economic realities. Objective: to develop approaches to increasing the economic security of the oil and gas region based on its industrial potential in the context of sanctions restrictions, the transformation of the global fuel and energy balance, and the high volatility of oil and gas resources. The study addressed the objectives of theoretical reviewing scientific approaches to innovative industrial regional development, taking into account economic security requirements and economic and statistical analysis of the volume, structure, dynamics, and profitability of industrial assets and products in the oil and gas regions of the Volga Federal District. For the practical part of the study, paired regression and structural and dispersion analysis were used to analyze shipped goods of own production, as well as completed works and services in oil and gas regions, by economic activity type: “Mining” and “Manufacturing.” This allowed us to construct forecast trends and a system of equations describing the development of regional industry for the period 2017–2030, beginning with a rise in oil prices after the previous crisis, including “peak oil” periods in 2018 and 2022, and a significant decline in 2020. The analytical methods used also revealed a close interregional correlation in industrial production indicators (η2 = 62,42% in the extractive industry and η2 = 82,25% in the manufacturing industry) and a lack thereof in terms of return on assets and product profitability. Based on the results of an economic and theoretical review and our analysis, an equilibrium cyclical model of the system of conditions and consequences for increasing the level of economic security in an oil and gas region has been developed. It reflects the mechanism of mutual closure of the regulatory risk of institutional transformations and the conflict of interests between the updated institutions and economic conditions at the federal and regional levels on the use of strategic corporate resources of the oil and gas and related industries in order to protect regional economic systems.

109-123 30
Abstract

The significant increase in sanctions pressure after 2022 is clearly evident in the oil and gas sector, which is particularly sensitive to sanctions due to a long period of import dependence. In this regard, the goal of this paper is to analyze the influence of current sanctions on functioning of the Russian oil and gas sector and international experience of adaptation to sanctions (Iran as example), and to lay out recommendations for adjusting Russian policy to ensure technological sovereignty. The article uses a multi-method methodology: analysis and synthesis (dividing the problem of achieving technological sovereignty into individual stages of value chain creation), a historical method (evaluation of anti-Russian sanctions and import substitution policies from the beginning of the 21st century to the present), and a comparative analysis, including the experience of Iran. The main scientific results are the following. The equipment for the oil and gas sector demonstrates the low level of technological sovereignty in Russia. Historical analysis shows that it in focus of domestic policy. Despite the fact that the development of domestic equipment production was spurred by the 2014–2022 sanctions, Russian policy currently does not allow for a high level of import substitution. The similarity of domestic policy with Iran’s import substitution strategy is demonstrated, and the mixed results of this policy indicate the need for adjustments in Russia. Two key areas for improving policy in this area have been identified: the development of exports of oil and gas equipment and intersectoral cooperation among the Russian companies.

INFORMATIONAL TECHNOLOGIES IN ECONOMICS

124-137 25
Abstract

The level of trust in the economy remains one of the parameters determining the well-being of society. Traditional elements were formed primarily through interpersonal relationships and institutional mechanisms. The development of digital technologies reduces the possibilities for opportunistic behavior of intermediaries and reduces the vulnerability of the trustor. In this context, blockchain acts as a catalyst for the transformation of trust in the economy. This article proposes a structured definition of the concept of «trust in blockchain» and analyzes the conditions for its implementation in the digital environment particular attention is paid to the role of blockchain as a technical and institutional infrastructure — ​the key technical properties of blockchain are highlighted. It is shown how they relate to the mechanisms of trust reproduction and the economic basis of these mechanisms, including the network security model. The second section examines two currently leading blockchains — ​Bitcoin and Ethereum: historical data on «security budget» is presented, broken down by emission and fee components, as well as data on the volume of locked funds by asset class. Based on this data, an assessment of the sustainability of the economic model is made. As a result, trust in blockchain can be viewed as a measurable economic construct. The blockchain security model proven its viability through the inflow of real assets, but its relative inefficiency limits scalability. Under these conditions, the key innovation is the redistribution of risks within the system, which allows trust to be built into its architecture. The emission of a native cryptocurrency forms the economic framework of the model, but at the same time, while a trend toward the growth of more sustainable user (fee) cash flows is observed.

138-146 26
Abstract

Digitalization processes have a significant impact on the functioning of the modern economy. The quality of this influence can be either positive, increasing the efficiency of economic activity at the micro- and macro-­levels, or negative, leading to the new threats and additional costs. The paper examines a third trend, in which digitalization tools increase the efficiency of individual companies, shifting the negative effects to society. The paper presents a set of practical cases illustrating the effects of digitalization tools’ application. The use of artificial intelligence for shaping digital profile of users is considered. The gain of the formed digital profile for shifting part of the digital platforms’ costs onto their users and appropriating part of the consumers’ surplus by digital platforms is analyzed. The main approaches to practical application of price differentiation based on economic digitalization tools are defined. The role of non-medical neurotechnological devices in shaping users’ neuroprofiles is examined, and the trends of using neurodata to maximize company profits are analyzed. The current response of the global community aimed at protecting neurorights is characterized. The study findings highlight the need to pre-emptively introduce a ban on the use of neural data for predicting and programming user behavior into the Russian legislation. As well, a ban on the use of digitalization tools for unjustifiably shifting part of the costs of digital platforms onto their users and appropriating consumer surplus.

ACADEMIC SCIENCES AND HIGH SCHOOL

147-162 60
Abstract

The purpose of this work is to develop the conceptual and methodological foundations for the formation of an innovation strategy of universities, contributing to increasing the competitiveness of universities in the face of new challenges. To achieve this goal, the authors set and solved the following research objectives: theoretical analysis and methodological approaches to developing an innovative strategy for a modern university, the formation of an innovative ecosystem of the university, the main elements and principles of successful implementation of the university’s innovation strategy, and the study of its impact on the university’s place in various rankings. The paper presents the author’s definitions of a number of concepts: “innovation in higher education”, “innovative university development”, “university innovation ecosystem”, “university innovation strategy”, “university innovation level” and “innovative university”. A structural model for the formation of the university’s innovation strategy is proposed, which makes it possible to comprehensively analyze the resources of an educational organization, assess internal and external factors, opportunities and risks affecting the implementation of the university’s innovation strategy. At the same time, the authors have revealed that the university’s innovation strategy in the context of digital transformation is based on the generation and increment of knowledge, innovative technologies and tools, new management solutions and modernization of all business processes in an educational organization. In addition, the article analyzes the evaluation criteria taken into account in a number of Russian university ratings and the authors conclude that the implementation of an effective innovation strategy contributes to the university’s achievement of the best position in these ratings. The practical significance of this study lies in the possibility for universities to use the structural model of the university’s innovation strategy developed by the authors in the context of the development of the digital economy.

WORLD ECONOMICS

163-177 27
Abstract

The article is devoted to the US leading regional centers of technological entrepreneurship in artificial intelligence and their advantages for AI-startups developing. The history of 45 AI-startups that achieved the status of “unicorn companies” between 2022 and 2024 was studied. The focus was on the local context for the successful development of these companies, including: infrastructure and a market of specialized AI industry providers; talented specialists interested in developing AI-solutions; venture capital market and sales opportunities. Startups benefit from the latest technological solutions for creating AI products, strong teams, partner’s support and the ability to scale quickly. Five regions were identified, in which the transformation of AI-startups into a unicorn companies was observed. The leader among them is Silicon Valley, where more than 70% of such transformations have occurred. New York ranks second with a similar indicator of 15%. The other regions are Boston, Austin, and Seattle. Each region shows its strengths and advantages for local AI startups. The discussion of the results summarizes the regional context in the United States facilitating the stages of a startup’s life cycle before becoming a “unicorn company”. The possibilities for implementing the successful experience of developing U.S. AI entrepreneurship in Russia are identified. In particular, three pressing challenges for Russia that are successfully solved in the American economy are identified: diversification of national production through increasing productivity based on AI technologies; expansion of national consumer market and the share of the middle class in the population due to AI projects in the “long tail” digital economy; and the involvement of incumbents represented by large public companies in the development of science, education and ecosystems of AI entrepreneurship.

ECONOMIC LEGISLATION PROBLEMS

178-186 26
Abstract

The article considers a set of issues related to the determination of the status in customs legal relations of fish and fish products received (manufactured) by Russian vessels fishing (or production of fish products) outside the state territory of Russia. The analysis shows that the methodological underdevelopment of approaches to determining the “customs status” of Goods significantly hampers the activities of fishing companies in the Arctic region of our country, which fish not only in the territorial sea, but also in the Exclusive economic zone of the Russian Federation (EEZ), as well as in the World Ocean. The purpose of the work is to study the peculiarities of determining the status of Goods received by Russian vessels in the EEZ and in the World Ocean. The following methods were used in the article to conduct research on determining the status of fish and fish products that are caught and partially and (or) completely processed on board a vessel that is not located in the territorial waters of the Russian Federation: economic, analytical, generalization, comparisons. In the process of researching the problem under research, the authors of the article applied a method of summarizing information. When developing methodological approaches to determine the status of fish and fish products received by Russian courts outside the country in customs legal relations, an economic research method was used. At the same time, the authors formulated additional simplifications that can be used by Russian fishing companies engaged in the extraction of Goods in the EEZ and in the oceans, which was done using the comparison method. Initially, to determine the current status of fish and fish products received by Russian courts outside the country in customs legal relations, an analytical method of scientific knowledge was used. The results of the research conducted by the authors of the article have both scientific and practical significance, and can be used, among other things, within the framework of improving the normative regulation in the field of customs relations, as well as by economic entities engaged in the extraction of fish (formerly — ​Goods) outside the territorial sea of Russia, namely in the EEZ and in the World Ocean.

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