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The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2024.  Finance.

Elena A. Osadchenko

postgraduate student, assistant of the Department of Finance and Risk Management of the Siberian Federal University, Krasnoyarsk, Russia

ORCID: 0000-0003-2792-4652

 

PROSPECTS FOR THE ORGANIZATION, REGULATION AND TAXATION OF MINING IN RUSSIA

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Abstract

Сryptocurrency mining in Russia is not regulated by current legislation today, but the authorities recognize the existence of a business in this area that needs to be legalized. According to the scientific analysis, a low level of development of cryptocurrency mining organization, regulation and taxation issues was revealed. The international experience in this area has been summarized, such activities are generally prohibited, but there are countries where both regulation and taxation are carried out. The author has developed a model for the organization, regulation and taxation of cryptocurrency mining in the Russian Federation using the example of the first cryptocurrency – bitcoin, which involves embedding it into the current legal system without making significant changes in order to reduce time and administrative costs.

Keywords: mining regulation, mining taxation, taxation, cryptocurrency, bitcoin, mining, crypto assets.

JEL: G18, H25, K34

EDN: EORWBZ

DOI: https://doi.org/10.52180/2073-6487_ 2024_2_116_136

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Manuscript submission date: 03.03.2024  

For citation:

Osadchenko E.A. Prospects for the organization, regulation and taxation of mining in Russia // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 2. Pp. 116-136. (In Russ.). https://doi.org/10.52180/2073-6487_2024_2_116_136  EDN: EORWBZ

  Creative Commons 4.0

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2024.  Finance.

Vladislav V. Rychkov

Cand. Sci. (Econ.), Assistant Professor of the Department of Finance, Credit and Exchange Business of the Perm State National Research University, Perm, Russia

ORCID: 0000-0002-0869-8218

 

ANALYSIS OF THE IMPACT OF THE SANCTIONS NEWS ON RUSSIAN FINANCIAL MARKETS

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Abstract

The study presents a hypothesis that real-time news about the planned introduction of sanctions, adversely affects financial markets comparable to de facto imposed sanctions. The research focuses on quantitative evaluation of the relationship between news about sanction plans, their actual implementation, and the subsequent reaction of the currency, stock, and credit markets in Russia. The hypothesis that sanctions news has a negative impact, regardless of sentiment analysis, is confirmed. These news items act as a driving force for market changes, irrespective of the imposition of sanctions. Based on the calculations, the author reaches the following conclusions: 1) Western sanctions are no longer targeted and selective but aimed at maximum restriction of economic ties. 2) The non imposed sanctions of the study demonstrate that news about sanction plans alone has a negative impact and acts as a market-driving force independent of their implementation. The study utilises the Sanctions News Index (SNI), developed to assess the impact of news about sanctions on the Russian financial markets. The Granger method confirms the causal relationship between sanctions news and financial markets as measured by the SNI index. The significance of the sanctions factor, as measured by the SNI index, and its influence on the exchange rate of the Russian ruble is confirmed by constructing a regression model with this indicator as one of the independent variables. A proposed methodology has successfully identified the most impactful sanctions and evaluated their effects on financial markets. This was accomplished by performing quantitative content analysis on the SNI index. This work can be valuable for assessing the impact of sanctions on investment decision-making, and risk management, and understanding the overall mechanism, i.e., how news about potential or actual sanctions affect the economies of entire countries or regions.

Keywords: Russia, trade sanctions, news about trade sanctions, Russian ruble, the impact of trade sanctions, assessment of the impact of trade sanctions on the foreign exchange market, assessment of the impact of trade sanctions on the stock market, assessment of the impact of trade sanctions on the credit market.

JEL: F51, F52, F62

EDN: YKILCZ

DOI: https://doi.org/10.52180/2073-6487_2024_2_71_115

 

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Manuscript submission date: 05.02.2024

For citation:

Rychkov V.V. Analysis of the Impact of the Sanctions News on Russian Financial Markets// Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 2. Pp. 71-115. (In Russ.). https://doi.org/10.52180/2073-6487_ 2024_2_71_115  EDN: YKILCZ

  Creative Commons 4.0

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 1/2024.  Finance.

Olga A. Klachkova

Cand. Sci. (Econ.), Associate Professor at the Department of Mathematical Methods of Economic Analysis, Faculty of Economics, Lomonosov Moscow State University, Moscow, Russia

ORCID: 0000-0002-5300-7930

 

IMPACT OF INFLATIONARY EXPECTATIONS ON LONG-RUN CONSEQUENCES OF INFLATION

Размер файла113-123 Размер файла  371.49 KB Размер файла Full text

Abstract

In this paper we propose a dynamic general equilibrium model on the basis of Sidrausky's model, which takes into account the process of formation of inflationary expectations by consumers and firms. As a result of the model analysis we obtain that higher expected inflation rate leads to the lower output per employee. The article also provides a comparative characteristics of the impact of the monetary policy on the long-term equilibrium, depending on the formation of inflationary expectations of economic agents and the policy of setting the Central Bank's key rate.

Keywords: inflation, inflationary expectations, economic growth, dynamic general equilibrium model, menu costs.

JEL: E31, E52, O42

EDN: SIENOD

DOI: https://doi.org/10.52180/2073-6487_ 2024_1_113_123

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Manuscript submission date: 10.01.2024

For citation:

Klachkova O.A. Impact of inflationary expectations on long-run consequences of inflation // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 1. Pp. 113-123. (In Russ.). https://doi.org/10.52180/2073-6487_2024_1_113_123 EDN: SIENOD

  Creative Commons 4.0

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2024.  Finance.

Vladimir A. Belyaev

Researcher at the International Scientific Laboratory “New Trends in International Finance” MGIMO Ministry of Foreign Affairs of Russia, Moscow, Russia

ORCID: 0000-0002-7422-5515

 

RESOLVED AND UNRESOLVED PROBLEMS OF MONETARY POLICY: AN ATTEMPT TO SYSTEMATIZE

Размер файла 49-70 Размер файла  351.57 KB Размер файла Full text

Abstract

The article examines the main stages in the development of monetary policy over the past century. The author analyzes the impact of crises on changes in its instruments, the growth of the role of banks, and also traces the evolution of the theoretical apparatus of monetary policy under the influence of various economic schools and concepts, starting from the classical school and to the formation of mainstream economic theory. The impact of the development of mainstream economic theory, the 2008 crisis, as well as the COVID-19 pandemic on the ongoing monetary policy is separately considered.

Keywords: monetary policy, central banks, mainstream economic theory.

JEL: E580, E520

EDN: TPGYNJ

DOI: https://doi.org/10.52180/2073-6487_ 2024_2_49_70

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Manuscript submission date: 27.02.2024

For citation:

Belyaev V.A. Resolved and unresolved problems of monetary policy: an attempt to systematize // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. №. 2 Pp. 49-70. (In Russ.). https://doi.org/10.52180/2073-6487_2024_2_49_70 EDN: TPGYNJ

  Creative Commons 4.0

 

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 5/2023.  Finance.

Anna S. Popkova

Cand. Sci. (Econ.), Associate Professor, Head of the Department for Monitoring of Socio-Economic Development, Institute of Economics of the National Academy of Sciences of Belarus, Minsk, Belarus

 

DIGITAL FINANCIAL INCLUSION BANK: CHINA'S EXPERIENCE

Размер файла114-135 Размер файла  484.97 KB Размер файла Full text

Abstract

The article discusses the experience of WeBank, China's digital financial inclusion bank recognized as the best digital bank in the world. The indicators of WeBank's successful activity over the past five years are analyzed. It is revealed that the main clients of WeBank are socially vulnerable groups, small and medium-sized enterprises. The main success factors of WeBank have been identified and studied. They include digital innovation in customer service, development of the platform business model, social media integration, significant cost reduction, quick and affordable credit products, enhanced security measures, crossfunctional teamwork of employees, and regular research into user behavior. It is proposed to implement the Chinese digital banking experience in the Eurasian Economic Union member states.

Keywords: digital bank, inclusive financing, digital financial technologies.

JEL: Е51, G21, M14, L31

EDN: ENBMCY

DOI: https://doi.org/10.52180/2073-6487_2023_5_114_135

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Manuscript submission date: 31.08.2023  

For citation:

Popkova A.S. Digital Financial Inclusion Bank: China’s Experience // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 5. Pp. 114-135. (In Russ.). https://doi.org/10.52180/2073-6487_2023_5_114_135 EDN: ENBMCY

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