Finance, monetary relations and investment
Reference:
Kovalev, V.A. (2024). Strategic planning as an element of management of the development of the pension system of the Russian Federation. Theoretical and Applied Economics, 4, 1–25. https://doi.org/10.25136/2409-8647.2024.4.71921
Abstract:
The object of the study is the pension system of the Russian Federation, the subject is the long-term strategic planning for the development of the national pension system. The purpose of the research is to develop proposals for improving the strategic planning of the development of the pension system of the Russian Federation. Special attention is paid to the structure and key provisions of the Strategy for the Long-term Development of the Pension System of the Russian Federation until 2030 (the "Strategy"), the possibility of assessing its implementation, the comparability of the parameters of the functioning of the Russian pension system and data from the long-term budget forecast and forecasts of socio-economic development of the Russian Federation, the interconnection of the goals and objectives of the Strategy and national development goals of the Russian Federation, which makes it possible to develop and implement a comprehensive and coordinated state policy in the field of pension provision for the population. The author considers the expediency of maintaining the current high-level goals of the Strategy in the context of modern socio-economic parameters and trends in the functioning of the Russian economy. The author proceeds to systematization and comparison of the provisions of normative legal acts that are strategic planning documents, modeling of the volume of pension rights, coefficient, graphical, comparative, vertical and horizontal analysis of pension provision indicators. In the course of the study, it was found that the strategy is being implemented in conditions of imperfection of strategic planning documents in terms of pension provision, characterized by low reliability of forecasts, outdated terminology and weak alignment of medium- and long-term planning documents in terms of goal setting, forecasting and programming, weak alignment with the national development goals of the Russian Federation until 2030 and for the future until 2036 the year, the lack of program-oriented cost management in the compulsory pension insurance system. The strategy does not contain unambiguously interpreted indicators of its implementation, does not take into account a significant change in the macroeconomic situation, the transition to a point pension formula, does not contain an assessment of the risks of its implementation, and indicators of the implementation of many of its tasks are not disclosed in other types of strategic documents. We have proposed a number of principles for developing a long-term plan for the development of the pension system, including risk assessment, internal stabilizers and a phased breakdown of the values of indicators of its implementation, as well as defined guidelines for its long-term development, including limiting the growth of the share of the budget mechanism in the national pension system.
Keywords:
budget forecasting, insurance contributions, social pensions, national development goals, government programs, strategic planning, mandatory pension insurance, pension provision, pension system, pension rights
Economic theory and history of economic thought
Reference:
Lavrikova, Y.G., Suvorova, A.V. (2024). Macro-regions in the Russian system of territorial administration: problems and prospects. Theoretical and Applied Economics, 4, 26–44. https://doi.org/10.25136/2409-8647.2024.4.72007
Abstract:
The object of the study is the macroregion as one of the elements of the territorial management system, and its purpose is to identify the limitations and prospects for use in modern conditions of the zoning policy. Special attention is paid to determining the prerequisites for the successful implementation of this type of policy, carried out through the prism of an analysis of both Soviet and modern approaches to the allocation of macro-regions in the country's space. An important place in the conducted research is also occupied by the identification of a number of conceptual provisions that ensure the effectiveness of the implemented zoning policy, which makes it possible to use the results of the work carried out in the activities of authorities at various levels, which form and implement a system of measures aimed at ensuring the spatial development of the country and its individual territorial units. The theoretical and methodological basis of the study is a set of scientific ideas in the field of regional economics and public administration, and its methodological base includes methods of synthesis and scientific abstraction. As a result of the conducted research, a method of express analysis of the implemented zoning policy is proposed, based on the characteristics of the triad of components of its success: target setting, criteria, mechanisms for achieving goals. It is shown that in Soviet practice, all the elements of this triad can be considered clearly defined and interrelated with each other; in the case of federal districts, the triad is transformed: one of its elements falls out of the system, which, nevertheless, does not significantly affect the resulting effect. The analysis of the approach to the allocation of macroregions proposed in the Spatial Development Strategy of the Russian Federation is carried out, which allows us to conclude that each element of the triad "goal – criteria – mechanisms" of the emergence of macroregions can be seriously criticized, which causes the lack of influence of this process on the situation in the country. The possibility of using a project approach to the formation and development of macroregions in modern rapidly changing conditions, involving their consideration as temporary associations, the rules of functioning of which are subordinated to the achievement of a specific and ambitious goal, is substantiated. A number of conceptual provisions are characterized that ensure the success of the implemented zoning policy and are based on the need to pay attention to each element of the proposed triad.
Keywords:
network structure, administrative-territorial division, project approach, inter-territorial interaction, federal district, territorial administration, spatial development policy, territorial development, zoning, macroregion
Economic theory and history of economic thought
Reference:
Chikhireva, N.V., Alpidovskaya, M.L. (2024). Human potential in the system of indicators of the national wealth of the country in the context of the transformation of the socio-economic system. Theoretical and Applied Economics, 4, 45–65. https://doi.org/10.25136/2409-8647.2024.4.71744
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Abstract:
The subject of this article is human potential, which is considered in the system of indicators of national wealth of the country in the context of transformation of the socio-economic system. The role of human potential in the system of indicators of national wealth is especially important in the context of transformation of the socio-economic system. The development of human potential contributes to the diversification of the economy, allowing the country to move from traditional industries to new, high-tech sectors. Human potential plays an important role in achieving sustainable development goals, since it contributes to a more rational use of resources and a more equitable distribution of benefits. The purpose of the work is to substantiate the role of human potential in the system of indicators of national wealth of the country in the context of transformation of the socio-economic system. The research methodology is based on the generalization of information on the topic under consideration from domestic and foreign sources of information. Using the comparative-descriptive method of research, the categories of "human capital", "human potential", "labor resources" were analyzed. The scientific novelty lies in the fact that human potential is considered as a phenomenon in the space-time continuum, which creates a fundamental opportunity for the accumulation of national wealth of the country in the context of changes in the socio-economic system. The article substantiates the fundamental role of human potential in the accumulation and increase of national wealth of the country, in the perspective of investments in human capital through qualifications and education, professional training, forming sustainable development and adaptability to changes in the economic environment.
Keywords:
measurements of human potential, national wealth indicator, the role of human potential, system of indicators, components of human potential, the theory of national wealth, national wealth, human resources, human potential, human
Finance, monetary relations and investment
Reference:
Makarov, I.M. (2024). Operationalization of the theory of forecasting default: a conceptual model. Theoretical and Applied Economics, 4, 66–86. https://doi.org/10.25136/2409-8647.2024.4.72320
Abstract:
The subject of the study is models that assess the risk of a company's default and, conversely, its financial health. The article forms a clear conceptual understanding of the phenomenon of "default", which causes financial difficulties for the company: how they begin, develop and escalate to analyze and predict the borrower's future poor performance and assess the possibility (risk) of his inability to meet his obligations on time. The main objective of the study is to develop a model for quantifying the probability of default within a consistent probabilistic framework (Bayes model), where the factors of idiosyncratic risk — assessed using soft information and human skills — are fundamental to understanding. The financial health of a company depends on maintaining a balance between its demand for credit and supply in the credit market. The main contribution of this research is to develop a theory of the financial health of a company based on maintaining equilibrium in financial systems characterized by the long-term effect of manipulating expectations in dynamic agency settings with training and uncertainty, as well as with interdependent remuneration systems of principals and agents. Within the framework of an agreed probabilistic structure — the Bayesian interpretation — the second contribution is the development of a model capable of calculating the probability of default and setting ranges of equilibrium interest rates, within which the contractual powers and competitive forces of operators find common ground depending on the predictable performance of the company (variability of cash flow factors), changes in its financial structure (leverage intensity, the structure of debt repayment periods) and predictable trends in credit supply conditions (rate curves, competition, availability of information, analytical tools, etc.) Credit risk measurement tools and the operators who use them must take a step back in order to move forward, mastering the technical aspects of fundamental analysis over and over again.
Keywords:
cash flow, financial equilibrium, financial structure, Bayesian model, probability of default, idiosyncratic risk, conceptual model, financial health, default, interest rate
Economic theory and history of economic thought
Reference:
Feoktistova, K.I. (2024). Regional economic policy instruments towards changing the quality of institutions: theoretical approach to analysis and implementation in the Russian Far East. Theoretical and Applied Economics, 4, 87–106. https://doi.org/10.25136/2409-8647.2024.4.72776
Abstract:
To stimulate economic growth of the Russian Far East, in addition to "standard" regional policy instruments such as tax incentives, subsidies from the federal budget for infrastructure development, etc., also implement institutional programs. The aim is to change the rules and, consequently, patterns of economic agents’ behavior in the region. The result of such programmes should be to solve the demographic problem of RFE, as well as attracting private investment in the development of the region. The intermediate result of institutional development programs is a certain-way-defined stimulus to economic agents, which in turn is difficult to measure and not obvious. In this article the theoretical premises are formulated, which ensure the effectiveness of planning and management of regional economic policy instruments aimed at changing the quality of institutions of the periphery. An empirical example of such a tool is the program of simplified privatization of land – "Far Eastern hectare" launched in 2016 for development of the Russian Far East. On its basis, an analysis has been carried out to explain the detected program implementation patterns in accordance with the given theoretical concepts. The statistical analysis of intermediate results, as well as a series of previous qualitative studies by the author explain the regularity of implementation of the program in accordance with the given theoretical concepts. In particular, the importance of municipal interests as an institutional component ensuring effective reform. The relevance of institutional approach to management of defined type of development programs of peripheries was justified. The current approach, based on formal indicators (number of "hectares" granted), does not account for the institutional characteristics of the territory. These features are manifested in the distorted incentives not only of development participants, but of local performers.
Keywords:
privatization, local governments, economic incentive, Far Eastern hectare, Russian Far East, development programme management, regional policy instruments, institutional changes, periphery, institutional features of the territory