ECONOMY OF FOREIGN COUNTRIES
The article compares the levels of development of the digital economy of the Republic of Korea, China and Russia. The subject of the study is the strategies and mechanisms for the development of CE in each of the countries under consideration. The Republic of Korea and the People's Republic of China are leading in the digital economy thanks to the development of high technologies and can become an example for activating the construction of the digital economy in Russia, which means implementing the goals of the state Program "Digital Economy of the Russian Federation". The conclusions about the role of the digital economy in improving the international competitiveness and well-being of the population of the studied countries are substantiated. Based on the results presented in the article of the study of the dynamics, trends and directions of the development of the digital economy in each of the countries under consideration, the authors formulated recommendations for the development of the digital economy and digital infrastructure in Russia. In the context of knowledge interpreted as a
production factor of the digital economy, Russia has competitive advantages in the field of education and training, but in the context of market factors of the digital economy, Russia is significantly inferior to the Republic of Korea and China. The authors believe that for the development of the Russian digital economy, it is necessary to modernize the traditional Russian infrastructure and form a digital infrastructure. Federal projects have been developed in the areas of the National Program "Digital Economy of the Russian Federation", including a project in the field of information infrastructure. The authors of this article recommend adapting the positive experience of Korea and China in order to accelerate the development of the Russian digital economy and develop digital cooperation with the countries of Northeast Asia. According to the authors of the article, this will have a positive impact on the development of the digital economy and digital infrastructure of Russia in order to increase the international competitiveness of our country and the welfare of the Russian people.
We provide evidence of low pass-through of exchange rates into domestic prices in the United States, both within agriculture and economy-wide, from 1970 to 2022. Exchange rate pass-through is defined as the extent to which a change in exchange rates translates into a change in domestic prices. We revisit the question of exchange rate pass-through into domestic producer and consumer prices. With food inflation being one of the major areas of concern, and with trade playing a disproportionately important role in U.S. agriculture , we also investigate exchange rate pass-through for agricultural prices as well as for prices in the general economy. Our estimation strategy does not use cross-sectional variation, but instead exploits variation over time in exchange rate indices and price indices. Most of our estimates of pass-through are not significantly different from zero, and we are almost uniformly able to reject the hypothesis of complete pass-through. Our findings suggest that any further increases in the value of the U.S. dollar will have little effect on inflation rates in the United States, in agriculture or economy-wide.
Military-technical cooperation (MTC) is an important component of the Israeli-Indian cooperation. This article provides the periodization of the military-technical cooperation of the two countries. Both the factors contributing to the strengthening of bilateral cooperation in this area and the factors that are an obstacle to this are analyzed. A brief overview of the available literature on this topic is provided, while the opinion of not only Israeli and Indian authors directly, but also experts from other countries is studied. The works of Russian researchers are considered separately. The authors come to the conclusion that, despite the mutual interest of the two countries in the development of military-technical cooperation, one should not expect the formation of a strategic alliance between the two countries on the basis of cooperation in this area. A special place in the work is given to the issues of competition between Russia and Israel in the Indian arms market.
The acceleration of the pace of scientific and technological progress has intensified the competition between states and national economic agents in the field of technological development. To win this competition can states and companies that offer radical innovations and high-tech products. The article discusses theoretical approaches to understanding of the terms radical and transformative innovations. Particular attention is given to innovative German state policy aimed at stimulating radical technological innovations, strategic guidelines that determine this policy, and practical tools aimed at its implementation. Particular attention is paid to the governmental support measures in regard emergence and diffusion of transformative innovations designed to bring Germany and Europe on the track of sustainable development. The article gives examples of radical innovations created by German companies with active support from the Government.
The article elaborates material published earlier in the journal (Fixed Monetary Regimes – Debates and Arguments // International Trade and Trade Policy, 2023, Vol. 9, N 1 (33), pp. 23–35). The second part of the article examines the features of specific manifestations of types of institutional decisions within the framework of fixed exchange rates. The main problems arising in the coordination of independent national exchange rates are presented. Four institutional and organizational solutions to coordination problems are described in detail, namely: short-term capital movement control, currency management and unilateral dollarization (euroization), as well as a clearing union. The advantages and disadvantages of these solutions are discussed.
The article systematizes the consequences of the introduction into circulation of the so-called third form of money – retail digital currencies of central banks. Forms of money are evolving under the influence of various factors, and the current period is characterized by the spread of both private digital assets and digital currencies of central banks. Empirical experience has not yet been accumulated, and the article reviews the results of current theoretical research on the possible consequences of the possibility of issuing digital currencies of central banks, presents possible characteristics of this form of money. The further spread of the studied digital currencies depends on their configuration and on the settings of the so-called currency design, the variants of which are presented in the article. The authors analyze the consequences of the introduction of retail digital currencies from the perspective of their possible impact on the transmission mechanism, on the structure of monetary circulation, as well as on the use of the national currency as a global means of payment. It is concluded that the formation of new models of the functioning of monetary systems, taking into account the spread of digital currencies of central banks, will change the existing economic, financial and trade relations both within individual states and in the global space.
The study of the current state of the renewable energy sources (RES) sector as an important area for reducing harmful emissions into the atmosphere makes it possible to identify a circle of subjects – participants in the RES electricity market. The financial risks they take largely determine the present and future of this innovative market in terms of investment, financing, lending, insurance, regulation, and incentives. The renewable energy market is of particular interest to investors, financial institutions, the state setting the rules of the game and stimulating its development. The financial risks of market participants as the probability of monetary losses and losses are manifested at all stages of the development and implementation of renewable energy projects, from the development of technologies to public procurement of generated electricity. The analysis made it possible to identify the features of financing renewable energy projects, in particular, high initial financial costs, long payback periods for projects requiring long-term lending, sensitivity to regulatory and legal changes on the part of the state in terms of purchase prices for electricity, subsidies and incentive benefits for its producers and financial institutions – participants. Based on specific examples of renewable energy projects, the risks of banks, insurers in Vietnam and a number of developing countries in South Asia that provide green loans and green insurance products to companies implementing renewable energy projects, as well as households producing electricity from solar systems, are considered. Recommendations were formulated for national financial regulators, banking institutions, insurance companies to ensure acceptable financial conditions for renewable energy projects and adequately assess their own financial risks.
This article analyzes the main parameters of world trade in goods and services by aggregated export and import items, by regions of the world and leading countries. As a result of the changing geopolitical situation in the world, when developing countries are trying to change the old world order (with the hegemony of Western countries over the United States), the conditions of world trade and the share of certain countries in global export and import indicators are changing. The analysis of world trade is based on statistical data from the UN, WTO and other international organizations. The change of world trade leaders at the regional level has been revealed. Thus, Asia's leadership is fixed in commodity exports and imports, but the developed countries of the West lead in the export of commercial services. The leader of world trade is currently China, ahead of both the United States and Germany.
In the 21st century, there is a development of the Internet economy, created by combining the real economy with a virtual one that closely connects the global market. Cross-border e-commerce is showing significant activity. The authors note that China's cross-border e-commerce has evolved through government support policies and the rapid development of cross-border e-commerce platforms. The benefits of cross-border e-commerce are increasingly emerging and driving the transformation and modernization of China's national manufacturing industry. By continuously improving cross-border platforms, China's cross-border e-commerce industry is benefiting from a combination of a good vision for foreign trade platforms, a thriving variety of goods, and huge market demand, demonstrating a rapid development trend.
The purpose of this article is to attempt to analyse China's specific import and export data in the field of cross-border e-commerce, share and growth rates of the top ten categories of exported goods, industry participation of users and obstacles, which they have to deal with, as well as to identify a way to get an idea of the current situation in the development of cross-border e-commerce in China and propose appropriate countermeasures to eliminate obstacles.
The authors argue that the development of cross-border e-commerce can be understood from different perspectives to contribute to the development of China's economy.
At the present stage of the development of the world economy, a number of fundamental changes are taking place in the international trade in arms and military equipment (AME), which are mainly associated with the increasing global crisis and increased geopolitical tensions in the world. Within the framework of study, we summarized the main trends and problems in the development of the world arms and military equipment market, which are formed as a result of the aggravation of relations between individual countries and groups of countries. In this regard, this article analyzes changes in the mechanisms, dynamics and structure of AME exports. As a separate aspect of analysis, an assessment of the opportunities for strengthening the positions of new player countries in the market is presented. The changes observed in recent years in the commodity and geographic structure of AME imports are revealed. It was found that due to modern military conflicts, the previously established structures of international arms and military equipment trade are becoming more complex and transforming, and disruptions in global supply chains are causing the formation of a new system of relations between arms exporters and importers
The relevance of the article is due to the need to adapt the foreign trade of the EAEU to the conditions of sanctions restrictions on the part of western countries, reorientation and diversification of the foreign trade flows of the EAEU, including with the use of non-tariff regulation tools.
Purpose: to assess the impact of NTMs on EAEU imports in order to develop recommendations for the development of a non-tariff regulation mechanism.
The change in the role of NTMs in international trade policy is substantiated. The replacement of tariffs by measures of non-tariff regulation as the main instrument of protectionist policy is conditioned. The dynamics and structure of the development of NTMs for the period from 2015 to 2021 are analyzed, including the distribution of NTMs by product groups and countries. World trends and problems in the field of assessing the effects of non-tariff regulation, as well as problems specific to the EAEU, are outlined. The methodology for assessing the impact of NTMs on imports has been substantiated and tested, taking into account the specifics of the EAEU. An econometric model is proposed to identify the impact of individual non-tariff regulation measures applied by the EAEU countries in relation to imports from third countries.
The article reviews the book Maltsev A. A. Global Techno-Economic Modern Challenges in Current Epoch: Ricks And Possibilities for Ural Industry. – Yekaterinburg : Alfa-Print, 2022 as well as his articles on sanctions and digital transformation of the industry. The authors, based on an integrated approach, more deeply revealed the essence of the three main challenges (the fourth technological revolution, reformatting of cross-border value chains and energy transition to a carbon-free economy) in the context of the country's industrial development; clarified the patterns of world economic interaction formed under the influence of these challenges; generalized both obstacles to the successful industrial development of Russia, and proposals for their elimination. The specificity of the article is that these three challenges are considered in interaction with each other, for example, the impact of the change of technological structure on the value chains and the "green" economy at the same time.
ISSN 2414-4649 (Online)