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IMPLEMENTATION OF SMART CONTRACTS SECURED BY
DIGITAL RUBLE INTO THE RUSSIAN ECONOMY
Over the past decade, the Russian Federation has made significant
progress in the integration of digital technologies into its economy. These include
the Quick Payment System (QPS), which facilitates the transfer of funds between
commercial banks without the imposition of commission, and the establishment and
maintenance of digital services such as "Government Services," which enables
citizens to access government services and discharge government duties and fines
remotely via a mobile application or online portal. However, the global landscape
is constantly evolving, and these high-tech services are no longer considered
innovative. One of the most contemporary technologies that all major global
economies are striving to integrate into their financial systems is smart contracts.
Russia is also planning to introduce smart contracts, and for this purpose, it is
creating accompanying tools such as the “digital ruble,” which will ensure the
correct operation of this technology. This article aims to elucidate the principles of
smart contracts in the Russian Federation, identify the advantages they offer over
traditional contracts, examine the modalities of payment in this type of transaction,
assess their impact on the Russian economy, and explore the prospects for their
implementation and development in the context of current Russian realities.
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SUSTAINABLE FINANCE MARKET IN RUSSIA
The present study is dedicated to an in-depth examination of the present
state of the ESG-bonds and green finance market in Russia. The market is
approaching a state of maturity, and it would be beneficial if investors were to
demonstrate a greater propensity towards such instruments. The Moscow
Exchange, the Central Bank and the Government of Russia are to contribute to the
development of sustainable finance. The study hypothesises that the Russian market
is developing more slowly than the global market because institutional investors
have a number of questions regarding the rationale for classifying bonds as green
or social, the implications of this classification for investors, the purpose of the
funds and the nature of the projects to which the funds will be directed. The results
of the study demonstrate an increase in investor interest and the formation of a
group of such responsible investors.
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THE IMPACT OF THE COMBINATION OF SCIENCE AND
TECHNOLOGY AND FINANCE ON ECONOMIC RESILIENCEEMPIRICAL EVIDENCE BASED ON QUASI-NATURAL EXPERIMENT
OF "PROMOTING THE COMBINATION OF SCIENCE AND
THCENOLOGY AND FINANCE"
This paper raises the question of whether the difference in the level of
financial development will lead to a difference in the implementation effect of the
policy of "promoting the integration of science and technology and finance". The
study found that the impact of policy on economic resilience is heterogeneous in
cities with different geographical locations, political status and educational levels.
In the regions with different levels of financial development, the policy of
"promoting the integration of science and technology and finance" has different
effects on economic resilience.
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PROSPECTS AND PROBLEMS OF CENTRAL BANK DIGITAL
CURRENCY IMPLEMENTATION IN BRICS COUNTRIES
The peculiarities of the current economic situation in the world have
given a strong impetus to the development of financial, monetary and trade
associations outside the influence of the global West. The most striking example of
such rapid development is the BRICS economic forum. By 2024, more than 20
countries have applied to join, which indicates the expansion of the forum and its
growing economic potential. The first serious step of the BRICS countries will be
the creation of a common digital currency of the cross-border digital payment
system (Cross-Border CBDC). It is necessary to consider all factors and risks when
developing such a large-scale project. In this article, we will look at examples of
other pilot projects of similar purpose, what problems may arise during their
implementation, and what threats may arise for BRICS member countries in case
of careless implementation of a common digital currency.
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INTERNATIONAL FINANCIAL INSTITUTIONS AS CROSS POINT OF
SEVERAL THEORIES
The main objective of this report is to identify theories applicable to
international financial institutions. In an environment of revolving crises of
varying nature, they continue to adapt to events and develop responses on an
urgent basis. The intersections between them are found and an independent theory
is identified, which defines their essence for their already over 80 years of
unusual activity
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DETERMINING THE COST OF EQUITY IN THE DEVELOPING STOCK MARKET
OF BULGARIA: UP-TO-DATE APPROACHES AND METHODS
This research is focused on one of the most problematic and debatable aspects of financial
management – the estimation of the cost of equity capital on the developing stock market of
Bulgaria. Each of the available methods has its own serious disadvantages and limitations,
which casts doubt on the reliability and validity of the determined cost of equity. At this stage,
no method has yet been proven to derive a cost of equity with sufficient certainty to achieve
consensus among analysts, managers, investors and academics. This paper explores briefly the
disadvantages and limitations of each of the methods, especially in the context of their use at
emerging capital markets. The possibilities for finding a solution are sought mainly in
improving the application of the Capital Asset Pricing Model (CAPM), as the most widely used
in practice. The open issues, related to each of the input variables of the model are analyzed,
with focus on the equity risk premium (ERM), mainly from the perspective of emerging and
developing stock markets. At the end, a combined approach for determining the cost of equity
at the Bulgarian stock market is discussed and proposed.
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FISCAL SUSTAINABILITY TO SUSTAINABLE ECONOMIC
DEVELOPMENT IN THE ERA OF DIGITAL TRANSFORMATION
Countries are thrust into a quadruple transition to revision of the
economy by enhancing a more competitive, sustainable, inclusive and resilient
society. In this context, the paper aims to investigate how fiscal sustainability
induces sustainable economic development while considering the impact of digital
transformation and climate challenges for 27 European Union (EU) countries.
The novelty approach involving data covering multidimensional facets of the
quadruple transition and panel regressions brings new perspectives and
approaches for sustainable economic development of EU contributing to the
knowledge creation. The research findings highlighted that the less fiscal policy is
sustainable, the more sustainable development is affected with a pronounced
reaction due to short-term sustainability issues, while digitalization, climate
change, trade openness and some socio and governance variables are engine for
sustainable development.
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EU AI ACT WENT LIVE:
EUROPE ENTERED INTO NEW ERA
The current paper aims at tracing the Regulation (EU) 2024/1689 development and
its impact on business in the European Union. The stages of the White paper are
sequentially presented and augmented due to the echo initial announcement has
created. The core value of the regulation – the risk-based approached of artificial
intelligence – is interpreted in the context of the risk management concept. The
main stakeholders are presented.
The papers investigate the following hypothesis: “the Regulation (EU) 2024/1689
provides new opportunities for businesses in the European Union and brings
Europe into a new technological era, that of artificial intelligence”.
The new business opportunities are outlines as a result of the paper and their impact
on the new technological Europe.
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