Economy Business Banks №2(27)






Larisa G. Chuvakhina

PhD in economic sciences, Associated Professor, Associate Professor of the Department of World Economy and World Finance, Finance University under the Government of the Russian Federation, Moscow.


The FED and the US debt economy


Subject/Topic The coming to power of President D. Trump is accompanied by an increase in the deficit of the federal budget and the public debt of the United States. Simultaneously with the growth of public debt, budgetary expenses for its servicing are growing. The main reasons for reducing the revenue side of the federal budget and increasing government debt are D. Trump’s tax reform, the growth of the government spending, the policy of the US Federal Reserve System (FED) aimed at raising the discount rate and reducing its balance sheet. The implementation of a “quantitative tightening” policy by the Federal Reserve contradicts D. Trump’s economic development strategy, leading to an increase in mutual “incomprehension”.

Goals/Objectives The purpose of the study is to analyze the current trends of the monetary policy of the US Federal Reserve, affecting the state of the federal budget and the amount of public debt.

Methodology In this work general and special research methods were used, including analysis, synthesis, generalization.

Conclusion and Relevance The actions of the US Federal Reserve have a certain pressure on the amount of public debt in the direction of its increase. It can be expected that the base rate will continue to grow in 2019, despite the expected noticeable slowdown in US economic growth. The main goal for the Fed is profit. The higher the interest rate, the greater is the profit. The state of the real economy for the Fed is secondary. Meanwhile, the Federal Reserve is very closely monitoring the situation with the public debt, in respect that the Fed holds almost 40% of US debt. Despite the difficult situation in the debt market and the existing risks, foreign investors have no doubt that the United States is able to service a record public debt. However, if investors begin to doubt the ability of the United States to maintain financial stability, one can expect a surge in market volatility that could lead to the destabilization of the global financial markets.

Keywords: debt policy, US Federal Reserve, federal budget, treasury bonds, discount rate, policy of quantitative tightening, foreign investors, US dollar.


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Svetlana M. Doguchaeva

Candidate of physico-mathematical Sciences, associate professor «Department of data analysis, decision-making and financial technology» Financial University under the Government of the Russian Federation, Moscow.


Modern trends of artificial intelligence in the space of innovative knowledge


Today, the emergence of new blockchain and machine learning technologies opens up economic opportunities for combining information resources of civilization and providing access to them for the mass user. These technologies are characterized not only by a radical change in the socio-economic environment, but also by a steady trend of Informatization of management processes. One of the effective ways to expand the innovative it market is social and innovative orientation, which is supported by internal components, both technological and socio-economic.

Advanced machine learning will result in a multitude of Autonomous or semi-Autonomous, intelligent machines and applications: robots, drones, Autonomous vehicles, as well as virtual personal assistants and smart consultants equipped with natural language processors. Today, it developers do not just design new mobile applications, they include using them a variety of devices, from smartphones to cars and entire factories, in a single experience-based it environment. Organizational participation prevails in the basic development of blockchain technologies, as it is more demanding and purposeful than individual participation. All this contributes to the promotion of modernization of industries through the transfer of innovative knowledge and technology within a single information technology space.

In the basic development of blockchain technologies, organizational participation prevails, since it is demanding and purposeful than individual participation, when the company invests resources, there is more motivation to achieve the success of the project. Today, when companies communicate with each other outside of a specific project, there is greater accountability between them, which also gives impetus to further development.

Importance Opportunities to implement it services in specific areas and types of applications in the blockchain space, enriching the ecosystem.

Objective To study the possibilities of implementation of artificial intelligence, machine learning, mobile applications in Russian companies.

Methods The paper analyzes to obtain a unique opportunity to access a large and detailed review of the blockchain ecosystem, artificial intelligence, neural networks, and as a consequence, machine learning.

Conclusions and Relevance The relevance of the study due to the fact that in today’s market advantage remains for companies open to it innovation, allowing them to significantly improve the efficiency of business management. The questions of influence on the real economy of the new digital format are considered.

Keywords: Mobile applications, cloud and blockchain technologies, ecosystem, artificial intelligence, machine learning, neural networks, programming languages, task automation.


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Inga V. Nikulkina

PhD in Economics, North-Eastern Federal University,

Financial Economic Institute, Yakutsk, Russia (

Valentina O. Popova

Graduate student, North-Eastern Federal University,

Financial Economic Institute, Yakutsk, Russia (E-mail:

Current issues of planning budget allocations for the possible execution of state guarantees of the republic of Sakha (Yakutia)


Subject/Topic The article is devoted to the problems of forming a budget allocation plan for the possible execution of state guarantees of the Republic of Sakha (Yakutia).

Goals/Objectives Development of recommendations for improving the methodical approach of the Republic of Sakha (Yakutia) to planning budget allocations for the possible execution of issued state guarantees.

Methodology General scientific methods of knowledge of economic phenomena, such as analysis and synthesis, induction and deduction, comparison, tabular and graphical data representation were used in the process of preparation of this work.

Conclusions and Relevance The proposed methods for assessing budget allocations will objectively determine the level of credit risk associated with the provision of state guarantees.

Keywords: planning, budget, state guarantees, budget allocations, reserves, credit risk.


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Istomina (2018) – Istomina N.А. Current trends in the development of budgets of subjects of the Russian Federation in the context of an effective approach to budget planning and openness of budget data [Sovremennyie tendentsii razvitiya byudzhetov sub’ektov RF v kontekste rezultativnogo podhoda v byudzhetnom planirovanii i otkryitosti byudzhetnyih dannyih], Regional and municipal finance: priority directions of development. Collection of scientific papers [Regionalnyie i munitsipalnyie finansyi: prioritetnyie napravleniya razvitiya. Sbornik nauchnyih trudov] 2018. p. 161-166 [in Russian]

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Nesterenko (2013) – Nesterenko I.Y. The practice of providing state guarantees by constituent entities of the Russian Federation [Praktika predostavleniya gosudarstvennyih garantiy sub’ektami Rossiyskoy Federatsii], Finance and credit [Finansyi i kredit] 2013. # 34. p. 51-57 [in Russian]

Tkach (2014) – Tkach E.S. Modernization of the debt policy of a constituent entity of the Russian Federation based on state guarantees [Modernizatsiya dolgovoy politiki sub’ekta RF na osnove gosudarstvennyih garantiy], Bulletin of the Amur State University named after Sholom Aleichem [Vestn. Priamurskogo gos. un-ta im.Sholom-Aleyhema] 2014. # 1. p. 94-99 [in Russian]

Borovkova (2018) – Borovkova V.A. Forming an organization’s risk management strategy [Formirovanie strategii menedzhmenta riska organizatsii], Contradictions and trends in the development of modern Russian society. Collection of scientific articles of the All-Russian Scientific and Practical Conference [Protivorechiya i tendentsii razvitiya sovremennogo rossiyskogo obschestva. Sbornik nauchnyih statey Vserossiyskoy nauchno-prakticheskoy konferentsii] 2018. p. 47-63 [in Russian]


Taliya Kh. Usmanova

Institute of economic forecasting of the Russian Academy of Sciences

Chief researcher, E-mail:

Dmitry A. Isakov

“National economy investment fund” Chairman of Board of Directors, Ph.D in Economics, Member of RА NS, E-mail:

Integration of innovative energy projects with scientific centres in conditions of intensive development of the world economy


Object This article provides the analysis and research of processes of integration of innovative projects with scientific centres in conditions of intensive development of the world economy. All world scientific and expert community is involved in the formation of innovation based on advanced research and knowledge of scientists about new models, methods and project management methodologies for an entirely new generation.

Currently, all industries are developing the latest technology to display products in competitive markets. The main directions of innovation development selects only high-tech industries that define the models, methodologies and project management.

The purpose of the article is justification problems of forecasting, initiation, planning, energy projects, organization of scientific technologies in the integration of economies into the world economy.

The hypothesis The development of a methodology for forecasting in part of integration projects of the fuel and energy complex of basic and applied scientific centres to develop a new generation of innovative technologies with high added value in the capital structure.

Research methodology is based on the method of forecasting, expert evaluations and statistics, methods of economic analysis.

The result of the practical significance of the research/is in the development of new instruments and mechanisms to improve the forecasting of the full life cycle of innovation projects in the energy sector, taking into account the existing capacities of research centers, basic science and production structures. 

Keywords: forecasting, lifecycle projects, fuel and energy complex, economic security, innovative technologies, planning, economic sustainability, economics.


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Xenia Y. Kotova

PhD in economic science, Associate Professor of the Department of accounting and analysis, Perm State University, Russian Federation, Perm.


New contents of the russian banking business-models


Subject / Topic The subject of the research is the approaches of foreign and Russian authors to the concept of “Business Model” and the transformation of its content in the banking sector in the conditions of digitalization of the economy. The tasks of  the work are: consideration of existing approaches to the formation and description of business models of banks that have developed in the international and Russian economy; clarification of the concept “Business Model” of banking activities and disclosure of key elements of its content; determining the direction of transformation of business models of Russian banks in accordance with groups of commercial banks allocated by the Bank of Russia.Goals / Objectives The goal is a comprehensive study of the problematic aspects of the essence of the business models of banking in Russia in the conditions of digitalization of the economy. Tasks arising from the goal of the work: consideration of existing approaches to the formation and description of business models of banks that have developed in the international and Russian economy; clarification of the concept “Business Model” of banking activities and disclosure of key elements of its content; determining the direction of transformation of business models of Russian banks in accordance with groups of commercial banks allocated by the Bank of Russia.

Methodology When presenting the material, the basis of the study was the normative acts, fundamental and applied research of foreign and Russian economists. The following methods of scientific knowledge were used: system analysis and synthesis, comparison, comparison, monographic. The author tried to use creative, logical, integrated thinking, contributing to a comprehensive analysis of information.

Conclusion and relevance: We substantiated the content of the business model as a tool to improve the competitiveness of the organization. Its main features are customer focus, a combination of process and client approach, elements and indicators that take into account the level of introduction of new technologies and the development of cybersecurity technologies. The proposed approach to the provision of business models in banks and the content of its elements is the result of the development of strategies aimed at ensuring a stable and profitable business, satisfying user needs. The fields of application of the results of the article is the banking sphere. This work also represents a contribution to the development of management theory and management accounting.

Keywords: banking system, banks, business models of banks, directions for the development of banking activities


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Korolev O.G. (2014) [O suschnosti bankovskih biznes-modeley] // [Finansyi, denezhnoe obraschenie i kredit]/ 2014 #3(112) S. 69-74 [in Russian]


Olga V. Zakharova

Master of Economics, Senior lecturer of the Department of Financial markets and banks, Finance University under the Government of the Russian Federation, Moscow, Russian Federation. E-mail:

Problems and the prospects of development of leasing in Russia


Subject/Topic Article is devoted to the analysis of problems and the prospects of development of leasing operations in modern Russia.

Goals/Objectives The purpose of work is studying of features and the directions of development of activity of the leasing companies.

Methodology In work the research of stages of development of leasing operations, costs and structures of contracts of financial leasing in Russia, problems of this type of financing is conducted. The reasons of development of leasing operations in Russia and the world are allocated, the prospects of development of leasing are considered.

Results Based on the analysis, the author draws conclusions on the direction of the development of leasing market. Leasing merits and demerits for participants of the transaction are given.

Conclusions and Relevance As a result of the analysis of the studied problem, the author makes offers in the field of simplification of process of leasing operations in Russia.

Keywords: finance lease, leasing operations, leasing market, leasing agreement.


Alexandrov A.D. New in the legislation on leasing [Novoe v zakonodatel’stve o lizinge]// Legal world [YUridicheskij mir] 2017. No. 3 [in Russian]

Current trends of banking [Aktual’nye napravleniya razvitiya bankovskogo dela]: monograph. – N.E. Sokolinskiy, I.E. Shaker. – M.: KNORUS, 2018 [in Russian]

Antonenko I.V. Practical grant of the lessee. Right, taxes, accounting, finance of the leasing transaction [Prakticheskoe posobie lizingopoluchatelya. Pravo, nalogi, buhuchet, finansy lizingovoj sdelki] M.: Berator-Press, 2017 [in Russian]

Filosofova T. G.Leasing as a new product in the national market of financial services [Lizing kak novyj produkt na nacional’nom rynke finansovyh uslug]//Industrial policy in the Russian Federation [Promyshlennaya politika v Rossijskoj Federacii]. 2017. No. 5 [in Russian]

Gazman V. D. Leasing pricing [Cenoobrazovanie lizinga]. M.: State University HSE, 2016 [in Russian]

Vovchenko N.G., Holina M.G., Orobinskiy A.S., Sichev R.A. Ensuring Financial Stability of Companies on the Basis of International Experience in Construction of Risks Maps, Internal Control and Audit. European Research Studies Journal. Volume XX, Issue 1, 2017, pp. 350-368


Olga А. Artemyeva

PhD, Associate Professor, Department of Management at Financial University under the Government, Russian Federation, Moscow

Peculiarities of meeting the needs of active and passive sports tourist


Subject / topic With the improvement of sports and tourist infrastructure, the number of people willing to attend sports matches is increasing every year. The development of sports and event tourism contributes to the diversity of tourism in general, and also stimulates local, local and national economic development. In this regard, it represents an intereres consideration of the characteristics of meeting the needs of an active and passive sports tourist.

Goals/objectives The purpose of the study is to determine the requirements of a sports tourist, according to which he is ready not only to attend a sporting event, but also to familiarize himself with the region as a whole, based on the systematization of the theory and analysis of the experience of fullness and focus of flows in event tourism.

Methodology In the course of the present research, such research methods were used as analysis and synthesis, the generalization method, the statistical method, that is, as general. So special.

Conclusion and Relevance Satisfaction of a sports tourist is based on desires: visit a sporting event; participate in recreational activities; get maximum emotions; chat with people from other countries; spend time effectively. All this – for a relatively low price of the tour.

Keywords: sports and event tourism, consumers, needs, tourism, region, trends, dynamics, emotions, tour price.


Artemieva 2017 – Artemieva O.A. Factors and prerequisites for the development of the health tourism market [Factory i predposylki stanovleniya rynka ozdorovitelnogo turizm/Ekonomika i predprinimatelstvo]// Economy and Entrepreneurship. 2017. No. 5-2 (82). Pp. 562-565.

Artemieva 2017- Artemieva O.A. Features of the development and promotion of services of the sports business [Osobennosti-razvitiya-i-prodvizheniya-uslug-sportivno-ozdorovitelnogo-biznesa /Ekonomika i predprinimatelstvo] // Economy and Entrepreneurship. 2017. No: 5-1 (82) p. 436-441

Stytsyuk, Skulsky 2013 – Stytsyuk R.Yu., Skulsky V.G. Foreign experience in forming the loyalty of consumers of financial services [Zarubezhnyj opyt formirovaniya loyalnosti potrebitelej finansovyh uslug/Nauchnye trudy volnogo ehkonomicheskogo obshchestva Rossii 2013]// Scientific works of the Free Economic Society of Russia. 2013. V. 179. S. 331-336

Stytsyuk, Artemyeva, Motagali 2014 – Stytsyuk R.Yu., Artemyeva OA, Motagali Ya.B. Application of marketing potential in order to increase the tourist appeal of destinations [Primenenie potenciala marketinga v celyah povysheniya turistskoj prityagatelnosti destinacij //Nauchnye trudy volnogo ehkonomicheskogo obshchestva Rossii 2013] // Scientific works of the Free Economic Society of Russia. 2013. V. 174. S. 364-369.

Stytsyuk, Artemieva 2013 – Stytsyuk R.Yu., Artemyeva O.A. Modern view on the new form of consumer behavior – trans-consumerism [Sovremennyj vzglyad na novuyu formu pokupatelskogo povedeniya transyumerizm // [Nauchnye trudy volnogo ehkonomicheskogo obshchestva Rossii 2013] // Scientific works of the Free Economic Society of Russia. 2013. V. 179. S. 112-117.

Stytsyuk, Artemyeva, Motagali 2012 – Stytsyuk R.Yu., Artemyeva OA, Motagali Ya.B. Methodical approaches to assessing the quality of the educational program of the university [Metodicheskie podhody k ocenke kachestva obrazovatelnoj programmy vuza//Nauchnye trudy volnogo ehkonomicheskogo obshchestva Rossii 2012]   // Scientific works of the Free Economic Society of Russia. 2012. T. 166. p. 592-598.

Stytsyuk 2014 – Stytsyuk R.Yu. Methodical approaches to increasing the level of competitiveness of Russian organizations in the national and global markets [Metodicheskie podhody k povysheniyu urovnya konkurentosposobnosti rossijskih organizacij na nacionalnom I globalnom rynkah] // Russian entrepreneurship [Rossiyskoe predprinimatelstvo] 2014 № 22 (268) p. 183-191

Stytsyuk, Artemyeva, Rozhkov 2014 – Stytsyuk R.Yu., Artemyeva OA, Rozhkov I.V. The role of innovation in improving the competitiveness of modern organizations [Rol innovacionnoj deyatelnosti v povyshenii konkurentosposobnosti sovremennyh organizacij// Ehkonomika I upravlenie v mashinostroenii 2014] // Economics and Management in mechanical engineering. 2014. No. 5. P. 33-35.

Official Report of the Premier League from the company PWC [Electronic resource].[Oficialnyj otchet RFPL ot kompanii PWC [ehlektronnyj resurs]] – URL:

The official report of UEFA [Electronic resource]. [Oficialnyj otchet UEFA [ehlektronnyj resurs]] – URL:

Karpova S. V. (2013) – Marketing: theory and practice: Textbook. allowance for bachelors [Marketing: teoriya i praktika: ucheb. posobie dlya bakalavrov]/ under total. Ed. S. V. Karpova [pod obsch. red. S. V. Karpovoy]. – M.: Publishing House Yurayt [Izdatelstvo Yurayt], 2013. – 408 p. – Series: Bachelor. Basic course [Seriya: Bakalavr. Bazovyiy kurs]. [in Russian]

Stytsiuk, Artemeva, Rozhkov 2014 – Stytsiuk R.Yu., Artemeva OA, Rozhkov I.V. Methodological aspects of the resource support of tourism development in the regions [monograph] [Metodologicheskie aspektyi resursnogo obespecheniya razvitiya turizma v regionah] / – Arkhangelsk: Arkhangelsk Open Education Institute] [Arhangelsk: Arhangelskiy institut otkryitogo obrazovaniya] 2014. C. 230. [in Russian]

Rozhkov 2013 – Rozhkov I.V. Modern directions of application of information technologies in marketing [Sovremennye napravleniya primeneniya informacionnyh tekhnologij v marketinge] / ETAP: economic theory, analysis, practice [ETAP: ehkonomicheskaya teoriya, analiz, praktika]. 2013. № 1. p. 113-122. [in Russian]

Stytsiuk, Artemeva, Rozhkov 2014 – Stytsiuk R.Yu., Artemeva OA, Rozhkov I.V. Marketing value of symbolic communication in postmodern society [Marketingovaya cennost’ simvolicheskogo soobshcheniya v obshchestve postmoderna] // Economics and management in mechanical engineering [Ekonomika i upravlenie v mashinostroenii] 2014 # 5. p.33-35 [in Russian]

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Rozanova, Stytsiuk, Artemyeva, Motagali 2018 – Rozanova T.P., Stytsiuk R.Y., Artemyeva O.A., Motagali Y.B. Assessment of the tourism potential of the Russian Federation// В сборнике: Financial and Economic Tools Used in the World Hospitality Industry Proceedings of the 5th International Conference on Management and Technology in Knowledge, Service, Tourism and Hospitality. 2018. С. 183-188.


Rita Y. Stytsiuk

Doctor of Economics, professor, professor of Management Department at Financial University under the Government, Moscow

Theoretical and practical aspects of marketing services of airlines


Subject/topic The organization’s marketing policy in the service industry has significant differences from the marketing of the company that works with the goods. In this connection, it is of interest to analyze the aviation services market using the 4P and 7P complex marketing theory.

Goals/objectives The purpose of the study – based on the systematization of the theory of an integrated approach in marketing services and analysis of information about customers of the airline, identify the causes of customer requests, assess the level of staff quality, identify sources of information about the airline, etc.

Methodology In the process of writing the article, the author used various research methods, both special and general, in particular: the method generalizations, synthesis, analysis, statistical method and others.

Conclusion and Relevance An analysis of the aviation services market allows us to conclude that the theory of the 7P marketing mix is transiently replacing previous models. Growth in demand for services rather than product contributes to the development of the 7P concept. The last three aspects of the concept are internal and constantly gaining momentum. Study showed that the aviation company PJSC AEROFLOT uses a variety of methods of interaction with consumers – this is: advertising in the media, press conferences, exhibitions, etc. However, more than half of the surveyed consumers use the Internet constantly (61%) and would like to receive information about aviation company from the Internet.

Keywords: marketing mix, concept, airline, research, demand, preferences, Internet, service marketing, motivation, survey, competitiveness.


Stytsyuk, Artemyeva, Rozhkov 2014 – Stytsyuk R.Yu., Artemyeva OA, Rozhkov I.V. The role of innovation in improving the competitiveness of modern organizations [Rol innovatsionnoy deyatelnosti v povyishenii konkurentosposobnosti sovremennyih organizatsiy Ekonomika i upravlenie v mashinostroenii. 2014] // Economics and Management in mechanical engineering. 2014. No. 5. P. 33-35.

Stytsyuk, Artemyeva 2013 – Stytsyuk R.Yu., Artemyeva O.A. Modern view on the new form of consumer behavior – trans-consumerism [Sovremennyj vzglyad na novuyu formu pokupatel’skogo povedeniya – trans’yumerizm] // Scientific works of the Free Economic Society of Russia. 2013. V. 179. S. 112-117.

Karpova S.V. (2016) – Innovative marketing: a textbook for undergraduate and graduate programs [Innovatsionnyiy marketing: uchebnik dlya bakalavriata i magistraturyi] / S. V. Karpova [and others]; Ed. S. V. Karpova [S. V. Karpova [i dr.]; pod red. S. V. Karpovoy]. – M.: Publishing House Yurayt [Izdatelstvo Yurayt], 2016. – 457 p.  25-30 [in Russian].

Karpova S. V. (2013) – Marketing: theory and practice: Textbook. allowance for bachelors [Marketing: teoriya i praktika: ucheb. posobie dlya bakalavrov]/ under total. Ed. S.V. Karpova [pod obsch. red. S. V. Karpovoy]. – M.: Publishing House Yurayt [Izdatelstvo Yurayt], 2013. – 408 p. – Series: Bachelor. Basic course [Seriya: Bakalavr. Bazovyiy kurs]. [in Russian]

Zhiltsova O.N. (2014) – Marketing communications: textbook and practical work for applied bachelor’s degree [Marketingovyie kommunikatsii: uchebnik i praktikum dlya prikladnogo bakalavriata]/ S. Azarova [and others]; under the Ed. O. N. Zhiltsova [S. P. Azarova i dr.]; pod obsch. red. O. N. Zhiltsovoy]. – M.: Publishing House Yurayt [Izdatelstvo Yurayt], 2014. – 456 p. [in Russian]

Rozhkov I.V. (2014) – Rozhkov I.V. Information systems and technologies in marketing: Monograph [Informatsionnyie sistemyi i tehnologii v marketinge: Monografiya]. – Moscow: Rusains [Rusayns], 2014. – 196 c. Pp. 39-44. [in Russian]

Rozhkov I.V. (2013) – Modern directions of application of information technologies in marketing [Sovremennye napravleniya primeneniya informacionnyh tekhnologij v marketinge] / ETAP: economic theory, analysis, practice [ETAP: ehkonomicheskaya teoriya, analiz, praktika]. 2013. № 1. p. 113-122. [in Russian]

Romanenkova O.N. (2014) – Marketing research. Theory and practice: a textbook for bachelors [Marketingovye issledovaniya. Teoriya i praktika: uchebnik dlya bakalavrov] / under the ed. O. N. Romanenkova [pod obshch. red. O. N. Romanenkovoj] – M.: Publishing House Yurayt [Izdatelstvo Yurayt], 2014. – 315 p. [in Russian]

«Aeroflot Russian Airlines[Aeroflot rossijskie avialinii]: Official website [Electronic resource] – URL: https://www.aerоlо

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Irina Y. Shvets

Financial University under the Government of the Russian Federation.

Institute of Management Problems named after V.A. Trapeznikov of the Russian Academy of Sciences, Department of Management, Moscow, Russia.


Quality perceptions influencing influence on consumer experience


The article analyzes the gaps in the perception of factors influencing consumer experience by employees and consumers in the hospitality industry. The aim of the work is to identify discrepancies in the perception of factors influencing consumer experience by hotel staff and guests.

The levels of consumer involvement in the process of interaction with the company are highlighted. Analyzed the methods of study, evaluation, analysis of consumer behavior. The main factors affecting customer satisfaction are highlighted. Analyzed the main causes of customer dissatisfaction with the services provided. Based on the analysis, a model of inconsistency in the quality of the service provided between the consumer, staff, and business owners was created. The presented model of service quality will make it possible to quickly respond to changes in the external environment, which is of fundamental importance today in the conditions of increasing concentration of competition. The main criteria for a quality approach to the provision of services in the hospitality industry are considered: accessibility, interpersonal skills, competence, courtesy and responsiveness, trust, reliability, security, and customer understanding. Identified and analyzed classifiers to determine the importance of service elements based on the perception of consumers. Thus, a comprehensive study of consumer experience, the improvement of the quality management system should lead to an increase in guest loyalty and, ultimately, an improvement in the efficiency of the hotel business.

Keywords: consumer experience, consumer behavior, factors, hospitality industry, employees, consumers, quality.


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Yuriy.Y. Shvets

Department of Economic at Financial University under the Government of the Russian Federation; Institute of Management Problems named after V.A. Trapeznikov of the Russian Academy of Sciences Theory, Moscow.


Indicators of quality assessment of medical services


Analysis of indicators and criteria for assessing the quality of medical services is important for the development of new approaches to improving the quality of medical services, to improving the performance of medical organizations. The purpose of the article is to analyze the indicators and criteria for assessing the quality of medical services.

The article analyzes the main trends, approaches to the creation and use of the instrumental base for assessing the quality and level of efficiency of the activities of medical organizations in the Russian Federation and some foreign countries. As a result of the study, it revealed the absence of a single mechanism to compare the performance of medical organizations, which are located in different subjects of the Russian Federation, and also noted the methodological dissociation in the selection of indicators and criteria for an independent assessment of the effectiveness of medical organizations. Not enough attention is paid to financial and economic incentive measures aimed at improving medical, social and economic efficiency in the activities of medical organizations. Thus, the basis of process quality indicators is to highlight the elements and desired actions that need to be taken in relation to patients with certain health problems. The most valuable indicators of process quality are actions that directly affect the effect of medical care. Indicators of the quality of activity results relate directly to the results of therapy and serve to measure the success or failure of the applied treatment methods. Measuring performance indicates only the level of quality of services provided. When constructing indicators of the quality of results, it is necessary to determine the so-called end points of therapy.

Keywords: medical services, medical organizations, quality, evaluation, indicators, management, efficiency.


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Prizhennikova (2018) –  Prizhennikova A.N. Human resources in innovation [Kadrovyj potencial v innovacionnoj deyatel’nosti]// Modern lawyer [Sovremennyj yurist]. 2018. No. 2 (23). Pp. 138-146.

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Victoria B. Frolova

Candidate of economic Sciences, associate Professor, Professor of the Department of corporate Finance and corporate governance at Financial University under the Government of the Russian Federation, Leningradsky prospect, 49, Moscow, 125993, Russia.

Svetlana V. Shpak

Bachelor at Financial University under the Government of the Russian Federation, Leningradsky prospect, 49, Moscow, 125993, Russia.

Evaluation of the prognostic reliability of models for forecasting bankrupties


 Subject / topic The article reflects the results of a study assessing the reliability of bankruptcy prediction models and ways to identify hidden and implicit factors of an organization’s actions leading to bankruptcy.

 Goals / Objectives To conduct a comparative assessment of the bankruptcy of the organization; assess the accuracy of forecasts of the bankruptcy model of the organization in the conditions of deliberate (fictitious) bankruptcy; construct an algorithm that determines the hidden and implicit factors leading to intentional (fictitious) bankruptcy.

 Methodology The study is based on a systems approach, data array analysis, methods of deduction, induction and comparison.

 Conclusion The proposed models of bankruptcy forecasting in the works of various scholars reflect the economic (accounting) component of an organization’s financial situation without taking into account hidden and implicit factors leading to insolvency (bankruptcy) of an organization.  The algorithm developed by the author for identifying informal connections makes it possible at early stages to determine the risk of affinity for individuals and the consequences of their actions.

Keywords: bankruptcy, bankruptcy models, deliberate bankruptcy, fictitious bankruptcy, bankruptcy assessment, bankruptcy algorithm.


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Daria D. Nedospasova

Master’s Degree student, International Finance Faculty at Financial University under the Government of the Russian Federation, 125167, Moscow, 49 Leningradsky av. E-mail:

The effect of blockholders on company performance


Subject/topic: Different researches on the company’s ownership structure factors show mixed results. The question of the influence of institutional factors and blockholders on the capital structure of the company remains open for discussion. This paper examines the effect of blockholders on the company performance and provides an introductory look at the effect of blockholders on company value. There are related several different measures for blockholders, some binary and some gradient, such as ROA. The impact of block-holder dummy variable, share percentage hold by block-holders and the number of block-holders on a firm’s performance during a financial crisis were examined empirically.

Goals/objectives: To assess the impact of the ownership structure of the share capital on the financial performance of US public companies using the methods of economic and mathematical modeling.

Methodology: In this work general and special research methods were used, including analysis, synthesis, generalization, economic and mathematical modeling. Data was collected from WRDS and Compustat systems.

Conclusion and Relevance: It is found that there is no significant relationship between return on asset and blockholder presence in the firm. Results indicate that block-holder variables cannot significantly influence firms’ performance. The correlation of firms with block-holders suffering a smaller loss during a financial crisis is actually due to firm size. The effect of blockholders on risk was measured and it was found a significant and positive relationship between the two. Finally, return on assets was measured as a measure of attractiveness for blockholders during the financial crisis and a significant relationship was found. Finally, the study indicates that there is a bunch of other measures that can be studied to interpret the effect of blockholder investment on a company.

Key words: blockholders, structure of company ownership, company performance, ownership concentration


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Denis N. Loktev

PhD student in Economic Sciences, Department on Economic Innovation, Lomonosov Moscow State University, Moscow (e-mail:

Support for Russian small and medium eneterprises on the us market


Subject/ Topic The article presents an analysis of key issues in regards to Russian export support on the US market applied to small and medium-sized enterprises.

Goals/ Objectives To provide a comprehensive analysis of conditions for Russian small and medium enterprises export to the US market.

Methodology Three scientific methods were used in the current research: data-collection method and method of analysis and synthesis to collect volume and structure the data, as well as comparative method to compare experiences of Russia and other countries in their support to small and medium-sized enterprises.

Conclusions and Relevance The research outcome stays in the conclusion that Russia does not supplies its small and medium-sized enterprises, particularly, on their exporting way to the US market. In this context the EU and US experience in this sphere should become a solution for Russian regulation.

Keywords: small and medium enterprises, preferential lending, state support, microenterprises, development of innovative entrepreneurship.


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Guo Chenchen

Moscow State University, Leninskie gory, 1, Moscow, 119234, Russian Federation.

Guo Chenchen, postgraduate student, Department of Finance and Credit, Faculty of Economics, Moscow State University.


Theoretical aspects of competitiveness of foreign and national commercial banks on the banking market of China


Subject The article offers an institutional analysis of the Chinese banking system as a competitive environment. The author substantiates this approach by the fact that the specific conditions inherent in national banking systems form the conditions for competition through national regulatory policies. In addition, a classification of banks in the Chinese banking system is presented, as well as a historical overview of its development and the evolution of regulatory instruments. Recent progressive changes contribute to increasing the openness of the Chinese banking market and, accordingly, to the development of competition in this market, which enables foreign banks to successfully master the market for bank loans.

Goals / Objectives Theoretical aspects of the competitiveness of foreign and national commercial banks in the banking market of China and the prospects for the development of foreign banks in China

Methodology. The research methodology is based on general and special methods of scientific knowledge: theoretical analysis and empirical research.

Conclusions and Relevance The national banking market as a competitive environment operates within the national financial system. At the same time, competitiveness indicators are due to the specifics of the banking business. The main parameters determining the level of competitiveness of a bank are its turnover (it shows the volume of the share of the banking market), the profitability of capital and assets (performance indicators) are quantitative indicators. The government of the People’s Republic of China envisages several key measures in the direction of opening the Chinese financial market to foreign investors. This will bring new opportunities for business development to foreigners investing in China’s financial institutions.

Keywords: competition, competitiveness, economic entity, banking system, banking market.


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