Economy Business Banks №7(45)




Larisa G. Chuvakhina

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


The role of foreign investors in the implementation of the US debt policy


Subject / Topic The United States can be characterized by the concentration of a significant part of government debt in the hands of foreign investors. The main holders of US Treasury securities are Japan and China. Russia is not among the thirty largest holders of public debt. In conditions of the growing crisis caused by the coronavirus pandemic, sales of treasury bonds by foreign investors have increased. Their profitability is falling. The practicability of strengthening profit control by the US Federal Reserve of treasury bonds is considered as a measure of support for the US economy.

Goals / Objectives The purpose of the study is to determine the role of foreign investors in the implementation of the financial policy of the Fed.

Methodology When writing the work, general and special research methods were used, including analysis, synthesis and generalization.

Conclusion and Relevance Currently significant changes are taking place in the US debt market. Japan has returned the status of the largest foreign holder of US Treasury securities. The decrease in the Treasury portfolio of China is caused by trade disputes between the US and China. China’s debt portfolio decrease comes against the background of the emergence of new foreign buyers of American securities, among which offshore financial centers are very active. The fall of the profitability of treasury bonds does not affect the confidence of foreign investors in the reliability of US debt. In conditions of strengthening crisis, we can expect the continuation of the Fed policy to resume monetary stimulus and tighten control by the financial regulator for profitability of treasury bonds.

Keywords: public debt, US Federal Reserve, treasury bonds, foreign investors, offshore financial centers, US dollar.


The Federal Reserve and the Financial Crisis Paperback –February 22, 2015 by Ben S.Bernanke (Author). Paperback: 144pages. Publisher:Princeton University Press (February 22, 2015).

Richard M. Salsman. The Political Economy of Public Debt. Three Centuries of Theory and Evidence. Edward Elgar Publishing, Inc., 2017.

Major Foreign Holders of Treasury Securities. US Treasury. Wash.January 18, 2017.

Chuvakhina (2018) – Chuvakhina L.G. The role of the US Federal Reserve in the world economic system [Rol’ FRS SSHA v mirovoy ekonomicheskoy sisteme], Monograph. M: Publishing house “Feather” [Monografiya. M.: Izd-vo «Pero»] 2018.P.162. [in Russian].

Andritzky J.R. government Bonds and Their Investors: What Arethe Facts and Do they Matter?//IMF Working Paper, 2012, №158,30p.

Peiris S. Foreign Participation in Emerging Markets’ Local Currency Bond Markets //IMF Working Paper, 2010, №88.

Neely C.J. The Large-Scale Asset Purchases Had Large International Effects / Research Division of Federal reserve Bank of St. Louis. Working Paper Series. Working Paper 2010-018D.July 2010, Revised April 2012.

Blommestein H.J., Harwood A., Holland A. The future of debt markets //OECD Journal: Financial Market Trends, 2011, vol.2011, #2,18p.

Adler G. Interwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis //IMF Working Paper,2012, #178, 29 p.

Board of Governors of the Federal Reserve System. Press Release. December 12, 2012.

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Victoria E. Shirokova

PhD student of RUDN University, Executive assistant, JSC «Research and development enterprise «Kant», Moscow, Russian Federation.

Scientific Supervisor: Oksana P. Ovchinnikova, Assistant professor of the Department of Applied economics of RUDN University, Moscow. E-mail:

Analysis of modern approaches to the management of innovative projects in the context of digitization


Subject/Topic This paper analyses problems arising with the development of project management in modern high – tech organizations. The relevance of this topic is explained by the need for constant adaptation of the processes of innovative projects and control and management over the progress of their implementation. Digitalization subjugates the whole world, especially in connection with the pandemic of the coronavirus COVID-19, which has captured almost all countries of the world. The pandemic is changing the global system of economics, production and service.

Goals/Objectives In the context of the accelerating digitalization and the complexity of processes, companies need to find qualitatively new techniques and methods to solve dynamically arising problems and tasks of different nature. Innovative project management is the basis for improving the efficiency of enterprises.

Methodology The issue and the problem of achieving the strategic success of the company, creating competitive advantages and keeping current position is the most relevant. Innovative project management should help in solving urgent problems.

Conclusions and Relevance The author show the advantage of the innovative project management system in high-tech organizations in the form of a tool to improve the quality of modern enterprises. The key objective of the company is not only to bring the project to its logical conclusion, but also to obtain effective results of its implementation in mass production.

Keywords: innovative projects management, innovation, scientific and technical development, digitization.


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Brady, Sederlund (2008) – [Brady Т., Sederlund J.] Projects in innovations International journal of project management. [Proekti v innovatisyah. Mejdunarodniy jurnal proektnogo upravleniya] 2008. Т. 26. № 5. 465-468 p.

Cooke I., Mayers P. [Cooke, Mayers] Introduction to innovation and technology transfer.[VVedeniye v innovatsii I tehnologicheskuiu transformatsiu]  Boston: Artech House. Inc., 1996.

Surin A.V., Molchanova O.P. [Surin, Molchanova] Innovative management: handbook [Innovatsionniy menedjment], М.: Infram [Infram], 2009.

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The article was received on 24.06.2020; accepted for publication on 28.07.2020. The authors have read and approved the final version of the manuscript.


Nina I. Golyshevа

PhD Econ., Associate professor of the Department of Accounting, analysis and audit, Financial University under the Government of the Russian Federation, Moscow. Email: nigolyshevа@mа

Aleksandra E. Mikhaseva

3rd year student of the Faculty of Business Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow. Email:

Issues of brand accounting under RAS and IFRS


Subject/Topic The growing role of Brand in the modern economy determines the importance of its evaluation and reflection as an object of accounting on the balance of organization.

Goals/Objectives The purpose of the research is to study the accounting for brand and methods for assessing its value. In accordance with the set goal, the following range of tasks is formulated: consideration of the regulatory legal framework for the existence of brand in Russia; research of the concept of “brand” through the prism of a trademark and business reputation; study of brand reflection in accounting in accordance with Russian and international accounting standards; disclosure of stages and methods of brand value assessment; identification of the problems of brand accounting and its evaluation, as well as formulation of recommendations for their elimination.

Methodology In this work, a general analysis and integrated approach were applied to study the problem.

Conclusions and Relevance The work reveals the problems of reflection of brand as a separate accounting object, and, also considers possible solutions. The foreign practice of brand assessment is investigated and the main stages of determining its value are highlighted. The essence of profit, marketing and cost methods of brand assessment is revealed. The procedure for calculating brand value according to the method of future cash flows discounting is given.

Keywords: brand, trademark, goodwill, international financial reporting standards, profit, cost and marketing valuation methods.


Civil Code of the Russian Federation (part four) dated December 18, 2006 N 230-ФЗ (as amended on July 18, 2019) [«Grazhdanskiy kodeks Rossiyskoy Federatsii (chast chetvertaya)» ot 18.12.2006 N 230-FZ (red. ot 18.07.2019)]

Order of the Ministry of Finance of Russia dated December 27, 2007 N 153n (as amended on May 16, 2016) «On approval of the Accounting Regulations» Accounting for Intangible Assets «(RAS 14/2007)» [Prikaz Minfina Rossii ot 27.12.2007 N 153n (red. ot 16.05.2016) «Ob utverzhdenii Polozheniya po bukhgalterskomu uchetu «Uchet nematerialnykh aktivov» (PBU 14/2007)»]

International Financial Reporting Standard (IFRS) 3 «Business Combinations» (entered into force on the territory of the Russian Federation by Order of the Ministry of Finance of Russia dated December 28, 2015 No. 217n) (as amended on January 22, 2019) [«Mezhdunarodnyj standart finansovoj otchetnosti (IFRS) 3 «Ob”edineniya biznesov» (vveden v dejstvie na territorii Rossijskoj Federacii Prikazom Minfina Rossii ot 28.12.2015 N 217n) (red. ot 22.01.2019)]

International Financial Reporting Standard (IAS) 36 «Impairment of Assets (entered into force on the territory of the Russian Federation by Order of the Ministry of Finance of Russia dated December 28, 2015 No. 217n) (as amended on June 27, 2016) (as amended and supplemented, entered into force from 01.01.2018) [«Mezhdunarodnyj standart finansovoj otchetnosti (IAS) 36 «Obescenenie aktivov» (vveden v dejstvie na territorii Rossijskoj Federacii Prikazom Minfina Rossii ot 28.12.2015 N 217n) (red. ot 27.06.2016) (s izm. i dop., vstup. v silu s 01.01.2018)]

International Financial Reporting Standard (IAS) 38 «Intangible Assets» (entered into force on the territory of the Russian Federation by Order of the Ministry of Finance of Russia dated 12.28.2015 N 217н) (as amended on 10.30.2018) (as amended and add. entered into force from 01.01.2019) [«Mezhdunarodnyj standart finansovoj otchetnosti (IAS) 38 «Nematerial’nye aktivy» (vveden v dejstvie na territorii Rossijskoj Federacii Prikazom Minfina Rossii ot 28.12.2015 N 217n) (red. ot 30.10.2018) (s izm. i dop., vstup. v silu s 01.01.2019)]

Domnin 2020 – Domnin V.N. Branding – Moscow: Publishing house Yurayt, 2020. – 411 p. [Brending. – Moskva: Izdatel’stvo YUrajt, 2020. – 411 s.]

Krymov S.M., Anikina N.A. Goodwill as a company value management tool. Bulletin of the South Ural State University. Series: Economics and Management. – 2010. – No. 26. – p. 68-72 [Gudvill kak instrument upravleniya stoimost’yu kompanii. Vestnik YUzhno-Ural’skogo gosudarstvennogo universiteta. Seriya: Ekonomika i menedzhment. – 2010. – №26. – S. 68-72]

Tchaikovskaya L.A., Bystrova Y.O. Accounting and evaluation of brand as a component of the company’s client capital. International accounting. – 2011. – No. 22. – p. 8-18 [Uchet i ocenka brenda kak sostavlyayushchej klientskogo kapitala kompanii. Mezhdunarodnyj buhgalterskij uchet. – 2011. – №22. – S. 8-18]

Cherepanov V. Y. Methodological aspects of brand value assessment. Property relations in the Russian Federation. – 2010. – No. 1. – p. 23-45 [Metodicheskie aspekty ocenki stoimosti brenda. Imushchestvennye otnosheniya v Rossijskoj Federacii. – 2010. – №1. – S. 23-45]

The official website of Interbrand. [Electronic resource]. [Oficial’nyj sajt «Interbrand». [Elektronnyj resurs].] – Access Mode:

Official site “Brand Finance” [Electronic resource]. [Oficial’nyj sajt «Brand Finance» [Elektronnyj resurs].] – Access Mode:

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Kupriyanova L.M., Golysheva N.I. Risk analysis according to financial statements. Economy. Business. Banks 2016. No. S10. p. 40-55. [Analiz riskov po danny`m buxgalterskoj finansovoj otchetnosti. E`konomika. Biznes. Banki. 2016. № S10. S. 40-55.]

Kupriyanova L.M. Golysheva N.I. Analysis of the formation of segmental financial statements indicators. Economy. Business. Banks 2019.12 (38) December. p.35-45 [Analiz formirovaniya pokazatelej segmentarnoj buxgalterskoj otchetnosti. E`konomika. Biznes. Banki. 2019. 12 (38) dekabr`. S.35-45]

Golysheva N.I. Chotchaeva A.M. Problems of accounting and IFRS reporting process arranging in the oil and gas industry. Economy.  Business.  Banks 2019.4 (30) April. p.66-80 [Problemy postroeniy  prochessa vedeniy ycheta I  formirovaniy otchetnosti v formate MSFO na predpriytiyh neftegazovoi otrasli. E`konomika. Biznes. Banki. 2019. 4 (30) aprel`. S.66-80]]

Golysheva, Grebennikova (2014) – Golysheva N.I. Grebennikova A.P. Universal transfer paper, new possibilities of control and accounting [Universalnyiy peredatochnyiy dokument: novyie vozmozhnosti kontrolya i ucheta] Bulletin AKSOR. [Vestnik AKSOR] 2014. N 2 (30). Pp 121-122.

Golysheva, Grebennikova (2013) – Golysheva N.I. Grebennikova A.P. Control of document flow [Kontrol dokumentooborota] Herald AKSOR. [Vestnik AKSOR] 2013. N 4 (28). Pp 112-113.

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The authors have read and approved the final version of the manuscript.


Islam D. Surkhaev

Federal State Budgetary Institution «Financial research Institute of the Ministry of Finance of the Russian Federation», Moscow.


Budget transparency assessment methodology


Subject/Topic The mechanisms by which budget transparency is ensured at the regional level.

Goals/Objectives The aim of the study is to identify ways that will increase the level of transparency of regional budgets and public involvement in the budget process.

Methodology In this research, the methods of working with statistical information (economic and statistical analysis, comparative analytical analysis), as well as the methods of theoretical research (analysis, synthesis) were applied.

Results The concepts of “public legal entity budget”, “budget transparency” are presented, the methodology for assessing budget transparency is considered. Budget transparency is assessed at the intercountry, regional (subnational) and local levels. The analysis of the results of the assessment of budget transparency at the intercountry level is carried out.

Conclusion and Relevance The necessity of budget transparency was substantiated, including in order to determine the need for citizens to interact with government on budget issues, various opinions of scientists regarding the concept of “public legal entity budget” were examined, and the theory of public choice was studied. In addition, in order to determine the content of budget transparency, it was examined how various international organizations determine budget transparency, and the regulatory framework for implementing the principle of budget transparency of the Russian budgetary system was considered. Methodological approaches to assessment of the transparency (openness) of budgets in the Russian Federation and in foreign countries were studied.

Keywords: budget, region, subject of the Russian Federation, transparency, openness.


Dumnaya N.N., Gryaznova A.G. Macroeconomics. Theory and Russian practice: a textbook for universities [Teoriya i rossijskaya praktika] – M.: KnoRus, 2019 – 675 p.

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Romanovsky M.V., Ivanova N.G. Finances: a textbook for high schools [Finansy] – M.: Yurait, 2020. – 305 p.

Rodionova V.M. Finances [Finansy] – M.: 1993. – 234 p.

Homeland G.A. Macroeconomics: a textbook for universities [Makroekonomika] – M.: Yurait, 2019 – 375 p.

Chaldaeva L. A. Finance, money circulation and credit: a textbook [Finansy, denezhnoe obrashchenie i kredit] – M.: Yurayt, 2019. – 381 p.

Krokhina Y.A. Budget Law of Russia: A Textbook for High Schools [Byudzhetnoe pravo Rossii] – M.: Yurait, 2019. – 345 p.

Buchanan James. Nobel Laureates in Economics [Nobelevskie laureaty po ekonomike] – M.: Taurus Alpha, 1997.

Nureyev R.M. Theory of public choice: a textbook for universities [Teoriya obshchestvennogo vybora] – M.: HSE, 2005. – 531 p.

Public finance management: international experience in implementing the principles of best practice Collection of methodological materials. [Upravlenie obshchestvennymi finansami: mezhdunarodnyj opyt realizacii principov luchshej praktiki [sbornik metodicheskih materialov] – M.: 2017. – 600 p.

Golovanova N.V. Assessing the openness (transparency) of the budget system: a review of international and Russian experience [Ocenka otkrytosti (prozrachnosti) byudzhetnoj sistemy: obzor mezhdunarodnogo i rossijskogo opyta] // Research Financial Institute. Financial magazine. 2015. No 3 (25). p. 98-107.

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Farhan Hameed. Fiscal Transparency and Economic Outcomes // IMF Working Paper. 2005 y. WP/05/225.

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Svetlana N. Grishkina

Doctor of Economic Sciences, Рrofessor of the Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Elvira I. Gabzhamilova

Senior Analyst, Toyota Bank


Aspects of budgeting in small business enterprises


Subject/Topic Modern risks in the activity of commercial organization associated with instability of external challenges and threats, predetermine the feasibility of searching for internal sources to increase business efficiency. One of such sources is the development of an appropriate budgeting system, the effectiveness of which depends on the degree of taking into account specifics of the company. The article is devoted to the features of budgeting process in small business enterprises, particularly in companies rendering professional services (appraisal company as an example).

Goals/Objectives The aim of the work is to determine the features of budgeting systems in small businesses, in contrast to large companies, to build a budget from zero for a professional services company. To achieve this goal, the following tasks were formulated: a literature review on small business management issues, identification of the main steps in setting a budget from zero base, and the construction of a budget model in MS Excel for an appraisal company.

Methodology General analysis, comparison and generalization of the data, business-process modelling.

Conclusion and Relevance In this article the authors are trying to explain, why budgeting is a useful management tool for small business enterprises. For large corporations there is a consensus in academics and management community, that budgets are necessary for effective control, but for small business it is not that obvious. The authors give several arguments in favor of budgeting for small companies and suggest the ways for implementing this tool, based on identification of the main steps of business process in a small appraisal company.

Keywords: planning, budgeting, control, management accounting, strategy, SME.


Borovitskaya (2019) – Borovitskaya M. The necessity and difficulties of budgeting at the enterprises of small business [ Neobhodimost’ i trudnosti vnedreniya byudzhetirovaniya na predpriyatiyah malogo biznesa], Karelian Scientific Journal [Karel’skij nauchnyj zhurnal] 2019. #2 (27). P. 99-102 [in Russian].

Stepanchuk (2017) – Stepanchuk A. Relevant problems of budgeting in small business [Aktual’nye problemy razvitiya byudzhetirovaniya v malom biznese], Organizer of Production [Organizator proizvodstva] 2017. #4. P. 32-43 [in Russian].

Nikolaeva, Shishkova (2017) – Nikolaeva O., Shishkova T. Classical management accounting [Klassicheskij upravlencheskij uchet]. M: Book House LKI, 2017. – 400 p.

Electronic resource. Business Planning Guide: Practical Application for SMEs. Information paper by the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC). URL: /files/business-planning-guide-pr.pdf [access date 05.04.2020].

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Electronic resource. Study of corporate governance practices in medium-sized Russian non-public companies. URL: 2020_web _%D0%B8%D1%82%D0%BE%D0%B3.pdf [access date 12.04.2020].

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The authors have read and approved the final version of the manuscript.


Artеm A. Syromyatnikov

Economist of 1st Category of Russian Space Systems JSC, Graduate Student in Economics and National Management, Moscow, e-mail:

Assessment of the cost of working capital provision


Subject / Topic The studied method of assessment is applied with consideration of the revision of the risks associated with the investment of funds in the working capital of enterprise. Its application is connected with the need to assess the market value of investments in working capital.

Goals/Objectives The study of the theoretical material has revealed the absence of criteria for evaluation of the sources of working capital financing, which allow to assess the rationality of the ratio of own and borrowed funds. Approbation of the weighted average cost estimation method can become a springboard for the further research in this area in order to develop a decision-making model for the selection of funding sources.

Methodology The research methodology is formed through the point application of methodological tools that have been tested in various economic paradigms. The tools include the methods of synthesis and analysis, deduction and induction, scientific abstraction, financial and mathematical analysis.

Conclusions and Relevance The application of the method of estimating the weighted average cost of working capital has shown its effectiveness. As part of this work, the market value of investments in working capital was determined. However, there is a need for further research in this direction, in which a decision-making model for forming sources of working capital will be developed.

Keyword: working capital, cost of provision, sources of financing


Barilenko V. I., Berdnikov V. V., Gavel O. Y., Kerimova C. V. Analytical substantiation of competitive business models: textbook  [Analiticheskoe obosnovanie konkurentnosposobnih biznes-modelei] / ed. Barilenko V. I. – M: Rusyns, 2017, P. 308 [in Russian].

Biryukov, Nakhratova (2016) – Biryukov A. N., Nakhratova E. E. Choosing a strategy for financing working capital [Vybor strategii finansirovania oborotnix sredstv [electronic edition] (access mode: vybor-strategii-finansirovaniya-oborotnyh-sredstv-predpriyatiya-1/viewer) [in Russian].

Laskina, Kalvarsky (2016) – laskina L. Y., Kalvarsky G. V. Using financial leverage to evaluate a company’s synthetic credit rating [Ispolzovanie finansovogo levridja dlya ocenki sinteticheskogo kreditnogo reitinga kompanii] // Financial Analytics: problems and solutions [Finansovaya analitika: problemi i reshenia] –  2016 – # 13. – P. 16-25 [in Russian].

Pertseva (2014) – Pertseva M. A. Structure and weighted average price of working capital of an enterprise [Struktura i srednevzveshennay cena oborotnogo kapitala predpriyatia] // Entrepreneur’s guide [Putevoditel predprinimatelia] – 2014. – Pp. 232-245.

Suvorova, Suvorova, Kuklina (2016) – Suvorova L. V., Suvorova T. E., Kuklina M. V. Analysis of capital cost estimation models [Analiz modelei ocenki stoimosti capitala] // Bulletin of the Lobachevsky University of Nizhny Novgorod. Series: social science [Vestnik Nizhegorodskogo universiteta im N.I. Lobachevskogo. Seria: socialnie nauki]  – 2016. – # 1 (41). – P. 38-47 [in Russian].

Values of the coupon-free profitability graph of government bonds (%per annum) [Znachenia krivoi beskuponnoi dohodnosti gosudarstvennih obligacii]. (Access mode:[ Date of access: 07.06.2020 [in Russian].

The credit rating of enterprises. (Access mode: _Home_Page/datafile/ratings.htm) [in English]. Date of access: 07.06.2020.

The premium for country risk. (Access mode: _Home_Page/datafile/ctryprem.html) [in English]. Date of access: 07.06.2020.

The value of a lever-free system for the “Auto & Truck” industry. (Access mode: _Home_Page/datafile/totalbeta.html) [in English]. Date of access: 07.06.2020.

The average growth rate of the Moscow Exchange index for a calendar year by month (05.2019-05.2020) [Srednee znachenie tempa rosta indeksa Mosbirzhi za kalendarnii god po mesiacam]. (Access mode: IMOEX/archive/#/from=2019-05-01&till=2020-05-01&sort=TRADEDATE&order=desc). Date of access: 07.06.2020.

Market capitalization of JSC “KAMAZ” [Rinochnaia kapitalizacia PAO KAMAZ]. (Access mode: Date of access: 07.06.2020.

Dollar rate [Kurs dollara] [in Russian] (access Mode:  Date of access: 07.06.2020.

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Igor A. Osipov

Project manager of INTACT system integrator, bachelor of Economics, Master’s degree in Management, program: public-private partnership program and project management, Moscow Automobile and Road State Technical University, Moscow, Russia. E-mail:

Optimization of the calendar planning process in IT projects on the example of the Intact system integrator


Subject / Topic The article presents the results of the study conducted within the IT company aimed at optimization of the calendar planning process. The current situation characterized by high management costs for creating calendar plans was confirmed by a survey of experts. The project calendar and network schedule is the most important tool at the stage of IT project planning. In the subsequent stage of project implementation, this tool will be the main one in project monitoring and controlling. The proposed solution will reduce the time spent by the company on the IT projects management.

Goals / Objectives Based on the results of the research, to confirm the hypothesis of high management costs at the stage of project planning. To develop proposals that will allow to perform calendar planning faster.

Methodology The research was based on up-to-date data on internal project management processes within an IT company, expert opinion of certain focus groups of employees and statistics accumulated by the project office. Information processing was carried out using the principles of systematic and integrated approaches. The tools include the methods of analysis, synthesis and logical analysis.

Conclusions and Relevance The analysis of the current situation in scheduling has confirmed the hypothesis of high management costs for IT-project planning. The internal processes of the company need to be optimized in order to save time spent for calendar planning. The proposals allowing to optimize calendar planning process were developed.

Keywords: IT-project, project management, calendar planning, planning tools, Microsoft Project.


  1. Federal law No. 149-FZ of July 27, 2006 “On information, information technologies and information protection”.
  2. State Standard 34.003-90 Automated systems. Terms and definitions.
  3. Summary of knowledge on project management PMBoK, 2017.
  4. State Standard R ISO 21500-2014 Guide to project management.
  5. Gavel (2018) – Gavel O. Y. Methodological approaches to evaluation and monitoring of efficiency of innovative development management of economic subjects. [Metodicheskie podhody k ocenke i monitoringu ehffektivnosti upravleniya innovacionnym razvitiem ehkonomicheskogo sub”ekta] // Economy. Business. Banks. [Ehkonomika. Biznes. Banki]. – 2018. – № 1 (22). – p. 105-126. [in Russian].
  6. Bogdanov (2016). Bogdanov V. V. Project Management. Corporate system-step by step. [Upravlenie proektami. Korporativnaya Sistema shag za shagom] // Moscow: Mann, Ivanov and Ferber, [Mann, Ivanov, Ferber] 2016. – P. 13, P. 14. [in Russian]
  7. Shkurko (2016). Shkurko V. E. Business planning in business activity [Biznes planirovanie v predprenimatelskoi deyatelnosti] //V. E. Shkurko, N. Y. Nikitina-Yekaterinburg: Ural Publishing house. [V. E. Shkurko, N. Yu. Nikitina-Yekaterinburg izdatelstvo Ural] UN-TA, 2016-172p. – p. 222. [in Russian]
  8. Futov (2008). Pounds V. N. Fundamentals of project management in the company. 2nd ed., add. [Osnovi upravleniya proyektami v kompanii] – St. Petersburg: Peter [Sankt-Peterburg: Piter] 2008. – 336p: Il. – (series “Textbook”). [in Russian]
  9. Milosevic (2008). Milosevic D. A Set of tools for project management [Nabor instrumentov dlya upravleniya proektami] // Dragan Z. Milosevic; TRANS. from English. Mamontova E. V.; edited by Unknown S. I.-M. Aichi Company; DMK Press [Kompaniya Aiti DMK Pres], 2008. – 223p. [in Russian]

The article was received on 25.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Lаrisа S. Аleksаndrovа

PhD in economic sciences, Associated Professor, Associate Professor of the Department of Banking and Financial Markets, researcher of the research center of monetary relations at Financial University under the Government of the Russian Federation, Moscow, Russia.

E-mаil: аls.007@yа

Olga V. Zakharova

Senior Lecturer at the Department of Banking and Financial Markets, Research Fellow at the Research Center for Monetary Relations researcher of the research center of monetary relations at Financial University under the Government of the Russian Federation, Moscow, Russia.


The experience of inflation targeting


Subject / topic Issues of transition of developed and developing countries to inflation targeting policies. Study of the experience of countries in curbing price growth to achieve the inflation target.

Goals / objectives The purpose of the study is to determine the characteristics and role of inflation targeting in the regulation of monetary relations.

Methodology Systemic and functional approach to understanding the modern monetary policy of central banks, taking into account the influence of various factors of the external and internal environment. This made it possible to determine and use the necessary set of specific research methods – the methodological tools of historical, logical, comparative, empirical and statistical methods of cognition.

Conclusion and Relevance In foreign countries, a flexible form of inflation targeting prevails, allowing central banks not only to mechanically respond to inflation deviations from a given benchmark, but also to take into account the consequences of their decisions for the country’s economic growth. Such an approach, which is based on econometric modeling and expert assessments, firstly, reduces the risk of making rash and economically unjustified decisions, and, secondly, allows the central bank to take actions in relation to a specific situation. In general, the following points are characteristic of the inflation targeting regime in developed countries: deflationary policy before the introduction of the inflation targeting regime; the regulator has instrumental independence; a high degree of information transparency and accountability in its activities; coincidence of the acceptable inflation rate and the target; consolidation of the target targeting period at the legislative level; lack of regulation of the exchange rate, definition of conditions under which the central bank has the right to carry out foreign exchange interventions, increased volatility of the exchange rate; creating principles of financial stability that are compatible with the principles of inflation targeting.

Keywords: central bank, monetary policy, inflation, deflation, inflation targeting.


Reserve Bank of New Zealand сайт URL: http./Avww.rbnz govt nz/

Bernanke B.S.. Laubach Г . Mishkin F.S.. Posen A.S. Inflation Targeting Lessons from the international Experience. Princeton: Princeton University Press. 1999.

Debelle С . Fischer S. How independent should a central bank be? Federal Reserve Bank of San Francisco Conference Series. 1994.

Monetary policy and the payment system. The Svenges Riksbank Act 1988 Электронный ресурс legislation. // Riksbank. Stockholm. 2011. URL http:/7’w\v\v

Policy target agreement // Reserve bank of New Zealand: сайт. Wellington. 2011. URL: http:/4vvv\v.rbnz, monpol/pta/3517828.html

Sinelnikova-Muryleva, Grebenkina (2020) – Sinelnikova-Muryleva E.V., Grebenkina A.M. Discussion about the optimality of the target inflation rate. [Diskussiya ob optimal’nosti celevogo urovnya inflyacii] – // Bulletin of Moscow University. Series 6. Economy. [Vestnik Moskovskogo universiteta. Seriya 6. Ekonomika]. –  2020. –  №3. –  С.3-24

Devereux. M.B. Monetary Policy. Exchange Rate flexibility, and Exchange Rate Pass-Through // Proceedings of a conference held b\ the Bank of Canada Ottawa Bank of Canada. 2001.

Truman (2003) – Edwin M. Truman, Inflation Targeting in the World Economy, Institute for International Economics, 2003. indikatory_rynka/inflation_index

Broadband Commission for Sustainable Development. Broadband Health Report  «Broadband status» [Komissiya po shirokopolosnoj svyazi v interesah ustojchivogo razvitiya. Otchet “Sostoyanie shirokopolosnoj svyazi”]: Documents/reports/sob2016-targets-ru.pdf

Aleksandrova, Zakharova (2017) – Aleksandrova L.S., Zakharova O.V. Monetary and monetary non-monetary factors of inflation in modern Russia (the opinion of experts from the financial university on the Bank of Russia report “On non-monetary factors of inflation and measures to reduce its volatility”). [Monetarnye i monetarnonemonetarnye faktory inflyacii v sovremennoj Rossii (mnenie ekspertov finansovogo universiteta po dokladu Banka Rossii “O nemonetarnyh faktorah inflyacii i merah po snizheniyu ee volatil’nosti”)].- //Banking services. [Bankovskie uslugi] 2017. No. 10. S.10-18.

Aleksandrova, Zakharova (2019) – Aleksandrova L.S., Zakharova O.V. Influence of the central bank on inflation through targeting. [Vliyanie central’nogo banka na inflyaciyu posredstvom targetirovaniya]

– Themed collection of papers from International scientific conference “Socio-Economic Sciences & Humanities” by HNRI «National development» [Social’no-ekonomicheskie i gumanitarnye nauki: sbornik izbrannyh statej po materialam Mezhdunarodnoj nauchnoj konferenci]i. October 2019. –SPb.: HNRI«Nationaldevelopment», 2019.

The article was received on 25.06.2020; accepted for publication on 28.07.2020. The authors has read and approved the final version of the manuscript.


Ravil M. Chusmakaev

1 Master of Economics, Lomonosov Moscow State University,

2 Specialist of the project management department of NLMK-Information Technologies LLC, Moscow, Russia. E-mail:

Oil “NEEDLE” or realities of the Russian economy


Subject/Goals The analysis of the Russian economy for the period from 1998 to 2014, the assessment of the factors of influence of oil dependence on the Russian economy, the identification of patterns, factors, features of the development of the Russian economy since 1980, as well as the determination of the development trends of the Russian economy, which will help to overcome the oil dependence of the Russian economy and bring Russia to a new level in the global economic system.

Methodology Quantitative, qualitative and empirical research methods.

Results The vectors of development of the Russian economy are identified, as well as the incentives to reduce the effect of the “oil needle”. The main reasons of the crises in the Russian economy for the period from 1998 to 2014 were identified and the permanent reasons that became and are becoming a factor in the emergence of a “shock” in the Russian economy were defined.

Conclusions and Relevance The Russia’s dependence on the oil market is a historically established factor that still has a strong influence on the Russian economy, especially in times of global economic instability. To reduce this dependence, it is necessary to develop new capital-intensive sectors of the economy and accelerate the process of digitalization of the economic system.

Keywords: oil, crisis, economic crisis, dependence, oil production, industry, sector, energy, banking sector.


Azhogina, N. N. (2009). The banking sector in crisis conditions. [Bankovskiy sector v usloviyah krizisa] State and municipal administration. Proceedings of the SKAGS, 86-93. Retrieved from

Vek. (n.d.). The US advised Russia and OPEC to reduce oil production. [V SCHA posovetovali RF i OPEK sokratit dobychu nefti]  Retrieved from sokratit-dobychu-nefti

Institute of transition Economy. (1999). Economic and political situation in Russia. [Economiko-politicheskaya situatsia  v Rossii] Institute of transition Economy, 2-31. Retrieved from

Koloskova, N. V., & Novokov, I. V. (2015). Conceptual problems of the financial market in the context of slow economic growth. [Kontseptualnye problemy finansovogo rynka v usloviyakh zamedlenogo rosta economiki] Eurasian scientific journal, 288-293. Retrieved from

Khanov, M. (n.d.). Dependence of the Russian economy on oil. Does the “Dutch disease” weaken? [Zavisimost’ ekonomiki Rossii ot nefti. Oslabevaet li “gollandskaya bolezn’?] Retrieved from

Annual Energy Review (2006). URL:

Energy exports from Russia in 1998 [Eksport energonositelej iz Rossii v 1998 godu]: URL:Экспорт_энергоносителей_из_России_в_ 1998 _ году

Oil and Gas industry of Russia in 1998 [Neftegazovaya promyshlennost’ Rossii 1998 god.]. Federal portal -URL: information/index.html

Chikhin, Y. S., & Tsiplin, Y. G. (2015). The beginning of the end. The impact of the oil dumping. [Nachalo konca. Vliyanie neftyannogo dempinga.] Universum: Social Sciences. Retrieved from dempinga-1985-1986-gg-na-ekonomiku-sssr

Bocharov, S., Volkov, O., & Tkachov, I. (2016). The share of oil and gas revenues in the Russian budget has fallen to a seven-year level. [Dolya neftegazovyh dohodov v byudzhete Rossii upala do semiletnego urovnya] Retrieved from 2016/56f32a639a794756a61f301e

Expert. (2018). Editorial Who controls the oil. [Redakcionnaya stat’ya Kto upravlyaet neft’yu]  (№27), 2-8. Retrieved from /07/04/1152934573/Neft.pdf

Mironyuk, E. (2020). The imbalance between supply and demand in the oil market persists. [Disbalans mezhdu sprosom i predlozheniem na neftyanom rynke sohranyaetsya] PRIME economic information Agency”. Retrieved from 20200618/831646400.html

Sholomitskaya, E. V. (2017). Impact of key macroeconomic shocks. [Vliyanie klyuchevyh makroekonomicheskih shokov] HSE economic journal, 21(№1), 89-113. Retrieved from

Melnikov, R. M. (2010). Impact of oil price dynamics on macroeconomic indicators. Applied econometrics, 1(17), 20-29. Retrieved from

Aleksandrova, A. I., Zakrevskaya, A. V., & Sokolnitsin, A. S. (2019). Analysis of the economy of the oil and gas sector in Russia. [Analiz ekonomiki neftegazovogo sektora v RF] Scientific journal of the ITMO research INSTITUTE. Series ” Economics and environmental management»(2), 3-14. Retrieved from

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Ilya V. Rozhkov

PhD, Associate Professor of the Logistic and Marketing  Department, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Strategies of consumer behavior in the modern economy


Subject/Topic The article discusses theoretical models of consumer behavior, defines the foundations of consumer behavior models in various market conditions. Two existing theoretical approaches to consumer behavior are analyzed: rational and irrational consumption.

The author considers the approaches to determining strategies of consumer behavior of Krolar, Leibenstein, Kotler.

An extended classification of consumer behavior strategies is considered, including the following types: rational, irrational, motivated consumer, conformist consumer, human consumer, ethical consumer, information consumer.

Goals/Objectives The purpose of the article is to classify and identify the characteristics of various strategies of consumer behavior in the modern economy in order to develop more effective marketing strategies.

Methodology The research methodology is based on the use of methods of retrospective analysis, periodization, systematization and generalization.

Conclusions and Relevance In modern economy, consumer behavior strategies are becoming increasingly complex. The consumer society dictates its own rules for the interaction of the manufacturer and its customers. To increase the effectiveness, it is necessary to study the existing strategies of consumer behavior and enrich them with new types that are adequate to new economic realities.

Keywords: consumer behavior, strategy, marketing, consumer choice, society.


Grif (2014) – Grif M.R. Culture of consumer behavior of Russians [Kul`tura potrebitel`skogo povedeniya rossiyan] // Teoriya i praktika obshhestvennogo razvitiya [Theory and practice of social development] . 2014. №2. [in Russian].

Kazakova, Karpova, Rozhkov (2010) – Kazakova N.V., Karpova S.V., Rozhkov I.V. Information support of marketing activities in the field of innovation [Informacionnoe obespechenie marketingovoj deyatel`nosti v sfere innovacij]. Scientific works of the Free Economic Society of Russia [Nauchny`e trudy` Vol`nogo e`konomicheskogo obshhestva Rossii]. Vol. 130. M.: VE`O Rossii,  2010. [in Russian].

Karpova (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 (2016) – Marketing policy of organizations: theory, methodology and practice [Marketingovaya politika organizacij: teoriya, metodologiya i praktika]: Collective monograph [Kollektivnaya monografiya] / Karpova S.V. – Moskva : [Vuzovskij uchebnik], NICz INFRA-M, 2015. – 212 p. [in Russian].

Marketing. Management [Marketing. Menedzhment]: express course [e`kspress-kurs] / Filip Kotler; trans. from English D. Raevskaya [per. s angl. D. Raevskaya ]. – 2-e izd. – M. [etc.] : Piter, 2005. – 464 p.  [in Russian].

Romanenkova (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]

Rozhkov I.V. (2013) – Rozhkov I.V. Marketing information systems: modern approaches to the definition and use [Marketingovy`e informacionny`e sistemy`: sovremenny`e podxody` k opredeleniyu i ispol`zovaniyu] // Management Sciences [Upravlencheskie nauki]. – 2013. – №3.– pp. 68-75.

The article was received on 30.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Svetlana P. Azarova

Candidate of Economic Sciences, Associate Professor of the Department of Logistics and Marketing, Financial University under the Government of the Russian Federation, Moscow, Russia.


Development of marketing functions in the subjects of the investment services market


Subject/Topic The author studies the development of the investment market and the marketing functions of various subjects of the Russian investment services market.

Goals/Objectives A review of the current areas of marketing activities of various entities of the investment market, marketing functions relating to various entities at various stages of the life cycle of an investment product and service in order to form an overall picture of the use of marketing tools in the Russian investment market.

Methodology Analysis of scientific and practical publications, a review of primary and expert sources of information, systematization and generalization of the revealed facts.

Conclusions and Relevance The level of marketing development as the basis of the issuer’s work, especially after the issue of shares in Russia is low, while the underwriting institution, represented by the largest banks and investment banks, has a well-functioning mechanism for organizing the process of public offering of securities. Professional participants working in the trading system of world stock exchanges in the securities market have a key impact on pricing. The Russian market of investment services is actively developing due to the influx of a large number of individuals wishing to purchase securities of sharply cheaper companies.

Keywords: investment market, volatility, financial marketing, pricing.


Decree of the Government of the Russian Federation of August 31, 2013 N 761 (as amended on January 17, 2017) “On the approval of the list of services directly related to the services that are provided as part of licensed activities by registrars, depositories, including specialized depositories and central depositories, dealers, brokers, securities managers, investment fund management companies, mutual investment funds and private pension funds, clearing organizations, trade organizers, repositories, the sale of which is exempt from value added tax.”

Twardowski (2009) – Twardowski V. Secrets of exchange trading: Stock trading on stock exchanges / V. Twardovsky, S. Parshikov. – 6th ed. – M .: Alpina Publishers – 2009.  p. 50-51.

Mosbirzha has published the approximate boundaries of price corridors for March 10 [Electronic resource] – URL: (accessed March 19, 2020).

Risk management in the stock and money markets [Electronic resource] – URL: (access date: 03/19/2020).

Russian Vkusville hopes to open a store in Amsterdam in the near future [Electronic resource] – URL: News/idRUKBN20Q1Z1-ORUBS (accessed: 03/17/2020).

Guidance on the placement of securities on the stock exchange [Electronic resource] – URL: (access date: 17.03 .2020).

Statistics on customers for 2020 [Electronic resource] – URL: (access date: 03/19/2020).

Private investors are buying cheaper shares [Electronic resource] – URL: (access date: 03/19/2020).

Cross-Border IPO Index 2019: Global IPO Market Contracts Under Political Uncertainty [Electronic resource] – URL: insight/publications/2019/12/ipo-index-2019  (date of access: 03/17/2020).

Road to IPO for Russian Biggest Petrochemical Company Is Blocked by Trade Wars and Coronavirus [Electronic resource] – -petrochemical-company-rules-out-ipo-this- year-51582279201? mod = hp_DAY_2 (Date of access: 03/17/2020).

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Ekaterina V. Kharmakshanova

Tax Consultant of the companies of fuel and energy complex, LLC PricewaterHauseCoopers Consulting, Bachelor of Economics, Department of Economics and Finance of the Fuel and Energy Complex, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Scientific Advisor: Marina A. Kalinina, PhD in Economics, Associate Professor of  Business & Economics Department at Financial University under the Government of the Russian Federation, Moscow,

Green energy marketing

Read in PDF


Subject/Topic Nowadays green technologies are becoming more vital not only for the successful operation of the economy, but for prosperous future. First of all, because demand for energy rise from day to day simultaneously with depletion of natural resources. Despite of the fact that almost everyone understands the need for transition to renewable energy resources, it is still not so widespread among ordinary people to use green technologies in their homes and everyday life. The author considers the reasons of a trend when people, who understand all the benefits of green technologies and are willing to use them, have not used them yet. In this way, the process of marketing development in the renewable energy sector is regarded as a factor contributing to the spread of green energy. The target of this article is to give an overview of the green energy market and identify how marketing in this sphere differs from the marketing in the other segments of the economy. Possible barriers were observed, the obtained result is surprising: while the process of developing and production is quite good, marketing campaign of such companies is not strong enough.

Goals/Objectives The goal of this article is to identify marketing barriers of green energy and make suggestions on how they can be overcome.

Methodology The problem was solved on the basis of applying general scientific methods of research within the framework of comparative, logical and statistical analysis.

Conclusions and Relevance The task determined by the author allows to develop more effective marketing strategies in the field of green energy that help to meet potential customers.

Keywords: renewable energy sources, green energy, marketing, green energy marketing.


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  2. Green Energy: Russia Joins World Renewable Energy Race // Smart energy summit. – 2018. URL: / «zelenaya» -energetika-rossiya-prisoedinilas -k-mirovoj-gonke-vie
  3. IRENA (2020), Renewable Capacity Statistics 2020, The International Renewable Energy Agency, Abu Dhabi.
  4. IRENA (2019), Renewable Energy Statistics 2019, The International Renewable Energy Agency, Abu Dhabi.
  5. IRENA, Renewable Power Generation Costs in 2018 // The International Renewable Energy Agency, Abu Dhabi. – 2019.
  6. Kotler P., Armstrong, G. (2010). Principles of marketing. Englewood Cliffs, N.J.: Prentice Hall, p.187.
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  8. New energy outlook 2019 // Bloomberg New Energy Finance (BNEF). – 2019. URL: /
  9. Nielsen L., Marketing renewable energy – May 31, 2018. URL: 281249003/FULL_TEXT__THESIS.pdf
  10. Renewable Energy Market Outlook – 2025 // Allied Market Research. URL: renewable-energy-market
  11. Renewables 2019 Global Status Report // REN21 Secretariat, Paris. – 2019. URL: 2019_full_report_en.pdf
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The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Nadezhda V. Rebrikova

PhD in Economics, Associate Professor, Department of Personnel Management and Psychology, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Company’s efficiency and flexible human resources management


Subject / Topic Modern companies try to respond quickly to environmental changes, while the staff was always considered to be the main asset of the company. In this regard, flexible personnel management represents an important area of ​ ​ research in the activities of the companies. The companies need a flexible human resources management system to drive and motivate the development of employees with innovative skills and ability to survive in results-based competition. The study is relevant, because it is necessary to apply flexibility and adaptability in personnel management in order to achieve effective results in personnel management and improve the processes of the companies.

Goals/Objectives To identify the relationship between the system of flexible personnel management, innovative activity of employees and the effectiveness of the company. The research hypothesis is based on the assumption that the creation of a flexible personnel management system increases the skill level of employees and thereby affects the effectiveness of the company.  The main tasks: to study and summarize theoretical knowledge on the problem under the study, to consider and determine the possibilities of flexible personnel management, to identify the relationship between flexible management and company’s performance.

Methodology As part of the study, general scientific and specific methods were used: in-depth analysis and generalization in the study of literature, comparison and analogy, economic and mathematical methods.

Conclusions and Relevance The results of the study provide a theoretical and practical basis for development of the system of flexibility in human resources management of the company in order to increase its efficiency. The theoretical rationale for flexibility in human resources management will help researchers and personnel managers to understand the role and value of flexibility in human resources management. The practical significance of the study is the application of the results of the study by human resources specialists and management experts in their activities to create a flexible human resources management system to improve the efficiency of employees and the company.

Keywords: flexible personnel management, innovation, company’s efficiency, modern technologies


Vasilieva A. N. (2011) Management of the development effectiveness of human capital of the copmany [Management of the effectiveness of the development of human capital of an organization] / A.N. Vasilieva // Management of personnel development [Management of personnel development]. No. 1. – p. 4-15.

Mitrofanova E. A. (2012) Personnel management: theory and practice.  Evaluation of the results of staff work and the results of the activities of the departments of personnel management services: textbook [Personnel management: theory and practice.  Evaluation of the results of staff work and the results of the activities of the departments of personnel management services: textbook.  practice.  allowance] / E. A. Mitrofanova, L. V. Ivanovskaya;  under the editorship of  A. Y. Kibanova.  – M.: Prospect [Prospect], 2012. — 72 p.

Sotnikova S. I. (2014) Personnel career management in the management system of modern organization [Personnel career management in the management system of a modern organization] / S. I. Sotnikova // Bulletin of the Omsk University.  Series “Economics” [Bulletin of the Omsk University.  Series “Economics”].  – 2014. – No. 8. – p. 60-67.

Bersin J. (2007) What is Talent Management?

Clutterbuck D. (2012) The talent wave: Why succession planning fails and what to do about it?[ The talent wave: Why succession planning fails and what to do about it?] / David Clutterbuck. — Kogan Page [Kogan Page], 2012

The article was received on 24.06.2020; accepted for publication on 28.07.2020. The author has read and approved the final version of the manuscript.


Elena S. Kondaurova

Bachelor of Economics, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Scientific advisor: Lyudmila M. Kupriyanova, PhD in Economics, Associate Professor, Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Sustainable development of industrial enterprises in the digital economy


Subject/Topic In the framework of instruction of the Russian Government program “Digital economy of the Russian Federation” the gradual digital transformation of the Russian economy is taking place. It has a direct impact on the sustainable development of industrial enterprises. Thus, the subject of the research is connected with organizational and economic relations that are implemented during the formation of a mechanism based on the development of the digital economy, aimed at achievement of sustainable development of enterprises.

Goals/Objectives Sustainable development and increase of the competitiveness of industrial enterprises by means of technological transformations. The tasks include definition of the concept of enterprise sustainability, assessment of the importance of the digital economy in industrial enterprises and Russia’s readiness to introduce the digital economy into production processes.

Methodology In this work, such methods as a theoretical review of the literature; comparative analysis of various views of experts on the concept of sustainable development of enterprises were applied. The study is also based on fundamental works, developments and scientific recommendations of domestic and foreign scientists and various publicistic works.

Conclusion and Relevance In modern society, it is impossible to avoid the introduction of the digital economy into production processes. Technological transformation is a key to the sustainable development of enterprises, which is extremely necessary in the context of constantly changing external economic conditions. It can safely said, that digital economy is a kind of breakthrough. However, the digital economy brings a number of problems: the need for requalification of personnel, possible system failures, and the threat of hacker attacks. However, the role of digital economy remains relevant, and the need for it is growing every year.

Keywords: sustainable development, industrial enterprise, technological transformation, digital economy, Big Data


Romer (1990) — Romer P.M. Endogenous technological change // Journal of Political Economy. 1990, October. V. 98. # 5. P. 71-102. [ in English].

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Kozlova (2019) – Kozlova E. V. Development of the mechanism for sustainable development of industrial enterprises based on technological transformation [Formirovanie mehanizma ustoychivogo razvitiya promyishlennyih predpriyatiy na osnove tehnologicheskoy transformatsii], Dissertation board [Dissertatsionnyie sovetyi] 2019. p. 30-57. [ in Russian].

Vasin (2018) – Vasin N. S. Management of enterprise sustainability in the digital economy [Upravlenie ustoychivostyu predpriyatiya v usloviyah tsifrovoy ekonomiki], Economic analysis: theory and practice [Ekonomicheskiy analiz: teoriya i praktika] 2018. p. 1100 – 1113 [ in Russian].

Aptekman, Kalabin, Klintsov, Kuznetsova, Kulagin, Yasenovets (2015) – Aptekman A., Kalabin V., Klintsov V., Kuznetsova E., Kulagin V., Yasenovets I. Digital Russia: a new reality [Tsifrovaya Rossiya: novaya realnost] McKinsey & Company 2015 [Electronic resource]. URL: (last access date: 10.06.2020). [ in Russian].

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The article was received on 14.06.2020; accepted for publication on 22.07.2020. The authors have read and approved the final version of the manuscript.


Nikita D. Magnitskiy

student of the Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Scientific advisor: Lyudmila M. Kupriyanova, PhD in Economics, Associate Professor, Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Application of economic and mathematical models in order to determine the effectiveness of state and municipal income generation


Subject/Topic Part of the cost of gross domestic product, the country’s national wealth and income from foreign economic activity is transferred to such economic entities as state authorities (local authorities), business entities, and households in order to satisfy their social needs. The mechanism of accumulation of budget funds by economic entities as a result of the optimal (re) distribution of national income within the framework of the budget process is impossible without the effective income forecast.

Goals/Objectives The aim of the study is to determine the dependence of federal budget revenues on the extraction of natural resources, as well as on the exchange rate, by the method of correlation and regression analysis in order to increase the efficiency of revenue generation of the state and municipalities.

Methodology The methodological basis of this study was information from supranational organizations: the International Monetary Fund, the World Bank, and the official data of state authorities: the website of the Ministry of Finance of the Russian Federation, the Federal Treasury, and the Bank of Russia. The information from leading providers of financial information for professional participants in financial markets – Bloomberg, Thomson Reuters, was also used in the study.

Results A correlation-regression model of the degree of influence of the exchange rate and the spot price of the Brent brand on the volume of federal budget revenues from the sale and use of oil resources is presented. It was revealed that the greatest elasticity of the federal budget revenues from oil exports depends on the spot price of the Brent oil brand.

Conclusions and Relevance This analysis helps to improve the quality of forecasting federal budget revenues, and will also ensure the implementation of such a principle of the Budget Code of the Russian Federation as the effectiveness of budget funds.

Keywords: correlation and regression analysis, factor analysis, federal budget revenues, oil and gas revenues, elasticity, market value, Brent crude oil grade.


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The article was received on 14.06.2020; accepted for publication on 22.07.2020. The author has read and approved the final version of the manuscript.


Artem V. Chebakov

student of the Faculty of Management, Financial University under the Government of the Russian Federation, Moscow.


Research supervisor: Lyudmila M. Kupriyanova, PhD in Economics, Associate Professor, Deputy head of the Department of intellectual property Economics, Associate Professor of the Department of Accounting, analysis and audit, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Doubtful receivables and their rehabilitation


Subject/Topic The increasing weight of accounts receivable in the operating activities of many large companies creates the need for timely and correct accounting of their status and trends. Therefore, every large organization should have a system for accounting for accounts receivable.

Goals/Objectives The purpose of the study is to analyze accounts receivable, determine the extent of their impact on the company’s condition, as well as to analyze doubtful accounts receivable and ways of their rehabilitation.

Methodology In this work the author used such theoretical methods as analysis (theoretical review of scientific literature on the problem of research); synthesis of information and its presentation in the form of marked theses; generalization of the material.

Results The article analyzes accounts receivable, assesses the reality and reasons for their occurrence. The most popular types of debts, structured according to the specifics of occurrence, are indicated. The purpose of identifying accounts receivable, the main issues and indicators that reveal the presence and stages of analysis of accounts receivable, as well as the form that the companies use to account for debt. The paper studies the problem of doubtful accounts receivable and provides ways to resolve it.

Conclusion and Relevance Given the current situation caused by the COVID-19 virus pandemic, doubtful receivables have become more common in the companies of a wide profile. In the context of this situation, it is relevant to study the issues of rehabilitation of doubtful accounts receivable.

Keywords: accounts receivable, valuation, doubtful accounts receivable, rehabilitation, unfair accounts receivable, company analysis


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The article was received on 14.06.2020; accepted for publication on 22.07.2020. The author has read and approved the final version of the manuscript.