Economy Business Banks №10(48)




Alexander S. Rodionov

Alexander S. Rodionov, PhD in Technical Sciences, Professor, Academician of the International Academy of Informatization, full Professor of the basic university department, Director of Scientific and Information Consulting Center of Safe life and work, Financial University under the Government of the Russian Federation, Moscow, Russian Federation, President of Graduate School MВА «IntegraL» (Corporate University).


Risk management and management risk in innovative products creation


Subject / Topic Risk management is an obverse. The reverse (revertor) is management risk. The technical solution for risk management is given in the theory of reliability, confirmed in applied developments. Management risk remains Terra Incognita of the psychology of the decision-maker’s thinking. Accelerating the pace of scientific and technological progress requires closing this gap.

Goals / Objectives Real-time risk administration (Master of Business Administration) should become the loodsen of the business. It is time for all politicians and businessmen to learn the school course of direct and inverse functions.

Methodology The author’s paradigm of normal life, phenomenological analysis, synergetics, trialectics, methods of similarity, divergent and convergent thinking, analysis and synthesis, induction and deduction, proactive risk-based scenario forecasting.

Results / Conclusions Within the framework of the convergence of two socio-economic formations (OEF) of capitalism and socialism, a new OEF – patriotism – has been substantiated. An algorithm for a rational decision in the system “effect – costs – risk” is proposed, taking into account direct and feedback management and marketing.

Keywords: normal life, digital economy, social Darwinism, social dependency, patriotism


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Tatiana S. Еsaulkova

Tatiana S. Еsaulkova, PhD, Doctoral candidate, All-Russian Research Institute of Labour of the Russian Ministry of Labour, Moscow,


Raising the level of pension provision: focus on the development of non-state pension program


Subject/Topic The article reveals possible scenarios for further modernization of the Russian pension system. In this regard, the main provisions of the concept of a Guaranteed pension plan as one of the schemes of non-state pension provision are analyzed. The author presents the results of calculations carried out to study the level of pension provision for participants of non-state pension programs who make voluntary contributions, based on the size of their salary, the chosen tariff, and taking into account the level of inflation.

Goals/Objectives The purpose of the article is to study how much at the current level of wages (average accrued wages, wages above the average level) it is possible to increase the coefficient of replacement of lost earnings with a pension and increase the amount of pension payments.

Methodology Methods used for calculating the pension provision of citizens of the Russian Federation, in particular, economic and statistical methods, methods of economic and mathematical models.

Conclusions and Relevance The article concludes that it is the dynamics of wage growth and, accordingly, the size of the selected deduction rate that have a significant impact on the size of the future pension of a participant in pension programs. Therefore, the reform of the pension system should be carried out simultaneously with the reform of the wage system, increasing the share of wages in the gross domestic product.

Keywords: pension programs, pension system, non-state pension provision, salary, contribution rate


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Andryushchenko, Volkov (2016) – Andryushchenko G.I., Volkov I.A. Corporate pension programs as a tool for comprehensive modernization of the pension system of the Russian Federation [Korporativnye pensionnye programmy kak instrument kompleksnoj modernizacii pensionnoj sistemy Rossijskoj Federacii] //Social policy and sociology [Social’naya politika i sociologiya]. 2016. V.15. No.5. P.17-25. [in Russian].

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Voronin, Stolyarov (2020) – Voronin Y. V., Stolyarov A.V. Transformation of the accumulative element of pension system of the Russian Federation: in search of conceptualization of the modern model [Transformaciya nakopitel’nogo elementa pensionnoj sistemy Rossijskoj Federacii: v poiskah konceptualizacii sovremennoj modeli] //Journal of Russian law. 2020 [ZHurnal rossijskogo prava] No. 2. P.94-111. [in Russian].

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Olga V. Zhukova

Olga V. Zhukova, Candidate of economic Sciences, Associate Professor, Head of the Department оf Management and Economics of the sports industry named after V. V. Kuzin, Russian state University of physical culture, sports, youth and tourism, Moscow, Russia. 105122, Moscow, Lilac Boulevard, 4


Development of financial infrastructure for affordable housing: system integrator for originators


Subject/Topic In order to develop the financial infrastructure for affordable housing, the author suggests that originators – banks working with mortgage products, switch to a new concept of creating added value using a system integrator, like the American Value-added reseller (VAR), which performs the function of the head bank in working with mortgage products (assets).

Goals/Objectives It is planned to make a profit from the added value created by the bank through integration with financial intermediaries – mortgage suppliers, the issuer of single-tranche mortgage bonds and the Moscow exchange, and by reducing costs. To do this, it is necessary to allocate mortgage products to a separate division, the “Virtual mortgage office/mortgage agent (Bureau, Agency) of the Bank” (abbreviated as “VMO”) as a branch, transfer all mortgage assets to its balance sheet for servicing, allocate resources for mortgage repurchase and bank guarantee.

Methodology This is a method/mechanism of securitization, in which mortgage assets are written off from the bank’s balance sheet, separated from the rest of the property and transferred to a specially created financial intermediary (Special Purpose Vehicle — SPV), and then refinanced.

Conclusions and Relevance “VMO” is an intermediate SPV, a bank that will buy mortgages from the market, form a pool at the expense of purchased and bank client mortgages, which will repackage it by the issuer into single-tranche bonds secured by a mortgage and state guarantee. With bonds, VMO enters the Moscow stock exchange and attracts funding, which is put into circulation in a new circle.

Keyword: mortgage products, single-tranche mortgage bonds, electronic mortgages, financial intermediaries, originators, system integrator, Special Purpose Vehicle-SPV.


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Zhukov (2017) – Zhukova, O. V., Formation of mechanisms of availability of mortgage services for socially significant categories of people: young athletes, scientists, people of creative professions, LAB LAMBERT, Germany, 2017. P. 281.

Zhukova (2016) – Zhukova O.V. Formirovanie mexanizmov dostupnosti social`ny`x ipotechny`x uslug v zhilishhnoj sfere.  Moskovskij gosudarstvenny`j universitet imeni M.V. Lomonosova. E`lektronny`j resurs – rezhim dostupa: URL:

Zhukova (2019) – Zhukova O. V. Development of financial infrastructure and tools for ensuring housing accessibility [Razvitie finansovoj infrastruktury i instrumentariya obespecheniya dostupnosti zhil’ya]. Electronic resource-access mode: URL:

Zhukova (2019) – Zhukova O. V. Competitive advantages of the web service “Marketplace “Robot-ipoteka” [Konkurentnye preimushhestva veb-servisa «Marketplejs “Robot-ipoteka»]. Electronic resource-access mode: URL: 1YDUjjv8Scj7THRO0DSr8JNHV_sGvhrYZ/view?usp=sharing

Zhukova (2019) – Zhukova O. V. Organizational and financial model “marketplace” and competitive advantages of online lending for the Russian mortgage housing market // Economics and entrepreneurship [Organizatsionno-finansovuyu model’ «marketplejs» i konkurentnye preimushhestva onlajn kreditovaniya dlya rossijskogo ipotechnogo rynka zhil’ya // EHkonomika i predprinimatel’stvo]. 2019. No. 11 (112). Pp. 1051-1054.

Zhukova (2019) – Zhukova O. V. Institutional model for the development of affordable housing as a socio-economic category // RISK: resources, information, supply, competition [Institutsional’naya model’ razvitiya temy dostupnogo zhil’ya, kak sotsial’no-ehkonomicheskoj kategorii // RISK: resursy, informatsiya, snabzhenie, konkurentsiya]. 2019. No. 4. Pp. 63-67.

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Lаrisа S. Аleksаndrovа

Lаrisа S. Аleksаndrovа, candidate of economic Sciences, associate Professor, 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

Olga V. Zakharova, researcher of the research center of monetary relations at “Financial University under the Government of the Russian Federation”, Moscow, Russia. E-mail:

Bank of russia activities and problems of monetization of the national economy


Subject / topic The article examines the most significant instruments of monetary regulation of the Bank of Russia that affect the level of monetization of the economy and the level of prices.

Methodology Currently, the Bank of Russia uses a variety of monetary regulation instruments to influence the level of monetization and the rate of inflationary depreciation of the monetary unit. To determine their influence on the parameters under study, an analysis was made of the relationship between monetary policy instruments on the amount of money supply and the rate of GDP growth.

Results The paper examines the main instruments of monetary policy that affect the level of monetization of the national economy. The most significant factors determining the level of monetization have been identified. This is the key rate, the interest rate used in deposit and repo auctions, auctions for the provision of refinancing loans, the standard of mandatory requirements.

Conclusions / Relevance As a result of studying the problem under consideration, the authors concluded that the Central Bank has a fairly wide range of monetary policy instruments to achieve the set goals, but it can be noted that some instruments are not used enough. Monetary policy instruments used by the regulator are quite effective. When considering the impact of the key rate on the growth of the Russian economy, it was revealed that, despite its decline, the desired rates of economic growth have not been achieved.

Key words: monetary policy, money supply, key rate, level of monetization, quantitative restrictions.


Abramova, Dubova, Zvonova, Lavrushin, Larionova, Maslennikov (2018) – Abramova M.A., Dubova S.E., Zvonova E.A., Lavrushin O.I., Larionova I.V. , Maslennikov V.V. On the main directions of the unified state monetary policy for 2018 and the period of 2019 and 2020: the opinion of experts of the Financial University [Ob osnovnykh napravleniyakh yedinoy gosudarstvennoy denezhno-kreditnoy politiki na 2018 god i period 2019 i 2020 godov: mneniye ekspertov Finansovogo universiteta] -//Economics, Taxes, Law [Ekonomika. Nalogi. Pravo]. 2018. № 1. P. 6-19.

Abramova, Dubova,  Zvonova, Lavrushin,  Larionova,  Maslennikov, Pishchik (2020) –  Abramova M. A., Dubova S. E., Zvonova E. A., Lavrushin O.I., Larionova I. V., Maslennikov V.V., Pishchik V. Ya. On the main directions of the unified state monetary policy for 2020 and the period of 2021 and 2022: the opinion of experts of the Financial University  [Ob osnovnykh napravleniyakh yedinoy gosudarstvennoy denezhno-kreditnoy politiki na 2020 god i period 2021 i 2022 godov: mneniye ekspertov Finansovogo universiteta] – // Economics. Taxes. Law. [Ekonomika. Nalogi. Pravo]. 2020. No. 1. P.6-19.

Official website of the Central Bank of the Russian Federation // [Electronic resource]. -: URL

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Alexandrova, Berdyshev , Zakharova, Matveevsky (2020) –  Alexandrova L.S., Berdyshev A.V., Zakharova O.V., Matveevsky S.S. The influence of modern financial technologies (Fintech) on the institutional composition of the Russian banking system. In the book: Popkova E., Sergi B. (ed.) Scientific and technical revolution: yesterday, today, tomorrow. ISC 2019. Lecture Notes on Networks and Systems, Volume 129. Springer, Cham

DOI: 10.1007 / 978-3-030-47945-9_170

New trajectories of development of the financial sector in Russia: monograph [Novyye trayektorii razvitiya finansovogo sektora Rossii: monografiya] // Ed. M.A. Eskindarova, V.V. Maslennikov. Moscow: Kogito-Center, 2019.367 p.


Vladislav A. Vasiliev

Vladislav A. Vasiliev, postgraduate student, Joint Department of the Chamber of Commerce and Industry of the Russian Federation «Development of Human Capital», Moscow, Russia.

Plekhanov Russian University of Economics, Stremyanny per., 36, Moscow, 115093, Russia. E-mail:

The mechanism of human capital formation in the conditions of digitalization


Subject/Topic The subject of the research is the mechanism of human capital formation in the context of digitalization. The digitalization of the economy poses new challenges to the labor market, which increases the urgency of the problems associated with improving the management of the formation and development of human potential.

Goals/Objectives The aim of the study is to identify the features of the mechanism of human capital formation in the context of digitalization. Research objectives: to consider various approaches to understanding of the human capital, to analyze the features of the mechanism of human capital formation under the influence of the digitalization of economy.

Methodology During the research, such methods as comparative analysis and historical analysis were applied.

Results It has been defined that despite the significant transformation of the concept of “human capital”, this concept remains an exclusively economic category and is considered by modern researchers within the framework of a person’s ability to produce and consume. The factors influencing the decision of modern organizations to locate economic activity were highlighted: the quality of human capital, access to communications, sales market, operating costs and current legislation are important when deciding on the location of a business.

Conclusions and Relevance Human capital must undergo a colossal qualitative transformation in order to play its assigned role in the context of digitalization. Changes in the methods and structure of production and employment, as well as the integration of computer science into all aspects of life, are the challenges that humanity faces in the era of globalization. Human capital combined with modern technology is the main engine of economic development.

Key words: human capital, digitalization and human capital, human capital development.


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Filatova 2010 – Filatova E.V. Investments in human capital at small businesses [Investicii v chelovecheskij kapital na predpriyatiyah malogo biznesa]: author. dis. … Cand. econom. sciences / E.V. Filatova. – M., 2010. [In Russian].

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Yulia G. Tyurina

Yulia G. Tyurina, Doctor of Economics, Associate Professor, Professor of the Department of Public Finance, Financial University under the Government of the Russian Federation. E-mail:

Evelina A. Zaitseva

Evelina A. Zaitseva, 4th year student of the Faculty of Finance, Financial University under the Government of the Russian Federation. E-mail:

Development prospects and ways of solving problems of the regional insurance market


Subject / Topic Insurance regional market of the Russian Federation.

Goals / Objectives Analysis of the number of insurers in the regions of the Russian Federation, identification of the reasons for the low representation of insurers in the regions. Determination of the main trends in the insurance market. Assessment of the factors of development of the regional insurance market in terms of insurance premiums. Search for ways to improve the quantitative and qualitative component of regional insurers.

Methodology Basic research methods: study of statistical data, reviews, analytical studies, analysis of statistical information of the Bank of Russia.

Conclusions and Relevance The level of regional development of the region has a significant impact on the formation of the insurance market. The historical, geographical, and confessional features of the regions have a significant impact on the attitude of the population towards insurance. To eliminate the existing imbalances in the development of the insurance market in the regions, it is necessary to develop an individual approach to each region: take into account the geographical location, population structure, average income, as well as the economic development of the region, the number of enterprises in the regions. The main direction of minimizing the disparities in the development of the regional insurance market is the development and implementation by the regional insurance market of other, previously unrepresented types of insurance, the most optimal for this particular region. It is also necessary to reduce the requirements for obtaining a license for regional insurers; create regional standards for the activities of insurers; subsidize the activities of insurers at the opening stage; provide each region with an insurance expert to assist regional insurers.

Keywords: insurers, regional development, insurance premium, gross regional product.


Zaitseva, Bugaev (2019) – Zaitseva EA, Bugaev Y. S. Reserves of insurance broker activity in Russia [Rezervy strahovoj brokerskoj deyatel’nosti v Rossii], Insurance business [Strahovoe delo]. 2019. No. 12 (321). P. 26-30 [in Russian].

Kirillova (2013) – Kirillova N.V. Financial sustainability of a competitive insurance market. Complexes of indicators reflecting the financial stability of the competitive insurance market [Ustojchivost’ konkurentnogo strahovogo rynka. Kompleksy pokazatelej, otrazhayushchih finansovuyu ustojchivost’ konkurentnogo strahovogo rynka], Insurance business [Strahovoe delo]. 2013. No. 12. P. 3-10 [in Russian].

Gryzenkova (2014) – Gryzenkova Y.V. Problems of organizing insurance in case of natural and technogenic disasters in Russia [Problemy organizacii strahovaniya na sluchaĭ prirodnyh i tekhnogennyh katastrof v Rossii], Economics and Politics [Ekonomika i politika]. 2014. – No. 2 (3). – P. 43–45 [in Russian].

Shipitsyna (2009) – Shipitsyna S.E. Assessment of the insurance potential of the region [Ocenka strahovogo potenciala regiona], Economy of the region [Ekonomika regiona]. 2009. No. 2. p. 91–99 [in Russian].

Nikulina, Sinenko (2013) – Nikulina N.L., Sinenko A.I. Diagnostics of the financial security of the region [Diagnostika finansovoj bezopasnosti regiona], Manager [Upravlenec]. 2013. No. 4 (44). P. 54-59 [in Russian].

Central Bank of the Russian Federation [Central’nyj Bank Rossijskoj Federacii]. URL: [in Russian]

Tarasova, Voskovskaya, Yarusova (2018) – Tarasova Y.A., Voskovskaya E.S., Yarusova K.V. Assessment of regional insurance markets and their impact on the Russian insurance market. Insurance business [Ocenka regional’nyh rynkov strahovaniya i ih vliyanie na rossijskij strahovoj rynok], [Strahovoe delo]. 2018. No. 10 (307). P. 36-53 [in Russian].

Makhdieva, Temavova (2019) – Makhdieva Y.M., Temavova N.M.S. Regional features of the development of the Russian insurance market at the present stage [Regional’nye osobennosti razvitiya rossijskogo strahovogo rynka na sovremennom etap], Regional problems of economic transformation [Regional’nye problemy preobrazovaniya ekonomiki]. 2019. No. 11 (109). P. 364-370 [in Russian].

Prokopyeva (2020) – Prokopyeva E.L. Research of factors of development of regional insurance markets using correlation and regression analysis [Issledovanie faktorov razvitiya regional’nyh strahovyh rynkov s primeneniem korrelyacionno-regressionnogo analiza], Finance and credit [Finansy i kredit] 2020.Vol. 26.No. 7 (799). P. 1610-1630 [in Russian].


Lyudmila M. Kupriyanova

Lyudmila M. Kupriyanova, Candidate of Economic sciences, Associate Professor of the Department of Accounting, analysis and audit, Deputy Head of the Chair of Economics of intellectual property, Financial University under the Government of the Russian Federation, Moscow.


Svetlana A. Voronina

Svetlana A. Voronina, Chief Economist of the Planning and Economic Department, Impresa di ricerca e produzione “Pulsar” (JSC “NPP” Pulsar “), Russia.

Mikhail N. Kiselev

Mikhail N. Kiselev, Head of the Scientific department for R&D support and information systems / Chairman of the commission for the accounting of IA RPE Pulsar JSC, Member of the working group No. 7 on intellectual property at the EC FAS RUSSIA / Postgraduate teacher of RPE Pulsar JSC on intellectual property and patent law disciplines, Moscow, Russia.


Reimbursement of the costs of the development of electronic equipment in accordance with the Russian government's decree of February 17, 2016.NO. 109


Subject / Topic: Analysis of financial support for the creation of a scientific and technical reserve for the development of basic technologies for the production of priority electronic components and radio electronic equipment.

Goals/Objectives: the procedure for providing subsidies from the federal budget for financial support; subsidies to organizations within the framework of a competition for complex projects; regulations on expenses in terms of creating a scientific and technical reserve:

Methodology Pre-project analysis, assessment of the subsidy mechanism, analysis of reputational risks, sanctions and reimbursement of subsidies, indicators for assessing economic efficiency.

Results Pre-project analysis and assessment of the viability of the project, allows you to determine the possibility of effective implementation; a preliminary analysis of possible risks focuses on the search for alternative approaches, including insurance of risks, in the framework of the implementation of the Government of the Russian Federation of February 17, 2016 No. 109 “On the approval of the rules for the provision of subsidies from the federal budget to Russian organizations for the financial support of part of the costs of creating scientific -technical groundwork for the development of basic technologies for the production of priority electronic components and electronic equipment. ”

Conclusions and Relevance Investments of projects and programs in the economy of any country largely determines the economic growth of the state, employment of the population and constitutes an essential element of the basis on which the economic development of society is based. Continuously improving mechanisms of state support for the competitiveness of domestic high-tech enterprises should find a proportionate response in the industry in the form of optimization of approaches to investment management and development of this area, both through retraining of personnel and through strategic management.

Keywords: Federal Budget, Research and Development, Pre-Project Analysis, Intellectual Property, Military and Special Purpose Products, Pricing, Subsidies, Subsidy Mechanism, Subsidized Costs, Government Regulation No. 109, Reputational Risks, Profitability, Cost-benefit


Decree of the Government of the Russian Federation of February 17, 2016 No. 109 “On approval of the Rules for the provision of subsidies from the federal budget to Russian organizations for financial support of part of the cost of creating a scientific and technical reserve for the development of basic technologies for the production of priority electronic components and radio electronic equipment” (as amended and additions)

Order of the Ministry of Industry and Trade of the Russian Federation of October 12, 2020 No. 3471

Order of the Ministry of Industry and Trade of the Russian Federation of February 8, 2019 No. 334 “On approval of the procedure for determining the composition of costs included in the price of products supplied under the state defense order”

https: // Electronic resource (Date of treatment 08/30/2020)

Nikolaenkov, Kupriyanova, Kiselev (2020) – Nikolaenkov N.S., Kupriyanova L.M., Kiselev M.N. Trends and prospects of research and development and legal protection of their results in Russia in 2019 [Tendencii i perspektivy nauchnyh issledovanij i razrabotok i pravovoj ohrany ih rezul’tatov v Rossii v 2019 godu] International scientific journal: Economics. Business. Banks. 2020.03 (41) March, pp.23-36

Kiselev, Kupriyanova, Nikolaenkov (2020) – Kiselev M.N., Kupriyanova L.M., Nikolaenkov N.S. Formation of the IP portfolio in connection with the development of civilian production by enterprises of the military-industrial complex [Formirovanie portfelya is v svyazi s razvitiem proizvodstva grazhdanskoj produkcii predpriyatiyami oboronno–promyshlennogo kompleksa] International scientific journal: Economics. Business. Banks. 2019.11 (37) November, p. 45-56

Kupriyanova (2017) – Kupriyanova L.M. Actual problems of the commercialization of high technology. [Aktual’nye problemy kommercializacii naukoemkih tekhnologij.] Scientific journal: Economics. Business. Banks [Mezhdunarodnyj Nauchnyj zhurnal: Ekonomika. Biznes. Banki] 2017. No. 1 (18). S. 52–64.

Kiselev (2017) – Kiselev M.N. Legal protection of the results of intellectual activity as a tool for the commercialization of developments. [Pravovaya ohrana rezul’tatov intellektual’noj deyatel’nosti, kak instrument kommercializacii razrabotok] publisher 2017

Kupriyanova (2019) – Kupriyanova L.M. An effective model for the commercialization of intellectual property. [Effektivnaya model’ kommercializacii intellektual’noj sobstvennosti] Scientific journal: World of the New Economy. [Nauchnyj zhurnal: Mir novoj ekonomiki] 2019.Vol. 13. No. 1. S. 104–110.

Kupriyanova (2016) – Kupriyanova L.M. Analysis of indicators of intellectual property // Theses of the report at the conference “Economic potential of industry in the service of the military–industrial complex” [Analiz pokazatelej intellektual’noj sobstvennosti // Tezisy doklada na konferencii «Ekonomicheskij potencial promyshlennosti na sluzhbe oboronno–promyshlennogo kompleksa»] Financial University, Moscow: 2016

Shcherbakov (2019) – Shcherbakov A.G. Organizational and economic mechanism for the introduction of digital technologies at the enterprises of the military–industrial complex of Russia: monograph. [Organizacionno–ekonomicheskij mekhanizm vnedreniya cifrovyh tekhnologij na predpriyatiyah oboronno–promyshlennogo kompleksa Rossii: monografiya] M: Prospect, [Prospekt] 2019. –176 p.


Daria D. Nedospasova

Daria D. Nedospasova, Postgraduate, Financial University under the Government of the Russian Federation, Department of Corporate finance and corporate governance, Moscow, Russia. E-mail:

Investment attractiveness of special economic zones for Russian resident companies


Subject/Topic Analysis of investment attractiveness and provided benefits and preferences in special economic zones for Russian companies-residents of these zones.

Goals/Objectives The aim of the work is to study the current status of special economic zones in Russia, as well as the advantages and benefits for Russian resident companies when investing in these special zones.

Methodology The study of data is carried out using a systematic approach. Analytical tools, theoretical analysis and generalization are used, as well as methods of economic analysis, synthesis, grouping.

Conclusion and Relevance Based on the analysis, the author draws conclusions about the current state of special economic zones, which, in his opinion, is in a state of sustainable development and tends to be attractive from an investment point of view. The author comes to this conclusion by analyzing a wide range of benefits and privileges applicable to companies-residents of special economic zones. In the article, the author analyzes these benefits and summarizes them. For further analysis and research of this topic, the author proposes to evaluate and develop a methodology for assessing the effect of these benefits on the cost and return on investment of the project for investors.

Keywords: investment attractiveness, SEZ, special economic zones, benefits of SEZ, privileges of SEZ, investments


Federal Law of 22.07.2005 No 116 (as amended on 03.07.2016) “On Special Economic Zones in the Russian Federation” [Electronic resource] – Access mode: /cons_doc_LAW_54599/

Muzyka (2016) – Muzyka A.S. Functioning of special economic zones in the Russian Federation on the example of a SEZ of technical and innovative type. [Electronic resource] – Access mode:

Pivovarova 2018 – Pivovarova O.V. Increasing the efficiency of state property management as a necessary condition for business development in the region [Povyshenie effektivnosti upravleniya gosudarstvennym imushchestvom kak neobhodimoe uslovie dlya razvitiya biznesa v regione]  // Economy and Entrepreneurship. 2018. No. 4 (93). S. 357–372 [In Russian]

Rostislavov (2010) – Rostislavov R.A. (2010) Investment attractiveness: enterprises and factors that influence it.[ Investicionnaya privlekatel’nost’: predpriyatiya i faktory, kotorye na nee vliyayut.] // Bulletin of the Tula State University. Economic sciences, No. 2-1, pp. 38-46. [In Russian]

Stroyev, Reshetnikov 2016 – Stroyev P.V., Reshetnikov S.B. Planning of territorial development in Germany [Planirovanie territorial’nogo razvitiya v Germanii] // Economy of the North-West: problems and development prospects. 2016. No. 2–3 (51–52). p. 56–78 [In Russian]

Feschenko (2012) – Feschenko V.V. Barriers to the development of innovation in modern economic conditions [Bar’ery razvitiya innovacionnoj deyatel’nosti v sovremennyh ekonomicheskih usloviyah ]/ V.V. Feshchenko // Bulletin of the Bryansk State University. 2012. No. 3. P. 176 [In Russian]

Maricheva (2013) – Maricheva K. V. Innovative potential of the enterprise as a factor of competitiveness [Innovacionnyj potencial predpriyatiya kak faktor konkurentosposobnosti] [Electronic resource] – access Mode: [In Russian]

Nizamutdinov, Oreshnikov 2018 – Nizamutdinov M.M. Oreshnikov V.V. Information support for the formation of strategies for innovative development of regions on the basis of an adaptive simulation model [Informacionnaya podderzhka formirovaniya strategij innovacionnogo razvitiya regionov na osnove adaptivnoj imitacionnoj modeli] // Systems and means of informatics. 2018.Vol. 28.No. P. 111–123. [In Russian]

Pavlova, Smirnova (2015) – Pavlova E. A., Smirnova L. A. Assessment of competitive advantages of an enterprise based on the analysis of its innovative potential [Ocenka konkurentnyh preimushchestv predpriyatiya na osnove analiza ego innovacionnogo potenciala] // Modern problems of science and education. – 2015. – № 1-1. – P. 487–500. [In Russian]

Smorodinskaya 2011 – Smorodinskaya N.V. Organization of special economic zones in the world and Russian practice: conceptual aspects [Organizaciya osobyh ekonomicheskih zon v mirovoj i rossijskoj praktike: konceptual’nye aspekty ]// Bulletin of the Institute of Economics of the Russian Academy of Sciences. – 2011. – No. – P. 10-13. [In Russian]


Roman V. Linev

Roman V. Linev Bachelor of Economics, Financial Faculty, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Anastasiya D. Sergeeva

Anastasiya D. Sergeeva Bachelor of Economics, Financial Faculty, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Current problems and prospects for the development of operations in the interbank market


Subject/Topic Interbank relations between Russian banks and the Bank of Russia.

Goals/Objectives Analysis of refinancing instruments and features of their improvement over the past 5 years. Identification of the main trends in the refinancing market, areas of interaction between banks in the interbank market. Analysis of the main refinancing tools used by the Bank of Russia to smooth out economic “shocks” and overcome uncertainty. Review of the main trends and problems in the development of the interbank market and offering ways to improve it.

Methodology The main methods of research are examination of statistics, surveys, analytical studies, analysis, comparison and synthesis.

Conclusions and Relevance As a result of the research, it was revealed that intraday loans continue to be one of the most popular in Russian banks. The Bank of Russia implements a stimulating monetary policy in order to reduce systematic risk and increase consumer demand through more affordable loans, actively responds to challenges in the economy and applies effective methods to overcome crisis situations. A new standard has been proposed for limiting the share of loans from credit institutions within the framework of the Bank of Russia’s microprudential policy.

Keywords:  credit organizations, Bank of Russia, key rate, interbank market of Russia, interbank lending, interbank relations, Bank of Russia refinancing tools, microprudential policy.


Abramova (2017) – Abramova M.A. Modern monetary policy of Russia: problems of forming a new vector [Sovremennaya denezhno-kreditnaya politika Rossii: problemy formirovaniya novogo vektora] // Bulletin of the Saratov state socio-economic University [Vestnik Saratovskogo gosudarstvennogo social’no-ekonomicheskogo universiteta], 2017, no. 2, pp. 30-35.

Badmaeva, Moroz (2018) – Badmaeva E. S., Moroz N.A. Interbank lending: foreign and Russian experience [Mezhbankovskoe kreditovanie: zarubezhnyj i rossijskij opyt] // Synergy of Sciences [Sinergiya nauk]. – 2018. – Pp. 146-157.

Lavrushin (2017) – Lavrushin, O.I. Optimization of the structure of the banking system of Russia. Monograph/collective of authors; ed. [Optimizaciya struktury bankovskoj sistemy Rossii] // – Moscow: KNORUS [Moskva: KNORUS], 2017. – 172 p.

Leonidov., Nechitailo, Serebryannikova (2018) – Leonidov A.V., Nechitailo V. A., Serebryannikova E. E. Topology of the interbank lending network in the agent model of the banking system [Topologiya seti mezhbankovskogo kreditovaniya v agentnoj modeli bankovskoj sistemy] // Economic journal of the Higher school of Economics [Ekonomicheskij zhurnal Vysshej shkoly ekonomiki]. – 2018. – Vol. 22. – No. 3. – P. 387-417.

On The Central Bank Of The Russian Federation (Bank Of Russia): of July 10, 2002 No. 86-FZ. [O Central’nom Banke Rossijskoj Federacii (Banke Rossii): Feder.zakon ot 10 iyulya 2002 g. № 86-FZ] – M: omega-L Publishing house [Izdatel’stvo «Omega-L»], 2018. – P. 3-17

On banks and banking activities: of December 2, 1990 No. 395-1. [O bankah i bankovskoj deyatel’nosti: Feder.zakon ot 2 dekabrya 1990 g. № 395-1.] – M: Omega-L Publishing house [Izdatel’stvo «Omega-L»], 2018. – P. 3-23.

Order of the Bank of Russia of 24.12.2019 N OD-2967 “On operations for granting and repayment of Bank of Russia loans secured by securities or rights of claim under credit agreements”. [Prikaz Banka Rossii ot 24.12.2019 N OD-2967 “Ob operaciyah po predostavleniyu i pogasheniyu kreditov Banka Rossii, obespechennyh cennymi bumagami ili pravami trebovaniya po kreditnym dogovoram”.]

Bank of Russia website: key rate of the Bank of Russia. [Sajt Banka Rossii: Klyuchevaya stavka Banka Rossii] URL: From=04.01.2016&UniDbQuery.To=30.04.2020

Statistical Bulletin of the Bank of Russia №1 2016, 2017, 2019, 2020. [Statisticheskij byulleten’ Banka Rossii] URL:

Rate on overnight loans [Stavka po kreditam overnajt]. URL:

Requirements of the Bank of Russia to credit institutions for REPO operations in rubles [Trebovaniya Banka Rossii k kreditnym organizaciyam po operaciyam REPO v rublyah]. URL:

The objectives and principles of monetary policy [Celi i principy denezhno-kreditnoj politiki]. URL: policy/main_objective_and_principles/

The Central Bank has started working on an annual REPO program for the balance of assets and liabilities of banks. [CB nachal prorabatyvat’ programmu godovogo REPO dlya balansa aktivov i passivov bankov]

URL: 831280924.html


Irina V. Dybina

Irina V. Dybina, student of the Faculty of Economics and Business, Department of Economic Security and Risk Management, Moscow, Russia.


Vitalia A. Sudakova

Vitalia A. Sudakova, student of the Faculty of Economics and Business, Department of Economic Security and Risk Management, Moscow, Russia.


Lending to small and medium-sized businesses secured by intellectual property: theoretical and practical aspects


Subject / Topic The article discusses the problem of the need to improve the instrument of lending to small and medium-sized businesses operating in priority sectors of the economy, secured by intellectual property. Consideration of this tool for raising funds is relevant within the framework of the implementation of the Federal project “Expanding access of SMEs to financial resources, including concessional financing” and the national project “Small and medium-sized businesses”, one of the goals of which is to increase the share of small and medium-sized businesses in GDP, and, accordingly, the number of people employed in this area. The subject of the research is the mechanism of lending to small and medium-sized businesses secured by intellectual property.

Goals / Objectives To analyze the mechanism of lending secured by intellectual property in the Russian Federation, to identify the advantages and disadvantages for all participants.

Methodology This study was carried out using comparative legal, economic, statistical and computational constructive methods of analysis. As an information base were used the materials of domestic legislation, information on national projects, Russian and foreign practice of using intellectual property as collateral for a loan, the results of research by Relecura IP, the Ministry of Economic Development of the Russian Federation, the Federal Service for Intellectual Property, the Federal Corporation for the Development of Small and medium business.

Conclusions and Relevance As a result of the study, the positive aspects and risk factors for the borrower and the lender were identified, and directions for improving this lending mechanism were identified. The conclusion is made about the prospects of using this mechanism to increase the availability of financial resources for small and medium-sized businesses, which will increase business activity in this sector of the economy.

Keywords: lending, intellectual property, pledge


Shekshueva, Smolnitskaya, Truntyagina (2019) – Shekshueva S.V., Smolnitskaya N.Y., Truntyagina E.A. Commercial Bank risk management for lending to small and medium-sized businesses [Upravlenie riskami kommercheskogo banka pri kreditovanii sub”ektov malogo i srednego predprinimatel’stva] // Modern high-tech technologies. Regional supplement 2019. №4 (60). р. 87 – 93.

Musienko (2017) – Musienko S.O. Financial analysis and forecasting of small business performance based on a regression model [Finansovyi analiz i prognozirovanie rezul’tatov deyatel’nosti malykh predpriyatii na osnove regressionnoi modeli] // Actual problems of Economics and law. 2017. №1 (41). р. 18 – 32.

Klochkova (2019) – Klochkova E.N. Methodological approaches to organizing the work of banks with property security for loans issued to small and medium-sized businesses // [Metodicheskie podkhody k organizatsii raboty bankov s imushchestvennym obespecheniem po kreditam, vydavaemym sub”ektam malogo i srednego predprinimatel’stva] // Economics and entrepreneurship. 2019. №4 (105). р. 772 – 776.

Charyev (2019) – Charyev S.V. Evaluation of intellectual property for collateral purposes: problems and recommendations [Otsenka intellektual’noi sobstvennosti v tselyakh zaloga: problemy i rekomendatsii] // // Bulletin of education and development of science of the Russian Academy of natural Sciences. 2019. №2. р. 67 – 68.

Shekshueva, Kurnikova, Omelshina (2019) – Shekshueva S.V., Kurnikova I.V., Omelshina E.A. Commercial Bank risks in lending to small and medium-sized businesses [Riski kommercheskogo banka v sfere kreditovaniya sub”ektov malogo i srednego predprinimatel’stva] // News of higher educational institutions. Series: Economics, Finance and production management. 2019. №4 (42). р. 64 – 70.

Doronina, Filippov, Zubkova (2019) – Doronina I.S., Filippov P.V., Zubkova S.V. Bank lending secured by intellectual property as a promising direction for the development of innovative technologies in Russia [Bankovskoe kreditovanie pod zalog ob”ektov intellektual’noi sobstvennosti kak perspektivnoe napravlenie razvitiya innovatsionnykh tekhnologii v Rossii] // // Modern science: actual problems of theory and practice. Series: Economics and law. 2019. №1. р. 59 – 63.


Murat H. Korkmazov

Murat H. Korkmazov

Postgraduate student, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Magomed A. Bayramkulov

Magomed A. Bayramkulov

Master’s student, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Lokman H. Bayramukov

Lokman H. Bayramukov

Master’s student, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Factors affecting the price of oil on world markets


Subject/Topic The article analyzes the formation of world oil prices and the specific features of the oil market of the Russian Federation, its impact on economic processes in Russia in the context of changes in the dynamics of oil prices. Global demand for various types of resources (oil) today is determined by changes in the dynamics of economic development of almost the entire world. World energy prices, especially oil, are affected by the large number of factors: global and local economic crises, the GDP growth rate of large countries, and changes in oil production technology. The effect on the formation of world prices have the decisions of OPEC, the IEA, the events that occur in the political and military sphere, embargo, etc.

Goals/Objectives To identify the problems of processes that affect the price of oil on world markets.

Methodology In the course of the research, the methods of theoretical research were applied.

Results/conclusions The main trends in world oil prices are shown and the factors that influence these changes are given. The impact of leading countries, countries that have a large oil reserve, and their policy decisions are analyzed. The impact of coronavirus on the dynamics of world oil prices is shown.

Keywords: crude oil, world markets, world prices for oil, demand for oil, OPEC, petroleum sector, the movement of world oil prices


Akbasheva (2020) – K.A. Akbasheva (2020) Dynamics of world oil prices / K.A. Akbasheva, D.S. Vakhrusheva // In the collection: Scientific works of students of the Izhevsk State Agricultural Academy. [Electronic edition]. otv. for the release of N.M. Iteshin., Izhevsk, 2020.Р. 959-963. [in Russian].

Gatikoeva (2020) – Gatikoeva I.E. Oil Crisis 2020: Impact on the World Economy / I.E. Gatikoeva // International student scientific bulletin. 2020.No. 3.P. 105. [in Russian].

Douletbaev (2019) – Douletbaev A.M. Assessment of the influence of world oil prices on the state of the Russian economy / A.M. Douletbaev // In the collection: Modern paradigm and mechanisms of economic growth of the Russian economy and its regions. Under the general editorship of N.M. Tyukavkin. 2019.Р. 91-94. [in Russian].

Dudin (2020) – Dudin M.N. Impact of energy wars and geopolitics on exchange rates and oil prices: the era of the COVID-19 pandemic / M.N. Dudin, N.V. Lyasnikov, A.N. Bryntsev // Risk: Resources, Information, Procurement, Competition. 2020. No. 2. Р. 64-71. [in Russian].

Ismailov (2020) – Ismailov A.A.O. World oil market: pricing factors and assessment of the current state / А.А.О. Ismailov // Scythian. Student science questions. 2020. No. 4 (44). Р. 203-207. [in Russian].

Korobov (2020) – A.A. Korobov Specificity of the formation of exchange oil prices during periods of escalation of tension in the Near and Middle East. Korobov // Central Russian Bulletin of Social Sciences. 2020.Vol. 15.No. 1.P. 221-241. [in Russian].

Kumachev (2020) – Kumachev A.S. Oil market in Russia and the world: state and prospects / A.S. Kumachev // Economics and Business: Theory and Practice. 2020. No. 5-1 (63). Р. 231-234. [in Russian].

Polesskaya (2020) – Polesskaya O. P. Russia in the world oil market / O.P. Polesskaya, K.A. Fedotova // In the collection: Modern economy: topical issues, achievements and innovations. Collection of articles of the XVI International Scientific and Practical Conference: in 2 p. 2020, Р. 19[in Russian].

Ponomarev (2020) – Ponomarev S.V. World oil market: state and prospects / S.V. Ponomarev, A. Y. Dry wind // In the collection: Innovative processes in science and education. 2019.Р. 34-37. [in Russian].

Larionova (2020) – Larionova E.I. Analysis of the development of the oil and gas sector in modern conditions / E.I. Larionova, T.I. Chinaeva, E.P. Shpakovskaya // Statistics and Economics. 2019.Vol. 16.No. 6.P. 29-36. [in Russian].

Morgunov (2020) – Morgunov E.V. Analysis and forecast of world oil pricing E.V. Morgunov, V.S. Chernyavsky, D.A. Alexandrov, R.G. Baranchikov Problems of the Market Economy. 2020. No. 2. Р. 23-31. [in Russian].

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Solovieva (2020) – Y.V. Solovyova Factors influencing the formation of oil prices / Y.V. Solovyova, M.V. Chernyaev // STAGE: economic theory, analysis, practice. 2020. No. 4. Р. 73-85. [in Russian].

Uzdenova (2020) – L.A. Uzdenova Factors of price formation in the world oil market / L.А. Uzdenova // In the collection: Modern science: an innovative view of youth. 2020.Р. 190-195. [in Russian].

Khisaeva (2020) – A.I. Khisaeva Correlation of the ruble exchange rate and oil prices / A.I. Khisaeva, R.R. Gaisina, E.M. Ishmukhametov // Financial Economy. 2020.No. 3.P. 211-214. [in Russian].

Will there be another price war on the oil market? [Electronic resource]. – Access mode: (date of access: 09/31/2020)

Dynamics of prices for Brent crude oil // RBC.RU: daily. online ed. 2020. April 03 [Electronic resource]. URL: (date of access: 09/26/2020);

Investors are laying a scenario of protracted price wars in the oil market [Electronic resource]. – Access mode: (date of access: 21.10.2020)

The OPEC + countries have signed an agreement on a record reduction in oil production. – [Electronic resource]. – Access mode: 5e9357129a79473d1267e1d6 free. – (date of access: 21.10.2020).

Price Wars in the Oil Market: Peace or Temporary Lull? [Electronic resource]. – Access mode: (date of access: 09/31/2020)


Daniil N. Kotov

Daniil N. Kotov, 2nd year student of the faculty of Economics and business, Financial University under the government of the Russian Federation, Moscow, Russia. E-mail:

Yulia S. Frolova

Yulia S. Frolova, 2nd year student of the faculty of Economics and business, Financial University under the government of the Russian Federation, Moscow, Russia. E-mail:

Economics and brand management


Subject/Topic Economics, brand development and management.

Goals/Objectives Generalization of the studied theoretical data on brand development and management.

Methodology In the course of the research, comparative analysis, aggregation, grouping, synthesis and generalization methods were used.

Results The cycle of the company’s brand formation, its components and parts are considered. The separate stages of developing a brand strategy at its very beginning and the stages of managing the company’s brand are analyzed. A practical study is conducted on the example of several Russian banks.

Conclusions and Relevance Brand management and development is a complex, continuous process that involves many factors and does not have any specific principles and methods. It is important to note that the increasing number of economic entities are paying attention to branding, increasingly applying it in their work practice. After analyzing the situation on the banking market, we want to draw attention to the fact that only logically related management stages and multi-factor analysis of the market situation can create and maintain not just a successful, but an effective brand.

Keywords: brand, brand management, brand elements, brand of the bank.


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