Economy Business Banks № 11(61)




Maksim A. Potapov

Maksim A. Potapov, PhD in economic sciences at Chief Researcher at the Center for Asia-Pacific Studies. E-mail:

Debt policy of the world's largest economies


Subject/Topic The priority direction of the debt policy of the world’s largest economies is the reduction of public debt. In the conditions of the current financial and economic crisis caused by COVID-19, states are faced with serious debt problems. Identification of the reasons for the growth of public debt, analysis of the budgetary policy of states.

Goals/Objectives The purpose of the study is to determine the factors and conditions for the development of the debt economy of the United States, Germany, China and Japan in the conditions of instability of the world economy.

Methodology The statistical methods, methods of deduction and induction, content analysis were used.

Conclusion and Relevance Government debt is a constituent element of the economic development models of the world’s largest economies. If the existing development models are maintained, the public debt will constantly grow. Measures to ease the debt burden are insufficient in the conditions of unstable development of the world economy.

Key words: budget revenues and expenditures, public debt, government securities, foreign investors, GDP, international reserves.


  1. Brown, E.H. Web of debt : the shocking truth about our money system – the sleight of hand that has trapped us in debt and how we can break free / E.H. Brown. – Baton Rouge: Third Millennium Press, 2007. – 524 c. – C. 118. – ISBN 978-0979560804.
  2. Mullins, E. The Secrets of the Federal Reserve / E. Mullins – Bankers Research Institute, 1985. – 328 c. – C 5. – ISBN 9781774642382.
  3. Siddiqui, K. The U.S. Dollar and the World Economy: A Critical Review / K. Siddiqui // Athens Journal of Business & Economics. – 2020 – Vol. 6, Issue 1. – P. 21-44.
  4. China Securities Regulatory Commission 2018 Annual Report. Beijing, CSRC. 161 p.
  5. Major Foreign Holders of Treasury Securities. US Treasury. Wash.January 18, 2017
  6. 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).
  7. Rey, H. Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence / H. Rey // NBER WORKING PAPER SERIES. — May 2015.
  8. Richard M. Salsman. The Political Economy of Public Debt. Three Centuries of Theory and Evidence. Edward Elgar Publishing, Inc., 2017


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). E-mail:

Abnormal economy as a source of emergencies


Subject / topic the article presents the author’s view of the antisocial trend in the development of the modern digital economy; an economic explanation of the proto-causes and long-term consequences of goal-setting of profit is given as the main criterion for the successful implementation of capitalism of digital platforms; emergency situations are considered in the author’s paradigm as any deviation from normal life.

Goals / objectives to reveal the mechanism of antisocial goal-setting, to propose ways and means of overcoming its negative consequences; show the ways of transition from the emergency phase to the phase of normal life.

Methodology system analysis of the phase space of the market economy, convergent and divergent approach in anti-crisis administration, phenomenological analogies and mathematical similarity in the analysis and assessment of observed phenomena.

Results / conclusions equations are proposed for a graphical assessment of the effectiveness of decisions made, taking into account the goals set on the basis of available life support resources; a numerical solution was obtained to assess the financing of vital systems.

Keywords: abnormal economy, emergency situations, digitalization, anthropogenic transition, paradigm of normal life 


Rodionov (2021) – Rodionov A.S. Intellectual metrics of the economy of normal life // Economics. Business. Banks. [Intellektual’nyye metriki ekonomiki normal’noy zhiznedeyatel’nosti] 2021, No 2(52). P. 8-23

Rodionov (2020) – Rodionov A.S Economy of emergency situations: from liquidation of consequences to normal life // Economics. Business. Banks. [Ekonomika chrezvychaynykh situatsiy: ot likvidatsii posledstviy k normal’noy zhiznedeyatel’nosti] 2020, No. 2 (40). Pp. 9-35

Einstein Albert The evolution of physics. – M.: AST Publishing House, 2018 – 320 p. 284

Marshall (1984) – Marshall A. Principles of political economy. tr. from English – M.: Progress, V. 1, 1983; V. 2, 1984; V. 3, 1984

Leontiev Vasily. Economic essays. Theory, research, facts and politics. tr. from English – M.: Politizdat, 1990.

Pentland Alex Social Physics. How big data helps us to follow and take privacy from us / A. Pentland – AST Publishing House, 2014 – 392 p. (Digital economy and digital future)

Piketty Thomas Capital in the XXI century. M.: Publisher: Ad Marginem (Ad Marginem) – 2015 – 592 p. 14

Dzarasov S.S. Where is Keynes calling Russia? – M.: Algorithm, 2012 – 304 p. 131

Popper Karl Raimund Objective knowledge: An evolutionary approach. tr. from English Ed. 3rd – M.: Editorial URSS, 2010 – 384 p.

Gumilev L.N. The end and the beginning again: popular lectures on ethnology [Konets i vnov nachalo: populyarnyie lektsii po narodovedeniyu] – M.: Iris-press, 2012 – 384 p.

Moazed A. Platform: The practical application of the revolutionary business model / Alex Moazed, Nicholas Johnson; tr. from English – M.: Alpina Publisher, 2019 – 288 p. 12, 19,27,35,37,40,128.

Srnichek N. Capitalization of platforms / trans. from English and scientific. Ed. M. Dobryakova: University “Higher School of Economics”. – M.: Publishing. House of the Higher School of Economics, 2019 – 128 p. – (Economic theory). p.7,30,31,35,75,76,79

Florida R. Creative class: people who change the future. M.: Classic – XXI, 2007. 421 p.

Standing G. Prekariat: a new dangerous class. M.: Ad Marginem, 2014.328 p.

Rodionov (2016) – Rodionov A.S. Economic security, environmental risks and quality of life // Economics and Management: Problems, Solutions. [Ekonomicheskaya bezopasnost, ekologicheskie riski i kachestvo zhizni // Ekonomika i upravlenie: problemyi, resheniya.] 2016. Vol. 2 (56). No. 8. p.199-206

Rodionov (2019) – Rodionov A.S. Investments in safe life: preservation, level, lifestyle, quality. //Economy. Business. Banks [Investitsii v bezopasnuyu zhiznedeyatelnost: sohranenie, uroven, uklad, kachestvo. //Ekonomika. Biznes. Banki.] 2019, No. 3 (29). S.54-66

Castells M. The Information Age: Economics, Society and Culture. M.: HSE, 2000 – 608 p.


Inga V. Kononović

Inga V. Kononović, Chief Specialist of the Internal Accounting Department of Tinkoff Capital LLC, Master of Economics, PhD student at the Department of World Finance, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow.


Problems and prospects of green integration sustainable development in the eeu countries


Subject/topic The subject of the study is green integration, the specifics of its implementation in countries, the main problems that arise when implementing a new model of green economy in developing countries, including in the EAEU countries.

Goals/objective The purpose of the study is to assess the feasibility of the green economy concept, the main indicators of the Sustainable Development Goals achieved in the EEU countries.

Methodology The scientific novelty consists in the description of the features of the EEU countries transition to the green economy, graphical methods and statistical modeling methods were used in the study. The content of the concept of “green integration” is revealed, its economic significance was shown, the problems of developing countries and the necessity to increase economic growth rates for a green transition were taken into account.

Results the effectiveness of integration in the implementation of the green economy in the EAEU countries was substantiated, key statistics on the green economy were analyzed, and the problems of transition to a green economic model were shown.

Keywords: green economy, green integration, EAEU, Sustainable Development Goals, ESG-investments. 


  1. Biely (2014) – Biely, K The United Nations Environment Programme’s Green Economy Initiative: Shifting the Concept
  2. Costanza, Robert. (1991) – Costanza, Robert Ecological economics: The science and management of sustainability // Columbia University Press, New York. P.3.
  3. Smulders, Toman, Withagen (2015) – Smulders, S., Toman, M., Withagen, C. Growth theory and ‘green growth’. Oxford Review of Economic Policy, n.3, 2014
  4. Архипова (2017) – Архипова В.В. Зелёные финансы как средство для решения глобальных проблем. Экономический журнал ВШЭ. 21(2). С. 312-332. [Arhipova V.V. Zelyonye finansy kak sredstvo dlya resheniya global’nyh problem. Ekonomicheskij zhurnal VSHE. 21(2). S. 312-332].
  5. Schmalensee R. From “Green Growth” to sound policies: An overview // Energy Economics. 2012. S2–S6. Vol. 34
  6. Makiela, Misztur (2012) – Makiela K. and Misztur T. Going Green versus Economic Performance // Engineering Economics. 2012.Vol. 23(2). P. 137–143.
  7. Hawken (1993) – Hawken, P. The Ecology of Commerce. A Declaration of Sustainability. New York: Harper Business
  8. Martínez-Allier (1991) – Martínez-Allier, J. Ecological Perception, Environmental Policy, and Distributional Conflicts: Some Lessons from History. In: R. Costanza, Ecological Economics: The Science and Management of Sustainability. New York: Columbia University Press, ch. 9, p. 124, 2020 climate & energy package
  9. Boulding (1973) – Boulding, K. Attributed to Bouldingin: US Congress (1973) Energy reorganization act of 1973: Hearings, Ninety-third Congress, first session, on H.R. 11510. p. 248


Alexey P. Albov

Alexey P. Albov, Doctor of Juridical Science, Professor, “Russian Customs Academy”. E-mail:

Vladimir O. Gladkih

Vladimir O. Gladkih, Student at “Russian Customs Academy”, Faculty of Economics. E-mail:

Nguyen Dang Quang

Dang Quang Nguyen, Student at”Russian Customs Academy”, Faculty of Economics. E-mail:

State support for small and medium-sized businesses in an innovative economy


Subject / topic The state of SMEs in Russia. The aim of the survey is to study the influence of the state on the development of small and medium-sized businesses in Russia.

Methodology The methodological basis of the article is a systematic approach adopted as a general scientific method, since today it is necessary to comprehend such familiar categories as: methods of supporting SMEs as a fundamental branch of the economy. We also have used research methods such as economic and statistical analysis, comparison.

Conclusions There are already several promising federal programs for the development of small and medium-sized businesses. But they do not have the expected effect on the economy, because the problems of SME development are much deeper than they seem. This is both high taxation, and the need to maintain complex cumbersome documentation, and too frequent changes in legislation in this area.

Keywords: small and medium-sized enterprises, business, government, entrepreneur, federal laws, government regulation, government support. 


Iskandarova (2019) – Iskandarova M. M. Assessment of the indicators influencing the development of small businesses // International Journal of Innovative Technologies in Economy, №7(27), 3-8.

Kovalenko, Suleimanova (2020) – Kovalenko N.V., Suleimanova T.A. Domestic and foreign experience of state support for small and medium-sized businesses // TsITISE. 2020. No. 2 (24). S. 471-485.

Galyaeva, Platonova, Pavlichenko (2019) – Galyaeva L.E., Platonova Yu.Yu., Pavlichenko E.S. Measures of state support for small and medium-sized businesses at the present stage // International Journal of Humanities and Natural Sciences. 2019. No. 1-2. S. 6-9.

Pozdnyshev, Bogatikova (2014) – Pozdnyshev A.A., Bogatikova O.V. Financial instruments of state incentives for small business // Problems of Economics and Management. 2014. No. 3 (31). S. 101-109.

Barkhatov, Belova (2017) – Barkhatov V.I., Belova I.A. State programs to support small and medium-sized enterprises in Russia // Bulletin of the Perm National Research Polytechnic University. Socio-economic sciences. 2017. No. 1. S. 208-223

Klimova (2013) – Klimova N.V. Small business in Russia: government support or ruin? // National interests: priorities and security. 2013. T. 9.No. 31 (220). S. 49-55.

Bondarenko (2016) – Bondarenko V.E. Development of instruments of state support for small and medium-sized businesses in the Moscow region // Journal of Economic Regulation. 2016.Vol. 7.No. 3.P. 78-88.

Alekseev, Batulkin, Kozyrev (2015) – Alekseev A.N., Batulkin D., Kozyrev A. Small and medium-sized businesses in an innovative economy: the main difficulties and areas of support // Transport business of Russia. 2015. No. 1. S. 39-41

Vlasenko (2007) – Vlasenko E.A. The main problems and ways of improving the taxation of small business // Regional economy: theory and practice. 2007. No. 10. S. 108-117.

Ramaeva (2018) – Ramaeva T.I. The problem of state support in order to increase the share of small and medium-sized businesses in the Russian economy // Contentus. 2018. No. 9 (74). S. 33-40.

Musinova, Sergienko (2021) – Musinova N.N., Sergienko N.S. State support of small and medium-sized enterprises in a pandemic: foreign and Russian practice // University Bulletin. 2021. No. 2. S. 5-12.


Nikita I. Karitich

Nikita I. Karitich, student, Financial University under the Government of the Russian Federation, Faculty of Economics and Business Moscow, Economic Security, undergraduate, Moscow, Russia. E-mail:

Scientific advisor: Lyudmila M. Kupriyanova, PhD in Economics, Associate Professor, Faculty of Economics and Business at Financial University under the Government of the Russian Federation, Moscow. E-mail:


Competitive strategies of large enterprises in a new economy


Topic: Study of the competitive strategies of large enterprises in the conditions of modern economic systems.

Objectives: The aim of the work is to collect information, summary analysis and primary assessment of the activities of large companies in the field of competitive struggle, consideration of their actions from the point of view of relevant theories and the formation of conclusions.

Methodology: In this study, the methods of theoretical research were used: analysis, synthesis, abstraction.

Results: A study of the specifics of the activities of large corporations in relation to competition has been carried out, specific cases from various sectors of the economy have been studied and described in detail. Conclusions have been formed.

Conclusions: All large companies, within the framework of competition in the market, act according to a certain set of rules, practically without deviating from a certain strategy chosen earlier, as part of the company’s overall strategic plan. Such actions are quite effective at this stage of the development of the world economy.

Keywords: competitive strategies, competition, competition, opposition in the market, large enterprises, large companies, large corporations, new economy, modern economics, theory of competition, theory of competitive strategies, behavior of companies in the market. 


Belozerov, Zabolotskaya (2021) – Belozerov S.A., Zabolotskaya V.V. // State stimulation of innovative activities in Switzerland and Russia [Gosudarstvennoe stimulirovanie innovacionnoj deyatel’nosti v SHvejcarii i Rossii] // Modern Europe [Sovremennaya Evropa]. – 2021. – №1

Vanyushkin, Druzin (2019) – Vanyushkin A.S., Druzin S.V. // Algorithm for choosing the type of competitive strategy within the development of growth points [Algoritm vybora tipa konkurentnoj strategii v ramkah razvitiya tochek rosta] // Geopolitics and ecogeodynamics of regions [Geopolitika i ekogeodinamika regionov]. – 2019. – №1

Vasilyeva, Zemlyanskaya, Panteleeva (2021) – Vasilyeva I.A., Zemlyanskaya N.B., Panteleeva R.A. // Research of modern marketing strategies of enterprise development in a competitive environment [Issledovanie Sovremennyh marketingovyh strategij razvitiya predpriyatiya v konkurentnoj srede] // Bulletin of the Moscow State Regional University. Series: Economics [Vestnik Moskovskogo gosudarstvennogo oblastnogo universiteta. Seriya: Ekonomika]. – 2021. – №1

Ganina, Glinkin, Zelenina, Solovyova, Tolpin (2021) – Ganina S.A., Glinkina O.S., Zelenina T.R., Solovieva M.V., Tolpin M.K. // Development of a competitive strategy and justification of the project of its implementation [Razvitie konkurentnoj strategii i obosnovanie proekta ee realizacii]// Bulletin of the Volga University named after V.N. Tatishcheva [Vestnik Volzhskogo universiteta im. V. N. Tatishcheva]. – 2021. – №1

Gluzman (2021) – Gluzman N.A. // Experience of formation of development strategies of higher educational institutions in the conditions of globalization [Opyt formirovaniya strategij razvitiya vysshih uchebnyh zavedenij v usloviyah globalizacii]// Azimuth of scientific research: pedagogy and psychology [Azimut nauchnyh issledovanij: pedagogika i psihologiya]. – 2021. – №2

Dudnik, Cherdakova (2021) – Dudnik A.V., Cherdakova T.A. // Investment strategies to increase competitiveness of the agricultural food system of the country [Investicionnye strategii povysheniya konkurentosposobnosti agroprodovol’stvennoj sistemy strany] // Economy of the region [Ekonomika regiona]. – 2021. – №2

Sorokin, Varpaeva, Grishina (2019) – Sorokin S.A., Varpaeva I.A., Grishina O.V. // Simulation modeling of competitive pricing strategy [Imitacionnoe modelirovanie konkurentnoj strategii cenoobrazovaniya] // Historical and economic research [Istoriko-ekonomicheskie issledovaniya]. – 2019. – №2

Sutyagin, Kanakov (2021) – Sutyagin A.A., Kanakov O.I. // Teaching method for a collective classifier based on competition in the mode of coexistence [Metod obucheniya kollektivnogo klassifikatora na osnove konkurencii v rezhime sosushchestvovaniya] // News of higher educational institutions. Applied nonlinear dynamics [Izvestiya vysshih uchebnyh zavedenij. Prikladnaya nelinejnaya dinamika.]. – 2021. – №4

Shelegeda, Kornev, Pogorzhelskaya (2021) – Shelegeda B.G., Kornev M.N., Pogorzhelskaya N.V. // Review on the working program of the training course “economic theory” [Recenziya na rabochuyu programmu uchebnogo kursa “Ekonomicheskaya teoriya”] // Theoretical Economics [Teoreticheskaya ekonomika]. – 2021. – №7


Ilya A. Starkov

Ilya A. Starkov

Student of the Faculty of Finance at Financial University, Financial Markets and Fintech, st. Maly Zlatoustinsky Lane, 7, Moscow, 129164, Russia.



Scientific advisor: Olga V. Zakharova, Senior Lecturer, Banking and Financial Markets Department at Financial University under the Government of the Russian Federation.


Estimation of stock index forecasting using lstm neural network


Subject/topic The study examines the work of the LSTM layer as part of a neural network for predicting the values of the RTS stock index on the next working day.

Goals/tasks Measuring the effectiveness of implementing scalar regression of neural network architecture using the LSTM layer on the example of forecasting the RTS index.

Methodology One of the possible basic (naive) solutions is modeled, thus the target efficiency for the created neural network is determined. The simplest neural network solution is being created – a shallow fully connected network, on the example of which the validity of using cross-validation for K blocks is determined. The efficiency of an LSTM network with a shallow fully connected neural network is compared according to the MAE (mean absolute error) metric. A gradual optimization of the chosen architecture is carried out, then the work of the final version of the neural network is analyzed on a test sample, which is compared with the effectiveness of the naive solution.

Results/conclusions The LSTM network did not show good results – the effectiveness of the naive (basic) forecasting method turned out to be higher. It is concluded that it is better to include LSTM in a stack with other technologies, algorithms and input data. It is suggested that LSTM may be more suitable for binary or multiclass classification than for scalar regression.

Keywords: LSTM, neural network, stock index forecasting, fully connected neural network, recurrent neural network, financial market, machine learning, optimization. 


Zagalaeva (2019) – Zagalaeva Zh.A. The place and role of the stock market in the financial system of the country in modern conditions [Zagalaeva ZH. A. Mesto i rol fondovogo rynka v finansovoj sisteme strany v sovremennyh usloviyah] // Humanities, socio-economic and social sciences [Gumanitarnye, socialno-ekonomicheskie i obshchestvennye nauki]. 2019. # 11.

Chollet (2018) – Chollet Fr. Deep learning in Python [Glubokoe obuchenie na Python]. – St. Petersburg: Peter, 2018. – 400 p.

Gal, Ghahramani (2016) – Gal Y., Ghahramani Z. Dropout as a bayesian approximation: Representing model uncertainty in deep learning // International conference on machine learning. – PMLR, 2016. – P. 1050-1059.

Sergeev (2018) – Sergeev V.A. The use of neural networks in stock market forecasting [Ispolzovanie nejrosetej v prognozirovanii fondovogo rynka] / V. A. Sergeev // Azimut of scientific research: economics and management [Azimut nauchnyh issledovanij: ekonomika i upravlenie]. – 2018. – T. 7. – # 4(25). – Pp. 280-282.

Vidmant (2018) – Vidmant O.S. Forecasting financial time series using recurrent neural networks LSTM [Prognozirovanie finansovyh vremennyh ryadov s ispolzovaniem rekurrentnyh nejronnyh setej LSTM] // Society: politics, economics, law [Obshchestvo: politika, ekonomika, pravo], 2018 No. 5.- Pp.63-66. – Only in electronic form.

Labuzov (2020) – Labuzov M.V. Neural networks of long-term short-term memory and their use for modeling financial time series [Nejronnye seti dolgoj kratkosrochnoj pamyati i ih ispolzovanie dlya modelirovaniya finansovyh vremennyh ryadov] // Innovations and investments [Innovacii i investicii], 2020 No. 3. – Pp.167-171. – Only in electronic form.

Szegedy (2015) – Szegedy C. et al. Going deeper with convolutions // Proceedings of the IEEE conference on computer vision and pattern recognition. – 2015. – Pp. 1-9.

He K. et al. Deep residual learning for image recognition // Proceedings of the IEEE conference on computer vision and pattern recognition. – 2016. – Pp. 770-778.

Curme (2014) – Curme C. et al. Quantifying the semantics of search behavior before stock market moves // Proceedings of the National Academy of Sciences. – 2014. – Т. 111. – No. 32. – Pp. 11600-11605.