No 2 (2024)

Introduction. This article examines the strategies implemented by the U.S. government to overcome various economic crises and promote sustainable growth. Beginning with the Great Depression of 1929, the administration of Franklin D. Roosevelt introduced the ‘New Deal’, a series of economic and social reforms aimed at economic recovery, financial stabilization, and the creation of a welfare state. In the first decades, the Keynesian approach prevailed, with the government playing an active role in regulating the economy and providing social protection.

The purpose of the work is to provide a retrospective analysis of the external and internal factors of the national economy development and to determine their role in the transformation of the U.S. economic policy at various stages of the socio-economic process.

Methods and materials. The methods used in this study are the descriptive and comparative historical ones. The data were collected from primary sources, research articles and websites with relevant historical data, documents published by the United States International Trade Commission and official historical documents.

Interpretation of research results. The paper examines the evolution of the economic development policy in the United States of America from 1930 to 2000. Significant transformations that have shaped the economic landscape of the country are noted. The implementation of the Keynesian reforms aimed at economic recovery, financial stabilization and social welfare is shown. The challenges of the 1960s and 1970s are also examined, including the growing U.S. competition with Europe and Japan, which led to new economic strategies and protective measures such as voluntary export restraints (VERs). The authors trace the trajectory of the U.S. economic policy, emphasizing the transition from government intervention to economic liberalization and globalization. The results provide a comprehensive understanding of the internal and external forces that influenced the U.S. economic development during this crucial period.

Conclusion. During the 1930s – 2000s, the United States faced new economic challenges, including increased competition with Europe and Japan. In response, the country adopted economic liberalization strategies and developed protective mechanisms such as voluntary export restraints. Geopolitical and economic changes reflect the United States' ability to adapt to an increasingly integrated and competitive global market. Overall, the study shows how the interaction of the domestic economic policy and external factors has shaped U.S. economic development and provides valuable lessons for future strategies of economic development.

Introduction. The paper addresses tourism development management in the Arctic zone of Russia at the federal and regional levels. The Arctic territories are a significant resource for the socio-economic development of the Russian Federation, and the severity of natural and climatic conditions for human life and activities in the regions requires special attention to the achievement of a high quality of life for the local population. One of the tools for maintaining and restoring people’s physical and emotional strength is tourism as it offers them good leisure and recreation opportunities in the place of their residence.

The purpose of the study is to identify general trends and specific features of tourism development management in the Arctic.

Research results. In general, the system of tourism development management in the Arctic territories is integrated into Russia’s overall system of strategizing. Analysis of regional strategic documents on tourism development shows that tourist and recreational territory development is considered to be a promising and sometimes priority direction for the socio-economic development in the nine Arctic regions of Russia. Of particular note is the existing variety of formats of the region-level doctrinal documents on tourism development, which impacts their structure and content. Among the factors limiting the demand for tourism products in the Arctic territories are weak development of the transport and logistics infrastructure, low quality, lack of tourism infrastructure facilities and insufficient level of personnel training, as well as tourists’ low awareness of traveling around the Arctic and poor recognition of Russian tourist brands of the Arctic destinations. Moreover, almost total absence of prospects and opportunities for the development of interregional cooperation in tourism among the Arctic regions has been revealed since the regions are positioned and promoted in isolation from the neighboring Arctic territories.

Conclusion. Summarizing the main goals of the regional strategic documents on tourism development, a single general direction for intervention efforts can be defined, namely, to create conditions for promoting the growth and enhancing the competitiveness of the tourism sector in the Russian and international markets of tourism services, while ensuring detailed elaboration of tasks to be implemented.

Introduction. The system of interbudgetary relations involves numerous preliminary calculations aimed at determining the capabilities of the constituent entities of the Russian Federation to ensure the financing of state and municipal obligations. Budget support is of particular significance for the socio-economic development of Russia’s coastal regions.

The purpose of the article is to study the dependence of gross regional product (GRP) on the subsidization of the coastal regions of the country.

Methods and results. The study summarizes provisions of a number of research works of domestic scientists raising the problems of the development of interbudgetary relations in the country. The dynamics of gratuitous transfers to the budgets and expenses of the consolidated budgets of 23 coastal territories of Russia were analyzed for the period from 2005 to 2022. The subsidization of the budgets of Russian coastal regions was calculated, and the average subsidization for eight years was determined. The dependence of the subsidization of Russia’s coastal regions on the gratuitous receipts from the federal budget was revealed. The study provides a synthesis of the dynamics of GRP, average annual rates of change in GRP, gratuitous transfers and their correlation in the coastal regions. A positive trend towards a reduction in subsidization paralleled with an increase in financial support provided from the federal budget in several subjects of the Russian Federation was confirmed. The authors investigated the relationship between the average annual growth rates of GRP and the growth of gratuitous assistance from the constituent entities of the Russian Federation. It was established that the average annual growth of GRP and the average annual increase in financial support rendered to the coastal regions of Russia in 2019–2022 had practically no correlation with the annual dynamics.

Conclusion. The research found a linear regression dependence of the average annual index of GRP growth of all Russian coastal regions on the average annual index of budget support for 2019–2022. It was determined that the average annual growth of the total budget support index for 2019–2022 led to a decrease in the average annual growth of the total GRP index of all coastal regions of Russia. The positive efforts in strengthening the economic potentials of the coastal regions of the Russian Federation rely not only on the budget support from the federal center, but also on building and developing their own base for GRP growth.

Introduction. The rapid development of IT technologies is one of the factors of digitalization of economic systems and the emergence of qualitatively new objects, including digital financial assets (DFAs). Given the novelty and recognition of their high potential, DFAs are of great theoretical and practical interest to Russian and foreign scientists and specialists, which is why the issues of defining the essence of DFAs, their classification and legal regulation are currently important and topical.

The purpose of the article is to analyze the works of foreign specialists on the issue of DFAs and their role in the modern world economy with the aim of identifying the potential of their application in the Russian financial system.

Methods. In order to correctly understand the essence of DFAs, theoretical studies and methodological developments presented in foreign literature were analyzed. In the case of Russia, the term ‘digital financial assets’ is not identical to that of ‘cryptocurrency’, which requires taking into account the relevant differences in terminology. Thus, in the research and practice of US specialists, it is accepted that everything that has any digitized cryptographic form is a crypto-asset.

Results. The study has revealed the differences in the composition of objects categorized as digital. The differences have become established in the domestic and international practice due to peculiarities of applied terminology. Classification criteria for digital assets have been defined, which include the type of use (valuation metric or accounting unit) and the functionalities in relation to the activity of a business entity. This approach made it possible to distinguish cryptocurrency and tokens as separate types. It is shown that cryptocurrencies are the only type in the DFA classification that can be used as a means of payment, which contributes to their great popularity. Stablecoins are considered as a separate type of cryptocurrency. The importance of digital assets has been determined in terms of enhancing financial investment, expanding the access to safer and more affordable financial services, as well as their usage for cross-border payments. The latter is of significant interest for domestic business, also in relation with the current sanctions and restrictions on the movement of capital and cash flows.

Conclusion. Along with their potential, DFAs carry significant risks. In this regard, public financial institutions must be both technically and legally prepared to work with digital assets in order to prevent conflicts of interest between partners from different jurisdictions, which may arise due to differences in the legislative and regulatory frameworks of the respective markets.