RUDN Journal of Economics

The acceleration of transnational trade in goods and services, the growth of international crypto-assets, the creation of international networks of knowledge and social communication indicates the beginning of a new stage of globalization - digital globalization. The actuality of this study is determined by the need for a comprehensive analysis of digital globalization as an objective process of development of international economic relations in the era of digitalization. The purpose of the article is to analyse global tendencies and new economic business processes that have emerged in international economic relations due to digital technologies that have enabled the transnationalization of national economic activities. During the analysis of the considered aspects the methodology of the globalization theory, the theory of comparative advantages, rating methodologies, economic growth models were applied. As a result of the analysis, conclusions about the essence and significance of the new era of economic development - digital globalization - are drawn and its impact on national economies is shown, answers to a number of relevant questions concerning the inclusion of business in international economic relations in the new circumstances are given, as the inclusion in digital globalization becomes a necessary factor of competitiveness of both separate enterprises and industries, and national economies as a whole. It has been demonstrated how digital globalization will further transnationalize production and logistics operations, increase the efficiency of the labour market, and promote cross-border e-commerce, thus having a direct impact on economic growth.

The study raises the problem of changing landscape of the banking sector in view of upgraded ways of interaction between financial intermediaries and their clients and financial product engineering in the digital era. The relevance is determined by the weakening positions of traditional banks and the need to develop a competitive strategy. The research is aimed to identify a list of main directions of the banking sector adaptation to digital realities. With the help of theoretical systematization method the authors reveal that through digitalization of a banking client customer journey that eliminates physical barriers of money transfer between market participants and through the modification of the banking product profile (including product bundling approach) digital technologies make price, product and sales of distribution competition tougher. Rivalry is also fostered by new market entrants whose organizational and legal status may range from a traditional bank’s digital satellite (with a shared banking license but on a separate brand) to a IT company’s fintech project in partnership with a bank. As a consequence, traditional banks face diminishing operations margins and returns on capital. In order to maintain financial soundness banks should follow the best practices of new entrants’ business model organization, including omnichannel approach, maximum monetization of the bank’s infrastructure, banking services technologization, cross-industry partnerships for “package” sale of products.

E-commerce has become a key factor in the development of international trade, significantly simplifying and accelerating the exchange of goods and services. This study is devoted to the assessment of legal mechanisms for regulating this sphere, analyzing the current state of e-commerce in the European Union (EU). The aim of the study is to identify the main factors and trends that determine the further development of e-commerce in the EU. To achieve this goal the following tasks are formed: to analyze the main legal acts regulating e-commerce in the EU, to assess the current state of e-commerce in the EU, to identify problems on the way of e-commerce development in the EU. The research methodology consists of a combination of such methods as analysis of EU regulations, review of scientific literature and statistical data, as well as comparative analysis of approaches to e-commerce regulation in different jurisdictions. The results of the study showed that the EU is actively developing a comprehensive legal framework for regulating e-commerce. These regulations are aimed at harmonizing the legal space, protecting consumer rights, regulating the activities of large online platforms and ensuring the security of the digital environment. Statistical data indicate the dynamic growth of e-commerce in the EU. However, challenges remain related to market fragmentation, cybersecurity, logistical difficulties, and competition from large international companies and platforms. Taking into account the current level of e-commerce development in the EU and certain problems, the factors and trends of e-commerce development in the EU were highlighted. The scientific significance of the study lies in a comprehensive review of the existing EU experience in regulating e-commerce, an analysis of current trends and prospects for the development of this area. The results of the work can be useful for policy makers in the field of digital economy, participants in the process of forming multilateral agreements, as well as for business representatives interested in expanding into the European e-commerce market.

The development of technology and the introduction of digital solutions have opened new opportunities to reconsider approaches to doing business. Companies are using new forms of work, including online operations, optimization of business processes and boost the efficiency of their activities through automation, analysis of Big Data, implementation of cloud platforms, electronic document management and the use of artificial intelligence. This sort of transformations has led to the emergence of new business models based on digital technologies, as well as platform and ecosystem solutions, which have become a prerequisite for the development of new market participants, for example, marketplaces. The study examines the theoretical aspects of the development of digital platforms based on the provisions of key theories and also analyzes the results of the activities of the five largest Russian marketplaces in the market of goods and services in Russia. Considering that companies themselves publish primarily financial statements data in the public domain, trends in their work have to be assessed on the basis of reports from news agencies and extremely condensed press releases of companies. The authors highlight the main results and activities of Russian companies Wildberries, Ozon, Megamarket, Yandex Market and Avito and the Chinese ones - Taobao, JD.com and Pinduoduo at the present stage. It has been revealed that the rapid growth of e-commerce, on the one hand, leads to the optimization and acceleration of trade transactions, the involvement of a larger number of sellers and consumers in commercial activities, and the introduction of new technological and management solutions. On the other hand, new risks arise which are associated with market monopolization and the growing influence of digital platforms on consumer preferences and, thus, increasing the impact of company activities on market mechanisms. To address those challenges, timely and comprehensive state regulation of the activities of digital platforms in Russia is needed. In this regard the experience of the People’s Republic of China as one of the world leaders in the field of e-commerce is crucial for Russian regulators.

The study is devoted to the analysis of the securities market of Mongolia, namely its structure, current trends and development prospects. At this stage, Mongolia’s stock market is in its infancy and certainly represents an important component of the financial system. In 2023, it reached a record market capitalization, which amounted to more than 16.9% of the country’s GDP. Nevertheless, market liquidity remains low for the following reasons: firstly, due to the dominant position of several players, and secondly, due to high transaction costs for investors; Third, due to limited access to global markets. The liquidity of financial instruments on the Moscow Stock Exchange is also negatively affected by the weakness of institutions and the underdeveloped infrastructure of the national economy, excessive dependence on exports of goods and external restrictions. The following factors had a positive impact on the dynamics of the Mongolian stock market: lower deposit rates, reduced capital export opportunities abroad, and an increase in the number of IPOs in the banking sector. The vulnerability of Mongolia’s financial system to external shocks is related to monetary policy, which rapidly accelerates the growth of the financial market, but is unable to ensure it in the long term due to stimulating industrial effects. The study presents the dynamics of market indices, trading volume and capital structure, and concludes that it is important to create a diversified and liquid market that will contribute to the sustainable development of the entire economy. The presented research results prove the urgent need to change the rules and conditions of the financial sector in Mongolia. This is a necessary condition for the transformation of the securities market in order to financially support the ongoing industrialization in the country.

The study is devoted to rethinking the role of financial support for innovation in the new conditions of the Russian economy that arose in connection with the onset of the sanctions crisis in 2022. The subject of the study is the financial aspects of the innovation activities of Russian organizations in the context of economic crises. The purpose of the study is to determine the prospects for rationalizing financial management of innovations to increase the crisis resilience of business entities in Russia against the backdrop of current sanctions. Based on the experience of the pandemic crisis, in the fight against which innovations largely helped, a hypothesis is put forward that the sanctions resistance of Russian organizations is achieved by financing innovations. Based on Rosstat statistics for 82 regions of Russia, the horizontal analysis method is used to study the trends in innovation financing by Russian organizations in 2019-2022. The regression analysis method is used to conduct a factor analysis of the financial position of Russian organizations in 2022 and a scenario analysis of this situation in 2025. A trend of meager growth in the volume of innovation financing has been identified. It has been substantiated that due to underfinancing of innovations in the context of the sanctions crisis, the effect in the field of financial crisis management is much less noticeable than in the context of the pandemic crisis. A model has been compiled that reveals the cause-and-effect relationships of innovation financing by Russian organizations in 2022 and proves that their sanctions resistance depends on it. Scenarios for improving the financial position of Russian organizations depending on innovation financing in 2025 have been proposed. A final conclusion has been made that the need for financial support for innovations in the context of the sanctions crisis (2022) is much higher than in the context of the pandemic crisis (2020), therefore, a forced increase in innovation costs is required. The proposed recommendations will allow Russian organizations to optimize innovation costs and, thanks to this, more fully realize their potential for sanctions resistance and financial crisis management.

This study is devoted to the analysis of pricing policy in the retail trade of household appliances and electronics. The purpose of the study is to identify the factors influencing price formation, as well as to build a mechanism for forming the pricing policy of organizations to increase competitiveness and customer satisfaction, considering the peculiarities of this market segment. Pricing policy is an important factor in the development of any organization. In order for the pricing policy to be effective, the company needs to conduct a high-quality analysis of the current market situation, be able to predict the behavior of consumers and competitors, and understand the patterns of all processes in the organization (both internal and external). To make informed decisions on setting prices, the company needs to have complete information about competitors, their range and prices. The value of the study is due to the fact that retail plays a significant role in the Russian economy, but a unified methodology for forming the pricing policy of companies in the segment of sales of household appliances and electronics, considering their peculiarities, has not been formed. According to statistics, the volume of this market in the country is trillions of rubles annually. The financial condition of large players in the market plays an important role for the entire economy. In this study, the authors studied the theoretical basis for forming pricing policy (using specific scientific works as an example), considered the relationship between setting goals for pricing policy at different levels of the organization, and also recorded the dependence of pricing on the company’s strategic goals. A specific list of possible pricing strategies for companies in the field of sales of household appliances and electronics, including for product groups, was given. As a result, a step-by-step mechanism for forming an organization’s pricing policy was proposed, which companies can implement in practice. In the course of the study, the authors used analytical, comparative methods, as well as the synthesis method.

The purpose of the study is to explore the scientific theories describing economic sanctions and their impact, as well as relevance of their provisions. Events of 2022 have seriously influenced the understanding of restrictions as an instrument of foreign economic policy, which necessitates a revision of fundamental concepts, identification of existing “blind spots” and promising scientific inquiries directions. Through a step-by-step analysis and generalization of the contents of fundamental and applied works of the most cited foreign and Russian scientists who have contributed to the understanding of sanctions, the possible level of their impact on its object, as well as its specific factors and indicators, the following conclusions are drawn. The results of the conducted research are the identified features of the modern theoretical understanding of economic sanctions, as well as the formulated proposals for improving future scientific works in terms of the methodology used and the most relevant thematic areas. Most of the studies establish noneconomic and economic criteria as a determinant of economic sanctions. Methodology concerned, the majority of them are based either on the analysis of databases in which episodes of the application of restrictions are recorded, or on individual case studies. Right now, there is no consensus in the scientific community regarding the assessment of the effectiveness of restriction tools as such. All the new phenomena of sanctions policy, such as secondary and targeted sanctions, cannot fully be considered within the existing theoretical framework. In terms of coverage and consideration of potential influencing factors, the economic component of its understanding is currently inferior to its political science part. However, this drawback is rather temporary, since the scientific field in question continues to be in a stage of active development and comprehension of a significant number of applied works in 2022-2025 timeframe, which can become the basis for conducting new fundamental research based on their data. The study concludes that the influence of non-market administrative barriers on the economy of the object is undisputable. It is noted that the most promising studies today are those that focus on studying new manifestations of restrictive policy (secondary and targeted sanctions) and the impact of restrictions on individual sectors of the economy and their representatives. In this case, the methodological basis should consist of tools for assessing the state and dynamics of both macroeconomic indicators and intra- and inter-industry processes, which make it possible, among other things, to determine the impact of sanctions in the context of individual areas.

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