Finance

Эффективность механизмов стабилизации национальных валют мерами валютной политики в странах БРИКС и перспективы сотрудничества в валютно-финансовой сфере Vasyukov E.A.

In recent years, during increasing instability of the global economy, exchange rate policy has come to play a key role in maintaining macroeconomic equilibrium. The study of its effectiveness in the BRICS countries is becoming especially relevant, where differences in the phases of economic development and the asynchrony of economic cycles create a unique environment for comparative analysis. The central banks of these countries use a wide range of tools – from direct interventions and interest rate regulation to administrative restrictions and derivative transactions – to stabilize exchange rates and stimulate economic growth. In this regard, the goal of the research is to develop recommendations for bringing countries closer together in the monetary and financial sphere. In addition, the importance of coordinating exchange rate policies within BRICS, expanding the use of national currencies in trade and investment, and developing joint financial institutions is growing. The study analyzes the key instruments of the BRICS exchange rate policy and their impact on the volatility of national currencies, and also performs a SWOT analysis of the exchange rate regulation practices of each state. In the context of asynchrony of economic cycles, it has been shown that currency stability largely depends on the ability of central banks to quickly combine direct interventions, derivative transactions, interest rate changes and administrative measures. Quantitative estimates confirm that such an integrated approach reduces short-term fluctuations and forms the basis for long-term macroeconomic stability. The analysis showed that the most effective mechanisms for stabilizing currencies in the BRICS countries are comprehensive measures combining interventions, derivative transactions, interest rate changes and administrative regulation. The examples of China, India, Brazil, South Africa and Russia confirm that the flexible and timely use of these instruments can significantly reduce volatility and accelerate the recovery of exchange rates after external shocks. The SWOT analysis revealed that the high adaptability of currency policy and the variety of measures applied compensate for vulnerability to global risks. However, in the context of growing geopolitical instability and technological challenges, the key areas of development remain strengthening coordination within BRICS, expanding the use of national currencies and digitalization of the financial infrastructure. This will increase the stability of monetary systems and create the basis for sustainable economic growth in the long term.

Проблемы налоговой политики России с учетом анализа эффективности проводимой налоговой политики Sultygova M.B. , Tarasova E.S.

The relevance of the presented research is determined by current trends and challenges facing the economy at both the national and international levels. The state's tax system is one of the key instruments of state regulation of the economy. Through taxes, the state forms a budget to finance public services and infrastructure projects, and also influences income redistribution, stimulates or hinders the development of certain sectors of the economy. Modern economic realities, characterized by a high degree of globalization and technological change, require constant adaptation of tax policy to new conditions, which makes research in this area especially relevant. An effective tax policy capable of creating a stable financial base and ensuring internal economic stability is a tool for protecting the country's economy from internal and external threats. Studying the impact of tax instruments on the level of economic security of the state will make it possible to identify weaknesses in existing regulatory mechanisms and develop measures to increase the sustainability of the national economy. The dynamics of tax legislation, changing in response to internal and external economic challenges, requires scientific understanding and the development of modern approaches to the formation of tax policy. Thus, the research topic is conditioned by the need to increase the efficiency of public administration through the improvement of tax policy, which, in turn, directly affects the economic security of the country and the stability of its development in a changing global economy. The object of the study is the tax policy of Russia, and the subject is the relationship between the mechanisms of tax policy and ensuring the economic security of the state. The purpose of the study: to analyze and evaluate the effectiveness of Russia's tax policy; to identify the problems of Russia's tax policy and their impact on economic security. To achieve this goal, the following tasks have been set: to consider the dynamics and distribution of tax revenues, to characterize the revenue structure of the consolidated budget of the Russian Federation, and to analyze the dynamics of the tax base. As a result of the research, the main problems of tax policy that have a negative impact on the Russian economy have been identified. In conclusion, it is noted that tax policy has a dual impact on the economic security of the country. On the one hand, the growth of tax revenues to the budget allows the state to increase financing of infrastructure projects, social programs and develop priority sectors of the economy. On the other hand, an increase in the tax burden contributes to the displacement of some businesses into the illegal sector or a reduction in business activity, which leads to a decrease in the transparency of the economic environment and competitiveness.

Management

Финансовые пирамиды как вызов для государственного и муниципального управления: проблемы выявления Akent'eva A.V. , Neelova N.V. , Makarova Yu.N. , Pechenevskaya M.A.

The large-scale proliferation of financial pyramids in the digital environment threatens the stability of the Russian financial market and undermines public trust in capital-market institutions. According to the Bank of Russia, the number of entities exhibiting pyramid-type features has increased nearly 25-fold over the past decade, exceeding 5,500 cases in 2024 alone. The high adaptability of fraudulent structures–coupled with their use of cryptocurrencies, social networks and anonymous payment services–renders traditional supervisory tools largely ineffective. In this context, state and municipal authorities become the pivotal layer of prevention: they shape normative barriers, implement financial-literacy programmes and coordinate inter-agency cooperation with Rosfinmonitoring and the Bank of Russia. Simultaneously, advances in Big Data and artificial-intelligence technologies offer fundamentally new opportunities for the early detection of suspicious transactions and the swift disruption of illicit cash flows. Consequently, the search for effective governance solutions to improve the identification of financial pyramids acquires particular urgency, thereby underscoring the relevance of the present study.

Цифровая зрелось как инструмент управления цифровой трансформацией организаций высшего образования Gavrilyuk E.S. , Izotova A.G. , Bikmulina T.N. , Kudrinsky A.O.

The article deals with the issues of digital maturity of higher education organisations in the context of their digital transformation. Particular attention is paid to research universities - a special type of higher education institutions that play a key role in the development of the innovation economy, combining educational activities with active research work. The article substantiates the need to assess digital maturity specifically within research universities, since the digital transformation of such universities affects not only educational processes, but also research activities, innovation management and the integration of digital technologies into research projects. Despite the recognised importance of digital maturity, there is currently a shortage of universal and comprehensive assessment methods that take into account the specifics of research universities. Analysis of current digital maturity assessment tools shows that many of them do not fully reflect the specifics of research universities, which reduces the effectiveness of digital transformation in these organisations. The paper presents an overview of existing approaches to digital maturity assessment and discusses the role of digital maturity as a key factor in improving the quality of education, research and management in universities. It is noted that digital maturity acts as an important benchmark for strategic planning and resource optimisation in the process of digital transformation. In conclusion, it is emphasised that further research should be aimed at developing an author's methodology of digital maturity, taking into account the unique features of research and educational institutions, which will improve the accuracy and relevance of the assessment and ensure more effective management of digital transformation processes in scientific and educational organisations.

Управление продвижением услуг по перевозке пассажиров на железнодорожном транспорте Zhutjaeva S.A. , Lazareva N.A. , Esina A.G.

The objective of the work is to study and develop an effective methodology for managing the promotion of passenger transportation services by rail, aimed at increasing the competitiveness and customer satisfaction in the current market conditions. The subject of the study is the processes, methods and tools for managing a project to conduct marketing campaigns, including planning, organizing, coordinating and monitoring events aimed at increasing the attractiveness and competitiveness of rail transportation. The object of the study is the activity of managing passenger transportation of JSC "FPC". The information base of the study was the accounting and financial statements of JSC "FPC", internal regulatory documents of the holding company JSC "Russian Railways", open sources of statistics, Internet analytics, as well as scientific publications on marketing. To achieve the goal and solve the tasks, a set of theoretical and empirical methods was used that complement each other, including: comparative analysis, statistical data processing, logical and structural analysis and synthesis. The article describes the important stages of marketing development in the railway industry. The article analyzes the company's strategy for managing the promotion of services, which is based on an integrated approach that includes the development of product offerings, individualization of services, the use of modern digital promotion channels and affiliate programs. An assessment is given of the implementation of the company's initiatives to promote services, each of which has its own goals and focus. An analysis of the effectiveness of promotions is conducted, demonstrating a systematic and customer-oriented approach to the development of passenger transportation. Recommendations are proposed for assessing the economic efficiency of promotions for services. The practical significance of the work lies in the development of tools and methodological recommendations that can be used by passenger transportation companies to improve the efficiency of activities related to the management of service promotion.

Использование технологий искусственного интеллекта в управлении организации Makarova O.N., Martynenko O.V. , Poleshchuk S.M. , Shalygina E.V.

The relevance of the research is due to the rapid introduction of artificial intelligence (AI) technologies in the management of organizations, which transforms both operational processes and strategic planning. The article analyzes the impact of AI on tangible and intangible production values, considers the key methods of its application (predictive analytics, Big Data processing, decision automation), and estimates the forecasts of economic effect for Russia until 2035. The object of the study is AI technologies in management processes, the subject is their role in improving the efficiency of organizations and shaping new management paradigms. The following risks are highlighted: energy costs of AI systems, ethical issues of algorithm transparency, dependence on data quality and infrastructure. Using the example of Russian companies (Rosatom, X5 Group, SDEK), it is shown that the mass introduction of AI requires not only investment, but also a balanced approach that combines technological innovation with the human factor.The study confirms that AI is becoming a critical tool for organizations' competitiveness in the conditions of digital transformation. However, its successful integration is impossible without the development of the regulatory framework, training and cross-sector cooperation.

Управленческие аспекты взаимодействия бизнеса и местного сообщества в контексте устойчивого развития территории Sofina A.A. , Eremeeva O.S.

The article is devoted to the study of the concepts of «local community» and «territory of company» from the standpoint of interaction between enterprises and the territory in the context of sustainable development of the territory. Approaches and corresponding provisions describing the essence of the local community are covered. The activities of companies in the territory of their presence are considered, examples are given. The relevance of the research topic is due to the need to develop an approach to reflecting in sustainable development reporting indicators of business impact on the territory of the company's presence, taking into account the opinion of the local community on the company's impact on the sustainable development of the territory. The goal set for the authors of the work is to summarize research on this topic for the implementation of the obtained research results in Russian practice. The subject of the research in this work is the development of interaction between business and the local community in the context of sustainable development of the territory. A conclusion is made about what is meant by the local community and the territory of the company's presence. Specifying these concepts contributes to the development of an approach to consolidating information about the impact of business on the territory, coming from two sides – the enterprise operating in the territory and the local community. The necessity of control of useful forms of business interaction with the local community and the environment is shown. However, in order to achieve effective control, it is necessary to develop more specific indicators that will allow evaluating business activities and will be included in ESG reporting. The existing requirements for useful non-financial information are insufficient. It is recommended that domestic standards for the preparation of sustainable development reports include recommendations for enterprises to disclose ESG indicators at a regional level.

Economics

Регулирование искусственного интеллекта: методологические проблемы Nurmuhametov R.K. , Vasilenok V.L., Ivanov V.V.

Artificial intelligence is developing rapidly and is increasingly being used in various spheres of life. Many countries consider the development of this technology as an important resource for increasing the competitiveness of the economy, ensuring national security, creating new technologies and improving the well-being of citizens. Various approaches to regulating artificial intelligence in the USA, China, the EU and Russia are being actively discussed. The subject of our research is the methodological aspects of artificial intelligence regulation. The purpose of the work is to summarize research for the possible implementation of the main approaches to regulating artificial intelligence in Russian legislation. The research object are principles, and, above all, ethical principles, risks, models, and industry-specific features of using artificial intelligence. The methods used in the research are general, general scientific and private scientific methods, methods of comparative analysis.

Нейросетевое моделирование взаимосвязи инвестиционного потенциала российских регионов и их ESG рэнкинга Kirshin I.A. , Koch I.A. , Zakhmatov D.Yu.

The purpose of this article is to identify, test and evaluate the impact of ESG ranking on the investment potential of Russian regions (subjects of the Russian Federation) based on neural network modeling. The sample used was data from 83 Russian regions for 2020. A cross-regional multiple regression analysis was conducted using multilayer perceptron neural network models. To identify causal relationships between the investment potential variable and three regressors: regional ESG ranking, regional investment risk and Gross Regional Product, the regression application of the STATISTICA (StatSoft) analytical software package was used. The quality and accuracy of the multilayer perceptron regression model was assessed by calculating the Mean Absolute Percentage Error. The numerical experiments showed that the neural network modeling method is available in implementation, does not require large computing power and demonstrates good accuracy. In the course of neural network modeling of nonlinear regression of investment potential of the subjects of the Russian Federation, a reliable MLP 3-4-1 model was specified with high accuracy describing and predicting the target variable - the investment potential of the region. The results obtained confirm the hypothesis put forward in the article: the investment potential of Russian regions depends to a greater extent on the ESG ranking and to a lesser extent on the investment risk of the region and the Gross Regional Product. Global sensitivity analysis showed that all constructed neural networks define the ESG variable as the most important. The proven priority of the importance of the influence of the ESG ranking on the investment potential of the region can be used by regional authorities to justify priority areas of regional policy to increase the investment attractiveness of the subjects of the Russian Federation.

Роль технологических инноваций и искусственного интеллекта в межсекторальной интеграции экономических систем Rudnitsky A.V.

The purpose of the work is to identify the potential, identify the main trends, problems and promising areas for the introduction of artificial intelligence technologies (including various neural network models) into public-private partnership processes to improve the efficiency of infrastructure project management, reduce the time required for their implementation and reduce risks. The subject of the research is the role of neural network tools and artificial intelligence in optimizing the development and implementation of infrastructure projects based on the principles of public-private partnership. The object of the research is the processes of development and implementation of infrastructure projects based on public-private partnership. The conducted research used general scientific methods of comparative and systematic analysis with the use of additional methods of systematization and classification. The article uses methods of statistical data processing with the construction of the dynamics of indicators, as well as case analysis. The article examines the role of breakthrough technologies in the development of tools for interaction between government and business in the investment and construction sector. The analysis of theoretical approaches and practical experience of using artificial intelligence in infrastructure projects is carried out, the potential and limitations of its application in project management are revealed. Current trends, patterns and problems of introducing neural network models into the processes of the public-private partnership mechanism are identified. The high optimization potential of artificial intelligence for this type of cooperation has been identified, and priority areas for its application have been identified. The lag in the field of public-private partnership (especially on the part of the state) in the introduction of artificial intelligence in comparison with other industries has been noted. The necessity of an integrated approach and cooperation between government and business to create an ecosystem for the implementation of neural network models is substantiated. Prospects for further research have been identified, which include the development of a unified industry and region-oriented methodology for applying technological innovations in joint infrastructure projects.