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Scientific notes of the Russian academy of entrepreneurship

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Vol 19, No 2 (2020)

ECONOMIC GROWTH: CHALLENGES AND PROSPECTS

8-31 118
Abstract
The regional war in Yemen (the Republic of Yemen) began on the 26th March 2015 in the result of the military intervention of the Arabic coalition headed by Saudi Arabia. Nearly all the northern part of the the country is undercontrolof the alliance with the participation of the former ruling party «Yemeni General People's Congress» and Houthi rebellions from the Shiite movement Ansar Allah. In August 2019 the southern part of the country loyal to the coalition was threatened by disintegration as a result of expulsion of the structures of internationally recognized President A.M. Hadi, living in Riyadh since the beginning of the conflict, from the temporary capital Aden by forces of the pro-Emirates group headed by the Southern Transition Council. The war did not solve any domestic problems of Yemen caused by a massive peaceful protest in all parts of the country split by the crisis in 2011, disrupted the international plan of the peaceful solution to the crisis under United Nations auspices, which started in November 2011, and de facto worsened the split of Yemen, which appeared on the map of Arabia only in 1990in the result of merging two previously existing sovereign republics - the Yemen Arab Republic and People's Democratic Republic of Yemen. According to the announcements of the UN, currently the country goes through the hardest humanitarian crisis in the world. The military actions devastated the economy of the country, almost entirely ruined the infrastructure and lead to the absence of food security. The UN estimated that in 2019 nearly 24.1 million people (80% of the population) were exposed to the risk of famine and diseases. In the result of the absence of sanitary conditions and vaccination of the population, the country faces large-scale disease outbreaks, such as cholera, diphtheria, measles and fever. In addition, analysts estimate that more than 40% of Yemeni families lost their main source of income, consequently, it is quite difficult for them to by goods included in the minimum consumer basket. Poverty is getting worse: before the crisis it affected nearly half of the population, and currently it affects about 80% of Yemenis. In the result of the inflation, the value of the national currency threefold dropped. Besides, the humanitarian crisis worsened, and failure in the operation of the facilities of the national infrastructure and financial institutions significantly influenced the activity of business society, especially small and medium-sized businesses. The military conflict in Yemen disrupted the social and economic activity both of individual institutions and of the state as a whole. In the hard situation is found the revenue part of the budget, whose main source of income was export of hydrocarbons. Financial losses from oil revenues resulted in severe shortage of the national currency and plummeting of state revenue. The aforementioned factors in combination with the fragmentation of the public institutions, including the Central Bank of Yemen, resulted in stopping flow of foreign currency for essential imports and payment of salaries in the public sector, which led to the growth of inflation and worsening humanitarian crisis.
32-40 134
Abstract
Analysis of factors that influence investment attractiveness is one of the main tasks for companies that want to assess their financial position and be attractive to investors. This article analyzes the factors that affect the investment attractiveness of the company. A logistic regression model was constructed basedon the indicators ofboth investment-attractive and unattractive companies. During the development of the model, significant factors were identified, and tests were performed on the significance of the resulting model. The results will be useful both for future investors in the organization, and for those companies that want to evaluate their investment attractiveness.
41-49 182
Abstract
State security largely depends on the economic security system and on measures taken by the state to protect sovereignty, legal rights and interests of citizens. The peculiarity of this policy is due to many factors, among them: the economic situation in the state, personnel policy, etc. The article analyzes various ways of state anti-corruption policy pursued by state authorities and local authorities.
50-63 150
Abstract
The article considers the main forms of development of integration processes and the participation of Kyrgyzstan in them, summarizes the first results of the functioning of the Kyrgyz economy in the EAEU, and identifies positive structural changes in the effective transformation of the national economy into integration formations. The feasibility of pursuing a multi-level strategy of economic integration of Kyrgyzstan within the EAEU, pairing the economy of Kyrgyzstan in the framework of the PRC strategy of reviving the Silk Road and deepening the integration processes in Central Asia is substantiated.
64-71 194
Abstract
In this article, author analyzes the current situation on the bond market in the field of responsible investment at the global and local levels, using the example of the Russian Federation. The practical basis for the definition and classification of ESG-bonds is considered. Events of recent years that have influenced creation and development of the green investment sector in the Russian financial market are described.
72-80 192
Abstract
In the modern world, information plays an important role, which is a key factor in the development of mankind. New information and communication technologies are emerging that contribute to improving all spheres of public life and significantly improving the quality of life of the population. This is how blockchain technology appeared, meaning a growing chain of records, called blocks, linked together using cryptography. The author examines the history of development, content and principles of the blockchain technology.
81-89 215
Abstract
The study is devoted to managing the budget deficit of state extra-budgetary funds in the Russian Federation. The dynamics of income, expenses and deficit of off-budget funds of the Russian Federation is considered. The state of each type of extrabudgetary fund has been assessed. The result of the work was formed reasons for the negative impact of the budget deficit of extrabudgetary funds on the budget system as a whole.

SOCIO–CULTURAL ASPECTS BUSINESS ACTIVITY

161-173 445
Abstract
The article is devoted to the consideration of the basic principles and provisions of socially oriented entrepreneurial activity in two of its forms: corporate social responsibility and social entrepreneurship. Based on the application of the basic models and principles of the functioning and interaction of operationally closed systems and bootstrap systems, a model is proposed for the influence of socially oriented activities on the development of the systems themselves that carry out this activity, as well as on the development of their external environment.

INDUSTRY SECTOR AS THE BASIS OF THE RUSSIAN ECONOMY

90-99 122
Abstract
The article deals with exchanges of a number of foreign countries. The changes that have taken place in this segment of the financial market over the past decades are noted. Data on exchanges in the United States, Great Britain, Canada, Germany, Japan, China and other countries are provided. The mechanism ofplacementof securities on the exchange market is described.
100-107 223
Abstract
The article discusses the state of the precious metals market. The main focus is on the gold market, namely, production, demand, and prices. The role of Central banks in the precious metals market is noted. The state of the gold market in certain Western countries is analyzed. The role of London as a global center of gold is noted. The gold market in Russia is considered separately: the production of precious metal, the role ofbanks, the country,s Central Bank, andgoldmining companies. Data on the state of the silver, platinum andpalladium markets are provided.
108-113 201
Abstract
This paper analyzes the M&A deal of Rostelecom and Tele2 Russia in order to evaluate the synergy effect as a resultofconsolidation. Discounted cash flow method is applied to determine the companies' enterprise values. As a result of the research, synergy is equal 38 003 million rubles and the M&A deal is recognized as an effective one.
114-121 126
Abstract
The article describes Russian securities market, and also the role of banks in this market. The types of securities that make up the Bank's portfolio are considered. The analysis was carried out on the example of Raiffeisenbank JSC, and the necessary conclusions were drawn.
122-130 139
Abstract
In this article, the author considers the role of distributed registries in improving the modern payment system. The essence of the distributed ledger mechanism is analyzed. The advantages and disadvantages of using distributed registries in the development and implementation of payment systems are identified.
131-137 190
Abstract
The essence ofcollective investment is revealed. The legal regulation ofcollective investments in Russia is characterized. Collective investment instruments such as private pension funds, mutual funds and crowdfunding are consistently characterized. The main features ofthe functioning of these tools in Russian conditions are determined.
138-145 138
Abstract
The article is devoted to the state and problems ofthe development ofthe financial market of Russia at the present stage. The relationship of the Russian and world financial markets is shown. The position of the Central Bank as a mega-regulator in relation to the prospects for the development ofthe financial market is determined. The position ofthe Central Bank and research economists are correlated. The conclusion is made about the difference in approaches in describing the problems ofthe financial market.
146-154 178
Abstract
The article presents the main problems of street lighting associated with the presence of large volumes of electricity losses, which are the reason for its irrational use. A method for solving these problems through the use of energy service contracts is described. The possibility of implementing these contracts together with state support mechanisms is considered, which allows for an integrated approach to achieve the main goals of modernizing streetlightingsystems aimed atensuring energy conservation and improving energy efficiency. The results ofthe application of this approach are presented on the example of the Smolensk region, which justify the feasibility of its use.
155-160 148
Abstract
This paper analyzes the investment project of Kurkiy meet-processing plant modernization implemented by Agrompromkomplektatsiya-Kursk LLC using the project financing mechanism. The main project's social and economic factors were considered as well as the conditions for intensifying the project financing mechanism in the agricultural sector in Russia.


ISSN 2073-6258 (Print)