<?xml version="1.0" encoding="utf-8"?>
<journal>
  <titleid/>
  <issn>2782-6015</issn>
  <journalInfo lang="ENG">
    <title>π-Economy</title>
  </journalInfo>
  <issue>
    <volume>11</volume>
    <number>4</number>
    <altNumber> </altNumber>
    <dateUni>2018</dateUni>
    <pages>1-284</pages>
    <articles>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>9-23</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Nikonova</surname>
              <initials>Allla</initials>
              <email>prettyal@cemi.rssi.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">A strategy as a set of the requirements compliance in the task of creating the digital economy</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The article examines the methodological issues of strategic planning and governance. They constitute the critical challenges in the field of constructing national strategies in Russia, i.e., of decision-making with long-term irreversible consequences for the economy and society as a whole. Flawed strategies are determined, above all, by incorrect theoretical backgrounds and approaches to forming strategies and mechanisms for their implementation. Lack of completeness and integrity as well as other shortcomings of the strategies do not allow to achieve strategic objectives. The rapid paces of global scientific and technological development aggravate the problem of competitiveness of the national economy and its units. The speedy introduction of digital technologies creates, on the one hand, some volatility, and on the other hand, the ability to fast technology upgrade in a wide range of economic activities, provided the correct response from the control side.  In this regard, basic requirements for a strategy were formulated in the article in the form of several groups of compliance. The first is compliance with the evolution of the controlled object, which is examined as a socio-economic system at different hierarchical levels. The second is compliance with the preferences of main economic agents, as well as reconciling their interests. Thirdly, a strategy should be in compliance with the institutional, socio-cultural and other specificities, the formal and informal rules of stakeholders’ behavior, traditions, norms, etc. In general, the strategy must meet the external and internal conditions and factors of decision-making taking dynamics into account. Fourth, there should be correspondence between subject and object, as well as agreement between strategy tasks and the organizational and economic governance mechanisms. Organizational barriers markedly impede Russia’s advance in the field of emerging technologies. In this regard, the results of DARPA’s comparative analysis with Russian counterparts are presented.  As we showed, all types of compliances can be achieved through the application of systematic economic theory. Indeed, it synthesizes the evolutionary, institutional, neoclassical, agent and all other known theories, so it allows to obtain a multidimensional, coherent description of an object studied in a changing environment. Systemic assessment of the capacity of technological development helps to design the image of the future, taking into account significant factors, as well as the preferences of stakeholders. Objectives to create the digital economy create a series of critical obstacles for contemporary Russia. Many of them can be overcome with the help of systemic principles of strategic planning and governance; for this purpose we have developed special models and methods. In particular, a fragment of the scheme for the iterative process of constructing a strategy is presented in the article. In the context of the discussion of modern science and technology trends, we concluded that innovation ecosystems should be established and developed, because they match most closely the requirements of the economy based on knowledge and multiplicative contacts between actors. The importance of a special innovation culture is stressed in the innovation ecosystem diagram presented in the paper. Innovation culture promotes the transfer of knowledge and technology; this culture is formed under the influence of digitalization, conducive to growth of interactivity of the actors. It is the innovation ecosystem concept which implements the systemic approach to establishing and developing a new economic system. Strategies which meet the system requirements encourage the development of the innovation ecosystem at different levels of economic hierarchy. In this regard, further research in this direction appears to be extremely promising.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11401</doi>
          <udk>338.24</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>socio-economic system</keyword>
            <keyword>strategic planning and governance</keyword>
            <keyword>science-technological development</keyword>
            <keyword>knowledge</keyword>
            <keyword>system economic theory</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.1/</furl>
          <file>01_niconova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>24-39</pages>
        <authors>
          <author num="001">
            <authorCodes>
              <scopusid>57200260200</scopusid>
              <orcid>0000-0002-6042-2657</orcid>
            </authorCodes>
            <individInfo lang="ENG">
              <orgName>State University of Management</orgName>
              <surname>Pisareva</surname>
              <initials>Ol'ga</initials>
              <email>o.m.pisareva@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Measuring the efficiency of decision implementation and activities of participants of strategic planning in digital transformation</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The digital economy provides additional requirements and opportunities to improve the efficiency of public administration. They are aimed at improving the organizational, methodological and data analysis tools for measuring the effectiveness of implementation of decisions and activities of participants in strategic planning. Today, observing the almost anomalous growth of various documents of strategic management level (strategies, programs, main lines of activity, forecasts, etc.), unfortunately we can confirm the low quality of the constructed strategic planning system. Contents is duplicated; the existing regional strategic planning documents are inconsistent; there is not clear hierarchy of goals, objectives and activities; the formulated goals are unclear and immeasurable; there is chronological mismatch of activities, often, there is either no link between the allocated budget funds and the target indicators, or this link is unsubstantiated, and there is a number of other shortcomings. This fully applies to monitoring and control tasks both for implementation of strategic level documents and for the activities of participants in strategic planning. In this regard, the article presents the institutional framework for solving problems of monitoring and controlling the implementation of documents and activities of participants in strategic planning. The existing problems in measuring results and effects within the framework of current monitoring and control of implementation of strategic planning decisions have been characterized. Based on the proposed typology of objects and subjects of monitoring, significant aspects of effectiveness evaluation have been identified. The main conceptual provisions are formulated and the scheme for formalizing the construction of integral criteria for assessing the effectiveness of implementation of documents and activities of participants in strategic planning has been presented. The integral assessment of the effectiveness of implementation of strategic planning documents is based on a system of private indicators of rhythmicity, efficiency, financial security, and effectiveness of public budget expenditures. The basis for constructing an integral index of the performance of participants in strategic planning are the private indicators of the completeness of organizational and methodological support of their activities, the effectiveness of strategic planning documents and financial provision of the participants in strategic planning during the implementation of strategic decisions. We have proposed methods for substantiating systems of weighting coefficients for integral performance evaluation criteria. The results presented in the article are useful for standardization, unification and optimization of the current activity of state bodies in conditions of using digital technologies and a specialized functional platform of the federal information system for strategic planning. This work was supported by the Russian Foundation for Basic Research (project № 18-010-01151).</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11402</doi>
          <udk>338.2 : 330.46</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>strategic planning</keyword>
            <keyword>monitoring</keyword>
            <keyword>efficiency measurement</keyword>
            <keyword>socio-economic dimensions</keyword>
            <keyword>digital transformation</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.2/</furl>
          <file>02_pisareva.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>40-58</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Palash</surname>
              <initials>Svetlana</initials>
              <email>svpalash@yandex.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Development institutions as instruments for managing structural change in industry of the Russian Federation</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The relevance of the research topic is due to the need to develop methods for assessing the effectiveness of industrial policy tools in the process of forming a new model of economic growth based on the development of manufacturing industry. The purpose of this study is to develop methodological tools to assess the effectiveness of the state development institutions as tools to attract investment in the industry. Research methods: mathematical modeling and economic analysis. The author evaluates the development institutions as a project of development of the manufacturing industry. The author found the condition of economic feasibility of functioning of the system of redistribution of budgetary funds with the participation of development institutions and market institutions for investment attraction in the industry; proposed a system of indicators for assessment of efficiency of functioning of institutions for development as instruments to attract investment in the industry; adapted the system of indicators for assessment of efficiency of functioning of the Guarantee Fund of Entrepreneurship Support; assessed the effectiveness of the functioning of the Guarantee Fund of Development of Entrepreneurship of the Kostroma region, as a development Institute, on the proposed system of indicators. According to the calculated indicators, in 2015–2017 the Fund carries out effective activities to attract investments in small and medium-sized enterprises of the region (other investments, that is, loan capital). The condition of economic feasibility of functioning of the system of redistribution of budgetary funds with the participation of development institutions and market institutions for attracting investments in industry on the example of regional development Institute – the Guarantee Fund of Entrepreneurship Support of Kostroma region – on the basis of the author's methodology runs in 2015 and 2017 in accordance with the structure of financing (loans), and in accordance with the structure of the surety. The author proved that the activities of the guarantee Fund, as a subject of structural industrial policy, contributes to the preservation of the industrial potential of the region (in terms of support of the small and medium-sized enterprises). The complex of methodological tools proposed by the author will allow to evaluate the possible efficiency of the implemented industrial policy tools (in particular, development institutions), to select the necessary tools for managing structural changes, to identify the reasons for the low efficiency of individual tools. The scope of the application of the results is structural industrial policy at the national and regional levels. The author sees the directions of further research in the adaptation of the developed system of indicators to assess the effectiveness of the functioning of other development institutions and its evaluation.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11403</doi>
          <udk>338.24</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>development institutions</keyword>
            <keyword>structural changes in industry</keyword>
            <keyword>structural change management tools</keyword>
            <keyword>industrial policy</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.3/</furl>
          <file>03_palash.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>60-69</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Ponomareva</surname>
              <initials>Svetlana</initials>
              <email>psvpon@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Khachaturyan Arutyun A. </surname>
            </individInfo>
          </author>
          <author num="003">
            <individInfo lang="ENG">
              <surname>Melnikova Anna S. </surname>
              <email>dew244@yandex.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Impact of digitalization and industrialization on asset planning and scientific and technological development of the production and economic system of the Russian Federation</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">Our studies are connected with the development of the theoretical and methodological system for further economic and scientific and technological development of the production and economic system of the Russian Federation in the conditions of introduction of the digital economy into various spheres of economic activity. The relevance of the research topic is related to the execution of the program «Development of the digital economy in Russia» up to 2035, as well as the implementation of the «INDUSTRY 4.0» concept. This paper has explored the known and new types of assets, technological trends in the digital transformation of industry and their impact on the development of the production and economic system of the Russian Federation. The object of the study is the production and economic system of the Russian Federation, which, at the present time, is undergoing transformational processes in connection with the introduction of the «INDUSTRY 4.0» concept. The subject of the study are management relations arising in the planning of digital assets and scientific and technological development of the production and economic system of the Russian Federation. The goal of the study was to present our classification of assets dictated by the modern market on the basis of scientific research, statistical data, studied assets, technologies and technological trends in the digital transformation of the industry. We have used the following methods of scientific research: analysis, synthesis, deduction, etc. We have analyzed the statistical data of the Federal state statistical services, characterizing the scientific and technological development of the production and economic system of the Russian Federation; we have classified the assets of an industrial enterprise in accordance with the digitalization of the economy; we have considered technological trends in the digital transformation of the industry and trends in the scientific and technological development of the production and economic system. The directions for further research are connected with the study of new control systems and markets defined in the program of development of the digital economy in the Russian Federation up to 2035. We will consider a multilevel system for planning the assets of industrial enterprises in the Russian Federation, presenting tools of operational, tactical and strategic levels.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11404</doi>
          <udk>338</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>digital economy</keyword>
            <keyword>production and economic system</keyword>
            <keyword>digital assets</keyword>
            <keyword>scientific and technological development</keyword>
            <keyword>INDUSTRY 4.0 concept</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.4/</furl>
          <file>04_ponomareva.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>70-84</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <orgName>Национальный исследовательский университет «Высшая школа экономики»</orgName>
              <surname>Bidzhoyan Davit S. </surname>
              <email>bidzhoyan_david@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <orgName>Национальный исследовательский университет «Высшая школа экономики»</orgName>
              <surname>Bogdanova Tatyana K. </surname>
              <email>tanbog@hse.ru</email>
            </individInfo>
          </author>
          <author num="003">
            <individInfo lang="ENG">
              <surname>Nekludov</surname>
              <initials>Dmitri</initials>
              <email>nekludovmid@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Evaluation of the bank's reliability as an investment object</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The approach proposed to classify commercial banks into banks that have a high probability of revoking a license and reliable banks, as well as an information and logical model for identifying a group of banks (or one bank) among reliable banks that are attractive for investment. The probability of license revocation was assessed using a logistic regression model based on database, consisting of 17559 observations for all banks, covering the period from Q1 2012 to Q4 2017. In view of the multicollinearity in data, RIDGE modification was applied with the algorithm for determining the penalty coefficient. In the model, the indicators of volatility of macroeconomic variables, expressed in the standard deviation and variance of the macroeconomic variable within the period under review, were included as regressors. The null hypothesis of statistical zero coefficients at volatility indicators of macroeconomic variables is rejected at various significance levels. The model is built in the R-studio programming environment using the «RIDGE» package. Based on the hierarchical clustering by the Ward method (as a measure of the distance – the square of the Euclidean distance) eleven clusters were obtained. In this paper, a brief description of these clusters is presented on the basis of the absolute mean values of the variables, as well as the relative average values of the bank's financial variables. Using the nonparametric Kruskal–Wallis criterion, which makes it possible to compare the average values for several groups simultaneously, it was found that the financial variables differ significantly at high levels of significance. The results of the cluster analysis can be used to support the investor's decision to select a cluster (or a bank within the cluster) to conduct stress testing of credit risk (as the largest source of losses) in order to invest in banks belonging to the selected cluster that have withstood stress testing. In the future, based on the results of stress testing of credit risk, it is possible to select from the analyzed cluster those banks that are the most resistant to stressful events and can later be viewed by the investor as investment objects.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11405</doi>
          <udk>336.71</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>logistic regression</keyword>
            <keyword>volatility</keyword>
            <keyword>financial statement</keyword>
            <keyword>clustering</keyword>
            <keyword>standard deviation</keyword>
            <keyword>variance</keyword>
            <keyword>multicollinearity</keyword>
            <keyword>investments</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.5/</furl>
          <file>05_bidgoyan.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>85-99</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Mashunin</surname>
              <initials>Yuriy</initials>
              <email>mashunin@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Mashunin</surname>
              <initials>Konstantin</initials>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Strategic and innovative development of the cluster based on the digital economy</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The creation of qualitative system of innovative development and management of economic system on the example of a cluster cause the relevance of the study. Rather much attention in many countries is paid to a research of this problem of management, both strategic development of the production cluster and the adoption of the optimal solution. Development of the enterprise or the corporation (cluster) are defined by new technology solutions which are presented, both on informational (statistical), and at the organizational level, including to works in which the considerable attention is paid to extensive and intensive factors of development of production. The aim of the work is mathematical and informational statement of the problem of strategic and innovative development of the cluster (digital economy), including reporting and technological information on production organization; the solution of this problem and formation of «The strategic development plan for a cluster in dynamics for several years». For this, we developed mathematical model of a cluster (corporation) using the mathematical models of innovative development of the production enterprise developed earlier. The mathematical model of a cluster considers both extensive and intensive factors of development of production. Input data for the mathematical model of a cluster are, firstly, accounting information (i.e. the reporting information provided, for example, in «1C: Enterprise 8.3»), and, secondly, technological information on preparation and organization of production. In total accounting and technological information is characterized as «digital economy». We constructed the mathematical model of a cluster in the form of a vector problem of the linear programming. The vector problem is solved with use of the algorithm based on normalization of criteria and on the principle of guaranteed result. As a result, «The strategic development of a cluster in dynamics for several years» is presented by digital values of optimum volumes of production and the corresponding socio-economic indexes of corporation. These stages of work in general represent «Methodology of simulation and optimal decision making in the creation of the strategic development plan for a cluster» where its development is shown in dynamics taking into account extensive and intensive factors, and which can be used in practice.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11406</doi>
          <udk>330.332</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>cluster</keyword>
            <keyword>strategic development</keyword>
            <keyword>accounting information</keyword>
            <keyword>technological information</keyword>
            <keyword>vector optimization</keyword>
            <keyword>software</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.6/</furl>
          <file>06_mashunin.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>100-110</pages>
        <authors>
          <author num="001">
            <authorCodes>
              <scopusid>57212400451</scopusid>
              <orcid>0000-0002-9226-9829</orcid>
            </authorCodes>
            <individInfo lang="ENG">
              <orgName>Russian state academy of intellectual property</orgName>
              <surname>Ustinova</surname>
              <initials>Liliya</initials>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Managing the promotion of new developments based on digital technologies</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The economy of industrialized countries is developing through the creation of new equipment, equipment, technologies, transport systems. The process of generating, disseminating, using knowledge and developing new technology contributes to the updating of the technological base. Innovative entrepreneurship develops strategies for effective promotion of scientific developments in products and technologies. Knowledge, intellectual resources, information technologies, automated systems, developed infrastructure of the national innovation system, modern technological platform, high technologies play a crucial role in the activation of the innovation process. Russian enterprises need to actively implement high-tech developments, the results of intellectual activity (RIA). The article reveals the role of digital technologies in production management, in the dissemination of knowledge and the promotion of new developments to world markets. The importance of patent policy in ensuring the competitiveness of industrial enterprises is shown. In the context of the development of the world market of high-tech products is required to form a strategy for research, design and technological works, based on a preliminary forecast assessment of the demand for development. It is necessary to implement a set of technological solutions that will allow Russian companies to compete successfully in the market of high technologies and expand the export of high-tech products. The promotion of the products to be created on the world market should be preceded by participation in international exhibitions, congresses, associations, and active multilateral international cooperation in this sphere. Promotion of products of the high-tech sector should be directed, first of all, to support the transnational sector, which in the long term will contribute to the modernization of production and the strengthening of the level of the innovative component of the Russian economy. Digital technologies have a significant potential for accelerating innovation processes, therefore, the indicators of investments in the development of the company's digital potential are an important factor of its competitiveness in modern conditions. The 4th industrial revolution is a new level of organization of production and creation of high-tech products. Digital technologies, such as the Internet of things (IoT), large data (big data), the use of mobile devices and devices transform the ways of social interaction, economic relations, institutions. There are new ways of cooperation and coordination of economic agents for joint solution of certain tasks (sharing economy). The digital technology sector plays a key role in innovation. The digital infrastructure is developing and becoming more accessible. The quality of communication networks is increasing as 4G and fiber-optic data transmission technologies are introduced. At the same time, prices are decreasing, in particular, for mobile communication services, opportunities for using mobile devices for Internet access are increasing, which, ultimately , allows to predict the ever wider coverage and development of digital technologies in the world. At a sufficiently high level of implementation of innovative projects in research and production enterprises and the patent activity of developers, there is a too low percentage of Russian inventions on the world market. To solve this problem, a methodology is needed, based on an analytical toolkit for managing the creation and promotion of new developments, which allows to proactively identify unique developments and promote science-intensive products to the world market. The analysis of the commercial attractiveness of the innovation project has a significant impact on the final choice of the innovation strategy. The article reveals that the choice of strategy for the commercialization of intellectual activity results can have different solutions: it is preferable when the technology complements the business of the enterprise and is used in its own production. Emerging business models, network structures based on new production and consumption technologies are transforming traditional market relations and require new solutions in the field of management of a modern firm.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11407</doi>
          <udk>658</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>scientific and production enterprises</keyword>
            <keyword>results of intellectual activity information systems</keyword>
            <keyword>analytical programs</keyword>
            <keyword>knowledge management</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.7/</furl>
          <file>07_ustinova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>111-119</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Nikonov</surname>
              <initials>Aleksandr</initials>
              <email>2anikonov@gmail.com</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Stelmashonok Elena V. </surname>
              <email>lrpg@mail.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Analysis of modern digital technologies’ implementation in the financial sphere</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">Among the main areas of development, in which the vast majority of modern fintech startups operate, allocate loans, attract investments, increase capital, insurance, Internet banking, mobile payments and mobile transfers. It is indicated that there is as yet no clarity in the model of interaction between these start-ups and banks. In 2016, 84 % of investments in fintech startups fall to innovative projects, which are going to be consolidated with banks in the future. On the other hand, in 2017 90 % of investments (about 1 billion US dollars) in the UK were directed to finance projects competing with traditional banks. As for main directions of innovative digital technologies’ implementation, authors include payment systems, credits (including mictrocredits) peer-to-peer crowdlending, crowdinvesting and crowdfunding platforms, Internet banking, blockchain, Big Data and machine learning. Specific feature of implementation of digital technologies for customers’ needs satisfaction are described. The paper demonstrates that an interrelation exists between the growth of financial technologies and the development of other branches of electronic economy, for example, between electronic payments and electronic commerce. Authors demonstrated that traditional financial institutions most probably will not be supplanted by fintech companies because of the difference of tasks that banks and fintech companies solve as well as because of the difference in financial competencies. The most probable scenario of development of the financial industry consists in coexistence of traditional financial institutions and fintech companies. Each model of financial services providing will have its specific niche. Banks will increase the use of financial technologies in their business.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11408</doi>
          <udk>336.7</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>digitalization</keyword>
            <keyword>fintech</keyword>
            <keyword>payment systems</keyword>
            <keyword>blockchain</keyword>
            <keyword>machine learning</keyword>
            <keyword>crowdlending</keyword>
            <keyword>crowdfunding</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.8/</furl>
          <file>08_nikonov.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>120-131</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <orgName>Севастопольский государственный университет</orgName>
              <surname>Odintsova Tatyana М. </surname>
              <email>odintsova06@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Rura Olga V. </surname>
              <email>rura.olya@mail.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Development of types, objects and methods of accounting in the digital economy and information society</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The transition from an industrial society to informational and the forming economy of knowledge based on rapid development of digital technologies lead to a new information environment of the neo-economy emerging, with predominantly intangible factors of value creation, new business processes and social humanistic priorities. Such changes undoubtedly affect the whole system of information support for socio-economic processes where accounting, with its functions of collecting, processing and providing economic information about the activities of economic entities, traditionally plays a significant role. The problems associated with the decrease in the functionality of accounting and the usefulness of financial reporting information for a circle of stakeholders were considered in numerous investigations dedicated to revising the theoretical foundations of accounting, analyzing the concepts, paradigms and the role in creating the information environment for managing economic processes, and, at the practical level, searching for specific ways of modernizing accounting and increasing the relevance of its information. Therefore, bringing accounting in the information management system for managing sustainable economic development processes up to date with the modern conditions, changing its substantial, methodological and conceptual bases under the influence of technological opportunities for digitalization and requirements for information content acquire special significance. We have considered the main ways of modernizing accounting in the digital economy and the information society. In particular, we have discussed the estimation of theoretical prerequisites and the possibility of changing the accounting paradigm, the development of the concept of accounting and its elements, the issues of structuring the accounting system by types of accounting, the criteria for their separation and development tendencies. We have identified the key factors of the influence of digital technologies on the methodology of accounting, and determined the possibilities for their expansion and modernization. We have also determined the main trends in the development of accounting objects, criteria for their recognition and metrics in the context of development of hybrid and intangible forms of capital, virtualization of monetary and non-monetary units of value, expansion of non-financial target characteristics of economic entities.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11409</doi>
          <udk>657</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>accounting</keyword>
            <keyword>digital economy</keyword>
            <keyword>accounting paradigm</keyword>
            <keyword>accounting concept</keyword>
            <keyword>methodology</keyword>
            <keyword>accounting objects</keyword>
            <keyword>metrics</keyword>
            <keyword>information and communication technologies</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.9/</furl>
          <file>09_odincova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>132-140</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Manturov</surname>
              <initials>Denis</initials>
              <email>manturov@minprom.gov.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Sustainable economic growth: aspects of harmonization of industrial and environmental policies of the Russian Federation</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The priority national goals, which have to be achieved to reach breakthroughs in science and technology and socioeconomic development, increase the country’s population, improve the living standards and conditions of our citizens, and create an environment and opportunities for all to fulfil their potential have been established by the Order of the President of the Russian Federation. Thus, to reach the priority national goals, it is necessary to provide for simultaneous and harmonized achievements of objectives dealing with acceleration of economic growth and technological renovation, as well as those falling into the category of enhancing resource and energy efficiency and minimizing negative impacts on the environment and public health caused by the industry. Best Available Techniques (BAT) are the new instrument of the environmental industrial policy of the Russian Federation. BAT have to be considered both from the standpoint of environmental regulation and from the standpoint of the economic regulation. The objective of harmonizing approaches of the industrial and environmental policies is determined by the fact that since industry requires substantial technological renovation, introduction of environmental policies has to become the key driver and the integral element of the industrial development.  The normative requirements to implementing BAT should be formed to ensure that new investments are attracted to industry and the demand for the Russian technological, environmental and analytical equipment is gradually formed and strengthened.  Under the conditions of the significant deficit of investments aimed at industrial development, it is necessary to guarantee additional tools of financial support instruments for implementing Best Available Techniques as well as for developing the Russian equipment needed to comply with BAT requirements. Special indicators have to be worked out in the near future to assess the results of BAT implementation. These indicators are needed to run comparative studies of technological, environmental, economic and social characteristics of particular installations, sectors, and regions. It is also necessary to develop a scientific rationale for assessing investments and operational costs at the sectoral and regional levels.  In addition, an interdepartmental system for evaluating BAT implementation has to be established and a community of chartered experts in the field of Best Available Techniques has to be formed. Econometric models and other instruments to forecast the technological level of industrial sectors and socio-economic aspects of regional development need to be worked out.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11410</doi>
          <udk>502.175:62/69</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>Best Available Techniques</keyword>
            <keyword>environmental industrial policy</keyword>
            <keyword>technological renovation</keyword>
            <keyword>environmental enhancement of industry</keyword>
            <keyword>sustainable economic growth</keyword>
            <keyword>national replacement of imported equipment</keyword>
            <keyword>financial support instruments</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.10/</furl>
          <file>10_manturov.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>141-164</pages>
        <authors>
          <author num="001">
            <authorCodes>
              <researcherid>V-1094-2019</researcherid>
              <scopusid>56968223000</scopusid>
              <orcid>0000-0002-0941-6358</orcid>
            </authorCodes>
            <individInfo lang="ENG">
              <orgName>Peter the Great St.Petersburg Polytechnic University</orgName>
              <surname>Babkin</surname>
              <initials>Alexander</initials>
              <email>babkin@spbstu.ru</email>
              <address>Russia, 195251, St.Petersburg, Polytechnicheskaya, 29</address>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Baikov</surname>
              <initials>Evgeny</initials>
              <email>evgeny7430@yandex.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Collaboration of industrial and creative clusters in economy: essence, forms, features</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">In the conditions of modern economic development the general regularity consisting in integration of economic subjects on the basis of association or collaboration of production, research, engineering, educational and other agents is observed. One of such associations in economy is the cluster. In article it is shown that the category «cluster» was strongly enshrined in modern scientific and practical activities of Russia. However due to the lack of accurate scientific and legal study of essence and signs of clusters lack of uniformity in their standard maintenance is observed. It is noted that being complex and capacious concept, «cluster» is defined by various scientists-researchers as: geographically close groups of companies specializing on production of similar products or rendering services; geographically close group of the interconnected industries; networks of the enterprises and organizations and the related institutions within geographical boundaries; groups of companies, using identical production technologies and connected with other groups of firms on the basis of technology. Special relevance to this problem is given by that fact that budgets of various levels allocate considerable financing for creation and development of clusters. Therefore, need of formation of bigger definiteness for understanding of known category is dictated not only theoretical interests, but also practical activities, and also the purpose to provide possibility of an effective expenditure of budgetary funds. It is noted that clusters promote strengthening of coherence and complementarity of branches by means of distribution of technologies, skills, information and marketing, and, as a result, – to acceleration of introduction and development of innovations. In this connection it is possible to consider that development of clusters is one of the most important sources of long-term economic growth of branch, the region, country. Classification of clusters is presented, and also classification of industrial clusters on the basis of introduction and use of innovations is separately allocated. Features of creative clusters, types and forms of collaboration of industrial and creative clusters are presented. It is shown that there is an objective need for collaboration of industrial and creative clusters which provides due to mutually beneficial cooperation essential increase of efficiency of their functioning, growth of financial and economic indicators and image components.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11411</doi>
          <udk>519.23:621.2</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>cluster</keyword>
            <keyword>industrial cluster</keyword>
            <keyword>creative cluster</keyword>
            <keyword>classification</keyword>
            <keyword>cluster economy</keyword>
            <keyword>collaboration</keyword>
            <keyword>innovative activity</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.11/</furl>
          <file>11_babkin.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>165-175</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Ilyasov</surname>
              <initials>Ruslan</initials>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Spline-modeling and analysis of interactions in the economy with the possible presence of switching points of regression</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">In the study of relationships, it is often necessary to take into account the instability of the form of communication, changes in the number of factors and the degree of their mutual influence. Thus, some models of relationships in the economy can be considered systems with variable structure. In a situation where it is impossible to formulate hypotheses about the position of points of structural changes a priori, it is important to avoid smoothing modeling methods that worsen the initial economic signal. The work offers methods of a new science, the «new econometrics» for simulation of variable-structure systems using analysis of interrelations of processes. Possible switching points of regression in studying relationships complicate the use of classical methods of econometrics. The goal of the study was to investigate whether spline modeling can adequately assess the evolution of the relationship between processes, which remains unnoticed in simple regression models. Approximation of the dynamics of splines allows to accurately preserve the initial economic signal. Then it becomes possible to compare the real mutual effects of processes continuously. Fixation of «special points», points, switching regression, «return points», points breaking or tearing of the trends at the interface of different structural conglomerates gains particular complexity and importance in such systems. Fixation is possible only through the first derivative of the economic signal, which must be present in the «new econometric» model analytically, graphically and numerically. Violations of the well-known negative correlation between the dollar and oil prices have been found in some time intervals. Effective instruments for implementing the proposed method for investigating the interconnections with a «patch» structure can be considered as an approximation of the dynamics by splines, the transition from comparison of discrete states of processes in key points to comparison of segments. The constructed phase trajectory of the relationship between the dollar and oil prices has confirmed that the proposed method for analyzing the temporal features of the relationship has advantages over the simplified regression of the least squares method. As an instrumental base of the study, we propose a spline approximation with analytical modeling and visualization of processes in the Maple computer mathematics system.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11412</doi>
          <udk>330.4</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>system</keyword>
            <keyword>variable structure</keyword>
            <keyword>process</keyword>
            <keyword>regression</keyword>
            <keyword>modeling</keyword>
            <keyword>spline functions</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.12/</furl>
          <file>12_il'yasov.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>176-184</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Burdakova</surname>
              <initials>Galina</initials>
              <email>galinabu@rambler.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Byankin</surname>
              <initials>Anton</initials>
              <email>anton.byankin@yandex.ru</email>
            </individInfo>
          </author>
          <author num="003">
            <individInfo lang="ENG">
              <surname>Vakhrusheva</surname>
              <initials>Veronika</initials>
              <email>Vaxnika_89@mail.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Study of cluster initiatives in an advanced development region</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The formation of industrial clusters for advancing regional development is a priority strategic objective. Territories of advanced socio-economic development have been created in the Russian Far East; an innovative territorial air and shipbuilding cluster (ITSC) operates in the Khabarovsk Krai. Studying the cooperative chains of an anchor resident of an innovation cluster on the territory of advanced development made it possible to draw a conclusion about the small role of regional organizations in the value chain of high-tech products. This role is mostly in providing human resources, infrastructure and services, primarily, construction, assembly and repairs. However, a territorial innovation cluster also contains small innovation enterprises of the State University, located in the territory of advanced development. We have confirmed that establishing small innovative enterprises at the University contributes to the emergence of cluster initiatives in the productive sphere of the region. When arranging interactions in a new value chain demand; to meet the participants interaction (primarily University) are conducting research and development and create innovations that are introduced into production. A new demand arises in the organization of interactions in a value chain; to satisfy this demand, the participants in the interaction (first of all, the university) carry out research and development and create innovative projects that are introduced into production. These processes lead to understanding the new role of universities in regional development. A university is regarded as a center of regional development, integrating education, research and innovation within the educational process. Establishing the innovation infrastructure and developing entrepreneurship in the territories of advanced development can enhance the commercialization of scientific and technical developments. The goal of this study is to test hypotheses about cluster initiatives in the region of advanced development. We have examined a model of interaction between the university and the industrial enterprises of the cluster in the territory of advanced development using the Komsomolsk-on-Amur State University as an example. We have concluded that the hypothesis has been confirmed.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11413</doi>
          <udk>332.146.2</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>territory of advanced development</keyword>
            <keyword>innovative territorial cluster</keyword>
            <keyword>institution of higher learning</keyword>
            <keyword>communicative interaction</keyword>
            <keyword>cluster initiative</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.13/</furl>
          <file>13_burdakova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>185-199</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Borsch Lyudmila M. </surname>
              <email>l-borsh49@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Gerasimova</surname>
              <initials>Svetlana</initials>
              <email>svetlana-gerasimova-68@mail.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Spatial model of innovative technological regional development</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The development of technologies and innovations in general in Russia is not entirely satisfying for the innovative activity in large and medium-sized enterprises in the regions. The current situation indicates that our economy is not ready for a technological breakthrough in some areas of activity. The weak susceptibility of the business to scientific and technical makes the research relevant. The main goal of this article is to show that the aims and objectives of the innovation economy are in the general line of national trends, and the logic of its development corresponds to the processes of production modernization and technological re-equipment. To achieve these goals, the following tasks were accomplished: the approaches to innovation activity were systematized; an algorithm of comparative analysis for the introduction of advanced technological innovations into production, the practical use of the set of resources that form the innovative resource «launch platform» of organizations was given. As the main research methods we used: an analytical review of theoretical approaches; algorithm of comparative analysis of the main indicators characterizing the innovative activity in economy; system, structural-logical, economic-statistical and comparative analysis. An in-depth analysis of the innovative activity of organizations in the sphere of production was carried out and an innovative approach was formed, which is based on the innovative activity of territories and business structures. The dynamics of technological modernization bases on the activation of innovative development as a complex generalizing process at the macro and meso levels; the methodological support of modernization is based on building innovative technological spatial development. The materials stated in the article show that the technological innovation potential of the regions can be defined as a combination of conditions, resources, human perception and adoption of processes that change their lives under a variety of factors and criteria when applying different approaches to the formation of a resource «launch platform» for organizations. The research carried out in the article deals with the spatial development of innovative technologies. The application of the set of technologies, innovations and available resources allow improving the management technology, solving problems using the integrated potential of resources, effective management of the regional innovation system and organizations.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11414</doi>
          <udk>330; 336</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>modernization</keyword>
            <keyword>innovative activity</keyword>
            <keyword>innovative infrastructure</keyword>
            <keyword>regional development</keyword>
            <keyword>competitive space</keyword>
            <keyword>resource «launch platform»</keyword>
            <keyword>innovative approach</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.14/</furl>
          <file>14_borsch.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>200-211</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Kulibanova</surname>
              <initials>Valeriia</initials>
              <email>valerykul@mail.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Prikhodko Aleksandra N. </surname>
              <email>an_prihodko@mail.ru</email>
            </individInfo>
          </author>
          <author num="003">
            <individInfo lang="ENG">
              <surname>Teor</surname>
              <initials>Tat'iana</initials>
              <email>teort@rambler.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Factors of improving the competitive attractiveness of metropolitan areas for youth migration</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">In the globalized world, the competition of territories for obtaining and efficiently using different resources is on the rise. Now it is human capital that is reasonably considered to be one of the most valuable sources. Besides, the presence of young, promising and highly-qualified personnel in the region can be regarded as a key competitive advantage of any territory. The article analyses the issues of attracting and retaining young people, which is one of the essential conditions for sustainable regional development. Creating and maintaining an image of the city as the preferred destination for youth migration, in particular for studying, is seen as one of the most promising trends. The regions with this image have strong points, namely: students are integrated into the urban environment, socialized and, ultimately, tied to the city much more easily. Today's students are tomorrow's taxpayers; they are skilled and socially adapted, unlike most migrants staying here. Moreover, the availability of higher education institutions is one of the necessary requirements for the formation of a full-fledged urban environment. Furthermore, universities may become a working place for the city's population. So students make a great contribution to the city economy as a whole. In the course of the study, we have generalized and analyzed the theoretical material and examined the results of sociological and marketing research conducted earlier. In addition, in order to determine the main factors of competitive attractiveness of a metropolitan area such as St. Petersburg, which is a destination for youth migration, primary marketing information was collected through a survey of students from three universities in the city. We have identified the most significant factors that influence the decision of migrating to certain area. An assessment was made of how each factor is represented in St. Petersburg. The problems and opportunities of the city in creating the image of Russia’s largest educational center have been examined. Recommendations are proposed for improving St. Petersburg’s positions in this sphere. We see the directions for further research in defining the role of St. Petersburg’s leading universities in shaping innovative educational clusters.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11415</doi>
          <udk>332.14</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>stakeholders</keyword>
            <keyword>students</keyword>
            <keyword>competitive attractiveness of the region</keyword>
            <keyword>spatial development</keyword>
            <keyword>the youth migration</keyword>
            <keyword>St. Petersburg</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.15/</furl>
          <file>15_kulibanova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>212-221</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Ratner</surname>
              <initials>Svetlana</initials>
              <email>lanarat@mail.</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Iosifov</surname>
              <initials>Valeriy</initials>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Comparative analysis of competing innovative technologies of land vehicles with respect to environmental and economic indicators</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">Currently, academic and specialized analytical literature is actively discussing the problem of choosing alternative models for the developing modern land transport systems that would satisfy both the growing environmental requirements and the commercial feasibility criteria. The goal of this paper is to perform a comparative analysis of the best-developed competing technologies of road transport, such as electric vehicles, cars operating on compressed natural gas, and cars using pure biodiesel as fuel, both by economic (full cost of ownership and operation) and environmental criteria (emissions of pollutants into the atmosphere in the CO2 equivalent). The paper suggests an approach to forecasting the change in the complex index of environmental and economic efficiency in dynamics for each pair of compared alternatives. The cost parameters of each competing technology are calculated with reference to the US fuel market as one of the most diversified in the world. The simulation showed that the most preferable alternative to the traditional gasoline car based on the integrated indicator of environmental and economic efficiency is an electric vehicle. The second most preferable alternative to a gasoline car is a car running on pure biodiesel. A car with natural gas as an alternative to the traditional gasoline version becomes more preferable from about the fourth year of operation. The results of the work can be used in the process of developing various state policies to stimulate the development of a particular type of vehicle, including the calculation of the required tax incentives or disincentives. The peculiarity of the study is the calculation of pollutant emissions at all stages of the life cycle «from well to wheel», including all emissions to the atmosphere that were produced in upstream activities. Taking into account these negative environmental effects is especially important when car fuel is produced in the same territory (within the same country or region) where it is consumed.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11416</doi>
          <udk>004.94:620.9</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>innovations</keyword>
            <keyword>ground transportation</keyword>
            <keyword>electric vehicles</keyword>
            <keyword>biodiesel</keyword>
            <keyword>life cycle analysis</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.16/</furl>
          <file>16_ratner.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>222-229</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Lomachenko</surname>
              <initials>Tatiana</initials>
              <email>Lomachenko37@yandex.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Kokodey Tatiana A. </surname>
              <email>tanya.kokodey@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Developing the generalized indicator of geopolitical region development</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">In this study, an algorithm is proposed to calculate the general indicator (index) of the development of the geopolitical region from the point of view of the system approach. At the same time, two key components of the region's development are taken into account: the ecological favorability of the territory and the level of its financial and economic development. The indicator of ecological favorability of the territory is calculated as the Environmental Performance Index (EPI), using the proximity-to-target technique developed by the Yale University of the United States, as it collectively assesses the impact of the environment on human health and the state of the ecosystem. According to the above method, at the first stage, two groups of initial indices are formed in the structure of the EPI in such a way that the first one characterizes the influence of the environment on the state of public health, and the second – the effect of the environment on the quality (vitality) of the ecosystem. For each initial indicator, the weight is determined depending on its importance in the formation of EPI, as well as the target (optimal) value. In the following stages, the indicators are aggregated at three levels: the arithmetic mean of the weighted initial indicators for each subgroup is calculated using the above weights; the aggregated indices obtained and their weights are again used to calculate the arithmetic mean of the two main groups of indicators; The obtained values of the indicators for the two groups are summed up to obtain an index of the state of the environment (EPI). In turn, the indicator of the financial and economic development of the territory – the second component of the development of the geopolitical region – is calculated as the first main component by the Econometrical method Principle Component Analysis, with a preliminary selection of the corresponding initial quantitative metric. Then, the generalizing indicator (index) of the development of the geopolitical region was obtained on the basis of aggregation of the above-mentioned indicators of ecological favorability and financial</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11417</doi>
          <udk>319:621.34.2</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>generalized development index</keyword>
            <keyword>geopolitical region</keyword>
            <keyword>environmental performance index</keyword>
            <keyword>quantitative metrics</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.17/</furl>
          <file>17_lomachenko.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>230-241</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Titov</surname>
              <initials>Vladislav</initials>
              <email>titov@ieie.nsc.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Bezmelnitzyn</surname>
              <initials>Dmitry</initials>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Industrial cluster as the platform of optimization for strategic management of development of high-tech business</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The article presents a methodological approach to the construction of a model of optimization of planning the functioning of enterprises, firms, corporations in the industrial cluster. It is assumed that the formation of the cluster is based on the economic interest of enterprises. Such interest is associated with the development and implementation of innovation and investment projects that provide a significant increase in added value from the sale of high-tech products. The solution of such a problem is important for planning practice. Therefore, the relevance of this research topic is not in doubt. The development of mechanisms for managing the development of enterprises and corporations provides for their integration. There are a lot of problems of justification of internal corporate prices; determination of the synergistic effect and its distribution among the cluster members; evaluation of the effectiveness of investment projects, financial innovations and other developments. The most effective organization of production at the enterprises of the cluster in the production of complex, science-intensive products with high added value, solvent demand in the domestic market and abroad. Therefore, the development of a generalized mechanism for solving such problems without studies simulating such processes on the basis of modeling is quite complex. Particular attention in the development of methodological approach to the construction of the optimization model of planning the functioning and development of the industrial cluster is to identify the elements that determine the emergence of a systemic (synergistic) effect. The system effect of the integration of enterprises is the effect of saving overhead costs; the use of net profit with returns and interest payments; involvement in the turnover of the effects of cooperation of production, the introduction of various joint innovations. The synergistic effect is associated with the complex use of intangible and tangible (fixed assets) assets of all cluster companies. Such situations create economic and technological interest of enterprises in cooperation. The formation of clusters is an important element of the industrial policy of the region. The results of practical calculations showed the effectiveness of the proposed mechanism of management of industrial clusters.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11418</doi>
          <udk>658.5</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>industrial cluster</keyword>
            <keyword>optimization model</keyword>
            <keyword>transfer prices</keyword>
            <keyword>synergy</keyword>
            <keyword>strategic management</keyword>
            <keyword>development of high-tech business</keyword>
            <keyword>cluster management platform</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.18/</furl>
          <file>18_titov.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>242-251</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Shiro</surname>
              <initials>Mariia</initials>
              <email>orishmary@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Structural and functional characteristics of the it components of the innovation cluster</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">Analysis of existing approaches to the formation of clusters has made it possible to identify key actors of innovation activity that determine the effectiveness of the actors in the cluster, including scientific and educational organizations, manufacturing enterprises, public authorities (act as regulators), and a specially created body (more often in total, the Center for Cluster Development). Unfortunately, the creation of an innovative cluster does not pay much attention to the formation of an appropriate infrastructure. A key element of such an infrastructure should be information and analytical centers, whose tasks will include the accumulation of information flows, the creation of a database, the analysis of information received, and the forecasting of the potential needs of production enterprises that are part of the cluster. In addition, the information and analytical center can solve strategic problems, becoming an independent actor. Thus, one of the key trends in the informatization market is the need to develop industry solutions, i.e. creation of universal products, allowing to increase the efficiency of business processes. That completely corresponds to the structural and functional features of innovative clusters.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11419</doi>
          <udk>338.244.44 </udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>clusterization</keyword>
            <keyword>cluster</keyword>
            <keyword>innovation cluster</keyword>
            <keyword>information and analytical center</keyword>
            <keyword>regional economy</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.19/</furl>
          <file>19_shiro.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>251-262</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Davliatova Malika A. </surname>
              <email>malika.davliatova@gmail.com</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Starodubcev Yuriy I. </surname>
              <email>prof.starodubtsev@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Algorithm for determination of innovative development parameters of telecommunication enterprises</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The relevance of innovative development management of the enterprises is caused by high rates of scientific and technological progress and need of fast adaptation to changes of the external environment of the enterprises and maximizing profit for the minimum time. In view of the fact that production of new types of service directly depends on development and release of new communication equipment, producers of services need to determine parameters of innovative development in advance that causes relevance of the research. Objective is to develop an algorithm for determination of innovative development parameters of telecommunication enterprises at which the set efficiency level is provided. Object of assessment are telecommunication enterprises. The economic essence of the algorithm generally consists in realization of the following stages: allocation of quasihomogeneous fragments by quantity, quality and the cost of information services; identification of structure of information inclination of multiple subscribers, the selected quasihomogeneous fragments allowing to estimate the level of the missed benefit; assessment of subscribers solvency on fragments with the smaller level of innovation; comparison of the loss of profit extent and profitability of innovations; assessment of an innovative resource. The algorithm is intended for determination of parameters of innovative development of telecommunication enterprises at which the set level of efficiency is provided. The algorithm can be applied on telecommunication enterprises which are producing and implementing telecommunication services, and at some adaptation, to other objects. Frequency of assessment depends rates of scientific and technical development in the communication field and change of solvency level of communication services consumers and their quantity in the set region and also change of technical characteristics extent on communication objects of the interacting and (or) competitor communication companies (telecom operators).</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11420</doi>
          <udk>338.47</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>innovative resource</keyword>
            <keyword>parameters of innovative development</keyword>
            <keyword>telecommunication enterprises</keyword>
            <keyword>information and telecommunication system</keyword>
            <keyword>cyberspace</keyword>
            <keyword>coefficient of innovative monopolization</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.20/</furl>
          <file>20_davlyatova.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>263-271</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Leiman Eugene N. </surname>
              <email>e.leyman@rambler.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Lozenko Valeriy K. </surname>
              <email>LozenkoVK@mpei.ru</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Principles, objectives and features of the formation of a mechanism for managing the value of the property complex of the organization</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">Optimization of current activities, formation and implementation of management strategies in order to increase the value of the organization are gaining greater importance at the present stage of organizational management. The development of the property complex as a key element of the organization's management system is a factor in increasing the effectiveness of the overall management system and may also be its competitive advantage. The research topic is relevant due to the need to improve the forms and methods of managing the property complex on the basis of analysis of the specifics and peculiarities of the mechanism for managing the value of the property complex in accordance with the targets for increasing their investment attractiveness. In this study, we have determined the primary function of managing the property complex of the organization, consisting in goal-setting when implementing the task, taking into account the specifics of the management object. We have also justified the additional, secondary function that has a positive impact on implementing the accompanying task that is part of the related set of goals and objectives of organizational management (management of the organization's activities, including current activities and development, the organization’s cost management). Additionally, based on the analysis of the principles of managing the property complex, a set of tasks is proposed, which is used in assessing the effectiveness of the mechanism for managing the property complex. Management tasks are implemented in the context of organizational and legal foundations of cost management, and we have divided them into three blocks: use, valuation, management. The specifics influencing property management are revealed. In view of its complexity, the process of managing the value of the organization's property complex needs to be carried out taking into account internal factors, namely, the interrelationship of evaluation principles and organization's tasks, as well as external factors that include the specifics of managing the assessment process.  The study we have carried out will allow to identify the most pressing problems at the initial stage of the process of building a mechanism for managing the value of the property complex. Further research into this subject will be dedicated to developing a comprehensive model for monitoring the effectiveness of the organization's activities in the context of the organization's cost management.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11421</doi>
          <udk>338.46</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>property complex</keyword>
            <keyword>management methods</keyword>
            <keyword>value management</keyword>
            <keyword>asset valuation</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.21/</furl>
          <file>21_leiman.pdf</file>
        </files>
      </article>
      <article>
        <artType>RAR</artType>
        <langPubl>RUS</langPubl>
        <pages>272-284</pages>
        <authors>
          <author num="001">
            <individInfo lang="ENG">
              <surname>Cherkasova</surname>
              <initials>Viktoriia</initials>
              <email>vacherkasova@yandex.ru</email>
            </individInfo>
          </author>
          <author num="002">
            <individInfo lang="ENG">
              <surname>Ulianova Valeriia I. </surname>
              <email>ulyanovavaleriya01@gmail.com</email>
            </individInfo>
          </author>
        </authors>
        <artTitles>
          <artTitle lang="ENG">Cash holdings of russian companies and the uncertainty in economic policy</artTitle>
        </artTitles>
        <abstracts>
          <abstract lang="ENG">The issues related to effective use of various sources of financing companies include not only internal but also external factors that influence the choice of a source. These issues are rather understudied in the literature, as they are exogenous for companies who thus cannot influence them. However, consideration of economic policy, especially its unpredictability, affects all economic and financial decisions. The problem of company liquidity has been gaining popularity in theoretical and empirical literature, as existing trends in money accumulation continue to grow among global companies operating in both developing and developed markets. This study determines the impact of uncertainty in economic policy on the monetary reserves of Russian companies that guarantee their liquidity. The study was conducted with a sample of 437 public non-financial Russian companies in the period from 2003 to 2017. Regression analysis methods have been used to achieve the objectives of the study. An index based on the frequency indicators of newspaper articles (EPU) was used to calculate uncertainty in Russia's economic policy. The obtained results have shown that the growth of the monetary supply of companies depends on the growth of uncertainty in economic policy. Russian companies behave much more uniformly in conditions of uncertainty limiting themselves in pursuing opportunities. The study revealed that future uncertainty affects companies, both through external financing and internal channels. Using external sources, uncertainty increases the cost of loans, which in turn encourages companies to store more cash. Using internal means in conditions of uncertainty, companies find it more difficult to predict future cash flows, which leads to an increase in cash even today. Understanding these issues helps to develop more effective investment and financial strategies for companies and would allow companies to reduce the impact of external shocks on their effectiveness.</abstract>
        </abstracts>
        <codes>
          <doi>10.18721/JE.11422</doi>
          <udk>336.64</udk>
        </codes>
        <keywords>
          <kwdGroup lang="ENG">
            <keyword>economic policy</keyword>
            <keyword>internal financing</keyword>
            <keyword>cash level</keyword>
            <keyword>financial constraints</keyword>
            <keyword>credit line</keyword>
          </kwdGroup>
        </keywords>
        <files>
          <furl>https://economy.spbstu.ru/article/2018.72.22/</furl>
          <file>22_cherkasova.pdf</file>
        </files>
      </article>
    </articles>
  </issue>
</journal>
