Economic

Introduction. The role of domestic government borrowing in Russia’s fiscal policy has become prominent in 2020. The relevance of this topic is related to the budget’s need for additional sources of financing due to COVID-19 pandemic. The effectiveness of the state’s debt policy is influenced by many factors: the political structure of the state, legal institutions, the economic situation in the country, the quality of infrastructure. In this study, the impact of formal institutional factors on the dynamics of domestic debt, the possibility of improving debt policy in modern conditions are analyzed. Theoretical analysis. The article reveals the concept of institutions in the context of domestic debt, the causal dependence of the public borrowing dynamics on the functional characteristics of the formal institutions that form it. Empirical analysis. The analysis of the main formal institutional factors, namely: legal institutions, the economic situation in the country, the infrastructure and the political structure of the state is carried out. Results. In the course of studying the factors of domestic debt growth, the weaknesses of formal institutions that determine the dynamics of state domestic borrowing in modern conditions were identified. Proposals are made for improving the state policy in the sphere of Russia’s state debt.

Introduction. We can confidently say already that in the current conditions of global economic development, China is the most important and priority partner in the development of our country’s foreign economic activity. Theoretical analysis. The development of a strategic approach to bilateral economic cooperation with China is the most relevant in the modern system of coordinates of Russia’s foreign economic activity. Nowadays China is really the most important and priority partner in the issues related to the development of our country’s foreign economic activity. There have been different stages in the history of relations between Russia and China, but their current state gives hope for even greater mutually beneficial effect in the strategic perspective. The need to study the formation, transformation and development of Russian-Chinese relations in the context of foreign economic relations and projects is due to the growing influence of China in Russia over the past four years, the cooling of relations between Russia and the West after the events of 2014 and the Russian “turn to the East”. Empirical analysis. Speaking about the effectiveness of foreign trade relations between Russia and China in 2019, it should be noted that Russia’s trade turnover with China in 2019 increased by 3.4% to $110.76 billion, including Russia’s exports to China increased by 3.2% to $61.05 billion, imports from China to Russia increased by 3.6% to $49.7 billion. In comparison, the trade turnover between China and the United States fell by 14.6% to $541.22 billion againist the background of a trade war between these countries. It amounted to USD 541.22 billion, with USD 418 billion coming from China to America. Results. The prerequisites and factors for further development of relations and deepening of trade and economic cooperation between Russia and China have recently been growing. In addition to classical factors: geographical, territorial and, consequently, common border, which allows the development of new forms of cooperation and business (cross-border trade, cross-border economic zones and clusters, interbank settlements in national currencies in border areas, etc.). Political factors are increasing, as well as the impact of modern world economic trends on deepening bilateral economic relations between the countries. However, it is important to remember that in today’s realities Russia needs China more than China needs Russia.

Introduction. In this article, the point of view that recognizes J. M. Keynes’ book “The Economic Consequences of Peace” as his best work, dedicated to the results of the Versailles Peace Conference and published in December 1919, is substantiated. The uniqueness of this publication is due to the author’s participation in the negotiation process, expressing a personal position of protest against the content of the Versailles Peace Treaty and the destructive consequences of its implementation. Scientific review. The experience of macroeconomic research of the European economy transformations at the turn of the XIX–XX centuries is analyzed. The logic of the author’s concept development corresponded to the historical course of events: the economy of Europe before and after the war, on the eve of a peace treaty and the prospects for its post-war recovery. The chronological macroeconomic approach was relevant and productive. The scientific creativity of J. M. Keynes, presented in “The Economic Consequences of Peace”, was an original combination of a commitment to the tradition of English economic thought and an innovative understanding of extraordinary macroeconomic trends and extraordinary structural transformations of the economy. Conclusion. It explains the fundamental importance of the book “The Economic Consequences of Peace” in the scientific work of J. M. Keynes. In the process of its writing, bold, innovative ideas developed that served as a theoretical and methodological key to the formulation and solution of problems in the most famous book “The General Theory of Employment, Interest and Money”, published later. “The Economic Consequences of Peace” is a creation that deserves the status of a world economic thought classics, a masterpiece of macroeconomic theory that has not lost its scientific value and relevance in the century since its creation and publication.

Introduction. The article reflects the basic requirements for the results of the financial literacy system for the adult population. Theoretical analysis. The standard of basic knowledge is a tool in the field of education, fixing the level of knowledge that determines financial literacy. Empirical analysis. Financial knowledge is applied in nature, is a set of information and skills that have the property of universal applicability and are objectively necessary to maintain and improve financial well-being in daily life. Results. As a part of the implementation of the National Strategy for Financial Literacy in the Russian Federation for 2017–2023, the considered standards of basic knowledge for adults can be used in the process of developing regional programs aimed at a wide target audience, they can serve to identify factors and barriers to increasing the level of financial literacy of the Russian population, create effective tools for measuring the results of activities and a qualitative assessment of the results of work. The article was prepared as a part of the Project of the Ministry of Finance of the Russian Federation and the World Bank “Promoting Improving the Level of Financial Literacy of the Population and the Development of Financial Education in the Russian Federation”.