Vol 4, No 4 (2025)

Articles

On the matter of scale of the modern global derivatives market

Gayduk V.M.

Abstract

the purpose of the article is to assess the scale of the modern global derivatives market taking into account the changes taking place in the modern world economy. The article analyses approaches to estimating the size of the global derivatives market within its over-the-counter and exchange segments. Various value estimates are presented, taking into consideration the changes in the global derivatives market in recent years that have influenced its scale. The contribution of the OTC and exchange markets is calculated in terms of the number of contracts concluded, the market value of contracts in circulation and the average daily turnover of instruments. Results: it is revealed that there is a disproportion between the exchange and OTC parts of the modern global derivatives market. Apart from that, forecasts regarding future market trends are made. It is concluded that at the present stage it is impossible to clearly regulate the derivatives market, primarily due to its relative opacity, which can result in difficulties in regulation as well as possible destructive impact of derivatives market. The results of the study can be helpful to professional investors using derivative financial instruments for their trading strategies executed within the financial market.
Economic Bulletin. 2025;4(4):4-13
pages 4-13 views

Integration of digital indicators into monitoring the quality of educational programs

Natapov M.L.

Abstract

the article analyzes modern approaches to monitoring the quality of educational programs, taking into account the digital transformation of the educational process. The high need for objective assessment tools capable of recording both quantitative and qualitative aspects of educational outcomes, as well as meeting the requirements of individual student support, is emphasized. A critical review of current research has been conducted and key shortcomings of existing methods have been highlighted, such as fragmented data, disparity between digital and traditional metrics, and insufficient depth of analysis of educational trajectories. Based on these assumptions, a comprehensive architecture of digital indicators is proposed, including the integration of various sources of information to form multidimensional indexes that evaluate not only attendance and completion of tasks, but also the depth, initiative and awareness of learning materials, as well as the quality of interaction in the team. A special place in the work is occupied by an aggregated assessment of educational dynamics, which goes beyond the fixation of formal participation and provides a transition to a comprehensive quantitative and qualitative analysis of the educational subjectivity of schoolchildren. The methods of calculating integral indices of the second order are described and their advantages for obtaining a complete picture of educational achievements are shown. The connection of the proposed model with the cycles of managerial quality control and the potential of its use for early detection and elimination of problems at the individual and group levels is demonstrated. In conclusion, the practical significance of the developed model for improving internal monitoring, optimizing management decisions in the field of education, as well as for increasing the individualization and effectiveness of pedagogical support in modern schools is noted.
Economic Bulletin. 2025;4(4):14-23
pages 14-23 views

Sources of funding for film projects and prospects for their development

Pechenkin D.V.

Abstract

the creation of a film is a costly and labor-intensive process, and therefore the search for sources of financing that can cover all the necessary production costs is the most important and most difficult task for both the film companies themselves and individual potential creators of film projects. At the current stage of development of sources of financing for film projects, four groups are distinguished: public funds, private funds, borrowed funds and crowdfunding. Each group of funding sources is regularly optimized, while acquiring new forms and types of sponsorship. Despite this, some promising ideas for films are not implemented due to lack of budgeting, or are implemented in a different, more budgetary form, thereby reducing its quality. The most optimal collection of funds for the production of a film project is the collaboration of several sources of financing, but even in this case there are shortcomings that do not allow for a complete and prompt collection of funds. The article analyzes the current sources of financing for domestic and foreign film projects, with the aim of their effective merger and complementation of each other, as well as optimization of individual sources of financing.
Economic Bulletin. 2025;4(4):24-29
pages 24-29 views

Ministry of Foreign Affairs of the Russian Federation Success factors of the group of companies Fuchs, the largest independent producer of lubricants in the world

Rud’ E.V.

Abstract

the aim of the article is to explore business model of the group of companies Fuchs which enabled it to reach success on the world lubricants market. The world lubricants market is a highly competitive market with leading positions taken by the world vertically integrated oil companies. Group of companies Fuchs included in TOP-10 of the world producers of lubricants stands out vividly among independent lubricants producers. The article is focused on the potential realization opportunities on the global market by an independent lubricants producer based on the Fuchs` business model. The following key characteristics of the strategy of the group of companies Fuchs providing necessary conditions for the successful export potential realization on the world lubricants market have been identified as a result of the research: geographical diversification of production facilities, diversified products and clients mix, effective use of the opportunities of the organic and inorganic business growth, significant investment in research and development, strong relationship with original equipment manufacturers. Thus, high results on the global lubricants market can be achieved without vertical integration of the company.
Economic Bulletin. 2025;4(4):30-38
pages 30-38 views

Prospects for the development of the global videogame industry using VR/AR and blockchain technologies

Melentyev M.Y.

Abstract

the scientific article is devoted to the study of the prospects for the development of the global video game industry, taking into account the increasing use of virtual and augmented reality technologies, as well as blockchain technologies. The article analyzes current trends in the video game industry and highlights the emerging changes in the video game industry with the active introduction of digital technologies. The main focus is on analyzing the current state of the global video game industry, the specifics of the use of VR/AR and blockchain technologies in the video game industry, the emergence of new business models for game distribution and the change of traditional monetization mechanisms. The results of the research can be used for informational and educational purposes to understand the role of the video game industry in the global economy.
Economic Bulletin. 2025;4(4):39-44
pages 39-44 views

The main directions of financial transformation in the context of digitalization

Orlov I.V.

Abstract

the article analyzes the evolution of financial literacy in the era of digitalization of the economy. It is shown that the growth of digital financial services has increased the population's need for new knowledge and skills in safe behavior. The risks of cyberbullying and the need for targeted programs for different age groups are considered. The key role of the state, business, and society in shaping financial culture and legal protection for consumers is noted. Particular attention is paid to the integration of financial literacy modules into the system of professional and general education, including training in digital tools and the basics of cybersecurity. It suggests areas of government policy that ensure household stability and financial market competitiveness in the context of the digital transformation of the economy. The conclusions reached can serve as a basis for the development of educational programs and the formation of the most effective government policy measures in the field of financial literacy for the population.
Economic Bulletin. 2025;4(4):45-52
pages 45-52 views

Forms and methods of financing transactions in the Russian mergers and acquisitions (M&A) market in 2022-2024

Baranovsky P.V.

Abstract

in the context of globalization and increasing competition, mergers and acquisitions (M&A) transactions are a key tool for restructuring and increasing the value of companies. However, their successful implementation directly depends on the choice of the optimal financing scheme, which determines the relevance of this study. The article discusses the current forms and methods of financing mergers and acquisitions (M&A) transactions, which are a critical element for the successful implementation of corporate strategies in the context of global economic instability. The modern tools for financing M&A transactions are systematized and comprehensively analyzed, and the key trends and factors influencing its choice are identified. The key aspects of the relevance of each of the financing methods in the context of the Russian M&A market in 2022-2024 are studied in detail and disclosed. As a result of the study, the advantages, disadvantages and areas of application of each of the instruments are determined, and a stable trend towards more complex financial models and diversification of capital sources is revealed. The features of such mechanisms as financing through the issue of equity, as well as transactions using borrowed funds are considered in detail. It is disclosed that the choice of a specific financing scheme is situational in nature and should take into account the industry specifics, the size of the transaction, the creditworthiness of the target company and the risk appetite. Methods: the methods used in the presented study are statistical methods of market analysis, grouping, detailing, generalization, literature analysis, economic analysis.
Economic Bulletin. 2025;4(4):53-59
pages 53-59 views

Balanced scorecard (BSC) and the real options method (ROA) as tools for integrating the corporation's strategic goals into the financial optimization of the transformation project portfolio

Veigandt P.V.

Abstract

the article explores the integration of the Balanced Scorecard (BSC) methodology and the Real Options Analysis (ROA) method in order to integrate the corporation's strategic goals into the process of financial optimization of the transformation project portfolio. The relevance of the topic is due to the need for a more comprehensive approach to the selection and evaluation of investment projects in conditions of uncertainty, when only a positive net present income (NPV) is not enough to guarantee the strategic value of the project. BSC is used as a strategic control and management tool to assess the contribution of projects to long-term development goals, while ROA allows you to quantify the flexibility of management decisions in a volatile environment and risk. The paper proposes a methodology for the joint application of BSC and ROA in the formation of a project portfolio: first, the strategic importance of projects based on BSC is assessed, then a financial assessment is carried out taking into account real options, after which the portfolio is optimized taking into account resource constraints. An example of calculation is given, demonstrating that combining BSC and ROA provides a more balanced choice of transformation projects, increasing the likelihood of achieving strategic goals while increasing the overall financial efficiency of the portfolio. The results obtained can be used to improve the practice of strategic financial management in large organizations.
Economic Bulletin. 2025;4(4):60-66
pages 60-66 views

Ministry of Foreign Affairs of the Russian Federation Barriers to the development of digital platforms in Russia under modern conditions

Karapetyan A.M.

Abstract

this study aims to identify the obstacles that limit the formation and further expansion of digital platforms in Russia under current conditions. Particular attention is paid to marketplaces, which play a central role in e-commerce and influence the country’s economy. The paper examines statistical data for 2022–2024, reflecting trends and dynamics in industry development. It is noted that digital platforms serve as an important driver of innovation and structural transformation, yet they encounter numerous barriers divided into internal and external categories. Internal factors include a shortage of qualified personnel, insufficient organizational flexibility, limited investment resources, and the technological immaturity of certain projects at the rapid scaling stage. An analysis of external barriers demonstrates that the uncertain legal regulation of digital platforms creates risks for both operators and users. Macroeconomic and sanctions-related restrictions worsen financing conditions, impede import substitution, and complicate access to advanced technologies. Market monopolization by a few of the largest marketplaces poses obstacles to emerging projects and niche services, though some successfully find their own market niches. This study provides a basis for more detailed practical recommendations, taking into account the specifics of internal marketplace processes and market demands.
Economic Bulletin. 2025;4(4):67-77
pages 67-77 views

Digital platform as a key business model of the modern economy

Karimov D.B.

Abstract

the article provides a comprehensive analysis of digital platforms as a dominant business model in the context of global digitalization. The essence, key characteristics and theoretical foundations of the functioning of platform models, the concept of network effects and reducing transaction costs are studied. Based on the analysis of the market capitalization of the world's leading corporations, the economic superiority of platform companies is demonstrated. The paper provides a classification of digital platforms, considers the structure of their business models and the process of ecosystem formation. Examples of successful foreign and domestic digital platforms in various sectors of the economy are systematized. Particular attention is paid to the challenges associated with the spread of platforms, as well as regulatory risks, antitrust issues and socio-economic consequences. In conclusion, conclusions are made about the transformative impact of digital platforms on modern markets and promising areas for further research in this area are identified.
Economic Bulletin. 2025;4(4):78-85
pages 78-85 views

The concept and functions of the agro-industrial complex in the context of digitalization and electronic commerce

Sinopalnikov N.S.

Abstract

the article is devoted to the study of the transformation of the conceptual content and functional characteristics of the agro-industrial complex in the context of the digitalization of the economy and the expansion of electronic commerce. The purpose of the study is a systematic understanding of the changes taking place in the structure, institutions and operational mechanisms of agriculture under the influence of digital technologies, as well as the formulation of approaches to updating agricultural policy taking into account these changes. The methodological base of the research includes systemic, institutional and functional approaches, as well as methods of comparative analysis, logical and meaningful modeling and secondary analysis of statistical and normative data. The literary base includes more than 30 scientific publications, including works by Ivanova S.V., Zinchenko V.N., Mukhametgaliev F.N. and other researchers. Based on the analysis of sources and generalization of empirical data, key vectors of transformation have been identified: digitalization of production processes, strengthening the role of electronic trading and logistics platforms, institutional restructuring of regulatory and management mechanisms, and the development of digital competencies. The risks and limitations of digital transformation, including digital inequality, regulatory fragmentation, staff shortages, and dependence on foreign IT solutions, are considered. It is concluded that it is necessary to form an integrated digital ecosystem of the agro-industrial complex, combining technological innovations, institutional reforms and strategic regulation. The proposed conclusions can be used in the development of state agrarian and digital policy, as well as in applied research on the digital transformation of the agricultural sector.
Economic Bulletin. 2025;4(4):86-92
pages 86-92 views

Artificial intelligence and the energy paradox: the dual role of ai in the global energy transition

Zotov A.E.

Abstract

the purpose of this author's study is to analyze the dual role of artificial intelligence in the global energy transition, to study the energy paradox of AI technologies and their impact on the global economy. In the course of the study, the author applied methods of comparative analysis, econometric modeling and a systems approach to study data for the period 2019-2024. The main results obtained by the author while writing the article show that AI simultaneously acts as a catalyst for energy efficiency and a major consumer of energy resources, creating a paradox for sustainable development. The study found that the energy consumption of AI systems increased by 340% over the analyzed period, while their contribution to the optimization of energy systems provided savings of up to 15% of global energy consumption. The author's findings confirm the need to develop a comprehensive strategy for managing the energy aspects of AI technologies to ensure sustainable economic growth.
Economic Bulletin. 2025;4(4):93-99
pages 93-99 views

Platform economics and digital markets: antitrust regulation issues in the context of globalization

Cai S., Meng F., Zhu B.

Abstract

in the context of globalization, the platform economy is becoming the dominant model, transforming traditional digital markets and creating fundamentally new challenges for antitrust regulation. The key problem is that classic competition law tools, which are geared toward traditional markets, often prove inadequate for assessing the complex nature of platforms, which can exhibit signs of monopolization even when there are formally multiple players. The article analyzes the specific characteristics of platforms, such as network effects, the use of big data, and multilateralism, which become sources of market power. The main focus is on new forms of competition restriction, including platform bias, algorithmic collusion, and strategies aimed at absorbing potential competitors (kill acquisitions). In conclusion, the article justifies the need to adapt antitrust legislation and proposes possible approaches to regulation, including ex ante analysis (preemptive control) and the establishment of special rules for digital "gatekeeper" companies.
Economic Bulletin. 2025;4(4):100-104
pages 100-104 views

Innovation ecosystems and digital transformation management in the era of the digital silk road

Zhu L., Liu H., Luo S.

Abstract

the purpose of this article is to study the structure and key elements of innovative ecosystems forming within the framework of the Digital Silk Road initiative, as well as to develop practical approaches to the effective management of digital transformation processes for participating countries. Methods: To achieve this goal, we used systems analysis methods to identify the relationships between ecosystem participants, as well as comparative analysis of international cases and strategies for the digitalization of infrastructure and public administration. Findings: As a result of the study, a multi-level model of the Digital Silk Road innovation ecosystem was developed, key drivers and barriers to digital transformation were identified, and adaptive management mechanisms aimed at reducing risks and increasing synergistic effects were proposed. Conclusions: The study demonstrates that the successful implementation of the Digital Silk Road depends on the creation of an integrated cross-cultural innovation ecosystem, where digital transformation management must be strategic and flexible, based on international cooperation and technology exchange.
Economic Bulletin. 2025;4(4):105-110
pages 105-110 views

Artificial intelligence as a driver of business process transformation

Pshichenko D.V., Gubchenkova A.S., Blagova I.Y., Seliverstova N.A.

Abstract

purpose: to identify the specific impact of artificial intelligence technologies on the transformation of business processes in organizations with different operational profiles – from production-oriented to analytical and information-based. Methods: the study employs methods of analysis and synthesis to substantiate the theoretical basis of digital transformation, comparative analysis to interpret empirical data, inductive reasoning to generalize from specific case studies, and simulation modeling to quantitatively assess the effect of artificial intelligence on labor productivity. Findings: the implementation of artificial intelligence can lead to a 20-28% increase in labor productivity depending on the type of organizational activity, as well as reduce task completion time and error rates. Artificial intelligence transforms process architecture, enhances strategic flexibility, and supports the shift from functional to platform-based management models Conclusions: artificial intelligence technologies serve not only as automation tools but also as systemic drivers of business process reorganization. Their transformational potential is reflected in accelerated decision-making, increased adaptability, and the emergence of new models of corporate governance. Achieving sustainable results requires a comprehensive approach, including technological modernization, competence development, and institutional restructuring.
Economic Bulletin. 2025;4(4):111-120
pages 111-120 views

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