This article examines some acute problems of Foreign Direct Investment (FDI), Monetary Policy and Inflation. Following a long declining trend, global FDI flows decreased in 2023 and remaining below the indicator of 2007, that is pre-global financial crisis level. According to international organizations, FDI flows were negatively affected by high interest rates, unfavourable financing conditions and situation on capital markets. The article considers the role of restrictive monetary policy alongside the theoretical aspects of global inflation. The author argues that the drop in international investment, in particular, can be attributed to Restrictive Monetary Policy in many countries. Restrictive Monetary Policy seems to underestimate the inflationary role of imperfect competition, the rise of prices for imported energy and food, the fluctuations of currency rates as well as expectations of the micro-level participants. The article provides certain economic recommendations to Russia’s regulators on Monetary and FDI Policy. In future the Bank of Russia may gradually move from Restrictive Monetary Policy to Expansionary Monetary Policy to provide stimulus for FDI. Also, this article summarizes the process of predicting future condition of the world economy in applying Kondratieff’s approach. The author concludes that it is necessary to continue studying the long wave theory with the aim of its further use in forecasting the events in Russia and worldwide.

This paper examines the concept of central bank digital currencies (CBDC) and its evolution as the interest of monetary authorities and regulators in the phenomenon of digital currencies increases. The purpose of the article is to identify the nature and purpose of central bank digital currencies and their underlying qualities through a comparative analysis of the definitions given to them by researchers and monetary authorities developing them, as well as a quantitative analysis of data on the stages of development of digital currencies by central banks around the world. Drawing on the results of the study, we may conclude that with central banks digital currency projects the concept of digital currency, which previously denoted private electronic currency, as well as the classification of money, has become more complicated; regulators of large economies developing digital currencies of central banks view it primarily as a digital form of national currency, close to the characteristics and purpose of cash, and also that the use of distributed ledger technology is an optional, but quite a common attribute of central bank digital currencies.

The article provides an overview «Current problems of socio-economic development» section, dedicated to the 20th anniversary of Moscow School of Economics (faculty) of Lomonosov Moscow State University (MSE MSU), held as part of a scientific conference “Lomonosov Readings - 2024”, celebrating the 270th MSU’s anniversary. During the section different reports were presented on the main scientific directions of MSE MSU, such as: economic theory, mathematical and instrumental methods of economics, world economy, economic policy, economic and financial strategy development. Particular attention was paid to the issues of theoretical and institutional economics, problems of digitalization, new geo-economic reality and “Russia’s turn to the East”, international finance, economic problems of climate agenda, modeling economic behavior, the role of the state in economic management, theory and practice of strategy development.

The article examines the problems of intra-industry trade in dairy products in the Russian-Belarusian transborder regions: integration processes between the two countries have created a stable demand for Belarusian dairy products in Russia that does not contribute to the development of their own production in Bryansk, Pskov and Smolensk regions. The aim of the paper is to determine current trends in intra-industry trade in dairy products in the Russian-Belarusian border region, and outline the prospects for its development in the regions under study. To achieve the goal, the authors use the methods of statistical analysis, Grubel-Lloyd index, statistical observation of dairy products in supermarkets. The authors identify a number of common problems in the dairy industry in Russian bordering regions, such as: low profitability of production, imperfect pricing and competition with suppliers in Belarus. The solution to these problems lies in supporting intra-industry trade between adjacent regions, as well as government support for domestic dairy producers which may contribute to the development of local economy. A promising direction for the development of intra-industry trade in dairy products for all studied regions is the production of new innovative types of products.

The paper analyzes the experience of using the Phillips curve to model inflation in Russia, taking into account the specific features of domestic labor market. Based on Russian data for the period from 2000 to 2022, a wide range of inflation forecasting models has been built: both based on the Phillips curve and alternative ones. The econometric tools used are autoregression models with a moving average in the residuals taking into account seasonality (SARIMA) and their generalizations; autoregression models of distributed lags (ADL) and their generalizations; as well as other estimation methods. During the simulation, we use data on inflation, inflation expectations, production dynamics, unemployment, wages, exchange rates, money supply and other variables. The models are compared drawing on the accuracy of single-period and multi-period out-of-sample forecasts. The modelling results allows us to conclude that onedimensional models work well during the periods of stable economic dynamics, but lose in their predictive power to the “triangular” Phillips curve in crisis years. Comparison of models for forecasting inflation shows that in a stable economic situation, one-dimensional models provide a more reliable forecast. However, in the context of structural transformation faced by the Russian economy in 2022, the “triangular” models of the Phillips curve demonstrate maximum quality of the forecast. Although the acceleration of inflation in 2022 obviously reduces the accuracy of any forecast equations, however, the “triangular” model based on the lags in inflation, unemployment and the index of industrial production demonstrates the best results. This conclusion remains stable to changes in the length of the time series used for forecasting, as well as to changes in forecasting horizon.

The aim of the paper is to assess the impact of technological development and international trade on the level and structure of employment in Russian regions for the period of 2005-2019. The structure of employment is measured in terms of education level, sectoral specialization, and gender of the employed population. The contribution of the work to the scientific literature is expressed in three aspects. First, we empirically estimate the relationship between imports and employment structure. Second, we attempt to econometrically identify the impact of technological development on several indicators of regional employment. Third, we consider the joint impact of technological development and international trade in the estimated models on employment due to the complementarity of these factors. Based on a systemic generalized method of moments we reveal that technological development has: 1) a positive effect on the share of the employed specializing in mining industry, in the activities of hotels and public catering; 2) a negative impact on the share of the employed with secondary vocational and secondary general education, in agriculture, logistics, health care sectors. In terms of demographic indicators, a similar negative impact of technological development on the employment rate of women and men was obtained. At the same time, with growing total imports in the regions the threat of job losses for the employed with secondary vocational and secondary general education, the urban population, as well as those specializing in healthcare sector increases. Expenditures on fundamental research through the innovative development of regions are a factor in job creation. Technological development and foreign economic openness of the region are associated with greater adaptation of the employed population to competition in international trade and technological development.

The global crises that the Russian economy has to face contribute not only to the destruction of traditional trade, economic and logistics ties, but also to improving the quality of state strategic management. The macroeconomic situation develops in such a way that centralized planning and regulation of socio-economic processes becomes a tangible advantage and can produce high effect both in the long term and in tactical perspective. The advantages will be given to those subjects of the Russian Federation whose management will be carried out on the basis of a system of balanced measures to support reproductive processes, a reasonable redistribution of financial, economic and human resources and comprehensive programs aimed at overcoming interrelated constraints. The article presents an overview of scientific and theoretical approaches to managing socio-economic development of regions, taking into account spatial and territorial features of the organization of economic activity and current global trends. The trends of socio-economic development of the Sverdlovsk region and the peculiarities of regional management in conditions of increasing crisis pressure are considered. The purpose of the article is to develop an algorithm for crisis management of the region, taking into account the state and prospects of economic development. The authors argue that governance in the region is characterized by specific characteristics, the main task of which is to ensure stable socio-economic development, regardless of the influence of negative factors of an economic, political or social nature using effective tools that proactively affect problems and constraints. The authors determine the necessity to identify the factors contributing to the development of crisis situation in the region, which will significantly improve the quality of program development according to industry and subject criteria. The analysis of socioeconomic indicators of the region's development allowed us to draw conclusions concerning the effectiveness of targeted support by industry and subject criteria, which is currently widely used in Russia.

The wealth of nations depends on labor productivity (total factor productivity); productivity — on differentiation of labor/specialization; differentiation of labor/specialization — on the scale of the market; the scale of the market — on the level of transaction costs associated with the use of this coordination mechanism; transaction costs — on the properties of institutions that also affect incentives and the ability of subjects to adapt to the changing circumstances of interaction. This is the Smith — North chain, which, denoting the fundamental cause-andeffect relationships in economics and placed in a broad context of economic development, allows us to show both the continuity and variability of ideas of economists who have been developing the subject of economics in the past 250–275 years, but at the same time left without due attention another outstanding work of Smith — “The Theory of Moral Sentiments”. In this paper, we consider the “Smith problem” and approaches to its resolution, indicate the feasibility of a substitute for the synthesis of research approaches, built on several fundamental principles that can be derived from a contextual discussion of the Smith-North chain. The shift of emphasis in organizing interdisciplinary discourse is an important condition for acquiring a new quality of economics knowledge growth.

Economic competition by definition implies a choice between competing alternatives. But can economic agents always protect their rights to make this choice? In order to protect property rights, they should have a guarantor who imposes sanctions on the violator. However, the guarantor must be able to use violence, since the imposition of sanctions is often not voluntary. This paper shows that the uneven distribution of violence in society, which is not monopolized by one decision-making center and/or applied outside the rule of law, hinders economic competition. In such a situation, i.e. in a limited access social order, part of property rights remains unprotected, which prevents the entrepreneur from performing his/her function. The reason for this effect is the desire of the elite to maintain the status quo in distribution of rents: they try to avoid changes caused by the market process that may lead to a violation of existing political balance. In this study, the stated theses are confirmed on microdata of the BEEPS industrial enterprises survey by the European Bank for Reconstruction and Development - we test the hypotheses using stochastic frontier analysis (SFA) and discrete choice models. Empirical analysis allows us to argue that in the limited access order, the obstacle to participation in economic competition is a weak property rights protection - it forces firms to compete for limited resources not by satisfying the needs of consumers, but by following the interests of the property rights guarantor. The results of the study can be useful in developing competition policy measures and explaining the phenomenon of «regulatory bias» in antitrust policy of developing countries.

This study examines the role of the CEO in implementing ESG policy, which results in the growth of ESG rating and improving the efficiency of gold mining companies. The research analyses the indicators of CEO power, such as: the amount of CEO remuneration; the share of company stocks owned by him; the term of office. The general index of CEO authority is derived by combining individual characteristics. The methodology used is an econometric analysis of panel data on 36 of the world's largest public gold mining companies for the period from 2015 to 2020. The efficiency of gold mining companies is measured using a market indicator - Tobins'Q, which allows you to make a decision about investing in an enterprise aimed at sustainable development. Gold mining companies successfully implement ESG projects and become a full-fledged object for investment. The results of the study show that ESG rating and its three components (environmental, social and managerial) have a positive impact on the market efficiency of gold mining companies. Of the considered characteristics of CEOs, two of them - the amount of CEO remuneration and the percentage of shares ownership, have a positive impact on the market efficiency of companies. The term of office does not have a significant impact on the effectiveness of companies. The overall indicator of authority contributed to the increase in efficiency due to two characteristics. If we consider the CEO as an intermediary between investing in ESG projects and increasing the company's efficiency, it turned out that only an influential CEO, characterized by a high amount of remuneration, can contribute to increasing the ESG rating and improving the company's market efficiency. The findings illustrate the peculiarities of the influence of the CEO's characteristics on the performance of gold mining companies, taking into account the principles of ESG. The results of the study will improve corporate governance of gold mining companies to ensure the growth of performance indicators, taking into account the specificity of the industry and its focus on sustainable development.