Systemic changes in the global economy and in the financial markets become increasingly obvious. This is fully true for Russia. Sanctions against it are expanding, financial markets in the country are undergoing changes, even the rules of the game are changing, and the transformation of the economy is becoming increasingly clear. But despite serious challenges, in general, the forming situation opens up new opportunities for Russia. Currently, as was the case 35 years ago (when the foundations of the Russian currency market were laid, which became an indicator of subsequent market processes), conditions are once again being formed that will determine our country’s place in the global economy for years to come.

The article contains an analysis of theoretical and empirical research on the relationship between financial and economic development, that have been accumulated since the beginning of the 20th century. The diversity of concepts in the absence of a recognized theory of economic growth, and the rapid evolution of financial market make this issue still relevant. The empirical research is based on the theories which were developed at least 30 years ago and they don’t include a number of modern trends (a multiple increase in financial innovation, the dominance of global markets, sectoral polarization of economies and contraction of the real sector in a number of countries). This leaves gaps in understanding the mechanisms of financial market impact on economic growth, increases the diversity of results. The purpose of this work is to systemize the ideas around financial market influence on economic growth that have been established in theory and practice to form an objective picture of what was happening, as well as to identify the actual ways of theoretical concepts renewal, to prepare recommendations for improving analytical approaches. Using the methods of analytical grouping, meaningful and evolutionary analysis: databases of theoretical (25 for 1911—2000s) and empirical (71 for 1993—2023) works have been formed (by groups of financial market influence); the evolution of theoretical concepts and endogenous economic-mathematical models of economic growth based on financial development has been considered; a factor analysis of empirical studies by 11 essential parameters has been carried out. According to the results, the influence of financial market on economic growth is not universal and varies across countries. The increased diversity of research results is associated with a decrease in their accuracy due to: emergence of new mechanisms of the financial market influence on economic growth; failure to take into account differences in sectoral structures of economies; dependence of empirical research on external factors not related to the hypothesis being tested (9 out of 11 reviewed). Conclusions and recommendations are provided: on the need to rethink of the theoretical concepts, on improving the quality of empirical studies; on the importance of accumulating a new body of empirical data around the impact of the financial market on economic growth at the present stage.

Volatility is an indicator of the risk existing in the economy, and its volume characterizes the magnitude of risks transmitted from one sector to another. The objective of the study is to determine the dynamics of volatility spillovers among sectors of the Russian economy during crisis periods and classify sectors into shock transmitters and shock receivers. The daily returns of the Moscow Exchange sector indices for 2018-2023 acted as data. The Diebold-Yilmaz methodology based on the VAR model is used to determine the dynamics of volatility spillovers. The study has revealed that the nature of volatility spillovers differs in the pre-crisis period, during the COVID-19 pandemic, and during the special military operation (SMO). The financial sector is a source of volatility spillovers in the first and the last periods. During the pandemic, the oil and gas and transport sectors become volatility receivers. During the period of the SMO, the metallurgy and petrochemical sectors act as receivers of volatility spillovers, while the consumer goods and financial sectors act as their sources.

We offer a Merton-Vasicek model extension to account for the presence of foreign-currency denominated loans in the portfolio and to derive the value of the macroprudential add-ons to risk-weights in the capital adequacy ratio. We show how the add-ons depend upon the foreign-currency exchange rate volatility, and upon the ratio of foreign-currency denominated assets and liabilities of typical borrowers within such a loan portfolio. In addition, we explain why it is worth accounting for the exchange rate in the additive, and not multiplicative form in the theoretical model.

Under the conditions of sanctions against the Russian Federation, foreign price indicators, which were previously widely used by both business and regulators, have become difficult to access and generally less relevant due to changes in the direction of commodity flows. There is a need for a national system of price indicators, the design of which is currently being decided, and the concept, despite more than two years of discussion and a high degree of priority, has not yet been adopted. The purpose of the article is to outline the subject field of the problem of constructing a national system of price indicators both from the point of view of the theory of the issue and in terms of its application to the problems of antimonopoly policy. The approaches of the new institutional economic theory and Austrian economic theory serve as the methodological basis of the study, and its methods are comparison of structural alternatives. The information base of the study was made up of data from the Federal Antimonopoly Service on law enforcement practice. The results of the study emphasize that in order to fulfill their functions, national price indicators must be formed in the conditions of the market (not quasi-regulation) and competition. The volume and frequency of data collected to calculate the indicators should be determined taking into account the power of the regulator as a guarantor, the characteristics of companies and transactions as factors in demand for long-term formula-based contracts, the risks of concerted actions and tacit collusion (as a broader category). The findings enable participants in the debate both within and outside the academic community to understand the scope of what is possible in constructing a national price indicator system, both in terms of the alternatives available and the price that would have to be paid for the preferred alternative.

Multi-sided digital platforms such as GAFAM (Google, Apple, Facebook, Amazon, Microsoft) provide services at zero cost by monetizing user attention and data through advertising. Testing the hypotheses on the determinants of display advertising price set by three largest digital platforms — Google, YouTube and Facebook, — contributes to the explanations of the roots of platforms market power. During the period from January 2018 to March 2024 cost per mile (CPM) increases with the number of unique visitors and traffic (total visits), as well as with the time that the user spends on the platform. However, the second effect is more pronounced. We interpret this result as an evidence that the market power in digital advertising depends more on the data of particular user’s preferences (digital footprint) and therefore on the ability to personalize advertising messages than on the number of users and data traffic on the platforms. The results high-light the economic value of personal data under monetization of cross-platform externalities through digital advertising.

The implementation of decarbonization strategies requires more active involvement of industrial corporations. Their motivation is rather low because they are not able to incorporate their profitability goals in the decarbonization process. The literature on orchestrating the corporate performance and decarbonization goals is limited. The purpose of this study is to develop theoretical and methodological foundations of the decarbonization management mechanism allowing for mutual coordination of corporate performance and decarbonization goals through adjusting corporate indicators and low-carbon targets. The concept of decoupling of corporate indicators and the concept of green orchestration have been the theoretical foundations of the study. The empirical results have validated the methodology used to develop a decarbonization management mechanism.