The presented study examines the relevant problems of Export­led growth hypothesis for Armenia.

Aim. The study aims to check if the export­led growth hypothesis is valid for Armenia in term of 1998–2017 or not.

Tasks. To achieve this aim, the authors examine the mechanism of the relationship between export and GDP.

Methods. For this purpose the correlation analysis is performed, as well as the results of Granger­causality test are shown.For this analysis, quarterly data are chosen covering 1998:Q1­2017:Q4. The analysis is provided by Eviews 4.

Results. The results show that there is a high correlation between export and GDP (0.81). We can state also that the export growth in any quarter causes GDP growth in the same quarter, after 2 quarters, and in the last quarter after 2 years. The GDP growth causes export growth lagged 2–7 periods. The results of the Grangercausality test show that for some period of time the rise in export causes the inflow of foreign currency, which also causes a rise in import. And finally, we revealed that there is a strong positive relationship between the import and GDP, and also we cannot reject the hypothesis “import does not cause GDP growth”.

Conclusions. The analysis shows that the Export­led growth hypothesis is valid for Armenia. The identified mechanism of impact of export on economic growth is the following: export growth causes an inflow of additional foreign currency during 3 months, which causes local currency appreciation and in the next 9 months the growth of import (especially for import of capital goods and raw materials) could be caused. And finally, the outcome is the GDP growth during the next 3.5 years. It must be noted that this process is continuous, as GDP growth causes export growth in the next 7 quarters.

The presented study examines the impact of new knowledge on the economic development of enterprises and organizations, substantiates the need to focus new knowledge on improving the efficiency and quality of work of professional and status groups of employees.

Aim. The study aims to determine the range of problems and substantiate the need to build an architecture of new knowledge adequate to the economic development goals of enterprises and organizations.

Tasks. The authors conduct a theoretical and empirical study of the application of new knowledge in the activities of western and Russian enterprises and substantiate the need to focus new knowledge on solving socially important problems in the operation of enterprises and organizations.

Methods. The theoretical and methodological basis of the study comprises achievements of foreign and Russian scientists in the application of new knowledge to fulfil the objectives of enhancing the competitive advantage and economic development.

Results. A rational criteria method for the formation and application of new knowledge in the economic development of enterprises and organizations is developed.

Conclusions. Identification of the range of problems, empirical assessment, and targeted focus of new knowledge make it possible to implement the rational criteria method in the economic development of enterprises and organizations.

The presented study examines the methods and results of the assessment of the competitive attractiveness and sustainability of regional innovative development.

Aim. The study aims to substantiate the criterion of sustainability of regional innovative development based on the positive and negative dynamics of specific and aggregate indicators and ratings of regions in terms of competitive attractiveness for innovations.

Tasks. The authors determine a system of indicators and ways to process them mathematically in order to characterize the intensity and performance of innovation activities and test them in the measurement of the sustainability of innovative development of region groups in the context of federal districts.

Methods. This study proposes mathematical tools for obtaining an aggregate score of regional innovative attractiveness and the conditions for changes in these scores over a certain period, which are regarded as unsustainability of innovative development.

Results. The authors use the proposed system to calculate the indicators of regional innovative attractiveness assessment and to identify Russian regions that were unsustainable in terms of innovation in 2013–2016. Through the example of the regions of the Northwestern Federal District, they show the causes of the unsustainability of regional development for the purposes of their potential correction through management measures. The study also shows which characteristics of the innovation process facilitated the decline in the sustainability of development of certain regions in these years.

Conclusions. The resulting list of regions that are unsustainable in terms of innovation and indicators that have reduced the level of the innovation process adequately reflects the volatility of the economic situation in 2013–2016 in Russia and across the world as well as a reduction in expenditure on scientific research and implementation of technological innovations in production.

The presented study examines the problems of formation of a regional human capital policy for the innovative economy in the context of multifactorial challenges and risks.

Aim. The study aims to develop a theoretical and methodological framework for the formation of a regional human capital development policy.

Tasks. Through the example of the Northwestern macro-region, the authors examine the dynamics of key indicators of the proportion of the unemployed with different levels of education; analyze the professional structure of graduates from state and private universities; identify the most pressing problems for business; develop a roadmap for the formation of a regional human capital development policy.

Methods. This study uses statistical analysis of key indicators of labor resources formation to identify major problems in the staffing of the economy of the northwestern Russian regions and logical analysis to develop theoretical and methodological provisions for the formation of a regional human capital development policy.

Results. The study shows that there is still a gap between supply and demand in regional labor markets despite the fact that all parties concerned (government, households, business) increasingly invest substantial sums of money in the training of qualified workforce. Nevertheless, the problem of formation of the professional component of human capital remains far from being solved. in this regard, it becomes obvious that interested parties at the level of constituent entities of the Russian Federation should better coordinate their efforts on the development of human capital to meet the requirements of the modern economy. Such coordination should be regulated by a specific direction of the regional policy — the human capital development policy.

Conclusions. In order to solve the problem of formation of the necessary properties of human capital, it is necessary to develop a regional human capital development policy. The structure of the regional human capital development policy should include a target block, a block comprising the main directions and mechanisms of implementation, a block of the so-called flagship projects, and a system for policy implementation management.

The presented study examines the effects of investment potential on the structural modernization of regional economic systems.

Aim. The study aims to identify the mechanism behind the effects of the investment potential of Russian regions on the solution of breakthrough modernization problems in the country.

Tasks. The authors identify and describe the factors that affect the necessity of modernization in present-day Russia; assess the resource capacity for modernization, including at the regional level; assess the investment climate, potential, and attractiveness of the Leningrad region; propose directions for the implementation of structural changes in the regional economy.

Methods. This study uses the methodology of the institutional approach to examining economic phenomena and processes as well as specific methods of regional economic analysis, structural, systems, and comparative analysis, expert assessment, modeling, and forecasting.

Results. It is established that modern Russia effectively faces a pressing problem of catch-up development. The main objectives for solving this problem were outlined in the inaugural presidential decree of May 2018, launching a number of large-scale modernization projects. However, there is a lack of resources that can be leveraged by administrative means for a large-scale modernization. At the same time, a significant source of funds for the implementation of investment projects associated with modernization can be found in household savings. First and foremost, mobilization of household savings requires the implementation of regional development projects. In this regard, enhancing the investment attractiveness and investment potential of the regions becomes the primary objective of the economic policy.

Conclusions. The conducted study allows the authors to propose new directions for structural transformations of regions based on the development of their investment potential.

In the light of Russia’s orientation towards the East, the Federal Program for the Socio-Economic Development of the Far East and the Baikal Region until 2015 was approved in 2013. Unlike the previous programs concerning the Far East, this one focuses on the participation of foreign investors and clearly defines the priorities for 12 sectoral programs. Three Eastern Economic Forums held in Vladivostok in 2016, 2017, and 2018, as well as Vladimir Putin’s personal supervision of the Federal Program and participation in the Forums, have been particularly important for increasing the participation of foreign investors.

Aim. The presented study aims to examine the results of the Eastern Economic Forums and the packages of incentives aimed at supporting Russian and foreign businesses operating in the Russian Far East.

Tasks. The authors assess the efficiency of implementation of the Federal Far East Program and identify the existing challenges and risks.

Methods. This study uses general scientific methods of cognition, internet resources, statistical handbooks, and scientific publications.

Results. The study proves that Northeast Asian countries (China, Japan, Republic of Korea) play a major role in the economic growth of the Russian Far East. However, their activity can be affected by political disagreements (for Japan — regarding the status of the Kuril islands, for China – regarding the unstable growth of trade with Russia and low level of direct Chinese investment in the Russian Federation).

Conclusions. Since 2013, the Russian Far East has become the driving force behind the economic development of the Russian Federation as a whole, attracting significant investment from Russian and foreign companies.

The presented study analyzes the development of the Vietnamese economy and difficulties in the implementation of the five-year plan in 2016–2020, the major directions, objectives, and problems of which were discussed at the 12th National Congress of the Communist Party of Vietnam.

Aim. The study aims to identify the trends, threats, and risks of the Vietnamese economy in the context of global instability.

Tasks. The authors identify opportunities to continue implementing major structural innovations and expanding Vietnam’s integrational cooperation with the developed countries.

Methods. This study uses general scientific methods of cognition, expert assessment, and predictive assessment of development of individual countries.

Results. The study shows that in 2016–2018 there were difficulties in economic development, examines internal and external threats and Vietnam’s participation in Russia’s policy of reorientation towards the East.

Conclusions. A sustainable economy facilitates the development of Vietnam’s trade with the countries of the American continent, Europe, North and Southeast Asia. Trade grows by 3–5% annually. Vietnam’s development is hindered by external threats from China and the United States.

A risk-based approach to the control and supervision of the activities of organizations implies that supervisory authorities should focus their efforts on the most substantial law violations concentrated in areas with the highest level of violations, since total control is economically unviable. Implementation of the risk-oriented approach in the control and supervision activities of an organization reduces the number of state inspections.

Aim. The presented study examines the implementation of the risk-based approach in the control and supervision activities of economic entities as well as its implementation in Russia.

Tasks. To that end, the authors analyze the experience of using the risk-based approach in certain countries and its application by supervisory authorities in Russia based on international practices and develop guidelines on the implementation of the risk-based approach in certain activities of an organization.

Methods. This study uses a systems approach, general scientific methods of cognition, and critical re-evaluation of the works of Russian and foreign scientists on the risk-based approach to control and supervision.

Results. The authors formalize the distinctive features and benefits of the risk-based approach to control and supervision, systematize the criteria of frequency and thoroughness of inspections in different fields of supervision, and propose paths for the development of the risk-based approach using modern digital technology and intelligent data analysis methods.

Conclusions. The fundamental feature of the risk-based approach to control and supervision is the uneven distribution of public resources depending on the risk of certain violations. This approach aims to maximize the concentration of limited resources in the areas of maximum risk, with both frequency and thoroughness of inspections made conditional on risk.

The presented study examines transformation processes in the economic development of industrial enterprises in the context of the new economy.

Aim. The study aims to develop a theoretical and methodological framework for efficient economic development of innovation-active industrial enterprises.

Tasks.

• To examine the specific aspects of economic development of modern industrial enterprises with allowance for the innovative component.

• To determine the prerequisites for the progressive growth of innovation activity of industrial enterprises.

• To create a model showing the correlation between the factors and results of economic development of innovation-active industrial enterprises.

• To provide a definition of “economic development of a modern industrial enterprise.”

• To develop a graphical value model for innovation-active industrial enterprises.

Methods. This study uses general scientific methods of cognition, concepts of the neoclassical and institutional economic theory, and management theory as applied to the issues of efficient development of economic systems to examine the problem of economic development of innovation-active industrial enterprises in various aspects.

Results. In the context of the development of information technology and functioning of the open innovation model, the progressively increasing level of innovation activity of industrial enterprises is determined by such factors as: the emerging opportunity for small enterprises with limited resources to take part in the innovation process; stimulation of the innovation activity of large monopolistic structures by weakening their monopoly as a result of innovation development; short-term nature of the innovation rent due to the accelerated diffusion of innovations in the open model, which forces enterprises to develop and implement new solutions more rapidly.

Conclusions. Modern economic conditions and the state of innovation systems are complemented by the possibility of economic development based on the innovative component, which provides a foundation for the creation of enterprise value through innovation rent-seeking. At the same time, the short-term nature of the innovation rent due to the accelerated diffusion of innovations leads to the formation of local maximums of enterprise value, beyond which it can only growth through further implementation of innovations. As a result, economic development based on the innovative component has virtually no restrictions, and the growth in enterprise value often translates into an increase in the value of its intellectual capital.

The presented study develops an aggregate motivation extension model for building architectural solutions for chain retailing in the FMCG segment.

Aim. The study aims to identify the key requirements and constraints for building architectural solutions for chain retailing in the FMCG segment.

Tasks. When building a motivation extension meta-model, it is necessary to consistently consider the motivations, intentions (goals, principles, requirements, and constraints), and the sources of these motivations and intentions (stakeholders, drivers, and assessments).

Methods. Building architectural solutions for chain retailing in the FMCG segment requires the examination and formalization of various operational aspects of retailers, taking into account the interests of all stakeholders, as well as the formation and improvement of the mechanisms of interaction between the constantly changing business requirements and their supporting IT services. This study identifies the stakeholders with a direct interest in building architectural solutions, presents their correlation with internal and external drivers, formulates assessments, and models the goals that, once achieved, will facilitate the resolution of problems identified in driver assessments.

Results. Based on the results of the analysis, the authors identify stakeholders, drivers, and assessments and model the goals that, once achieved, will facilitate the resolution of problems identified in driver assessments. Qualitative analysis of all identified external and internal drivers makes it possible to formulate the weaknesses of the presented indicators, such as the discrepancy between the business management model and strategic objectives of chain retailing in the FMCG segment, heterogeneous IT infrastructure, the lack or inefficient use of automated control systems, etc. All this allows formulating the requirements and constraints on implementation, on which the aggregate motivation extension model for building architectural solutions for FMCG chain retailing is based.

Conclusions. Identification of the typical aspects of modern architectural solutions for chain retailers makes it possible to develop an optimal architectural solution that will provide new opportunities for chain retailers in the FMCG segment to optimize resources, implement personalized marketing, and for employees to acquire new professional knowledge, which, in turn, should significantly increase profits and improve the quality of goods and services, leading to a significant increase in the volume and conversion of sales in the FMCG segment.

Aim of this research was to determine the innovation level and co-creation propensity among students in order to identify the readiness of the internal environment for the co-creation mechanism implementation at the university. The hypotheses of the research were verified by using statistical analysis.

Tasks. Within the framework of the research the following tasks were solved: have analyzed the respondent’s motivational reasons for the participation in co-creation process; feelings and emotions from giving feedback; the most comfortable and acceptable ways of interaction with the producers to the consumer; have identified the internal environment factors that influence on the possibility of establishing a co-creation platform at the university for development of innovative infrastructure.

Methods. The hypotheses are tested by using the field research. The research was conducting in the form of survey to determine the respondent’s level of involvement in the co-creation process, openness and readiness of them to co-create with the producer, and to determinate the student’s innovation level. The 10 questions were consisted in the questionnaire. All questions were closed-end. Some questions implied the answers of respondents in accordance with the Likert scale. The questionnaire included 4 question blocks:

1. Questions about the respondent’s general information;

2. Questions about respondent’s innovation level;

3. Questions about respondent’s motivational reasons for the participation in co-creation process;

4. Questions about the propensity to participate in co-creation process.

The results were analyzed by Gretl and MsExcel software.

Results. As a result of the research was revealed that there are strong internal prerequisites for establishing co-create platform within the universities. It was determined that respondents have a high innovation level, showing interest for novelty at the product market and buying them among the first; also, students actively interact in various thematic university communities where they can share their experience of using products with other; respondents showed themselves as active participants in the co-creation process, showing their initiative not only through the selection of companies that provide more opportunities for the client to improve the product, but also through providing feedback and assistance in developing the company's products.

Conclusions. The results of the research have confirmed the hypothesis of the necessity of establishing a unified platform for co-creation at the universities, which will lead to the development of the innovation infrastructure of the university. This platform can be implemented by a crowdsourcing, crowdfunding platform, as well through a structural unit at the university like a business incubator. This platform at the university will have a positive impact on the innovation infrastructure, and will allow the university to increase its rank.