Aim. The presented study aims to identify problems and ways to overcome the negative impact of the COVID-19 pandemic on socio-economic processes and prospects for the development of the Russian economy with allowance for the impact of various global risks.

Tasks. The authors identify the major problems and barriers hindering the implementation of measures to combat the COVID-19 pandemic and related to its impact on socio-economic processes; document new risks caused by the wave-like nature of the pandemic; investigate the mechanism of the multiplicative destabilizing impact of global risks; determine key methods and tools of preventive risk management to reduce the negative impact of global risks.

Methods. This study uses the methods of risk management, forecasting, systems and comparative analysis of retrospective and current information, scientific generalization, and comparison of statistics.

Results. The authors provide estimates of the impact of the COVID-19 pandemic on various sectors of the economy and the social sphere. Circular risk structures are identified, which generate chains of positive feedbacks that negatively affect socio-economic processes. New risks generated by the wave-like nature of the pandemic are documented. Financial instruments aimed at attracting additional funds to combat the pandemic are proposed. The reasons for the negative development of the epidemiological situation in Russia and around the world in the fall of 2021 are determined. The mechanism of multiplicative influence of various global risks on economic processes and the social sphere is determined and investigated. Factors preventing the neutralization of the negative impact of global risks and the major methods and tools of preventive risk management that could reduce the negative impact of global risks are identified.

Conclusions. The COVID-19 pandemic has become a catalyst for shifting processes in the economy and the social sphere. The processes initiated by the pandemic are enhanced by the multiplicative effect of other global threats, particularly threats to climate and energy security. The impact of the pandemic on economic sectors varies: by generating high risks for some industries, the pandemic gives chances for the development of others – for example, for the wider dissemination of modern information technologies and means of remote communication. The impact of the pandemic on socio-economic processes is wave-like, which causes new risks and requires the implementation of problem-oriented preventive risk management methods and financing tools proposed in this study.

Aim. The presented study aims to analyze specific options for structuring the financial flows of investment projects with the purpose of increasing investment activity. In this article, which is a continuation of the paper published in the journal ‘Economics and Management’ No. 12 (2021), the authors provide a detailed consideration of options for structuring the financial flows of projects.

Tasks.  The first part of the article gives a general description of the mechanism of project financing in the implementation of investment projects and allocation of risks among participants, while also considering the factor of price volatility and an example of accelerated repayment of financing. The second part provides examples of specific repayment options capable of reducing the risks of a price decline for the investor.

Methodology. This study uses general scientific research methods (analysis, synthesis, induction, deduction), including the analysis of risk allocation options in the financial flows of projects and graphical representation of information, comparison of alternatives. Special methods of financial modeling and investment project efficiency assessment are also used.

Results. The authors explore the options for countercyclical financing, describing the development of an optimal schedule and conditions for loan repayment to reduce the risks of negative market conditions for the project initiator. These options are illustrated with graphic examples describing the conditions for the implementation of the proposed investment project, the characteristics of which correlate with the real project.

Conclusions. Approaches to fine-tuning the structure of financing to balance the interests of the project’s initiators and creditors and to stimulate investment activity in general are outlined. Examples are given that can be useful to students, teachers, practitioners in the field of investment analysis and corporate finance, as well as representatives of the banking and business community.

Aim. The presented study aims to analyze the possibility of applying the concept of active longevity as a response to demographic threats to the economic security of territories.

Tasks. The authors determine the theoretical and methodological prerequisites for the development of positive response measures regarding population aging based on the concept of active longevity to ensure the economic security of territories.

Methods. This study uses the methods of analysis, grouping, and systematization. To substantiate the instrument of ensuring economic security in the context of population aging, the authors propose to make allowance for state interests in the economic sphere and the interests of elderly citizens.

Results. Opportunities for applying the concept of active longevity to substantiate policies in  the field of the economic security of territories are identified.

Conclusion. The integration of the concept of active longevity into the political basis of ensuring the economic security of territories will make it possible to balance state interests in the economic sphere and the interests of elderly citizens in the context of population aging.

Aim. While investigating the socio-economic essence of infrastructure, the presented study aims to substantiate its increasing importance in ensuring the desired level of economic security of enterprises and the economic system as a whole.

Tasks. The authors determine the relationship and mutual influence between the process of achieving the desired level of economic security of enterprises and the degree of infrastructure network development; specify and expand the classification of the economic security infrastructure support network according to new evaluation criteria; substantiate the increasing role of the government as the desired level of economic security of enterprises and the national economy as a whole is being achieved; justify the growing complexity of the process of infrastructure support for business activities with allowance for cyclicity and sectorality.

Methods. This study analyzes and assesses the essence and role of infrastructure as an institution ensuring the normal operation of economic entities within the framework of the process approach. Research methods are used to summarize the obtained results and propose recommendations for increasing the effectiveness of the government’s regulatory role in the field of economic security and improvement of the infrastructure network.

Results. According to the authors’ concept, the increasing importance of infrastructure as a developing institution contributing to the formation of a synergetic effect from the use of certain economic security instruments by various economic entities is substantiated. This concept can serve as a basis for a comprehensive solution to one of the most difficult tasks of our time — achieving the desired level of economic security of various economic entities.

Conclusions. The study proves that infrastructure acts as one of the most important institutions of the modern economic system since the degree of its development determines the possibility of achieving the desired level of economic security. The authors propose an approach to organizing interaction between the elements of infrastructure support for economic activity with allowance for cyclicity and sectorality. The increasing importance of government regulation aimed at increasing the level of economic security of all economic entities is determined.

Aim. The presented study aims to assess the economic potential of the Northwestern Federal District (NWFD) to demonstrate the sufficiency of resources in terms of the ability of regions in the specified district to recover from the crisis in the context of the pandemic.

Tasks. The authors analyze the economic development of the NWFD regions, determine the indicators of regional economic potential utilization efficiency; develop a draft system of indicators for assessing the economic potential of the NWFD regions in the context of the COVID-19 pandemic.

Methods. The object of this study is the regions of the Northwestern Federal District; the subject is the approaches and methods of developing a system of indicators for assessing the level of socio-economic development of the regions in this district in the context of the pandemic. The theoretical and methodological basis of the study is the works of domestic and foreign scientists on regional socio-economic development. The authors use theoretical and empirical methods as well as methods of economic and statistical analysis. The empirical part is based on the analysis of statistics on the development of the NWFD regions in 2018–2020. The study uses the systems approach, comparative method, and general scientific methods — analysis and synthesis, juxtaposition and comparison, systematization and generalization of data.

Results. The decline in regional investment activity coincides with the causes that are characteristic of the country as a whole, including the extension of sanctions, the emergence of risks associated with inflation, lack of financial resources and qualified personnel capable of operating and maintaining high-tech equipment, and the end of the implementation of major investment projects. The profitability of fixed assets has decreased in each of the regions due to decreasing profits in almost all constituent entities of the Russian Federation that are part of the NWFD and the increasing share of fixed assets of socially oriented non-profit organizations (SO NPOs). The return on assets is decreasing accordingly, and the capital-labor ratio is obviously increasing in each region. Tax returns have also increased across the board, except for a few regions where the decrease in tax revenues can be explained by decreased tax rates relative to income and property taxes, especially in the territories of the Arctic zone. In terms of productivity, all regions show an increase. At the same time, the low growth of this indicator can be explained by the general reasons for the decline in the country’s economic growth such as sanctions, slowing domestic demand, fluctuations in exchange rates, a decline in mining, construction, and some other industries in the context of the pandemic crisis. The increase in wage returns is detected in almost every region, except for the two where the growth of the wage fund occurred faster than the growth of the gross regional product (GRP) — hence the lowest increase in productivity.

Conclusions. The assessment of the economic potential of the NWFD regions shows that regional economies have enough resources to overcome the pandemic crisis. The authors believe that a more objective investigation of the problems of regional socio-economic development requires an expanded list of indicators for assessing the economic potential utilization efficiency of the region and a unified assessment methodology.

Aim. The presented study aims to statistically assess the scale of the pandemic’s negative impact on the major indicators of the tourism industry in the Russian Federation.

Tasks. The author shows the dynamics of the key indicators of the tourism industry before and during the pandemic; assesses the impact of the crisis on the activities of travel agencies; compares the amount of funds received from the sale of tourist products in Russian regions before and during the pandemic; assesses the statistical significance of changes in funds received from the sale of tourist products per company before and during the pandemic in the federal districts of Russiа.

Methods. This study presents and analyzes data of the Federal State Statistics Service on the major activity indicators of organizations in the Russian travel industry from 2017 to 2020. The data mart of the Federal State Statistics Service serves as a source of information about the activities of travel agencies in the constituent entities of the Russian Federation. In the course of the study, the author uses the methods of grouping, variation, structural and dynamic data analysis. To obtain region-specific information, a corresponding analysis was performed in 2019–2020 in 85 constituent entities of the Russian Federation. A hypothesis about data distribution normality is tested using the Shapiro–Wilk test. A hypothesis about the significance of the differences in tourist activity indicators before and during the pandemic is tested using the non-parametric Wilcoxon test, since the nature of data distribution is different from normal.

Results. It is found that the pandemic-related crisis has had a negative impact on all key indicators of the tourism industry. There have been significant job cuts, and the seasonality that is typical of the ‘healthy’ stage of the tourism industry’s development has been interrupted. The biggest decline in the number of employees is observed in the summer months of 2020. The impact of the crisis on average wages is manifested in a significant decline in April 2020 and fluctuations in the level of yearly average wages becoming more pronounced during the crisis. Quarantine measures contributed to the withdrawal of 227 companies from the Russian tourist services market, a 3.7-fold decrease in the number of tourist trips, and a 54.4% reduction in funds received from the sale of tourist products. The study presents the results of estimating the statistical significance of changes in the amount of funds received from the sale of tourist products per company before and during the pandemic in the federal districts of Russia.

Conclusions. The impact of the pandemic is expressed in the breakdown of tourism development trends that preceded it, creating prerequisites for the restructuring of the industry and the emergence of new trends. A set of measures and joint actions of the state and tourism enterprises are needed to overcome the consequences of the pandemic in the tourism sector.

Aim. The presented study aims to analyze problems associated with the possibility of implementation of platform solutions by companies in the aviation industry, and to formulate recommendations for the implementation of such solutions.

Tasks. The authors provide an overview of scientific literature on the topic; describe the main principles of selecting companies and sources of information for the study; present the results of the study in a structured manner; formulate recommendations for the development of companies in Russian aviation industry.

Methods. This study is based on the analysis of the activities of Russian and international innovative companies in the aviation industry.

Results. Analysis of company activities in the aviation industry highlights the regional aspect in the development of digital infrastructure and technologies, which directly impacts the digital transformation of the industry.

Conclusions. The authors provide recommendations for using platform solutions in aviation industry companies to allow Russian players to achieve leading positions in the global market. The obtained findings can also be used by companies in other sectors of the economy to adjust their business models, as well as for similar studies.

Aim. The presented study aims to identify methodological problems in the current exchange legislation of the Russian Federation and to substantiate the objective need for the development of a relevant legal framework for domestic exchange control.

Tasks. The authors analyze the regulations of the Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control, which establish the conceptual framework, purpose, and scope of the legal regulator, the principles of exchange control on the basis of the proposed approaches to the consideration of current exchange control principles.

Methods. This study uses general scientific methods of cognition in various aspects to substantiate approaches to analyzing the legal principles of exchange control for the purpose of identifying methodological problems in the current exchange legislation of the Russian Federation.

Results. Having analyzed the provisions of the Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control as a special basic legislative instrument for exchange control, the authors identify the main methodological problems of modern domestic exchange control: the immaturity of the conceptual framework, which leads to the uncertain content of its regulations; the declarative nature of regulations establishing the purpose, scope, and principles of exchange control, which is unacceptable for a legal instrument; the lack of proper consistency between provisions establishing the fundamentals of exchange control and norms regulating the implementation of exchange transactions.

Conclusions. The lack of a proper conceptual framework for exchange legislation as defined and demanded by legal reality is an obstacle to analyzing the array of regulations that make up the legal exchange regulator, but it also serves as a basis for the formation of methodological problems in the modern domestic exchange legislation.

Aim. The presented study aims to investigate the trends and risks of ESG investing.

Tasks. The authors determine the causes of the increasing popularity of socially responsible investment and analyze the relationship between the company’s compliance with ESG factors, its financial indicators, and its stability in the market.

Methods. This study uses general scientific methods of cognition to examine socially responsible investment in various aspects and to identify trends in managing a portfolio of financial assets.

Results. The authors propose the fundamentals of creating a new methodological framework for  assessing the level of social and environmental responsibility of companies and provide recommendations for including socially responsible investment in the stock portfolio.

Conclusions. The increasing popularity of the social responsibility of business makes it impossible to ignore ESG investing in the stock portfolio. However, when investing in a business, it  is necessary to pay attention to the correctness of the results of company valuation. The ratings do not make allowance for companies partially complying with ESG factors.

Aim. The presented study aims to investigate the evolution of interpretations of the government's role in the economy and to identify and describe the modern functions of the government in the economy and the corresponding regulatory instruments.

Tasks. The authors theoretically analyze the approaches of major economic schools to the interpretation of the government's role in the economy in different periods; identify historical patterns in the transformation of government functions depending on external conditions; describe economic problems in the modern world; determine government functions and effective instruments for their implementation in the current context.

Methods. This study uses general and special methods, such as induction and deduction, analysis and synthesis, generalization, systematization, comparative analysis, and content analysis. The methodological basis of the study includes the works of economists of various historical eras representing major economic schools, as well as modern research on the history of economic thought and government regulation.

Results. The approaches of leading economic schools to substantiating the adequate degree of government intervention in the economy are analyzed – from the pre-scientific period to modern Nobel laureates. The historical and economic features of different eras are established, and the most effective instruments of government regulation of the economy are indicated for each era. Based on global development trends, the main economic features and problems of the XXI century are highlighted, which are universal in the context of globalization. The transformation of government functions in the modern economy is substantiated. The authors propose an original approach to the classification of government functions depending on their focus on solving specific problems and identify instruments for implementing new functions.

Conclusions. The study highlights universal government functions in any society, such as producing public goods, protecting law and order, and updating legislation. The scope of government intervention in the economy and the selection of regulatory instruments are justified differently in the concepts of economic schools, depending on the characteristics of the external environment. During the development of human society, the degree of government influence on the economy changes. As social relations and technology become more advanced, government functions in the economy become more complex and new goals and forms of regulation appear. Government functions in the modern economy can be divided into four categories: ensuring economic development, facilitating technological progress, maintaining human capital, and economic globalization. The focus is shifting towards instruments for strategic planning, forecasting, and management and a program-oriented approach to the implementation of government functions.