The journal “Economics and Management” has been published by Saint-Petersburg University of Management Technologies and Economics under the research and methodological guidance of Social Sciences Department of the Russian Academy of Sciences since 1995. The journal is one of the leading Russian scientific editions publishing the results of original theoretical and applied researches on the current topics in Economics and Management.
The journal was registered by the Federal Service for Supervision of Communications, Information Technology, and Mass Media on November 28, 2016 (Registration Certificate PI No. FS 77-67819 — printed publication), ISSN 1998-1627 (Print), ISSN 3033-7984 (Online).
The chief editor of the scientific journal “Economics and Management” is the rector of Saint-Petersburg University of Management Technologies and Economics, doctor of Economics, associate professor Oleg Grigorievich Smeshko.
In 2009 the journal “Economics and Management" was awarded the laureate title of the All-Russian contest of journalists "Economic Revival of Russia" in the nomination "The Best Specialized Information and Analytical Edition on Innovation Topics".
The journal is included in the updated list of journals, publications in which are recognized by expert councils in Economics, Management, Computer technologies and Computer science of the Higher Attestation Commission of the Ministry of Science and Higher Education of the Russian Federation when defending dissertations for receiving post-graduate or doctoral degrees, category K2.
The journal is included in the Unified State List of Scientific Publications (USLPS), level 2.
Regular audience of readers includes the Administration of the President and the Government of the Russian Federation, the Federation Council of the Federal Assembly of the Russian Federation and the State Duma of the Federal Assembly of the Russian Federation, Plenipotentiary Representatives of the President of the Russian Federation in the federal districts, the Russian Academy of Science, scientific institutes, Russian and foreign universities, heads of Administrations of the regions and large cities of the Russian Federation, representatives of analytical divisions of large-scale enterprises, corporations and banks, heads of federal and regional authorities.
Among the authors of the journal are well-known Russian and international scientists, the Nobel Prize winners in Economics, academicians, corresponding member of the Russian Academy of Sciences, leading experts and analysts, economists, academic staff and heads of universities, specialists in management, doctoral and post-graduate students of the Russian and international universities.
The mission of the journal is to support a strong interest of readers to original theoretical and applied researches in “Economics and Management” aimed at disseminating the best national and international theoretical knowledge and practical experience in these spheres.
The journal "Economics and Management" is included in the following databases of scientific journals:
- Database of the Russian scientific journals on the e-library.ru platform (RSCI);
- A list of the Russian peer-reviewed journals recommended by the Higher Attestation Commission of the Ministry of Science and Higher Education of the Russian Federation where the main scientific results of researches should be published when defending dissertations for receiving post-graduate or doctoral degrees.
Registered in the Crossref system, each article is assigned an individual DOI: 10.35854/1998-1627.
The online version of the journal is available at https://emjume.elpub.ru/jour.
The journal is published in the Russian language. The title, content, annotation, key words and contact information of authors is given in the Russian and English languages.
Current issue
ACTUAL PROBLEMS DEVELOPMENT OF ECONOMICS
Aim. This study analyzes the transformation process of goal setting in regional policy on the border territories of the Russian Federation (RF) occurring under the influence of geopolitical turbulence, sanctions pressure, and the reshaping of foreign economic relations.
Objectives. The study identifies the stages of evolution of goal setting in regional policy on border territories; determines the key factors shaping the new context of their functioning; and develops a typology of the RF’s border regions for differentiating regional policy tasks in the context of new challenges.
Methods. We use a systems approach, the historical-genetic method, and comparative analysis. A critical analysis of approaches presented in the current scientific literature substantiates the need to abandon unified models of regional policy in favor of differentiating tasks depending on the typological characteristics of border regions.
Results. We have identified three stages in the evolution of goal setting: equalization (1990s — early 2000s), stimulation (mid-2000s — 2020s), and the current stage of adaptation to new challenges. The study systematizes the key factors of transformation, including geopolitical turbulence, the disruption of cooperation chains, digital transformation, institutional uncertainty, and social factors. The author proposes a typology of border regions (integration type, adaptation type, isolation type) based on an analysis of the nature of the territory’s ties with the outside world.
Conclusion. Effective regional policy under the new conditions requires not a change of instruments but a rethinking of goals. In contrast to unified models, the study substantiates the need to differentiate tasks depending on the type of border region. For integration regions, the priority is the preservation and transformation of ties; for adaptation regions, flexibility and the ability to restructure; for isolation regions, the search for internal sources of development. The obtained results can serve as a basis for adjusting the development strategies of border regions and improving the mechanisms of state regulation.
ECONOMIC THEORY
Aim. To conduct a comparative methodological analysis of research paradigms of industrial development in order to assess the analytical capabilities of the ecosystem approach in studying contemporary forms of interorganizational industrial interaction.
Objectives. To systematize the scientific concepts of industrial development that have shaped the theoretical prerequisites for the emergence of the ecosystem approach; to identify the methodological prerequisites, analytical potential, and limitations of various research paradigms of industrial development; to develop the author’s periodization of research paradigms of industrial development as an analytical framework for their comparative methodological analysis; to reveal the analytical capabilities of applying the ecosystem approach to the study of contemporary forms of interorganizational industrial interaction.
Methods. The methodological basis of the study consists of the principles of systemic economics, evolutionary economic theory, and institutional analysis, which make it possible to view industrial development as a multilevel process of transformation of interorganizational interaction forms in industry. The study employs methods of theoretical generalization, retrospective and comparative analysis of scientific concepts, as well as structural-logical modeling.
Results. It is established that the formation of the ecosystem approach is accompanied by an expansion of analytical tools for studying industrial development and a rethinking of the boundaries of applicability of previous theoretical models. The author proposes a typology scheme for the research stages in the evolution of ideas about industrial interaction, allowing for a comparison of changes in the objects of analysis, research priorities, and the analytical tools used. It is shown that the transformation of research approaches is driven by the expansion of the range of interorganizational interactions and the need to account for institutional and technological factors that previously remained outside analysis. A shift in the research focus of economic science is observed, from the analysis of individual production structures to the study of complex configurations of interorganizational interaction.
Conclusion. The development of the economic theory of industry indicates a transition toward examining distributed coordination mechanisms based on aligning the interests of technologically and institutionally heterogeneous participants. The results obtained make it possible to specify the analytical capabilities of the ecosystem approach in interpreting contemporary models of industrial interaction.
REGIONAL AND SECTORAL ECONOMY
Aim. Based on an analysis of the economic essence of technological sovereignty and production localization, this study aims to explore the role of production, science, and education (PSE) integration and to propose recommendations for achieving technological sovereignty and increasing the level of production localization in contemporary Russia.
Objectives. To identify the prerequisites for and demonstrate the necessity of achieving technological sovereignty in contemporary Russia; to establish the essence of the relationship between the Technological Sovereignty and Production Localization categories; to assess the impact of production, science, and education integration processes on production localization and the achievement of technological sovereignty.
Methods. The study uses logical and systems approaches, and methods of institutional, structural-functional, economic-legal, and comparative analysis.
Results. This article examines the role of PSE integration as a key factor in successful production localization under contemporary geopolitical challenges that necessitate addressing the problem of achieving technological sovereignty. The study identifies problems in Russian economic development caused by sanctions pressure from unfriendly states. Given this, the article substantiates the objective need to achieve technological sovereignty through the localization of critical industries. The study assesses the current state of localization in industrial sectors. The article divides industries into groups with different levels of production localization and proposes a development strategy for each group. The study reveals the essence of PSE integration as a systemic phenomenon that includes the formation of a single innovation and technology cycle, from fundamental research to mass production.
Conclusion. The integration of production, science, and education is a necessary condition for successful production localization and for achieving technological sovereignty in Russia. Under conditions of external sanctions pressure and increasing political and economic turbulence, systemic linkages among these three sectors make it possible to provide a technological base, train qualified personnel, accelerate innovative development, and build closed production chains. Together, these conditions create the basis for successful production localization. The priority directions for developing PSE integration in the context of increasing localization levels and achieving technological sovereignty are critical industries (microelectronics, machine tool building, aircraft manufacturing, pharmaceuticals, and others) that are most dependent on imports, including from unfriendly countries.
Aim. To examine the influence of the institutional status of industrial railway transport enterprises on operational performance indicators and investment activity.
Objectives. To systematize the institutional models of industrial transport organization; to assess differences in operational performance indicators, asset structure, investment activity, and liquidity between independent and captive industrial railway transport enterprises.
Methods. The study is based on the tenets of transaction cost theory. The empirical basis consists of ten industrial railway transport enterprises (five independent and five captive). Statistical hypothesis testing was performed using Student’s ttest for independent samples with unequal variances.
Results. The study revealed statistically significant differences between independent and captive industrial railway transport enterprises in key operational and investment activity indicators. Independent enterprises demonstrate significantly higher operating profitability, indicating their focus on achieving their own financial results in a competitive environment. Captive enterprises are characterized by higher capital intensity and a larger share of fixed assets in their asset structure, typically implementing a direct ownership model within the investment program of the parent holding. The current liquidity ratio of independent companies significantly exceeds that of captive enterprises, indicating fundamentally different approaches to working capital management.
Conclusion. The results confirm the hypothesis that institutional status has a system-forming influence on the economic performance of industrial railway transport enterprises. Independent companies, oriented toward the competitive environment of the transport services market, demonstrate significantly higher profitability indicators with moderate capital intensity. Captive companies, which function as the internal transport infrastructure of an industrial holding, are characterized by a higher share of fixed assets and greater investment activity. The identified differences have implications for the formation of a unified transport policy and the regulation of activities on nonpublic railway tracks.
Aim. To systematize the financial-economic, infrastructural, and information-cooperation tools for developing the limitrophe potential of Russian border regions.
Objectives. To classify development tools by the nature of their impact; to identify the specific features of tool application in different types of border regions; to determine the dependence of tool effectiveness on the quality of the institutional environment; and to propose directions for improving the instrumental framework.
Methods. The study is based on a systems approach, comparative analysis, and classification. Case study methods were applied to examine a range of tools in six types of border regions (from the Far East to the Arctic), along with elements of institutional analysis.
Results. Three groups of tools are identified: financial-economic (tax incentives, subsidies, preferential financing), infrastructural (transport corridors, public-private partnership projects, logistics hubs), and soft tools (digital platforms, educational exchanges). Targeted tools aimed at removing barriers (certification, “last mile” logistics) are most effective when combined with special economic regimes. The findings reveal the key role of institutions as the foundation determining the success of these tools.
Conclusion. The current system of tools is characterized by institutional fragmentation and the absence of a unified center of responsibility. To realize the limitrophe potential, a transition from universal solutions to a flexible, adaptive system is needed—one that synchronizes “hard” and “soft” tools with the real needs of border communities and the specific characteristics of each type of border.
Aim. To identify directions for regional development and the use of science, technology, and human resources to ensure sustainable innovative growth of regions.
Objectives. To reveal the role of science, technology, and human resources in the innovative development of regions; to conduct an analytical review of leading practices in the use of these resources in Russia and China; to highlight directions for the development of science, technology, and human potential at the regional level.
Methods. We applied methods of content analysis of publications in the context of the research topic, systems analysis, synthesis of principal components, as well as statistical methods.
Results. Directions for talent management are substantiated. The necessity of developing regional research and education centers that promote cooperation among universities, research organizations, and businesses for the implementation of innovative projects and the training of highly qualified specialists is demonstrated. Problems in regional innovation systems are identified, and directions for regional development and the use of science, technology, and human resources to ensure sustainable innovative growth of regions are shown. The role of these resources in the innovative development of regions is revealed.
Conclusion. For sustainable innovative development of regions, the integration of science, education, and production serves as an important factor. Technologies and human resources ensure innovative development in the era of digitalization. In confirmation, an analytical review of best practices in the use of science, technology, and human resources in the regions of Russia and China is presented. Directions for the development of scientific and human potential at the regional level are highlighted.
FINANCES AND CREDIT
Aim. To identify and conduct a comprehensive analysis of the potential of digital financial assets (DFAs) as a new channel for attracting financing for economic entities in the Russian Federation under conditions of limited access to traditional capital, as well as to assess the associated risks and implications for monetary policy.
Objectives. To analyze the causes, manifestations, and consequences of capital market contraction for the real sector; to conduct a comparative analysis of traditional and DFA-based methods of raising funds; to systematize models for issuing and circulating DFAs as financing instruments; to examine the channels through which the DFA market influences the monetary system of the Russian Federation; to assess regulatory and macroeconomic risks associated with the active use of DFAs
Methods. The study utilized comparative, structural, and scenario analysis, as well as elements of analytical processing and graphical presentation of information.
Results. The narrowing of the traditional capital segment in Russia has a structural nature, creating a sustained demand for alternative financing instruments, primarily from small and medium-sized enterprises and companies in the innovation sector. The comparative analysis shows that the main competitive advantages of DFAs lie in the adaptability and speed of issuance and the ability to provide individual investment parameters through smart contracts. The functional varieties of DFAs are summarized; each model (utility token, investment token, digital financial obligation) addresses a specific resource-raising task, occupying its own niche in the financing process. We argue that the development of the DFA market opens new channels for monetary policy transmission, generating quasi-money assets and contributing to changes in the velocity of capital circulation, thereby necessitating the adaptation of approaches to monetary regulation. A dual nature of risks is observed: the technological properties of DFAs simultaneously create vulnerabilities for financial stability and provide opportunities for increasing the liquidity of real sector assets.
Conclusion. DFAs represent a new segment of the financial system that performs a complementary function relative to classical banking and exchange instruments. The potential of DFAs becomes most valuable when access to traditional financing is limited, acting as a backup mechanism to support investment activity in the real sector. The effectiveness of using DFAs is directly determined by the correct choice of token type, which must fully correspond to the economic needs of the issuer, whether for the preliminary sale of services, raising equity capital, or asset securitization. For monetary authorities, the growing significance of the DFA market necessitates expanding the analytical horizon to include indicators reflecting the volume of issuance and circulation of digital assets. An uncontrolled spread of private surrogates performing quasi-money functions poses a significant threat, which could weaken the regulator’s influence on money supply parameters and transmission mechanisms. Regulatory approaches should be based on the principles of differentiation and proportionality: stricter requirements for systemically important issuances while maintaining simplified regimes for experimental small business projects. A key condition for risk reduction is the inclusion of DFA platform operators in the national financial monitoring and supervision system. For potential issuers, the technological aspect is less critical than creating a convincing economic model for the token and ensuring investor trust. Further market development appears impossible without developing judicial and law enforcement practice that would allow for a clear determination of the nature of obligations embedded in smart contracts. Thus, DFAs are not a short-term trend but an institutional response to the challenges facing the modern financial system, which requires market participants to adopt a thoughtful and strategically oriented position.
MATHEMATICAL MODELING, SYSTEM ANALYSIS
Aim. This work aimed to develop a cyberrisk management model for the critical information infrastructure of the financial sector based on spiking neural networks (SNNs), focused on improving the validity and efficiency of decisionmaking when detecting network traffic anomalies.
Objectives. To analyze existing approaches to information security incident management in financial organizations; to develop the structure of an intelligent decision support system for detecting network attacks; to identify informative features of network activity and methods for their representation in spiking form; and to perform an experimental evaluation of the proposed approach’s effectiveness within the security management loop.
Methods. The research applies machine learning methods and spiking neural networks. Network event processing is implemented using various SNN architectures, including convolutional and recurrent models. Input data representation is based on converting network traffic parameters into spike trains using probabilistic and temporal encoding methods. Standard classification metrics are used to evaluate the results; additionally, the analysis examines how the obtained values affect the quality of decisions made.
Results. The structure of an intelligent system is developed, which can be integrated into the information security management loop of a financial organization. The system uses specialized spiking neural network models to analyze different types of network threats. Experiments show that using SNNs increases attack detection accuracy and reduces the number of false positives. Consequently, operator workload is reduced, and the efficiency of response processes is improved.
Conclusion. The obtained results demonstrate the feasibility of using spiking neural networks for cybersecurity management tasks in financial organizations. The proposed approach can be integrated into decision support systems, where it helps increase the resilience of critical information infrastructure and mitigate the consequences of cyberthreats.
SCIENTIFIC RESEARCH OF YOUNG SCIENTISTS
Aim. This study analyzes the transformation process of the Russian Federation’s (RF) international settlement system under the influence of sanctions restrictions, as well as identifies and theoretically substantiates the changing functional role of gold and foreign exchange reserves from an insurance instrument to a fundamental guarantor of sovereign payment infrastructure.
Objectives. To analyze changes in the global financial system; to quantitatively estimate the increase in the share of gold in the RF’s reserves; to examine the mechanism of using gold to smooth exchange rate fluctuations and cover liquidity shortages in non-dollar settlements; to identify the contradiction between the operational sale of gold and its strategic role in constructing gold-backed payment instruments.
Methods. Using general scientific methods of inquiry, the author examines the transformation processes of the RF’s international settlement system and the changes in the functional role of gold and foreign exchange reserves from various perspectives.
Results. The analysis empirically identifies an increase in the share of monetary gold in the RF’s reserves to 42 % by March 2026. Under conditions where dollar-denominated interventions are impossible, gold, together with the yuan, has become an operational tool for exchange rate stabilization. Simultaneously, gold is transitioning from a passive reserve to an asset class suitable for prospective gold-backed international payment instruments.
Conclusion. The transformation of the role of gold and foreign exchange reserves is dual in nature: on the one hand, gold serves as the only neutral guarantor of sovereignty not subject to freezing risk; on the other hand, its sale for current needs conflicts with its long-term strategic function. The optimal resolution of this dilemma lies not in the extensive accumulation of gold reserves but in the formation of multilateral agreements with gold backing.
Aim. To classify the objects of reputational security aimed at enhancing the economic security of an enterprise, based on an analysis of several authorial approaches.
Objectives. To analyze existing approaches in the literature to defining the objects of reputational security; to identify the key objects of reputational security of an enterprise; to characterize the classification criteria; and to develop a classification of the objects of reputational security.
Methods. The author used general scientific methods of analysis and synthesis, as well as methods of content analysis of scientific literature, data processing, and systematization.
Results. A classification of the objects of reputational security of an enterprise is developed. The main elements are identified and divided into groups and subgroups. These reflect the influence of internal and external factors on reputation, which is the result of the author’s original approach to diagnosing reputational threats.
Conclusion. The classification of the objects of reputational security of an enterprise, which includes internal, external, and digital objects, as well as aspects of risk management and control measures, provides a comprehensive approach to reputation protection. This appears critically important for the sustainable functioning and development of the organization.
Aim. To develop and test mathematical models of an enterprise’s information flows to improve management efficiency in the context of digital transformation.
Objectives. To develop a classification of information flows; to conduct simulation modeling of the dynamics of information exchange to identify critical factors affecting system performance.
Methods. The methodological basis of the study consisted of comprehensive systems analysis, the use of data flow diagrams (DFDs) to visualize the logic of information movement, and ontological modeling for dynamic access rights management. The technical part of the study is based on conducting a full threefactor experiment and statistical data processing in the Minitab software environment.
Results. The author proposes a classification of information flows according to four criteria: directionality, formalization, periodicity, and security. During the simulation of server node operation (sample of 12,500 transactions), an adequate regression model of response time was obtained. It was established that the greatest influence on system stability is exerted by flow intensity (Х1 = 2,450), while channel expansion (Х3 = −1.875) serves as the most effective way to compensate for delays. A regression model was constructed showing the dependence of system response time on the intensity of incoming requests, the complexity of data processing, and the bandwidth of communication channels. The experiment revealed a synergistic effect of factor interaction, indicating a nonlinear increase in time delays with the simultaneous increase in task complexity and network load.
Conclusion. The study confirms the need for enterprises to transition to a microservices architecture and implement intelligent data routing algorithms. The practical implementation of the proposed approaches makes it possible to minimize information redundancy, ensure the scalability of digital flows, and increase overall controllability of the entity by 20–30 % in various economic sectors. The scientific novelty lies in formalizing the relationship between the technical parameters of information exchange and the financial indicators of an enterprise. For the first time, it is proposed to use a margin reduction function to assess the impact of data transmission delays on profitability in industrial automation.
Aim. To assess the effect of net neutrality on internet service providers’ investments.
Objectives. To create a game-theoretic model of the internet service provider market in which content providers are heterogeneous in their value to consumers and in their bargaining power relative to internet service providers; to obtain a conclusion about the effect of net neutrality by comparing the optimal investment decisions of internet service providers under net neutrality and in its absence.
Methods. The author applied methods of game-theoretic modeling and mathematical optimization, including backward induction and the Lagrange multiplier method; the concept of Nash equilibrium was used.
Results. It is established that net neutrality does not affect internet service providers’ investments if a large content provider does not become exclusive in the absence of net neutrality; net neutrality increases the total investment volume of internet service providers when a large content provider becomes exclusive.
Conclusion. The finding that the effect of net neutrality on internet service providers’ investments depends on the share of content providers that would prefer to become exclusive in the absence of net neutrality can help Russian regulators assess the feasibility of preserving net neutrality.
ISSN 3033-7984 (Online)















