The relevance of this study is determined by the fact that cryptocurrency mining has rapidly entered the country’s economic life. As is often the case, the rapid development of certain technologies requires legislative action to regulate activities related to these technologies. In August 2024, the Russian Federation adopted Federal Law No. 221-FZ «On Amendments to Certain Legislative Acts of the Russian Federation» (the Mining Law), which legalized cryptocurrency mining and created an institutional framework for its regulation. By the beginning of 2026, the country had established a year-and-a-half of law enforcement practice, allowing for a comprehensive economic assessment of the consequences of legalization, which determined the choice of research topic and the formulation of its theme. The objective of this research is to conduct a comprehensive economic assessment of the consequences of the implementation of mining legislation (2024–2026), evaluate actual and projected quantitative indicators for the fourth quarter of 2025 and as of early 2026, and develop practical scenarios for the use of legalized mining as an element of Russia’s economic development. The scientific novelty of the obtained results lies in the integration of institutional analysis with macroeconomic and energy modeling to assess the fiscal, currency, and multiplier effects of mining legalization. A formal model of the budget effect is proposed, taking into account cross-border restrictions and sanctions pressure. For the first time, based on official data from the Federal Tax Service of Russia for 2026, an assessment of the tax potential of the industry was conducted using a methodology for separate accounting of fiscal revenues and taking into account planned penalties for illegal activity. The practical significance of the obtained results lies in their potential for use in solving economic problems and realizing the potential of mining for the development of the Russian economy.
The relevance of this study is driven by the fact that conventional horizontal and vertical analysis techniques distort the actual functioning of Arctic transport and logistics systems due to extreme seasonality, ice-related constraints, and weak infrastructure, which necessitates the development of specialized analytical approaches. The methodological foundation is based on adapting classical tools by projecting them onto the region’s specific climatic and geographic conditions, taking into account navigation windows, ice conditions, and seasonal transport constraints. The scientific novelty lies in the development of a two-level horizontal analysis with trend calculations for navigation windows and monthly volatility, as well as a seasonal decomposition of vertical analysis with the identification of navigation, winter roads, and thaw periods. It has been established that traditional annual analysis underestimates the true growth rates of cargo flows and masks the critical structural role of aviation, whose annual share obscures its key importance during the winter season and thaw period. It has been shown that ignoring seasonality leads to an underestimation of the role of winter roads and air transport, which during the shoulder seasons often serve as the only channels sustaining remote territories. It is concluded that calendar-based aggregated data do not provide a sufficient analytical basis for managing Arctic logistics. The practical significance of the proposed approach lies in the possibility of using climatic volatility as a parameter for precise port capacity planning, justifying public investment in the icebreaker fleet, and building safety stocks in hard-to-reach settlements. Further research may focus on developing algorithms for operational forecasting and cargo flow reallocation based on integrating climatic data into digital logistics models of the Arctic
The article explores the role of Analytics in the field of human resource management (HR analytics) as a strategic tool for human capital management in the context of sanctions pressure. The purpose of the study was to conduct a comprehensive analysis of the role of analytics in the field of human resource management in the human capital management system under sanctions pressure, as well as to determine the directions of its development in the context of Russian sovereignty. For this purpose, the article examines the structural changes in the labor market caused by sectoral redistribution of employment, demographic constraints, a reduction in external labor migration and large-scale emigration of qualified specialists. Special attention is paid to the transformation of analytics in the field of human resource management from an auxiliary tool for personnel management into a key mechanism for predicting personnel risks, increasing the sustainability of organizations and increasing their competitiveness. The consequences of the departure of foreign platforms related to human resource management are analyzed. The problems of import substitution that arise in this regard are studied, including a decrease in data quality, fragmentation of information systems and limited access to modern analytical technologies. Based on the system-analytical approach, the necessity of developing a domestic ecosystem of analytics in the field of human resource management, focused on the integration of corporate and government information resources, is substantiated. A conceptual model for the development of analytics in the field of human resource management is proposed, based on the principles of data integration, context-oriented application of artificial intelligence and personalization of human capital management. It is concluded that it is necessary to form a national infrastructure of labor market data as a basis for improving the effectiveness of personnel policy and ensuring technological sovereignty.
The bank’s loss given default (LGD) – the proportion of losses incurred when a borrower defaults – is a critically important metric. Without its accurate forecasting, it is impossible to correctly assess the level of credit risk, adequately form reserves for expected credit losses, or calculate the sufficient amount of capital required to safeguard the institution’s financial stability against unexpected credit losses arising from loan defaults. This metric reflects the proportion of unpaid debt relative to its total amount and directly influences the level of provisioning, regulatory requirements, and strategic planning of banking operations. Predicting the losses given default requires considering several specific data properties, including multimodality, asymmetric distribution, constraints within the interval [0,1], and nonlinear relationships with explanatory factors. This article reviews studies focused on modeling the share of default losses within the credit risk assessment. Model quality metrics are discussed based on four key criteria: accuracy, discriminative ability, stability, and interpretability. The article provides with recommendations for model development and implementation. Hybrid models that combine the advantages of parametric and non-parametric approaches, as well as interpretable non-parametric models, are becoming increasingly popular in credit risk assessment due to their ability to offer both predictive accuracy and interpretability. Nevertheless, parametric models remain the base analytical tool and benchmark against which the performance gains of more sophisticated models can be compared.
One of the most common problems of declining labor productivity is health problems, which is why health capital research is increasingly in demand. However, the abstract nature of the concept of health capital and the lack of a single generally accepted methodology for evaluating indicators pose a scientific research problem. The subject of the study is the impact of public health on the development of economic processes in the country. The basis for the development of the concept of health capital was the consideration of health as an asset that allows a person to use his human capital for as long as possible. This formulation of the issue required consideration of health—saving behavior as the main endogenous factor of people’s inequality in health, which is the focus of attention of several scientific disciplines, the key among which are medicine, economics and sociology. The problem of the lack of a generally accepted methodology for creating a single indicator that can approximate the theoretical concept of «health capital» in empirical research has determined the purpose of this material. In this article, the author’s methodology for creating indicators of health capital is proposed. Based on the fact that social determinants of health belong to broad categories of causes, factors and resources that have a direct and indirect impact on health, such indicators as: general well-being (self-awareness of health); the presence of chronic diseases were selected.; investing in health capital. In our study of health capital, we use quantitative indicators that reflect how effectively a person’s health allows them to engage in work. Certain actions can both improve and worsen your health. In other words, when measuring health capital, we not only measure health itself directly, but also take into account how comfortable a person is to live and work with such a level of health and what contribution he makes to its strengthening.
The article examines the impact of digital twins on the employment structure and the requirements for the competencies of workers in the industrial sector. Based on the analysis of theoretical approaches: the theory of human capital, the competence approach, the concept of Industry 4.0; statistical data and international analytical reports, the main directions of transformation of professional roles have been identified. The author's competence model is proposed, which includes digital technical, analytical and universal components. The necessity of updating educational programs and HR strategies in the context of digitalization is substantiated. The conclusions about the importance of continuous training and development of integrated digital experts are formulated
Current research on international industrial cooperation reveals a gap due to the insufficient exploration of the characteristics and trends of international cooperation within new associations such as BRICS+. Of particular interest is the conceptual and theoretical substantiation of a model for the development of international industrial cooperation between Russia and the BRICS+ countries. The aim of the study is to construct a unified conceptual model for the development of international industrial and technological cooperation and to differentiate its levels according to individual spheres and areas of international economic interaction and cooperation among the BRICS+ countries. To achieve this goal, the study applied the methodological principle of sequentially «layering» analytical dimensions of international production and cooperation. As a result, five research levels of the conceptual and theoretical model were identified and five theoretical blocks were grouped: the theory of global value chains, the theory of global production networks, the theory of global supply chains, the theory of multinational enterprises, and the theory of international scientific and technological cooperation. The study also proposed strategic solutions for the development of international industrial and technological cooperation between Russia and the BRICS+ countries. In particular, it has been proven that the most preferable method of cooperative interaction is the creation of value chains in which the value-added process is relatively evenly distributed among a large number of companies. It is also necessary to ensure that manufacturing firms act as links between isolated network clusters or act as gatekeepers for the flow of critical goods or scarce resources. A conclusion has been reached regarding the need to transition to new forms of support for scientific and technological cooperation, motivating the implementation of multilateral projects in priority technological and humanitarian sectors, such as the BRICS Framework Program for Science, Technology, and Innovation.
The modern stock market of Russia has faced a significant number of challenges and threats. Due to sanctions imposed by unfriendly countries, the withdrawal of many investors from the national market, and their skeptical attitude toward the prospects for the country’s industrial development, shares of Russian companies have become deeply undervalued. At the same time, the market value of these securities often does not reflect the actual sustainable development of Russian enterprises. Today, undervalued companies from various sectors can be identified on the stock exchange. A difficult task for an investor is to conduct a correct and comprehensive analysis of a significant number of enterprises to identify signs of undervaluation of their shares. This study applied one of the most well-known and widely used strategies – the value investing strategy – to shares of large Russian companies listed on the exchange market. Quantitative (fundamental) analysis is presented using various financial indicators characterizing the efficiency of organizations’ activities, as well as the Graham ratio. This, combined with a qualitative assessment of corporate policy, development strategy, and the role of companies in the market, made it possible to form the most complete assessment of whether the market value of their securities corresponds to fair value. Based on the results of the analysis, those issuers whose shares can be classified as undervalued were selected. According to the authors, among strategically important sectors on the Russian market, three promising organizations should be highlighted, in which investors need to invest to obtain higher returns in the future. It is worth noting that the presented analysis makes it possible to identify undervalued companies in the market with good accuracy; however, to reduce the risk of falling into a «value trap,» the analysis can be expanded by using additional financial indicators and non-financial information.
In the context of accelerating economic change and digital transformation, there is a growing need to reengineer approaches to assessing an organization's human capital, the key bearer of which is management personnel. The article examines human capital through the prism of competencies as a «tool for measuring human capital», including universal competencies as an underestimated element in a changing labor market. The theoretical and methodological basis of the study is provided by ideas about intangible resources, the difficulties of measuring intangible characteristics (such as engagement, commitment, and inventiveness), and an interdisciplinary approach to the development of diagnostic tools. The aim of the work is to justify the reengineering of management personnel competency assessment systems as a strategic mechanism for human capital management. The article proposes: a profile of key management competencies; a cluster architecture of a key competency model in conditions of economic uncertainty; an integrated system for assessing management personnel competencies; a model for building effective individual development trajectories, in which assessment is the methodological core of personalized development; and an algorithm for cyclical adaptation of competencies (CAK 7) as a seven-stage model for reengineering competency assessment and development. The result of the analysis is a comprehensive concept for transitioning from static, fragmented procedures to a continuous, contextually adapted cycle of assessment and development that ensures data comparability, manageable personalization, and demonstrable educational outcomes. It is concluded that such a configuration minimizes the subjectivity of assessment, improves the quality of management decisions, and contributes to the sustainable growth of human capital and the competitiveness of the organization.
Significant changes in the global political arena are triggering essential economic transformations. The United States, as the world’s largest economy, remains a key player in international economic relations. Political events within the USA often influence its international policy, which has implications for the socioeconomic life of other countries. Therefore, changes in the well-being of US citizens during the first quarter of the 20th century are of interest. This paper provides a ranking analysis of selected standard of living indicators for the New England states for the period 2000–2023. Based on this analysis, we rank these states by standard of living and examine future trends in the quality of life of their citizens. The indicators included in the ranking include per capita income, per capita GDP, current savings, and the employment rate. The analysis revealed that the standard of living is higher in more urbanized regions, home to major metropolitan areas. The impact of globalization on individual states, typically the more industrialized ones, is also documented. Large manufacturing operations in these regions have been relocated to Asian countries with cheaper labor. Consequently, these states have experienced a decline in living standards or a slower rate of growth relative to other regions of the United States. The exceptions are states with high human development, home to major educational centers, such as Harvard University in Massachusetts.
The article is devoted to the main points of discussion of the two most important fundamental areas of economic thought – Economics of Welfare and institutionalism - on the internalization of externalities. The relevance of the topic is due to the huge dependence of the effectiveness of government regulatory measures aimed at reducing environmental damage, ensuring environmental safety and maintaining sustainable development on the effectiveness of the system of internalization tools. The purpose of the study is to analyze and summarize the scientific views of A.Pigou and R.Coase on the issue of a principled approach to the regulation of externalities in order to develop an effective system of intensification. To achieve this goal, the following tasks were solved. The theoretical and methodological foundations of the problem of external effects were considered. The essence of A.Pigou’s principled approach to their regulation was characterized. The alternative approach of R.Coase was analyzed. Coase’s approach to solving the problem of externalities. Comparison criteria are identified and a comparative analysis of the two approaches is carried out. Their conceptual differences, limitations, as well as the conditions under which each of them can be most effective are identified. The scientific paradigms of the Economics of Welfare and the institutional theory of the problem of regulating externalities demonstrate both similarities and differences. The commonality of positions is manifested in the recognition of the fact that the possibility of internalization by adjusting marginal private costs, taking into account the external effect, is largely due to government actions. The differences relate to ideas about the tools of state regulation of external effects. While proponents of Economics of Welfare emphasize fiscal methods (taxes and subsidies), representatives of institutionalism insist on minimizing the direct involvement of the state, reducing its role to a clear specification and protection of property rights, which creates the basis for an effective solution of the problem through the use of market mechanisms. The scope of the research results lies in the field of economic theory, the history of economic studies, environmental economics and environmental management.
Creative industries currently play an important role in maintaining cultural diversity and identity, and in the context of globalization and migration, they facilitate the exchange of cultural values and ideas. The purpose of the study is to study the development of creative industries in the context of digital transformation and their impact on economic growth, cultural and social changes. The tasks include: analyzing the regulatory framework and terminology, studying regional experience in the development of creative industries and their contribution to the economy, researching the role of digital platforms, social networks and new business models, reviewing and identifying existing problems in the creative industries and offering recommendations for their resolution. The economy of creative industries in the digital age demonstrates enormous potential and opportunities for growth, but requires flexibility, innovation and a strategic approach to development from industry participants. With the rapid development of digital technologies, creative industries are changing and adapting, having a significant impact on social and cultural trends, shaping public opinion and creating new forms of interaction. The Internet and digital platforms allow creative individuals and companies to enter international markets without significant investments, which certainly promotes diversity and competition. At the same time, in conditions of information overload, the importance of unique and high-quality content increases. Digital technologies have contributed to the emergence of new business models such as streaming, content subscription, and crowdfunding. This opens up new opportunities for creative professionals and companies. Social media and online platforms allow direct interaction with consumers, which helps create personalized content and increase audience engagement. Areas for the development of creative industries require the interaction of public, private and non-profit organizations, as well as the active participation of creatives themselves.
The relevance of studying the formation of transaction costs is rooted in the various approaches to the costs incurred by economic agents at all stages of the commodity cycle within the economic system. The study of transaction costs is particularly valuable due to the rather serious problem of their general calculation in practice, necessitating a more in-depth and thorough analysis at the theoretical level. This, in turn, clearly demonstrates the importance of this scientific topic, which is being raised at the global level as theoretical knowledge on this institutional issue grows. Particularly interesting in the study of transaction costs in our chosen framework was the hypothesis that in some sectors of the national economy, the mechanism by which they are formed is as specific as the sector itself. In our case, the problem of the formation and transformation of transaction costs in the agro-industrial complex emerged as a specific area of scientific research, significantly increasing the significance of this issue for the entire national economy. Considering that the agro-industrial complex is the source of food production, it can be confidently stated that the issue raised affects the interests of the entire population, as any commodity can be rejected except food, which is vital for the population, regardless of income level and specialization. An analysis of the mechanism of transaction costs in the agro-food complex also revealed the postulate put forward by representatives of various economic schools: the need for intervention in the market mechanism by non-market players—primarily the state. This intervention should not be direct, which is more detrimental to the market mechanism, but indirect, carefully organized and established based on a scientific approach to this issue.
The article presents a comprehensive analysis of the competitive advantages of the Kingdom of Morocco as a foreign trade partner of the Russian Federation. The purpose of the article is to identify the potential, opportunities and directions for further sustainable development of bilateral trade and economic relations based on the analysis of Morocco’s competitive advantages as a foreign economic partner of the Russian Federation. The relevance of the research is determined by the need for the Russian Federation to stabilize and diversify foreign trade in the context of the implementation of the «Turn to the East» policy in geographical and commodity aspects. The study period is 2014-2024. It has been established that Morocco has managed to create factorial, sectoral, infrastructural, market conditions and prerequisites for the intensification of foreign trade, including with Russia, the country ensures the growth of the quality of human capital, liberalizes its foreign trade, as well as its diversification. For its part, the Russian Federation has attractive advantages for Morocco and competitive products in a wide range of traditional commercial products and services, as well as in the field of high technology. Russian-Moroccan trade is on the rise and is striving for a strategic partnership. The trade turnover is showing steady growth with the potential for further growth. The author notes that, along with traditional types of trade, such as energy and agriculture, areas such as pharmaceuticals and cybersecurity are also developing. There is still an imbalance in trade – value and commodity, as well as high volatility of trade turnover and dependence on the negative influence of external factors. The author expresses the point of view on the need for further development of the contractual and legal framework of mutual trade between Russia and Morocco as an opportunity to more fully realize the high potential of bilateral mutually beneficial trade between the Kingdom of Morocco and the Russian Federation.
Due to instability in global financial markets and the rise of protectionism in both developed and developing countries, a debate has been ongoing in academic circles in recent years about the shift from globalization to regionalization. Most academic papers have focused on the reorganization of the global monetary and financial system, while issues related to changes in the global stock market have received scant attention. The purpose of this study is to examine the specifics of current changes in the global stock market in the context of the regionalization of the global monetary and financial system. Scenario and systemic analysis methods were used, as well as an unorthodox institutional approach, which made it possible to develop a scenario for the regionalization of the global monetary and financial system with the formation of currency blocs of countries of a confederal type with uniform standards for regulating stock markets. This study developed a conceptual framework for the transition from globalization to regionalization of the global economy. A concept for the functioning of the global stock market is formulated under conditions of the world’s division into regional blocs of countries. This concept proposes regulation of the global stock market in a new format – within the framework of regional confederations, implemented by a single mega-regulator – the confederation’s central bank. Proposals for regulating the global stock market, as well as inter-confederation trade relations, are developed to mitigate potential damage from sanctions or asset freezes. The results of this study can serve as a basis for developing scientific understanding of the relationship between the transformation of the global monetary and financial system and the global stock market under conditions of regionalization. Future research allows for a more detailed study of individual aspects of the impact of regionalization of the global monetary and financial system on the global stock market, as well as for considering alternative scenarios for the development of the global monetary and financial system.
As China transitions from a model of high-speed economic growth to one focused on high-quality and inclusive development, the issue of improving the quality of life of the population is becoming particularly important from both a scientific and practical perspective. Although China's socio-economic development has been the subject of a significant number of studies, there is still a lack of systematic analysis in the scientific literature of the organizational and economic mechanisms that ensure a sustainable improvement in the quality of life in a socialist market economy. Most existing studies focus on a fragmented examination of individual public policy instruments, which does not allow for a full understanding of their functions and the nature of their interaction within a holistic management mechanism. The aim of this study is to provide a theoretical justification for the content, structure, and functions of the organizational and economic mechanism for improving the quality of life of the Chinese population. To achieve this goal, the study systematizes the institutional foundations of the mechanism, identifies its key structural elements, and analyzes the features of their interaction. The study shows that the organizational and economic mechanism for improving the quality of life is a stable, multi-level system based on program-targeted management, vertical coordination of government bodies, and the active use of digital management platforms. The conclusion is made that it is the systemic integration of economic and organizational instruments that is the key factor in ensuring a reproducible improvement in the quality of life of the population. The results of the study can be used in the analysis and adjustment of state socio-economic policy, as well as in comparative studies of national development models. A limitation of the study is its predominantly theoretical and analytical nature, which determines the prospects for further empirical and quantitative research.
The article examines one of the most controversial periods of Russian history - the era of the new economic policy (NEP), within the framework of which the Soviet state for the first time after the revolution went on an experiment to legalize private capital and create hybrid forms of management. The purpose of the article is to analyze the deep theoretical and ideological conflicts that arose during the integration of private (including foreign) capital into the economic system of Soviet Russia. The fundamental economic essence of a PPP is the delegation by the state of the right to certain economic activities and profit in exchange for investment and infrastructure development. Theoretical historical and economic analysis in the field of domestic economics reveals deep historical roots and continuity with the models of interaction between the state and private capital in the pre-revolutionary period. The connection between these eras lies not so much in the identity of legal forms as in the fundamental principles and mechanisms of mobilizing private resources to solve strategic national tasks in a catch-up development and a «quasi-market» institutional environment. Referring to the experience of the 1920s makes it possible to identify patterns and risks of interaction between the state and private capital. The author proves that the PPP during the NEP years was of a dual and internally conflictual nature. However, the historical lessons of the New Economic Policy within the framework of public-private partnership remain in demand in shaping Russia’s modern investment policy and show that PPPs are quite capable of developing on their own economic basis.
The article examines the current state and development prospects of the Russian metallurgical industry amid geoeconomic instability during 2022–2025. The authors analyze the impact of sanctions, rising transportation costs, and the restructuring of logistical routes on the sector’s export capabilities. The Business Confidence Index (BCI) serves as the primary methodological instrument, with its application substantiated by its timeliness, sensitivity to external economic shocks, and predictive capacity. The analysis of BCI dynamics in mining and manufacturing industries reveals a significant decline in business activity in early 2025 following the growth period of 2023–2024. Production statistics indicate a reduction in rolled metal and pig iron output, a decrease in capacity utilization to 61 percent, and deteriorating profit expectations in the mining sector. Concurrently, the study identifies a recovery in steel pipe and hollow section production, alongside stabilization in carbon steel output. The authors identify a complex of internal and external adverse factors: sanctions pressure, declining global metal prices, the elevated key rate of the Central Bank, and the contraction of the construction sector. The conclusion emphasizes the necessity of structural adaptation for metallurgical enterprises through equipment modernization and technological innovation to enhance competitiveness under transformed economic conditions.
Subject/Topic. The article examines the problems of organizing the development of the BRICS oil sector, taking into account its role in the global energy industry. The current state and development trends of the BRICS oil sector are analyzed, and it is concluded that the stability of production volumes observed over a long period of time reflects the strategy of the BRICS oil-producing countries to diversify their economies and reduce dependence on hydrocarbon exports. Methodology. To analyze the development processes of the BRICS oil sector, a systems-structural approach is used, which is a tool for logically "assembling" cause-and-effect chains in this area of economic and political relations. Results. Key areas of development for the BRICS oil-producing countries are identified: maintaining a leading position in the global market, diversifying the economy, developing new technologies and ensuring sustainable development. Development directions for the BRICS member countries are determined, taking into account energy issues. The conclusion is substantiated that strong dependence on the oil sector also creates risks associated with oil price volatility, resource depletion and the need to adapt to the global energy transition. Conclusions/Significance. Given the pressure exerted by developed countries on BRICS member states, it is advisable to develop management tools that more closely coordinate BRICS member states' energy operations, energy supply routes, new forms and currencies of payment for energy supplies, etc. Russia is expected to play a major role in this area. The proposal proposes establishing a unified management space with a high-dimensional computing component in the BRICS oil sector, relying on a pool of digital platforms, the creation and operation of which Russia possesses (considering the experience of the USSR). The proposed measures will ensure the manageability of the BRICS energy supersystem amidst critical global economic turbulence. Application. This article may be useful to researchers and practitioners engaged in analytical work in companies, scientific and educational organizations, employees of government agencies, as well as graduate and undergraduate students.
The article examines the phenomenon of «growth without development» in the innovation sphere of the Russian Federation against the backdrop of the strategic course towards achieving technological sovereignty. The relevance of the work is due to the persistent gap between the growing resource provision for science and the stagnant performance indicators of innovation activity. The aim of the study is to identify key systemic problems hindering the effective realization of innovation potential and to provide their quantitative assessment. The methodological framework comprised methods of economic and statistical analysis, including time series analysis, Pearson correlation analysis, Student’s t-test, analysis of variance (ANOVA), the index method, and the Gatev coefficient of structural shifts. The empirical basis was data from Rosstat, HSE University, and materials from the Global Innovation Index (GII) for the period 2010–2024. The research results confirm the hypothesis: despite a 3.15-fold increase in nominal gross domestic expenditure on research and development, the share of innovative goods stagnates at 5–6%, and patent activity has decreased by a third. Correlation analysis revealed a strong negative relationship between funding and the number of researchers (r = -0.824), indicating a human resources crisis. A key barrier identified is institutional collapse — Russia’s drop to 131st place in the GII institutions quality ranking, with the sign test (p < 0.05) confirming the systemic nature of this degradation. Index factor analysis showed that 72.4% of the growth in innovative goods is driven by extensive factors. The obtained results can be used to adjust state scientific and technological policy and regional development strategies. The limitations of the study are related to the use of macroeconomic aggregated data. A promising direction for further research is a microeconomic analysis of factors constraining the demand for innovation in the real sector.
