Abstract: The subject of the research is the sources of investment and the factors driving the growth of foreign direct investment (FDI) in Russia amidst the structural restructuring of the economy, the reduction of external capital, and changes in investment channels. The aim of the work is to identify the limitations of FDI inflows and to determine measures for their selective attraction for technological modernization and economic security. The methodology includes systemic, comparative, and institutional analysis, as well as statistical generalization of data on investments in fixed capital and gross savings. It is shown that the reduction of foreign participation signifies not only a quantitative contraction of capital but also a qualitative restructuring of the investment model. The novelty of the research lies in justifying the controlled admission of FDI, where priority is given to projects with technology transfer, localization, workforce training, and a stable legal regime. Systemic and comparative analysis, an institutional approach, synthesis of scientific literature, and statistical analysis of Rosstat data were employed. The quantitative part relies on indicators of investments in fixed capital by ownership forms and the dynamics of gross savings. In the discussion on FDI, two positions are highlighted. The first prioritizes internal accumulations and the risks of dependence on external capital. The second emphasizes that for modernization, not only the amount of investments but also the institutional environment, which reduces transaction costs and ensures contract stability, is crucial. In this study, FDI is viewed not as a substitute for national investments but as a source of qualitative effects that domestic capital reproduces more slowly. The scientific novelty of the research conducted lies in the transition from assessing FDI as an external financial flow to evaluating FDI as a tool for technological and institutional modernization. A selective model is proposed, in which not any investments are prioritized, but projects with measurable non-financial effects: localization, technology transfer, the creation of skilled jobs, and the integration of Russian suppliers into value chains.

Keywords: investment, foreign direct investment, fixed capital investment, macroeconomic stability, state guarantees, institutional environment, technology transfer, investment policy, import substitution, economic security

Abstract: The structural transformation of the Russian economy, accompanied by external financial constraints and volatility in global markets, raised the problem of choosing the optimal monetary regulation strategy to ensure macroeconomic stability, in particular, the issue of using unconventional monetary policy measures. This study is devoted to the empirical verification of the nature of the Bank of Russia's policy in the dichotomy of discretionary decisions and formalized rules. The objective of the study is to determine the effects of implementing the Bank of Russia's policy discretionarily and in accordance with rules, in particular, the effects on demand-side and supply-side inflation, output, and the exchange rate. The methodological framework of this study is based on New Keynesianism and papers within the new classical approach in assessing economic policy based on rules and discretion. Multiple regression was used to assess the consistency of the Bank of Russia's policy with its rules-based policy. The effects of implementing discretionary and rule-based policies are assessed using SVAR. The Bank of Russia implements a policy close to classical inflation targeting, with an emphasis on deviating inflation from the target and a high degree of policy lag. The reasons for the high policy lag may be due to optimal liability policies and financial market stabilization. Under high interest rates, the Bank of Russia's policy lag increases. It is noted that, although discretionary policy can contribute to a more favorable relationship between inflation and output, it creates risks of increased uncertainty in the economy. The central bank's ultimate preference for implementing discretionary and rule-based policies depends on the degree of uncertainty risk acceptance: if the costs of uncertainty are estimated to be less than the deviation of the central bank's loss function from the optimum, the bank may implement discretionary policy.

Keywords: stabilization policy, central bank, monetary policy, discretionary policy, rules-based policy, monetary policy law, Bank of Russia, inflation targeting, demand-pull inflation, supply-pull inflation

Abstract: The object of the study is the processes of institutional transformation of the global economy in the context of modern global challenges and the transition to sustainable development. The subject of the research consists of institutional mechanisms for the formation of sustainable development as a new model of the global economy, determining the evolution of economic institutions, regulatory mechanisms, and strategic decision-making processes. This article examines the theoretical and applied aspects of institutional transformation, including changes in economic paradigms, the development of sustainable financing, the improvement of state regulation mechanisms, and the impact of global challenges on the formation of a new architecture of the global economy. Special attention is paid to the development of an authorial conceptual model of sustainable development as an institutional system that reveals the relationship between global challenges, institutional changes, the transformation of economic beliefs, and mechanisms for ensuring the long-term sustainability of economic development. The methodological basis for the study is the institutional approach to the analysis of the global economy, which views sustainable development as the result of the evolution of institutions, economic ideas, and decision-making mechanisms. The research is based on the concepts of new institutional economics, the theory of institutional change, bounded rationality, and sustainable development. The methodology involves comparing theoretical propositions with contemporary trends in institutional transformation of the global economy. The scientific novelty of the research lies in the development of the institutional approach to the analysis of sustainable development by interpreting it as a distinct institutional model of the global economy that determines the long-term transformation of economic systems in the context of global challenges. Unlike existing studies, where sustainable development is predominantly considered as a set of environmental, social, and economic goals or as a direction of state policy, this work argues that sustainable development is a logical stage in the institutional evolution of the global economy. An authorial conceptual model has been developed to reveal the interconnection between global challenges, the transformation of economic beliefs, institutional changes, mechanisms of sustainable financing, and the formation of a new model of economic development. The proposed approach allows for an expansion of theoretical understandings of the role of institutions in ensuring the structural transformation of the global economy and creates a foundation for developing practical mechanisms of state regulation, sustainable financing, and strategic management of socio-economic development.

Keywords: sustainable development, institutionalism, economic theory, decision-making, economic transformation, institutions, bounded rationality, institutional transformation, sustainable finance, global economy

Abstract: The article is devoted to the study of the theoretical and methodological foundations of digital management transformation. Global changes in the economy require the creation of a new management model. A new management paradigm can be developed through the integration of traditional theories with new management concepts. Such integration serves as a flexible methodological basis for the digital transformation of management. The expediency of using integrated approaches in managing economic systems in a digital economy is confirmed by many factors, including adaptability, flexibility, and sustainability of management systems. The purpose of the study is to substantiate the feasibility of using integrated approaches in managing economic systems in a digital economy. Using the methods of comparing the traditional and integrated management approaches in the conditions of CE, an assessment of traditional and integrated management approaches was carried out and the strengths and limitations of new economic theories were identified. Based on comparative and institutional methods for the study of approaches to management theories, we have established that the integration mechanisms are different for traditional industrial management models and integrated models. The novelty of the research is related to the conclusion that solving modern economic and managerial problems requires relying on both classical and modern theoretical models. Classical economic and managerial models make it possible to understand the fundamental patterns and principles of the functioning of systems, while new models take into account the dynamics of digital transformation, institutional changes and the impact of innovation. The combined use of these approaches contributes to the formation of integrated strategies adapted to the current challenges and specifics of economic development, ensuring more effective decision-making and management.

Keywords: New management paradigm, digital transformation, digital economy, information economy, integration of management theories, traditional management model, integrated management model, chaos theory, hollacratic approach, participativeness

Abstract: The subject of the research is the economic, organizational, and digital mechanisms for assessing the effectiveness of scientific research activities in universities, considered in the context of the transition to a digital economy. The focus is not only on traditional performance indicators (publication activity, patenting, funding volumes) but also on comprehensive processes of technology transfer, commercialization of intellectual activity results, as well as multilateral expertise of research projects at different stages of their life cycle. Special attention is given to reducing transactional costs within the research cycle through the implementation of digital platforms that ensure connectivity of data on research and development, intellectual property, contracts, and implementations. The subject includes a comparative analysis of institutional evaluation models (resource, stochastic, transfer, impact, and digital) and their applicability to Russian universities, taking into account specific and regional features. The methodological framework consists of comparative case-study analysis, interpretation of official university reporting, elements of DEA and SFA logic, ROI approach to transfer, impact metrics, and assessment of digital maturity. The empirical base includes open data from Tsinghua University, MIT, MIPT, TGU, HSE, ITMO University, as well as materials from AUTM, ASTP, WIPO, and publications on the economics of university transfer. The scientific novelty of the research lies in the development of a hybrid model for assessing the economic effectiveness of university research, which for the first time connects resource performance (DEA logic), stochastic resilience (SFA approach), transfer-commercialization metrics (ROI, license revenues, startups), impact indicators of scientific and societal effects, as well as the index of digital maturity of the research process in a unified management framework. Unlike existing works where these blocks are considered in isolation, the proposed model emphasizes data connectivity and the passage of results through all stages—from laboratory discovery to implementation. Also new is the introduction of a stage-gate mechanism for multilateral expertise with a separation of incentives for fundamental and applied teams, as well as the interpretation of the Technology Transfer Center not as an administrative department, but as a portfolio manager making decisions on the continuation or cessation of transfer projects.

Keywords: economic efficiency of research and development, university science, digital economy, technology transfer, digital platform, DEA, SFA, ROI, multilateral assessment, commercialization of research and development results

Abstract: The subject of this study is the country-specific component of agricultural exporter competitiveness, defined as the gap between potential and realized competitiveness that is shaped by the home country's institutions and cannot be eliminated through firm-level efforts. The empirical basis is the global wheat market for the period 2010–2024. The introduction in 2021 of a floating export duty mechanism—referred to as the grain damper—together with the subsequent imposition of sanctions, created a setting in which two heterogeneous sources of pressure, external and internal, concurrently affect the export channel. Meanwhile, sectoral statistics capture their combined effect without distinguishing between the two sources by origin. A central position in the subject area is occupied by the Russian Federation's standing relative to the frontier of global practice and relative to countries with a sustained record of applying export restrictions, most notably Argentina, which is traditionally regarded as a benchmark case of regulatory pressure on agricultural exports. The methodology employs a composite index of institutional discount that aggregates the regulatory, cost, and realization components of the gap. The benchmark for this index is defined by the frontier of observable global practice rather than by a theoretical maximum. The index is computed for six countries over the 2010–2024 period, using FAOSTAT data and quantitative estimates of the grain damper mechanism. The scientific novelty consists of two contributions: first, conceptualizing institutional suppression as a mechanism that generates the firm-irremediable component of competitiveness; second, operationalizing the institutional discount as a measurable indicator of its manifestation, which permits annual recalculation based on open data. The empirical assessment reveals a shift in the Russian Federation's position: the average index value for 2021–2023 exceeded the 2010–2020 level by a factor of 1.9, the mid-period ratio relative to Argentina's value reversed, and the gap in annual values for 2023 reached its maximum over the entire observation period. The reversibility of Argentina's index during years of deregulatory regimes confirms the interpretation of the measure as institutional rather than structurally productive in nature. The paper formulates policy recommendations covering the revision of duty calculation parameters at the state-policy level and the determination of adaptive capacity boundaries at the level of export company strategy. Finally, the limits of the index's applicability are delineated, which arise from the inclusion of non-institutional factors in its cost and realization components.

Keywords: exporter competitiveness, institutional discount, institutional suppression, agricultural exports, global wheat market, grain damper, export duty, potential competitiveness, institutional environment, export potential

Abstract: The study examines management practices and quantitative characteristics of corporate IT infrastructure across three organisational development stages: growth, maturity, and decline. Four parameters are analysed: IT expenditure as a share of revenue, the ratio of capital to operating expenditure, the share of cloud services, and the share of information-security expenditure. Management priorities are considered from infrastructure scaling during growth to efficiency improvement at maturity and controlled infrastructure reduction during decline. A separate focus is the orderly decommissioning of information systems in the commercial sector, including asset inventory, data classification, decommissioning planning, data migration and archiving, component shutdown, and formal completion of decommissioning. A quantitative comparative analysis was conducted using data from 60 Russian publicly traded companies for 2022–2024. Companies were classified by lifecycle phase using revenue CAGR, and intergroup differences were tested with the Kruskal–Wallis criterion. The decommissioning methodology was developed through regulatory and process synthesis based on GOST R 59793-2021, Russian Government Resolution No. 676, and ITIL 4 practices. IT expenditure as a share of revenue is non-monotonic across development stages: 4.1% during growth, 2.7% at maturity, and 3.2% during decline; the differences are statistically significant. The share of capital expenditure falls from 41.0% to 17.5%, while operating expenditure rises from 28.5% to 49.0% and information-security expenditure from 9.0% to 18.5%. A six-stage methodology for orderly termination of IT operations is proposed, with data classification as a key control point. Its methodological coverage coefficient is 87.5%, exceeding the closest approaches considered by 12.5–43.75 percentage points. A TCO model is proposed for economic assessment; a reduction of up to 27% is treated as a scenario benchmark requiring subsequent project validation.

Keywords: management, IT infrastructure, organizational life cycle, information systems, decision-making, costs, revenue, automated systems, technological strategy, digital maturity

Abstract: The article is devoted to the development of a sentiment index for comments, which can serve as an operational indicator of the attitude toward the Bank of Russia and inflation among the active user audience of the megaregulator's official community on social media. The sentiment index is based on unstructured data—over 14,000 user comments in the official community of the Bank of Russia on VKontakte. This is the first index of its kind calculated for different categories of users based on their level of engagement in communication on monetary policy topics (super-active, active, regular). The aim of this work is to analyze the feedback from commenting users regarding the communication of the Bank of Russia in the official community on social media, classify the audience by their level of engagement in discussions on monetary policy issues, and track the dynamics of audience engagement, the sentiment of their comments, and key triggers. A three-class model was used for analyzing text arrays, based on the adapted TweetNLP library (Camacho-Collados et al., 2022), a linguistic model for extracting inflation-related units, as well as in-depth sentiment analysis. The dynamics of inflation-related units in user comments have a statistically significant correlation with the public's inflation expectations. The literature review shows that areas related to sentiment analysis of central bank communications and audiences on social media are gaining popularity in both domestic and foreign practice. This work is a continuation of the practice of studying the interaction of central banks with audiences on social media. In the context of implementing communication strategies aimed at increasing the transparency of the actions of monetary authorities and expanding audience reach, this area is becoming increasingly popular. This work integrates a wide range of sentiment analysis methods used in the research of domestic and foreign authors and contributes to the scientific discourse regarding the resolution of relevant theoretical and practical problems within this body of research.

Keywords: sentiment index, natural language processing, semantic analysis, inflation expectations, communications, monetary policy, central banks, comment analysis, audience, social networks