The analysis of the international market for credit default swaps (CDS) shows that the interdependence of sovereign CDS spreads is increasing and the market remains segmented. However, the reduction in the variation of sovereign CDS spreads means increased competition for capital and should be taken into account by monetary authorities of developed countries when they tighten monetary policy. The article shows a significant role of political risks in determining the level of sovereign risk.

The paper discusses the endogenous nature of money supply for national economy in conditions of financial assets digitalization. The relevance of the research is justified by a changing economic environment in which money and other financial assets can act in a digital form. The objective of the study is to describe the possible changes in the money supply with adding digital financial assets to the household portfolio with the use of endoteric approach. We use the post-Keynesian postulates, in particular, horizontalizm, to describe the process of endogenous money creation by the banking system through lending. The underlying methodology is based on the use of stock-flow consistent (SFC) modeling approach. Unlike previous research, the article considers a wider range of financial instruments in portfolios of macroeconomic agents, which made it possible to specify the demand for credit more fully. It is concluded that the adding “new” digital financial assets to portfolios is likely to affect the expansion of savings diversification, rather than endogenous money supply. The importance of real output and disposable income growth for changing in savings, investments and the demand for credit is outlined.

The topic of assessing and searching for factors affecting the capitalization of public oil companies is of great interest to researchers. As part of the existing work in this area, the paper considers the impact of various external and internal factors on the value of oil companies’ stocks, including the impact of changes in oil prices, stock index movements, inflation fluctuations, financial and production indicators. The study includes the construction of models with the calculation of standard errors by the PCSE method based on quarterly data of 11 major public oil companies operating in production segment for the period from Q1 2006 to Q3 2018. For the first time, while constructing a model to identify the factors that affect market capitalization of oil companies, the authors draw on the total oil production by OPEC countries, the total share of capital owned by the largest institutional investors, the indices of geopolitical instability and global uncertainty Among the key findings — quarterly production, rather than the cost of oil, is the most significant factor positively affecting the market capitalization of oil firms.

The article offers the evaluation of investment performance in stock markets, money markets, product markets and others. The comparison is based on the «Return-Risk» Model grounded on the fundamental principles of H. Markowitz’s portfolio analysis. The quantitative comparison is conducted on return-risk ratio as well as return-risk variability intervals. In the formed group of leaders, the return-risk ratio was minimal (0,12) for the money market, and maximal (0,43) for the US stock market. The patterns in focus were grouped as follows:

1. High risk aversion: US branch analysis, currency index models, currency index models (sell) and intercontinental branch analysis.
2. Medium risk aversion: US stock market, world stick indexes, precious metals market and exchange goods as a whole.
3. Low risk aversion: Russia’s stock market.

The practical evaluation of «Return-Risk» Models received for various investment patterns proved their practical validity. The empirical estimators of investment horizons computed for various groups of investment tools are of practical use.

The aim of this study is to assess the impact of audit reports issuance on the value of public corporations’ shares on the Russian stock market. The practical significance and relevance are due to the increasing role of audit in the financial market and the lack of such studies in the domestic literature. The study is based on the market model and Event Study. The research evaluates the reaction of Russian stock market to publication of audit reports containing various types of audit opinions and takes into account the relation of auditor to the Big4 group. The findings show that the Russian stock market reacts to the release of audit reports very chaotically; the market reacts negatively to the opinions with reservation issued by a Big4 auditor, and also negatively responds to unmodified opinions issued by an auditor of a nonBig4 organization; the market reaction is the opposite for identical types of opinions issued by different types of auditors.

The subject of this study is the application of the «lean production» (LP) management approach applied in the companies that have been highly evaluated for their business performance (the RF Government Quality award in the field of quality (further - the Award) based on the EFQM model). The purpose of the study is to determine enterprise maturity of LP application and to trace the correlation between the maturity level and the actual performance of the company. The application of the research results can be aimed at solving the problems of enterprise management in setting goals and choosing management approaches to achieve them, as well as the problems of adapting modern management approaches to environmental conditions taking into account the internal capabilities of the company. The research results can also be used to develop methodological recommendations, normative documents for using lean production. Preliminary findings allow us to conclude that the Award winners use a complex of management approaches in which LP takes one of the leading positions. The results of the research make it possible to establish a typical choice of organizations in the chain of «goals - management methods», and also to identify success and risk factors in applying managerial approaches. The article presents the results of preliminary work on the analysis of enterprises maturity in applying LP, which will be further used in the second part of the study.

The article discusses the features and factors that determine the direction of integrated use of secondary building resources (SBR) in modern conditions. The author formulates the basic methodological approach to the integrated management of SBR which consists in the fact that management of recycling should begin not at the stage of formation and collection but at all stages of construction products life cycle. It is concluded that in the design of new facilities it is necessary to consider in advance the issues of environmental safety in disassembly, technology and methods of production of construction and demolition works (CDmW), the effectiveness of further processing and use of SBR. To develop efficient SBR use the author proposes the creation of integrated regional recycling of construction waste. The strategic goal may be the establishment of an industry of secondary construction resources recycling.

The article explores the main trends and features of renewable energy development in various countries of the world in the context of modern transformation of the global energy economy — the transformation of the energy system based on a widespread use of renewable energy sources and the generation of cheaper and “clean” energy. The author focuses on wind and solar energy, considers the factors of accelerated growth of these areas of renewable energy defines funding and the main directions of R&D and discloses innovative technological transformations in these industries. The paper analyzes the dynamics in the costs of generating electricity based on the use of wind and solar radiation in various countries and identifies a steady downward trend in reducing these costs. Based on the analysis, the author presents a vision of existing problems and prospects for the transformation of electric power industry in favor of renewable energy sources.

The paper presents the main results of conjuncture monitoring which characterize the digital activity of retail trade organizations in 2018. The objects of observation are large, medium and small retail companies registered in Russia. The main goal of this work is to evaluate digital activity level of retail sector using the developed non-quantitative indicators that meet international standards and the country’s digital agenda. The presented set of harmonized indicators made it possible to identify the trends, scope and intensity of the spread of digital technologies in organizations. The level and intensity of digitalization are first determined on the basis of entrepreneurial opinions and intentions regarding the pace and scale of introducing digital technologies, readiness for digital transition, necessary skills to work with digital technologies, the use of specific digital products, as well as the main factors hindering digital transformation.

Modern discussions on freedom of movement date back to the late XIX — early XX century. According to Ludwig von Mises, state’s attitude to freedom of migration is inseparably linked with its relation to private property, freedom in the flow of goods and capital, as well as to the protection of human rights and property. Drawing on Mises’ approach, the paper identifies five main types of economic and migration policy: anarchy — liberalism — protectionism — dirigisme — totalitarianism. The author addresses arguments pro and contra freedom of movement from the standpoint of liberalism, protectionism and dirigisme, and shows that within one state the traits of various types of economic and migration policy can be mixed. At large, however, the “Mises rule” holds true today: the further the economy is from liberalism, the less freedom of movement there is in an immigration-attractive country. At the same time, efficient liberal migration policy requires consistent liberalism in the economy.

The review presents a discussion at the session of the Scientific Council of Moscow State University on the development of modern economic theory and Russian model of social and economic development. The session, held on November 28, 2019 at the Faculty of Economics in Lomonosov Moscow State University, was dedicated to two dates — the 215th anniversary of the Department of Political Economy and the 115th anniversary of N. A. Tsagolov. The topic of scientific discussion: “Interdisciplinary approach — the key to solving theoretical and practical problems of modern time”. During the discussion, issues related to interdisciplinary method in economic theory, University traditions and modern experience of interdisciplinary method in economic science were discussed. Speakers also concentrated on the problems of national political economy development, inseparably connected with the history of the Department of Political Economy at the Faculty of Economics in Moscow University. Special attention was paid to the period of the development of the Department under the leadership of N. A. Tsagolov and formation of the scientific school connected with his name. The discussion focused on the interdisciplinary approach developed by “Tsagolov School”, the possibility of its development under the conditions of a new scientific and technological revolution, and its role in the effective study of economy and society in the twenty-first century.