Vol. 15 No. 2 (2026)

Under conditions of increasing global financial instability and monetary policies divergence of central banks, the study of credit multiplication mechanisms is becoming particularly relevant. The article is devoted to comparative analysis of credit multiplier in groups of developed and developing economies for the period 2018-2024 with the forecast for 2025-2026. On the basis of the data from the International Monetary Fund, the Bank for International Settlements, and national central banks, the actual credit multiplier values for eight countries were calculated: the United States of America, Germany, Japan, Great Britain, Russia, China, Brazil, and India. It is established that the average multiplier value in the group of developed economies (5.5) is 1.8 times higher than that of developing countries (3.0). Four key determinants of this gap were identified: mandatory reserve rate (correlation coefficient r = -0.74), the level of economy monetization (r = +0.68), key interest rate of the central bank (r = -0.61) and institutional environment quality (r = +0.72). It is shown that during the pandemic of 2020-2021, the traditional monetary multiplier mechanism failed in developed economies due to accumulation of excess reserves by banks. A risk matrix was compiled for multiplier dynamics for 2025-2027. Critical threats related to geopolitical fragmentation of financial system and maintenance of high key interest rate were identified for Russia.

The study is devoted to integration of monetization system of Belarusian universities business based on cluster relations development, which is a progressive movement towards universities of third-generation. To conduct the scientific search, the author used the methodological basis of institutional theory and stakeholder management. The practical side of the study was based on the possibilities of legal registration of relations between higher education institution and the subject of the economy real sector, taking into account the institutional features of delegating entrepreneurial risks. The combination of theoretical tools and practical institutional conditions allowed substantiating cluster relations as the most appropriate in the implementation of University 3.0 concept. Using the functioning model of accounting services business incubator in combination with the forms of cluster development implementation allowed the author to identify the transition stages to third-generation university. At the stage of simple partnership, the university's mentoring assistance is expected in creating its own accounting business for graduates of educational programs. Successful implementation of this stage is the basis of transition to complex cluster form – cluster development under franchise brand, which will become third-generation university.

E-commerce is one of the most dynamically developing segments of digital economy and it acts as an infrastructural format for organizing transactions based on digital order processing, recording conditions and data accumulation. On the basis of international and Russian statistical estimates, the article describes the growth of consumer engagement in online purchases and strengthening of competitive environment in online commerce, which leads to increased requirements for the service speed, transparency and predictability. Online store is considered an integrated information system that combines two key functional circuits: cliental, which provides interaction with the consumer, and the managerial, focused on resource administration, processing incoming orders, as well as accounting and analytical processing of consumer demand data. The importance of requirements structuring is substantiated, including the description of interaction scenarios and nonfunctional characteristics of online store (performance, accessibility, mobility, data security), which affect order processing stability and sales manageability. The use of UML modeling is considered as a tool for requirements structuring. The approaches to the development of online store are considered. They are individual development, CMS-based implementation and use of SaaS designers. Their advantages and limitations in terms of implementation time, maintenance cost, improvements flexibility and integration possibilities are highlighted. It is concluded that the choice of technological basis determines stability of digital sales channel and scaling potential of online store in e-commerce ecosystem.

The article explores the possibility of using digital equivalents of national currencies in settlements between the BRICS countries as an alternative of direct de-dollarization through creation of unified common currency. It is shown that attempts to replace dollar with new supranational unit do not eliminate the structural problems of dependence on unified emission center and infrastructure. A different approach is proposed, in which each country retains monetary sovereignty, and settlement is carried out through online digital equivalents dnominated in national currencies and backed by their reserves. The analysis focuses on the RUBIT model, implemented on the basis of RUBIT International Consumer Cooperative and COMECON-СE system as a digital heir of the principles of transferable ruble. The article compares the suggested model with historical and modern examples of multilateral clearing, such as Asian Clearing Union and mBridge project, and with current discussions about BRICS collective currency and Euro-Asian integration line. It is concluded that digital equivalents in the format of cooperative settlement systems can become practical tool for reducing dollar dependence and developing fair energy and trade accounting between the participants, without destroying the basic mechanisms of the existing global financial system.

On the basis of the results of the author's practice of integration of rigid methodology of project management into Service Learning method, the phases (concepts, development, implementation, and closure) are singled out in the theoretical justification of project life cycle concept. The processes, management tools inherent in each phase of Service Learning project lifecycle are described, and recommendations are given. The study is based on methodological approach – integrated and consistent presentation of all phases (stages) of OS projects in correspondence with project management processes and tools, empirically tested in the author's practice of implementing OS projects at KSEU in 2021-2025. As a result of the implementation of rigid project management methodology in the concept of housing and communal services, special project lifecycle is formed in the structured organization of the elements of Service Learning approach, in which complementarity of project approach and Service Learning approach is achieved. The social impact of Service Learning project is formed by the product as a result of project activity and is complemented by personality, citizen education. The distinctive feature of the life cycle of Service Learning project is the post-project phase included in the completion of the project, which provides educational component development through the forms of public recognition.

In the era of the rapid development of Industry 4.0 and widespread introduction of information and communication technologies, industrial enterprises are forced to fundamentally rethink their management approaches. Classical models focused on material flows optimization and costs minimization no longer guarantee market leadership. Successful adaptation to modern economic challenges requires not a point upgrade, but complex transformation of the entire management system, covering organizational structure, internal business processes and mechanisms of interaction with external environment. Today, competitiveness is determined not only by resource efficiency, but also by the ability to work with information, implement innovative digital tools, and form flexible, proactive management culture. The authors reveal the basic principles on which the digital transformation of modern business is based in their study. Strategic leadership, decisionmaking based on big data analysis, the ability to respond quickly to changes, customer orientation, business ecosystem development, and investments in personnel development are among them, as well as ensuring information security and compliance with ethical standards in digital environment. The article pays special attention to the life cycle of building digital management system, which begins with deep audit of the current state and formation of long-term strategy and ends with step-by-step implementation of technological solutions. Assessment of digital maturity level and comparative analysis of common global assessment methods developed by such competent centers as Gartner, Deloitte, MIT CISR are the key elements of this process. The analysis of the investments dynamics in the processes of digital transformation of management system of Russian industrial enterprises revealed significant transformation of production management methods through introduction activation of digital solutions and significant increase of financial flows in all key areas of investment activity. The observed growth rates of investment costs are explained by a complex of interrelated factors, such as general trend towards digital transformation of industry, active processes of replacing foreign IT products with domestic alternatives, massive introduction of cloud services and high demand for innovative business tools such as ERP and CRM. Thus, digital transformation is not just automation or introduction of individual technologies, but deep rethinking of corporate culture and management practices aimed at creating effective digital ecosystem of the industrial enterprise. Only formation of integrated digital ecosystem, continuous development of human capital and systematic approach to digital solutions integration can ensure sustainable development and long-term success of industrial enterprise under conditions of Industry 4.0.

The article is devoted to the development and testing of quantum-agent hybrid assessment method of marketing systems sustainability in agro-industrial complex of Arctic under conditions of increasing geopolitical fragmentation. The relevance of the study is due to the fact that classical probabilistic approaches based on linear regressions and Markov processes are not able to adequately reflect cognitive and institutional uncertainty caused by sanctions, disruption of logistics chains and changes in the status of Arctic territories, where risk factors do not act in isolation, but as mutually influencing confusing variables. The proposed method combines the apparatus of quantum probabilities (superposition of managerial states, quantum entanglement, amplitudes interference) and agent-oriented modeling, which makes it possible to formalize the states of each agent of marketing system (manufacturer, processor, logistics operator, retail network) in the form of superposition of three basic states - adaptation, collapse, and transformation. The computational experiment was conducted on real data for three Arctic zones: Murmansk Region (coastal fish processing clusters), Yamalo-Nenets Autonomous Okrug (continental reindeer husbandry systems and greenhouses) and Arctic territories of Norway as a reference zone. The time horizon of simulation was 36 months with one week discreteness, 500 scenarios were modeled with different degrees of initial agents entanglement and the rate of geopolitical fragmentation rise. It was determined that at sharp fragmentation rise marketing systems with high agent connectedness (entanglement degree is greater than 0.7) lose stability by 30 to 40 percent faster compared to the systems with moderate entanglement, while decentralized structures with interference of local strategies retain functionality due to quantum-like tunneling of resources between clusters. The stability threshold is quantified - geopolitical fragmentation index equal to 0.62, below which the system is in the state of coherent search for solutions, and above this index it goes into stochastic dissipation mode. Algorithm of preventive reconfiguration on the basis of quantum margin of stability monitoring (Q-margin) was developed and verified, which allows for proactive management actions at Q-margin values in the range of 0.15-0.25. It has been proven that preventive intervention requires 40-55 percent lower operating costs compared to emergency reconfiguration after crossing the fragmentation threshold, and reduces stability losses by 9-12 percentage points. The practical significance of the work is in creation of a tool base for digital twins of Arctic agro-marketing systems with the function of early detection of precollapse states and realtime decision support. The results obtained can be used by regional authorities of agro-industrial complex, logistics operators and industry unions operating in Arctic zone.

Under conditions of new technological paradigm of modern society, traditional approaches to process management implementation do not provide adequate level of predictivity, adaptability, competitiveness and scalability of enterprises business models. Objective socio-economic, technological and operational challenges determine the necessity to review approaches both to current activities and to long-term development strategies based on deep integration of innovative technologies into them. According to the study, artificial intelligence (AI) technologies have the greatest potential in digital transformation of process management. At the same time, currently used simulation of digital transformation of business models through locally fragmented implementation of AI solutions in the format of superstructure over the current business processes can lead to short-term operational effects, but does not allow companies to demonstrate long-term sustainable business results. To ensure real increase of operational efficiency and formation of strategic foundation of sustainable development, a systemic transformation of process management is necessary, that is, formation of fundamentally new business model based on large-scale reengineering and AI-enhanced business processes. On the basis of the analysis of global trends in the development of artificial intelligence technology and the results of published research, the key areas were identified, options and potential effects of using AI solutions in process management were systematized. It is revealed that methodological basis for integrating AI into process management system has not been sufficiently studied. This determines the relevance of the developed conceptual model of AI transformation of process management, which includes the key principles, detailed implementation algorithm and risk classification. The proposed methodology can be used as a guideline for developing a strategy of business models transformation and practical implementation of sustainable AI-enhanced business processes. This will minimize the risks of integrating artificial intelligence technology into process management and allows implementing AI transformation strategy not in the format of an experiment, but in the format of sound, manageable and effective business project.

The article examines the issues characterizing current position of human capital in the congress and exhibition activities of the Russian Federation at the federal and regional levels in 2020-25. The paper defines the place of human capital in the development of congress and exhibition activities, identifies the parameters of labour demand and labour supply in the industry, analyzes the current system of personnel training and the changes taking place in it, and considers a number of challenges and opportunities for the development of human capital in congress and exhibition activities. On the basis of the results of the work carried out, the key problems of human capital development in congress and exhibition activities at the federal and regional levels are formulated as follows: staff shortage, demand for education system transformation and increase of the demand for of human capital development as a component of the development of congress and exhibition activities.

The relevance of the study of enterprise costs and their optimization methods is due to a number of reasons. One of them is that under modern conditions of high competition in the market, the central indicator characterizing competitiveness is price indicator of products, works and services. The price, in turn, is determined by the cost level as a complex of all costs incurred by the enterprise for the production. Thereafter those enterprises that can provide lower cost level will have a higher competitiveness level, as well as market share. The article examines theoretical and methodological aspects of cost accounting and management in the context of ensuring enterprises competitiveness. The relevance of the topic is justified by the influence of market competition, economic instability and sanctions pressure, which is especially critical for construction industry with its long operating cycle. The authors analyze the economic essence of the concepts of "costs" and "prime cost", considering them as monetary expression of resources to be reimbursed to continue operations. The paper presents detailed classification of costs according to economic elements and calculation items, which makes it possible to generate various types of costs. Special attention is paid to normative and legal regulation in the Russian Federation, including the Civil Code of the Russian Federation, the Tax Code of the Russian Federation and the system of Accounting Regulations and Federal Accounting Standards. In conclusion, it is emphasized that effective analysis of costs structure and dynamics is the basis for making managerial decisions aimed at identifying reserves for their reduction and ensuring long-term viability of the company.

Recently, social security of the population has been actively reformed. Moreover, the main attention is paid not only to the formation sources and tax base regarding insurance premiums, but also to the mechanism of social provision of targeted assistance to the population. At the same time, this also reflects the problems that arise both at the legislative level and at the level of the constituent entities of the Russian Federation due to the influence of interregional differentiation of economic potential, which has a significant impact on the income level of the population, and, consequently, on the formation of the tax base regarding insurance premiums. Besides, the existence of regressive scale regarding social insurance contributions violates the principles of equality and equity, for example, when paying sick leave, receiving benefits for caring children under 1.5 years of age in relation to employees whose income level exceeds the annual established limits. The analysis of the collectability of insurance premiums, both in Russia and in the context of Federal Districts, revealed the availability of sufficient sources for the state to fulfill social obligations. The study suggests measures aimed at the possibility of eliminating the existing problems of social security of the population through implementation of the principle of equality and justice in calculation and payment of social insurance premiums, aimed at improvement of the national project "Demography" implementation.

The article examines the processes of urbanization and economic concentration in Russia. The authors identified two stages of urbanization: rapid growth and stabilization since the 1990s. It is shown that polarization of settling in the country is increasing: Moscow and St. Petersburg concentrate up to 32-40% of the population of their macro-regions. According to the official indicators of gross regional product and the author's estimates of gross value added, five models of economic dominance were identified: from hyper-concentration of megacities to stability of the cities against the background of the raw materials dominance of neighboring regions. It is concluded that there is no single trend of economic concentration of economic power in the cities-leaders: administrative decisions, resource rent and regional policy affect the economic landscape no less than natural growth of the cities.

The article is devoted to implementation problem of consolidated evaluating systems of regional innovation projects effectiveness under cinditions of heterogeneity of innovation space. The study demonstrates that the main barrier is not a lack of methodological approaches, but the lack of adaptive implementation mechanisms taking into account the differences of maturity level of regional innovation systems. Conceptual model is proposed that includes regions stratification into three types (beginner, developing, and avant-garde). The central element of the model is a modular constructor of evaluation criteria, which includes fixed invariant core and variable shell. The model provides step-by-step increase in the complexity of the assessment tools synchronously with the development of the innovation system and avoids excessive initial costs.