The paper analyzes Russia's participation in global value-added chains in the context of global trends in their development and the challenges facing the Russian economy in modernizing its industry. The analysis is based on the OECD's TiVA indicators. The results indicate that the extent of Russia's involvement in GVACs is very significant, but the nature of this participation is purely raw. The specificity of the participation of the Russian Federation in the international fragmentation of production within GVACs is that most of the links in value chains are bottom-up. Russia is extremely limited in using imported flows to create export products with high added value. The study confirms that in the international division of labor, Russia retains a historically established specialization, with predominance in the export of mineral and agricultural raw materials, which determines the current profile of Russia's participation in global valueadded chains.

The article presents results of the research on modernization strategies implemented in Russian economy. Authors have identified three dominating approaches: institutional, innovation-technological and import-substituting modernization. They have stated that import-substituting modernization in Russia is ongoing in terms of sanctions, a shortage of investment resources, insufficient home demand and significant regional differentiation. This necessitates strict coordination in modernization processes. To achieve this, authors have proposed a toolkit for transregional coordination in modernization processes to implement import-substituting policies based on integral indicators. Findings confirm that regions, in their efforts to achieve modernization targets, use their potential in a inefficient and counterproductive manner. One might use the developed toolkit as a classifier of regions and sectors of economy by criterion of dynamics in modernization processes, as well as a basis for indicative planning.

Subject. The article considers approaches to revealing the essence and role, preconditions and consequences of dollarization of the economy of Kyrgyzstan, and measures taken by the monetary regulator for lowering the dollarization level to decrease the dependence of the national economy on the financial system of Western countries and reduce losses in currency conversion. Objectives. The aim is to unveil the inconsistency in the assessment of the dollarization role, clarify its classification, identify preconditions, main factors and trends of dollarization in the Republic of Kyrgyzstan, disclose measures taken by the regulator of the monetary system to reduce it, and assess their effectiveness. Methods. The study rests on methods of scientific knowledge, comparison and generalization, analytical and statistical techniques, and method of coefficients. Results. The paper discloses crucial aspects of the discussion about advantages and disadvantages of the current dollarization of national economies, systematizes its types, identifies the most important factors influencing this process. The analysis of trends and reasons demonstrated that reducing inflation does not always solve the problem of dollarization. I describe measures taken by the monetary regulator and aimed at decline in dollarization, assess the results of their implementation in the Republic of Kyrgyzstan. Conclusions. The measures taken by the National Bank of the Kyrgyz Republic (a ban on mortgage and consumer loans in foreign currency, on setting prices in conventional units, introduction of differentiated reserve requirements, etc.) contributed to a decrease in the level of dollarization, mainly in terms of the credit base. They can be used by banking regulators of other countries, including the EAEU, which announced the coordination of their monetary policies and expansion of the use of national currencies in mutual settlements.

The global economic crisis of 2008-2009 and all subsequent crisis waves revealed the need to deepen regional integration processes in order to mitigate the consequences of crises and prevent future financial shocks. This aspect seems significant even for the European Union, which has already achieved a high level of financial integration due to the introduction of a single currency and the establishment of the European Central Bank. However, this problem is even more topical for countries with a significantly less developed level of integration, including the countries of the Eurasian Economic Union (EAEU). The positive effect of financial integration is largely due to financial globalization and digitization of the economy, fintech development, which is a transformative mechanism for coordinating fiscal and monetary policy instruments in financial services, as well as removing barriers to cross-border financial transactions. The purpose of the study is to uncover the prerequisites and trends of financial integration of the EAEU countries amid rapid fintech development and application. The possibilities of its use are revealed by blockchain, Big Data, artificial intelligence, crowdfunding, which can contribute to optimizing customer service, asset management of financial institutions in the domestic market, simplify and increase the speed of information exchange between financial institutions of different countries and the VAT refund process, increase investment flows, develop previously unused business lines, create collective projects and, as a result, contribute to further financial integration and mutually beneficial cooperation. The methodology of the study is based on the synthesis of comparative, structural, expert opinions and statistical analysis methods. Regulatory legal acts of the EAEU and individual countries of the alliance, reports and analytical materials of the Eurasian Economic Commission (EEC) and central banks of the EAEU countries served as the primary sources of the research. It has been revealed that the introduction of fintech in most of the analyzed countries outpaces the formation of the legal basis. At the same time, it was found that the spread of fintech can assist the implementation of all measures outlined by the Concept of Forming a Common Financial Market of the EAEU countries. Owing to Belarus, Kazakhstan and Russia, which are more advanced in fintech, Armenia and Kyrgyz Republic have the opportunity to achieve a competitive level in this area in a shorter time.