Dynamics in Complex Systems Amidst Crisis 2008+: Financial Regulatory and Supervisory Reflections

Łasak, Piotr; Wyciślak, Sławomir

doi:10.3390/risks10020033

“…In such studies, the occurrence of risk is understood as the possibility of a loss in the framework of entrepreneurial activity. These include such risks as: lower revenue and net profit (Kharlanov et al 2022;Popkova and Sergi 2021); risks of depreciation of the value of assets and the company itself within the framework of VBM (Marobhe 2022;Pospíšil et al 2021); competitiveness risks (Łasak and Wyciślak 2022;; risks of losing the company's talent pool (Gavlovskaya and Khakimov 2022;Ho et al 2022;Zaheer et al 2022).…”

Section: Literature Reviewmentioning

confidence: 99%

Financial Risk Management of the Russian Economy During the COVID-19 Pandemic

Kolchin¹,

Glubokova²,

Gordienko³

et al. 2023

Preprint

2

0

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The research objects are the tax and budgetary policies of the Russian Federation. In this research, financial (budgetary) risks are understood as a decrease in the balance of the state (national) budget resulting from a reduction in revenues or an increase in expenditures. This research considers production in the main sectors of the economy as a key factor of financial risk in the COVID-19 pandemic. The research aims to analyze the main directions of the budgetary and tax policy of the Russian Federation aiming at supporting the economy and the population during the spread of COVID-19, which is especially relevant in connection with the expected recession in a number of sectors of the economy and a decrease in the level of employment and, accordingly, the well-being of citizens. In these conditions, it is necessary to adjust the budgetary and tax policy to preserve the state’s social obligations and expand social and economic support for businesses and citizens to smooth out the negative consequences of the impact of restrictive measures. The authors applied systemic and institutional approaches and statistical methods. The main results of the research reflect the need to (1) implement support measures (tax and budgetary incentives) for small and medium-sized enterprises, on which the crisis provoked by the COVID-19 pandemic has had the most destructive impact, and (2) to expand the volume of budgetary financing of social programs for financial risk management of the Russian economy during the COVID-19 pandemics.

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Risks of Entrepreneurship amid the COVID-19 Crisis

Litvinova

¹

2022

Risks

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The COVID-19 crisis is unique in that it is caused by a pandemic and has created a special context for entrepreneurship in 2020. The motivation for this study is, firstly, to concretise and accurately quantify the impacts of the pandemic on entrepreneurship. Secondly, to clearly identify the specific business risks emerging or intensifying in the context of the pandemic; and thirdly, to distinguish between the impact of the economic crisis and the pandemic on entrepreneurship. This paper aims at studying the risks of entrepreneurship amid the COVID-19 pandemic and crisis. The paper’s sample consists of the top 10 countries that are leaders by the COVID-19 case rate in the world, starting 22 October 2020 up to 22 February 2022. The method of trend analysis is used to find and quantitatively measure the manifestations of the pandemic (case rate and mortality) on the entrepreneurial risks. Economic and mathematical modelling, with the help of correlation and regression analysis, showed that healthcare factors—the COVID-19 case rate and mortality—are not the key reasons for high entrepreneurial risks in 2020 and have a small influence on them. This paper’s contribution to the literature consists in specifying the cause-and-effect links between the COVID-19 pandemic and crisis and entrepreneurial risks. The theoretical significance of the results obtained consists in their proving the uniqueness of the COVID-19 crisis from the position of entrepreneurial risks. The paper’s originality consists in specifying the influence of the COVID-19 pandemic on entrepreneurial risks, explaining—thoroughly and in detail—the essence of these risks, and opening possibilities for highly-effective risk management.

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Financial Risk Management of the Russian Economy during the COVID-19 Pandemic

Kolchin

¹

,

Glubokova

²

,

Gordienko

³

et al. 2023

Risks

2

0

View full text Add to dashboard Cite

The research objects are the tax and budgetary policies of the Russian Federation. In this research, financial (budgetary) risks are understood as a decrease in the balance of the state (national) budget resulting from a reduction in revenues or an increase in expenditures. This research considers production in the main sectors of the economy as a key factor of financial risk during the COVID-19 pandemic. The research aims to analyze the main directions of the budgetary and tax policy of the Russian Federation that aimed at supporting the economy and the population during the spread of COVID-19, which is especially relevant in connection with the expected recession in a number of sectors of the economy and a decrease in the level of employment and, accordingly, the well-being of citizens. In these conditions, it is necessary to adjust the budgetary and tax policy to preserve the state’s social obligations and expand social and economic support for businesses and citizens to smooth out the negative consequences of the impact of restrictive measures. The authors applied systemic and institutional approaches and statistical methods. The main results of the research reflect the need to (1) implement support measures (tax and budgetary incentives) for small and medium-sized enterprises, on which the crisis provoked by the COVID-19 pandemic has had the most destructive impact, and (2) to expand the volume of budgetary financing of social programs for financial risk management of the Russian economy during the COVID-19 pandemic. Compositionally, the article consists of the following sections: the introduction, which provides an overview of the publication activity in the field of financing measures to overcome the spread of COVID-19 and substantiates the relevance and purpose of the study; the literature review, which lists modern authors whose works were aimed at studying similar issues as well as the methodological apparatus used by them, which are suitable for adaptation; the section ‘materials and methods’, which provides more adaptive methods of other people’s research and the authors selected in accordance with them are listed; the results section, in which the authors present the main array of statistical data, which is then discussed. At the end of the article, the authors draw conclusions about the applied fiscal policy tools that can be used effectively in the new economic reality.

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Dynamics in Complex Systems Amidst Crisis 2008+: Financial Regulatory and Supervisory Reflections

Cited by 3 publications

References 41 publications

Financial Risk Management of the Russian Economy During the COVID-19 Pandemic

Financial Risk Management of the Russian Economy During the COVID-19 Pandemic

Risks of Entrepreneurship amid the COVID-19 Crisis

Financial Risk Management of the Russian Economy during the COVID-19 Pandemic

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