The influence of the national environment affects the implementation of the country’s sustainable development strategy. The article considers ways to transition to sustainable development and institutionalize the UN Sustainable Development Goals (SDGs) as factors characterizing the achievement of a sustainable development strategy. It is justified that the factor “method of transition to sustainable development” can be considered decisive in analyzing the country’s sustainable development strategy through the role of technological innovations related to sustainable practices with a high rate of development in Turkey. Analysis of institutions of control and monitoring of state organizations, as well as the contribution of the business sector and universities to the issues of prioritization of the SDGs also justify the possibility of including the factor “institutionalization of the UN sustainable development goals” in the list of factors characterizing the national context of the country’s sustainable development. The assessment of SDG commitment is investigated by the government through regulatory documents, including strategic ones, business through sustainability reports and university researchers through the subject of articles. In the context of Turkey, both make it possible to set interlinked goals to achieve the major shifts needed to create a transition to sustainable development.

Keywords: sustainable development, sustainable development goals, Turkey, technological innovation, global economy, European Union, national economy, economic development.

JEL Classification: F02, F55, I23, Q56

For citation
Goroshnikova T.A., Seleznev P.S. Sustainable development & national context: Turkey. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 5–13. https://doi.org/10.65324/wewf001

Russia’s international policy in the field of import substitution in the agricultural sector represents a comprehensive transition from protecting the domestic market to active foreign economic promotion. The purpose of this policy is not just to compensate for the lost Western markets, but to use the achieved food independence as a basis for turning Russia into one of the world’s leading food suppliers, with a special focus on the countries of Asia, the Middle East and Africa. This strategy combines active government support with a focus on market mechanisms and competition. The purpose of the article is to analyze the strategies and instruments of the international policy of the Russian Federation aimed at achieving food security and strengthening global positions through import substitution in the agro-industrial complex. Objectives: to analyze the theoretical foundations and evolution of import substitution policy; to assess the current state and foreign economic positions of the agro-industrial complex of the Russian Federation; to study the tools and mechanisms of public policy; to identify problems and develop recommendations. Methodology. To prepare the article, the author used a set of general scientific and private methods: abstraction, induction and deduction, classification, comparison, scientific proof, dialectical, logical, retrospective and comparative analysis, as well as the economic and statistical method, tabular and graphical interpretation of data, expert assessments, etc. Results: Russia’s export basket consists mainly of raw materials and low-value-added goods, which leads to a low unit cost. Deep processing and brand development are necessary for revenue growth. Conclusions/significance the launch of the national project «Technological provision of food security», aimed at increasing production and exports, is planned for 2025. The import substitution policy is also implemented at the interstate level, which is facilitated by the integration and localization of production in the CIS countries. The agricultural sector has shown higher resistance to sanctions compared to other sectors, but the risks of expanding restrictions on critical imports remain.

Keywords: agricultural sector, international activity, import substitution, international policy.

JEL Classification: F10, Q13, Q17

For citation
Chovgan N.I. International policy in the field of import substitution in the agricultural sector of the economy of the Russian Federation. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 14–21. https://doi.org/10.65324/wewf002

Today, the classical model of globalization is giving way to a system of competing geo-economic blocs, with the United States and China becoming the epicenters of scientific and technological rivalry. The deep interconnectedness of their economies forces the governments of both countries to pursue a policy of decoupling — utilizing industrial policy and foreign trade restrictions to reduce their mutual dependence. In this context, there is reason to believe that in the US-China tech rivalry, the winner will be the one who first manages to minimize the dependence of its own science and technology sector on the rival’s business processes. Achieving such strategic autonomy will allow the winner to pursue a more aggressive foreign economic policy with fewer risks for its segment of the global technology market, which may eventually lead to the isolation and subsequent degradation of the technological ecosystem of the losing side and its partners. To assess vulnerability to decoupling risks, this study evaluates the interdependence of the U.S. and Chinese science and technology globalization programs with the trade, financial, and political dimensions of both countries’ globalization. For this purpose, based on the KOF Globalization Index indicators from the Swiss Economic Institute for the period 2003–2022 for each country, econometric models were constructed. These models revealed changes in the autonomy of their science and technology globalization before and after 2013 — the moment from which Xi Jinping came to power in China, significantly influencing its pace of technological development and geo-economic ambitions. The study’s results indicate that the Chinese technological globalism program has proven less resilient to decoupling shocks. Since 2013, its dependence on U.S. political and financial globalization has increased, while its misalignment with other dimensions of China’s own globalization has worsened. Conversely, the autonomy of U.S. science and technology globalization has significantly increased, driven by enhanced internal synergy and a complete reassessment of its ties with China. Thus, the findings suggest lower risks for the position of the American science and technology sector in the global market in the event of further fragmentation of the global economy.

Keywords: decoupling, technological sovereignty, geo-economic fragmentation, techno-nationalism, US-China rivalry, trade wars, globalization, competitiveness.

JEL Classification: F20, F60, F62

For citation
Belitchenko P.D. Assessment of the US and China’s technological globalization models’ vulnerability to the risks of decoupling. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 22–31. https://doi.org/10.65324/wewf003

The study was supported by grant No. 24-18-00443 from the Russian Science Foundation, “Formation of new geopolitical blocs in the context of fragmentation of the global monetary and financial system”.

This article presents a detailed theoretical and methodological approach to defining the global wheat market and listing its leading countries. It also revealed the specifics of the process of scientifically based systematization of this market, which most fully meets the current conditions of its transformation. The relevance of the study is confirmed by the supreme importance of wheat in organizing the food supply of the population and maintaining the state of food security at both the national and global levels. By studying the Food and Agriculture Organization of the United Nations’ core food security monitoring indicators, which take into account data on wheat production, consumption, carryover stocks, exports, and imports, the study identified key players in the global wheat market and systematized them according to their role in shaping global wheat supply. Based on the results of the work, based on a systematic analysis of an extensive array of statistical data, an understanding of the general and specific features of the current export strategies of the leading countries participating in the global wheat market was organized. In examining Russia’s positioning in the global food market under the pressure of sanctions, the author identified and substantiated the strategic dependence of Russia’s agro-industrial complex on the implementation of wheat export sales.

Keywords: global wheat market, carryover stocks, self-sufficiency, consumption, trade, export, import, supply chains, sanctions, foreign trade cooperation.

JEL Classification: F10, F15, F52, F53, O13, O53

For citation
Tikhomirov K.Y. The global wheat market structure: major players and their risks. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 32–39. https://doi.org/10.65324/wewf004

The relevance of the topic is due to the growing global problems related to climate change and global warming, with greenhouse gas emissions contributing to the activation of these processes. Supply chains contribute significantly to global greenhouse gas emissions. The decarbonization of supply chains addresses indirect emissions in a wide range of economic sectors, including manufacturing, services and global logistics. The aim of the work is to study the transformation of supply chains under conditions of decarbonization of the world economy. In fact, transformation of supply chains encompasses as direct actions leading to the reduction of greenhouse gas emissions, such as the introduction of renewable energy sources, increased energy efficiency and transition to low-carbon logistics operations, as well the introduction of circular economy practices aimed at reducing waste, extending the life cycle of resources. The study uses both quantitative methods of analysis and qualitative methods, including an analysis of barriers, mechanisms and driving forces of company decarbonization. Key results of the study show that decarbonization of the supply chain should be a collective effort throughout the supply chain, with transparency of supply, consumer awareness of carbon footprint products is now an important factor in the company’s economic development. It concludes that the decarbonization of supply chains is now crucial for companies seeking to compete in an increasingly sustainable international market. Companies can use different decarbonization techniques for each emission category, taking into account regulatory pressures, generating economic benefits, stimulating innovation and fostering cooperation.

Keywords: climate change, decarbonization, transformation of supply chains, carbon footprint of the company, cooperation, mapping, digital technologies, world economy.

JEL Classification: F63, F64, Q2, Q3,Q4, Q5

For citation
Prudnikova A.A. Transformation of Supply Chains in conditions of Decarbonization of the World Economy. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 40–48. https://doi.org/10.65324/wewf005

The article examines the demographic crisis in developed countries as a long-term structural factor exerting a significant influence on the global economy. It analyzes the persistent decline in fertility rates and the rapid aging of the population, which lead to profound changes in age structure and a reduction in the working-age population. These processes generate systemic economic consequences, including labor shortages, rising production costs, increased inflationary pressure, and slower economic growth. Particular attention is paid to the divergence in demographic trends between developed and developing regions, which intensifies global imbalances and contributes to the expansion of international migration flows. The article emphasizes that the demographic crisis is not limited to negative outcomes. Potential positive effects are also discussed, such as the стимu­lation of technological innovation, the acceleration of automation, and the development of the so-called longevity economy. It is noted that labor scarcity forces governments and businesses to reconsider economic growth models, migration policies, and approaches to human capital utilization. The study concludes that the demographic crisis in developed countries should be understood not as a temporary phenomenon but as a fundamental transformation requiring comprehensive adaptation of economic and social institutions at both national and global levels.

Keywords: demographic crisis, population aging, fertility rates, global economy, economic growth, migration processes, automation, longevity economy.

JEL Classification: F02, J11, J14

For citation
Starodubtseva E.B., Gorshkova M.G., Gorkovtsova E.D. The Demographic Crisis in Developed Countries and its Impact on the Global Economy. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 49–58. https://doi.org/10.65324/wewf006

The purpose of this article is to identify the problems of institutional differences in the business environments of Canada and Singapore, as examples of Eastern and Western entrepreneurship models successfully integrated into the global economy yet demonstrating different development dynamics. The objectives of this paper are to highlight key features of the business environments of Singapore and Canada, and to analyze the specifics of business development in these countries, their infrastructure, and economic challenges. The research methodology utilized a comparative analysis, description, specification, inductive and deductive methods, and synthesis. The article analyzes macroeconomic indicators, international ease of doing business and global competitiveness rankings, regulatory frameworks, infrastructure, and cultural characteristics of these countries. The study results demonstrate that Singapore has a more favorable business environment due to its high level of economic openness, developed digital and logistics infrastructure, and focus on a “green economy”. Canada, on the other hand, has a higher level of innovative potential but faces challenges with outdated infrastructure and complex regulations. Based on the analysis, priority areas for business development in these countries have been identified.

Keywords: business environment, Singapore, Canada, business, international business, green economy, infrastructure, global economy, global finance, international economic relations.

JEL Classification: F20, F23

For citation
Gvasaliya K.D., Kolesnikova K.N. Comparative characteristics and ways of doing business in Singapore and Canada. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 59–67. https://doi.org/10.65324/wewf007

The article is written based on the resulting analysis of the role and place of the BRICS+ nations on the world gold market. The research is motivated by attempting to determine causal links between the tendency of escalating sanctions regime towards a number of BRICS+ nations and the policy of hoarding gold and currency reserves to achieve strategic sovereignty in the fields of finance, national security, self-reliance of the economy and industrial manufacturing. The results of the article are supported by the analysis of historical analogies from the past and the expertise of developed countries in the business of creating funds of reserve financial assets, gold strategic holdings, and untouchable buffer as a meaningful feature of a sovereign state. The significance of the research’s results for theory lies in the circumstance that its basic deliverables may enrich the existing scientific knowledge of multidisciplinary character such as modern economic science, the history of economic thinking, world economy and international relations. The practical significance of the paper is about an opportunity to use the experience of different countries of the world in dealing with the process of accumulating gold and currency reserves to reach an optimal level of portfolio diversification of central bank assets to form a buffer in case of uncertain events and serious probabilities in the future that have catastrophic consequences, including external aggression, natural disaster and financial and economic crises. A special meaning of the research’s results is for Russia, Russian central bank and the ministry of finance as a recommendation to managing international liquidity of the state accounting for the experience with foreign assets seizure with banks and financial institutions abroad. The article concludes by explaining the necessity to use an optimal approach to asset allocation of gold and currency reserves because concentration on only gold hoarding and holding other precious metals and things do not ensure a complex defense against global civilization challenges of today.

Keywords: BRICS, BRICS+, gold holdings, official reserves, international liquidity, asset seizure, financial sovereignty, portfolio diversification, sanctions.

JEL Classification: F14

For citation
Zharikov M.V. Gold hoarding by the BRICS+ nations as an answer to the global challenges of modernity. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 68–78. https://doi.org/10.65324/wewf008

In the context of deglobalization and the fragmentation of the global economy and global finance into geopolitical blocs, the topic of improving the efficiency of national financial systems has become relevant. In recent years, there has been a clear shortage of research on this important scientific problem related to the financing of economic activity, structural restructuring, and innovative development of sovereign states. Identifying the comparative advantages of different financing models using specific country examples seems highly timely. The subject of this study was the main models of financing economic activity in national financial systems, and the objective was to identify the advantages of market-based and bank-based systems in order to determine the possibilities for adjusting financial sector development strategies. Based on the calculation of financial system indicators for 11 countries, this article identifies states with market-oriented and banking-oriented financing models, traces the dynamics of financial system development and identifies the evolution of financial systems from banking to market and hybrid financing models in a number of countries. The study of models of financing economic activity was conducted within the context of financial intermediation theories using theoretical, logical, contextual, and ratio methods, systematization, and grouping. The advantages and disadvantages of financing models, the specifics of their manifestation in each of the countries under consideration, the influence of the models on the state and level of development of stock markets, as well as their susceptibility to negative events are identified.

Keywords: financial system, stock market, market-based system, world economy, bank-based system, banks, financing, indicator of financial structure.

JEL Classification: F33, F38

For citation
Krylova L.V., Shishkinskaya V.A. Comparative advantages of market-based and bank-based financial systems. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 79–89. https://doi.org/10.65324/wewf009

In the context of the digitalization of the global economy, increasing attention is paid to the prospects for central bank digital currencies (CBDCs). China, the world’s second-largest economy, has become the first country to implement a large-scale project of a national digital currency — the digital yuan (e-CNY). This article analyzes the prerequisites for the emergence of the digital yuan, the institutional and technological features of its implementation, the stages of pilot projects, and its broader implications of this experience for the global monetary and financial system. Particular emphasis is placed on theoretical approaches to currency internationalization, including the concepts of monetary hegemony, network effects, and the Triffin dilemma. The Chinese project is compared with similar initiatives such as the digital euro and the digital dollar, as well as with the experiences of developing countries piloting the digital peso, real, and rupee. It is demonstrated that China seeks to use the e-CNY as an instrument to strengthen the international role of the yuan, especially in the Global South and within the Belt and Road Initiative. The study highlights that the e-CNY has not only economic but also geopolitical significance, providing the foundation for alternative cross-border settlement systems. At the same time, the yuan’s limited convertibility, strict capital controls, and persistent mistrust from foreign investors remain key barriers to the transformation of the e-CNY into a genuine global reserve currency. The article concludes that China’s experience serves as both a model and a cautionary example for other states, revealing the institutional and political constraints of monetary digitalization and the emergence of a multipolar currency system.

Keywords: digital yuan, CBDC, People’s Bank of China, international finance, digitalization of the economy.

JEL Classification: F31, F34, F36, F38

For citation
Glebova A.G., Lyalkova M.S. The Yuan and Central Bank Digital Currencies: China’s Experience and Global Implications. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 90–99. https://doi.org/10.65324/wewf010

The rapid growth of cross-border flows of cryptoassets and stablecoins, as well as increasing restrictions on Russian banks’ use of traditional payment mechanisms, including the SWIFT system and correspondent accounts, are spurring a search for alternative instruments for foreign trade payments, among which cryptocurrencies and digital financial assets are beginning to play a significant role. This article aims to analyze the legal, financial, and economic aspects of using cryptocurrencies in international settlements within the Russian Federation and the prospects for developing relevant regulations. The study’s methodological basis consists of legal and comparative analysis, a systems approach, and an economic assessment of cross-border transactions. It has been established that, despite the formal ban on the use of digital currency as a means of payment in Russia, cryptocurrencies, primarily stablecoins, are de facto used in international settlements by Russian companies, circumventing sanctions restrictions. Key risks of this practice are identified, including legal uncertainty, the lack of national infrastructure, sanctions and market risks, and the risk of the stablecoin issuer. It is shown that the current legal regime is contradictory: by prohibiting the use of digital currency, the legislator is simultaneously developing mechanisms for legal settlements through digital financial assets and an experimental legal regime. Conclusions are drawn regarding the need to institutionalize existing practices and improve the regulation of digital currencies in international settlements.

Keywords: cryptocurrency, digital currency, stablecoins, cross-border settlements, foreign economic activity, experimental legal regime, currency regulation.

JEL Classification: F31, F33, O24

For citation
Kuznetsov A.V., Bespalova M.O. Regulatory aspects of using cryptocurrencies in international settlements in Russia. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 100–108. https://doi.org/10.65324/wewf011

This paper examines current trends in the development of the global financial system using central bank digital currencies (CBDCs) as an example. Regionalization and digitalization are key drivers of global financial system transformation currently. These global trends are leading to significant changes in the current unipolar financial system, the dominant currency of which is the US dollar. The study hypothesizes that, in an era of innovative financial technology development and increasing regional economic integration, central bank digital currencies act as a hedging instrument against risks associated with the unipolar nature of the modern global financial system. A comprehensive analysis confirms this hypothesis. Ensuring national financial sovereignty remains a critical challenge for states today, which is actively stimulating the development and implementation of CBDCs worldwide. At the same time, states are showing a strong interest in multilateral cooperation in the creation and development of central bank digital currencies, demonstrating a clear desire to develop alternative cross-border payment systems capable of seriously competing with the current dollar-based system of international settlements. The development of CBDCs opens new prospects for the evolution of multipolar financial architecture and the reduction of dependence on the dominant currency. Thus, central bank digital currencies are becoming an important element in the transformation of the global financial system toward greater balance and diversification. The results of this study may be of interest to research centers and government agencies in Russia and the CIS exploring new opportunities for implementing CBDCs, as well as to companies implementing digital financial transactions.

Keywords: global financial system, central bank digital currencies, regional integration, digitalization, de-dollarization, global finance, international settlements, international monetary relations.

JEL Classification: F33, O31

For citation
Taldykin N.S. Central Bank Digital Currencies as a Reflection of Global Financial System Development Trends. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 109–118. https://doi.org/10.65324/wewf012

Against the backdrop of declining trust in global development institutions such as the IMF and the World Bank, increasing attention is being paid to regional initiatives aimed at implementing key social projects. These projects encompass elements crucial for economic development that the market is unable to realize due to their excessive risk, low investment return, or other reasons. Consequently, there is a growing need for the genesis of development institutions focused on rapidly bridging the state’s economic gaps in infrastructure, production, investment in science, and other areas. In Latin America, a region marked by significant economic disparity, the Association of Latin American Development Banks (ALIDE) operates, aiming to synergize the activities of national and supranational institutions, including those from other regions. Thus, development institutions engage in constant dialogue, exchanging experience and best practices in implementing long-term and sustainable projects. For Russia, this platform serves as an important public relations tool for maintaining its presence, allowing VEB.RF to remain visible on the international stage of South America even under sanctions. The author has derived a definition of “institutional-credit interconnectedness” and provided a quantitative assessment of the participation of certain countries in the region in ALIDE. A comprehensive analysis has also been conducted, highlighting the Association’s role as a significant driver of regional economic interconnectedness in an area where integration processes have historically faced challenges.

​Keywords: ALIDE, development institutions, institutional and credit connectivity, Latin America, global finance, regional banks, transnational banks.

JEL Classification: F34, F53, O24

For citation
Itin D.A., Gribanich V.M. Analysis of the Role of the Latin American Association of Development Banks (ALIDE) in Ensuring Regional Institutional-Credit Connectivity. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 119–129. https://doi.org/10.65324/wewf013

In the context of increasing digitalization of international trade, an urgent task is to increase the efficiency of cross-border settlements. The article is devoted to assessing the potential of digital currencies, both public (CBDC) and private (stablecoins), in solving the key problems of the existing payment infrastructure: high costs, slow transaction processing and limited access. Based on an analysis of recent pilot projects (mBridge, Dunbar), as well as a review of modern scientific literature, the work shows that the introduction of digital currencies can significantly reduce costs and settlement time, increase transparency and traceability of financial flows, and expand the participation of developing countries and small businesses in international trade. Using the SWOT analysis method, the authors systematize the advantages and risks of integrating digital currencies into the international settlement system. The results of the study highlight the need for harmonization of international regulation, technological compatibility and phased implementation of digital solutions to achieve systemic effects. The findings are of interest to researchers, regulators and participants in foreign economic activity.

Keywords: digital currency, CBDC, stablecoins, cross-border payments, international trade, blockchain, payment systems, financial technologies.

JEL Classification: F33, O31

For citation
Kwamibuor M.K., Gorbacheva T.A. Prospects for the Development of Digital Currencies to Improve the Efficiency of International Trade. World Economy and World Finance, 2025, vol. 4, no. 4, pp. 130–138. https://doi.org/10.65324/wewf014