Sochi Journal of Economy

247-253

Authors: Laura B. Avidzba

The article is devoted to improving the management mechanism in the hotel industry during a pandemic. The pandemic has had a negative impact on many businesses, especially hospitality businesses. In the spring of 2020, a situation developed when international air traffic was completely stopped, tourist travel within Russia was completely limited, and business travel was reduced to a minimum. Hotel companies have used up the financial resources that they had accumulated in previous periods. Therefore, they usually expect financial support from the state. Another problem was the transfer of a significant part of employees to a remote or rotational mode of work. As a rule, the main staff of any hotel or hotel consists of administrators, maids and cooks who can not serve tourists from home. The work analyzes the recent months in terms of occupancy and profitability of russian hotels in order to identify problems and develop better management mechanisms. To overcome the crisis, a number of measures must be taken, as well as strategies developed to reduce risks in the event of unforeseen events.

263-281

Authors: Solomon E. Effiong, Anna Tizhe

This study examined effects of financial markets integration on economic growth in Economic ECOWAS countries between 1980 and 2018. The study employed Pool Mean Group (PMG) technique for the data analysis. The short-run results of the estimated regression revealed that the effects of financial integration on the economic performances of ECOWAS countries are neither direct nor linear. In long run, as economies persist in increasing number of convergence criteria met, there is tendency for this to translate into economic growth for countries. The effects appear to only be channeled through improvement in the depth of money supplied, based on the integration instrument considered. The study shows essentially that financial integration does not have relevant short-term impacts on financial sectors of member countries of ECOWAS. Seemingly, role of financial integration should be considered from a wider perspective since perceived benefits or otherwise are shown to only be realized in the long run. Relatively, evidence shows that with Nigeria, Ghana and Gambia high level of assets-based integration occurs within the WAMZ region. Financial integration that considers a broad spectrum of convergence among the economies of ECOWAS, without taking into account domestic institutional support, is harmful for long run financial sector development in the sub-region. When we interacted financial integration variables with institutional quality variables, convergence criteria increased by 0.23 %, interest rate gap shrunk to about 0.26 % and share of member countries’ financial assets in the region grew by about 0.53 %. For the fact that institutional quality variable was constructed on the basis of impartiality of the legal system and popular observance of the law, it appears that domestic laws in many ECOWAS countries do not favour compliance with convergence criteria. The study submits that a broad-based and well-encompassing integration policy for ECOWAS region should be pursued and aimed at improving member countries’ domestic institutions. This is more so because, we found in the study that with improved quality of institutions, the criteria for deeper integration in the region have more chances to be met.

292-301

Authors: Matvei S. Oborin

The article is devoted to the peculiarities of using digital platforms by market interaction subjects as an effective mechanism of cooperation. Scientific and technological progress determines the dynamics of regional and global markets. The acceleration of information exchange significantly affects the quality of implementation of projects and programs of various levels of complexity, determines the quality of obtaining and the value of the final results. A positive economic effect occurs by reducing transaction costs, providing access to information and technological resources for various categories. The creation of fundamentally new technologies, goods and services actualize the interest in digital platforms on the part of the state and business. The significance of digital platforms for business is described. Innovative solutions implemented in material production have a long-term effect, contribute to improving the competitiveness of domestic products, and determine the position of the country and region in global and regional markets. The main classification criteria of platforms that have practical significance are defined. The characteristic of the most common platforms in the world practice is presented. The functions and goals of using platforms in the development of socio-economic systems, potential user groups for which the information environment has been developed, are of great importance. The analysis of statistical data on the growth of the number of Internet users in the world and the increase in sales revenue of the world's leading companies that actively use platform technologies to achieve strategic business goals is carried out. An assessment of the advantages and limitations of using these digital solutions for market entities is presented. Promising directions for the development of digital platforms in the global and regional markets are substantiated. In Russia, the state is the main subject of innovation and development of digital technologies, so we can assume that the predominance of project and industry approach at the global level.

311-322

Authors: Vladimir N. Sharafutdinov, Elena V. Onishchenko, Arsen R. Simonyan

The article substantiates the hypothesis that the driving force of the development of modern tourist spaces is the sustainable reproduction of regional highly competitive tourist products. At the same time, the authors understand tourist spaces as such coordinates of human life, in which it is provided in the free space-time conditions of the spatial structure of regions, covering natural, territorial, economic, cultural-historical and other formations. That is, we are talking about such spatial and temporal coordinates of regions in which there is a mutual combination of the interests of tourists and the local population on the issues of regulating the demand from tourist flows and supply from the tourist sector of the economy in the space of the regions. At the same time, the authors substantiate the idea that at the present stage the tourism sector has formed into an independent integral open system, which, from a synergistic point of view, already possesses the properties of self-development. The key role in the formation of these properties is played by the parameters of the order of self-organization of the tourism sector known in the theory of self-organization of systems. In turn, their understanding reveals the possibilities of improving the current management system for the development of the tourism sector of the regional economy, which are available only in the context of the use of the latest information technologies and the digitalization of industries involved in serving tourists. In particular, we are talking about the formation of tourist technological platforms, systems of indicators of the competitiveness of regional tourist products, etc. This provides the real prospects for transforming the tourism sector of the regional economy into a driver of Russia's socio-economic development and identifying key areas for its technological breakthroughs.

334-342

Authors: Evgeniy A. Zhabin, Irina Yu. Orgahovskaya

At present, the space industry is attracting more and more attention. China, Europe, the USA and Russia are the trend states in the struggle for space. Studying the trends in the activities of commercial companies such as Space-X is the impetus for the formation of new highways in the space sector, as well as a change in the place of dominant corporations and the emergence of new players in the space services market. The main purpose of this work is the study of commercial companies whose activities are aimed at using space, as well as the systematization of foreign experience and the formation of directions for attracting investments in the space industry, analysis of countries participating in space activities based on the obtained statistical data. At the moment, the Russian Federation is inferior to Europe and the United States in the space technology market. The main research methods used were: a comprehensive analysis of statistical data, the amount of funding for space projects, a comparative assessment in the framework of commercial and state use of space, as well as the results of public-private partnerships in space activities. The result of this study (results) is the formation of conclusions that companies that are just entering the space industry market are setting trends in the development of commercially oriented technologies. The authors draw attention to the great importance of the formation of investment strategies and the need for the development of commercial companies in the space industry in connection with its great economic potential. Conclusions: the significance of this work lies in the use of this study in the development of an investment strategy within the framework of public-private partnerships in the Russian Federation at enterprises of the rocket and space industry. The content of this article is of interest to students, researchers, government officials interested in studying the issue of commercialization of Russian outer space.