| Peer-Reviewed

Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions

Received: 18 November 2020     Accepted: 18 December 2020     Published: 8 May 2021
Views:       Downloads:
Abstract

The article discusses prospects of further increase in the EEU integration with reference to the target benchmarks that national economies set when making decisions on joining regional integration blocs like the Eurasian Economic Union. The focus is on the possibility of developing high technology production in EEU countries. A two-sector model and analysis of statistical information are used to assess the prospects for the development of innovative production on the territory of the EEU. It is shown that with the developed monopolized structure and low level of production competitiveness, financing innovation by transforming savings into investments is really difficult. The authors suggest a critical assessment of the current inflation targeting policy of the Central Bank of Russia. Based on the macroeconomic model of the interaction of savings and investments and the generalization of data subject to the level of monopolization of the Russian economy, it is argued that the implementation of the inflation targeting policy does not create real prerequisites for the development of high-tech production in Russia and other EEU member countries. It is stated that the current conditions require a policy of mobilizing resources to be invested in innovative projects. It is concluded that in modern conditions, a significant increase in the financing of innovative products is possible only through state support based on the modernization of the taxation system. It is indicated that in the long term, targeted financing of innovative products should be carried out within the framework of the single economic policy of the EEU. The authors suppose that just creation of prerequisites for innovative development in the EEU can increase real attractiveness of this integration block for potential new members.

Published in International Journal of Business and Economics Research (Volume 10, Issue 3)
DOI 10.11648/j.ijber.20211003.11
Page(s) 87-93
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Integration, Economic Policy, Innovations, Taxation

References
[1] Dereli, D. (2015) Innovation Management in Global Competition and Competitive Advantage, in: Social and Behavioral Sciences. No195. pp. 1365–1370. development. Problems of the modern economy. № 4 (64). PP. 22-24.
[2] Galimov D., Gnidchenko A., Sabelnikov Е., Salnikov (2017). Intersectoral effects of Russia's trade integration in the EAEU. Economic issues. №10. PP. 123–139.
[3] Glasyev S. (2016). Economy of the Future: Does Russia Have a Chance? М.: Knizhny Mir. 640 p.
[4] Glasyev S., Chushkin V., Tkachuk S. (2013). The European Union and the Eurasian Economic Community: similarities and differences in the processes of integration construction. М.: ООО VIKOR MEDIA. 240с.
[5] Grigoryev L., Brilliantova V., Pavliushina V. (2017). Eurasian Economic Union: Success Challenges of Integration. Economic issues. № 4. PP. 6-19.
[6] Hyeong-ki Kwon (2012), Politics of Globalization and National Economy The German Experience Compared with the United States, in: Politics & Society. No 40 (4). pp. 581-607.
[7] Kirsanov S., Safonov E., Ramirez S. (2017). Natural Monopoly in Russia: State Regulation Problems in: Baltic Journal of Real Estate Economics and Construction Management. No 5. pp. 137-145.
[8] Kiseleva P. (2018) Regional inflation in Russia and ways of controlling it, in R-ECOMONY. No 4 (2), pp. 41–45.
[9] Kosikova L. (2008). Integration projects of Russia in the post-Soviet space: ideas and practice. M.: RAS, Institute of Economics, Department of International Economic and Political Studies. 63 p.
[10] Lagutina M. (2015). EU and EEU: problems and prospects of cooperation in modern geopolitical realities. Management consulting. № 11 (83). pp. 124–136.
[11] Lapenko М. (2016). The external contour of the EAEU: expansion potential and the search for optimal interaction mechanisms. News of the Saratov University. New series. History. International relationships. № 16 (1). pp. 71–76.
[12] Libman А. (2005). Economic integration in the post-Soviet space: institutional aspect. Economic issues. № 3. pp. 142–156.
[13] Maksimoviс L., Grbic M., Mihajlović V. (2012) Impact of technological innovation on competitiveness of transition countries, in: Actual Problems of Economics, No 7, pp. 394-403.
[14] Manushina А., Kostikova D., Proshukina Е. (2019). Comparative analysis of indirect taxation in EEU and EU, in: International Journal of Humanities and Natural Sciences. vol. 5-1. pp. 151-156.
[15] Miropolsky D. Y. Product theory essays: potential forms of capital and plan of the era before the division of labour.- SPb.: SPbGEU, 2015.–278 p.
[16] Stolypin Institute for Growth Economics. Analytics http://stolypin.institute/
[17] Skriba А. (2016). The conjugation of the EAEU and the Silk Road Economic Belt: interests of participants and challenges of implementation. Bulletin of international organizations: education, science, new economy.№ 11 (3). pp. 67–81.
[18] Suzdaltsev А. (2008). Post-Soviet Space: unity and diversity. Russia and the world. New era. № 12. pp. 384–410.
[19] Uyarra, E., Flanagan K. (2010) From regional systems of innovation to regions as innovation policy spaces, in: Environment and Planning C: Government and Policy, Vol. 28. pp. 681-695.
[20] Vinokurov E. (2017) Eurasian Economic Union: Current state and preliminary results, in: Russian Journal of Economics. No. 3 (1). pp. 54–70. 13.
[21] Wolczuk K., Dragneva R. (2017). The Eurasian Economic Union: Deals, Rules and the Exercise of Power. Chatham House. https://ssrn.com/abstract=3036882
[22] World Data Atlas, World and Regional Statistics, in: https://knoema.ru/
[23] Worldbank (2019). Statistic data. www.worldbank.org.
[24] Zeleneva I., Kontsova Е. (2015). ACEAN and EEU: problems and prospects of cooperation. Management consulting. № 11 (83). pp. 112–123.
Cite This Article
  • APA Style

    Dmitry Miropolsky, Grigori Feigin. (2021). Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions. International Journal of Business and Economics Research, 10(3), 87-93. https://doi.org/10.11648/j.ijber.20211003.11

    Copy | Download

    ACS Style

    Dmitry Miropolsky; Grigori Feigin. Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions. Int. J. Bus. Econ. Res. 2021, 10(3), 87-93. doi: 10.11648/j.ijber.20211003.11

    Copy | Download

    AMA Style

    Dmitry Miropolsky, Grigori Feigin. Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions. Int J Bus Econ Res. 2021;10(3):87-93. doi: 10.11648/j.ijber.20211003.11

    Copy | Download

  • @article{10.11648/j.ijber.20211003.11,
      author = {Dmitry Miropolsky and Grigori Feigin},
      title = {Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions},
      journal = {International Journal of Business and Economics Research},
      volume = {10},
      number = {3},
      pages = {87-93},
      doi = {10.11648/j.ijber.20211003.11},
      url = {https://doi.org/10.11648/j.ijber.20211003.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211003.11},
      abstract = {The article discusses prospects of further increase in the EEU integration with reference to the target benchmarks that national economies set when making decisions on joining regional integration blocs like the Eurasian Economic Union. The focus is on the possibility of developing high technology production in EEU countries. A two-sector model and analysis of statistical information are used to assess the prospects for the development of innovative production on the territory of the EEU. It is shown that with the developed monopolized structure and low level of production competitiveness, financing innovation by transforming savings into investments is really difficult. The authors suggest a critical assessment of the current inflation targeting policy of the Central Bank of Russia. Based on the macroeconomic model of the interaction of savings and investments and the generalization of data subject to the level of monopolization of the Russian economy, it is argued that the implementation of the inflation targeting policy does not create real prerequisites for the development of high-tech production in Russia and other EEU member countries. It is stated that the current conditions require a policy of mobilizing resources to be invested in innovative projects. It is concluded that in modern conditions, a significant increase in the financing of innovative products is possible only through state support based on the modernization of the taxation system. It is indicated that in the long term, targeted financing of innovative products should be carried out within the framework of the single economic policy of the EEU. The authors suppose that just creation of prerequisites for innovative development in the EEU can increase real attractiveness of this integration block for potential new members.},
     year = {2021}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Principles of the Economic Policy in the Euroasian Economic Union (EEU): Development of Innovative Productions
    AU  - Dmitry Miropolsky
    AU  - Grigori Feigin
    Y1  - 2021/05/08
    PY  - 2021
    N1  - https://doi.org/10.11648/j.ijber.20211003.11
    DO  - 10.11648/j.ijber.20211003.11
    T2  - International Journal of Business and Economics Research
    JF  - International Journal of Business and Economics Research
    JO  - International Journal of Business and Economics Research
    SP  - 87
    EP  - 93
    PB  - Science Publishing Group
    SN  - 2328-756X
    UR  - https://doi.org/10.11648/j.ijber.20211003.11
    AB  - The article discusses prospects of further increase in the EEU integration with reference to the target benchmarks that national economies set when making decisions on joining regional integration blocs like the Eurasian Economic Union. The focus is on the possibility of developing high technology production in EEU countries. A two-sector model and analysis of statistical information are used to assess the prospects for the development of innovative production on the territory of the EEU. It is shown that with the developed monopolized structure and low level of production competitiveness, financing innovation by transforming savings into investments is really difficult. The authors suggest a critical assessment of the current inflation targeting policy of the Central Bank of Russia. Based on the macroeconomic model of the interaction of savings and investments and the generalization of data subject to the level of monopolization of the Russian economy, it is argued that the implementation of the inflation targeting policy does not create real prerequisites for the development of high-tech production in Russia and other EEU member countries. It is stated that the current conditions require a policy of mobilizing resources to be invested in innovative projects. It is concluded that in modern conditions, a significant increase in the financing of innovative products is possible only through state support based on the modernization of the taxation system. It is indicated that in the long term, targeted financing of innovative products should be carried out within the framework of the single economic policy of the EEU. The authors suppose that just creation of prerequisites for innovative development in the EEU can increase real attractiveness of this integration block for potential new members.
    VL  - 10
    IS  - 3
    ER  - 

    Copy | Download

Author Information
  • Department of General Economic Theory and History of Economic Thought, State Economic University, St. Petersburg, Russia

  • Department of General Economic Theory and History of Economic Thought, State Economic University, St. Petersburg, Russia

  • Sections