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Article
Publication date: 29 April 2014

Graeme Baber

– The purpose of this paper is to report and review the legislative and regulatory responses to the global financial crisis (GFC) from within the United Kingdom (UK).

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Abstract

Purpose

The purpose of this paper is to report and review the legislative and regulatory responses to the global financial crisis (GFC) from within the United Kingdom (UK).

Design/methodology/approach

The paper observes aspects of the effect of the GFC within the UK, using economic statistics and institutional case studies. It summarises the laws that the European Union (EU) and the UK have produced in the wake of the crisis and recommends approaches to be taken from this point.

Findings

The regulators are putting in place a comprehensive, integrated framework, much of which is sensible in its content. However, this structure will be insufficient to re-establish the effective operation of the financial sector, unless firms comply with the rules and a “relationship culture” is developed.

Research limitations/implications

It is not yet clear how the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will perform and coordinate.

Originality/value

The paper presents a comprehensive review of relevant EU and UK legislation, thereby bringing readers up to date with the situation in the UK.

Details

Journal of Financial Crime, vol. 21 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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Book part
Publication date: 29 October 2018

Gilyan V. Fedotova, Natalia N. Kulikova, Lyubov V. Perekrestova and Yuri A. Kozenko

The purpose of this chapter is to evaluate the completeness and substantiation of the indicators of implementation of measures on information society’s formation in the…

Abstract

Purpose

The purpose of this chapter is to evaluate the completeness and substantiation of the indicators of implementation of measures on information society’s formation in the conditions of information war and economic sanctions from foreign countries, and to assess the dynamics of indicators and their achievability according to the plans of state development.

The adequately selected list of target indicators will determine the future national policy regarding the process of informatization in all spheres of national economy. Moreover, the indicators set at the stage of planning of national events will signal the correspondence of the obtained result to the planned result.

Methodology

The research applies the methods of graphic presentation of information, trend analysis, method of comparison, analogy, and systematization.

Results

According to the peculiarities of the information economy’s optimization model, the main indicators of implementing of measures for the formation of information society are: index of development of information technologies; share of citizens who received state and municipal services online; share of the population that do not use the internet; level of differentiation of the subjects of the RF regarding integral indicators; share of households with access to the internet; number of highly efficient jobs according to the type of economic activities “communication.” Evaluation of implementation of these indicators and their completeness proved the necessity for reconsidering the transfer of the implemented measures and reducing the number of ineffective ones.

Recommendations

The viewed target indicators and evaluation of achievement of these indicators of efficiency of state management of the process of implementing the model could be the basis for future correction of the process of implementation of this program. The used method of analysis could be recommended as the methodological provision of monitoring and control over the implementation of information economy’s optimization model.

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Book part
Publication date: 29 October 2018

Larisa A. Ilyina, Olga A. Babordina, Marina P. Garanina and Vladimir S. Tikhonov

The purpose of this chapter is to study perspectives of formation of the optimization model of a well-balanced information economy in modern Russia.

Abstract

Purpose

The purpose of this chapter is to study perspectives of formation of the optimization model of a well-balanced information economy in modern Russia.

Methodology

The research methodology includes the complex SWOT analysis of the environment, wherein the optimization model of a well-balanced information economy in modern Russia is implemented; this analysis allows determining threats and possibilities for its formation. Also, the method of formalization is used that allows tablulation of results.

Result

The authors show a number of prerquisites for the formation of a well-balanced information economy in Russia, as well as multiple internal barriers on the path of its development. One of the barriers is deficit of resources. Also, there exist large perspectives of formation of the optimization model of a well-balanced information economy. These perspectives include improvement of legal conditions of financing of development of digital economy, intensive development of the ICT spheres and online business, growth of innovational activity and efficiency in the information sphere, and creation and stimulation of implementing the possibilities for feedback in the course of information economy’s formation. Based on the analyzed tendencies, it is concluded that these perspectives will allow overcoming the major barriers on the path of implementation of the strategy of building the optimization model of a well-balanced information economy in modern Russia, related to deficit of resources, structural imbalance of the noosphere, low efficiency of information, and linear direction of the process of management of information economy.

Recommendations

The authors determine that successful practical implementation of this strategy is largely predetermined by the capability of state regulators for a highly effective management of internal and external factors. It is recommended to pay attention to the management of these factors in the process of practical implementation of the strategy of forming the optimization model of a well-balanced information economy in modern Russia.

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Book part
Publication date: 29 October 2018

Alexander N. Alekseev, Yulia A. Romanova, Irina M. Zurakhovskaya, Valeriy V. Mishchenko and Valentina V. Latysheva

The purpose of this chapter is to develop a framework strategy for implementing the optimization model of information economy in modern Russia, aimed at its adaptation to…

Abstract

Purpose

The purpose of this chapter is to develop a framework strategy for implementing the optimization model of information economy in modern Russia, aimed at its adaptation to the peculiarities of the Russian economic practice.

Methodology

The methods of induction, deduction, synthesis, and systemic analysis are used, as along with goal-oriented approaches, such as the method of modeling of socio-economic systems, and the method of formalization.

Results

The authors develop the framework strategy of implementing the optimization model of information economy in modern Russia that takes into account specifics of socio-economic development and informatization of the Russian economic system at the modern stage. This strategy differs from the strategy of formation of an information economy implemented in modern Russia. The most important difference is a wide and comprehensive balance, while the Russian economy is tolerant toward imbalance. The offered strategy allows refusing from copying economic practice implemented by other countries and determining own path of formation and development of information economy. This envisages the Russian treatment of the principles of implementing the innovational model of a well-balanced information economy. This treatment is based on the current possibilities of the Russian economy and on the set goal within the formation of an information economy. Due to this, the possibilities and needs of strategic development of information economy in modern Russia are balanced.

Recommendations

The developed framework strategy of implementing the optimization model of information economy in modern Russia is recommended for usage in the domestic economic practice.

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Book part
Publication date: 29 October 2018

Irina V. Gashenko, Irina N. Bogataya, Irina V. Orobinskaya and Yulia S. Zima

The purpose of this chapter is to compile the expected scenarios of development of digital economy in modern Russia and determine the essence and peculiarities of the…

Abstract

Purpose

The purpose of this chapter is to compile the expected scenarios of development of digital economy in modern Russia and determine the essence and peculiarities of the optimal scenario implementation.

Methodology

The research is based on the Theory of Games, which is used for comparison of expected scenarios of development of digital economy in modern Russia. A criterion of optimality of the scenario of development of digital economy in modern Russia in this work is effectiveness of its implementation, determined by comparing the results and expenditures in view of probability of each possible sub-scenario.

Results

The performed scenario analysis of development of digital economy in modern Russia showed that the most effective and, therefore, optimal scenario is the one that envisages implementation of the offered new model of a well-balanced digital economy. Despite the fact that probability was determined only for sub-scenarios, within each distinguished scenario, (for determining confidence intervals of the values of indicators) which were not compared with the level of their probability, the given optimal scenario envisages the largest changes compared to the current set course of the formation of digital economy in Russia and hence is the least probable.

Recommendations

The established optimal expected scenario of development of digital economy, which envisages application of its new well-balanced model, is recommended for practical implementation in modern Russia. The given quantitative characteristics of the optimal scenario of development of digital economy in modern Russia could and should be recommended for usage as the basis for developing practical recommendations for monitoring and control of implementation of the optimization model of digital economy in modern Russia.

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Book part
Publication date: 29 October 2018

Aleksei V. Bogoviz, Anna V. Bodyako, Alexander A. Pochestnev, Natalia A. Medvedeva and Larisa O. Velikanova

The purpose of this chapter is to study the correlation of evolutional and revolutionary transformations in a socio-economic system in the conditions of the formation of…

Abstract

Purpose

The purpose of this chapter is to study the correlation of evolutional and revolutionary transformations in a socio-economic system in the conditions of the formation of an information economy by taking the example of modern Russia.

Methodology

To distinguish these transformations by studying the information economy, based on the materials of reports and recommendations of the OECD and the World Bank, the indicators that show macro-economic transformations in a socio-economic system in the conditions of formation of an information economy and their control values that correspond to evolutional and revolutionary changes were determined. During the research, the authors used the method of comparative analysis for comparing the values of the indicators in modern Russia with the control values of the indicators that show macro-economic transformations in the socio-economic system in the conditions of the formation of an information economy and classify the corresponding transformations as evolutional and revolutionary. The information and analytical basis includes the materials of the reports of the Higher School of Economics, the OECD, the World Bank, the International Telecommunication Union, the World Wide Web Foundation, the Digital single market, the INSEAD, the WIPO, and the Cornell University.

Results

As a result, it is concluded that the planned transformations in a socio-economic system in the conditions of formation of information economy by implementating the optimization model of this process have an evolutional characteristic. Herein, certain transformations have a revolutionary nature.

Recommendations

The authors determine that the largest revolutionary transformations are due for 2022–2025. However, their classification is caused not by high rate of growth of the indicators’ values but by their achievement of control values. Therefore, the largest socio-economic shifts in the economic system in the modern Russia due to the formation of an information economy will take place in 2019–2022. Hence, in this period, an anti-crisis management of this process should be conducted.

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Book part
Publication date: 29 October 2018

Alexander P. Sukhodolov, Elena G. Popkova and Tatiana N. Litvinova

This chapter is aimed at the elimination of contradictions and the development of a strong and transparent theoretical basis for studying information economy, with the…

Abstract

Purpose

This chapter is aimed at the elimination of contradictions and the development of a strong and transparent theoretical basis for studying information economy, with the goal of determining the basic characteristics of information economy and compiling its conceptual model.

Methodology

The research methods include the methods of systemic, logical, structural and functional analysis, synthesis, induction, deduction, method of modeling socioeconomic systems, and method of graphical presentation of information. The authors also use the noosphere research method that allows for the viewing of the information economy as a noosphere and studying the role, interdependencies, and results of interaction between its components – the technosphere, sociosphere, and economic sphere.

Results

As a result, the authors develop and present a graphical conceptual model of information economy, in which the noosphere is in the form of a pyramid. The pyramid is based on technosphere – spheres of economy in which information and information and communication technologies are produced, which provides technological support for information economy. The pyramid’s center is occupied by sociosphere – information society – which is the social core of information economy, in which the constant exchange of electronic information between economic subjects in information economy and outside of it due to its openness takes place. The pinnacle is occupied by economic sphere – economic tip of information economy – in which information and information and communication technologies are used in economic activities, and informatization (transfer into electronic form) of all spheres of economy takes place. The flows of resources and information move from the foundation of the pyramid to its pinnacle, due to which the target result is maximized – intensity of creation and effectiveness of using new information – which is knowledge and technologies.

Recommendations

The authors recommend the use of the presented graphical illustration for studying the conceptual model of information economy.

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Book part
Publication date: 29 October 2018

Alexander P. Sukhodolov and Elena G. Popkova

The purpose of this chapter is to determine the main stages in the formation of information economy.

Abstract

Purpose

The purpose of this chapter is to determine the main stages in the formation of information economy.

Methodology

The authors use the method of noosphere research, a bifurcation approach to studying dynamic systems, which is related to systemic approach, the method of structural and functional analysis, the method of dialectical materialism, and the methodology of the institutional economic theory, abstraction, and formalization.

Results

As a result of complex application of totality of the aforementioned methods and approaches to study the formation of information economy, the authors determine the essence and the main stages of information economy: formation of technosphere (technological foundation), formation of sociosphere (social core), and formation of economic sphere (economic pinnacle). At each of these stages, economic system faces serious socioeconomic changes that first face opposition from society and business, but then – with accumulation of practical experience – are accepted, opening the possibility for transition to the next stage of this process.

Recommendations

The authors conclude that while the influence of the global financial crisis in the early twenty-first century is common for all modern economic systems, it stimulated them to begin the formation of information economy. Furthermore, socioeconomic changes that followed this phenomenon are diverse and are largely predetermined by the context such as readiness of economic systems for continuation of their evolution, their reaction to crisis, susceptibility to changes, and other national peculiarities. That’s why the speed of passing the various stages in different economic systems varies.

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Book part
Publication date: 29 October 2018

Aleksei V. Bogoviz, Olga A. Mishchenko, Svetlana G. Bychkova, Marina V. Bogdanova and Elena N. Kolomoets

The purpose of the chapter is to study the European experience of formation of information economy.

Abstract

Purpose

The purpose of the chapter is to study the European experience of formation of information economy.

Methodology

The methodology of this chapter is based on the method of statistical analysis, which is used for calculation of direct average of the values of the indicators of European countries for each indicator of information economy, scatter (variation), and deviation of the average value of European countries from the average value among the leading countries of the world (average global value). The objects of research of the European experience of information economy’s formation are the leading countries of Europe that have the largest potential and achieved the largest progress, setting the tone for other members of the European region. The leading countries are UK, Germany, and France. The data of 2017 are used.

Results

The results substantiate that modern Europe achieved sufficient progress in information economy’s formation, and differentiation of the level of informatization of economic systems is expressed vividly, but only in certain aspects. In general, it is possible to determine common tendencies and peculiarities based on offered conceptual model of establishment and development of information economy in European countries. This new conceptual model takes into account and reflects the existing disproportions, of which the most vivid is overestimated massive technosphere, which is not implemented to the full potential due to social problems. Against its background, sociosphere and economic sphere that are standard for modern leading countries seem to diminish. At the same time, due to the strong role of the state in economy of European countries, high effectiveness of state regulation in the process of information economy’s formation is achieved if high share of high-tech export is expressed with smaller expenditures for innovations in the ICT spheres.

Recommendations

It is recommended to use the offered conceptual model to study the process of formation of information economy in European countries and comparing the effectiveness of this process in other regions of the world.

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Book part
Publication date: 29 October 2018

Zhanna V. Gornostaeva, Ekaterina S. Alekhina, Inna V. Kushnareva, Olga Y. Malinina and Sergey L. Vasenev

The purpose of this work is to determine the key barriers on the path of information economy’s formation in modern Russia and to determine the possibilities and…

Abstract

Purpose

The purpose of this work is to determine the key barriers on the path of information economy’s formation in modern Russia and to determine the possibilities and perspectives of overcoming them.

Methodology

In order to determine weak spots in the Russian practice of information economy’s formation, the values of the indicators that reflect the corresponding progress in technosphere, sociosphere, economic sphere, and target result in Russia are compared to average values for the leading countries of the world that achieved the largest success in the formation of information economy. For that, the method of comparative and problem analysis is used.

Results

In the course of the research, the institutional barrier, which is related to the limitation of acceptance of priorities of information economy in the national strategy; structural barrier, which is based on insufficient development of the ICT spheres; and investment barrier, caused by deficit of investments in the ICT spheres, were found.

Recommendations

The determined barriers do not correlate with the national peculiarities of the socio-economic system of modern Russia. In particular, despite the incompleteness of market reformation, the level of informatization of the Russian economic system is very high. Despite the traditional public mode, sociosphere is the sector of the largest success in Russia in information economy’s formation, and the directive character of modernization of the socio-economic system stimulates quick formation of information economy due to timely establishment of the corresponding strategic course and implementation of state initiatives in the direction of its practical implementation.

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