NOVOSIBIRSK STATE UNIVERSITY OF ECONOMICS AND MANAGEMENT GLOBAL SOCIAL AND ECONOMIC CHALLENGES AND REGIONAL DEVELOPMENT Proceedings of the 16th International Conference of the Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU) (November 19, 2020) Novosibirsk, RUSSIA NOVOSIBIRSK STATE UNIVERSITY OF ECONOMICS AND MANAGEMENT (NSUEM) ASSOCIATION OF ECONOMIC UNIVERSITIES OF SOUTH AND EASTERN EUROPE AND THE BLACK SEA REGION (ASECU) GLOBAL SOCIAL AND ECONOMIC CHALLENGES AND REGIONAL DEVELOPMENT Proceedings of the 16th International Conference of the Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU) (November 19, 2020) Global Social and Economic Challenges and Regional Development : 16th International Conference of the Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU) (November 19, 2020). Novosibirsk : NSUEM, 2021. 272 p. ISBN 978-5-7014-0987-1 An author bears the full responsibility for the original ideas of their work as well as for the mistakes made solely by them. Editors: Grigorios Zarotiadis, Oleg Bodyagin, Leonid Nakov, Fatmir Memaj, Dejan Mikerevic, Pascal Zhelev, Vesna Karadzic, Zaklina Stojanovic, Bogdan Wierzbinski, Larisa Afanasyeva, Maria Krasnova © ASECU, 2021 ISBN 978-5-7014-0987-1 © NSUEM, 2021 INTERNATIONAL SCIENTIFIC COMMITTEE Aleksandr Novikov, Novosibirsk State University of Economics and Management, Russia Leonid Nakov, St. Cyril and Methodius University, Skopje, North Macedonia Grigoris Zarotiadis, Aristotle University of Thessaloniki, Greece Oleg Bodyagin, Rostov State University of Economics, Rostov-on-Don, Russia Eduard Gerhardt, Coburg University of Applied Sciences and Arts, Germany Vladimir Glinskiy, Novosibirsk State University of Economics and Management, Russia Vesselin Blagoev, Varna University of Management, Bulgaria Fatmir Memaj, University of Tirana, Albania Dejan Mikerevic, University of Banja Luka, Bosnia and Herzegovina Pascal Zhelev, University of National and World Economy, Bulgaria Vesna Karadzic, University of Montenegro, Podgorica, Montenegro Zaklina Stojanovic, University of Belgrade, Serbia Bogdan Wierzbinski, University of Rzeszow, Poland Stilianos Fountas, South Eastern Europe Journal of Economics, ASECU, University of Macedonia, Thessaloniki, Greece ORGANIZING COMMITTEE Assoc. Prof. Andrey Makartsev, PhD, Chairman Assoc. Prof. Pavel Novgorodov, PhD Ms. Melina Petromelidou, Head of ASECU office Prof. Sergey Filatov, PhD Prof. Svetlana Ilyinykh, PhD Prof. Larisa Nyurenberger, PhD Assoc. Prof. Dmitry Savchenko, PhD Assoc. Prof. Nikolay Anokhin, PhD Assoc. Prof. Vladimir Melnikov, PhD Assoc. Prof. Andrey Pestunov, PhD Assoc. Prof. Sergey Tereschenko, PhD Assoc. Prof. Gennady Lyaskin, PhD Assoc. Prof. Tatyana Gromoglasova, PhD Assoc. Prof. Maria Krasnova, PhD Assoc. Prof. Lyudmila Koyava, PhD Assoc. Prof. Lyubov Shadrina, PhD Ms. Elena Klimkina Mr. Dmitry Kalinin 3 FOREWORD Allow me to start with a promise. Let us promise to ourselves that we will do our best in order to return to more human, direct, constructive, dynamic and interactive way of communicating, as soon as the science in medicine will allow us to counteract the difficult situation of the pandemic. I’m saying that because I have the feeling that the progress in medicine is enough. There are special views in academic community, in political and socio-economic involvement and happenings, which suppose that this pandemic is the chance for changing and altering the way of strong, personal, direct and constructive links that we use and will have in the future. My personal view is that it could be, perhaps, seen as a chance, because, truly, it allows us or oblige us to use in more effective way our technological accomplishments. But at the same time we should anticipate that utilizing the technological accomplishments, that bring us together even in a distance way, should not be an alternative against direct, human, constructive and interactive communication, especially in academic events. Speaking of that, I would also like to thank you for your passion and being here even a half a year after the initial scheduled date, putting your efforts to organize the virtual conference. I am sure that at the end we will overcome the problems of distance communication and will be able to draw important conclusions, as well as to strengthen cooperation in this very important region, which used to be all over the human history a region of conflicts, but at the same time a region of strong links, socioeconomic, ideological and political cooperation, a region, which despite the reappearing conflicts at the end provides us a feeling of common belonging. The Association of Economic Universities of South and Eastern Europe and the Black Sea (ASECU) is an association that works towards this direction of strengthening our cooperation, our links, common operation and respect. In that sense, I would also like to invite you to participate in the next event, the 17th ASECU conference and the Anniversary of 25 years to the ASECU. Once again I feel very honorable to be here with you, I would love to be in Novosibirsk and hope that I will get this opportunity very soon to meet you personally. Thank you. President ASECU Grigorios Zarotiadis In modern conditions, when digital technologies are rapidly being introduced in all spheres of public life, universities are playing an increasingly important role in building bridges between countries, regions, industries, scientists and professors. It is thanks to digital technologies that such interaction is becoming easier and more effective. This, in turn, opens up new opportunities for the development of the intellectual capital of universities and its elements – human and structural capital. Scientific conferences that bring together researchers from different universities have long been a common way to exchange knowledge and establish contacts. But online technologies and social media are challenging the traditional format. Of course, we all understand that in-person communication is difficult to replace, but today it is an indisputable fact that the conference system will undergo significant changes in the future. The recent pandemic has only accelerated these inevitable changes. Will this have a positive impact on the development of the intellectual capital of universities? I would like to believe that, as we say in Russia, every cloud has a silver lining, and soon we will see the growth of inter-university collaborations, the formation of new international research teams, and the accelerated diffusion of knowledge between regions and countries. We hope that some of the scientists will soon pay due attention to the study of the impact of the pandemic on the development of universities. The changes and restrictions did not pass by the 16th International Conference of the Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU), which is held online at the site of the Novosibirsk State University of Economics and Management. The remote format of the conference does not allow the conference participants to see the beauty of Siberia and its capital – Novosibirsk, the third largest city in Russia, but at the same time allows them to reach a wide range of researchers. The conference is attended by 73 participants from 11 countries: Russia, Greece, North Macedonia, Albania, Bulgaria, Romania, South Africa, Poland, Bangladesh, Ireland, and Turkey. Russia, in addition to Novosibirsk, is represented by researchers from Moscow, Rostov-on-Don, and Tomsk. From this list it is clear that the conference has not only crossed the regional borders, but also went far beyond Europe. The topic of the conference makes it possible to unite researchers in the framework of a scientific discussion on a wide range of issues. Being co-organizers we hope that the conference materials and the established contacts will contribute to the development of relations between universities and between individual researchers in various fields of science, as well as to the formation of a favourable image of the conference participants in the scientific community. We would like to express our gratitude to Prof. Grigoris Zarotiadis, President of ASECU, Prof. Oleg Bodyagin, Vice- president and Prof. Leonid Nakov, General Secretary of ASECU, and to all participants and listeners of the conference for coming online. At the same time, we do not give up hope to personally see the participants of future ASECU conferences in Novosibirsk. First Vice-Rector of NSUEM Pavel Novgorodov 4 FeatURES OF THE monetarY POLICY OF THE BANK OF RUSSIA DURING THE ECONOMIC CRISIS CAUSED BY COVID-19 Aleksandr Bass* Abstract. The article examines the features of the modern monetary policy of the Bank of Russia during the economic crisis caused by COVID-19. It is emphasized that in the first half of 2020 there was a significant reduction in the lending activity of borrowers. In Russia as a whole, the volume of loans issued by commercial banks decreased. In this situation, the Bank of Russia continued its practice of lowering the key rate in order to increase economic activity. And for the first time in its practice the Bank of Russia announced the transition to a targeted stimulating monetary policy. The article notes that in practice, the incentive nature of this policy is insufficiently manifested. And this is reflected in the decline in lending and investment activity. It is concluded that low