Based on the 2017 conference "'New Reality' and Russian Markets" held at Harvard University, this book brings together world-renowned thinkers to offer the latest empirical research on recent financial risks, institutional policies, and financial stability.

Front Cover -- Exploring The Future of Russia's Economy And Markets: Towards Sustainable Economic Development -- Copyright Page -- Acknowledgments -- Contents -- About the Editor -- About the Contributors -- Preface -- Chapter 1 How Can FinTech Impact Russia's Development? -- 1.1. Introduction -- 1.2. Payment -- 1.3. Loan and Credit -- 1.4. Investment -- 1.4.1. Money Markets -- 1.4.2. Fixed Income and Equity Investments -- 1.4.3. Artificial Intelligence in Investment -- 1.5. Insurance -- 1.6. The Next Steps Ahead for FinTech in Russia -- 1.7. Summary -- References -- Chapter 2 The Impact of Commercial Banking Development on Russian Economic Growth -- 2.1. Introduction -- 2.2. Literature Review -- 2.3. How Financial Development Affects Economic Growth -- 2.4. Methodology -- 2.5. Model to Identify Control Variables -- 2.6. Financial Development and Economic Growth -- 2.7. Conclusion -- References -- Chapter 3 The Russian Stock Market: Risks and Growth Drivers -- 3.1. Introduction -- 3.2. The Overall Performance of the Russian Stock Market -- 3.3. Empirical Analysis of the Risk Factors -- 3.3.1. Data and Methodology -- 3.3.2. Estimation Results -- 3.3.2.1. International CAPM Without Local Risks -- 3.3.2.2. International CAPM with Domestic Risks -- 3.4. Growth Opportunities -- 3.5. Conclusion -- References -- Acknowledgments -- Chapter 4 Will Industry 4.0 and Other Innovations Impact Russia's Development? -- 4.1. Introduction -- 4.2. Literature Overview -- 4.3. Industry 4.0 and the IoT: Toward a New Russian Industrial Development? -- 4.3.1. Substantiating Perspectives of Industry 4.0 as a Top-priority Direction of Sustainable Industrial Development of Rus... -- 4.3.2. A Strategy for Optimizing the Sustainability of Industrial Development -- 4.4. Conclusion -- References. Chapter 5 Industrial Development, Structural Changes, and Industrial Policy in Russia -- 5.1. Dynamics of Industrial Production in Russia and Abroad -- 5.2. Key Features of the Russian Economy and Industry -- 5.3. Industrial Development in Russia since 2005: Major Changes and Trends -- 5.4. Stages of the Industrial Development in Russia since 2005 and Role of the Government -- 5.5. Contemporary Industrial Policy in Russia: Relevant Examples and Basic Types -- 5.5.1. Compensation or Prevention of Possible Adverse Changes -- 5.5.2. Catching-up Development -- 5.5.3. Advance Development -- 5.6. Strategic Objectives of Industrial Development in Russia and Industrial Policy Instruments of the "New Wave" -- 5.7. Conclusion -- References -- Chapter 6 Clusters and Innovational Networks Toward Sustainable Growth -- 6.1. Introduction -- 6.2. The Development of Clusters and Innovational Networks -- 6.3. Scenarios of Future Growth of Russia's Economy: A Game Theory Approach -- 6.4. Recommendations and Policy Analysis -- 6.5. Conclusion -- References -- Chapter 7 Will the Circular Economy Be the Future of Russia's Growth Model? -- 7.1. Introduction: The Circular Economy -- 7.2. The Circular Economy: Theoretical Grounding -- 7.3. Applied Research Methods -- 7.4. What Are and Could Be the Economic Benefits of the Circular Economy for Russian Economic Growth? -- 7.5. Conclusion -- References -- Chapter 8 Technological Parks, "Green Economy," and Sustainable Development in Russia -- 8.1. Introduction -- 8.2. The "Green Economy" in Russia: Tendencies, Problems, and Perspectives -- 8.3. The Development of Technological Parks in Russia and Their Contribution to the "Green Economy" -- 8.4. Policy Implications and Recommendations -- 8.5. Conclusion -- References -- Chapter 9 Oil and Gas Industry's Technological and Sustainable Development: Where Does Russia Stand?. 9.1. Introduction -- 9.2. Review of Oil and Gas Industry in Russia: The Crisis of 2014 -- 9.3. Ruble vs Dollar in Russian Oil and Gas Industry -- 9.4. The Importance of the Arctic Zone -- 9.5. Lessons of 2014 Collapse for Russian Oil and Gas Sector and New Ways to Develop Natural Resources -- 9.6. Innovative Development in Oil and Gas Sector -- LNG -- 9.7. Conclusion -- References -- Chapter 10 TNCs in Russia: Challenges and Opportunities -- 10.1. Introduction: Features of Postcrisis Development -- 10.2. The Position of TNCs on the Russian Market: The Starting Point -- 10.3. Scenario Modeling -- 10.4. Prospects of TNCs at the Russian Market -- References -- Chapter 11 The Impact of International Sanctions on Russia's Sustainable Development -- 11.1. Introduction -- 11.2. Sanctions Against Russia: Reasons and Chronology of Introduction, Classification -- 11.3. The Negative Side of the Anti-Russia Sanctions -- 11.4. Positive Aspects of Anti-Russia Sanctions -- 11.5. Russian Counter-sanctions: Overview, Chronology, and Prospects -- 11.6. Conclusion -- References -- Chapter 12 Russia in Global Value Chains: Levels of Participation and Distribution of Gains -- 12.1. Introduction -- 12.2. Methodology of New Statistical Approach for Analyzing GVCs -- 12.3. Measuring Russia's Participation in GVCs -- 12.3.1. FVA in Russian Exports -- 12.3.2. DVA in Russian Exports -- 12.3.3. Russia's GVC Participation Index -- 12.3.4. Sectoral Dimension of Russia's Participation in GVCs -- 12.4. Gainfully Linking into GVCs -- 12.5. The Future of Russia's Integration into GVCs -- 12.6. Concluding Remarks -- References -- Chapter 13 Growth Scenarios for the Russian Economy -- 13.1. Introduction -- 13.2. A Brief Overview of Russia's Socioeconomic Development and Economic Growth Strategies -- 13.3. Methodological Thoughts -- 13.3.1. Theoretical Model -- 13.4. Empirical Model. 13.5. The Empirical Model Estimation Results -- 13.6. Prerequisites for Making Medium-term Development Scenarios -- 13.6.1. Human Capital Growth Rate -- 13.6.2. Growth Rates of the Population Size, Economically Active Population and Employment -- 13.6.3. Oil Price, Interest Rate, and Quality of Institutions -- 13.7. Scenario Calculations Main Findings -- 13.7.1. Investments and Accumulated Capital -- 13.7.2. Total factor productivity -- 13.7.3. GDP and Per Capita GDP Growth -- 13.8. Conclusion -- Acknowledgments -- References -- Index.