The development of information technology in the modern economy is one of the drivers of economic growth. Digital technologies are developing at an accelerating pace. Digitalization stimulates not only economic, but also social and technological progress. The impact of digital technology in different industries is not the same. The authors of the article consider such promising modern technology as Blockchain. Its advantage is that the information is protected from unauthorized modification. This transforms the system of economic relations. The level of trust increases. Opportunistic behaviour of participants in contractual relations is blocked. As a result, economic efficiency improves. These positive effects are analyzed in the case of the pharmaceutical industry. The introduction of Blockchain technologies into pharmaceuticals allows you to track all stages of production of drugs and guarantee their quality. Blockchain technology allows you to confirm the authenticity of recipes and the drugs with the help of special digital devices. The consequence of this is a reduction in the number of counterfeit drugs on the market, as well as improving the quality of medical care for the population.

The article discusses the direction of modification of methods for calculating the optimal capital structure based on compromise theories and, in particular, the method of adjusted cost, which involves taking into account the benefits and costs of debt financing. The tools presented in the article can be used in the practice of environmental financing. The algorithm for calculating the value of the enterprise based on free cash flow is considered, which allows choosing the capital structure from the condition of maximizing the value of the enterprise. The considered theoretical models do not give a complete picture of how to take into account the effect of the tax shield and the possible costs of financial difficulties in making practical decisions related to capital structure. Alternative approaches to the calculation of individual elements and parameters of the method, such as the probability of bankruptcy, are offered. In particular, it was offered to consider logistic regression models for assessing the risk of bankruptcy, as well as to modify the methodology for calculating bankruptcy risk based on a credit rating, taking into account the dependence of the cost of borrowed capital on the level of financial leverage in the enterprise. Further, it is recommended to use a weighted average for the probability of risk of bankruptcy, as well as to carry out adjustment of the value of bankruptcy costs, taking into account the weighted average of the assessment.

Purpose: The purpose of this paper is to show how institutional conditions affect food security at the national level.Design/methodology/approach: A qualitative research with the usage of the methods of institutional, evolutionary, comparative and retrospective analysis is performed in this paper. During the study, emphasis was placed on the theory of sustainable development, the theory of economic security, the theory of economic systems and the theory of competitive advantages.Findings: Food security policies can be based on the use of the liberal or conservative paradigm. The liberal paradigm focuses on food supply. The conservative paradigm also considers food independence. The growth of global instability has led to increased use of the conservative paradigm. Within the framework of these paradigms, four alternative models of food security have been proposed: “Pure” market, procurement, distribution, directive. For their selection, the matrix method was used. The combination of market and nonmarket management methods in the production and distribution of food is considered. Each of the models is given a meaningful interpretation, and their strengths and weaknesses are identified, the conditions of applicability and efficiency factors are indicated.Originality/value: The failure of the authorities to provide the population with access to food is largely determined by institutional factors. The system of national institutions sets limits for food security. The main limitations are: technological, land, labor, infrastructure, cluster, ecological. To overcome them, it is recommended to use the tools of innovative, scientific, technological, migration, financial, investment, cluster, sustainable development and other types of state policies. Institutional shocks that lead to crises have a significant impact on food security. The study, using the example of Russia, shows that effective institutional overcoming of them is possible using the conservative paradigm.

An analysis shows that the asymmetry in the regional development of Russia persists at a rather high level with time, despite its weakening to some extent, requiring urgent measures to improve the socioeconomic situation in regions. These measures must not be reduced to the redistribution of the available resources; it is necessary to use market principles aimed at forming a favorable business climate and stimulating competitive industries. For this purpose, creation of the special agency is suggested to coordinate state policies that touch the area of regional development. It is suggested that particular attention should be paid to developing a structural policy aimed at forming rational proportions of the economic system, for which a corresponding system of regional development indicators must be formed. The authors pay particular attention to the proportion between the consumption and accumulation. The results of studies using empirical data for branches of the regional economic complex in Kursk oblast of Russia during a long period of time have allowed for the conclusion that it is possible to use a harmonic proportion in the field under consideration. The revealed regularities are suggested to be used when giving a theoretical substantiation to measures of the regional economic policy and making prediction of the effects of its implementation.

Aim. The presented study aims to analyze the sustainable development of Russian industry in the context of a macroeconomic shock.Tasks. The authors describe the manifestations and causes of the 2022 macroeconomic shock; assess the impact of the macroeconomic shock on the current level of industrial production in Russia; develop recommendations to ensure the sustainable development of domestic industry based on the implementation of a new industrial policy.Methods. This study uses the methods of comparative and retrospective analysis, generalization, scenario and situational forecasting, and expert assessment.Results. The turbulence of economic processes both in Russia and globally has increased dramatically since the end of February 2022. This gave rise to a situation that can be described as a macroeconomic shock, i.e. a significant and transient change in one or more macroeconomic parameters, disturbing the economy's equilibrium and causing a transition to a new quasi-equilibrium state. At the first stage, the macroeconomic shock caused a decline in industrial output. At the second stage, the decline was genereally stopped, but industrial restructuring was initiated, negatively affecting critical and technologically complex production. The analysis of available data clearly indicates a correlation between the magnitude of production decline in certain industrial sectors and the level of their import dependence. At the same time, the potential of traditional import substitution has largely been exhausted. Therefore, the authors propose a model of a new industrial policy for implementation. Its essence is that the state should organize the production of competitive industrial products rather than ensure it. This is a radical paradigm shift. The expressed conceptual idea will require further in-depth study in case it is adopted. The authors believe that this will happen shortly, and the scientific community will join the constructive discussion and elaboration of the ideas presented in the article.Conclusions. The modern Russian economy in general and industry in particular is developing in the context of a macroeconomic shock caused by the sanctions of the collective West. The production decline caused by the shock is gradually diminishing. However, there is a negative industrial restructuring caused by high import dependence of some industries. To remedy the situation, the idea of a new industrial policy based on a more active role of the state in the economy is proposed.