The article analyzes the economic crisis of 2020 against the background of rapidly developing technologies of a new technological order. An overview of the economic problems and consequences of the pandemic in different countries, as well as the features of the crisis are outlined. Theoretical aspects of the cyclical nature of the economy and how it is related to the current situation are presented. The question of economic forecasting and the influence of the historical aspect is analyzed within the framework of economic theory. The situation in the Russian Federation, in which the pandemic is defined as a «challenge» for the Russian economy, is considered in detail, and a comparative analysis of the fight against the pandemic in Russia and in the West is carried out.

The article describes the possible consequences of the capitalist system, options for the functioning institutions of development. Also it shows the structure of the current state of development institutions, analyzes some financial indicators, their dynamics of functioning, which are based on a random sample.

The potential contribution of the state to innovation and the creation of a digital economy needs to be understood now more than ever. The state is under attack, and its role in innovation and technological transformation is increasingly being questioned and changing in many countries. The article discusses areas in which the state must succeed for the development of the national ecosystem of digital transformation and the construction of an innovative and comprehensive digital economy.

This article is devoted to the impact of value chains on the development of the global economy. The author considers the essence of value chains, their connection with the process of economic globalization and their types. The article deals with the problem of the global crisis associated with the corona virus pandemic, its impact on global value chains, the author proposes three ways to overcome the consequences of this crisis. Special attention is paid to Russia and its involvement in the processes of globalization and the creation of value chains, as well as development prospects.

The article outlines the features of the architectural and construction complex and the sources of financing for the activities of construction companies. The analysis of the dynamics and structure of the main sources of financing of the construction industry of the Kyrgyz Republic is carried out. The positive and negative aspects of the use of various sources of financing are considered and the problems of their limitations in the Kyrgyz Republic are identified.

The construction of social facilities is one of the directions of the architectural and construction complex, which contributes to the solution of the most important state task - providing the population with high-quality social services. The article deals with the problems of implementing social infrastructure construction projects in the Kyrgyz Republic and the prospects for using the mechanism of public-private partnership in solving this problem on a mutually beneficial basis.

The activities of guarantee funds are aimed at stimulating the development of SMEs in terms of providing access to credit in the event of insufficient collateral. Ultimately, this has a positive effect on the economy as a whole, and solves many problems of the socio-economic development of the country and regions. As the practice of the JSC «Guarantee Fund» has shown, an increase in the number and amounts of guarantees, as well as loans under the scheme of attracting guarantee funds provided to priority clients - SMEs, provide an increase in production and services, the number of jobs, an increase in income and living standards of the population, receipts of tax and social payments.

This article discusses the mechanism for the formation of an optimal investment portfolio of securities according to the Markowitz model using the example of shares of the largest oil companies of the Russian Federation, the direct optimization problem, which maximizes the expected return on the stock portfolio and the inverse optimization problem, minimizes the overall risk for given restrictions, on the basis of the obtained solutions of the above problems, conclusions are drawn about the structure of the securities portfolio.

The MBS market plays a big role in the funding of mortgages in the Russian Federation. The Russian mortgage bonds are planned to have attractive features for investors. However, some mortgage bond issues do not have fixed coupon rates. The article proposes an approach to the determination of interest rates for the Russian mortgage-backed securities. The algorithm is based on a calculation of the required rate of return on the MBS and a calculation of the MBS cash flows from a cover pool of mortgages to determine the annual MBS coupon rate.

In order to substantiate the trends in the development of the banking system of the Republic of Uzbekistan and its banking sector, the institutional support of the mechanisms for implementing the Strategy for Reforming the Banking System of the Republic of Uzbekistan for 2020-2025 and the Strategy «Digital Uzbekistan - 2030» is evaluated. Special attention is paid to the transformation of the unitary enterprise «National Bank for Foreign Economic Affairs of the Republic of Uzbekistan» into a joint-stock company (JSC «NBU»), the privatization of banking sector entities in 2021-2025, as well as the modernization of banking services and digital transformation of the activities of commercial banks of the republic. The issues related to the implementation of the main directions of these strategies in the context of the ongoing coronacrisis, which has had a significant impact on the functioning of the banking sector and the entire national economy of the republic, are considered. The article summarizes expert and analytical assessments of the financial stability and efficiency of the banking sector entities of the Republic of Uzbekistan for 2019-2020, including those obtained by the expert community based on the results of indexing the activity of banks, carried out in the rating format using the CAMELS model indicator system.

In the context of constantly recurring global financial and economic crises, increasing competition, risks and uncertainties that shake the national financial systems, solving the problems of ensuring financial stability, solvency, and security of the banking sector is of great importance. The functions implemented by the banking system require the introduction and use of modern innovative financial technologies, which is especially important for developing economies, which include the Republic of Uzbekistan. The analysis of effective banking practices of foreign countries has shown that credit scoring models are a modern risk management tool that provides a qualitative assessment of the creditworthiness of borrowers. The level of development of the banking system of Uzbekistan in the conditions of the digital economy, the focus of the state, business and the population on the use of financial innovations allowed us to establish the features of the use of credit scoring models in risk assessment and formulate proposals to increase the capitalization, profitability and competitiveness of the subjects of the banking sector of the country.

Financial results have always been the most significant indicator of the activity of a commercial organization of any organizational and legal form and form of ownership, since it characterizes the result of the organization’s activities and the efficiency of using its resources. Currently, there are many scientific definitions of this concept, but, in our opinion, they do not fully disclose its essence from the point of view of reflection in accounting. The authors have formulated a definition of the concept of «financial results», which, unlike the existing ones, takes into account the need to disclose it not only as an indicator reflecting the level of profitability, but also as an indicator that should take into account the possibility of calculating the level of payback in the event of a loss.

The article examines some aspects of digitalization of the retail sector during the COVID-19 and under the pressure of information and communication technology (ICT) innovations. Ecommerce, previously a secondary sales channel, in the face of the impact of quarantine restrictions on the social activity of citizens, has become a noticeable factor and “accelerator” of consumer migration to online-channels and industry transformation. In this regard, as a special segment of the digital economy, e-commerce acquires particular importance for the study and development of recommendations for improving sales technologies, when moving to omnichannel service.

Work in the context of the COVID-19 pandemic over the past year has had an impact on the formation of new requirements for the treatment process, its formation and management. Literally every day, it was necessary to make adjustments to the routing of patients, to monitor the quality of medical care and its drug and material support. In this connection, the need arose for the use of digital technologies in the management of the treatment process, starting from the primary care and further with the maximum coverage of all interested structures.

In the functioning of any organization, various technologies are always used, provided with appropriate equipment and software products. Over time, information and communication technologies and their accompanying software are being improved in the activities of organizations in order to expand their business and improve the quality of products, services provided and work performed. This process, which is continuous, leads to digitalization, digital transformation of business processes and the economy as a whole. The article reveals the content of the concept of digital transformation, provides examples of information and communication technologies (in terms of business digitalization) and their software, which were developed in different countries in the period from the mid-90s of the last century to our time, as well as key areas of digital transformation in socially significant areas (on the example of modern Russia). The article summarizes the best practices of applying digital technologies in Russia, the results of indexing the digitalization of business in various countries, and the assessment of the level of digitalization of economic sectors in Russia and Europe.