Monetary and exchange policy of Kazakhstan: current problems and ways of improvement

The National Bank of Kazakhstan continues to pursue monetary policy in accordance with the principles of inflation targeting. As part of the medium-term strategy, the National Bank has reduced the target inflation corridor by one percentage point in 2020. Due to the global crisis of recent years, the National Bank has set a task to keep the inflation rate in the 4-6% corridor to stabilize the economy. The inflation rate at the end of 2020 was 7.5%. The National Bank has set a task to reduce this indicator to the level of the target corridor of 4-6% in 2021. Also, in conducting monetary policy, the National Bank has made decisions that have an anti-inflationary effect for the medium term, that is, the target level will decrease by 4% in 2021 and beyond. The preservation of monetary conditions by the regulator at a neutral level was characterized by a decrease in short-term rates after slow inflation. In 2019, against the background of a further decrease in inflation, it was decided to raise the base rate. At the same time, market participants may regard monetary conditions as the beginning of tightening. In Kazakhstan, the financial regulator sets the rate depending on the size of real and expected inflation in the country, external factors that determine the state of the balance of payments, as well as taking into account the need to maintain economic development. The article discusses the methods of conducting the monetary and monetary policy of Kazakhstan, as well as issues and ways to improve it.

Estimating the Impact of Devaluation the Exchange Rate on Inflation: A Cause Study of Iraq Using ARDL Model

The exchange rate tool is one of the most important macroeconomic tools that affect many variables, including the general level of prices, investment, import and export. In the case of a deteriorating economy such as the Iraqi economy, which suffers from a high import rate of final goods and intermediate goods, which are considered inputs to production processes, means exit Foreign exchange to abroad that affects the position of the balance of payments and its imbalance. It is very abnormal for countries to reduce the value of their currency exchange for financing reasons related to financing their public budget deficit without taking into account macroeconomic variables. All of these matters reflect a clear confusion of the fiscal and the monetary policies. The results of the current study by using the ARDL model have proven the direct impact of currency devaluation on inflation.

The Analysis of Automatic Adjustment Mechanism of Balance of Payments-Evidence from Manufactured Goods Exporters

The balance of payments is the most scientific and complete record of international economic exchanges and transaction flows, and will be affected by interest rates, exchange rates, trade, finance, foreign exchange management and foreign investment. Studies related to balance of payment dominate in those increasingly open and developing economies, particularly for the manufactured goods exporters where manufacturing is the backbone, driver and display of modernization. This paper explores time trend analysis to analyze the automatic adjustment mechanism of balance of payments for manufactured goods exporters based on data from United Nations Conference on Trade and Development. The stability, cointegration, and causality tests are performed followed by multiple regression analysis that corporates one-period lagged and log-formed models. The results are found to be consistent with theoretical analysis except for foreign direct investment. Granger causality tests demonstrate consumer price index and export are the causes of foreign direct investment, which might distort the explanation of foreign direct investment to balance of payment for manufactured goods exporters.

Problems and prospective ways to increase the volume of export of scientific services by Ukraine in the conditions of European integration

The interpretation of the concept of "knowledge-intensive services" by domestic and foreign specialists is considered. The content of the category has been clarified. Data on exports of knowledge-intensive services in Ukraine and the G7 countries in recent years have been studied. The analysis and comparison of structural shares of knowledge-intensive services in the total export of the country is carried out. Data on the number of employees in the field of knowledge-intensive services were studied. The result of the analysis was the formation of ways to increase ukrainian export of knowledge-intensive services. An appropriate analysis of data related to the export of knowledge-intensive services allowed us to assess the prospects for increasing exports and possible ways to achieve this. Finding ways to increase exports is vital for countries with troubled economies, such as Ukraine. Since the predominance of imports over exports has been observed for many years and is a constant trend, namely the value of the balance of payments is negative, we need to focus on exports of goods and services, in the production of which Ukraine has absolute advantages. One of such services is knowledge-intensive services. Their significant share in the structure of total exports, as well as the level of employment in the field of knowledge-intensive services, indicate that the prospects for growth in exports of science-intensive services to Ukraine are quite real and desirable. It is important to understand that this will improve not only the financial part, but also others. Due to the increase in exports of knowledge-intensive services, employment may increase, as this will require more specialists. To do this, future professionals need to obtain the appropriate level of education in this area. That is, by increasing one indicator, you can create a chain effect that will improve the overall situation.

AN ANALYSIS OF INTENTION TO DO ECOTOURISM IN THE NEW NORM: A COMPARATIVE STRUCTURAL MODEL BETWEEN MALAYSIA AND INDONESIA

Tourism contributes to the growth of economy of a nation through employment, the multiplier effect, and foreign exchange earnings. It also contributes towards a positive balance of payments. Eco-tourism is the natural evolution of tourism that cares for the environment, culture and local traditions, while promoting environmental education. The coronavirus (COVID-19) pandemic has had a significant negative effect on the tourism industry in almost all countries in Asia including Malaysia and Indonesia, therefore an analysis of the intention to undertake eco-tourism in the new norm of the post pandemic period is the basis for consideration of this research paper in a bid to turnaround the tourism industry.