scholarly journals STABILIZACJA MAKROEKONOMICZNA NA BIAŁORUSI W LATACH 2005-2014

2019 ◽  
Vol 1 (7) ◽  
pp. 175-188
Author(s):  
Daria PILARCZYK
Keyword(s):  
Economic Policy ◽  
Sustainable Growth ◽  
Macroeconomic Stability

The economic policy of modern countries pays particular attention to the issue of macroeconomic stability which ensure sustainable growth and competitiveness. The article focuses on the situation in Belarusian economy from 2005 to 2014 in the context of macroeconomic stability. For research purposes, the author uses the method of the macroeconomic stability pentagon.

Economic policy, environment and sustainable growth

2021 ◽  
Author(s):  
Μαρία Μαργώση
Keyword(s):  
Economic Policy ◽  
Sustainable Growth ◽  
Policy Environment ◽  
Animal Spirits

Αυτή η διδακτορική διατριβή είναι μια περιβαλλοντική συμβολή στη μετακεϋνσιανή μακροοικονομική θεωρία. Η συμβολή σχετίζεται με τη σημασία της περιβαλλοντικής/οικολογικής διάστασης, η οποία, δεν έχει κεντρικό ρόλο στη μετακεϋνσιανή βιβλιογραφία. Αρχικά, στόχος μας ήταν να διερευνήσουμε πώς το περιβάλλον επηρεάζει την οικονομική δραστηριότητα και πώς το περιβάλλον θα μπορούσε να εισαχθεί στην ανάλυση της ενεργού ζήτησης και της οικονομικής ανάπτυξης. Η εισαγωγή του περιβαλλοντικού παράγοντα υπόκειται στις αρχές οικολογικής και βιοφυσικής προστασίας που υποδεικνύουν τη βιωσιμότητα του μοντέλου. Η εισαγωγή του περιβαλλοντικού στοιχείου υλοποιήθηκε μέσω της φυσικής προσέγγισης του κεφαλαίου. Ωστόσο, ο ακρογωνιαίος λίθος του θεωρητικού μοντέλου, είναι η δημιουργία μιας μεταβλητής που αντιπροσωπεύει το μερίδιο του πράσινου κεφαλαίου στη συνολική οικονομία, και την οποία χρησιμοποιήσαμε για να εκφράσουμε το βαθμό της χρησιμοποίησης του παραγωγικού δυναμικού ως συνάρτηση του μεριδίου του πράσινου κεφαλαίου. Από αυτή την άποψη, αποδείχθηκε ότι η μετάβαση σε μια βιώσιμη οικονομία είναι ευνοϊκή για τη συσσώρευση κεφαλαίου. Η οικονομετρική ανάλυση που διενεργήθηκε για τις 28 χώρες της Ευρωπαϊκής Ένωσης παρέχει στοιχεία που επικυρώνουν τις κύριες υποθέσεις μας και ειδικότερα ότι οι επενδύσεις και η συσσώρευση κεφαλαίων ευνοούνται από τη μετάβαση σε μια πιο πράσινη οικονομία. Προχωρήσαμε επίσης στη διερεύνηση της σημασίας της πράσινης κατανάλωσης για τη μετακεϋνσιανή μακροοικονομία. Αφού παρουσιάσαμε τα βασικά χαρακτηριστικά της κατανάλωσης και της βιώσιμης κατανάλωσης, εισήγαμε το περιβαλλοντικό στοιχείο σε ένα μετακεϋνσιανό μοντέλο κατανάλωσης. Από αυτή την άποψη, χρησιμοποιήσαμε την έννοια των πράσινων ζωικών πνευμάτων (green animal spirits), συνδυάζοντας την έννοια του Κέινς για τα animal spirits, τη μετακεϋνσιανή θεωρία της γνώσης και τη θεωρία λήψης αποφάσεων του καταναλωτή, όπως προσεγγίζεται από την επιστήμη της ψυχολογίας. Συμπληρωματικά και λόγω του αυξανόμενου ενδιαφέροντος για τη βιώσιμη κατανάλωση, καθώς και του αυξανόμενου ενδιαφέροντος και των διαθέσιμων δεδομένων για το οικολογικό αποτύπωμα, παρουσιάζεται επίσης ένα μοντέλο οικολογικού αποτυπώματος κατανάλωσης. Η οικονομετρική ανάλυση παρείχε στοιχεία που επικυρώνουν τις κύριες θεωρητικές μας υποθέσεις και ειδικότερα σχετικά με τη σημασία των πράσινων animal spirits για την περιβαλλοντικά φιλική κατανάλωση. Τόσο τα θεωρητικά όσο και τα εμπειρικά μοντέλα θεωρούνται ότι συνεισφέρουν σημαντικά σε μια πράσινη μετακεϋνσιανή θεωρία της ενεργούς ζήτησης. Τέλος, παρουσιάζεται μια ανάλυση πολιτικής οικονομίας σχετικά με τη αποτελεσματικότητα των περιβαλλοντικών πολιτικών στον καπιταλισμό.

scholarly journals ON MOLDOVA’S INCREMENTAL CAPITAL-OUTPUT RATIO AND THE DESIGN OF ECONOMIC POLICY

2021 ◽  
pp. 6-15
Author(s):  
Apostolos PAPAPHILIPPOU
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Transition Period ◽  
Development Planning ◽  
Sustainable Growth ◽  
National Accounts ◽  
Average Value ◽  
Empirical Estimates ◽  
Wide Availability ◽  
Output Ratio

The paper analyses the notion of an economy’s Incremental Capital‐Output Ratio and proceeds to provide estimates of the Incremental Capital‐Output Ratio for the Moldovan economy utilising National Accounts data. The purpose of the study is to calculate estimates of the Incremental Capital‐Output Ratio for the Moldovan economy’s transition period to date, utilise the derived estimates to analyse aspects of economic growth in Moldova over its transition period and use the average value of the Incremental Capital‐Output Ratio over the recent period for simulation and forecasting purposes. On the whole the reported empirical estimates of the Incremental Capital‐Output Ratio for the Moldovan economy lie within the range of values reported in the economic literature. Furthermore, the evolution of the Incremental Capital‐Output Ratio in the first few years of sustainable growth in Moldova reflects the wide availability of unemployed or underemployed resources in the economy at the time thus allowing the achievement significant economic growth which was associated with low values of the Incremental Capital‐Output Ratio over the period. The paper proceeds to utilise the recent Incremental Capital‐Output Ratio estimates for the Moldovan economy over the period 2015 to 2019 inclusive to calculate an average estimate of the Incremental Capital‐Output Ratio and use this average estimate to generate estimates of the Gross Fixed Capital Formation ratios as a share of GDP required to reach a number of indicative growth paths in the medium to long term. It is notable that the growth path which is attainable given current conditions in the economy is close to the latest medium term forecasts by International Financial Institutions and the Ministry of Economy and Infrastructure. The paper concludes by discussing the design of economic policy and development planning in Moldova and suggesting areas for further work.

scholarly journals Only the Correct Policy will Return Trust

2013 ◽  
Author(s):  
Turar Koychuev ◽  
Merim Koichueva
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Market Economy ◽  
Labor Migration ◽  
Critical Analysis ◽  
Social Problems ◽  
Sustainable Growth ◽  
Kyrgyz Republic ◽  
Socio Economic Development ◽  
The Given

The given paper analyzes and assesses the socio-economic development of the Kyrgyz Republic in period of 22 years. The objects of attention were the problems of market economy, social problems such as poverty, unemployment, internal and external labor migration, issues of active economic policy and its unconditional implementation. The results, obtained from the critical analysis, allow giving recommendations to include in the policy renovation and development components and achieve stable and sustainable growth in economy to ensure an increase in its scale and efficiency.

scholarly journals Evaluating the Effectiveness of the Budget Expenditure Policy

2020 ◽  
Vol 12 (6) ◽  
pp. 9-24
Author(s):  
K.L. Astapov ◽  
◽  
R.A. Musaev ◽  
A.A. Malakhov ◽  
◽  
...  
Keyword(s):  
Sustainable Growth ◽  
Inclusive Development ◽  
Russian Economy ◽  
Budget Policy ◽  
Floating Exchange Rates ◽  
Flexible Mechanisms ◽  
Made In ◽  
Macroeconomic Stability

The article discusses opportunities for improving fiscal policy in order to ensure macroeconomic stability and sustainable growth of the Russian economy. Budget expenditures have several key macroeconomic goals, the quality of which determines the effectiveness of budget spending policies. The authors developed a methodology that allows evaluating changes in the efficiency of budget expenditures based on a set of indicators. The estimates are based on the Russian Federation as the example, with special attention paid to the implementation of a balanced budget policy over the past decade. In Russia, significant progress has been made in ensuring macroeconomic stability through the introduction of flexible mechanisms for macroeconomic regulation (budget rules and floating exchange rates). However, when planning budget expenditures, additional attention should be paid to ensuring long-term economic growth and inclusive development, the structure of expenditures adjusted in accordance with these priorities. In the final part of the article, we consider changes in budget policy that have become a response to the crisis situation caused by the coronavirus pandemic. It is concluded that an increase in public debt may be appropriate in the current economic conditions in the event of a qualitative improvement in the budget spending policy.

scholarly journals Stabilization Policies and Technological Shocks: Towards a Sustainable Economic Growth Path

2019 ◽  
Vol 11 (1) ◽  
pp. 205 ◽  
Author(s):  
Anelí Bongers ◽  
Carmen Díaz-Roldán
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Policy Making ◽  
Sustainable Growth ◽  
Economic Policies ◽  
Long Run ◽  
Short Run ◽  
Stabilization Policies ◽  
Development Goals ◽  
Sustainable Economic Growth

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies, but some economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim is to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point, we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

Economic Policy and Developmental Regulation in South Korea

2017 ◽  
Vol 16 (1) ◽  
pp. 67-85 ◽  
Author(s):  
Saeed Attar ◽  
Hojjat Kazemi
Keyword(s):  
Economic Policy ◽  
Developmental Regulation ◽  
Sustainable Growth ◽  
Three Dimensions ◽  
Regulation System ◽  
Second Phase ◽  
Public And Private ◽  
Third Phase ◽  
The 1960S ◽  
Korean State

This paper analyses the importance of a developmental regulation system in the economic policy path of Korea since the 1960s. This system has three dimensions: proscriptive (i.e. determining the type of activity or the price of a commodity and creating state-owned companies), prescriptive (i.e. policy recommendations) and liberalising (i.e. setting up some regulations to protect competition and prevent monopolies). The main emphasis was proscriptive and prescriptive during the first phase (1962–1993) and moved to liberalisation during the second phase (1993–2003). The third phase (2003–present) has been focused on a balanced combination of all three dimensions. This paper shows how the Korean state has implemented a system of developmental regulation to strengthen public and private enterprises, to promote direct and indirect management of these firms, and to move towards long-term economic policy effectiveness in order to serve national industrialisation and sustainable growth.

scholarly journals Political Aspect of the Saving – Investment Gap in Croatia

2015 ◽  
Vol 7 (4) ◽  
pp. 16
Author(s):  
Damir Piplica
Keyword(s):  
Economic Policy ◽  
Investment Policy ◽  
Right Wing ◽  
Left Wing ◽  
Political Aspect ◽  
Investment Rates ◽  
Policy Measures ◽  
Saving Rates ◽  
The Right ◽  
Macroeconomic Stability

<p>All the Governments of Croatia should acknowledge the importance of the economic policy<br />that will encourage higher saving rates thus enabling correlation with the investment rate with<br />the scope of reaching important macroeconomic goals, such as the GDP and employment<br />rates increase, etc., without in any way endangering the macroeconomic stability of the<br />national economy. Regardless of the great impact savings had on the investments, the<br />implementation of the economic or investment policy on behalf of the Right-wing<br />Government of Croatia had a great impact in creating the discrepancy in the<br />saving-investment ratio, than it was the case with the Left-wing Government of Croatia. If the<br />Right–wing Government of Croatia starts implementing the economic policy with the sole<br />scope of reaching higher saving rates than the former ones, complying with their ideology,<br />and focusing less on how to opportunistically reach middle voters, they will influence<br />effectively the saving and investment correlation, thus lessening the saving-investment gap<br />and reaching the macroeconomic stability. However, if the Right-wing Government<br />opportunistically turn to the “middle voters” instead of following their ideology`s programme,<br />this could lead to the decrease in efficiency of some economic policy measures with the goal<br />of reaching a certain saving-investment correlation. On the other hand, with the growth in<br />saving rates, Left-wing Government of Croatia can influence effectively its correlation with<br />the investment rates, but still in a lesser proportion compared to the Right–wing Government<br />of Croatia. With the Left–wing Government of Croatia opportunistically orienting on the<br />“middle voters” that would facilitate their position in achieving the macroeconomic stability<br />and thus enforcing their influence on the saving-investment correlation, as would not be the<br />case if only complying with their left oriented party`s programme.</p>

scholarly journals Liberia

2019 ◽  
Vol 19 (381) ◽  
Author(s):  
Keyword(s):  
Resource Constraints ◽  
Sustainable Growth ◽  
Living Standards ◽  
Credit Facility ◽  
Macroeconomic Imbalances ◽  
Macroeconomic Stability

Resource constraints, macroeconomic imbalances, and longstanding fragility continue to challenge the authorities’ efforts to improve living standards. An initial rush to deliver election promises has, at times, led to shortcomings in their execution. After grappling with these challenges for over a year, a consensus on the need for broad-based reform has emerged, leading to a request for a Fund-supported program. The authorities are requesting Fund support in the form of a four-year arrangement under the Extended Credit Facility of SDR155 million (60 percent of quota) to guide policies and reforms aimed at restoring macroeconomic stability, providing a foundation for sustainable growth, and addressing weaknesses in governance.

Quantitative easing, macroeconomic stability and economic policy effectiveness

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Richard Cebula ◽  
Fabrizio Rossi
Keyword(s):  
Economic Policy ◽  
Money Supply ◽  
Design Methodology ◽  
Quantitative Easing ◽  
Fiscal Policies ◽  
Policy Effectiveness ◽  
Content Type ◽  
Macroeconomic Stability

Purpose This study mathematically aims to evaluate the implications of a central bank’s adoption of a policy of quantitative easing (QE)/relative QE. Design/methodology/approach It is shown, within an investment-savings (IS)-liquidity preference-money supply (LM) framework, that this policy prerogative has, depending upon the aggressiveness which QE is undertaken, demonstrable implications for the conditions under which macroeconomic stability exists. Findings Furthermore, it is shown here that the presence of QE increases the effectiveness of traditional discretionary monetary and fiscal policies. Originality/value The study shows, within an IS-LM framework, that this policy prerogative has, depending upon the aggressiveness which QE is undertaken, demonstrable implications for the conditions under which macroeconomic stability exists.

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