scholarly journals Uticaj spoljne trgovine na ekonomski rast

2005 ◽  
Vol 50 (165) ◽  
pp. 145-164 ◽  
Author(s):  
Goran Nikolic
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Regression Analysis ◽  
Foreign Trade ◽  
Trade Liberalization ◽  
Trade Openness ◽  
Foreign Exchange Rate ◽  
Sustainable Growth ◽  
Fiscal And Monetary Policy ◽  
Trade And Growth

This paper presents a survey of a great number of recent studies which investigate relation between trade (trade openness) and economic growth by means of regression analysis. On the basis of this research, it can be concluded that there are no firm connections between foreign trade and growth but prevailing majority of studies show positive and statistically revealed moderately significant impact of foreign trade (trade openness) on growth. For developing and transition countries (such as Serbia), a more consistent trade liberalization would produce higher and hopefully sustainable growth of GDP, with reliance on prudent fiscal and monetary policy, stable and undiscriminatory foreign exchange rate and a lower level of corruption.

Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Financial Sector ◽  
Developed Countries ◽  
Sustainable Growth ◽  
Necessary Condition ◽  
Real Sector ◽  
Financial Instruments ◽  
The Real ◽  
The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

scholarly journals Does Meaningful Relationship Exist Between Trade Liberalization and Economic Growth? A Case Study of a Small Open Economy

2021 ◽  
pp. 63-79
Author(s):  
Adedapo Odebode ◽  
Olajide Sunday Oladipo
Keyword(s):  
Economic Growth ◽  
Trade Liberalization ◽  
Open Economy ◽  
Trade Openness ◽  
Small Open Economy ◽  
Jel Classification ◽  
Appropriate Technology ◽  
Vector Error Correction ◽  
Meaningful Relationship ◽  
Alternative Measures

Using quarterly data between 1981q1 and 2018q4, the paper investigates the relationship between trade liberalization and economic growth in Nigeria. Exploring Johnasen cointegration technique and the Vector Error Correction (VEC) method, the paper considers three alternative measures of trade liberalization to determine whether the response of economic growth to trade liberalization is sensitive to the choice of the indicators of trade liberalization under consideration. The paper finds significant effects of trade liberalization on the economy. The paper recommends that government should implement policies that will promote trade openness in Nigeria. This may be achieved by establishing bilateral and multi-lateral agreements that are favourable and that will support appropriate technology transfer to domestic producers. JEL classification numbers: F31, F13, F41. Keywords: Trade liberalization, Tariffs, Economic growth, Nigeria.

Does Financial Liberalization and Trade Openness Promote Growth in South Asia?

2010 ◽  
pp. 101-132
Author(s):  
Muhammad Arshad Kahn
Keyword(s):  
Economic Growth ◽  
Sri Lanka ◽  
Trade Liberalization ◽  
Inflation Rate ◽  
Financial Liberalization ◽  
Trade Openness ◽  
Real Output ◽  
Domestic Investment ◽  
Long Run ◽  
Short Run

This chapter examines the hypotheses that trade liberalization and financial liberalization jointly enhances economic growth in the four South Asian countries including Bangladesh, India, Pakistan and Sri Lanka for the period 1970-2007 using bounds testing approach to cointegration. The results suggest that in the long-run except for Bangladesh, financial development plays no role in promoting economic growth in these countries. Furthermore, the results suggest that trade openness plays a significant role in promoting economic growth in Bangladesh and India, while exerts negative effect on Pakistan and no effect on Sri Lanka. The share of domestic investment influences real output significantly in Bangladesh, India and Pakistan. In the long- as well as short-run two-way causality between real output, trade openness, share of investment and inflation rate exists for the case of Bangladesh and India. For the case of India two-way causality between finance and growth exists in the short-run. For the case of Pakistan, there is an evidence of long-run causality between real output, finance, trade openness, share of investment and inflation rate. However, in the short-run, two-way causality between real output, trade openness and share of investment is existed and one-way causality between inflation rate, trade openness and share of investment is also observed. No evidence of short-run causality between finance and growth and vice versa for Pakistan has been seen. Finally, for Sri Lanka, an evidence of long-run causality between real output, finance, trade openness and investment share has been found. In the short-run one-way causality between finance-growth, trade-finance, trade-growth and trade-investment has been obtained. These mixed results suggest that the authorities may focuses more and more on the trade liberalization. In addition, there is a need to further deepen the banking and stock markets and provide investment friendly environment to enhance domestic investment which, in turn, promotes economic growth.

scholarly journals Impact of Trade Liberalization on Economic Growth of Nepal

2019 ◽  
Vol 8 ◽  
pp. 136-148
Author(s):  
Ramesh Bahadur Khadka
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Gross Domestic Product ◽  
Trade Liberalization ◽  
World Bank ◽  
Trade Balance ◽  
Trade Openness ◽  
Domestic Product ◽  
Total Trade ◽  
The Impact

Trade openness has been considered as an important determinant of economic growth. It has been witnessed during the past couple of decades that international trade openness has played a significant role in the growth process of both developed and developing countries. International organizations such as Word Trade Organization, International Monetary Fund and World Bank are constantly advising, especially developing countries, to speed up the process of trade liberalization to achieve high economic growth. In this context, this paper aims to analyze the impact of trade liberalization on economic growth of Nepal. For this purpose, all the data regarding gross domestic product, export, import, total trade, trade balance of Nepal from 1980 A.D. to 2013 A.D. published by World Bank (2014) were used. Both descriptive as well as inferential statistics were used to analyze the data. Correlation analysis was used to find the correlation between the selected variables. Multiple linear regression analysis was carried out to analyze the impact of the trade liberalization in economic growth of Nepal. Trade cost does not explain any influence in gross domestic product, export, import, total trade and trade balance. The impact of trade openness is positive for all variables except trade balance. Trade openness has influenced economy significantly; import increased with purchasing power, export also increased but service only. Therefore, there is gap in export and imports.

scholarly journals Foreign Trade Liberalisation and Economic Growth: The Case of the Republic of Srpska

ECONOMICS ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 99-108
Author(s):  
Goran Popović ◽  
Ognjen Erić ◽  
Srđa Popović
Keyword(s):  
Economic Growth ◽  
Regression Analysis ◽  
Foreign Trade ◽  
Trade Deficit ◽  
Trade Liberalisation ◽  
Gdp Growth ◽  
Total Trade ◽  
The Republic ◽  
The Impact

Abstract This paper assesses the impact of trade liberalisation on the economic growth of the Republic of Srpska (RS). The aim of the research is to prove the hypothesis that trade liberalisation and export orientation positively impact on GDP growth. RS has characteristically small and open economies. The degree and character of the connections between the observed variables was determined by means of regression analysis. Regression analysis indicates that there is a positive connection between the total trade and GDP growth. Further, there is a marked positive correlation between export and GDP, that is, export growth contributes to GDP growth. Foreign trade deficit stands in a negative correlation with GDP. Lastly, regression analysis points to the connection between the Republic of Srpska economic growth and openness of its economy. However, uncontrolled opening and exposure to foreign competitiveness can also bring about problems which in certain circumstances lead to long-term macroeconomic instability.

Trade liberalization and its economic impact on developing and least developed countries

2014 ◽  
Vol 13 (3) ◽  
pp. 215-221 ◽  
Author(s):  
Shujaat Abbas
Keyword(s):  
Economic Growth ◽  
Trade Liberalization ◽  
Production Function ◽  
Capital Stock ◽  
Negative Impact ◽  
Sustainable Growth ◽  
Total Trade ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Significant Negative Impact

Purpose – This paper aims to investigate the impact of trade liberalization on economic growth of selected developing and least developed economies by augmenting standard production function. Design/methodology/approach – The panel fixed effect model is used to estimate impacts of macroeconomic variables on economic growth. Real GDP million US$ is taken as proxy for economic growth. The capital stock series for each cross-section is generated from gross fixed capital formation. The total trade to GDP is taken as proxy for trade liberalization. Findings – The result shows significant positive impact of selected macroeconomic variables on economic growth, except trade liberalization index. The one unit increase in trade liberalization deteriorates economic growth, of developing countries by −280.86 million US$ and least developing by −3555.09 million US$. Research limitations/implications – The significant negative impact indicates the relatively greater share of import than exports. The developing nations should develop production side and adopt export promotion policies besides managing imports for the achievement of sustainable growth. Originality/value – This study uses augmented production function and constructed capital stock for individual countries. The total trade to GDP is taken as index for trade liberalization and was found to have significant negative impact.

THE KEY RATE AS THE MAIN INSTRUMENT OF THE MONETARY POLICY OF THE BANK OF RUSSIA

2021 ◽  
Vol 3 (4) ◽  
pp. 116-121
Author(s):  
I. Yu. SKLYAROV ◽  
◽  
Yu. M. SKLYAROVA ◽  
L. A. LATYSHEVA ◽  
◽  
...  
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Regression Analysis ◽  
Commercial Banks ◽  
Multivariate Correlation ◽  
Factors Influencing ◽  
Main Instrument

The article examines the main instruments for implementing the monetary policy of the Bank of Russia. In this regard, it is necessary to monitor changes in the value of the key rate, which may affect the rate of economic growth in the country. Since commercial banks reduce interest on deposits, there is a decrease in the amount of deposited funds. This article discusses the technique of multivariate correlation-regression analysis. As a result of the study, the factors influencing the change in the level of the key rate were established.

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