The impact of exports on the national economies' condition and changes in their status at the global competitiveness level

2020 ◽  
Vol 19 (11) ◽  
pp. 2050-2067
Author(s):  
K.A. Ermolaev ◽  
M.S. Kuz'min
Keyword(s):  
Economic Growth ◽  
Financial Services ◽  
Fixed Effects ◽  
High Technology ◽  
Pharmaceutical Products ◽  
Second Phase ◽  
Goods And Services ◽  
The World ◽  
National Economies ◽  
The Impact

Subject. The article addresses the exports of high-technology products and services. Objectives. The purpose is to assess the impact of exports of high-technology goods and services on the condition of national economies. Methods. The study rests on a hierarchy of hypotheses from the general to the specific, i.e. that the increase in exports leads to the economic growth of the country (H1), the exports of goods and services, with varying force, affect the economic growth of the country (H2), the increase in exports of certain categories of high-technology goods directly affects the economic growth of the country (H3). In the first stage, our analysis revealed that under the world economy globalization, exports of almost all countries of the world continue growing. In the second phase, to test the hypotheses we applied methods of multivariate statistical analysis, including the study of a fixed effects model enabling to consider non-measurable individual differences of objects. Results. The study confirms H1 and H2 hypotheses. While testing the H3 hypothesis, we found that the exports of machinery and equipment, pharmaceutical products, services in the field of computer and telecommunications services affect GDP, and the exports of electronics, insurance and financial services have no statistically significant impact on GDP. Conclusions. Although the findings require further investigation of identified causal relationships, we can conclude that they may have a significant impact on feasibility and effectiveness of government measures for boosting international trade and introduced trade barriers.

The Impact of Non-Cash Payments in Economic Growth

Economica ◽  
2021 ◽  
Author(s):  
Ana Cirlan ◽  
Keyword(s):  
Economic Growth ◽  
Information Technology ◽  
Real Time ◽  
National Economy ◽  
Goods And Services ◽  
The World ◽  
The Many ◽  
The Impact ◽  
Development And Evolution

The world of cashless payments is developing at an accelerated pace due to the emergence of innovative payment tools that allow the processing of transactions in real time. This is the result of decades of development and evolution, and changes in information technology have had an impact on all aspects of life, including methods of paying for goods and services. The analysis of the impact of cashless payments on economic growth is justified by the many benefits they bring. In this context, it is essential to emphasize the need to implement measures that would help promote cashless payments, which in turn will help streamline the functioning of several branches of the national economy thanks to the transparency they provide.

scholarly journals The Impact of Globalisation on Economic Growth of Pakistan

2007 ◽  
Vol 46 (4II) ◽  
pp. 723-734 ◽  
Author(s):  
Mohammad Afzal
Keyword(s):  
Economic Growth ◽  
Full Employment ◽  
Global Market ◽  
Macroeconomic Policies ◽  
Financial Flows ◽  
Economic Implications ◽  
The World ◽  
The Government ◽  
National Economies ◽  
The Impact

Globalisation has diverse definitions and concepts.1 Globalisation has many facets and has a variety of social, political and economic implications. This term introduced in early 1980, which never precisely defined, is a frequently used word in the political economy. It simply means growing integration of the national economies, openness to trade, financial flows, foreign direct investment and the increasing interaction of people in all facets of their lives. Globalisation also implies internationalisation of production, distribution and marketing of goods and services. International integration implies the adoption of common policies by the individual countries. Between 1870 and 1914, the world was integrated into a single word economy dominated by one power: Great Britain. The government functions were limited and faced many constraints like gold standard and lack of freedom to pursue easy monetary policy. Later governments were burdened by performing many functions like achievement of macroeconomic goals—full employment, economic growth and price stability. Freedom of using macroeconomic policies resulted in greater integration of national economies but at the same time they led to international disintegration and interdependence. Streeten (1998) argues that today global market forces can lead to conflict between states, contributing to international disintegration and weakened governance. Before 1914, the world was more integrated than it is today but it did not prevent the First World War.

The Causes of Increasing World Poverty and Inequality; Or, Why the Matthew Effect Prevails

2005 ◽  
Vol 35 (4) ◽  
pp. 631-653 ◽  
Author(s):  
Robert Hunter Wade
Keyword(s):  
Financial Services ◽  
Matthew Effect ◽  
General Interest ◽  
Goods And Services ◽  
The World Bank ◽  
Poverty And Inequality ◽  
The World ◽  
Vested Interests ◽  
The Matthew Effect ◽  
National Economies

This article challenges the liberal (or “neoliberal”) argument that free trade in goods and services (including financial services) makes for better overall economic performance at the level of the world economy and the level of national economies. Liberal champions infer that those who oppose the liberal prescriptions either fail to understand the theory or seek to protect vested interests, and hence regional bodies such as the European Commission and international bodies such as the World Bank and International Monetary Fund should properly push the liberal agenda under the banner of “the general interest.” The author presents theoretical and empirical grounds on which to challenge the argument. He shows that Henry George's enigma— the association of poverty with progress—is still with us, and relates its persistence to the way that the positive feedback of the Matthew effect— “to him that hath shall be given”—dominates the negative feedback of neoclassical diminishing returns.

Financialization

2018 ◽  
pp. 276-290
Author(s):  
Ravi Roy ◽  
Thomas D. Willett
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Capital Mobility ◽  
Global Financial Crisis ◽  
Economic Globalization ◽  
The Past ◽  
The World ◽  
The Global Financial Crisis ◽  
National Economies ◽  
Global Financial System

The size and scope of financial sectors throughout the world have grown exponentially in tandem with the rise of globalization and increased capital mobility. The terms “economic globalization” and “financialization” are often discussed as inextricably related phenomena. Although the rapid increase in the number and variety of financial services and products during the past four decades has helped spur economic growth and create wealth on an unprecedented scale, the devastating fallout from the global financial crisis of 2008–2009, and the economic turbulence that followed, demonstrates how poorly managed financial sectors can simultaneously cause enormous pain. This chapter argues that if the opportunities created by economic globalization and financialization are to be maximized, while at the same tempering volatile financial markets, then the global financial system (and the national economies connected with it) must be fundamentally restructured. A number of ways that should be taken under consideration are discussed.

scholarly journals Financial Inclusion, Income Inequality and Sustainable Economic Growth in Sub-Saharan African Countries

2021 ◽  
Vol 13 (4) ◽  
pp. 1780
Author(s):  
Chima M. Menyelim ◽  
Abiola A. Babajide ◽  
Alexander E. Omankhanlen ◽  
Benjamin I. Ehikioya
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Financial Services ◽  
Sub Saharan Africa ◽  
Kuznets Curve ◽  
African Countries ◽  
Financial Access ◽  
Sub Saharan ◽  
Sustainable Economic Growth ◽  
The Impact

This study evaluates the relevance of inclusive financial access in moderating the effect of income inequality on economic growth in 48 countries in Sub-Saharan Africa (SSA) for the period 1995 to 2017. The findings using the Generalised Method of Moments (sys-GMM) technique show that inclusive financial access contributes to reducing inequality in the short run, contrary to the Kuznets curve. The result reveals a negative effect of financial access on the relationship between income inequality and economic growth. There is a positive net effect of inclusive financial access in moderating the impact of income inequality on economic growth. Given the need to achieve the Sustainable Development Targets in the sub-region, policymakers and other stakeholders of the economy must design policies and programmes that would enhance access to financial services as an essential mechanism to reduce income disparity and enhance sustainable economic growth.

Assessing the Impact of the Factors in the Digital Transformation on the Regional Economic Growth

REGIONOLOGY ◽  
2021 ◽  
Vol 29 (3) ◽  
pp. 486-510
Author(s):  
Tatyana V. Mirolyubova ◽  
Marina V. Radionova
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Fixed Effects ◽  
Digital Transformation ◽  
Regional Economic Growth ◽  
Regional Economic ◽  
The Russian Federation ◽  
Regional Product ◽  
The Impact ◽  
Regions Of Russia

Introduction. The scientific problem under consideration is of particular relevance due to the need to assess the impact of the factors in the digital transformation of the regional economy and in the economic growth on the economic development of the regions of the Russian Federation. Based on the research conducted, the article presents an econometric assessment of the dependence of the level of the gross regional product per capita in the regions of Russia on such factors as digital labor and digital capital. Materials and Methods. The authors analyzed panel data from the Federal State Statistics Service covering 87 regions of Russia for the period from 2010 to 2018. The research methodology is based on the use of the Cobb–Douglas production function, statistical and correlation data analysis, as well as on econometric methods for studying panel data. Results. To analyze the impact of the digital transformation of the economy on the regional economic growth of the regions of Russia, various models based on panel data have been considered, such as the pooled model, fixed effects models, random effects models, as well as time-varying effects models using dummy variables. Based on statistical criteria, the best model has been chosen and conclusions have been drawn about the nature of the impact of the digital transformation indicators on the gross regional product per capita in the regions of Russia. Discussion and Conclusion. The results of econometric modeling have demonstrated that digital factors in economic growth (digital labor, digital capital), along with common factors in economic growth (labor and capital), affect the regional economic growth. According to the regional data for the period from 2010 to 2018, the time fixed effects model has proved to be the best model of the impact of the factors in economic growth and digital transformation on the economic development of the regions of the Russian Federation. The research results can be used when developing a public policy aimed at stimulating the digital transformation of the regional economy.

Impact of trade facilitation reforms on tax revenue

2017 ◽  
Vol 44 (5) ◽  
pp. 765-780 ◽  
Author(s):  
Sena Kimm Gnangnon
Keyword(s):  
Developing Countries ◽  
Fixed Effects ◽  
Data Availability ◽  
Empirical Literature ◽  
Future Research ◽  
Tax Revenue ◽  
Trade Facilitation ◽  
Content Type ◽  
The World ◽  
The Impact

Purpose The purpose of this paper is to contribute to the empirical literature of the macroeconomic effect of trade facilitation reforms by examining the impact of the latter on tax revenue in both developed and developing countries. The relevance of the topic lies on the fact that at the Bali Ministerial Conference of the World Trade Organization (WTO) in 2013, Trade Ministers agreed for the first time since the creation of the WTO (in 1995) on an Agreement to facilitate trade around the world, dubbed Trade Facilitation Agreement (TFA). The study considers both at-the-border and behind-the border measures of Trade Facilitation. Design/methodology/approach To conduct this study, the authors rely on the literature related to the structural factors that explain tax revenue mobilization. The authors mainly use within fixed effects estimator. The analysis relies on 102 countries (of which 23 industrial countries) over the period 2004-2007 (based on data availability). A focus has also been made on African countries, within the sample of developing countries. Findings The empirical analysis suggests evidence of a positive and significant effect of trade facilitation reforms on non-resources tax revenue, irrespective of the sample of countries considered in the analysis. Research limitations/implications This finding should contribute to dampening the fear of policymakers in developing countries, including Africa that the implementation of the TFA would entail higher costs, without necessarily being associated with higher benefits. An avenue for future research would be to extend the period of the study when data would be available. Originality/value To the best of the authors knowledge, this study had not been performed in the literature of the determinants of tax revenue mobilization, although fact-based analysis was performed.

scholarly journals A Critical Appraisal of Goods and Services Tax in India

2018 ◽  
Vol 5 (2) ◽  
Author(s):  
Rabinarayan Samantara
Keyword(s):  
Economic Growth ◽  
Small Businesses ◽  
Critical Appraisal ◽  
Tax Rates ◽  
Indian Market ◽  
Tax Base ◽  
Employment Opportunities ◽  
Mass Consumption ◽  
Goods And Services ◽  
The Impact

The present paper attempts to make a critical appraisal of Goods and Services Tax (GST), implemented in India from 1st July, 2017. In addition to explaining the structure of GST in India as well as the tax rates under it, the present paper attempts to analyse the impact of GST on certain major industries or sectors within the Indian economy. Although GST has certain obvious advantages including exemptions and low compliance burden for small businesses, lower tax rates for mass consumption goods, increase in tax base and tax collections, etc., it is noteworthy, however, that GST has certain limitations as well. In spite of this, it must be accepted that GST has helped in ensuring a common Indian market through the elimination of multiplicity of taxes as well as ‘ tax on tax ‘. It is expected to accelerate economic growth, help generate more of employment opportunities, and lead to increased tax base as well as increased revenue generation

scholarly journals Impact of foreign direct investment on economic growth in the world during 1975–2015

2018 ◽  
Vol 20 (91) ◽  
pp. 28-32
Author(s):  
B. B. Brychka
Keyword(s):  
Economic Growth ◽  
Literature Review ◽  
Regression Models ◽  
Trade Openness ◽  
Positive Influence ◽  
Linear Regression Models ◽  
Average Value ◽  
Gdp Growth Rate ◽  
The World ◽  
The Impact

The study is concentrated on examination the impact of FDI on economic growth in the World during 1975–2015. The study consists of four consecutive parts, including introduction, literature review, model and methodology, data, empirical results and conclusion. Each part of the study is focused on its own goals. According to the results of the literature review, there is positive influence of FDI on economic growth in various countries. Economic growth is one of the most important goals of any country. The country image on the international level is dependent on its economic power. Economic growth provides an opportunity to improve the living standards in the country. Most researchers conclude that there is a positive influence of FDI on the countries’ economic growth. However, the impact of FDI is strong in developing countries. Moreover, this relationship is stronger in countries with higher educational and technological level, trade openness and development of the countries’ stock markets. Economists often build regression models to estimate the relationship between the variables. In order to find the impact of FDI on economic growth, we are going to apply linear regression models. We take two variables as indicators of the countries’ economic growth, including current GDP expressed in U.S dollars, and annual GDP growth rate. Taking into account that the World’s GDP in current U.S dollar is a factor variable with the mentioned resulting variables, the regression equation looks as follows: The R-squared of the built model is 0.99, indicating that roughly 100% of changes in the World’s GDP is caused by the chosen factors. As it is seen from the SAS output, the residuals of dependent variable and factors variables are distributed normally among its average value. Thus, non-normality is not observed in the model. Taking into account the coefficients of the factor variables, the log GDP is most sensitive to the changes in trade as a percent of GDP. The log GDP is not quite sensitive to the changes in FDI, since the coefficient of 0.000128 means that increasing of FDI by one unit increase the logarithmic value of GDP by $ 0.000128.

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