FINANCIAL GLOBALIZATION OF THE WORLD ECONOMY

2017 ◽  
Author(s):  
Tamara Makukh ◽  
Keyword(s):  
World Economy ◽  
Financial Regulation ◽  
High Tech ◽  
Credit System ◽  
Early Effect ◽  
Economic Productivity ◽  
Total Debt ◽  
Long Run ◽  
The World ◽  
Debt Market

The article analyses the main trends in the world economy through the prism of the current global financial and credit system. Various forecasts for the development of the world economy were assessed and noted that they do not correspond to real trends and patterns. These forecasts cannot assess the conceptual principles of the structure of the financial and credit base of the economy. Such forecasting is carried out on the principles of the achieved indicators and the developed methods of estimation of disturbances in the financial markets. The specificity of the state of the debt market is indicated, which allows to develop the economy only by increasing the total debt obligations, which leads to a complete loss of profitability of debt securities. It is proved that no defaults and debt write-offs do not renew the economy; these instruments only restart the mechanism of holding the debt market. Such development is a direct consequence of liberal regulation and a departure from the full functions of money, which leads to a conceptual change in the paradigm of the financial system. The limitations of the dominant concept of the financial and credit system, which was based on the basic foundations of the Bretton Woods Conference, were revealed. Criteria for financial regulation of a market economy have been identified and substantiated, which have exhausted their effectiveness and do not guarantee an early effect, but are only immediate. It is noted that the global pandemic and financial infusions to overcome it are a tool for accumulating total debt in the long run. The primary measures for debt restructuring are indicated, namely the support of low-debt fundamental companies that will meet the objective basic needs of innovative companies. Factors of economic development are explained: growth of economic productivity, short-term and long-term credit cycles and political component. It is indicated that productivity determines the priority of society's development in the long run, and the element of its implementation is knowledge in the absence of political dictate, which will form a new financial and credit mechanism. High-tech knowledge is needed to ensure productivity development, so investing in education and knowledge without different dogmas can bring the world economy to a new level of efficiency.

The Role of Technological Change in the Long-run Global Economy Forecasting

2013 ◽  
pp. 97-116 ◽  
Author(s):  
A. Apokin
Keyword(s):  
Technological Change ◽  
Data Quality ◽  
Long Range ◽  
Global Economy ◽  
World Economy ◽  
Qualitative Approaches ◽  
Long Run ◽  
The World ◽  
National Economies

The author compares several quantitative and qualitative approaches to forecasting to find appropriate methods to incorporate technological change in long-range forecasts of the world economy. A?number of long-run forecasts (with horizons over 10 years) for the world economy and national economies is reviewed to outline advantages and drawbacks for different ways to account for technological change. Various approaches based on their sensitivity to data quality and robustness to model misspecifications are compared and recommendations are offered on the choice of appropriate technique in long-run forecasts of the world economy in the presence of technological change.

scholarly journals HORIZONS OF RESEARCH IN GEOGRAPHY OF THE WORLD ECONOMY

HERALD ◽  
2017 ◽  
Vol 8 (20) ◽  
Author(s):  
Vladimir Alexandrovich Kolosov ◽  
Elena Alexandrovna Grechko ◽  
Xenia Vladimirovna Mironenko ◽  
Elena Nikolayevna Samburova ◽  
Nikolay Alexandrovich Sluka ◽  
...  
Keyword(s):  
Developing Countries ◽  
Division Of Labor ◽  
Global Economy ◽  
World Economy ◽  
Spatial Organization ◽  
Modern World ◽  
High Tech ◽  
Research Activities ◽  
The World ◽  
The Impact

The advent of "world economic transition" and the formation of a multipolar world is closely linked, according to experts, with loss of globalization advances, which strengthens regionalism, increases diversification and fragmentation of the modern world, creating risks and threats to the world development. In this light studying the spatial organization of the global economy becomes more important, and at the same time that complicates the choice of priorities in the research activities of the Department of geography of the world economy, Faculty of Geography, Moscow State Lomonosov University in 2016-20, requiring a new research “ideology”. The article summarizes some ideas expressed by the department staff. It specifies that concept of territorial division of labor, as well as the defined set of key actors in the world economy and common assumptions regarding their contributions to its development needs a significant revision. The above firstly concerns giant developing countries, in particular rapidly growing China – a kind of locomotive entraining other developing states. Further, the impact of multinationals on the overall architecture and the territorial organization of the global economy becomes more and more tangible. This phenomenon requires the creation of a new scientific area of concern – the corporate geography as a tool to thoroughly investigate the transnational division of labor. Changes in the balance of acting forces are closely related to changes in industry composition and spatial organization of the global economy. The article raises the issues of development of such processes as tertiarization of the economy, reindustrialization and neoindustrialization, the latter being understood as an evolutionary transition to a knowledge-intensive, high-tech, mass labor-replacing and environmentally efficient industrial production. Basing on preliminary research from the standpoint of a relatively new methodological approach – formation of value chains – the vector of "geographical transition" " in their creation from developed to developing countries was designated. This means increasing complexity of the territorial structure of the world economy and an increase in the importance of semi-periphery. A spatial projection of globalization processes in the form of emerging “archipelago of cities”, which consolidates the international network of TNCs as the supporting node frame of the global economy requires close attention and analysis. The need of comprehending the study scope in the field of geography of the world economy in medium Atlas Information Systems (AIS), which in terms of functionality belong to the upper class of electronic atlases, is noted.

scholarly journals FINANCIAL METHODS OF INFLUENCE ON INNOVATIVE MODERNIZATION OF ECONOMY IN THE CONTEXT OF THE WORLD EXPERIENCE

2019 ◽  
pp. 116-126
Author(s):  
R.S. Bilyk
Keyword(s):  
Financial Regulation ◽  
Developed Countries ◽  
State Regulation ◽  
Economic Resources ◽  
High Tech ◽  
Financial Policy ◽  
The World ◽  
Accelerated Depreciation ◽  
Institutional Foundations ◽  
Financial Regulatory

These article is about the objective preconditions and regularities of conducting transformational changes in the economy of different countries of the world on innovative basis. It is substantiated, that the development of innovative modernization of the economy should be one of the main means system of state regulation itself. The experience of developed countries of the world had analyzed with regard to the use of financial methods and tools for activating innovation and conducting R & D. It substantiated, that the necessity of implementation of this experience in Ukraine in order to ensure modernization of the economy through introduction of various tax privileges, accelerated depreciation of fixed capital, cheap loans, etc.. It had proved, that the development and implementation of financial regulation methods in the mechanism of innovation modernization of the economy should take into account the features and structure of the domestic economy, the depth of globalization transformations and the degree of development of financial institutions. The focus of financial regulatory methods for modernizing the economy involves the concentration, distribution and redistribution of financial and economic resources, reorientation of the economy towards an innovative model of development. The priority directions had determined and recommendations had developed on improving the institutional foundations of financial policy in the context of innovative modernization of the Ukrainian economy. Among the most important areas are the following: the search for new sources and increase of financing of innovative development, improvement of the effectiveness of the influence of financial instruments on the rate of economic growth, the growth of the share of high-tech component of the economy, etc.

scholarly journals Global Economic Meltdown: Greenspan�s Legacy

2009 ◽  
Vol 34 (3) ◽  
pp. 9-14 ◽  
Author(s):  
Samir K Barua ◽  
Mahendra R Gujarathi
Keyword(s):  
Risk Taking ◽  
World Economy ◽  
Fair Value ◽  
Fair Value Accounting ◽  
Cautionary Note ◽  
Monetary Expansion ◽  
The Great Depression ◽  
Long Run ◽  
The World ◽  
Insight Into

In the event of statedly the deepest global crisis ever since the Great Depression, with the world economy mired in a severe economic meltdown, Samir K Barua and Mahendra R Gujarathi identify the factors and the players that incubated and nurtured the meltdown. The policies of deregulation, monetary expansion, and fair value accounting are specifically addressed in a historical perspective. The authors offer an insight into how sequentially the lawmakers first created the potent environment for risk-taking through unrestrained deregulation, the Federal Reserve then set the stage for the crisis with a policy of unbridled monetary expansion, and the accounting standardsetter finally relaxed norms to provide support for hiding the losses incurred� thus together fuelling the crisis. Although several trillions of dollars have been pumped into the market to maintain the credit flow, it is yet uncertain as to how the crisis will impact in the long run, the authors conclude on a cautionary note.

Tighter Financial Regulation and its Impact on Global Growth

2010 ◽  
Vol 213 ◽  
pp. F39-F44 ◽  
Author(s):  
Ray Barrell ◽  
Dawn Holland ◽  
Dilruba Karim
Keyword(s):  
Financial Crises ◽  
World Economy ◽  
Financial Regulation ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Benefit Analysis ◽  
Perceptions Of Risk ◽  
The Third ◽  
The World ◽  
Global Growth

The financial crisis that started in mid-2007 enveloped the world economy and caused a serious recession in most OECD countries. It is widely believed that it has also left a scar on potential output because it will have raised perceptions of risk and hence reduced the sustainable capital stock people wish to hold. It is inevitable that policymakers should ask what can be done to reduce the chances of this happening again, and it is equally inevitable that the banks would answer that it is too costly to do anything. There are four questions one must answer before it is possible to undertake a cost-benefit analysis of bank regulation. The first involves asking what are the costs of financial crises? The second involves asking what are the costs of financial regulation? The third involves asking what causes crises? The fourth, and perhaps the most important, involves asking whether regulators can do anything to reduce the risk of crises? Our overall approach to these issues is spelled out in a report written for the FSA in the aftermath of the crisis (see Barrell et al., 2009).

scholarly journals The US Role in the World Manufacturing and Trade as a Global Issue

2018 ◽  
Vol 11 (2) ◽  
pp. 100-112
Author(s):  
V. G. VARNAVSKIY
Keyword(s):  
United States ◽  
Purchasing Power Parity ◽  
World Economy ◽  
The United States ◽  
High Tech ◽  
Power Parity ◽  
Instrument Making ◽  
Goods And Services ◽  
The World ◽  
The Usa

The article considers the USA role and place in the global  manufacturing and trade. Key aspects of the world economy  transformation in the context of globalization, internationalization  and liberalization are studied. As shows, USA and China are the two  largest economies in the world. United States is the world’s largest  economy by nominal GDP and second largest by purchasing power  parity (PPP). It holds a 15.4 percent share of global GDP in PPP  (2016). China is the world’s largest economy by PPP, accounting for  17.8 percent of global GDP. The USA share of world GDP declined by  a total of 3.8 percentage points between 2006 and 2016. At the  same time, the United States possesses great economic strength. It  is also the world leader in innovation. China’s success has mostly  been in lowerend innovation. This country has been less successful in  higher-end innovation, where USA currently maintain a lead. The  United States holds a leading position in aerospace, instrument  making, cloud computing, ICT, robotics-related technologies, nanomaterials, biopharmaceutical and other high-tech  industries and China significantly lags behind. Special attention is paid to the U.S. foreign trade. It is shown that the USA is one of  the world’s largest importer and exporter of goods and services. It  accounts for 10.5 percent of global goods and services exports in  2016 (second place after China) and 13.3 percent of global imports  (first place). Despite the world’s second place after China in some economic indexes such as gross domestic product (at PPP),   size of manufacturingand merchandise trade, USA ranks first in the  world in terms of quality indicators of economic development. It  remains the most powerful economy in the world. The author’s  conclusion is that, the loss of US world leadership in terms of output  indicators has not yet become a global problem for other countries  and world economy in the whole.

scholarly journals GOVERNMENT ASSISTANCE FOR BUSINESS UNDER CONDITIONS OF THE CHALLENGES OF THE 21ST CENTURY

2021 ◽  
Author(s):  
Оleksandra Viter ◽  
Oksana Kylyn ◽  
Natalia Sveleba
Keyword(s):  
World Economy ◽  
Negative Impact ◽  
Tourism Industry ◽  
Budget Deficits ◽  
Current Crisis ◽  
Business Survival ◽  
Credit Lines ◽  
Long Run ◽  
Short Period ◽  
The World

The article analyzes the current state of the tourism business market. Crisis phenomena in tourism caused by COVID-19 are considered. It is noted that the outbreak of coronavirus has caused a significant blow to the world economy and as a result it affects key sectors of the economy. According to experts, the current crisis has a much greater sudden financial impact than on September 11 and the crisis of 2009 combined. It was found that according to UN WTO forecasts in 2020 the number of international tourists due to the coronavirus pandemic decreased by 20-30% compared to 2019. According to the updated IMF forecast, in 2020 world GDP will shrink by 4.9%, the world economy will lose $ 12.5 trillion. The United Nations World Tourism Organization (UNWTO) is calling for more funds to rehabilitate and support the tourism industry so that it can become a leader in economic recovery. The purpose of the measures implemented by governments during this difficult period can be divided into the following categories: to ensure a balance between the protection of tourists and the interests of tourism workers; provide conditions for business survival and targeted support and recovery of the tourism sector. Most countries focus on both approaches. Countries with more developed economies rely mainly on affordable credit lines which will restore the competitiveness of the national economy in a short period of time. Other countries are focusing on delaying tax and debt obligations, which could negatively affect the economy in the long run and lead to long-term budget deficits and general solvency problems. In order to stabilize the economic situation, governments adopt a range of both monetary and fiscal measures that can partially provide the conditions for business survival, as the tourism industry can become one of the drivers that helps the economy emerge from the crisis and can quickly create new jobs after crisis situations. Therefore, it is important that the measures taken by states to support the tourism business, the implementation of which will reduce the level of negative impact of the pandemic on the economy of the tourism industry.

scholarly journals Forsight in Ukraine: problems of organization in the context of world practice

2021 ◽  
Vol 2021 (1) ◽  
pp. 102-115
Author(s):  
Lidiia Kuznetsova ◽  
◽  
Oleksandr Bilotserkivets' ◽  
◽  
Keyword(s):  
World Economy ◽  
High Tech ◽  
Research Attention ◽  
The World ◽  
Domestic Prices ◽  
Future Economic Development ◽  
Almost All ◽  
The Cost ◽  
National Economies ◽  
Education Science

The article presents the results of a research on world and European experience of foresight research. Attention is focused on the organization of foresight research and institutional support of foresight in EU countries. The authors substantiate the necessity of expanding the practice of foresight research in Ukraine in the conditions of those changes in the nature of the world economy that occur under the influence of the COVID-19 pandemic and on the verge of upcoming change in the Kondratiev long cycles. Current trends in the world economy facilitate access to foreign markets, but at the same time create certain risks for national economies. Increasing competition between domestic and foreign producers for many countries means the bankruptcy of domestic enterprises, especially medium- and high-tech ones, which are unable to compete with corporations that are more powerful. Domestic prices for almost all goods increasingly depend on prices in other markets, which can form imbalance between the cost and price of labor and destroy the labor market, increasing migration of the working population, especially those with high levels of human capital, which reduces the country's opportunities in education, science and production and even multiplicatively affects economic growth. In these conditions, it becomes extremely important to determine the guidelines for future economic development and society, which actualizes the whole range of foresight research. For Ukraine, where foresight research is limited, the experience of those countries where foresight has become an integral part of strategic planning is vital. The article is devoted to the study of this experience, which identifies the basic organizational measures of foresight research, the main aspects of foresight institutionalization and the problems that hinder the development of foresight in Ukraine

scholarly journals The role of competitive potential in strengthening the economic potential of the enterprise

2021 ◽  
Vol 58 (2) ◽  
pp. 5855-5861
Author(s):  
Rakhimberdiev Ismail Ubaydullaevich
Keyword(s):  
Structural Transformation ◽  
Economic Reform ◽  
World Economy ◽  
Rapid Development ◽  
High Tech ◽  
Economic Potential ◽  
World Markets ◽  
The World

Today, the experience of many developed and leading countries in the world economy proves that achieving competitiveness and access to world markets, first of all, consistent economic reform, deepening structural transformation and diversification, rapid development of new high-tech enterprises and industries supply, modernization of existing facilities and acceleration of the process of modernization of equipment.  

Sign in / Sign up

Export Citation Format

Share Document