scholarly journals Strengthening the role of public governance approaches to ensure sustainable economic growth

Upravlenets ◽  
2021 ◽  
Vol 11 (6) ◽  
pp. 15-27
Author(s):  
Mikhail Ershov ◽  
Anna Tanasova ◽  
Elena Sokolova
Keyword(s):  
Economic Growth ◽  
Structural Changes ◽  
State Regulation ◽  
Public Governance ◽  
Existing Problems ◽  
Role Of The State ◽  
The Government ◽  
Sustainable Economic Growth

The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.

STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (11) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Credit Unions ◽  
State Regulation ◽  
The State ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial ser- vices market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regu- lation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory le- gal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial ser- vices markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mecha- nisms in the financial services markets by developing a system for guarante- eing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

scholarly journals STRUCTURAL ECONOMIC CHANGES – DIFFERENCES IN THE APPROACHES

2019 ◽  
Vol 17 (Suppl.1) ◽  
pp. 1-4
Author(s):  
S. Totev
Keyword(s):  
Economic Growth ◽  
Critical Analysis ◽  
Structural Changes ◽  
High Efficiency ◽  
Economic Conditions ◽  
Economic Policies ◽  
Structural Policy ◽  
Economic Changes ◽  
Role Of The State

The ability of an economy to adapt to changing economic conditions through the implementation of structural changes is linked to its ability to effectively generate economic growth. The need to know the intensity and direction of favourable structural changes is of key importance for achieving their high efficiency. In the article, a critical analysis of the different structural economic policies is made, taking into account the consequences of implementing the ones that are not in line with the real economic circumstances. Examples of so-called premature deindustrialisation as a result of inadequate structural policy are also considered. In conclusion, the vision of the role of the state in the conduct of a structural economic policy to achieve favourable economic results is presented.

scholarly journals THE “HIDDEN“ ROLE OF THE STATE IN DIFFERENT APPROACHES ON COMPETITIVENESS (THEORETICAL COMPARISON)

2021 ◽  
Vol 17 (1) ◽  
pp. 65-73
Author(s):  
Hristina Dobreva
Keyword(s):  
Political Science ◽  
Social Adjustment ◽  
Resource Depletion ◽  
Theoretical Comparison ◽  
Role Of The State ◽  
The Social ◽  
The Government ◽  
Role Of The Government

From the perspective of political science the paper is a comparative overview of some of the main approaches on competitiveness. The focus is on their strengths and weaknesses in the explanation of the role of the government. Yet the paper compares some of the more recent authors as Porter, Reich, Thurow, Ohmae and Strange. The implication is that government intervention is still needed to provide both sustainable competitiveness (Strange) (modesty as opposed to resource depletion) and social adjustment (jobs) to innovation in the long-term dynamic picture (Porter) because government is still at the basis of the welfare pyramid (Thurow). I start with the authors’ assumptions and proceed with their view on the role of the government to conclude that this role is underestimated in the social and overestimated in the business sphere.

STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (12) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Financial Services ◽  
Legal Regulation ◽  
State Regulation ◽  
The State ◽  
Compensatory Mechanisms ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial services market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regulation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory legal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial services markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mechanisms in the financial services markets by developing a system for guaranteeing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

How National Budget can Provide Economic Growth

2015 ◽  
pp. 142-151 ◽  
Author(s):  
A. Aganbegyan
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
National Budget ◽  
Socio Economic Development ◽  
Ministry Of Finance ◽  
The Government

The article considers the role of national budget in Russian socio-economic development. The author analyzes the Russian budget of the last decade and comes to the conclusion that it is not efficient because there is no long term planning, the allocation of responsibilities between the Ministry of Economic Development and the Ministry of Finance is not optimal, and because the government is trying to stimulate economic growth without resorting to deficit budget.

Population ageing in Asia

2017 ◽  
pp. 43-48
Author(s):  
Du Peng ◽  
Cao Ting
Keyword(s):  
Social Services ◽  
Structural Changes ◽  
Long Term Care ◽  
Population Ageing ◽  
First Century ◽  
Term Care ◽  
The World ◽  
The Government

Decline in fertility, mortality, and rapid population migration has contributed to the structural changes of population in Asia. By the mid-twenty-first century, Asia will become the oldest region in the world with more than half (62%) of the world’s older population. While the pace of ageing differs across Asia, all countries/areas will face challenges to sustaining economic growth, while at the same time responding to a rising demand for social welfare and pension, health, and medical care—particularly long-term care and social services. It becomes increasingly recognized that relying on the role of family or the government to provide support for elders is not only unreliable but also costly. Policy and innovative initiatives should be made to emphasize collaboration among individuals, families, communities in enhancing home- and community-based care, creating an enabling environment, as well as supporting older persons’ participation in society.

scholarly journals Indonesia, Malaysia, and Thailand: New Administrations, New Policies, New Performance?

2006 ◽  
Vol 5 (3) ◽  
pp. 128-168
Author(s):  
Don Hanna
Keyword(s):  
Structural Changes ◽  
Economic Policies ◽  
Medium Term ◽  
Short Term ◽  
Role Of The State ◽  
The Government ◽  
New Policies ◽  
Open Question ◽  
Term Management

The administrations in Indonesia, Malaysia, and Thailand have all put in place economic policies designed to increase growth, reduce poverty, and improve governance. In Thailand, the government is taking a more activist role, a change from the previous, more hands-off approach. In both Indonesia and Malaysia, new policies reduce the activist role of the state, creating greater predictability and transparency. Better governance remains a key to growth, with many reforms within governments' reach. While many of the policies focus on the medium term, there is an acceptance of the need for prudent short-term management. The open question is whether progress on structural changes can persist when the short-term macroeconomic picture becomes more challenging.

scholarly journals Role of Governance and Public Trust on Government Debt-Economic Growth Nexus (A Global Empirical Analysis)

2021 ◽  
Vol 1 (3) ◽  
pp. 113-132
Author(s):  
Andar Ristabet Hesda ◽  
Efi Yuliani
Keyword(s):  
Economic Growth ◽  
Public Trust ◽  
Debt Ratio ◽  
Public Governance ◽  
Potential Implication ◽  
Trust Level ◽  
High Government ◽  
The Government ◽  
Debt Policy

High government debts in several countries have the potential to trigger or exacerbate economic instability. These concerns are consistent with the results of this study, where countries that have a high debt ratio tend to have declining economic growth. To provide more understanding about this effect, this study tries to examine the effect of debt on economic growth by utilising the governance and public trust level as a contextual variable and mediator. Empirically, both variables have a prominent role in the debt and economic growth nexus. The debt threshold as a budgetary rule is necessary but might not be sufficient to validate the rationality of rising debt. The capability of government in providing public governance and the effect of additional debt on public trust is another crucial aspect that needs to be seriously scrutinised, or when the addition of debt becomes inevitable (such as in pandemic situation), the government should strengthen governance capability to ensure the productivity of debt and mitigate the decreased public trust. This finding implies that the debt policy should not only be based on budgetary rule but also the capacity of governance and the potential implication of the falling public trust.

scholarly journals Investment in human capital as the basis for the country’s economic growth

2020 ◽  
Vol 164 ◽  
pp. 09046
Author(s):  
Ekaterina Nezhnikova
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
The State ◽  
Role Of The State ◽  
Modern Economic Growth ◽  
Multiplier Effect ◽  
Key Factor ◽  
Modern Economic ◽  
Sustainable Economic Growth

A key factor in modern economic growth is investment in people and in the development of human capital, as evidenced by the experience of many countries. Investments in human capital create conditions for sustainable economic growth, constant adaptation of the socio-economic structure to new areas of scientific and technological progress. In addition, investments in people form demand in many adjacent sectors, thereby causing a significant multiplier effect. Currently, the role of the state in this area is quite large. The role of the state is especially great in the most important spheres of the formation of human capital - in the field of education, health care and the allocation of research.

Structural Changes in Chinese Economy: Progress and Challenges

2018 ◽  
Vol 10 (04) ◽  
pp. 49-59
Author(s):  
Yanrui WU
Keyword(s):  
Economic Growth ◽  
Structural Changes ◽  
Economic Restructuring ◽  
Chinese Economy ◽  
The State ◽  
Short Term ◽  
Development Goals ◽  
China’S Economy

This article presents a review of the progress in economic restructuring in the Chinese economy. It explores the role of consumption versus investment in economic growth, trends in inequality, growth of the state and non-state sectors, and balancing between short-term and long-term development goals. It also discusses the major challenges in China’s economy and hence Chinese policymakers’ possible responses in the coming decade.

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