Kazakhstan's Economic Policy under Conditions of High Level of Foreign Investments

2004 ◽  
pp. 110-119 ◽  
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Exchange Rate ◽  
Foreign Investments ◽  
Foreign Investors ◽  
Monetary Authorities ◽  
Negative Balance ◽  
Macroeconomic Efficiency ◽  
High Level

Kazakhstan's economic policy in the sphere of attracting foreign investments in 1993-2003 is considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that high rates of economic growth in Kazahkstan in 2000-2003 are conditioned not so much by the inflow of foreign investments as by exchange rate and currency policies of monetary authorities of the country. The tendency of growing interfirm indebtedness and negative balance of current accounts in favor of foreign investors is also analyzed.

The Quality of Kazakhstan’s Economic Policy and Balance of Payments

2008 ◽  
pp. 120-132
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Balance Of Payments ◽  
Foreign Investors ◽  
Negative Balance ◽  
Macroeconomic Efficiency

Kazakhstan’s economic policy in 1996-2007, its character and the degree of responsibility, the correlation between economic development and balance of current accounts are considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that in conditions of high rates of economic growth in Kazahkstan in 2000-2007 the net profits of foreign investors are 10-11% of GDP every year. The tendency of negative balance of current accounts in favor of foreign investors is also analyzed.

scholarly journals Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia

2021 ◽  
Vol 12 (3) ◽  
pp. 162
Author(s):  
Oscar Gasanov
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Foreign Exchange ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Economic Agents ◽  
Price Growth ◽  
The Interest Rate ◽  
The Stability ◽  
High Level

The article provides a review of approaches to assessing and analyzing the effectiveness of the interest rate and exchange rate policy of the Bank of Russia in the period 2015-2019. Despite the decrease in the rate of price growth, inflationary expectations of economic agents remain at a high level. Monetary policy continues to be tight. The stability of the exchange rate to external shocks, expected from the introduction of inflation targeting and a free floating rate, did not happen. The complex of conditions that have developed due to geopolitical factors, low growth rates and the global economic crisis caused by the coronavirus pandemic require the search for new targets, such as economic growth and exchange rate stability. To maintain the stability of the ruble exchange rate, it is recommended to sell foreign exchange reserves accumulated according to the "Budget rule" in an equivalent amount; to support the liquidity of banks during periods of an attack on the ruble, it should through foreign exchange REPO, and develop a derivatives market.

scholarly journals FDI inflows in selected Emerging European economies with reflections on economic growth

Ekonomika ◽  
2021 ◽  
Vol 67 (4) ◽  
pp. 11-28
Author(s):  
Dajana Ercegovac ◽  
Emilija Beker-Pucar
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Business Environment ◽  
Foreign Investors ◽  
Fdi Inflows ◽  
Time Period ◽  
Balkan Countries ◽  
European Economies

The objective of this paper is to identify the top destination for FDI inflows as well as to analyze related growth progress in selected Emerging European Economies (EEEs) in order to suggest significant implications towards economic policy creators in Western Balkan countries. The authors conducted descriptive statistical analysis together with correlation analysis in the time period 1997-2019. The analysis of average FDI inflows includes following country groups: Visegrad States, Baltic States, Western Balkan and eleven new EU member states with regard to the structural break of Global Financial Crisis (GFC). The results suggest that the Visegrad States (particularly Poland) were the top locations for foreign investors in the analyzed time period. Having in mind a positive correlation link between significant FDI inflows, especially greenfield FDI inflows and economic growth, we suggest that Western Balkan countries should implement adequate measures to attract greater greenfield FDI inflows in order to stimulate real convergence towards developed European economies. Therefore, recommendations are directed towards economic policy of less developed countries of Western Balkan that need to continue to improve the quality of public institutions and infrastructure, as well as business environment and implementation of nonfinancial measures of promotional activities, in order to raise attractiveness of national market for foreign investors.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI KINERJA TRANSAKSI BERJALAN INDONESIA

2015 ◽  
Vol 14 (4) ◽  
pp. 35
Author(s):  
Rudi Handoko
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Exchange Rate ◽  
Financial Crisis ◽  
Current Account ◽  
Factors Affecting ◽  
Exchange Rate Management ◽  
Trading Partners ◽  
Global Economic Growth ◽  
The Relationship

This paper attempt to describe factors affecting the performance of current account in Indonesia. Current account performance is showed by surplus or deficit position. Analysis of the factors is conducted based on periodization of current account performance. Other analysis was carried out by using scatter graph to show the relationship between two variables in question. The results show that some factors affecting current account performance are global economic growth, Indonesian major trading partners growth, domestic economic growth, international commodities prices, exchange rate management, economic policy, and financial crisis.

Van devaluatie tot euro : Het economische en meer bepaald het monetaire beleid van België 1980-2000

Res Publica ◽  
2000 ◽  
Vol 42 (1) ◽  
pp. 3-21
Author(s):  
Alfons Verplaetse
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Exchange Rate ◽  
Central Bank ◽  
Interest Rates ◽  
Public Policies ◽  
Monetary Authorities ◽  
Wage Cuts ◽  
Belgian Franc ◽  
German Mark

This article on the evolution of economic and monetary policy in Belgium, which turned the "sick man of Europe" into one of the stronger European economies and allowed it to enter into EMU, stresses the role of the monetary authorities as a stabilising force in Belgium. It gives a detailed analysis of how these changes have allowed Belgium to regain the confidence of both monetary authorities and international investors after the devaluation of 1982.  The policy responses to the oil shock at the beginning of the seventies broke with the policy mix which had until then been practised. Both the wage formation process andf iscal policy clearly spiralled out of control, the chiefresult of which was a drastic loss in international competitiveness. As a consequence, the current account showed a large deficit, the traditional level at which public deficit had stood rose dramatically, unemployment exploded and the financial structure of most corporations became fragile.A drastic realignment of economic policy started with the devaluation of the Belgian franc in 1982. This devaluation was accompanied by a series of measures aimed at preventing the inflationary pressures from triggering further devaluations, and hence at restoring credibility. These measures included restrictive fiscal policies (tax increases and cuts inpublic spending) and real wage cuts. By 1987 this recovery policy had successfully restored Belgian competitiveness, reduced the government deficit and restored the balance ofpayments equilibrium.  Although public policies became less restrictive during the period 1988-1993, the central bank continued to gain international credibility. Significant stepsin this process were the abolition of the dual exchange rate system, the decision to peg the Belgian franc to the most stable currency in the ERM (i.e. the German mark) and the reform of the money markets in Belgium. The latter in particular helped to increase the central bank's independence, since this reform implied total control by the central bank over short term interest rates, it reduced significantly the automatic credit lines of the fiscal authorities with the central bank and it stipulated that revaluations of gold reserves should no langer be used to finance government budget deficits. By 1992 international credibility had been restored to such a degree that the Belgian franc became a strong currency during the 1992 crisis, obliging the central bank to come to the rescue of the weaker currencies under attack in September 1992 with a speculative inflow of capital of about 200 billion BEF. However this restored credibility continued to be fragile, as became evident during the 1993 exchange rate crisis when the Belgian franc was vigorously attacked by international speculation.The insufficient alignment of public and monetary policies proved to be at the heart of the financial problems of the 1993 crises. The Belgian government relaunched its policies of budgetary restriction and wage moderation, brought together in what was called the 'Global Plan'. This realignment of public policies to monetary policy swiftly restored the credibility of the Belgian franc, so that as early as January 1994 the Belgian franc converged to its central parity with an interest differential vis-à-vis the German mark of only about 2 %. This differential declined progressively. Indeed the global plan restored the confidence of the investors in Belgian economic policy. Financial markets now fully believed in the entry of Belgium into EMU and from then on no major difficulties were to arise.

scholarly journals Reformasi Hukum dan Realisasi Investasi Asing pada Era Presiden Joko Widodo

2020 ◽  
Vol 3 (2) ◽  
pp. 237-266
Author(s):  
Nandang Sutrisno ◽  
Sigar Aji Poerana
Keyword(s):  
Economic Growth ◽  
Foreign Investment ◽  
External Environment ◽  
Foreign Investments ◽  
Foreign Investors ◽  
Investment Policies ◽  
Legal Reforms ◽  
Investment Growth ◽  
Second Period ◽  
Priority Factor

This article discusses two reasearch questions, firstly, whether law reforms on investment by the issuance of policy packages involving massive numbers of regulations during the First Period of President Jokowi have been successful to increase the realization of foreign investments? Secondly, how is the projection of foreign investment policies in the Second Period Of President Joko Widodo to increase the realization of foreign investments? Theoretical framework used in this article methodologically places law as external environment for foreign investors, and that law is the priority factor and the most relevant for investment and economic growth. This article concludes that first, law reforms on investments by the issuance of massive regulations in the First Period, even though having been successful to increase the values of realization of cumulative foreign investments significantly, they have been unsuccessful in increasing the annual percentages of foreign investment growth. Second, Omnibus Law and the then implementing regulations that would be used to increase foreign investments have been inviting resistances from various components of the nation, due to lack of transparent procedures and degrading the interests of public at large, and bias of the intersets of investors. Therefore, the effectiveness of law reforms in the Second Period would be impeded by various resistant movements, and in turn, be contraproductive with the purposes of legal reforms. Abstrak Artikel ini membahas dua permasalahan utama, pertama apakah reformasi hukum investasi melalui serangkaian paket kebijakan dengan jumlah peraturan yang masif pada Periode Pertama Presiden Jokowi telah berhasil meningkatkan realisasi investasi asing? Kedua, bagaimanakah proyeksi kebijakan investasi asing pada Periode Kedua Presiden Jokowi untuk meningkatkan realisasi investasi asing? Kerangka teoretik yang digunakan dalam artikel ini secara metodologis menempatkan hukum sebagai lingkungan eksternal dari investasi asing, bahwa hukum merupakan faktor prioritas dan paling relevan untuk investasi dan pertumbuhan ekonomi. Kesimpulan dari artikel ini pertama, reformasi hukum investasi dengan mengeluarkan produk hukum yang masif pada Periode Pertama meskipun berhasil meningkatkan nilai investasi asing kumulatif secara signifikan, tetapi tidak berhasil meningkatkan persentase pertumbuhan pertahunnya. Kedua, Omnibus Law dan peraturan-peraturan pelaksanaanya yang akan diandalkan untuk meningkatkan investasi asing telah mengundang resistensi dari berbagai komponen bangsa, karena secara prosedur pembentukannya tidak transparan dan secara substantif mendegradasi kepentingan masyarakat luas serta lebih berpihak kepada kepentingan para investor. Dengan demikian efektivitas reformasi hukum pada Periode Kedua akan terganggu dengan berbagai gerakan resistensi yang akan menyebabkan kontraproduktif dengan tujuan dari reformasi hukum tersebut.

Economic and Political Results of 2002 and the Problems of Economic Policy at the Election Year

2003 ◽  
pp. 4-25 ◽  
Author(s):  
V. Mau
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Structural Changes ◽  
Current Debate ◽  
European Economic Area ◽  
Medium Term ◽  
Economic Area ◽  
High Level ◽  
Post Industrial ◽  
Industrial Economic

The article deals with the trends and priorities of social and economic policy of Russia in 2002-2003. It presents the detailed analysis of the current debate on economic growth in the country. The author stresses two important facets of contemporary growth. First, the importance of profound structural changes and development of post-industrial economic system. Second, the specifics of post-revolutionary development which means high level of transaction costs and diminishing rate of "reconstruction growth". The problems of WTO accession and Common European Economic Area are discussed also from the prospects of consolidation of economic growth. The influence of the forthcoming elections on the economic policy is also under discussion. The paper provides a list of economic policy priorities for 2003 and for the medium-term (3-4 years).

scholarly journals EFFECTS OF FOREIGN CURRENCY EXCHANE RATES ON COMPETITIVENESS OF THE REPUBLIC OF SERBIA IN INTERNATIONAL BUSINESS

2019 ◽  
Vol 7 (12) ◽  
Author(s):  
Aleksandar Gajić ◽  
Radica Pavlović
Keyword(s):  
Economic Policy ◽  
Exchange Rate ◽  
Foreign Currency ◽  
Exchange Rate Regime ◽  
Exchange Rate Policy ◽  
Balance Of Payments ◽  
Economic Policies ◽  
The Exchange Rate ◽  
The Republic ◽  
High Level

In the era of globalization and international flows that carry the liberalization,deregulation and increased impact of international monetary institutions, as well asthe general macroeconomic environment and economic policies of the nationaleconomy have been crucial to the economic competitiveness in the internationalmarket. Exchange rate policy, as one of the factors of economic policy, has significantimplications for competitiveness, balance of payments and indebtedness. In thisregard, the purpose of this paper is to point out the exchange rate regime of theRepublic of Serbia, which has, by appreciation of currency reduced thecompetitiveness of domestic product, balance of payments deficit and a high level ofindebtedness. The work methodology is based on the processing of secondary datapublished in public sources for the period 2001-2012 of the Republic of Serbia inorder to obtain a representation of the analyzed data. The research results indicate thatthe real exchange rate of the dinar is almost double the official rate, and there is noparticular interest in exporting local products. Therefore, the monetary and foreignexchange as well as the overall economic policy appears as a catalyst for thedevelopment of Serbia's competitiveness in the international market, and it can beconcluded that the monetary-and-foreign exchange policy has not achieved economicobjectives although the stability of the exchange rate as a positive measure isconstantly emphasized by economic policy makers. The alleged stability cost Serbia alot, as evidenced by data from the balance of payments: a high deficit, high externaldebt and consequential debt slavery of Serbia.

The role of foreign direct investments (FDI) in regional development

2021 ◽  
Author(s):  
Jakub Kraciuk ◽  
◽  
Elżbieta Kacperska ◽  
Keyword(s):  
Economic Growth ◽  
Regional Development ◽  
Market Economy ◽  
New Technologies ◽  
Foreign Direct Investments ◽  
Foreign Investments ◽  
Foreign Investors

Foreign direct investments constitute a major factor stimulating economic growth and regional development. In this respect new investments are particularly important, as they promote increased employment and regional development, boost exports and transfer new technologies. In any market economy a considerable role is played by agribusiness and this is where foreign investors tend to put their capital. In Poland approx. 8 % foreign investments are placed in agribusiness. However, the distribution of investments is far from uniform. The highest numbers of investments are recorded in the Mazowieckie, Wielkopolskie and Zachodniopomorskie provinces.

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