Economy of Georgia: Fragile economic stability

2019 ◽  
pp. 64-84
Author(s):  
Leonid M. Grigoryev ◽  
Victoria A. Pavlyushina ◽  
Nesipli M.-A. Kulaeva ◽  
Evgeniya E. Muzychenko
Keyword(s):  
Economic Growth ◽  
Transitional Period ◽  
Soviet Period ◽  
External Financing ◽  
Economic Stability ◽  
Growth Stability ◽  
Market Transformation ◽  
Economic Imbalances ◽  
Capital Development ◽  
In The Beginning

This paper is devoted to the analysis of the main factors of economic growth stability of Georgia persistent during the last 30 years of the country’s development. Exceptional gravity of the crisis in the beginning of market transformation of Georgia in 1980—1990 as well as the success of market reforms is discussed. The article also highlights the consequences of the transitional period both for the citizens of the country and for the whole economy, in particular for human capital development under conditions of persistent socio-economic imbalances. In addition, this research analyzes recent changes in the structure and the drivers of economic growth and the dependence of Georgian economy on external financing (both investments and personal remittances). Even though there has been a noticeable macroeconomic stability in the post-Soviet period which manifests itself in stable GDP growth rates, social development of Georgia is still characterized by a number of problems such as low natural population growth, high levels of poverty and social inequality.

scholarly journals Economic Stability and (or) Economic Growth

2021 ◽  
pp. 93-98
Author(s):  
A. Ya. Zaporozhan
Keyword(s):  
Economic Growth ◽  
Growth Potential ◽  
Financial Policy ◽  
Stabilization Policy ◽  
Economic Stability ◽  
Previous Period ◽  
Russian Economy ◽  
Growth Stability ◽  
Before And After ◽  
Macroeconomic Stability

The article is devoted to consideration of two directions of state economic policy — maintaining economic stability and ensuring economic growth. The coronavirus pandemic has divided the world into “before and after”. In the previous period, the financial policy in Russia was based on the principle of macroeconomic stability. It would seem that the macroeconomic stability that has existed for several years has created the basis for economic growth in the country, but it has not been possible to realize the growth potential of the Russian economy. Economic stability is an important criterion for the economy. Only economic stability can be different.The economic stability of the Russian economy in the previous period is the economic stability of stagnation, because the cornerstone of the economic stabilization policy was maintaining a low inflation rate by artificially slowing down demand. N ow this economic stability of stagnation was overturned by the coronavirus epidemic due to a decrease in budget revenues and an increase in budget spending, which results in the threat of inflation.The purpose of the article is to substantiate the necessity and possibility of transition to a new form of economic stability — economic growth stability

External conditions add to Georgian economic growth

2018 ◽  
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Free Trade Agreements ◽  
Trade Agreements ◽  
External Financing ◽  
Economic Stability ◽  
Content Type ◽  
External Conditions ◽  
The Government ◽  
Economic Outlook

Subject Georgia's positive economic outlook. Significance GDP is growing and is being spurred on by improved conditions in Georgia's main foreign economic partners. The government is seeking to capitalise on the country's role as a transport hub by investing in infrastructure, promoting a business-friendly environment and concluding free-trade agreements. Impacts Economic stability will be assisted by an emerging political accommodation, although not a full rapprochement, with Russia. Further economic development depends on access to external financing. High external indebtedness is potentially a source of vulnerability, but currently looks manageable.

TRADITION AND INNOVATION IN MODERN KAZAKH POETRY (XX century and independence)

2021 ◽  
Vol 76 (2) ◽  
pp. 118-128
Author(s):  
Sh. Kuttybaev ◽  
◽  
Е. Abdimomynov ◽  
Keyword(s):  
20Th Century ◽  
Large Scale ◽  
Point Of View ◽  
Soviet Period ◽  
Evolutionary Development ◽  
Spiritual Values ◽  
Literary Traditions ◽  
New Perspective ◽  
National Poetry ◽  
In The Beginning

The article analyzes views on innovation in the literary science of the early twentieth century and the work of Alash representatives in an era that is a period filled with profound changes and large-scale innovations in Kazakh society. In addition, works related to freedom, enlightenment, politics, spiritual values, the position of the people as a whole and social changes are considered the idea of independence and continuity. On the way of evolutionary development of the Kazakh literature, artistic power, thematic and ideological character, substantial and stylistic features of poetry of poets in the beginning of the XX century and during the Great Patriotic War, in subsequent years and years of independence are discussed in detail. In addition, on the basis of literary traditions and novelty, the works of prominent poets of Kazakh poetry of the 20th century and Independence are considered and comprehensively characterized, i.e. internal motives, the content of life phenomena in national poetry are analyzed in close connection with the works of poets. The original vision of the traditional and differentiated in the literature of the Soviet period in the works of poets from a new perspective, from the point of view of today. In addition, the works of outstanding poets of Kazakh poetry in the period of the 20th century and independence are considered on the basis of classical tradition and novelty in literature.

scholarly journals Financial and economic stability as ‘two sides of a coin’

2015 ◽  
Vol 7 (4) ◽  
pp. 327-353 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Mushtaq Ahmad ◽  
Ferhan Ahmad ◽  
Junjie Wu
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Financial Stability ◽  
Strong Association ◽  
Price Stability ◽  
Economic Stability ◽  
Data Set ◽  
Content Type ◽  
The Real ◽  
Stability And Instability

Purpose – The purpose of this paper is to provide a different context for considering issues of financial stability and instability, with reference to economic growth and price stability in particular. Design/methodology/approach – This paper pursued an empirical exploration of six pillars of financial stability, based on a data set for the UK extending from 1985 (Q1) to 2008 (Q2), through the construction of a vector error correction model, including an impulse response function analysis. Findings – The findings show a strong association between the financial and economic stability even in a non-crisis regime. This includes, for example, a strong association exists between the stock market and the real economy; exchange rate appreciation may not provide for long-term real economic growth; inflation does not contribute to real economic growth, both the sensitivity of the economy to yields and a significant lag in transitional effects from financial markets to the real sector; a positive role of credit creation within a non-crisis regime; exchange rate appreciation affects purchasing power; and potential points of linkage between sovereign debt activity and general price levels. Research limitations/implications – The findings should be considered in the context of a concept of the economy as fundamentally dynamic and subject to complex cumulative processes. Practical implications – The findings indicate there is a role for state oversight and intervention within a non-crisis regime based on the complexity of possible interactions that may undermine financial and price stability, with consequences for their association with economic growth. Originality/value – The study provides a new perspective for considering issues of financial stability and instability.

scholarly journals Approaches to the review of the Khotyn Uprising in 1919 in soviet and contemporary Ukrainian historiography

2019 ◽  
Vol 2 (50) ◽  
pp. 55-63
Author(s):  
Tetyana Dubitska
Keyword(s):  
Detailed Analysis ◽  
Transitional Period ◽  
Soviet Period ◽  
The Political ◽  
Soviet Power ◽  
National Liberation ◽  
Historical Literature ◽  
Political Orientations ◽  
History Of ◽  
Soviet Historiography

The Khotyn Uprising was an event that became one of the most striking pages in the history of the region in the XX century. Considerable attention was paid to the study of the history of this issue during the Soviet period, but interpretation of the rebellion has changed several times because of the increasing influence of ideology on the research of Soviet scientists. With the proclamation of Ukraine's Independence, it became possible to objectively cover these events, which led to a process of rethinking the scientific works of Soviet researchers. The presence of different approaches in covering this issue necessitates a detailed analysis of the transformations that took place in the interpretation of the Khotyn uprising. The article explores the specific features of the main approaches to the coverage of the Khotyn uprising in Soviet and contemporary Ukrainian scientific historical literature. It is established that in the 20th – 40th of the XX century the Khotyn uprising was reported as a spontaneous peasant rebellion against the Romanian invaders. According to the Representatives of this approach, one of the main causes of the defeat of uprising was the absence of a Bolshevik insurgency organisation. It is revealed that 50th of the XX century became a transitional period between the previous interpretation of the Khotyn uprising and the new coverage of events, as scientists still emphasized that the uprising was peasantry, but began to provide a significance to revolutionary elements among them. Since the 60th of the XX century the situation is changed: ideology has become a decisive element in research of the uprising and, therefore, all events related to the uprising have been covered in according to the ideology. Thus, the Khotyn uprising is reported as prepared by the communist-led committee, had a well-planned commencement and aimed at restoring Soviet power in the Khotyn region. It is established that with the proclamation of Ukraine's Independence in the coverage of the uprising, there are dramatic changes related to the nature and purpose of the uprising, the political orientations of its leaders, etc. In contemporary Ukrainian science, for example, the Bolshevik character of the uprising and the struggle for power of the Soviets is refuted; instead, the emphasis was made on national liberation; it was confirmed the thesis about the orientation of some of the organizers of the uprising to the Ukrainian People's Republic in Kiev. The neutrality of the UPR’s Directory is explained because of the threat of war with Romania. Keywords: Khotyn uprising, Soviet historiography, contemporary Ukrainian historiography.

scholarly journals The impact of education tax and investment in human capital on economic growth in Nigeria

2020 ◽  
Vol 3 (2) ◽  
pp. 77-86
Author(s):  
Abubakar Aminu ◽  
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Tertiary Education ◽  
Distributed Lag ◽  
Distributed Lag Model ◽  
Long Run ◽  
Lag Model ◽  
The Government ◽  
Capital Development ◽  
The Impact

This paper investigated the impact of education tax and investment in human capital on economic growth in Nigeria utilizing the Non-Linear Autoregressive Distributed Lag Model of cointegration covering the period of 25 years from 1995 to 2019. The findings reveal that education tax and investment in human capital have positive and significant effect on the growth of the Nigerian economy over the sampled period. The paper recommends that in order to boost the economy, Nigeria would need to, among other policy frameworks, provide a suitable environment for ensuring macro-economic stability through effective utilization of income from education tax that will encourage increased investment in human capital in the public sector. In addition to income from education tax, for effective and speedy economic growth and development in Nigeria, the government, beneficiaries (students/parents), employers of labor and other stakeholders in the society should share the responsibility for financing primary, secondary and tertiary education, so as to provide a solid foundation for human capital development. However, as revealed in this paper, the contribution of education tax and investment in human capital is most likely to be realized over a long-run period than in the short term. Keywords: Education Tax; Investment; Human capital; Economic growth

scholarly journals Siberian Tatars of Knyazevs: historical and genealogical essay

2020 ◽  
pp. 149-158
Author(s):  
S.N. Korusenko
Keyword(s):  
Social Status ◽  
19Th Century ◽  
Social Transformation ◽  
18Th Century ◽  
Soviet Period ◽  
The Social ◽  
History Of ◽  
The Right ◽  
In The Beginning ◽  
The Village

This paper aims at reconstructing the genealogy of Siberian Tatars of Knyazevs (Western Siberia), identifying the origins of their surname, which is not characteristic of the Tatars, and at analysis of the influence of socio-political and socio-economical processes in Russia in the 18th through 20th centuries on the social transformation of the family. The sources were represented by the materials of the Inventory Revision Book of Tarsky District of 1701 and census surveys of the end of 18th through 19th centuries, which allowed tracing the Knyazev family through the genealogical succession and identifying social status of its members. In this work, recordkeeping ma-terials of the 18th–20th centuries and contemporary genealogical and historical traditions of the Tatars have been utilized. In the research, the method of genealogical reconstructions by archival materials and their correlation with genealogies of modern population has been used. The history of the Knyazev family is inextricably linked to the history of modern village of Bernyazhka — one of the earliest settlements of the Ayalintsy (a group of the Si-berian Tatars) in the territory of the Tarsky Irtysh land which became the home to the Knyazevs for more than three centuries. The 1701Inventory Revision Book cites Itkuchuk Buchkakov as a local power broker of the Aya-lynsky Tatars in the village. During the 18th century, this position was inherited by his descendants who eventually lost this status in the beginning of the 19th century in the course of the managerial reforms by the Russian gov-ernment. Nevertheless, the social status of the members of the gens remained high. In the mid. 19th century, the village moved — the villagers resettled from the right bank of the River Irtysh onto the left one. As the result, the village was situated nearby the main road connecting the cities of Omsk and Tara. At the same time, the village became the center of the Ayalynskay region. That led to the strengthening of the social status and property en-richment of the descendants of Itkuchuk Buchkakov. The Knyzevs’ surname first appeared in the materials of the First All-Russia Census Survey of 1897. Some of the descendants signed up under this surname later in the Soviet period. During the Soviet years, members of the Knyzev’s gens had different destinies: some worked in the local government, whereas the others were subjected to political repressions and executed. Knyazevs took part in the Great Patriotic War and seven of them perished. Presently there are no descendants of the Knyazevs in Bernyazhka as they spread over the villages of the Omskaya Region, some living in Omsk and other towns of Russia and abroad.

scholarly journals Spatial Dimensions of Economic Growth, Redistribution, and Poverty Reduction During the Yudhoyono Period in Indonesia

2020 ◽  
Vol 2 (1) ◽  
Author(s):  
Witri Mukti Aji
Keyword(s):  
Economic Growth ◽  
Regional Differences ◽  
Decomposition Method ◽  
Poverty Reduction ◽  
Growth Index ◽  
Growth Indices ◽  
Poor Growth ◽  
Household Expenditures ◽  
Spatial Dimensions ◽  
Capital Development

This research explores the spatial dimensions of economic growth, redistribution, and poverty reduction in Indonesia during the Susilo Bambang Yudhoyono period (i.e., from 2004 to 2014) using the poverty decomposition method, the growth incidence curve, and several pro-poor growth indices. I gathered my data from the annual National Socio-economic Surveys conducted in Indonesia between 2004 and 2014. Analyzing this data, my thesis presents three key economic insights about the Susilo Bambang Yudhoyono period:1) poverty incidence significantly declined between 2004 and 2014, 2) the economic growth that occurred during this period was generally not pro-poor, made evident by an upward sloping growth incidence curve, and 3) regional differences exist in the shape of the growth incidence curve; the pro-poorness of economic growth therefore varies between provinces. Using the classification system proposed by Kakwani and Pernia (2000), I classify provinces into the following five groups with respect to their pro-poor growth index (PPGI). Our empirical results support the pro-poor growth in a nation. However, some provinces such as North Maluku, Gorontalo and Bengkulu experienced non-pro-poor growth and weakly pro-poor. To promote the pro-poor growth in all provinces, the governmental supports in infrastructure and human capital development are essential for the above lagged provinces. Keywords: Household Expenditures; Economic Growth; Redistribution; Poverty Reduction; Spatial Dimensions; Inequality; Poverty Decomposition Method; Growth Incidence Curve; Pro-Poor Growth Indices.

scholarly journals The Dynamics of Foreign Direct Investment in BRICS Countries

2017 ◽  
Vol 9 (3(J)) ◽  
pp. 101-112
Author(s):  
Kunofiwa Tsaurai
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Foreign Direct Investment ◽  
Financial Development ◽  
Direct Investment ◽  
Fixed Effects ◽  
Trade Openness ◽  
Human Capital Development ◽  
Brics Countries ◽  
Capital Development

Recent studies which investigated the determinants of foreign direct investment (FDI) in BRICS include Hsin-Hong and Shou-Ronne (2012), Nandi (2012), Jadhav (2012), Darzini and Amirmojahedi (2013), Nischith (2013), Ho et al. (2013), Kaur et al. (2013) and Priya and Archana (2014). The findings from these studies shows lack of consensus and confirm that a list of agreeable determinants of FDI in BRICS countries is still an unsettled matter. This paper was therefore initiated in order to contribute to the debate on the discourse on FDI determinants in BRICS countries.This paper deviates from earlier similar studies in five ways: (1) uses most recent data, (2) is the first to investigate whether a combination of financial development, trade openness, human capital, economic growth and inflation influence FDI in BRICS countries, (3) uses different proxies of the variables that affect FDI, (4) employed both fixed effects and pooled ordinary least squares (OLS) approaches and (5) used a stacked data approach.The results of the study showed that economic growth, trade openness and exchange rate stability positively impacted on FDI, financial development positively influenced FDI under fixed effects, FDI was positively influenced by human capital development using the pooled OLS and inflation negatively affected FDI in line with literature. Taking into account these findings, this study urges BRICS to implement policies that increase financial sector efficiency and economic growth, maintain stable exchange rates, keep inflation rates at lower levels, enhance trade openness and human capital development in order to increase FDI inflows.

scholarly journals Institutions, Macroeconomic Policies and Economic Growth in Africa: Evidence from Panel Data

2019 ◽  
Vol 5 (2) ◽  
pp. 112
Author(s):  
Haruna M. Aliero ◽  
Muftau Olaiya Olarinde
Keyword(s):  
Economic Growth ◽  
Growth Performance ◽  
Panel Cointegration ◽  
Growth Strategy ◽  
African Countries ◽  
Macroeconomic Policies ◽  
Long Run ◽  
Short Run ◽  
Capital Development ◽  
Poor Management

This study investigates the effects of institution and macroeconomic policy on economic growth in Africa, using panel Cointegration technique to analysed data obtained from a panel  of 50 African Countries covering a period of 25years (1990-2014). The results confirm that declining growth rate in Africa is due to poor management of macroeconomic policies. A weak turning point is also confirmed to exist for government size in the short run; in the long run it becomes more pronounce. The Wald restrictions tests of causality ascertain that institutions lead economic growth performance in the short run, while poor economic growth performance impaired the capacity required in building strong institutions which in turn stunts growth in the long run. Therefore, African leaders should tilt their expenditure in favour of human capital development and strong institution, ensure intra-regional trade and adopt private sector led – economic growth strategy.

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