Financial inclusion to enhance the well-being of the population and state economic growth

The article defines the content of welfare as a measure of socially oriented efficiency of economic growth, which reflects the appropriate level of providing the population with material and spiritual goods with the formation of favourable conditions for human development and capitalization of human potential in a competitive mobile space. The modern theory of welfare testifies to the deepening of scientific discussions on the transformation of economic welfare into mobile and inclusive, as well as the opposition of competitive and social protection welfare policy. Another milestone in the evolution of welfare theory is the individualization of its provision. Conditions of competition and mobility increase the importance of households in providing their well-being with further reflection on the processes of economic growth of the community, region, and state. This gives grounds to actualize the issues of household welfare research and strengthening economic growth based on behavioural economics. The needs, interests, motives, and incentives determine the economic behaviour of households. At higher levels, it defines an economic culture that is closely linked to the national mentality. In this regard, the main models of economic and social behaviour of households – socialization, adaptation, integration, values, regulation, and the definition of financial development strategies are outlined. Theoretical approaches to the explanation of economic behaviour are generalized, namely religious-ethical, psychological, substantive theories, theories of motivations and acquired needs, process theories, theories of justice, and others. Based on the ideas of foreign scientists, the main determinants of the economic policy of households are proposed. Political, stabilizing, and economic determinants are distinguished in the group of general determinants. In the group of determinants directly related to households, the financial, demographic, cultural, social, empirical, and psychological are suggested. The author’s emphasis is placed on the importance of the impact of financial determinants of the households’ economic behaviour, the central place among which is occupied by savings.

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LIVING STANDARDS AND PROPORTIONS AFFECTING FOR STRUCTURAL CHANGES IN THE ECONOMY

EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA ◽

10.36871/ek.up.p.r.2020.09.02.009 ◽

2020 ◽

Vol 2 (9) ◽

pp. 42-46

Author(s):

G. T. PULATOVA ◽

◽

T. A. KADYROV ◽

Keyword(s):

Economic Growth ◽

Theoretical Analysis ◽

Structural Changes ◽

Well Being ◽

The State ◽

Living Standards ◽

Total Production ◽

Direct Connection ◽

Fund Industry ◽

Time Changes

This article considers the direct connection of the state of living of the population with the structures of the economy. In this regard, it is noted that the territorial aspects of the structure of the economy are also factors in shaping the structure of people 's needs, despite the fact that the latter are poorly structured. The study showed that the extent of structural changes in the economy, apart from the needs of the population, is affected by such critical proportions as the ratio of production to consumption, the savings fund to consumption fund, industry and agriculture, growth of production and transport development, growth of cash incomes of the population and their commodity coverage. In total production theoretical analysis has also shown that structural changes in the economy depend on the level of change in the share of each sector of the economy At the same time, changes also affect economic growth and human well-being in different ways.

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The Nexus Between Seniors' Tourism Expenditure and Well-Being in China

Tourism Analysis ◽

10.3727/108354220x15758301241620 ◽

2020 ◽

Vol 25 (1) ◽

pp. 169-174

Author(s):

Renuka Mahadevan ◽

Vanessa Sha Fan

Keyword(s):

Economic Growth ◽

Life Satisfaction ◽

Government Policy ◽

Rural Areas ◽

Empirical Relationship ◽

Well Being ◽

Tourism Demand ◽

Leisure Travel ◽

Policy Strategy ◽

Tourism Expenditure

An examination of the two-way relationship between tourism expenditure and life satisfaction for seniors is undertaken in this article. This examination uses panel data on China's seniors and tracks the same seniors over 3 years. Results show that there is bidirectional causality between tourism expenditure and life satisfaction, casting doubt on previous studies that do not consider this two-way relationship. This empirical relationship highlights the importance of a two-pronged policy strategy— a government policy committed to social tourism programs for seniors who may not be able to afford travel and those who reside in rural areas. Another government strategy is to address aged concerns related to mobility and health to improve well-being and the provision of appropriate facilities for leisure travel. Senior tourism demand was found to be income inelastic and this result means that senior tourism can buffer Chinese economic growth in times of economic crisis and uncertainty, making the twin policy strategy a worthwhile consideration.

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Growth and Social Capital: Empirical Analysis of the Relationship

Mechanism of an economic regulation ◽

10.21272/mer.2019.84.11 ◽

2019 ◽

pp. 128-134

Author(s):

Ksenia V. Bagmet

Keyword(s):

Economic Growth ◽

Social Capital ◽

Economic Development ◽

Social Development ◽

Empirical Analysis ◽

Panel Data Analysis ◽

Well Being ◽

Developed Countries ◽

International Institute ◽

Level Of Economic Development

The article provides an empirical test of the hypothesis of the influence of the level of economic development of the country on the level of development of its social capital based on panel data analysis. In this study, the Indices of Social Development elaborated by the International Institute of Social Studies under World Bank support are used as an indicators of social capital development as they best meet the requirements for complexity (include six integrated indicators of Civic Activism, Clubs and Associations, Intergroup Cohesion, Interpersonal Safety and Trust, Gender Equality, Inclusion of Minorities), comprehensiveness of measurement, sustainability. In order to provide an empirical analysis, we built a panel that includes data for 20 countries divided into four groups according to the level of economic development. The first G7 countries (France, Germany, Italy, United Kingdom); the second group is the economically developed countries, EU members and Turkey, the third group is the new EU member states (Estonia, Latvia, Lithuania, Romania); to the fourth group – post-Soviet republics (Armenia, Georgia, Russian Federation, Ukraine). The analysis shows that the parameters of economic development of countries cannot be completely excluded from the determinants of social capital. Indicators show that the slowdown in economic growth leads to greater cohesion among people in communities, social control over the efficiency of distribution and use of funds, and enforcement of property rights. The level of tolerance to racial diversity and the likelihood of negative externalities will depend on the change in the rate of economic growth. Also, increasing the well-being of people will have a positive impact on the level of citizens’ personal safety, reducing the level of crime, increasing trust. Key words: social capital, economic growth, determinant, indice of social development.

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Approaches to the definition of territorial backwardness in the regional development management

POWER AND ADMINISTRATION IN THE EAST OF RUSSIA ◽

10.22394/1818-4049-2020-93-4-60-73 ◽

2020 ◽

Vol 93 (4) ◽

pp. 60-73

Author(s):

E. B. Veprikova ◽

◽

A. A. Kislenok ◽

Keyword(s):

Economic Growth ◽

Public Policy ◽

Russian Far East ◽

Far East ◽

Well Being ◽

Spatial Development ◽

Territorial Development ◽

Development Management ◽

Gradual Process ◽

Definition Of

Reducing the level of interregional differentiation is one of the problems in spatial development management according to the Spatial Development Strategy of the Russian Federation. Presence of significant regional imbalances hampers formation of a common economic, social, cultural, and institutional space and lead to a creation of backward territories which lag behind in the development. The focus of public policy measures on the centers of economic growth, with the concentration of financial and labor resources, without solving the problems of backward territories does not bring the expected effect – overall development and well-being. Local effects in the absence of positive changes in other territories result in the increase in imbalances, which limit the overall effectiveness of the public policy. At the same time, a steadily increasing lag may cause a loss of potential of economic growth and thus forms backward territories. The creation of territorial backwardness is a gradual process. Therefore, diagnosing the state of the territory and identifying the signs of increasing depression is an essential issue of public administration. The article presents the main approaches to the definition of territorial backwardness used in the Russia and overseas, it also reviews the determinants of backward territories. Different methods for identification of backwardness in the territorial development have been tested on the basis of the regions of the Russian Far East.

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