scholarly journals ECONOMIC PROBLEMS OR CRISIS OF ECONOMIC SCIENCE

2018 ◽  
pp. 81-85
Author(s):  
ROMAN KHARBEDIA
Keyword(s):  
Economic Theory ◽  
Soviet Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Economic Science ◽  
Real Economy ◽  
Economic Theories ◽  
Economic Problems ◽  
Socialist System ◽  
Crisis Situation

The collapse of the socialist system in the 90s of the last century and the break-up of the Soviet Union put the issue of transition from the administrative-command economy to the market economy on the agenda. It was necessary to carry out a proper economic policy based on a certain theoretical basis, but the events have clearly demonstrated the limitations of the current level of economic science; it was impossible to predict the economic problems faced by these countries, while at the same time it did not have theoretical justification for their solution. The global financial crisis that began in 2008 has actually turned down the viewpoints of the visible representatives of economic science and greatly damaged the reputation of economic science. These circumstances have raised some questions about economic science and gave some researchers the grounds for assessing such a situation of economic science as a crisis situation. The situation of economic science can be called crisis in that case when serious problems arising in real economy and the tasks facing the economy cannot be solved by the methods existing in the arsenal of economic science, or economic science has no answers to the ways and methods of solving these tasks. Consequently, economic science had been in crisis periods in 1929-1932, so called “Great Depression”, the collapse of the socialist system or the 2008-2009 financial crisis periods. Some researchers link the dangers of economic science to the diversity of economic theories and consider the latter to be one of the forms of crisis detection, which is not valid. The existence of different versions of economic theories is not due to the crisis situation of economic science, but because of the peculiarities of the emergence of each new economic theory. Unlike the exact and technical sciences, economic theory does not eliminate previous theories, but expands its borders on the development and diversification of economics. So the hard economic situation of a particular country is caused by other factors, not by the diversity of economic theories or the crisis situation of economic science.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Overcoming Stereotypes

2008 ◽  
pp. 110-120 ◽  
Author(s):  
A. Yakovlev
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Pragmatic Approach ◽  
Economic Problems ◽  
Conventional View ◽  
The Government ◽  
High Uncertainty

Using the data of SU-HSU enterprises surveys and internal statistics of KPMG company the paper provides a non-conventional view on three economic problems which have recently been in the center of expert discussions in Russia: competitiveness of firms, corruption in the government and level of taxation. The paper argues the necessity of pragmatic approach to economic phenomena, especially under conditions of high uncertainty caused by the increasing global financial crisis.

scholarly journals The crisis in economics – nature and ways to overcome it

2019 ◽  
Vol 89 (1) ◽  
pp. 24-37
Author(s):  
A. D. Nekipelov
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Economic Crisis ◽  
Economic Science ◽  
Mainstream Economic ◽  
Pure Science ◽  
Economic Problems ◽  
Neoclassical Economic Theory ◽  
Multiple Alternative ◽  
Alternative Approaches

Recent decades have witnessed an upsurge in multiple alternative approaches to unraveling major economic problems, together with the mainstream economic theory, which in this study has been considered an indicator of economic crisis. In this study, we attribute institutional stasis, as well as methodological heterogeneity of its two constituent sections, micro- and macroeconomics, to the primary drawbacks of neoclassical economic theory. Overcoming the crisis of economic science correlates with the creation of a general economic theory on the principles of “pure science,” with elucidated functions of various socioeconomic disciplines. If “pure economic theory” intends to form an intellectual layout of the economic system, then the “realistic sciences,” also including modern macroeconomics in this study, are tools for analyzing specific socioeconomic phenomena and processes. As people with consciousness and interests act in the society, this study postulates the existence of a certain zone of ambiguity, which cannot be entirely covered.

scholarly journals LA FORMALIZZAZIONE MATEMATICA NELLE TEORIE ECONOMICHE: PROBLEMI E PROSPETTIVE

2013 ◽  
pp. 73-89
Author(s):  
Giovanni Marseguerra
Keyword(s):  
Economic Theory ◽  
Social Science ◽  
Quantitative Approach ◽  
Peculiar Feature ◽  
Economic Science ◽  
Real Economy ◽  
The Real ◽  
Mathematical Formalization ◽  
Development Of Economic Theory

Riassunto. – All’interno della comunità degli economisti sembra essere oggi presente un crescente disagio e un diffuso malcontento relativamente alle capacità della modellistica neoclassica di comprendere e spiegare i fenomeni economici. La relazione intende esaminare criticamente il contributo della formalizzazione matematica nelle teorie economiche, mettendo in evidenza sia punti di forza di un tale approccio sia le debolezze insite in un’analisi che rischia spesso di privilegiare la bellezza dello strumento rispetto all’oggetto di studio. Si considerano poi alcune delle moderne prospettive per l’indagine economica offerte dalla modellistica basata sulla simulazione a computer che consente di tener conto della complessità della realtà in misura maggiore di un approccio puramente analitico. Viene infine evidenziata l’importanza di garantire la coesistenza di una pluralità di scuole di pensiero in economia e si esaminano altresì le difficoltà per la valutazione della ricerca provocate dall’esistenza di un paradigma dominante. Nelle conclusioni viene enfatizzata la necessità di considerare l’economia come una vera scienza sociale.***Abstract. – There is today a widespread discontent within the international economists’ community as far as the capacity of the dominant neoclassical paradigm both to enhance our knowledge of economic phenomena and increase our capacity of governing the real economy. Somehow surprisingly, the lack of explicative relevance of the theory went almost hand in hand with the massive use of mathematics to formalize the theory. In order to investigate this peculiar feature of the evolution of economic science, this paper examines the contribution of mathematical formalization to the development of economic theory in the last sixty years pointing out both weaknesses as well as merits of a quantitative approach to economics. Finally, the need to consider economics as a truly social science si strongly emphasized.

scholarly journals Contagion effects of the global financial crisis in us and European real economy sectors

2014 ◽  
Vol 61 (3) ◽  
pp. 275-288 ◽  
Author(s):  
Dimitris Kenourgios ◽  
Dimitrios Dimitriou
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Global Financial Crisis ◽  
Regional Analysis ◽  
Real Economy ◽  
Policy Makers ◽  
Contagion Effects ◽  
Market Contagion ◽  
Show Evidence ◽  
The Global Financial Crisis

This paper empirically investigates the contagion effects of the Global Financial Crisis (2007-2009) from the financial sector to the real economy by examining nine sectors of US and developed European region. We provide a regional analysis by testing stock market contagion on the aggregate level and the sector level, on the global level and the domestic/regional level. Results show evidence of global contagion in US and developed European aggregate stock market indices and all US sector indices, implying the limited benefits of portfolio diversification. On the other hand, most of the European regional sectors seem to be immune to the adverse effects of the crisis. Finally, all non-financial sectors of both geographical areas seem to be unaffected by their domestic financial systems. These findings have important implications for policy makers, investors and international organizations.

scholarly journals Naomi Klein. The Shock Doctrine: The Rise of Disaster Capitalism. New York: Henry Holt and Metropolitan Books. 2007. 500 pages. Hardcover. US$18.11.

2010 ◽  
Vol 49 (3) ◽  
pp. 264-265
Author(s):  
Mohsin M. Zahid
Keyword(s):  
New York ◽  
Soviet Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Free Market ◽  
Nobel Laureate ◽  
Tiananmen Square ◽  
Reform Agenda ◽  
Hard Time ◽  
Disaster Capitalism

Naomi Klein is an award-winning journalist, and his book The Shock Doctrine: The Rise of Disaster Capitalism is a bestseller. Klein argues that free market philosophy professed by the Nobel laureate Milton Friedman and may others and adopted by the international financial institutions faced a hard time while being put to practice. Accordingly, crises were engineered in some countries to provide an environment in which unpopular reforms could be carried through. In some countries natural disasters were used as an occasion to push through the free market reform agenda. Klein’s basic thesis is that unpopular market reforms have typically been carried out at a time when the shock-stricken people were too disoriented to take even a clear stand on the reforms, much less to put up a stiff resistance to these. Policy changes that followed the Falklands war of 1982, the Tiananmen square event of 1989, the collapse of the Soviet Union in 1991, the Asian Financial Crisis of 1997, and of course the more recent Global Financial Crisis are all examples of pushing through the liberal reform agenda after the man-made crises had disoriented the public at large or had softened their stand on the free market.

scholarly journals BANKRUPTCY THREATS FOR RUSSIAN ORGANIZATIONS AMID THE GLOBAL FINANCIAL CRISIS

2010 ◽  
pp. 60-65
Author(s):  
S. E. Kovan
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
The State ◽  
Important Task ◽  
Real Economy ◽  
The Real ◽  
State Management ◽  
The Global Financial Crisis

The global financial and economic crisis significantly affected enterprises of the real economy sector. According to some estimates, in 2009 about 40% of unprofitable Russian businesses of this economy sector were bankrupt. An important task for the state management is preventing mass bankrupts and non-payments crisis. Some measures to reduce bankrupt risks for enterprises of the real economy sector have been suggested in order to save business and increase its efficiency.

Impact of Financial Crisis on Credit Risk: Pre- and Post-financial Crises 
in an Emerging Economy

2020 ◽  
Vol 9 (2) ◽  
pp. 118-132
Author(s):  
Syed Moudud-Ul-Huq ◽  
Rabaka Akter ◽  
Tanmay Biswas
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Credit Risk ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
Banking System ◽  
Commercial Banking ◽  
Real Economy ◽  
Credit Risk Management ◽  
The Global Financial Crisis

This aim of the article is to establish a model to discuss the reasons for changing the level of credit risk among the commercial banks of Bangladesh during the global financial crisis (GFC). Credit risk has been remaining as the essential and core risk in commercial banking activities. Multiple regression analysis is used to test the relationship among the level of credit risk as a dependent variable and financial crisis, other bank-level variables and macroeconomic variables. The causes of the GFC revealed not only systematic or structural imbalances but also the necessity to keep and strengthen the principles of credit risk management. We analyse the leading causes of the recent GFC. Moreover, the lessons that must be learnt from the weaknesses of credit risk management systems. Credit risk was found to respond to macroeconomic conditions, which indicate strong feedback effects from the banking system to the real economy. This article represents the analysis of the influence of the financial crisis on credit risk management in commercial banks and summarizes the challenges faced by banks for credit risk improvement. We hope that this reality creates new opportunities for managing credit risk in the future to increase this importance in the banks and the overall economy of Bangladesh.

Sign in / Sign up

Export Citation Format

Share Document