scholarly journals GEORGIA IN THE WORLD OF CORONOMICS: THREATS AND CHALLENGES

2020 ◽  
pp. 94-102
Author(s):  
NANA ASLAMAZISHVILI
Keyword(s):  
Gross Domestic Product ◽  
Current Account ◽  
Open Economy ◽  
Global Economy ◽  
The Other ◽  
Domestic Product ◽  
Rapid Variability ◽  
Other Hand ◽  
The World ◽  
The Current Account

So far, much has been written and discussed about the rapid variability and complex predictability of the global economy, and different countries have more or less successfully dealt with the challenges they face. However, the global threat posed by the world in the form of COVID-19 puts the methods and approaches to combating economic crises completely upside down. What should be the strategy and tactics of the countries to start recovering the economies as quickly as possible under such kind of circumstances? In such a situation, it should be the best way to “hurry up slowly,” that is, to be thoroughly consistent so that short-term emergency measures do not harm long-term goals. Given the conditions of coronomics and the lessons the world has learned from it at this stage, recovery of the economics, in the earlier sense of the term, should be completely ineffective. We are accustomed to the fact that in the post-crisis period, economic recovery in a sense implies a more or less back-off to what was before the crisis. Given that this time a completely different “crisis” is occurring, essential structural changes and important transformations in many areas of the economy are needed to overcome its consequences. One of the clear lessons that must to be learned from Coronomics is that returning to what was already before would not be the right course of action for the economies focused on the sustainable development. Georgia is a small open economy, and the fate of such economies has already been decided in advance: they will not be able to influence the global economy, and their efforts must be directed to protect themselves from the negative effects of the ongoing processes in the world. What are the priorities for such countries on this path if traditional sectors are vulnerable to certain types of crises and fail to cope with the task of generating revenue in extreme situations that are necessary, on the one hand, to balance their demands and, on the other hand, to meet external obligations? This is the reality that Georgia has faced in the face of coronomics. How did the Georgian economy meet the shock of COVID-19? 2019 will be a turning point in many years for assessing economic outcomes, not just in Georgia. What are the dynamics of macroeconomic indicators and do they give a positive signal according to the data of this period? This article deals with the external economic aspects of these indicators. The current account deficit as of 2019 was $ 900.5 million, or 5.1 percent of gross domestic product. Historically, this is the best indicator in the history of independent Georgia. On the other hand, historically, the country›s external liabilities, which amount to $ 34.5 billion, are 1.9 times higher than Gross Domestic Product and 3.2 times higher than the country›s foreign financial assets; The country›s external debt was 1.1 times higher than GDP at the end of 2019, while imports accounted for 40.8 percent of total consumption (intermediate and final). Thus, Georgia›s positioning on the challenges of COVID-19 is completely unfavorable and critical. This article aims to discuss the main aspects of the country›s foreign sector accounts, the profitable and deficient articles of the balance of payments that traditionally determine the state of the current account, and how vulnerable these items are to external factors and shocks. The focus on this issue is to explore the ways in which it is possible to reduce the degree of dependence of the country›s economy on foreign shocks and achieve external economic stability. However, it should be noted that the format of the article is not sufficient for in-depth discussion of a number of causeand-effect issues, for the evaluation of perspectives, and for deeper and more substantiated reasoning. Therefore, it can be said that the paper forms the main postulates on the issues under consideration, which together and each of them deserves in-depth research, but not in terms of fragmentary time and content, but in a complex and permanent mode.

POSSIBILITIES OF REALIZATION OF SERVICE SECTOR POTENTIAL IN THE GLOBAL ECONOMY

2021 ◽  
Author(s):  
Oksana Melnichuk
Keyword(s):  
International Trade ◽  
Gross Domestic Product ◽  
Global Economy ◽  
World Economy ◽  
Service Sector ◽  
Developing Economies ◽  
Domestic Product ◽  
Trade In Services ◽  
Services Sector ◽  
The World

The relevance of the study is due to the growing role of services in the world economy. Trade in services has become the dominant driver of economic growth and development in both developed and developing economies. Since the 1980s, data suggest that there is a stronger relationship between trade in services and gross domestic product (GDP) than in the case of commodity growth and GDP. It is noted that the quality of policies, regulations and institutional frameworks is a key factor in determining the effectiveness of services. As services are increasingly subject to liberalization through multilateral and regional trade agreements, it is important that countries develop harmonized approaches to internal regulation and trade liberalization in the services sector. The article identifies the features and characteristics of the service sector as a factor of multifaceted development and growth. The dynamics of international trade in services by geographical structure and types of development of countries is studied on the basis of statistical data of international organizations, taking into account the impact of the pandemic. It is noted that international trade in services is becoming an increasingly important part of global commerce. The problematic aspects of the activity of small business entities to enter foreign markets of services are considered. The issue of urgency of digital economy development for the sphere of services and contribution to world markets is outlined. Opening up the services sector has the potential to bring great benefits and deserves more attention. Further prospects for the realization of entrepreneurial potential in a comprehensive global economy are outlined. It is noted that services are an important part of the world economy, generating more than two-thirds of world gross domestic product (GDP), attracting more than three-quarters of foreign direct investment in developed economies, and creating most of new jobs worldwide. Establishing effective coordination mechanisms between trade negotiators, policymakers and regulators will be an important tool for the development of the global economy.

scholarly journals Current account determinants in ASEAN 6

2018 ◽  
Vol 21 (2) ◽  
Author(s):  
Novi Ariyani ◽  
Fajar Wahyu Priyanto ◽  
Lilis Yuliati
Keyword(s):  
Foreign Direct Investment ◽  
Exchange Rate ◽  
Interest Rate ◽  
Gross Domestic Product ◽  
Current Account ◽  
Direct Investment ◽  
Domestic Product ◽  
Annual Data ◽  
The Current Account

This study aims to analyze the factors that influence the export activity in the ASEAN region countries such as Indonesia, Singapore, Thailand, Malaysia, Philippines and Vietnam during 2001 - 2016 by using annual data. The factors that influence gross domestic product (GDP), interest rate, foreign direct investment (FDI) and exchange rate. The method used in the research is panel Vector Error Correlation Model (PVECM). The results show that Gross Domestic Product (GDP) negatively affects the current account in the short term. The interest rate variable negatively affects the current account in the long term. The Foreign Direct Investment (FDI) variable negatively affects the current account in the long term. Furthermore, the exchange rate variable negatively affects the current account in the long term.

Chapter I. The Home Economy

1979 ◽  
Vol 90 ◽  
pp. 7-20
Keyword(s):  
Current Account ◽  
The Other ◽  
Disposable Income ◽  
Previous Calculation ◽  
Current Account Balance ◽  
Real Gdp ◽  
Other Hand ◽  
Consumer Prices ◽  
The Current Account

In this review our forecast is extended by a further complete year to the end of 1981. Our forecast for 1980 is in several respects rather more pessimistic than we suggested in August, but the addition of the forecast for 1981 shows that some improvement in real GDP and real disposable income is then expected. Unemployment on the other hand continues to increase but is now likely to be rather lower during 1980 than had previously been thought. As a contrast, inflation in consumer prices is forecast at a rather higher level for 1980, falling only by 1981 to the level previously anticipated for 1980. The current account balance is considerably worsened, not just for 1980 and 1981 but also for the current year, largely as a result of the higher level of imports following their rapid increase in the first two quarters of the year. The borrowing requirement remains very close to our previous calculation and is expected to fall slightly in 1981-2.

scholarly journals FORECASTING THE POTENTIAL OF THE ECONOMIC SYSTEM ON THE BASIS OF THE EXOGENIC GROWTH MODEL

2020 ◽  
Author(s):  
Sergiy Poznyak ◽  
◽  
Yurii Kolyada ◽  
Keyword(s):  
Economic Growth ◽  
Gross Domestic Product ◽  
Global Economy ◽  
Technological Progress ◽  
Growth Potential ◽  
Domestic Product ◽  
Solow Model ◽  
Economic Agents ◽  
The World ◽  
Macroeconomic Indicators

The paper considers models of economic growth and the possibility of modifying a suitable model to find the potential for economic growth for the economy of society. The world global economy is studied, presented in terms of societies of the world, in monetary terms and the growth potential of gross domestic product in relation to capital, labor, technological progress, population and other macroeconomic indicators that affect it. Theoretical and methodological significance lies in the description of a fundamentally new method of modeling, which can be used to assess the potential of economic development, proving the dynamics of the coefficients of elasticity of production factors, and proving the hypothesis of declining economic growth. The developed model effectively estimates the potential for economic growth for any country and can be used as a basis for forecasting indicators of potential capital intensity of production and potential gross domestic product. Regarding the practical significance of the obtained results, it should be noted that all changes and numerical values are supported by real data and are a consequence of economic, political or social phenomena in the economy of the country under consideration. In the further research it is possible to develop this model, adding to it new variables which influence economic growth, to update methodology of finding of coefficients as a result of actions of economic agents, instead of only their exogenous influence on economy. The work has three main sections. The first section contains theoretical aspects of estimating the evolutionary economy in the one-dimensional case, it describes the basic theoretical information about the Solow model and other neoclassical and endogenous models of economic growth. The second section describes the possibilities of the Solow model for estimating economic growth potential and theoretical aspects and derives the mathematical basis for estimating economic growth potential. Also in this section describes the implementation of the mathematical base. The third section comments on the results of modeling, based on which detailed conclusions are formed, which summarize the economic, mathematical, analytical and technical work. The simulation results well illustrate the degree of use of economic potential, as well as the impact of capital, technological progress, investment, natural population movement on the efficiency of the economy in terms of many countries. The developed software (as a product of the digital economy) can be used to further improve the model, taking into account more factors.

scholarly journals Dynamic Budgetary Consequences of the 1991 NFC Award

1994 ◽  
Vol 33 (4II) ◽  
pp. 627-645
Author(s):  
A. F. Aisha Ghaus ◽  
Hafiz A. Pasha
Keyword(s):  
Gross Domestic Product ◽  
Federal Government ◽  
Current Account ◽  
Flood Control ◽  
Ad Hoc ◽  
Domestic Product ◽  
The Current Account

The National Finance Commission (NFC) award of 1991 has been acclaimed to be a historic achievement of the previous elected government. It has come after a gap of many years (due since 1979) and some abortive attempts earlier.! Meanwhile, the provinces had run into large, chronic deficits on the current account, indicating the growing inadequacy of divisible pool transfers as per the provisions of the 1974 award. Consequently, as an ad hoc provision, deficit grants and other subventions had been used increasingly to support the on-going operations of the provinces. At their peak in 1987-88, these grants were Rs 17 billion (see Table 1), equivalent to about 2 percent of the Gross Domestic Product (GDP) and financed over one-fourths of the provincial current expenditure. Also, the federal government took over the responsibility of provision of some provincial responsibilities as contained in the Concurrent List of the Constitution like SCARPS, flood control, fertiliser subsidy, universities, etc.

scholarly journals Does Demographic Change Affect the Current Account? A Reconsideration

2012 ◽  
Vol 12 (4) ◽  
pp. 1850272
Author(s):  
Michael Graff ◽  
Kam Ki Tang ◽  
Jie Zhang
Keyword(s):  
Current Account ◽  
Open Economy ◽  
Analytical Framework ◽  
Population Ageing ◽  
Current Account Balance ◽  
The World ◽  
The One ◽  
The Impact ◽  
New Framework ◽  
The Current Account

This paper re-examines the impact of demographic factors on the current account balance. To this end, we develop an analytical framework that is more general than the one commonly used in the literature in three aspects. First, it accounts for the facts that the world current account balance must be equal to zero. Second, a bigger economy will have greater impacts on others, but be influenced less by them. Third, a more open economy will have greater impacts on others and at the same time be more readily influenced by them. We then confront two alternative empirical specifications based on both the new and the conventional framework with a panel of data. In contrast to the findings based on the conventional framework, our results with the new framework indicate that population ageing does not appear to have discernible impacts on the current account balance.

scholarly journals A pertinent analytic method to correctly measure contributions to growth in gross domestic product

2009 ◽  
Vol 56 (3) ◽  
pp. 397-408 ◽  
Author(s):  
Antoine Brunet
Keyword(s):  
Gross Domestic Product ◽  
Trade Balance ◽  
The Other ◽  
Domestic Product ◽  
Gdp Growth ◽  
Analytic Method ◽  
External Trade ◽  
Other Hand ◽  
Alternative Method ◽  
The One

In this paper, Antoine Brunet questions the OECD method in calculating contributions to GDP growth. He tries to show this method induces the users to seriously misjudge the contribution of external trade balance to GDP growth. He shows there is an alternative method, i.e. the AB method which is mathematically as correct as the OECD one. And this method is much more pertinent and allows the users to distinguish between two kinds of countries: on the one hand, the mercantilist countries and on the other hand, the non-mercantilist countries.

scholarly journals Causes of Current Account Fluctuations in West African Monetary Union

2020 ◽  
Vol 7 (1) ◽  
pp. 46-63
Author(s):  
Amadou Woury Diallo
Keyword(s):  
Gross Domestic Product ◽  
Monetary Union ◽  
Current Account ◽  
West African ◽  
Vector Model ◽  
Domestic Product ◽  
Current Account Dynamics ◽  
Domestic Shocks ◽  
West African Monetary Union ◽  
The Current Account

This study analyzes the sources of current account fluctuations in the West African Monetary Union (WAEMU) economies over the period from 1980 to 2017. It is part of the inter-temporal approach which considers that the dynamics of the current account of a country is influenced by global shocks and transient or permanent domestic shocks. Thus, we developed a three-variable structural autoregressive vector model. This is the international real interest rate that represents the aggregate shock, the ratio of current account to gross domestic product which is the proxy for transient domestic shocks, and the ratio of net output to gross domestic product to measure impact of permanent shocks to the current account. From the theoretical model, structural shocks are identified by applying the long-term restrictions imposed by the inter-temporal approach in the analysis of current account dynamics. The study leads to three major results: 1) current account fluctuations within WAEMU are explained by transient domestic shocks, 2) net product fluctuations are due to permanent domestic shocks, 3) Global or exogenous shocks have a modest contribution to current account fluctuations, but their effects on net income are still significant, especially in the long run.

Simone de Beauvoir's Philosophy of Individuation

2017 ◽  
Author(s):  
Laura Hengehold
Keyword(s):  
Lived Experience ◽  
20Th Century ◽  
Sexual Difference ◽  
Gilles Deleuze ◽  
The Other ◽  
Simone De Beauvoir ◽  
Second Sex ◽  
Other Hand ◽  
The World

Most studies of Simone de Beauvoir situate her with respect to Hegel and the tradition of 20th-century phenomenology begun by Husserl, Heidegger, and Merleau-Ponty. This book analyzes The Second Sex in light of the concepts of becoming, problematization, and the Other found in Gilles Deleuze. Reading Beauvoir through a Deleuzian lens allows more emphasis to be placed on Beauvoir's early interest in Bergson and Leibniz, and on the individuation of consciousness, a puzzle of continuing interest to both phenomenologists and Deleuzians. By engaging with the philosophical issues in her novels and student diaries, this book rethinks Beauvoir’s focus on recognition in The Second Sex in terms of women’s struggle to individuate themselves despite sexist forms of representation. It shows how specific forms of women’s “lived experience” can be understood as the result of habits conforming to and resisting this sexist “sense.” Later feminists put forward important criticisms regarding Beauvoir’s claims not to be a philosopher, as well as the value of sexual difference and the supposedly Eurocentric universalism of her thought. Deleuzians, on the other hand, might well object to her ideas about recognition. This book attempts to address those criticisms, while challenging the historicist assumptions behind many efforts to establish Beauvoir’s significance as a philosopher and feminist thinker. As a result, readers can establish a productive relationship between Beauvoir’s “problems” and those of women around the world who read her work under very different circumstances.

ANALISIS DETERMINAN KUALITAS LINGKUNGAN PERIODE 1999-2013

2016 ◽  
Vol 21 (1) ◽  
pp. 9-20
Author(s):  
Ersalina Tang
Keyword(s):  
Foreign Direct Investment ◽  
Energy Consumption ◽  
Gross Domestic Product ◽  
Co2 Emissions ◽  
Direct Investment ◽  
Meat Consumption ◽  
Domestic Product ◽  
World Data ◽  
The World ◽  
The Impact

The purpose of this study is to analyze the impact of Foreign Direct Investment, Gross Domestic Product, Energy Consumption, Electric Consumption, and Meat Consumption on CO2 emissions of 41 countries in the world using panel data from 1999 to 2013. After analyzing 41 countries in the world data, furthermore 17 countries in Asia was analyzed with the same period. This study utilized quantitative approach with Ordinary Least Square (OLS) regression method. The results of 41 countries in the world data indicates that Foreign Direct Investment, Gross Domestic Product, Energy Consumption, and Meat Consumption significantlyaffect Environmental Qualities which measured by CO2 emissions. Whilst the results of 17 countries in Asia data implies that Foreign Direct Investment, Energy Consumption, and Electric Consumption significantlyaffect Environmental Qualities. However, Gross Domestic Product and Meat Consumption does not affect Environmental Qualities.

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