scholarly journals THE ROLE OF INNOVATIVE ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT: A CASE OF G20 COUNTRIES

2021 ◽  
pp. 6-14
Author(s):  
Fayzullokh Sattoriy ◽  
Behzod Abdupaizov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Growing Up ◽  
Key Factors ◽  
Growth And Survival ◽  
Innovative Firms ◽  
The Impact ◽  
Innovation And Entrepreneurship

Innovation and entrepreneurship are considered key factors of growth and survival of modern economies. According to Schumpeter (1934), “carrying out innovations is the only function which is fundamental in history". The review of recent studies reveals that high levels of newly growing up innovative firms are strongly related to economic growth (Stam, 2008).The vinculum of innovation, entrepreneurship and economic development is a matter of great interest at the present time. Given this context, the aim of this study is to explore the relation of Innovative Entrepreneurship and economic growth and its role in economic development of G20 member countries. For this, an overview of literature regarding the impact of innovation and entrepreneurship on economic development is discussed. KEYWORDS: Entrepreneurship, Innovation, Economic Development, SMEs, G20 Countries

scholarly journals Economic growth and its key factors: an alternative view on the factors stimulating agriculture growth

2020 ◽  
Vol 175 ◽  
pp. 13028
Author(s):  
Prateep Wajeetongratana
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Natural Resources ◽  
International Migration ◽  
Research Study ◽  
Alternative View ◽  
Key Factors ◽  
Domestic Markets ◽  
The Core

This research study makes an attempt to study the impacts of natural resources as well as financial and labor factors on economic development of contemporary states. Also, it investigates the correlation between all these factors mentioned above, in the context of countries’ economic growth. The obtained here results have helped us determine the core reasons behind international migration as a global phenomenon applicable to all countries without exceptions. Indirectly, we also demonstrate the transforming role of the labour factor as applied to economic development of countries and regions. Finally, positive impacts of a set of manufacturing factors on both international and domestic markets are demonstrated.

scholarly journals Financial strategy in the conditions of economic transformations

2021 ◽  
pp. 190-196
Author(s):  
Iryna Adamenko
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Financial System ◽  
Well Being ◽  
Economic Transformation ◽  
Financial Strategy ◽  
Economic Transformations ◽  
Social And Economic Development ◽  
The Impact

Relevance of the research topic. In the conditions of economic transformations the financial strategy acts as the important economic lever of influence of public administration bodies on social and economic development of the country. The assessment of the mechanism of financial regulation in Ukraine indicates the need to develop the components of the financial system in conjunction with the transformational economic processes and the development of a sound financial strategy in accordance with the goals and objectives of social development. Formulation of the problem. The importance of developing a financial strategy in the context of economic transformation is due to the need to take into account the impact of internal and external challenges in the financial and economic environment, economic fluctuations due to the spread of the coronavirus pandemic. At the same time, the choice of financial strategy tools should be made taking into account the level of economic development of the country. Analysis of recent research and publications. The issue of developing a financial strategy is quite common in research. These are the works of famous domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, W. Tanzi, S. Kucherenko, L. Lysyak, L. Levaeva, I. Lukyanenko, V. Makohon, M. Pasichny, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deepening of economic transformation, the adverse impact of the Crown virus pandemic on the financial sector, which requires a number of specific tasks related to the development of financial strategy. Problem statement, research goals. The objectives of the study are: to reveal the role of financial strategy in the regulation of socio-economic processes, to substantiate the peculiarities of the development of the components of the financial system. The purpose of the study is to reveal the directions of financial strategy in the context of economic transformation. Method or methodology of the study. The article uses a set of research methods: a systematic approach, statistical analysis, structuring, analysis, synthesis, etc. Presentation of the main material (results of work). The role of financial strategy in the regulation of socio-economic processes is revealed, the peculiarities of formation and implementation of financial strategy are substantiated. The directions of financial strategy in the conditions of economic transformations are substantiated. Field of application of results. The results of the study can be used in the process of formation and implementation of financial policy of Ukraine, reforming the domestic financial system and its components. Conclusions in accordance with the article. The qualitative level of formation and implementation of financial strategy is determined by the system of financial institutions, the state of their development in a particular country aimed at ensuring economic growth and welfare of citizens. The functional purpose of financial strategy is the result of the evolution of the role and importance of state functions in socio-economic development. Depending on the dynamics of socio-economic processes, the tasks of the financial strategy and the tools for its implementation should be adjusted. The financial strategy in the conditions of economic transformations should be directed on formation of long-term potential of economic growth and increase of well-being of the population taking into account demographic tendencies and indicators of the macroeconomic forecast of social and economic development of the country.

scholarly journals THE ESSENCE OF THE CATEGORY OF SMALL AND PRIVATE ENTREPRENEURSHIP AND ITS SPECIFICITY

2020 ◽  
Vol 01 (01) ◽  
pp. 85-94
Author(s):  
Akmal Yorievich Ostanov ◽  
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Market Competition ◽  
Economic Life ◽  
Private Enterprises ◽  
Private Entrepreneurship ◽  
The Republic ◽  
Employment Needs ◽  
The Impact

Small and private entrepreneurship is becoming increasingly important in the world economy. International experience shows that the impact of small and private entrepreneurship on economic growth through the creation of new jobs is very important. The role of these enterprises is growing, especially as economic development progresses towards services and information technology. Small and private enterprises are becoming economic entities where new techniques and technologies are rapidly introduced, advanced management methods are rapidly applied and effective in the short term. Indeed, the role of employment in economic growth through the development of small and private entrepreneurship is immeasurable.In particular, entrepreneurship plays an important role not only in the socio-economic life of the republic, but also in the regions. Entrepreneurship is a source of endless opportunities for the development of market relations, ensuring the stability of the economy, attracting investment from domestic and foreign sources, as well as meeting the growing employment needs of the population. Indeed, the origin of small and private enterprises is a reflection of a complex set of needs of different composition, primarily due to the need to increase the number of enterprises that can influence and withstand market competition in the country's economy; second, it is characterized by the fact that small and private businesses are the cheapest, preferred, and preferred method of recruiting the population. The article summarizes the laws of emergence and formation of entrepreneurship. In particular, it was found that the emergence of criteria based on the number of employees as well as production indicators has made small and private entrepreneurship an important phenomenon of economic development. Accordingly, it is proposed to improve the characteristics of small and private entrepreneurship using both criteria, and a new, improved definition of the concept of "entrepreneurship" and "entrepreneur" applied to employment. The article consists of an introduction, goals and objectives, methods, results and comments, and a conclusion.

scholarly journals THE ROLE OF BANKS AND SECURITIES MARKETS IN THE POST-TRANSITION ECONOMIES OF EASTERN EUROPE

2020 ◽  
Author(s):  
Sasho Arsov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Eastern Europe ◽  
Banking Sector ◽  
Positive Impact ◽  
Financial Sector ◽  
Securities Markets ◽  
Positive Role ◽  
The Impact

Economic theory predicts that the development of the financial sector should have a positive impact on the overall economic development. Research has predominantly confirmed this expectation, with the remark that at earlier stages of economic development this impact should be higher, while a disproportionate banking sector has detrimental effect on growth through its impact on attracting highly skilled workforce, increased presence of moral hazard and the associated banking crises. This issue has been studied only occasionally in the case of the former socialist economies of Central and Eastern Europe and the former USSR. This paper represents an attempt to analyze the impact of the banking sector and securities markets development on the economic growth of these countries. A sample of 22 countries is assembled, using data from 1995 to 2018 and a panel regression and a GMM technique are used to derive conclusions on the researched topic. The analysis has shown that the banking sector has played a positive role in the economic growth throughout the analyzed period, while the role of the stock market is not significant. This is in line with the previous studies which have confirmed that the positive role of the securities markets should be expected only at higher levels of economic development. Also, the impact of the overall financial sector is deemed to be positive.

scholarly journals KAWASAN EKONOMI KHUSUS DAN PEMBANGUNAN EKONOMI REGIONAL: SEBUAH STUDI LITERATUR

2020 ◽  
Vol 1 (2) ◽  
pp. 40-54
Author(s):  
Nurafni Irma Suryani ◽  
Ratu Eva Febriani
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Regional Economy ◽  
Positive Impact ◽  
Special Economic Zones ◽  
Literature Study ◽  
Economic Growth Rate ◽  
Economic Zones ◽  
The Impact

Special Economic Zones are very important for the progress of an area. SEZ is able to contribute to the regional economy and increase economic development by providing direct and indirect effects. The purpose of this study is to determine the impact of special economic zones on regional economic development. The object of this study is to explore the establish SEZ in Indonesia just only refer to two SEZs namely SEI Mangke and Tanjung Lesung. This research used literature study as a method. The results show that SEZ make the regional economy is starting to move towards a better direction. The role of two SEZs observed have different impact on regional economy, SEI Mangke has a positive impact on macroeconomy indicator such as reduced unemployment, reduced poverty and an increased economic growth rate in Simalungun Regency. Otherwise, Tanjung Lesung just has a positive impact on MSMEsKeywords: Unemployment, Poverty, Economic Growth, Pengembangan UMKM, SEZ Sei Mangke, SEZ Tanjung Lesung

scholarly journals The Impact of Islamic Banking on the Jordanian Economy Compared with Commercial Banks

2016 ◽  
Vol 8 (3) ◽  
pp. 244
Author(s):  
Taha Barakat Al-shawawreh
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Commercial Banks ◽  
Annual Reports ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Impact

<p>This research aims to evaluate the role of Islamic Banking in supporting the economic growth in Jordan, compared y commercial banks. Data was collected from the literature and the annual reports of two Jordanian banks representing Islamic and commercial banks. By analyzing the figures of the two banks, the results showed that Islamic banks have more ability to support the economic development in the Kingdom.</p>

scholarly journals Role of institutional quality in economic development: A case study of Asian countries

2021 ◽  
Vol 19 (2) ◽  
pp. 357-369
Author(s):  
Oanh Kim Thi Tran ◽  
Hac Dinh Le ◽  
Anh Hong Viet Nguyen
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Trade Openness ◽  
Institutional Quality ◽  
Policy Implications ◽  
Asian Countries ◽  
Regression Methods ◽  
Key Factor ◽  
The Impact

The paper investigates the impact of institutional quality on economic growth by taking 48 countries in Asia between 2005 and 2018. By using the quantile regression methods with panel data, institutional quality is found to be a key factor of economic development. However, in the lower-income Asian countries, the institution with better quality appears to promote the growth more effectively than in the higher-income ones. Moreover, the paper also finds out a nonlinear relationship between institutions and economic growth. The results show that there is an institutional threshold for economic growth to reach its highest level. If the institution indicator exceeds the threshold, it causes the reverse effect on the growth. Moreover, the economic growth of Asian countries is also affected by inflation (INF), labor force (LABO), trade openness (OPEN), and infrastructure (TELE). From that, the study suggests some policy implications for Asian countries and Vietnam, in particular, in order to improve institutions contributing to economic growth.

THE ROLE OF ENTREPRENEURSHIP IN THE SOCIO-ECONOMIC DEVELOPMENT OF CANADA

2020 ◽  
Vol 13 (2) ◽  
pp. 168-175
Author(s):  
A.V. Sharkovа ◽  
◽  
I.A. Keylin ◽  
S.E. Shibalova ◽  
◽  
...  
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Market Economy ◽  
Gross National Product ◽  
Economic Life ◽  
Growth Structure ◽  
Socio Economic Development ◽  
The Impact

Small and medium-sized businesses are an integral part of the market economy, without which the state cannot function effectively. SMEs largely determine the rate of economic growth, structure and quality of the gross national product, forming its significant share. This article examines the features of business in Canada, its role and place in the economy, and examines the impact of entrepreneurship on the socio-economic life of the country.

THE ROLE OF THE TRANSPORT SYSTEM IN STIMULATING ECONOMIC AND SOCIAL DEVELOPMENT

2017 ◽  
Vol 72 (0) ◽  
pp. 19-33 ◽  
Author(s):  
Aleksandra Koźlak
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Social Development ◽  
Human Activity ◽  
Transport System ◽  
Transport Infrastructure ◽  
Modern Economy ◽  
Socio Economic Development ◽  
The Impact

The importance of transport for economic development results from its multilateral links with different forms of human activity. So far, the focus has been on the impact of investments in the transport infrastructure on economic growth, whereas the importance of other elements of the transport system has been overlooked. In this article the concept and components of the transport system have been analysed, indicating the important role of the soft transport infrastructure and innovation. The main objective of the article is to analyse the role played by transport in the modern economy and indicate the mechanisms affecting the socio-economic development.

scholarly journals Value-added tax and economic efficiency: Role of country governance

2020 ◽  
pp. 20-20 ◽  
Author(s):  
Sok-Gee Chan ◽  
Zulkufly Ramly ◽  
Mustapha Zulkhairi
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Economic Efficiency ◽  
Value Added ◽  
Corporate Tax ◽  
Institutional Factor ◽  
Using Data ◽  
The Impact ◽  
Moderating Role

This paper examines the impact of VAT on economic efficiency, which while regarded as distortionary remains inevitable for economic development. Using data from 115 countries from 1984 to 2014, this research further investigates the moderating role of country governance on the link between VAT and economic efficiency. The results suggest that the extent to which country governance mitigates the effect of VAT on economic efficiency is contingent upon the way the country groups prioritize the development of each institutional factor. We find that high corporate tax countries benefit more from higher quality country governance. These findings confirm the role of country governance in better enforcement of tax policy to create less detrimental effects for economic growth. Therefore, better country governance makes taxation more affordable in high corporate tax countries.

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