scholarly journals The role of public credit in the economic development of Ukraine

2021 ◽  
pp. 28-33
Author(s):  
Uliana Vatamanyuk-Zelinska ◽  
Olena Ohirko
Keyword(s):  
Economic Development ◽  
Large Scale ◽  
Foreign Currency ◽  
Negative Impact ◽  
Banking System ◽  
Scientific Research ◽  
Government Bonds ◽  
Rational Use ◽  
Public Credit

Purpose. The main aim of the article is defining the essence of public credit, as well as analysis of the role of public credit in the economic development of Ukraine. Methodology of research. A set of general scientific research methods is used to achieve the defined goal and objectives, thanks to which the scientific literature on the topic of scientific research is generalized. Thus, generalization methods are used to substantiate the concept of “public credit”. The system approach allowed to investigate the essence of the concept of the sign and features of the concept of “public credit”. Methods of analysis and synthesis are used to determine the dynamics of government borrowing, including domestic government bonds, as well as to assess the positive and negative significance of public credit for the economies of Ukraine. Findings. Peculiarities and essence of state credit are investigated. Based on the fact that the modern financial policy of Ukraine determines the objective need to use government borrowing, in a market economy, the institution of public credit is becoming increasingly important in the financial system of the country. The dynamics of government borrowing volumes, in particular, the dynamics of domestic government bond volumes are analysed. It is established that during the period under study in this form of raising funds were the largest, which is due to large-scale renewal of the banking system of Ukraine; the vast majority of government borrowings were short-term and carried out for a period of one to three years. The reduction of government borrowing in foreign currency was facilitated by the deterioration of the investment climate in the country due to the spread of the coronavirus pandemic. The expediency of using a state loan and the negative impact of this on the economy of Ukraine are outlined. Originality. Recommendations for the rational use of public credit resources for their most effective use are developed in the article. Practical value. The results of the study can be used to develop a program of optimal and rational use of government borrowing with maximum benefit. Key words: state credit, borrowing, domestic government bonds, yield.

scholarly journals The system of public debt management in conditions of institutional transformations

2019 ◽  
pp. 160-166
Author(s):  
Valentyna Makogon
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Negative Impact ◽  
Scientific Research ◽  
Debt Management ◽  
Institutional Reforms ◽  
Public Debt Management ◽  
Debt Policy ◽  
Macroeconomic Stability

Relevance of research topic. In the context of institutional reforms, the issue of the limited state financial resources for the implementation of the tasks and functions entrusted to them by state authorities and local self-government is being updated, which predetermines the development of a system of public debt management, which is a powerful instrument of macroeconomic policy. At the same time, the growth of the level of public debt in both developed and transformational economies is conditioned by a number of factors, the most important of which are: the formation of a budget deficit that is of a permanent nature; the need for public expenditures aimed at ensuring macroeconomic stability and accelerating the pace of economic growth, the development of the social sphere. Formulation of the problem. In the context of institutional reforms, the important task is to develop a debt strategy that will ensure the concentration of limited investment resources in those sectors of the economy that will accelerate the pace of economic growth, which requires further scientific research of the theoretical and applied aspects of the formation and implementation of budgetary and debt policies, their coherence, improvement the mechanism of public debt management. At the same time, the choice of tools for managing public debt can both negatively and positively affect macroeconomic stability in the country. Analysis of recent research and publications. The problem of public debt management is rather widespread in scientific research. These are works by well-known domestic and foreign scholars: J. Buchanan, U. Mitchell, J. M. Keynes, T. Bogolib, I. Zapatrina, L. Lisyak, I. Chugunov and others. Identification of unexplored parts of the general problem. The above issues are actualized in connection with the intensification of globalization processes, the adverse external and internal economic environment, which requires the solution of a number of specific tasks related to the formation of public debt at an economically sound level. Setting the task, the purpose of the study. The objectives of the study are: to reveal the role of the system of public debt management in the regulation of socio-economic processes, to justify the relationship between debt and budget policy; carry out an analysis and assessment of Ukraine's state debt; to identify the main factors influencing the level of public debt; to clarify the provision for improving the efficiency of the mechanism of public debt management. The purpose of the study is to substantiate the priority tasks of debt policy in the context of institutional transformations. Method or methodology of conducting research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis, synthesis, and others. Presentation of the main material (results of work). The role of public debt in state regulation of social and economic development of the country is determined. The analysis and evaluation of public debt has been carried out. The priority tasks of the debt policy in the context of institutional transformations are substantiated. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy, reforming the system of public finances. Conclusions according to the article. Ensuring macroeconomic stability in the country involves the development of an effective strategy for managing the public debt, justifying the strategic priorities of debt policy, based on realistic forecast indicators of the country's economic development. The improvement of the mechanism for managing public debt should be based on a clear combination of legally defined budgetary and debt policy instruments. The use of indicators of a structured, cyclically-adjusted balance can increase the validity of fiscal and debt policies. The high level of government debt and significant budget deficits create risks for financial and macroeconomic stability, their potential negative impact on economic development is far more devastating than the pro-cyclical nature of fiscal policies that only affect the economic dynamics in the short term. Accordingly, the important task of fiscal policy is to prevent the growth of public debt and budget deficit while limiting the negative impact of further fiscal consolidation on aggregate demand. The article defines the strategic priorities of debt policy in the context of institutional transformations.

scholarly journals Cultural and Social Diversity as an Economic Resource

2021 ◽  
Vol 65 (2) ◽  
pp. 141-155
Author(s):  
Damian S. Pyrkosz
Keyword(s):  
Economic Development ◽  
Negative Impact ◽  
Positive Impact ◽  
Economic Systems ◽  
Main Body ◽  
Social Diversity ◽  
Economic Resource ◽  
Numerous Data ◽  
The Relationship

The paper seeks to identify the role of cultural and social diversity in economic development. It starts by defining the terms that are critical to the analysis, including diversity, fractionalization, polarization, social diversity, cultural diversity and economic resources, as well as providing the most significant indexes thereof. The main body of the paper interprets the notions of cultural and social diversity in terms of being a valuable economic resource. Furthermore, it collects a vast body of literature to demonstrate the relationship between the cultural/social diversity and economic development with regard to adverse or positive impact on the latter. In regard to the negative impact of diversity, the paper identifies it in the area of social communication, social capital and networks, as it effectively causes a decrease in productivity and increase in social conflict and isolation. The positive link is demonstrated with examples in the areas of innovation, creativity, usage of complementary abilities and experiences, and their role in increasing productivity. The paper refers to numerous data sources, studies and indexes illustrating how the economic systems of various countries perform in the context of the paper’s subject-matter.

scholarly journals The role of scientific research in achieving economic development Applied to White Nile state- Sudan (2015- 2018): دور البحث العلمي في تحقيق التنمية الاقتصادية دراسة ميدانية في ولاية النيل الأبيض – السودان (للفترة من 2015م - 2018م)

2020 ◽  
Vol 4 (7) ◽  
Author(s):  
Mahdi Abdalla Mohamed, Musa Abdalla Mohamed
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
Scientific Research ◽  
Analysis Method ◽  
Important Target ◽  
Statistical Analysis Method ◽  
White Nile ◽  
Descriptive Method

The study is focusing on the factors which are leading to know the weakness link between the scientific research and economic development in the White Nile state. The important target of the study is to determinate the role of scientific research in the economic development. The study dependence on the statistical analysis method, historical and descriptive method. It aims to collect information related to the problem. The most important result of the study that state has significant savings in production. The most important recommendations of the study the necessity of using scientific research to achieve economic development.

scholarly journals PERANAN HUKUM DALAM PEMBANGUNAN EKONOMI DI BIDANG TENAGA KERJA DI TENGAH PENERAPAN PEMBATASAN SOSIAL BERSKALA BESAR (PSBB) DI INDONESIA

2021 ◽  
Vol 5 (2) ◽  
Author(s):  
Fransiskus Ravellino
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Large Scale ◽  
Pandemic Virus ◽  
Social Restriction ◽  
The Law

At the beginning of the year 2020 , Indonesia is experiencing a new phenomenon of is not fed, the phenomenon of pandemic covid-19 .Up to january 2021 , there is at least 808.000 covid-19 people infected with the virus , as many as 667.000 of them they cured and 23.753 soul that have died .The speed of the transmission of the virus coupled with the community apply protocol disiplinan is typical of the health make pandemic virus covid-19 it is difficult to overcome and forcing the administration to apply large scale social restrictions (PSBB) and this might impact on the economic growth of indonesia one of them is many unemployment due to reduced the company capacity to maintain labor that is .This research aims to review and give feedback about the role of the law into economic development especially in in the field of labor in the middle of this large-scale social restriction (PSBB) in the middle of this pandemic.

Global Wars, Public Debts, and the Long Cycle

1983 ◽  
Vol 35 (4) ◽  
pp. 489-516 ◽  
Author(s):  
Karen A. Rasler ◽  
William R. Thompson
Keyword(s):  
Economic Development ◽  
Great Britain ◽  
Longitudinal Analysis ◽  
Public Debt ◽  
Significant Proportion ◽  
Empirical Support ◽  
Long Cycle ◽  
Public Credit ◽  
The World

The explanation of the rise and fall of the world system's leading powers in terms of uneven economic development tends to overlook the role of the creation and management of public credit and national debts. Prior to 1815, the Netherlands and Great Britain owed a significant proportion of their respective victories over the larger and wealthier states of Spain and France to the development of competitive financial capabilities. Winning, however, leads to higher absolute debt burdens which, prior to 1945, encouraged postwar reductions in governmental expenditures. In this fashion, world leaders have contributed to the erosion of their preponderant capability positions before the emergence of international rivals. These ideas are elaborated within the context of George Modelski's long cycle of world leadership theory and through a brief review of war-related financial problems between 1500 and 1815 and the consequent development of national debts. The longitudinal analysis of British and American public debt data provides collaborating empirical support.

scholarly journals FINANCIAL MANAGEMENT IN ECONOMIC GROWTH OF TRANSITION COUNTRIES IN KOSOVO WILL BE SPECIAL

2018 ◽  
Vol 28 (1) ◽  
pp. 165-169
Author(s):  
Baki Koleci
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Financial Management ◽  
Banking Industry ◽  
Negative Impact ◽  
Banking System ◽  
Transition Countries ◽  
Investment Funds ◽  
Ongoing Research ◽  
Explanatory Variables

The link between financial management and economic growth is a matter that is constantly being studied and discussed by various authors. The banking industry is an important source of economic development in the country, both in the private and public sectors. The lack of data for a multi-annual period remains a continuing problem for Kosovo's economy. Through multiannual data researchers and scholars will be able to draw the most accurate conclusions for transition countries.Through this study, we will show the empirical link between financial management, the banking system, economic growth in transition countries, and especially data from Kosovo. We will domenstrate throw the Regression Model (OLS) and three explanatory variables: Inflation, Credit to Household Economics and Credit Enterprise, we will reach the hypothesis conclusion.The results of regression show a positive and negative correlation between financial management, credit, and economic growth. From the results obtained, lies the hypothesis: where credit to households has a negative impact on economic growth. But the hypothesis is based: where the credit of the enterprise has a positive economic growth, while the offspring turns negative with economic growth.The purpose of this work is to fill this poor gap. New and ongoing research makes data completion, delivering the most accurate results and scope for improving financial policies.Various banking functions point to their importance for an effective and stable banking system as indispensable for the country's economy. Therefore, bank supervisors have an increased responsibility for monitoring and maintaining the healthy operation of a banking industry in a country. Moreover, individual entrepreneurs or investors usually lack sufficient capital to continue with their projects. Commercial banks provide mediation services that unite savers and investors by channeling theoretically investment funds for uses that bring the highest rate of return, increasing the specialization and division of labor (Todaro, 2003). The neoclassical growth model tells us that an increase in effective savings investments in new and innovative projects is one of the main economic growth generators (quoted in Armenta). The provision of credit is of utmost importance because mobilized assets can be rationally utilized, using them in the sphere of production, speeding up the reproduction process, turnover and other sectors, which are accounted for as sectors that accelerate economic development. Loans are very important and one of the main factors in stimulating economic development in the region, so the focus in the first part of this paper will be analysis of the role of loans and their impact on economic growth (credit growth in GDP) , where the main interest in this paper will be Kosovo.

scholarly journals FOREIGN CURRENCY REFINANCING AS A NEW ELEMENT OF STIMULATING THE ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES

2020 ◽  
Vol 6 (5) ◽  
pp. 171-177
Author(s):  
Andrii Hrona
Keyword(s):  
Economic Development ◽  
Correlation Coefficient ◽  
Transition Economies ◽  
Transition Economy ◽  
Foreign Currency ◽  
Negative Impact ◽  
Economic Systems ◽  
Significant Negative Impact ◽  
Business Entities ◽  
Negative Impacts

Transition economies require finding and implementing new elements to stimulate their development, especially with regard to the economic systems of the former Soviet countries (Ukraine and Belarus). Under these conditions, it is important to use the experience of other transition economies, which includes the use of foreign currency refinancing. Purpose. Substantiation of the introduction of foreign currency refinancing as a new element of stimulating the economic development of transition economies through assessment of the development of the mentioned economies in Belarus and Ukraine. Design/methodology/approach. The study employed a quantitative analysis of statistical data to assess the development of transit economies in Ukraine and Belarus over the 21-year period. Correlation and regression analysis was also involved to identify key areas of impact of foreign currency refinancing on transitive economic systems. In this case, it was proposed to use five regression functions (linear; exponential; polynomial; logarithmic; power). It was separately proposed to determine the correlation ratio between the key areas of impact of foreign currency refinancing on the transition economy and the volume of foreign exchange refinancing using three methods: the determination factor; checking the correlation coefficient on the Chaddock’s scale; comparison of the correlation coefficient with the critical correlation coefficient. Findings. The article analyses the development of the transition economies of Ukraine and Belarus over the 21-year period (from 1999 to 2019) and emphasises that since 2008 the development of economic systems of the countries selected for the study has almost stopped despite activities (tools) used to stimulate the growth of national economies. The authors prove the importance of finding and using new elements to stimulate the economic development of the economies of Belarus and Ukraine. The use of foreign currency refinancing as a new element of stimulating the development of economic systems of Ukraine and Belarus is justified. The mechanism, beneficial and negative impacts of the use of foreign currency refinancing for transition economies selected for the study are identified. The key areas of influence of foreign currency refinancing on the economic systems of Belarus and Ukraine are identified, where the size of lending; revenues of budgets of different levels, business entities, households are the main ones. At the same time, the authors managed to refute the possibility of a significant negative impact of currency refinancing on the growth of the monetary base, inflation and devaluation processes in the countries selected for the study. Practical implications: the conducted research is important for ensuring the long-term development of transition economies, primarily in Ukraine and Belarus. Originality/value: the study will allow to identify key areas of impact of foreign currency refinancing on transitive economic systems, and revealing its beneficial and negative impacts for economies of this type on the example of Ukraine and Belarus.

scholarly journals Development of Urban Co-Operative Banks in India after Independence

2019 ◽  
Vol 8 (2) ◽  
pp. 114-118
Author(s):  
K. Shivappa
Keyword(s):  
Economic Development ◽  
Banking Sector ◽  
Banking System ◽  
Income Groups ◽  
Common Man ◽  
Development Banks ◽  
Indian Banks ◽  
Oriented Approach

It has been agreed that marketing of Bank services has been much neglected aspect of Banks and this has hindered the growth of Indian Banks in their role of assisting economic development. Banks need to change from ‘account oriented’ to ‘customer oriented’ approach. Today’s customer’s needs and expectations are changing very fast. To meet these needs and expectations a sensitively responsive Banking system is essential. The urban Co-Operative Banking sector is playing an important role. This sector is growing steadily year after year. It is providing helping hand for common man, middleclass people and small income groups.

scholarly journals Tax revenues in the system of budget revenues formation

2019 ◽  
pp. 188-195
Author(s):  
Valentyna Makohon
Keyword(s):  
Economic Development ◽  
Fiscal Policy ◽  
Scientific Research ◽  
State Regulation ◽  
The State ◽  
Social Production ◽  
Generation System ◽  
Tax Revenues ◽  
Budget Revenue

Relevance of research topic. Taxes play a significant role in the system of state regulation of the country's economic development. The cyclicality and dynamism of economic processes necessitates the adaptation of the tax regulation mechanism to changes in financial and economic conditions. It is important to timely and carefully assess the impact of taxes on social production, its dynamics and structure. Budget and tax policies should be mutually consistent with the strategic objectives of economic transformation, aimed at creating the proper conditions for deepening the interaction of the state and society. Formulation of the problem. In the context of economic transformations, the important task is to change the approaches to fiscal policy in terms of improving the tax system's tax structure, which are budget-forming components, which requires further scientific research into the theoretical and applied aspects of administration of tax revenues in the system of forming the revenue part of the budget. Analysis of recent research and publications. The problem of the formation of tax revenues and their impact on the market equilibrium is quite widespread in scientific research. These are works by well-known domestic and foreign scholars: J.J. Buchanan, W. Mitchell,  J. M. Keynes, T. Bogolyub, I. Zapatrina, L. Lisyak, I. Chugunova and others. Identification of unexplored parts of the general problem. The above issues are updated in connection with the strengthening of globalization processes, the adverse external and internal economic environment, which requires the solution of a number of specific tasks related to determining the level of tax burden in such a way as to achieve a balance between budget expenditures and its revenues and the processes of revival of business activity were not restrained, the level of growth of the shadow sector of the economy did not deepen. Setting the task, the purpose of the study. The objectives of the study are: the disclosure of the role of taxes in the state regulation of economic development of the country, the analysis and assessment of tax revenues in the system of budget revenue formation. The purpose of the research is to substantiate the priority tasks of the fiscal policy on the formation of tax revenues, and to improve their architectonics in the context of institutional transformations. Method or methodology of conducting research. The article uses a set of methods of scientific research: system approach, statistical analysis, structuring, analysis, synthesis, and others. Presentation of the main material (results of work). The role of taxes in the state regulation of economic development of the country is determined. The analysis and estimation of tax revenues in the budget revenue generation system was carried out. The priority tasks of fiscal policy concerning formation of tax revenues, improvement of their architectonics under the conditions of institutional transformations are substantiated. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's fiscal policy. Conclusions according to the article. The role of taxes in the system of state regulation of economic processes is ensured by their influence on social production, its dynamics and structure. Ensuring the stability of budget revenues and fiscal adequacy involves developing an effective concept for the development of the tax system, based on realistic forecasts of socio-economic development of the country; assessment of the tax potential of administrative and territorial units. The starting base for the formation of the revenue part of the state and local budgets is the rational allocation and consolidation of specific tax revenues. The system of tax regulation should be based on a clear combination of legally established mechanisms for the establishment, collection and redistribution of tax revenues between budgets of different levels. The article defines the strategic priorities of the fiscal policy in relation to the formation of tax revenues in the budget revenue generation system.

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