scholarly journals Institutional Environment Modernization In Ukraine: Evaluation And Analysis

2019 ◽  
Author(s):  
Z. Shevchuk ◽  
N. Fedorchuk
Keyword(s):  
Economic Development ◽  
Economic Freedom ◽  
Institutional Environment ◽  
Social Situation ◽  
Optimal Level ◽  
Global Competitiveness ◽  
Doing Business ◽  
Socioeconomic System ◽  
Economic Sphere ◽  
Global Competitiveness Index

In this article the elements of institutional environment development and strategies for solving the problem of stable functioning of social and economic sphere of life of society are considered, discussed and analyzed. The relevance of the study is an attempt to highlight the main indicators of modernization of the institutional environment of Ukraine. These indicators are: global index of the effectiveness of public administration, the index of incapacity of states, the index of global competitiveness, the index of economic freedom, the index of easiness of doing business, the index of acceptance of corruption. All these indicators are included in the process of formation of the institutional environment of Ukraine. The research is based on the methods of the empirical research:, observation, comparison, and, in addition, on the methods of content analysis. Results. The institutional environment provides the basis for the activity for the subjects of the socioeconomic system and also defines the vector of its development. The Global Competitiveness Index not only assesses the degree of competitiveness of a country, but also helps to see the real situation in the country. It shows its competitive advantages and problems that slow down economic development. The Index of Economic Freedom identifies the main problems of an optimal level of economic freedom. It shows that the higher the index of economic freedom leads to the higher level of welfare of the population. The Easiness of Doing Business Index assesses the «rules of the game». In other words, laws, regulations, and other government acts that have impact on reducing unprofitable and bankrupt businesses. This index, in addition, assesses the condition for facilitating for doing business in Ukraine. The Failed States Index helps to analyze Ukraine's ability to control the integrity of its territory, political, demographic, economic and social situation in the country The Corruption Perceptions Index is usually used in political and econometric studies to explain the effectiveness of government administration, economic development and the level of democracy in Ukraine. Moreover, it is used to reduce the corruption in government-business relations. The institutional environment in Ukraine continuously forming. This is why the analysis of some elements of the development of the institutional environment in Ukraine is necessary to identify the optimal strategy for solving the problem of stable functioning of social and economic sphere of life of society

КОМПАРАТИВНИЙ АНАЛІЗ РЕПРЕЗЕНТАТИВНОСТІ РЕЙТИНГІВ ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ КРАЇН

2019 ◽  
pp. 105-110
Author(s):  
Kateryna Chaika
Keyword(s):  
Human Development ◽  
International Business ◽  
Human Development Index ◽  
Economic Freedom ◽  
Development Index ◽  
Global Competitiveness ◽  
Doing Business ◽  
Global Competitiveness Index ◽  
Competitiveness Index ◽  
Index Index

У статті визначено чотири основні групи методик оцінки інвестиційної привабливості. Серед них було виокремлено рейтинговий метод на основі статистичних даних, у межах якого проводиться ранжування провідних міжнародних рейтингів інвестиційної привабливості. Було встановлено відсутність закономірності між рекомендаціями UNCTAD та міжнародними рейтингами, у зв’язку з чим було проведено компаративний аналіз таких провідних міжнародних рейтингів, як «BDO International Business Compass», «Doing business», «The Global Competitiveness Index», «Index of Economic Freedom», «Legatum Prosperity Index» та «Human Development Index» та встановлено серед них найбільш репрезентативний.

scholarly journals An Attempt to Assess the Quantitative Impact of Institutions on Economic Growth and Economic Development

2014 ◽  
Vol 38 (1) ◽  
pp. 7-30
Author(s):  
Mariusz Próchniak
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Empirical Analysis ◽  
Economic Freedom ◽  
Institutional Environment ◽  
Positive Impact ◽  
Policy Implications ◽  
Regression Equations ◽  
Solow Model ◽  
The Impact

Abstract This study aims at assessing to what extent institutional environment is responsible for worldwide differences in economic growth and economic development. To answer this question, we use an innovative approach based on a new concept of the institutions-augmented Solow model which is then estimated empirically using regression equations. The analysis covers 180 countries during the 1993-2012 period. The empirical analysis confirms a large positive impact of the quality of institutional environment on the level of economic development. The positive link has been evidenced for all five institutional indicators: two indices of economic freedom (Heritage Foundation and Fraser Institute), the governance indicator (World Bank), the democracy index (Freedom House), and the EBRD transition indicator for post-socialist countries. Differences in physical capital, human capital, and institutional environment explain about 70-75% of the worldwide differences in economic development. The institutions-augmented Solow model, however, performs slightly poorer in explaining differences in the rates of economic growth: only one institutional variable (index of economic freedom) has a statistically significant impact on economic growth. In terms of originality, this paper extends the theoretical analysis of the Solow model by including institutions, on the one hand, and shows a comprehensive empirical analysis of the impact of various institutional indicators on both the level of development and the pace of economic growth, on the other. The results bring important policy implications.

scholarly journals How the Legal Environment Affects the Structure of Employment

2015 ◽  
Vol 63 (6) ◽  
pp. 2005-2009 ◽  
Author(s):  
Marek Litzman ◽  
Luděk Kouba
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
World Bank ◽  
Institutional Environment ◽  
Legal Environment ◽  
Transparency International ◽  
Doing Business ◽  
The World Bank ◽  
Corruption Perception

The quality of the institutional environment is considered a crucial determinant of economic growth. Low quality of the formal institutional environment can slow down economic development via various mechanisms described in the literature. The present paper will analyse formal institutional factors leading to the structure of employment that Murphy, Shleifer and Vishny (The Quarterly Journal of Economics, 1991) found to be associated with lower rate of economic growth. They assumed that a high proportion of lawyers in the country may be associated with slower economic development. Thus, the aim of the paper is to examine some of the parameters of institutional environment that can lead to such a distribution. Results show that quality of law measured by the World Bank (Doing Business database) and the Corruption Perception Index obtained from Transparency International may have some explanatory abilities regarding the structure of employment.

scholarly journals Using International Ranks and Business Activity Indicators for Economic Development Forecasting

2018 ◽  
Vol 83 (4) ◽  
pp. 34-43
Author(s):  
M. V. Puhachova
Keyword(s):  
Economic Development ◽  
Economic Sectors ◽  
Monthly Basis ◽  
Global Competitiveness ◽  
Industrial Enterprises ◽  
Doing Business ◽  
Current Economic Situation ◽  
Business Confidence ◽  
Production Orders ◽  
Production Capacities

The majority of countries use several well-known integral indicators for economic forecasting purposes, on which basis these countries’ ranks in the global economic community are computed. Apart from allowing investors to make investment decisions, such indicators and ranks help in forecasting economic development in forthcoming periods. The best known of them is Ease of Doing Business Index and Global Competitiveness Index. The less known ones are indicators of Business Tendency Surveys (BTS), computed on the basis of data obtained from questionings of enterprise managers in various economic sectors and from studies of consumer sentiments. Yet, specialists tend to use the data from these conjuncture surveys to analyze the current economic situation in a country (total or by industry) and build short-term forecasts. Apart from the survey indicators depicting quite clearly a situation in the economy, the most popular ones in Europe are Confidence Indicators for enterprises by economic activity, and Economic Sentiment Indicator incorporating the indicators from BTS of enterprises and consumer sentiments. These indicators are computed by the European Commission for EU member countries on monthly basis. The article shows changes in Doing Business ranks for selected EU member countries and Ukraine. BTS indicators for industrial enterprises (estimate of production capacities; estimate of change in the production orders; estimate of the competitive position of enterprises at the internal market) are analyzed for some of these countries. A comparison of the dynamics of production capacities utilization, business confidence indicators and Doing Business rank is made for Ukraine and Bulgaria. The prognosticating capacities of BTS indicators compared with Doing Business indicator are analyzed.

scholarly journals Assessment of the competitiveness of countries as a tool to increase the sustainability of their socio-economic development

2021 ◽  
Vol 274 ◽  
pp. 10006
Author(s):  
Askar Mustafin ◽  
Jaroslav Gonos ◽  
Nataliya Seliverstova ◽  
Margarita Maksimova
Keyword(s):  
Economic Development ◽  
Open Economy ◽  
Slovak Republic ◽  
Continuous Growth ◽  
Global Competitiveness ◽  
Socio Economic Development ◽  
Global Competitiveness Index ◽  
The Subject ◽  
The Russian Federation ◽  
Subsequent Comparison

The competitiveness of individual economies belongs to the issues frequently discussed among experts as it is closely connected with and reflects the economic situation in different countries. The focus of the present article is the survey of the development of competitiveness of selected economies and the subsequent comparison thereof. In order to further specify this focus, we concentrated on the economies of the Russian Federation and Germany. These economies are regarded as strong and efficient global economies that put emphasis on continuous growth. The economy of the Slovak Republic was selected as the secondary focus of the article as it is an open economy cooperating with major economic players, including the countries representing the subject of this article. The key criterion for the evaluation of the development was the Global Competitiveness Index and the monitored period was 2008-2017. The article contains two basic parts; the first part represents a theoretical framework of the discussed topic and the second part provides the comparison and confrontation of competitiveness in the selected economies. The final part of the article contains the identification of potential weaknesses and strengths of the evaluated economies.

scholarly journals Determinants of Global Competitiveness of Chinese Economy

2015 ◽  
Vol 4 (1) ◽  
pp. 66-86
Author(s):  
Elmas Demircioglu Karabiyik
Keyword(s):  
Economic Development ◽  
Chinese Economy ◽  
High Tech ◽  
Reform Era ◽  
Global Competitiveness ◽  
Structural Problems ◽  
Cheap Labour ◽  
World Economic ◽  
Global Competitiveness Index ◽  
Sustainable Economic Growth

The Chinese economy has reached approximately average annual growth of 9% after economic reform era that began in 1978. This economic development miracle resulted from by exploiting the economic potential of internal factors in a complimentary external environment.  Main aim of this study is to investigate the determinants of the global competitiveness of Chinese economy by considering economic development process of the Chinese economy and World Economic Forum the Global Competitiveness Index. It is vital to understand the determinants of global competitiveness for the Chinese economy in order to achieve sustainable economic development path in the highly competitive world economy conditions. The result of the study shows that the Chinese economy has strong global competitiveness indicators beside some problematic indicators. The Chinese economy is becoming more competitive by improving bottlenecks and structural problems. On the other hand the Chinese economy have to transform from cheap labour-intensive competitive advantage into high-tech innovative country with high qualified human capital in order to achieve sustainable economic growth in the long term.

Economic freedom and entrepreneurial activity

2012 ◽  
Vol 50 (9) ◽  
pp. 1686-1711 ◽  
Author(s):  
Juan Carlos Díaz‐Casero ◽  
D. Ángel Manuel Díaz‐Aunión ◽  
Mari Cruz Sánchez‐Escobedo ◽  
Alicia Coduras ◽  
Ricardo Hernández‐Mogollón
Keyword(s):  
Economic Development ◽  
Economic Freedom ◽  
Goodness Of Fit ◽  
Entrepreneurial Activity ◽  
Government Size ◽  
Content Type ◽  
Heritage Foundation ◽  
Global Competitiveness ◽  
Level Of Economic Development ◽  
Economic Freedom Index

PurposeThe purpose of this paper is to examine empirically whether economic freedom affects entrepreneurial activity in three groups of countries, classified according to economic development.Design/methodology/approachData on the index of entrepreneurial activity cover the period between 2002 and 2009, and are taken from the annual GEM (Global Entrepreneurship Monitor) reports and from the Index of Economic Freedom published by The Heritage Foundation from 1995 to 2009. The same analysis is carried out, grouping the countries by development level, following the classification included in the Global Competitiveness Report 2009‐2010. A Ridge regression analysis is performed to measure the model's goodness‐of‐fit and to determine equations that can be used for future predictions.FindingsThe results obtained in the correlation analysis show that economic freedom is closely related to entrepreneurial activity. The results suggest that TEA rates, opportunity‐TEA rates and necessity‐TEA rates decrease when there is an increase in economic freedom in a country, as just two of the areas analyzed – i.e. “government size” and “fiscal freedom” – appear to foster the emergence of new entrepreneurs. When countries are grouped by level of economic development, the results for countries belonging to the “Innovation‐Driven Economies” group show that the opportunity‐TEA rates increase as the economic freedom index grows.Originality/valueThe study indicates that entrepreneurship by opportunity increases in the group of Innovation‐Driven Economies with smaller “government size” and more “fiscal freedom”.

scholarly journals International Finance Trilemma as a Tool for Balanced Development of an Economy

2020 ◽  
Vol 1 (14) ◽  
pp. 125-136
Author(s):  
Ilja Arefjevs ◽  
Olga Bogdanova
Keyword(s):  
Financial Stability ◽  
Financial Sector ◽  
Building Blocks ◽  
Economic Science ◽  
Global Competitiveness ◽  
Balanced Development ◽  
Doing Business ◽  
Global Competitiveness Index ◽  
Quantitative And Qualitative Methods ◽  
Financial Development Index

International financial trilemma is a challenge of balancing the governmental policies ensuring healthy financial sector for facilitating economic development of a country. The scientific purpose of the paper is to develop a model of the international financial trilemma, defining the three key pillars of the international financial trilemma, the corresponding relevant metrics of economy, as well as describing expansion of financial technology as a disruptive element on a trilemma balance. Taking into account the experience of other researches of trilemma concept, analogically to the Energy Trilemma index, the authors developed the trilemma concept for the financial sector. The paper proposes determining the Financial trilemma index basing it on the following pillars: financial stability, financial inclusion and transparency. The authors analyse FinTech services as disruptive element affecting the International Financial trilemma index.  As statistical basis of the financial trilemma and its building blocks the set of data from publicly available databases, such as the Global Competitiveness index, the Financial Development index, Global Findex and Doing Business is determined. The generally accepted quantitative and qualitative methods of economic science, inter alia comparative analysis, parameter estimation, grouping, economically mathematical modelling, synthesis, inductive, deductive and logically constructive methods have been used for the research. The financial trilemma index could be used as a tool for modelling an impact assessment of planned policy actions, as well as for developing determined steps for rising values of particular trilemma elements.

An economic view of entrepreneurial intention

2020 ◽  
Vol 26 (8) ◽  
pp. 1807-1826
Author(s):  
Walid Adam Nakara ◽  
Rahma Laouiti ◽  
Roberto Chavez ◽  
Samiha Gharbi
Keyword(s):  
Economic Development ◽  
Longitudinal Data ◽  
Entrepreneurial Intention ◽  
Entrepreneurial Intentions ◽  
Content Type ◽  
Global Competitiveness ◽  
Level Of Economic Development ◽  
World Economic ◽  
Global Competitiveness Index

PurposeThe role of macrolevel factors in entrepreneurial intention remains as an underexplored issue in the literature. The purpose of this study is to reduce this gap by testing the effect of economic development on entrepreneurial intention.Design/methodology/approachThis study adopts a quantitative approach that formally tests for a quadratic relationship between economic development measured by the gross domestic product (GDP) and the Global Competitiveness Index (GCI)) and entrepreneurial intention based on longitudinal data covering 72 countries over the 2010–2016 period. Data are gathered from the Global Entrepreneurship Monitor (GEM), the International Monetary Fund (IMF) and the World Economic Forum (WEF).FindingsThe results reveal the existence of a U-shaped relationship between the country's GDP per capita and individuals' entrepreneurial intention. The results also support a similar relationship between GCI and entrepreneurial intention. These findings suggest that individuals' entrepreneurial intentions differ between countries depending on the level of economic development.Originality/valueTo the authors' knowledge, this article presents the first attempt to investigate the role of economic development on entrepreneurial intention based on longitudinal data covering a large sample of countries. Moreover, by providing evidence of a U-shaped relationship between economic progress and individuals' propensity to attempt an entrepreneurial career, this study enhances the understanding of the macrolevel determinants of entrepreneurial intention.

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