Institutionalizing Inclusive Markets as a Prerequisite to Inclusive Growth

2018 ◽

Vol 2 (2) ◽

pp. 63-71

Author(s):

Fakhri Issaoui ◽

Mohamed Ben Abdelghaffar

Keyword(s):

Growth Models ◽

Inclusive Growth ◽

Effective Solution

This article questions the contemporary definitions given to the concept of inclusive growth, which is assumed to be an effective solution to the problems of exclusion (marginalization, unemployment, poverty, inequality, etc.), without designing new growth models and without putting in place the tools necessary for inclusion (regulation, institutions, capacities, etc.). In the authors' view, the current exclusionary model is far from generating real inclusion as long as it fails to promote the necessary institutions to produce real inclusion and the ability to deal with the different forms of “exclusion.”

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Region’s inclusive development index as a criterion of evaluation of the territories’ socio-economic development level

Socio-Economic Problems of the Modern Period of Ukraine ◽

10.36818/2071-4653-2019-5-3 ◽

2019 ◽

pp. 20-25

Author(s):

Svitlana Pukhyr

Keyword(s):

Economic Growth ◽

Economic Development ◽

Global Economy ◽

Growth Models ◽

Inclusive Development ◽

Inclusive Growth ◽

Development Index ◽

Socio Economic Development ◽

Per Capita ◽

European Standards

The paper is devoted to examining of theoretical and practical aspects of introduction of the Regions’ Inclusive Development Index. At current stage, the works of contemporary foreign and domestic scientists are focused on the research of inclusive development and inclusive growth, where they more or less outline substantial misbalances of global economy growth models – GDP volumes growth is accompanied by inharmonious distribution of income between the entities, leading to stratification of population and aggravating poverty – and suggest a new balanced model of economic growth of socio-economic systems with growing involvement of all residents in economic growth processes and fair distribution of their results. Growing gaps in regions’ development, low credibility of GRP per capita in terms of estimation of socio-economic development of territories, their competitive ability and problematic nature objectively cause the need to introduce a new aggregated index to systemically and complexly make constructive managerial decisions to overcome negative tendencies, to conduct efficient state regional policy and to provide state financial assistance. The author’s approach to introduction of «Region’s Inclusive Development Index» in Ukraine at the level of regions, which is an analogue to international «Inclusive Development Index», which should show the growth (fall) of residents’ welfare in the region more comprehensively and promote achievement of European standards of the quality of life, which correspond to the principles of inclusive growth. The results of calculations of suggested Region’s Inclusive Development Index and comparative analysis by the rate of GRP per capita in followup of socio-economic development of Ukrainian regions in 2016-2017 show the reasonability of introducing this criterion as far as it reveals the advantages and defects of each region’s socio-economic development.

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Macroeconomic Stability and Inclusive Growth in Nigeria: A Cointegration Approach

Pakistan Journal of Humanities and Social Sciences ◽

10.52131/pjhss.2018.0603.0053 ◽

2018 ◽

Vol 6 (3) ◽

Author(s):

Musa Abdu ◽

Abdullahi Buba ◽

Abdul kareem Alhassan

Keyword(s):

Growth Models ◽

Principal Component ◽

Economic Education ◽

Index Formula ◽

Inclusive Growth ◽

Vector Error Correction ◽

Long Run ◽

Oil Sector ◽

Negative Impacts ◽

Macroeconomic Stability

The strategy of Inclusive growth is a newly introduced concept in Development economics that emerged in late 2000s out of the gross failure of traditional growth models to deal with the contemporaneity of high economic growth on one hand, and soaring poverty, inequality and unemployment on the other hand particularly in the developing world. Ever since, it has dominated policy-making framework in the world. This study sets out to examine the inclusiveness of growth in Nigeria and the role of macroeconomic stability to spur inclusive growth and development in Nigeria using the data for the period of 1960-2012. Due to lack of a standard measure of inclusive growth, an index of inclusive growth has been constructed using 23 agricultural, economic, education, environmental and health variables while applying Principal Component Analysis and Human Development Index formula. Econometric approaches of Johansen Cointegration testing and Vector Error Correction Model have been employed further to test the long run relationship between macroeconomic stability and inclusive growth in Nigeria. Our findings come up with three stylized facts: firstly, there is a long run relationship between all the regressors and inclusive growth; secondly macroeconomic stability has a significant impact on inclusive growth as GDPV and INV revealed an inverse relationship between them and inclusive growth. Lastly, TOP, FDI, C-GDP and GFC have negative impacts on inclusive growth. Hence the recommendation that there should be committed and sincere efforts towards diversifying the economy so as to contain the volatility by reducing the dominance of oil sector in the economy. Moreover, a macroeconomic policy targeting moderate inflation should be formulated just to make the economy stable and favorable for inclusive growth.

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