Approach to regulatory policy evaluation and its effects on economic development

Abstract

It has been determined that the national economy is a multidimensional system that requires a specific approach to evaluation, which can take into account all its aspects. The purpose of the study is to develop an approach to the assessment of regulatory policy and its results, which allows taking into account the impact of changes in regulatory policy. The criteria and indicators for assessing the development of the national economy (the results of regulatory policy), as well as indicators of the assessment of changes in the regulatory policy, have been determined. As a criterion for assessing regulatory policy, the degree of return from regulatory changes has been selected. At the same time, the coefficient of elasticity of the development of spheres from changes in regulation has been proposed to use as indicator that most accurately reflects this criterion. The place of the system of indicators for assessing the development of the national economy in the assessment of regulatory policy has been analyzed. An approach to the assessment of regulatory policy has been developed, which, unlike the other, is based on the determination of the elasticity of the development of spheres from the change of regulatory policy with the use of correlation and regression analysis and modeling tools. The presented approach allows to take into account the impact of changes in regulatory policy, which leads to a corresponding change in development in certain areas of the national economy. The approach to the evaluation of regulatory policy and its results is based on indicators used by the World Bank experts in Sustainable Economic Development Assessment, as well as indicators of the Doing Business rating, Worldwide Governance Indicators and indicators of the Business regulation of the Economic Freedom of the World rating. Subsystems of indicators of the proposed approach can be used as independent structural elements, on the basis of which comprehensive information about a certain process can be obtained. Thus, the subsystem of indicators for assessing the development of the national economy by fields serves as a basis for obtaining a comprehensive picture of the changes, which take place in various spheres, as well as the identification of problem areas. The subsystem of the indicators of regulatory policy assessment, in turn, serves as a basis for obtaining information on the improvement or deterioration of regulation for each of the areas of development.