Evaluation of Optimal International Economic Policy based on both the Parametric Control Theory and Global Computable General Equilibrium Model

Abstract

Based on the GLOBE model global dynamic computable general equilibrium model (to describe functioning and interaction of the Customs Union (CU) of Belarus, Kazakhstan, and Russia with Armenia, Kyrgyzstan, the European Union and the rest of the world) is developed and calibrated. The calibrated model is tested for the possibility of practical application and on its base the possibility of optimal economic policy both within the CU and within functioning and interaction of the CU, the EU, Armenia, Kyrgyzstan and the rest of the world is assessed using methods of the parametric control theory.