Growth and Crisis in the Central American Economies, 1950—1980

This paper investigates the relationship between exports and economic growth in Pakistan by utilizing the analytical framework put forward by Feder (1983). The hypothesis that marginal factor productivities are not equal in export and non-export sectors of the Pakistan economy is tested by using time series from 1973 to 2005. The estimation results indicate that marginal factor productivities are significantly higher in the export sector. Moreover, the difference seems to derive, in part, from inter-sectoral positive externalities generated by the export sector. In broad terms, therefore, the results of this study are supportive of the export oriented, outward-looking approach to trade relations adopted by policymakers over the past decade.

PurposeThe market-based monetary policy framework has been favoured by Economic Community of West African States (ECOWAS) economies. Hence, this study aims to investigate the effect of monetary policy channels on the sectoral value added and sustainable economic growth in ECOWAS. Data from the World Bank and International Monetary Fund over 2013–2019 were sourced for thirteen member countries. ECOWAS is found to have very high inflation level, interest and exchange rates.Design/methodology/approachThe study adopted the Driscoll–Kraay fixed-effects ordinary least squares regression (OLS) estimator.FindingsThe findings revealed that while the effect of monetary policy channels on the agricultural sector value added is largely heterogenous and significantly in-elastic, the one on the industrial and services sectors are overwhelmingly homogeneous and negative, but insignificant for the services sector. Moreover, the effect of monetary policy channels on sustainable economic growth is also homogeneously asymmetric, with imminent stagflation, while the interactive effects of monetary policy channels are heterogeneous on sustainable economic growth and economic sectors. Therefore, an inflation targeting monetary policy stance is generally recommended with prioritised exchange rate stabilisation amid sufficient fiscal space.Originality/valueThis is amongst the first studies to investigate monetary policy channels, sectoral outputs and sustainable growth in the ECOWAS region with a rigorous analysis and found implications for policy.

Метою дослідження є пошук раціональних шляхів відновлення та модернізації України, реального сектору національної економіки на засадах сталого розвитку. У процесі наукового пошуку використано методи історичного, логічного та порівняльного аналізу, групування, емпіричного узагальнення, програмний підхід до управління змінами. Проаналізовано динаміку обсягів ВВП з позицій трирівневої моделі класичного економічного циклу. Запропоновано заходи щодо прискореного розвитку реального сектору економіки (АПК, металургія, машинобудування, IT–індустрія). Визначено комплекс проблем, які необхідно вирішити для посилення експортного потенціалу ключових сфер індустрії. Проаналізовано досвід відбудови європейських держав після Другої світової війни за підтримки «плану Маршалла». Запропоновано рекомендації щодо вдосконалення механізму управління відновленням, модернізацією та розвитком України.

The market-based monetary policy framework has been favoured by ECOWAS economies. Hence this study investigated the effect of monetary policy channels on the sectoral value added and sustainable economic growth in ECOWAS. Data from World Bank and International Monetary Fund over 2013 – 2019 were sourced for thirteen member countries. ECOWAS is found to have very high inflation level, interest and exchange rates. Furthermore, using the Driscoll-Kraay fixed-effects OLS estimator, the findings revealed that while the effect of monetary policy channels on the agricultural sector value added is largely heterogenous and significantly inelastic, the one on the industrial and services sectors are overwhelmingly homogeneous and negative, but insignificant for the services sector. Moreover, the effect of monetary policy channels on sustainable economic growth is also homogeneously asymmetric, with imminent stagflation, while the interactive effects of monetary policy channels are heterogeneous on sustainable economic growth and economic sectors. Therefore, an inflation targeting monetary policy stance is generally recommended with prioritised exchange rate stabilisation amid sufficient fiscal space.

Ukraine chose the path of European integration and became a candidate for membership of the European Union. This made it necessary to adjust the national economy and social sphere to the European standards. The financial market is an active participant in European integration processes, especially during the period of reboot of the national economy. First of all, the subjects of the financial market are the state, business, citizens, that all are economic agents who enter into financial relations as regulators or objects of regulation, investors or consumers of investment resources. The war unleashed by Russian Federation in Ukraine leads to significant destruction in all sectors of the national economy. Reconstruction will require significant financial resources, which will be attracted from various sources. At the same time, the financial market of Ukraine will certainly become one of the most important elements of the reconstruction of the national economy, business and social sector. Ukrainian citizens will also be involved in investment processes, but for this they should know the basics of investment mathematics, financial technologies, and financial literacy. In addition, financial institutions are reluctant to invest in the agricultural and industrial sectors of the economy. The cost of credit resources is too high, and the level of business profitability does not pay off the resources involved. In this context, the subjects of the financial services market, in particular banks and insurance companies, should introduce the principles of social responsibility of financial business to society in corporate governance. Very important issues of today, which are highlighted in the monograph, are the restoration of budgetary stability and debt security of Ukraine in the post-war period, improvement of monetary and budgetary policy aimed at macroeconomic stabilization in the country. The authors emphasize the tools that can ensure anti-crisis regulation of the banking system, financial business management, since banks play an important role in the activation of investment processes during the reconstruction period. In addition, it is necessary to develop business in the production sector of the economy. The monograph examines the issues of ensuring the economic security of the construction industry, directions for improving the accounting policy in the field of business as a whole, and improving the quality of audits. This should ensure quick adaptation of Ukrainian business to international accounting and certification standards. These and other aspects of the current problems and priority directions of the development of the financial market are devoted to the monograph of the team of authors who carry out up to date researches within the scientific school of the National University "Yuri Kondratyuk Poltava Polytechnic". The founder of this school is the rector of the university, doctor of economic sciences, professor, honored worker of education of Ukraine - Volodymyr Onyshchenko. The author's team is grateful to Volodymyr Onyshchenko, who is a scientific director and consultant for most of the participants of this publication. He formed an active position, perseverance and purposefulness in the scientists when choosing topical issues and qualitatively performing of scientific researches. The materials of the monograph are presented in the author's edition, which reflects the position of the authors regarding the outline of the problem and the determination of ways to solve it. The team of authors expresses their gratitude to the reviewers of the monograph manuscript for their wishes, as well as to the foreign partners of the Department of Finance, Banking and Taxation, who contributed to its publication.

Together with the rest of the economy, the agricultural sector in Kyrgyzstan has undergone crucial reforms during the transition period following the collapse of the Soviet Union. The policies influencing agricultural incentives, i.e. farmgate prices, have also changed substantially. Recent macroeconomic developments, such as the booming gold mining sector and an increasing inflow of workers' remittances on the one hand, and increasing import prices on the other hand, are also likely to have an impact on agricultural incentives through the influence on the exchange rate. This paper aims at investigating the impact of both direct agricultural policies and changing macroeconomic conditions on agricultural incentives for the case of Kyrgyzstan. Nominal Rates of Assistance (NRAs) are estimated in order to quantify direct distortions of agricultural prices resulting from the policies in the agricultural sector. NRA estimates show that domestic prices for major food crops in Kyrgyzstan are raised beyond world market prices due to a general encouragement of food-crop production based on food self-sufficiency goals. Relative to food crops, export crops tend to be penalized by lower and less stable NRAs as well as by poor market integration. In the second step, the True Protection Concept is employed in order to analyse relative incentives between importable, exportable and nontradable sectors in the Kyrgyz economy. The true-protection analysis shows that around half of the burden of the price increase for importables is shifted to the exportables sector, including agricultural exportables. This means that if prices in the importable sector increase in response to exogenous factors or certain trade policies, domestic exporters, both agricultural and non-agricultural, would be taxed implicitly. Since the Kyrgyz government seeks to promote exports, findings from the present study may serve as a background for future trade and agricultural policy development.

The indicators of recent years demonstrate stability and high results in milk production at agricultural enterprises. The relevance is confirmed by the fact that milk production and its optimization are key aspects of the economic development of the agricultural sector of Ukraine in the post-war period, because dairy farming is a system-forming branch of agriculture that opens up new opportunities for the formation of promising business development vectors. The purpose of the article is to analyse the problems and prospects of economic aspects of the efficiency of resource use and optimization of milk production in agricultural enterprises of Ukraine in the post-war period. The research used the following methods: induction and deduction, synthesis, theoretical generalization, statistical analysis, comparative analysis, modelling. The links of inconsistency between resources, production of dairy products and the capabilities of enterprises, state policy, the level, and norms of consumption of milk and dairy products by the population in the post-war period are studied. Accordingly, the dynamics of production, export, sales, stages of production, peculiarities of cooperation and import of basic dairy products were considered. A direct connection between the production and consumption of milk, the dependence of the demand and consumption of milk and dairy products on the level of total income of households has been established. Based on this, the work presents a full description of the dairy industry in Ukraine, the volume of milk production in the pre-war period and prospects for development in the post-war period. A systematic study of the market properties of various types of dairy products of Ukraine using SWOT and PEST analysis is given in general. In order to improve the state of the market of milk and dairy products of Ukraine, appropriate proposals have been formulated. The practical value of the work lies in the fact that its results can be used as a basis for the development of technologies for the use of milk production resources in the post-war period, as well as in the work of specialists in the agro-industrial and economic sectors

The authors of the study analyzed the current state and prospects of development of the tourism industry in Ukraine and the world. The authors note that in the conditions of military aggression of the Russian Federation Ukraine suffers significant economic, financial and social losses. According to many experts, Ukraine’s economy expects a significant reduction (approximately 30-45%) of GDP. In addition, due to the significant level of globalization of the international economy and the close economic interconnections of economic systems of national economies, there will be a significant decline (decline) in economic development not only in Eastern Europe but in the world as a whole. Thus, today the issues of directions of economic recovery of Ukraine’s economic potential, as well as the place and role of the tourism industry in the postwar recovery of the domestic economy are becoming increasingly important in Ukraine. The purpose of the study is to develop guidelines for the systematization of risk factors for domestic tourism, as well as to determine the directions and vectors of the restoration of the tourism business in Ukraine in the postwar period. The authors of the study noted that according to the World Tourism Organization (UNWTO), tourism is one of the most dynamic sectors of global exports in the world. The average annual growth rate of the global tourism industry averaged about 5% per year. By 2022, tourism provided up to 10% of gross world income and every tenth job in the world is directly or indirectly generated by tourism. However, the global crisis caused by the COVID-19 pandemic has destroyed the economy of the tourism sector, leading to unprecedented consequences for jobs and businesses. The current crisis has also revealed some shortcomings in the management and readiness of the industry, as well as in the ability to respond to current challenges and threats. Restoring the confidence of tourists and participants in the tourism chain, stimulating demand and accelerating the resumption of tourism urgently requires political action at the national and international levels, as well as improved coordination. The crisis is an opportunity to rethink the development of tourism. Recovery should include transforming the sector, changing tourism destinations, transforming the tourism ecosystem, bringing innovation and investing in sustainable tourism. The authors have formed measures to restore the tourism sector in the world. The study analyzes domestic trends in the development of the domestic industry in the prewar period, identified new trends in the geography of foreign tourists, as well as summarizes the directions of recovery of the domestic tourism sector.

The regulation of finance is central to the growth and development of every economy. Financial regulation determines the overall character of the financial system, the relationship between borrowers and savers, the allocation of capital, and the macroeconomic performance of the economy. Financial market regulation is distinct from regulation of other sectors of the economy because of the essential infrastructural role of finance—all other sectors of advanced economies depend on the financial system. Despite its enormous importance, financial regulation normally has low political salience. Except in times of crisis, most voters—and therefore politicians—have relatively little interest in the matter. This can be attributed in part to the complex and technical nature of financial markets and regulation, which relatively few people understand well. Low political salience facilitates a regulatory process that is very heavily shaped by regulators (technocrats) and the industry they regulate, with only minor direction from elected political leaders. In the long history of capitalism, bank and financial system crises have been regular occurrences. Regulation, or regulatory failure, is often seen as a cause of crises, but regulatory change is also the response. Thus any given financial regulatory regime is never settled for long. After the Great Depression, advanced capitalist economies introduced highly restrictive financial regulatory regimes designed to minimize systemic risk from bank failures. In the postwar period, restrictive regulatory regimes were combined with capital controls that limited international movements of capital. The postwar Bretton Woods international monetary regime stabilized fixed exchange rates through such controls and, when necessary, lending by the International Monetary Fund (IMF) to countries that could not pay for their external debts. Starting with the collapse of the Bretton Woods regime in the early 1970s, all the advanced economies started liberalizing financial market regulation and removing capital controls as part of a broader shift toward a neoliberal economic philosophy. These deregulatory measures brought about a dramatic transformation of domestic financial systems and the reemergence of a dynamic and rapidly growing international financial market. Such dynamic and internationalized financial market was, in large part, the root cause of the early-21st-century financial crisis. The Great Financial Crisis of 2008 precipitated widespread review and revision of financial market regulations at both the domestic and international levels. These revisions include a shift from private self-regulation to state-driven regulation of financial markets, the centralization of regulation at the level of the European Union, and a closer cooperation between states in forging international regulatory standards. Nonetheless, despite the dramatic growth of the international financial market and transnational efforts to coordinate regulation, financial regulation remains overwhelmingly a domestic affair.

In this paper, we examine the discrimination of emission taxes between the export and nontradable sectors in a small open economy. A few articles indicate that there should be no differentiation of environmental policies between sectors in the economy if the government uses indirect instruments such as emission taxes. However, we show that discrimination of emission taxes may occur in an economy that imposes foreign investment quotas. In particular, the possibility that ecological dumping occurs is higher if export goods are more labor intensive than import goods (as in developing countries). Moreover, in the case where import goods are the most capital intensive, both emission tax rates may be lower than the marginal environmental damage, and ecological dumping may occur. It is also shown that easing foreign capital quotas may deteriorate the country’s welfare.

Theoretical and practical aspects of structural changes in the economy are the subject of scientific research by a large number of both foreign and domestic scientists. The theory of three sectors became a new methodological approach to the analysis of the structure of the economy. The process of modeling changes in the sectoral structure of the economy makes it possible to create such conditions that would facilitate Ukraine’s transition to an innovative model of development. The article simulates changes in the sectoral structure of the economy on the basis of the Cobb-Douglas production function. It is emphasized that changes in the primary, secondary and tertiary sectors of Ukraine’s economy should ensure the formation of an innovative model of its development. The evolution of the interpretation of the concept of «Solow balance» is highlighted. It is substantiated that the «Solow balance» contains an innovative component, so it is advisable to take it into account in the process of modeling changes in the sectoral structure. The «Solow balance» is calculated on the basis of initial data on the value of fixed assets, the number of employed population and the amount of value added in terms of primary, secondary and tertiary sectors of the Ukrainian economy. The relationship between the level of the indicator in the primary, secondary and tertiary sectors of the economy is considered. It has been proven that the primary sector of the economy is the starting point for sustainable economic growth, as it is the basis of the supply chain for the secondary sector, and also acts as an intermediate consumer of services in the tertiary sector. At the same time, changes in the «Solow balance» in one sector of the economy will provide a gradual change in the relevant indicators for other sectors not simultaneously, but over a period of time. Given that the «Solow balance» contains an innovative component, its increase involves the use of drivers of innovative development, which launch and intensify the processes of knowledge accumulation, innovation and their commercialization. Based on the developed model, it is substantiated that the increase of the «Solow balance» in the target sector is possible due to the increase in the share of intermediate consumption of services-drivers of innovative development.

This article explores the evolution, key components, and contemporary challenges of regional policy in the context of global economic and political transformations. The author emphasizes the growing role of regional and local authorities in addressing socio-economic disparities, fostering innovation, and ensuring sustainable development, while central governments focus on national security, geopolitical strategies, and macroeconomic coordination. The article traces the origins of state intervention in regional development back to the Great Depression of the 1930s, when governments began addressing regional inequalities to mitigate economic crises. However, a more systematic approach emerged in the post-war period, particularly in developed nations like the USA, UK, Germany, France, Italy, and Japan, where policies aimed at reducing regional disparities became institutionalized by the 1960s. A critical shift in modern regional policy is the move from top-down redistribution (equalization of imbalances) to stimulating endogenous growth—encouraging regions to leverage their unique economic, social, and innovative potential. The article highlights that subsidized regions often lack initiative, necessitating policies that motivate self-sustaining development rather than perpetual dependency. The author identifies several dominant strategies in regional development: balancing regional disparities (financial redistribution); unlocking endogenous potential (local resources, human capital); іntegrated territorial-industrial development; growth pole stimulation (economic hubs); improving quality of life (infrastructure, social services); building regional innovation systems (technology, R&D). These approaches must be holistically integrated, as the exclusion of any component can weaken overall policy effectiveness. The interdependence of territories and the rise of decentralized governance underscore the need for coordination among these stakeholders. The article stresses that democratic institutional frameworks and participatory decision-making are crucial for successful regional development. A major theme is the role of innovation in regional policy—both in economic sectors and governance models. The author argues that while less developed regions may struggle to adopt cutting-edge innovations, they should gradually build innovative capacities based on realistic assessments of their resources. The article outlines essential elements for effective regional policy: systemic vision of the region as an integrated unit; identification of key determinants shaping regional development; аdaptation to global uncertainties (economic, environmental, geopolitical); еmpowerment of grassroots actors (SMEs, local initiatives); networked governance (collaboration among stakeholders); аdequate resource allocation (financial, human, technological); рolicy Instruments and Implementation Challenges. However, the interconnectedness of policy tools means that a deficiency in one area (e.g., funding, expertise, political will) can undermine the entire system. This progression reflects the increasing complexity of regional governance, requiring adaptive and forward-looking strategies. This article provides a comprehensive analysis of regional policy, emphasizing its growing complexity in a globalized world. It highlights the shift from centralized redistribution to decentralized, innovation-based development, stressing the need for multi-level governance, stakeholder engagement, and adaptive policy frameworks. The insights are particularly relevant for policymakers, regional planners, and development experts seeking to enhance territorial competitiveness and sustainable growth.

The aim of the article. The goal is to develop an approach to management (based on the principles of marketing) of the formation and implementation of strategies for ecologically oriented outstripping innovative development of business entities, which would ensure the transition to sustainable economic growth in the direction of the fourth industrial revolution and the transformation of technological systems, as well as the elimination or reduction of environmental threats to the national (including regional and local), as well as international levels caused by hostilities. Analyses results. The main ecological threats caused by military actions on the territory of Ukraine are defined and systematized according to the directions of influence (domestic or international). An approach to determining the priority of their elimination or reduction is proposed. A sequence was formed and the content of the strategic marketing analysis procedures was outlined to determine innovative approaches to the elimination of environmental threats, and in their direction, corresponding innovative developments, in particular: 1) definition of the circle of those interested in the elimination/reduction of environmental threats, their problems caused by these threats, as well as requests for solving problems; 2) identification of the problems of product manufacturers (service providers) who can offer ecologically oriented innovative developments; 3) forecasting trends in the development of STP in the field of product manufacturers (service providers); 4) determination, on the basis of a joint analysis of the results of previous procedures (1-3), of innovative activity areas, and in their direction of specific innovative products (their main technical and economic characteristics), which are intended for the elimination of environmental threats; 5) development of the principles of innovative development strategy based on ecologically oriented innovations. Methodical principles for choosing a strategic approach to ecologically-oriented innovative development of a business entity have been developed, which include taking into account: the adequacy of the level of potentials-subsystems of the potential of innovative development of the business innovative entity for the implementation of greening strategies of innovative development in the post-war period; consumption costs of the ecological innovation and the usual analogue (if available); circles of organizations and/or population groups (society) interested in eliminating/reducing environmental threats and solving the problems caused by them; opportunities for obtaining ecological competitive advantages by interested organizations and consumers of ecological innovation; possibilities of state (regional) or international support for socially significant environmental innovations. A corresponding decision table has been developed. A system of measures for marketing support of the process of creation and implementation of ecological innovations at the stages of their innovation and life cycle has been formed, which allows to reasonably manage both the specific innovation process and plan measures to withdraw the existing innovation from the market and introduce the next one. Conclusions and directions for further research. The obtained results collectively form the basis of the approach to management of the creation and implementation of strategies of ecologically-oriented innovative development in the post-war period. These strategies provide the conditions for the transition to sustainable economic growth in the direction of the fourth industrial revolution and the transformation of technological systems. At the same time, they are focused on the elimination or reduction of environmental threats at the local, regional, national, and international levels caused by military actions. Further research should be aimed at forming the foundations of the organizational and economic management mechanism on the basis of marketing strategies of ecologically-oriented innovative development in the post-war period, which would ensure the transition to sustainable economic growth in line with the concept of innovative advancement in the conditions of technological transformations.

The article examines the need to define a system of indicators of Ukraine's macroeconomic development in the postwar period. It is recognized that macroeconomic indicators are the basis for building strategies that can not only restore the post-war Ukrainian economy, but also ensure its sustainable hybrid development. The main macroeconomic indicators of Ukraine are considered. It is established that macroeconomic stability in the postwar period is the basis for effective economic reforms. The forecast macroeconomic indicators of economic and social development of Ukraine for the period 2025-2027 are presented. The main indicators that play an important role in analyzing the macroeconomic development of Ukraine in the postwar period are proposed, namely: assessment of economic losses, identification of priority sectors for recovery, evaluation of reform effectiveness, forecasting of economic dynamics, attraction of international investors and creditors, ensuring financial stability, social research on war. It is established that indicators of macroeconomic development not only help to assess the current state of the economy, but also predict future development, ensuring sustainable post-war economic growth. This strict supervision allows to temporarily adjust public policy, attract insufficient investments and ensure stable socio-economic development in the difficult post-war environment. Thus, the need to define macroeconomic indicators in the postwar period is driven by the need to effectively manage the process of economic recovery, ensure social and financial stability, and attract foreign investment and assistance. Proper analysis and monitoring of macroeconomic indicators will eliminate the possibility of adjusting economic policy, thereby contributing to the country's growth and development. Indicators of Ukraine's macroeconomic development in the postwar period allow us to assess the level of economic recovery, the stability of the financial system, and the effectiveness of government policy. By closely monitoring these indicators, it will be possible to make informed decisions on how to restore the country and ensure sustainable development in the future.

At the present stage of development of the market economy in Ukraine, the priority is the steady inclusion of the domestic economy in the system of international division of labor and global integration processes. One of the stages of our country's integration into the world is the intensification of Ukraine's trade relations with the countries of the European Union. Therefore, Ukraine's financial policy should be aimed at shaping integration priorities. The basis of financial policy are strategic directions, which determine the long-term and medium-term prospects for the use of finance and provide for solving the main tasks of society. At the same time, the state takes a number of measures aimed at using financial relations in terms of solving tactical tasks, namely - to mobilize and effectively use financial resources, regulate foreign trade processes, stimulate the development of STP, certain sectors of the economy, certain territories. Therefore, we can state the fact that Ukraine has chosen integration into the European Union as a priority of its integration into world structures. After all, the focus on the European Union it's a significant capital markets, new technologies, higher standards of production, and environmental protection. Ukraine's integration with the EU is also important as a reform-stimulating factor for its economy, legal framework, and the main means of avoiding the threat of being outside the common European home. Thus, in the article are analysed the basic strategic direction of financial policy, which focused on the intensification of foreign trade cooperation between Ukraine and the European Union. Are assessed the obstacles that negatively affect at the further development of the foreign trade sector of Ukraine's economy . The main causes of the investment crisis in the country as a factor in reducing integration processes are highlighted. The model of formation of the optimum system of financing of foreign trade operations is offered. Recommendations for the formation of an optimal system of regulation of foreign economic activity in Ukraine are formulated. Are offered the main directions of financial policy improvement in the conditions of European integration development of the country.