Conditions For Sustained Economic Growth Research Articles

Противоречия экономики России и механизм их разрешения в условиях импортозависимости

The article examines the modern economic model of Russia and the gaps in the existing import substitution policy. In the course of the work, contradictions of economic institutions were identified, the structural causes of the crisis of the debt build-up model, the question of the introduction of a sovereign development plan was raised, the definition of the plan was given, conditions for sustainable economic growth were described, a model of the economy of innovative development was proposed, taking into account the mistakes of the “debt build-up economy” with the aim of developing Russia as a center of global importance. Based on the analysis, the proposals for the transition to a new economic policy and the use of tools for its implementation on the ba-sis of a system of short- and long-term state planning of socio-economic development are substantiated. A methodology for the formation of a unified strategy for socio-economic development is proposed in order to mitigate emerging strategic risks in the context of external aggression.

Основы координации денежно-кредитной и бюджетно-налоговой политик для обеспечения роста российской экономики

The subject of the study is monetary and fiscal policy, which are one of the basic tools for regulating economic processes in the Russian economic system, the coordination of which is an essential factor in the success of ensuring the overall effects of economic policy. The purpose of the work is to establish effective measures to respond to emerging shocks in the context of current sanctions pressure from Western countries without mutually neutralizing one type of government policy with the tools of another policy. This article examines the main instruments of the state's economic policy from the perspective of their mutual influence and interaction in order to achieve positive results for the economic system. The essence of the tax mechanism has been established. In terms of budget policy, the mechanism of subsidizing enterprises is justified. The concept of a budget rule is defined. The goals and objectives of monetary policy are highlighted. It is concluded that since simultaneous indirect influence on macroeconomic processes is carried out through the instruments of the monetary policy of the central bank and the instruments of the fiscal policy of the Government, there is a problem of mutual influence of the adopted fiscal and monetary measures in terms of neutralizing or reinforcing each other effects that can have a negative impact on the achievement of The ultimate goal of both directions of economic policy is to ensure conditions for sustainable economic growth.

Developing a coordinated regulation schedule to prevent damage to the environment by vehicles and improve the structure of the energy system: evidence from the city of Baku (Azerbaijan)

Problem. The scale of road traffic is constantly increasing all over the world, which is the basis and indispensable condition for sustainable economic growth, on the one hand, and the source of a complex of transport and environmental problems, on the other. One of the most pressing problems is the congestion of road networks. Goal. The purpose of the article is the analysis of the way to organize the creation of an effective system that controls traffic in an urban agglomeration. Methodology. This article analyzed the case of one of the main avenues of Baku to develop a coordinated regulation schedule for reducing vehicles damage to the environment by waiting at a red light, as well as for improving the structure of the energy system in the developing countries, especially in Ukraine, which has been suffering from war. Results. For this reason, in the article a proposal was made to improve the efficiency of traffic management at the main intersection of Matbuat avenue in Baku, the number of vehicles moving on the avenue was studied and the traffic light timings report was made at all intersections, the reports were adapted to the main roadway, and a green wave graph was constructed. Originality. The methodology for estimating environmental and economic damage from the impact of motor vehicles on the urban ecosystem, including indexation coefficient has been improved. The methodical bases of the design of a complex of environmental measures to reduce the impact of vehicles on the environment of Baku have been substantiated. The article provides a basis for the design of a complex of environmental measures. Practical value. A set of measures has been developed to reduce pollution from city vehicles, which can be used in regional and municipal programs.

Human capital as a factor of employment

Summary. The purpose of the article is to study the development of human capital and the growth of its role in modern society as a factor of employment. It is said that in modern world practice, the development of human capital is a condition for sustainable economic growth. Increased investment in human capital can enable future generations of Azerbaijan to make greater use of the opportunities created by the digital revolution. It is noted that the formation and development of human capital, along with the development of technologies to use its potential, is becoming a key factor in the development of the productive forces of society. A person, possessing a combination of various knowledges and abilities, is a factor of economic growth. At the same time, it is important to remember that without the innovative approach of human capital, digital economy is simply untenable. The following tasks are solved in accordance with the set goal: Clarification of the concept of ‘human capital’. Identification of the main characteristics of human capital. Identification of types of human capital and factors affecting it. Analysis of the situation of human capital in Azerbaijan, identification of risks and problems. Giving relevant recommendations for improving human capital in Azerbaijan. The object of research is human capital in the process of changing socio-economic relations in the information economy. The main results of the study are as follows: The concept of human capital is defined as an important component of economic growth in market conditions. The type, functions and principles of human capital development are substantiated. Attitudes towards the role of education, health, and social protection in the reproduction of human capital have been studied. The situation of human capital in Azerbaijan and the factors affecting it are shown. Suggestions and recommendations were made on the development of human capital in Azerbaijan.

Природные ресурсы в экономическом развитии: эволюция теоретических подходов

This paper considers the evolution of the main theoretical approaches considering the role of natural resources in economic development in the XVIII-XXI centuries. The study revels three main functions of natural resources in the economy: a factor of production, a traded commodity and natural capital as a component of national wealth (along with real and human capital). It is shown that at the present stage globalization processes have determined the dominant function of natural resources as a tradable commodity. It is determined that if until the end of the XX century the presence of rich and diverse natural resources ensured economic growth, then in the subsequent period natural resources had a multidirectional impact on economic dynamics. The author performs a comparative analysis of three theories that take natural resources into account: neoclassical theory of economic growth, neoclassical theory of international trade and institutional theory. In the neoclassical theory of economic growth natural resources are considered as a factor of production, which act as determinants of economic growth. This theory formulates the Dasgupta – Heal – Solow – Stiglitz model, which defines the conditions for sustainable economic growth in an economy with non-renewable natural resources. In the neoclassical theory of international trade, natural resources are primarily considered as a tradable commodity, and the possibilities of development of the economy dominated by natural capital by increasing foreign trade rent are analyzed. Within the framework of this theory, three concepts explaining different channels of natural capital impact on the economy through the connection with foreign markets are formulated: the trap of raw material specialization, the Prebisch – Singer hypothesis and the Dutch disease. The macroeconomic causes of the resource curse are identified. Institutional theory studies the role of institutional conditions in the economic development of countries dominated by natural capital. Within the framework of this theory, it is shown that the quality of institutions determines the nature of the impact of natural resource surplus on the rate of economic growth; the resource curse is defined as a violation of incentives to accumulate different forms of capital; rent-seeking is one of the main channels of negative impact in conditions of weak institutions. All the theories considered allow us to conclude that the development of the economy based on the exploitation of natural resources is possible in the long term, provided that compensatory mechanisms are formed to ensure the transformation of natural capital into other forms of capital

Environmental, Social, and Economic Aspects of the Green Economy in Polish Rural Areas—A Spatial Analysis

The global climate, ecological, and energy crisis has increased the interest in the green economy (GE) concept that aims to resolve environmental problems while promoting economic growth, social stabilization, and creating favorable conditions for sustainable economic growth. The implementation of GE solutions requires an assessment system for evaluating the extent to which business operations are consistent with GE principles. In this study, the environmental, economic, and social dimensions of the quality of life were identified, and agricultural factors were considered to determine the progress in the implementation of GE principles. The correlation between the success of GE implementation and the utilization of environmental funding provided by the Common Agricultural Policy (CAP) was analyzed. A composite GE index composed of 19 variables was developed for this purpose with the use of Hellwig’s taxonomic measure of development. The strength of the correlation between GE implementation and the utilization of green payments under the CAP was evaluated by calculating Pearson’s correlation coefficient. Polish rural areas were analyzed at the level of Local Administrative Units (LAU). The study revealed spatial variations in GE development, and it demonstrated that local projects financed from EU funds had a positive impact on the environment. However, the utilization of EU support schemes differs considerably across Polish regions. The analysis revealed that agri-environmental-climate measures (spending per ha) were most strongly correlated with the economic dimension of the quality of life. Southern Poland and suburban areas differed considerably from Eastern Poland where green payments were less effective in promoting GE development. The results of this study are useful for planning, land management, and the development of socioeconomic development strategies at the municipal, regional, and local level.

Гравитационные эконометрические модели внешней торговли стран ЕАЭС+: анализ, оценка и поиск источников инклюзивного экономического роста

The article presents an analysis and assessment of Russia's foreign trade cooperation based on the gravitational econometric model with other EAEU+ countries with which there are stable economic relations. Inclusive growth is understood as economic growth aimed at creating favorable conditions for improving the quality of life and ensuring equal opportunities for all groups of the population in the national economy. Ensuring economic inclusion is the most important condition for sustainable economic growth. The main idea of the approach is a gravitational econometric model of foreign trade and foreign trade turnover, which directly depends on the economic capabilities of trading countries (GDP) and inversely depends on the distance between these countries. Goal. To test the hypothesis that the growth of income from trade is possible in the future, taking into account the growth of GDP in the EAEU+ member states. To develop gravitational econometric models of Russia's foreign trade within the framework of the development and expansion of the EAEU. Tasks. To present a retrospective analysis of the foreign economic activity of Russia and other EAEU+ countries in the period from 1991 to 2021. To analyze, evaluate and search for sources of inclusive economic growth based on the use of gravitational econometric models of foreign trade of the EAEU+ countries. Methodology. The methods of system analysis, classification and comparison, evolutionary-institutional theory and analytical approach were applied in the course of the study. Results. The high empirical accuracy of gravitational econometric models, demonstrated by their use in research, allows us to build the most reliable medium-term forecasts of economic growth and development of foreign trade, to search for the optimal scenario for the realization of the export potential of the national economy to adapt to the geo-graphical trade race. It should be noted that the use of gravitational economic models to identify trade relations that can be implemented both locally and globally. Conclusions. Based on the results of the gravitational econometric model of foreign trade, it is established that in the future the growth of trade turnover between the EAEU+ countries are possible taking into account the GDP growth of these countries. The EAEU+ countries have significant economic potential to increase mutual trade flows and further integration into world trade.

Entre el deber ser y el ser del crecimiento económico en México: 1980-2020

En el presente trabajo se analiza el llamado modelo económico neoliberal, cuáles fueron sus orígenes y sus principios básicos en la determinación del crecimiento económico y cómo fue adoptado primero en las economías desarrolladas como Estados Unidos e Inglaterra y posteriormente en los años ochenta en México, con el propósito de salir de la crisis de la deuda, la hiperinflación y generar las condiciones para un crecimiento económico sostenido con estabilidad macroeconómica. Si bien este objetivo se cumplió parcialmente, generó desigualdad y elevados niveles de pobreza extrema en el país. La política económica del gobierno de Andrés Manuel López Obrador se propuso establecer un modelo ‘posneoliberal’ en donde el Estado estaría por encima del mercado y sería el encargado de promover el bienestar de los sectores de ingresos más bajos de la población. Sin embargo, no es clara la estrategia que se llevará a cabo para alcanzar este objetivo.

ХАЛҚАРО РАҚОБАТ ЎСИШИ ШАРОИТИДА МИЛЛИЙ ИННОВАЦИЯ ЭКОТИЗИМЛАРИНИНГ ШАКЛЛАНИШ ЙЎНАЛИШЛАРИ

Today, most countries in the world set a target of transitioning to an innovative knowledge-based economy, and in which the creation, transfer and use of scientific and technical results are the main conditions for sustainable economic growth. The article reviews the foreign experience in the formation of an innovation ecosystem in various countries, the features of its functioning, and the structure and mechanisms of implementing innovation policy in the context of globalization of the economy. The possibilities of organizing the ecosystem at the SKOLKOVO innovation centre in the Russian Federation and its adaptation to the conditions of Uzbekistan are provided. Based on the experience of developing countries, a wide range of organizational, economic, legal, structural and functional components that ensure the development of modern national innovation ecosystems have been considered. The objectives of the development of the national innovation ecosystem at the present stage and the elements necessary for its effective activity are identified.

On the Free Trade Zone between Vietnam and the European Union

On February 12, 2020, the European Parliament officially ratified a free trade agreement with Vietnam — at a time when an infectious disease caused by COVID-19 is actively spreading around the world, which can significantly affect the European economy, investment, and social sphere. Aim. The presented study aims to demonstrate that implementation of the EU-Vietnam Free Trade Agreement (EVFTA) has the potential not only to increase the volume of trade, but also to activate new mechanisms of comprehensive cooperation between Europe and Vietnam while maintaining their mutual interest. Tasks. The authors summarize structural changes in the exports and imports of goods in the medium term; show a reduction in the interest rate on tariffs for goods exported from Vietnam to the European Union (EU) and goods coming from the EU to Vietnam; examine the growth dynamics of Vietnamese exports in 2020, 2025, and 2030, the dynamics of the EU exports to the Socialist Republic of Vietnam (SRV) in the same years, and the growth of trade balance surplus. Methods. This study uses general methods to analyze free trade zones in a multilateral and bilateral format, which will be reflected in the study of the Eu-Vietnam free trade zone. Conclusions. Vietnam has accumulated significant experience in organizing free trade zones during the transition from a command economy to a market economy in 1986-2019, thus creating conditions for sustainable economic growth and becoming a country with many advanced and new technologies, higher income and living standards of the population. Based on a high level of strategic partnership with advanced countries, including the EU, United States, Republic of Korea, Japan, and Russia, Vietnam has ensured its economic security and has become a guarantor of peace in the East Asian region.

Maritime transport and economic growth: Interconnection and influence (an example of the countriesin the Caspian sea coast; Russia, Azerbaijan, Turkmenistan, Kazakhstan and Iran)

The article reflects the results of the study on the relationship between the development of maritime transport and the dynamics of economic growth in the countries of the Caspian Sea coast. Among other things, the authors analyzed the impact of maritime transport on the economic development of such countries as Russia, Azerbaijan, Turkmenistan, Kazakhstan and Iran. Special attention is paid to the study of the close relationship between the factors that negatively affect the economic growth of the countries under study and the internal factors that characterize the system of maritime transport and the formation of a system of performance indicators for the economies of the Caspian Sea.The results of the study showed that the implementation of projects to improve the development of maritime transport by the management creates conditions for sustainable economic growth of the countries in the Caspian basin.

FISCAL POLICY AND INSTITUTIONAL BUDGET ARCHITECTONICS

The purpose of the article is to study the role of fiscal policy in the context of the development of institutional budget architectonics aimed at ensuring macroeconomic stability, boosting economic growth, strengthening human potential, improving public welfare and defining approaches to its formation in advanced and transition economies. Comparative and factor methods make it possible to cover the peculiarities of institutional environment of the formation of fiscal policy in EU countries and Ukraine in the context of the development of the institutional budget architectonics and to identify ways for its improvement. Methodology. Substantiation of the role of fiscal policy in terms of the development of institutional budget architectonics, determination of its strategic orientations are based on generalization and systematization of experience of advanced and transition economies. For this very reason, the authors analyse and assess the fiscal policy and define special aspects of the formation and implementation of its components in relevant countries. Results show that to increase the effectiveness of the fiscal policy, it is expedient to ensure its interrelation with other components of financial policy based on a combination of fiscal and motivation function. Effective institutional budget architectonics provides means for creating conditions for sustainable economic growth, achieving strategic goals of socio-economic development of the country. Significant tasks of the development of institutional budget architectonics are regulation of the ratio between direct and indirect tax revenues, the structure of budget expenditures in terms of functional, economic classifications, maintaining the budget gap and public debt at the level that contributes to the financial and economic stability of the country, taking into account economic cyclical nature. Practical implications. A feasible budget architectonics would facilitate the maintenance of macroeconomic stability and accelerate economic growth. It is expedient to carry out institutional changes of budget architectonics on the ground of dynamic interconnection of budget and macroeconomic indicators. Value/originality. Fiscal policy plays a significant part in the process of government regulation of socio-economic development of the country. Elaboration of fiscal policy approaches in the context of the development of institutional budget architectonics is an important prerequisite for improving the quality of budget planning, ensuring the strength, stability and dynamic balance of the budget system. It is advantageous to introduce adaptive institutional changes into the budget architectonics in order to accelerate economic growth. Therefore, the article covers the essence and role of institutional budget architectonics aimed at ensuring macroeconomic stability, accelerating economic growth, developing human potential, improving public welfare; it defines the approaches to its development in transition and advanced economies. The authors establish that effective fiscal policy based on feasible institutional budget architectonics provides means for creating conditions for sustainable economic growth, achieving strategic goals of socio-economic development of the country.

Investment in human capital as the basis for the country’s economic growth

A key factor in modern economic growth is investment in people and in the development of human capital, as evidenced by the experience of many countries. Investments in human capital create conditions for sustainable economic growth, constant adaptation of the socio-economic structure to new areas of scientific and technological progress. In addition, investments in people form demand in many adjacent sectors, thereby causing a significant multiplier effect. Currently, the role of the state in this area is quite large. The role of the state is especially great in the most important spheres of the formation of human capital - in the field of education, health care and the allocation of research.

Modernization changes and economic stability of Russia during globalization of world economy

Modernization is a special form of development of society, development of technology and economy is the cornerstone of modernization. However, this development is not evolutionary, but revolutionary, accompanied with rather fast institutional transformations. Besides, modernization should be considered as a problem which covers, first of all, the sphere of economy but which cannot be studied and solved without interaction practically with all directions of activity of the person and society. Modernization models taking into account mental and civilization features of Russia are analyzed. The changes connected with globalization changes in world economy and resistance to these changes of the Russian social and economic institutes are considered. Need of coordination of processes of social and economic transformations with set of informal institutes of the Russian society is emphasized. On the basis of the carried-out analysis the conclusion about existence of various ways of further economic development is drawn. Russian norms and traditions, being integrated with the chosen elements of the western institutional environment, will create conditions for sustained economic growth. Thus, transition to essentially new concept of economic development of the country will be made.

Організаційно-правове регулювання взаємодії суб'єктів інвестиційної діяльності сфери туризму для об’єднаних територіальних громад

У статті проаналізована організовано-правова система правового регулювання взаємодії суб’єктів інвестиційної діяльності сфери туризму для об’єднаних територіальних громад. Досліджено та охарактеризовано основні нормативно-правові документи, які забезпечують правові взаємовідносини між суб’єктами інвестиційної діяльності. Визначено вплив держави на інвестиційний процес..

The Role of Agriculture in the Formation of Macroeconomic Indicators of National Economy

The most significant and negative trend for national economy of some countries is the decline in farm production and share of agriculture in the total gross value added, as well as decrease in fixed investment and labor and production potential of agriculture. Negative processes in reproduction of farming fixed capital puts forward the need for a deep analysis of the situation. It is also necessary to identify opportunities to overcome the crisis and create conditions for sustainable economic growth of the farm sector of the national economy. This study is devoted to the research of the macroeconomic indicators dynamics that characterize the role of agriculture in the national economy, as illustrated by indicators of Russian Federation. Using the method of analytical alignment of time series, models of the gross value added share, fixed assets, fixed investments, the number of people employed in agriculture in the total national indices were developed and analyzed. The patterns and trends of the Russian economy in the long-term dynamics of 1990–2017 were also investigated.

Humanitarian Education as a Resource for Sustainable Development

This article studies the role of humanitarian education in providing conditions for sustained economic growth. The study is based on the analysis of contemporary tendencies of economical, social and ecological development. Sustainable development in the current context creates a need for the new type of engineers and workers with such qualities as responsibility, creativity, openness to innovations. The author maid the conclusion that it’s impossible to achieve new employee’s qualities, demanded by modern economic growth, only by means of professional education because they depend of human development which is a product of humanitarian education. Thus the study of philosophy and other humanitarian disciplines should be an important part of specialist’s education in modern world.

The effect of labor productivity on economic growth

The purpose of the study is to study the level of labor productivity as the most important conditions for sustainable economic growth and improving the competitiveness of the national economy Materials and methods. The study used the methods of analysis of composition and structure, the calculation of absolute and relative indicators of dynamics, average values, comparative analysis, graphical method of analysis, as well as the general theoretical method of analysis of Russian and foreign literary sources. The main research methods are cluster, stochastic and dynamic analysis. The study found application methods for collecting primary economic information, including analysis of legislative and regulatory acts of the Russian Federation, official statistical data, public reporting data of domestic enterprises, analysis of other open sources of information, a systematic approach, statistical and comparative analysis methods. The study examined the works of N.A. Alekseeva, G.A. Barysheva, V.Ivanter, A.Idrisova, S.V. Kaymanakova, N.I. Komkova, E.V. Kondratieva, I.T. Korodina, Kositsina, F.P., Kuvalin D., Kulkova V.M., Mamontova V.D., Nekipolova A., Nikulina OV, Oder D.E., Sapir J., Yuhacheva S.P. , Yantovsky A.A. and others. Results. Adhering to the opinion of well-known economists, we will consider economic growth as a system of interaction and reproduction of the elements and factors of economic growth of the national economy. Economic growth is determined by the factors that determine the pace and scale of the long-term increase in gross domestic product, the possibility of increasing the efficiency and quality of growth. The study made it possible to determine that the main factors affecting economic growth are labor productivity, the size of the average wage, and the amount of investment. In turn, labor productivity is also associated with the cost of technological innovation and the index of ingenuity. One of the qualitative characteristics of economic growth is labor productivity, which contributes not only to an increase in production, but also to an increase in the income level of the population due to an increase in the total consumption of goods and services. Conclusion. The implementation of the principle of faster growth of labor productivity over wage growth should take into account the need to ensure equity in income differentiation, which will stimulate the development of the creative potential of labor resources. To increase labor productivity in enterprises, it is necessary to introduce modern methods of process management, the principles of the organization of lean manufacturing. A systematic approach to solving these problems will make it possible in the coming years to improve the competitiveness of enterprises, and in the long term, it will contribute to a systematic increase in labor productivity and ensure decent economic growth.

Інституційні засади соціально-економічного та фінансового розвитку ОТГ

In the context of reforming intergovernmental relations on Ukraine's path to European integration, the issue of institutional foundations for the development of United Territorial Communities (UTC) becomes particularly relevant. The purpose of the article is to analyze the main problems of socio-economic development and substantiation of the financial mechanism of functioning of the UTC on the basis of sustainability. The main tasks are to analyze the peculiarities of the formation of the financial resources of the UTC, to identify the factors of their socio-economic development. Scientific research methods such as induction and deduction, synthesis and analysis, comparison method are used. The dynamics of development of territorial communities in Ukraine has been investigated, which certifies the effectiveness of implementation of the concept of decentralization taking into account the basic principles and requirements of European integration. The peculiarities of forming the financial resources of the UTC and their intergovernmental relations with the state budget, the main forms and sources of obtaining funds for the development of territorial communities are analyzed. It is proved that budget financing, as the main form of providing territorial communities, determines the level of social and economic development. The amendments to the legislative acts aimed at better filling the budgets of the UTC are outlined. The tendency to increase the share of transfers in the income of territorial communities has been identified. The positive dynamics of the development of UTC within the scope of empowerment and obtaining additional financial resources have been identified, which provides the conditions for sustainable economic growth and financial capacity of communities. Key problems of socio-economic development and financial support of territorial communities have been systematized. Perspective directions of formation of effective mechanisms of development of UTC on the basis of sustainability are generalized. The prospect of further research is finding new opportunities for the sustainable development of territorial communities in the light of European experience. These include: supporting businesses that create jobs and increase payroll; stimulation of development of small and medium business; ensuring profitability of utility companies

FISCAL POLICY AS AN ELEMENT OF SOCIO-ECONOMIC TRANSFORMATIONS

Urgency of the research. The forming-up of public finances effective system involves the improving fiscal policy as an important component of socio-economic transformation. Target setting. Currently, the important tasks are to prove the fiscal policy role in the social and economic reforms, to open its priorities and objectives, to identify ways to implement them. Actual scientific researches and issues analysis. A wide range of scientists publishing by such scientists as T. Boholib, О. Vasylyk, I. Zapatrina, L. Lysyak, I. Lukyanenko, V. Fedosov, I. Chuhunov and others are dedicated to development of fiscal policy formulation and implementation approaches, to define its priorities and directions to implement them. Uninvestigated parts of general matters defining. However, at this stage, despite the numerous important scientific researches it is important to deepen the researches of the fiscal policy role as part of the socio-economic transformations. The research objective. To substantiate the fiscal policy role as a component of socio-economic transformations, to define its priority tasks and directions of their implementations. The statement of basic materials. Fiscal policy is a powerful instrument of socio-economic processes state regulation. Currently, the main objective of fiscal policy is to stabilize public finances. The basic condition is to support the macroeconomic stability, to speed up the economic growth, to implement the effective governance, to strengthen decentralization processes and to reform the public finances system. Conclusions. Effective fiscal policy provides an opportunity to increase the level and quality of life, to create conditions for sustainable economic growth, to modernize the economy and social sphere, to achieve the strategic objectives of socio-economic development.