Country's Economic Policy Research Articles

The role of international financial institutions in shaping African development: a case study of Nigeria's engagement with the IMF and world bank

This article explores the critical role that International Financial Institutions (IFIs), specifically the International Monetary Fund (IMF) and the World Bank, have played in shaping Nigeria's development. Using Nigeria as a case study, the research investigates the impact of IMF and World Bank interventions on the country's economic policies, particularly through structural adjustment programs (SAPs) and development projects. The analysis includes a review of Nigeria’s economic challenges, beginning with its post-independence era, the introduction of SAPs in the 1980s, and the ongoing consequences of these reforms on economic stability, poverty reduction, and public services. The study also addresses the political and social responses to IFI-driven policies and evaluates both the successes and shortcomings of these interventions. Furthermore, the article highlights the lessons that other African nations can draw from Nigeria’s experience with IFIs, particularly in negotiating terms and managing long-term development goals. The future of Nigeria’s relationship with the IMF and World Bank is examined, with a focus on exploring alternative development partnerships and achieving greater economic independence.

АНАЛИЗ И ОЦЕНКА ИННОВАЦИОННЫХ КЛАСТЕРОВ В ЛИПЕЦКОЙ ОБЛАСТИ

Currently, the main goal of the country's economic policy is to increase the competitiveness of the state. One of the measures to ensure optimal competitiveness is the approval of innovation strategies at all levels - federal, regional, sectoral, corporate. At the same time, the competitiveness of modern economy - depends not only on technological achievements, inventions, knowledge production, but also on organisational changes that promote the commercialisation of scientific and technological research. In this regard, the advantages of the cluster approach are increasingly becoming one of the ways to improve the system of innovation diffusion and technology transfer. The chosen topic is important because innovation contributes to the development of regions, increasing competitiveness, strengthening economic growth points through high-tech innovation, such as innovation clusters, research centres and other forms of institutional support., The purpose of this study is to summarise the material studied, to identify opportunities for improving the territorial innovation cluster of the Lipetsk region.

GLOBAL FINANCIAL INFRASTRUCTURE MEDIATED BY THE ESTABLISHMENT OF ISLAMIC CENTRAL BANKS

The current global financial market, where money is based on debt, does not reflect a perception of wealth creation for inter-country life. The orientation of national income and expenditure has shifted towards debt. Citizenship has transformed into a consumerist lifestyle, and a country's economic policies have become dependent on the supply of debt. The financial structure of both nations and societies is created from one debt to another, with debt serving as the global financial standard. The Taylor rule links debt parallel to interest rates, transforming money into a commodity. Removing money from the current global financial market structure must be mediated by the establishment of a Shariah central bank under the supervision of the World Bank.

INFLATION AND ITS EFFECTS ON CONSUMER BEHAVIOR AND ECONOMIC POLICIES

In Uzbekistan, inflation exerts a profound influence on consumer behavior and shapes the country's economic policies. This article explores the unique dynamics of inflation in Uzbekistan, its impacts on consumer behavior, and the corresponding economic policy responses. Inflation alters the purchasing power of Uzbek consumers, impacting their spending patterns and savings decisions. As prices rise, consumers may prioritize essential goods and services, adjusting their consumption habits accordingly. Such shifts in consumer behavior have significant implications for businesses and market dynamics within the country. Understanding the interplay between inflation, consumer behavior, and economic policies is essential for policymakers and stakeholders in Uzbekistan to navigate the complexities of the economy effectively.

Perfection of the tax system and its impact on macroeconomic policy in Georgia

In determining the macroeconomic policy of the state, in order to fulfill its goals and objectives, taxes and perfecting the tax system play a key role and represent one of the main instruments of the economic and financial policy of the state and can be considered as the leader of the country's macroeconomic policy. The aim of the paper is to discuss and analyze the role of the tax system and its subsequent reformation in the macroeconomic policy of the country, and in particular in the part of the fiscal policy, because through the tax and fiscal policy, the government of the country makes decisions in which direction it wants to develop the country's development strategy and define the macroeconomic policy. In terms of the sustainable development of Georgia and the implementation of the country's macroeconomic policy, the concept of economic development and the implementation of correct tax reforms in this regard, in the direction of perfecting the tax system, are important in the short and long term. Based on this, issues related to reforming and perfecting the tax system are one of the most important challenges of the country's economic policy and macroeconomic policy.

Attracting Investments in the Services Industry, The Government's Place

In this article, investment attraction and financing is a rather complex process. There is sufficient experience in attracting investments and financing at the international and national level. Investment financing is mainly offered depending on the country's economic policy, legislation, development of investment attraction infrastructure, level and economic situation of the country.

Foreign trade of the Republic of Moldova: analysis, evaluation and perspectives

This research is dedicated the foreign trade of the Republic of Moldova and the goal is to is to analyze the foreign trade of the country, identify the challenges, analyze and evaluate the situation in this domain. The trade policy of the Republic of Moldova is the main component of the country's economic policy and is aimed at developing foreign economic relations, in particular by promoting exports, protecting the national economy from foreign competition, regulating and monitoring imports and maintaining the trade balance. The analysis in this research was based on information from national and international scientific research, data from the National Bureau of Statistics of the Republic of Moldova, data from national and international Reports. The amount of foreign trade in goods in the first half of 2023, decreased by 3.4% compared to the same period of the previous year. Thus, the volume of foreign trade in goods in this period amounted to 6413.8 million USD. Exports of goods decreased by 10.9% or 249.2 million USD, while imports increased by 0.5% which amounts to 21 million USD. In recent years there have been important changes in Moldova's foreign trade. The EU being the main partner, this is due to the international relations, namely the cooperation and partnership process with the European Union. These relations also have a favorable impact on the development of the Moldovan economy and play an important role in strengthening the country. At the same time, the EU supports small and medium-sized enterprises by providing financial support in the form of grants, loans, coaching and advisory support. EU financial support is aligned with the DCFTA objective and represents a favorable framework for increasing exports, enhancing the competitiveness of domestic producers, diversifying relations with European and international business partners, increasing the productivity of companies by streamlining production processes and efficient use of natural resources, improving the quality management of enterprises by increasing the quality of domestic products and services.

Analysis on the Relationship Between China-US Exchange Rate Fluctuations and Short-Term Cross-Border Capital Flows

The exchange rate, as a key indicator of a country's economic health and policy direction, has profound implications for international trade and cross-border investments. This study explores the relationship between the RMB exchange rate and short-term international capital flows (SICF) and employs various economic analysis methods to delve into this issue. The main findings of the study include, firstly, there exists a cointegration relationship between the RMB exchange rate and short-term international capital flows, indicating a long-term equilibrium relationship between them rather than just short-term fluctuations; secondly, Granger causality test results suggest a bi-directional causal relationship between these two variables, with changes in the RMB exchange rate being used to predict changes in international capital flows, and vice versa. Additionally, the estimated results of the VAR model established reveal linear relationships among five key variables and exhibit a high degree of fit. Finally, variance decomposition analysis reveals that the RMB exchange rate gradually becomes an important factor in the volatility of short-term capital flows, while the volatility of short-term capital flows itself gradually decreases.

Досвід фінансування військових витрат під час Першої світової війни

Continuation of the Russian-Ukrainian war increases the risks of growing financial and economic dependence of the country on the political will and economic capabilities of our allies, underscoring the importance of studying the experience in developing and implementing measures to transform the country's economic and financial policies in wartime conditions. The features of using emission, tax and credit instruments to ensure the financial capacity to cover the growing military needs of the Russian Empire and its allies during the First World War have been analyzed. The specifics of the financial policy of the imperial government during the initial years of the war, reflecting contemporary ideas about state intervention in economic life, are characterized. On the one hand, there was extensive issuance of credit notes to fund war needs, leading to the spread of inflationary processes. On the other hand, the authorities sought, through coercion, to curb price increases. It is argued that the absence of a long-term transformation program in the financial sphere after the onset of the war forced the government to resort to excessive expansion of the emission activities of the State Bank, gradually reducing the gold backing of the ruble, resulting in the proliferation of inflationary processes and negatively impacting economic development. The policy in the field of state credit, actively applied to finance war expenditures, is characterized. Three components of internal state credit are distinguished: obligations of the state treasury, essentially interest-bearing money; treasury notes that were essentially interest-bearing money; and bond loans that dominated in covering war expenditures.

Eradication Of Corruption By Tracing Money Laundering As An Integral Legal System That Can Not Be Separated

Money laundering can undermine the national economy because it is closely related to confidence of a person or another state in the policy of the state. Money laundering is usually done by mixing illicit money with legitimate money so that legitimate businesses will be less competitive with honest companies, undermine the integrity of financial markets because financial institutions (financial institutions) even those that rely on proceeds of crime can face liquidity dangers; resulting in loss of government control of a country's economic policy resulting lack of confidence of other countries in the policies of the country's government.So that in an effort to eradicate the money laundering and criminal acts such as corruption origin is a unity that can not be separated to combat the evidence system is not clear, not balanced proof techniques and mafia Justice.

Turkey in Turbulence: Heterodoxy or a New Chapter in Neoliberal Peripheral Development?

ABSTRACTWhile global monetary tightening by central banks, led by the US Federal Reserve, has heightened concerns about a slowdown in the world's economy and an increased likelihood of debt crises across developing countries, Turkey has attracted attention for doing the opposite. Indeed, the country's economic policy makers have intensified monetary easing towards credit expansion at the risk of increased exchange rate instability. This article analyses the Turkish case and makes four contributions. First, it establishes a framework through which we can understand and interpret the policy choices of the government. Second, it shows the binding effects of the trilemma in the context of an economy fully integrated in the global economy and discusses how the government tried to tackle these effects through a series of ad hoc policy measures. Third, the article discloses the distributional consequences of such policy manoeuvres and argues that the burden of adjustment fell on the shoulders of wage labour, while various competing rentier interests benefited from these policies. Fourth, the authors analyse these policies from a broader perspective of whether they can be interpreted as a courageous attempt by a peripheral developing economy to claim some policy space, or whether these policy choices in essence only amount to a deepening of neoliberal peripheralization.

Econometrics Modelling Approach to Examine the Effect of STEM Policy Changes on Asian Student’s Enrollment Decision in USA

Academic research has shown significant interest in international student mobility, with previous literature primarily focusing on the migration industry from a political and public policy perspective. For many countries, international student mobility plays a crucial role in bolstering their economies through financial gains and attracting skilled immigrants. While previous studies have explored the determinants of mobility and country economic policies, only a few have examined the impact of policy changes on mobility trends. In this study, the researchers investigate the influence of immigration policy changes, particularly the optional practical training (OPT) extension on STEM programs, on Asian students' preference for enrolling in STEM majors at universities. The study utilizes observational data and employs a quasi-experimental design, analysing the information using the difference-in-difference technique. The findings of the research indicate that the implementation of the STEM extension policy in 2008 has a significant effect on Asian students' decisions to enroll in a STEM major. Additionally, the study highlights the noteworthy role of individual factors such as the specific STEM major, terminal degree pursued, and gender in influencing Asian students' enrollment decisions.

Экономический суверенитет России. Направления и задачи укрепления экономического суверенитета на современном этапе развития страны

The issues of ensuring, protecting and strengthening Russia's economic sovereignty did not arise yesterday. The political realities of recent times have only further highlighted their relevance. At the same time, the very concept of «economic sovereignty», which is part of what is commonly called «state sovereignty», began to be institutionalized only relatively recently, in the twentieth century. Objective trends in the development of international economic relations in recent years, reflected in the policies of the states representing the leading economies of the world, as well as the sanctions regime imposed against the Russian Federation, have made it necessary to turn to this topic to determine the possible content of measures to supplement and/or adjust the directions of the country's economic policy.

Бюджетный процесс в разных странах

Subject. This article examines the budget process in different countries as one of the main goals of any country's economic policy aimed at forming an effective budget system that promotes economic growth, ensuring the reproducibility of processes in the national economy and eliminating social imbalances. Goal. The main purpose of the study is to reveal the concept of conceptual and legal foundations of the budget process in different countries. Method and methodology. In the course of the work, general scientific methods were used: comparison, analysis, synthesis, analogy. The results of the work. Ensuring the sustainability of the budget system requires increasing the efficiency of budget expenditures within clearly defined priorities. Conclusions. In recent years, many countries have made serious efforts to modernize public finance management. The new approaches provide for increased attention to the implementation of responsible fiscal policy, immediate and long-term budget planning in order to ensure financial stability and efficiency of public spending.

ІНСТРУМЕНТАРІЙ ПОЛІТИКИ СПРИЯННЯ ІНОЗЕМНИМ ІНВЕСТИЦІЯМ: МОНІТОРИНГ ТА ВИКЛИКИ В УМОВАХ ВІДНОВЛЕННЯ УКРАЇНСЬКОЇ ЕКОНОМІКИ

Background. The purpose of the article is to develop proposals for improving the policy of foreign investment promotion under the conditions of recovery of the Ukrainian economy considering the peculiarities of the methods and mechanisms of using foreign investment promotion tools, generalizing the domestic experience of their application. The article critically summarizes the experience of developing the Ukrainian foreign investment promotion policy, which allows for determining the direction of its adaptation in modern conditions. Methods. A definition is provided for the concept of "policy to promote foreign investment". In accordance with the objectives of the study, monitoring of fiscal, financial, and administrative instruments is carried out, and the selection of methods and policy instruments is based on the author's approaches to their typology. Results. An assumption has been made that the recovery of Ukraine's economy based on the attraction of foreign investments needs to take into account the results of the previous domestic experience of using the tools of the investment promotion policy. The limitations of the use of fiscal policy instruments, which necessitate the coordination of the system of the country's economic policies, are determined. Defects in the practice of applying financial policy instruments are identified. The experience of reforming the system of administrative instruments is summarized. Based on the results of the research, the factors that lead to the formation of a new political cycle of determining priorities, goals, tasks, and designing policy measures for the promotion of foreign investments have been identified. Сonclusions. The article substantiates the importance of designing measures to influence the investment environment and investment activity based on a comprehensive and coordinated approach to the use of policy instruments, ensuring the balance of stakeholders' interests, taking into account changes in the external environment of policy formation, restrictions and challenges related to the current state of the economy.

Personnel potential of agricultural sector of the Republic of Kazakhstan: assessment of the current situation

Relevance – human resource potential of the country is integral part of resource reserves and has impact on socio-economic development of the States and regions. The main goal of the country's economic and personnel policy is to improve quality of personnel in all sectors of economy, including agricultural sector. The goal is to consider the problems of personnel provision in AIC by applying methodological and scientific approaches. Objectives – determination of factors affecting the level and quality of training of agricultural specialists; development of proposals for the formation of qualified and competitive personnel in the countryside. Methods – analysis and synthesis, absolute and relative indicators, abstract-logical, economic-statistical. The empirical basis of the study is the data of the Department of Statistics of the Eurasian Economic Commission, Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan, as well as scientific publications on this topic. Results – in the course of the study, analysis was made of the ratio of urban and rural residents for 2017-2021, the number of employed people, average monthly wage for various types of economic activity. Based on a questionnaire survey, reasons for the unwillingness of young people to work in rural areas were identified, and a list of professions and specialties that will be in demand in the future is given. Conclusions – for the development and improvement of personnel planning in agricultural sector, it is necessary to raise the prestige of rural professions; create monitoring and management system for experienced competent workers of agro-industrial complex.

The Recap of Indonesia G20 Presidency in Bali

An international forum is a group discussion panel that helps world leaders exchange ideas and thoughts, which will later impact a country's economic and political policies or several countries. In November 2022, there were at least two important international meetings. First, the COP27 meeting in Cairo, Egypt, on 10 November 2022, and G20 Bali Summit. Indonesia had gone through a long steep road until it could finally reach a mutual agreement at the G20 Presidency in Bali, prioritizing health, digital transformation, and energy transition. However, the meeting of the head of the G20 member state was overshadowed by a global crisis. In the closing ceremony of the Indonesia G20 Presidency, Indonesian President Joko Widodo expressed his delight that the G20 Bali Leaders' Declaration had been well adopted and approved. G20 Bali Leaders' Declaration resulted from the series of G20 Indonesian presidency activities. It strived to provide various best solutions for one year of leadership amid various crises and new challenges. The effect of the high-level conference or the G20 Presidency in Bali in November 2022 was surging demand for investors all around the globe. Economic uncertainty in 2023 led to the government's decision to raise funds from investors. Since the end of 2022, Jokowi repeatedly brought up the importance of investors in Indonesia to face the threat of recession in 2023. Jokowi expected that the investment climate in Indonesia would be made easier.

CHANGES IN RUSSIA's ECONOMY, WAYS IN WHICH ENTERPRISES ADAPT TO THEM, AND INCREASE IN THE COMPETITIVENESS OF HUMAN RESOURCES

The article considers the main trends in the development of the national economy of Russia and the world economy in the conditions of modern restrictions and sanctions in the field of commodity exchange, trade in technologies, products, materials and energy carriers. The possibilities of adjusting the economic strategy of Russia are considered and recommendations are given to industrial enterprises in terms of the development and exploitation of released market niches. The author analyzed the current market situation and identified opportunities for increasing the competitiveness of industrial enterprises and the Russian economy as a whole, including through the state order and improving the planning system in the public sector of the economy. The possibilities of increasing the investment attractiveness of Russian enterprises in modern conditions are analyzed. The necessity of sovereignty and independence in the implementation of the country's economic policy is substantiated. The effective use of human resources and natural wealth is named as the main condition for achieving an "economic miracle" in Russia. As a result, a comprehensive idea was formed about the required changes in the country's economy in the current situation and about the opportunities that are currently opening up in the field of import substitution, the need for which is acutely felt by domestic industrial enterprises in all regions of the Russian Federation.

The influence of government debt policy on the development of Ukraine's economy

The influence of the government's debt policy on the development of Ukraine's economy is analyzed. It is determined that today almost all indicators of debt stability in Ukraine exceed the critical limit, beyond which the state loses the ability to solve debt problems on its own. Thus, during 2014–2021, the domestic public and state-guaranteed debt of Ukraine increased in hryvnia equivalent by 3.9 times and as of the end of 2021 amounted to UAH 1,111.6 billion. The increase in debt was primarily due to direct public debt, which increased 4.1 times during the analyzed period. It is concluded that the scale of government borrowing in Ukraine makes it a threat to the economy, because without a change in the current government debt policy, the risk of the government's inability to meet its obligations to repay and service the debt will increase. Emphasis is placed on rethinking the country's economic policy in the direction of limiting the country's debt dependence, improving the structure of balance of payments and foreign trade balances, a balanced approach to the liberalization of relations in the foreign economic sphere and attracting foreign investment. A detailed analysis of trends in the issuance of domestic and external government bonds, as well as attracting debt financing from international financial organizations. The study of trends, and most importantly the structure of domestic government bonds, suggests that their growth is due to the need to finance not only the state budget deficit, but also the shortcomings and miscalculations of monetary and debt policy, as well as protectionist interests of individual businesses. Emphasis is placed on the fact that a significant share of non-residents' funds in domestic government bonds increases the country's exchange rate and financial vulnerability and is a factor that allows non-residents to influence the foreign exchange market and, accordingly, the national currency and international reserves of Ukraine.

PENGARUH PENETAPAN HARGA ACUAN MINYAK KELAPA SAWIT, FDI, NILAI TUKAR RUPIAH TERHADAP NERACA TRANSAKSI INDONESIA

The value of trade balance is an important aspect that should be considered in any policy formulation by the government and will determine the direction of the country's economic policy, especially in terms of macro-scale policies. This study aims to determine the effect of the reference price of palm oil, FDI and the rupiah exchange rate simultaneously and also partially on 
 Indonesia's current account balance in 2015, 1st Quarter to 2019 4th Quarter. The data used in this study are secondary data. The analysis technique used in this research is multiple linear regression analysis with the validity test. The test results show that 1) the reference price for palm oil, FDI and the rupiah exchange rate simultaneously have a significant effect on Indonesia's current account balance for 2015, quarter 1 - 2019, quarter 4; 2) the reference price for palm oil and FDI has a positive but insignificant effect on Indonesia's current account balance for 2015, quarter 1 - 2019, quarter 4; 3) The rupiah exchange rate has a significant negative effect on the current account balance in 2015, quarter 1 - 2019, quarter 4.
 Keywords: Determination of Palm Oil, Foreign Investment, Rupiah Exchange Rate, Current Account Balance.