Changes In Economic Policy Research Articles

Ideas, symbols and narratives for the economic development of Russia

Objective : to consider the importance of studying the influence of ideas and ideology on economic development. Based on the concept of three fundamental conditions and two prerequisites necessary for the modern innovative development of the economy, the ideas are proposed that may be in demand for their implementation. Methods : the article uses historical and qualitative methods to analyze and hypothetically reconstruct the influence of ideas on economic development. The approaches of narrative economics are applied to the study of the economic policy justification. Results : it is shown that, under modern conditions, narratives widely spread in society are significant for promoting ideas regarding economic reform. Narratives are an evolutionarily established way of packaging ideas and broadcasting them in the society. To promote effective narratives, they must be consistent with historical experience, as well as associated with significant historical figures. The paper considers the seemingly paradoxical hypothesis that in modern conditions Lenin’s legacy can serve as a basis for the promotion of progressive ideas. Such ideas are primarily related to the modernization of the economy and social relations based on technological innovations, the development of entrepreneurship and market mechanisms, as well as the development of education and science. Scientific novelty : it consists in the application of the synthesis of institutional and narrative economics methodology to the study of the dissemination of ideas and related narratives and their impact on economic development. Practical significance : the provisions and conclusions of the article can be used for further analysis of the influence of ideas and ideology on the implementation of economic policy and institutional changes aimed at economy modernization.

From diversity to monopoly: major economic policy change in the Western Han Dynasty revealed by lead isotopic analysis

From diversity to monopoly: major economic policy change in the Western Han Dynasty revealed by lead isotopic analysis

Benchmarking the operational efficiency of Mexican hospitals – a longitudinal study

PurposeThis study aims to benchmark the operational efficiency of fifty-eight public hospitals across Mexico between 2015 and 2018 and identifies the most critical inputs affecting their efficiency. In doing so, the study analyzes the impact of policy changes in the Mexican healthcare system introduced in recent years.Design/methodology/approachTo measure the operational efficiency of Mexican public hospitals, data envelopment analysis (DEA) window analysis variable returns to scale (VRS) methodology using longitudinal data collected from the National Institute for Transparency and Access to Information (IFAI). Hospital groups are developed and compared using a categorization approach according to their average and most recent efficiency.FindingsResults show that most of the hospitals in the study fall in the moving ahead category. The hospitals in the losing momentum or falling behind categories are mostly large units. Hospitals with initially low efficiency scores have either increased their efficiency or at least maintained a steady improvement. Finally, the findings indicate that most hospitals classified as moving ahead focused on a single care area (cancer, orthopedic care, child care and trauma).Research limitations/implicationsThis study examined the technical efficiency of the Mexican healthcare system over a four-year period. Contrary to conventional belief, results indicate that most public Mexican hospitals are managed efficiently. However, recent changes in public and economic policies that came into effect in the current administration (2018) will likely have long-lasting effects on the hospitals' operational efficiency, which could impact the results of this study.Originality/valueTo the best of authors’ knowledge, this is the first study that examines the efficiency of the complex Mexican healthcare system using longitudinal data.

Official Turnover and Corporate ESG Practices: Evidence from China.

In recent years, environmental, social, and governance (ESG) have been extensive concerned. However, few studies have focused on the impact of situational factors on corporate ESG practice decisions. Based on this, using 9428 observations of Chinese A-share listed companies from 2009 to 2019, this paper attempts to explore the impact of local official turnover on corporate ESG practices, and analyzes the boundary effects of this impact from three aspects: region, industry, and corporate. Our results suggest that (1) official turnover can lead to changes in economic policies and redistribution of political resources, which can stimulate companies' "risk aversion motivation" and "development motivation" and thus promote their ESG practices; (2) this effect is more significant in the high degree of government intervention, the high level of industry competition and private corporates. (3) Further test finds that only when the official turnover abnormally and the regional economic development well, official turnover can significantly contribute to corporate ESG. This paper enriches the relevant research on the decision-making scenarios of corporate ESG practices from the macro-institutional perspective.

Economic Policy Changes in the Great Depression of the United States and the Great Depression of COVID-19

Since the COVID-19, the U.S. domestic economy has been hit hard, causing currency devaluation and a dramatic increase in unemployment. Economic policy during the Great Recession and COVID-19 had the impact of stabilizing the economy and saving the unemployment rate. It is of great significance to study the enormous positive and negative effects of these policies on the U.S. and global economies at that time and later. This paper analyzes and contrasts these effects with the support of literature and data. The Fed first changed its stance on rate hikes to cushion economic pressures, and then turned to rate cuts because of escalating trade frictions to sound recession alarms in the market. The spillover effect of U.S. macroeconomic policy adjustment is comprehensive. Affected by the financial hegemony of the United States, not only emerging economies are unable to resist the impact, developed countries are also difficult to escape the 'tail effect'. At present, many countries have government banks in order to avoid devaluation of their currencies, to prevent capital outflows, had to follow the Federal Reserve to make the decision to raise interest rates. The policies aimed at easing have all had a different impact on the U.S. economy and society.

How Sanctions Led to Authoritarian Capitalism in Venezuela

After a deterioration of democratic conditions in Venezuela, in 2017 the United States intensified its sanctions imposed on the regime of Nicolás Maduro. The sanctions failed to topple the regime, but they accelerated the transformation of the Venezuelan economy. To counter the sanctions, Maduro carried out substantive economic policy changes, resulting in the emergence of a neo-patrimonial and authoritarian form of capitalism. In this new model, private ownership is the rule, and economic agents operate for profit. Yet there is frequent state intervention that denies individuals’ fundamental political and economic rights, and the purpose of laws and regulations is ensuring regime survival.

Trajectory of economic development of the Republic of Uzbekistan in the process of digitization

The purpose of the this work is to study the process of digitalization of the economy of Uzbekistan and its impact on the economic development of the country. The digitalization process covers all new sectors of the economy and requires the country to make appropriate changes in economic policy. The Republic of Uzbekistan is also no exception. The country is on the path of reforms and transformations in various areas, and digitalization is one of the main tasks of the national economy. In this regard, it is necessary to conduct a deep analysis of the trajectory of the country's economic development in the process of digitalization, identify key problems and assess their impact on the economic growth and development of Uzbekistan. The article contains the opinions, conclusions and suggestions of the authors on the topic.

Влияние геополитической напряжённости на экономическую активность в России

The purpose of the research is to empirically assess the impact of geopolitical risks and economic policy uncertainty on economic activity in Russia. We implement business and consumer confidence index, shares of foreign trade with BRICS countries and western economies and economic growth rates to describe the domestic activity. We use monthly data ranged January 2010 till December 2021 for econometric modelling. The empirical strategy exploits vector error correction model to estimate the impact of external shocks on Russian economic activity. The results demonstrate that the enhancement of economic policy uncertainty and geopolitical risks do not decrease the Russian producers’ confidence in the short run. However, the consumer expectations are found rather negative in the short and long term. The foreign trade of Russia with western countries significantly decreased over the investigated period, while trade turnover with BRICS countries enhanced. Meanwhile, the dynamics of trade with BRICS partners responds less to the changes in economic policy. Coincidently, geopolitical risks enhanced the trade flows between Russia and BRICS, which in turn promoted the Russian economic growth. The trade dynamics with European Union and United States shows a negative trend affected by external factors. However, it has minor effect on Russian economy in the long run. In this respect, we find evidence that economic activity in Russia is subject to external shocks. At the same time, the economy of Russian Federation can adopt to economic policy uncertainty and geopolitical risks, therefore their negative influence in the short run smooth in the long-term perspective

Korea's Economic Policy Changes: Reflected in the Corporate Financial Indicators During the Last 60 Years

Korea's Economic Policy Changes: Reflected in the Corporate Financial Indicators During the Last 60 Years

Foreign economic relations of Russia with Mongolia in the light of the concept of sustainable development

The article analyzes the peculiarities of Russia's foreign economic relations with Mongolia. Foreign economic relations between Russia and Mongolia are evaluated from the point of view of compliance with the provisions of the concept of sustainable development. The dynamics of Russia's foreign trade with Mongolia is traced, its place among Russian foreign trade partners is revealed. The commodity structure of mutual trade is analyzed, its raw material nature and significant impact on environmental pollution are noted. The regional geography of the Russian-Mongolian commodity exchange is considered. High concentration of Russia's foreign trade with Mongolia in certain territories is revealed. Prospects for the development of Russia's foreign economic relations with Mongolia are connected with the change of the Russian foreign economic policy, the increase in the export of products of some industries and the realization of joint investment projects that comply with ESG principles. It is concluded that Russia will not be able to take the place of China as the main foreign trade counterpart of Mongolia in the near future. The results of the study confirm the thesis that an effective foreign economic policy is necessary for the countries' foreign economic relations to become a factor contributing to the sustainable development of mankind.

Comparative Analysis of Indian Government Expenditure Patterns

Government expenditure is a critical component of a nation?s economic policy. In India, public spending plays a pivotal role in stimulating economic growth, reducing poverty, and improving infrastructure. Over the last two decades, India has seen significant changes in its expenditure patterns, driven by economic reforms, policy changes, and external economic conditions. This analysis aims to provide a comprehensive examination of the trends, patterns, and impacts of Indian government expenditure over the past 20 years.

The Collapse of the New Orde Regime Resulted in Changes in Indonesia's Economic Policy

The reform era or the post-Suharto era in Indonesia began in 1998, to be precise when President Soeharto resigned on May 21 1998 and was replaced by the then vice president, BJ Habibie . This period was founded bya more open socio-political environment. Issues during this period included the push for democracy and a stronger civilian government, elements of the military trying to maintain influence, growing Islamism in politics and society in general, and demands for greater regional autonomy . The reform process resulted in a higher degree of freedom of speech , in contrast to the widespread censorship during the New Order . As a result, political debate has become more open in the mass media and artistic expression has increased. Events that have shaped Indonesia in this period include a series of terrorist incidents (including the 2002 Bali bombings ) and the 2004 Indian Ocean earthquake and tsunami . Using the knife of deconstruction of critical legal theory and socio-legal methodology with statutory, historical, conceptual and legal political economy approaches, three questions are raised, firstly the role of law in the market reform agenda which underlies the idea of limiting the role of the state in the economy; second, how is the role of the state in the economy being debated in the MPR and; third, what are the implications of the market reform agenda for the results of changes to the economic constitution.

A Small Open Economy DSGE Model for Pakistan

In recent years there has been a growing interest in academics, international policy institutions and central banks1 in developing small-to-medium, even large-scale, open economy macroeconomic models called Dynamic Stochastic General Equilibrium (DSGE) models based on new-Keynesian framework.2 The term DSGE was originally used by Kydland and Prescott (1982) in their seminal contribution on Real Business Cycle (RBC) model. The RBC model is based on neoclassical framework with micro-founded optimisation behaviour of economic agents with flexible prices. One of the critical assumptions of this model is that fluctuations of real quantities are caused by real shock only; that is, only stochastic technology or government spending shocks play their role. Later research in DSGE models however included Keynesian short-run macroeconomic features (called nominal rigidities), such as Calvo (1983) type staggered pricing behaviour and Taylor (1980) type wage contracts. Hence this new DSGE modeling framework labeled as new-neoclassical synthesis or new-Keynesian modeling paradigm. 3 This new approach combines micro-foundations of both households and firms optimisation problems and with a large collection of both nominal and real (price/wage) rigidities that provide plausible short-run dynamic macroeconomic fluctuations with a fully articulated description of the monetary policy transmission mechanism; see, for instance, Christiano, et al. (2005) and Smets and Wouters (2003). The key advantage of modern DSGE models, over traditional reduce form macroeconomic models, is that the structural interpretation of their parameters allows to overcome the famous Lucas critique (1976).4 Traditional models contained equations linking variables of interest of explanatory factors such as economic policy variables. One of the uses of these models was therefore to examine how a change in economic policy affected these variables of interest, other things being equal. In using DSGE models for practical purposes and to recommend how central banks and policy institutions should react to the short-run fluctuations, it is necessary to first examine the possible sources,5 as well as to evaluate the degree of nominal and real rigidities present in the economy. In advanced economies, like US and EURO area, it is easy to determine the degree of nominal and real rigidities as these economies are fully documented. In developing economies like Pakistan, where most of economic activities are un-documented (also labeled as informal economy, black economy, or underground economy), it is very difficult to determine the exact degree of nominal and real rigidities present in the economy. However, one can approximate results using own judgments and through well defined survey based methods

Governance and Income Inequality

Major problems of developing countries are unequal income distribution and low growth rate, which affect their welfare aspects. It was implicitly assumed that whenever we achieve target of higher growth rate, benefit of growth would automatically trickle down to the poor. History of developing countries shows that the rich benefited more than the poor as evidenced by rising income inequality during the period of higher economic growth. The economic policy changes are often triggered by the logic of low level of equilibrium of output level, employment and income distribution. To overcome this low level of equilibrium trap, government often adopt polices so as to achieve high level of income and employment growth and development, and equitable income distribution. Coherent policy instruments are essential to meet these policy targets. Impact of any macro economic policy has been examined by studying its impact on economic growth and income distribution. In recent years polices have been directed toward reducing the level of poverty and inequality through raising quality of life in society by providing efficient and effective governance. This new economic philosophy has resulted in a massive change in the policy orientation of countries; the priority is now centred on issue of governance and focus is now shifted towards a qualitative nature of its growth and development. According to Sen (1983), the realisation of human capabilities, that enlarge the range of human choices, is essential for a broader notion and measure of economic well-being. The institutional frame work is then considered as one of the essential elements for translating growth and well-being into a sustainable process.

Tracking North Korean economic transformation and trends in economic research

If North Korea's economic transformation has been largely informal and contested at the level of the state, to what extent is North Korea's economic transformation reflected in North Korean economic research? In this article, we analyze a dataset of North Korean domestic journal articles on economics from 2000 to 2019. We trace trends over time in the topics covered by economics research in North Korea, and compare them with formal changes in North Korean economic policy under Kim Jong-il and, particularly, Kim Jong-un. Research in potentially economic transformation-related topics tends to increase in response to formal economic policy changes. Kim Jong-un's rule has seen the development of an integrated economic research networks, and a shift to articles that have focused on the practicalities of implementing policies. We close with implications for unification and engagement.

Legal Politics of Environmental Licensing Governance After Job Creation Law

The validation of the Job Creation Law in Indonesia brought many fundamental changes in economic policy, including environmental licensing. It is because of a fundamental legal political changes that more directed to the ease of doing business and investing compared to the environmental conservation, by changing the terminology of environmental licensing to environmental approval. This paper aims to analyze the legal politics of environmental licensing governance after the Job Creation Act. The results of this study indicated that there are changes in legal politics in environmental licensing governance after the Job Creation Law which had implications for the business licensing system. So, a legal mapping is needed regarding to the concept of environmental licensing in the Job Creation Act. The findings of this paper are the ideal concept of environmental licensing based on the 1945 Constitution of the Republic of Indonesia.

China’s Gridded Manufacturing Dataset

The growth of the manufacturing industry is the engine of rapid economic growth in developing regions. Characterizing the geographical distribution of manufacturing firms is critically important for scientists and policymakers. However, data on the manufacturing industry used in previous studies either have a low spatial resolution (or fuzzy classification) or high-resolution information is lacking. Here, we propose a map point-of-interest classification method based on machine learning technology and build a dataset of the distribution of Chinese manufacturing firms called the Gridded Manufacturing Dataset. This dataset includes the number and type of manufacturing firms at a 0.01° latitude by 0.01° longitude scale. It includes all manufacturing firms (classified into seven categories) in China in 2015 (4.56 million) and 2019 (6.19 million). This dataset can be used to characterize temporal and spatial patterns in the distribution of manufacturing firms as well as reveal the mechanisms underlying the development of the manufacturing industry and changes in regional economic policies.

Foreign economic cooperation and development of the Republic of Korea through the conclusion of free trade agreements

The article discusses changes in the foreign economic policy of the Republic of Korea in connection with the deterioration of international trade at the beginning of the XXI century. The direct motive for changing the foreign economic policy of the Republic of Korea is the decline in the role of the WTO as a multilateral trading partner. On the other hand, FTA, based on economic cooperation between the two countries, is becoming a new model for economic development and cooperation in the XXI century. Bilateral negotiations are more likely to end than multilateral ones, because they are actively conducted in accordance with the interests of two countries. Therefore, free trade agreements (FTAs) are becoming the main direction of the economic policy of the Korea’s government to adapt foreign economic policy and overcome the negative trend of global economic development. An FTA has various economic effects, such as the development of trade between two countries, improving the efficiency of resource allocation, reviving investment between two countries and stimulating economic growth. In accordance with this situation, the Republic of Korea justifies the relevance of trade and economic cooperation between two countries through the conclusion of an FTA as a means of implementing an active foreign economic policy. The Republic of Korea has become an opportunity to introduce an advanced economic structure through the signing of free trade agreements with advanced countries. On the other hand, it served as an opportunity to strengthen economic cooperation through the signing of free trade agreements with developing countries. For this reason, the experience of the foreign economic policy of the Republic of Korea can serve as a good example for the economic development of developing countries.

The Nonlinear Model of Intersectoral Linkages of Kazakhstan for Macroeconomic Decision-Making Processes in Sustainable Supply Chain Management

We provide a nonlinear model of intersectoral balance with constant elasticity of substitution (CES) production functions of industries and CES utility function of final consumer for the study of intersectoral linkages in the Kazakhstan economy. The model is formalized in terms of the primal problem of resource allocation and the corresponding Fenchel dual problem which solution gives costs of inputs of industries in a supply network. We identify the model with the actual data of the Input-Output tables of Kazakhstan and estimate the elasticity of substitution of production factors for the aggregated industry complexes. With the help of developed framework, we evaluate the inter-industry financial flows in the aggregated supply network for the period 2013–2020 and compare the results with the actual data of Kazakhstan. The developed framework can be used to support decision-making processes in sustainable supply chain management in a situation of the government economic policy change and external shocks. Using the developed framework, we evaluate the risks for Kazakhstan’s supply chains in scenario of sharp weakening of the national currency.

The Clémentel moment: the reform of 1918 and the beginnings of regional economic planning in France

Abstract In 1918 Clémentel, the ministre du Commerce organized the 149 chambers of commerce in France into regional groupings. He hoped they would be effective partners with the government in the economic development of their regions. Clémentel’s reform should be seen not just as a manifestation of economic regionalism but also as part of a new approach to managing the French economy which made widespread use of corporate bodies as intermediaries between the government and private interests. The article shows how the reform emerged from pre-war debates on economic regionalism and also from wartime planning for the post-First World War economy. It describes how Clémentel encouraged a number of intermediary corporate bodies, including chambers of commerce, to play a significant role in economic affairs. Based on original research it analyses the initiatives these bodies took in transport, power generation and technical education after the war in many regions of France. This economic regionalism was part of a major institutional change in economic policy making. It was also the precursor of the regionalization of economic planning after the Second World War.