Effects Of Economic Reforms Research Articles

Resilience of Saudi Arabia’s Economy to Oil Shocks: Effects of Economic Reforms

We assess the extent to which the implementation of Vision 2030 policies enhances the Saudi economy’s resilience to oil shocks. Using a dynamic stochastic general equilibrium model that captures the country’s economic diversification policies, we build a resilience index based on impulse responses to shocks. The policies considered have two opposite effects: reforming domestic energy prices, deploying renewables and introducing a value-added tax increase the volatility of macroeconomic aggregates, whereas economic diversification policies stabilize the economy. Overall, with Vision 2030 the economy’s resilience to oil price shocks increases by 10 to 60 percent, depending on how labor market rigidities and the recycling of fiscal revenues are accounted for. Oil prices remain the main driver of macroeconomic fluctuations. Our analysis shows that an oil-exporting country should design policy packages that balance structural reforms with economic diversification, in order to shield its economy against oil shocks while generating long-term welfare gains. JEL Classification: D58, E13, E32, E37, E65, H30, H50, Q43

Effects of economic reform on fiscal stability in India

Effects of economic reform on fiscal stability in India

Peculiarities of solving the problems of personnel policy formation in Ukraine in the post-war period

The article represents the identification of problems in the field of personnel support of the economic complex of Ukraine and the search for ways to solve them, studying the prerequisites for increasing the effectiveness of management decisions, strengthening executive discipline and responsibility using state control, etc. Based on the analysis of literary sources and existing experience, the causes of their occurrence are determined, ways and means of their prevention are proposed, and due to this, the effectiveness of economic reforms in the context of Ukraine's accession to the EU is increased. Increasing the efficiency of the specified measures is proposed at the expense of improving personnel policy, ideological-educational, and innovative management levers. Solving the problem of preventing violations is considered as one of the directions of increasing training and retraining of personnel, developing the national economy, and generally strengthening economic security in the state. The idea is that due to the mentioned factors, it is possible to ensure not only the appropriate scientific and professional, patriotic level of personnel, prevention of abuses, peace in society, as well as stable functioning of the national economy of Ukraine, which can make it competitive in EU conditions. The research was carried out in the post-war period's conditions of reformation processes in the management sphere. In order to prevent shortcomings in the functioning of state administration due to the factors mentioned above and due to information uncertainty, to increase the level of quality of management decisions, it is advisable to form a model of practical application of modern information technologies, which includes a developed system and methods of assessing the actual and optimal financial and economic state of the national economy using the developed integral indicators, implement in practice new means of monitoring and to diagnose the economic condition of enterprises, institutions and organizations operating in the state, as well as at the state level. Keywords: management, personnel, reforms, control, ideology, enterprises, stability, strategy, efficiency, economic activity, transformational society, European Union.

PECULIARITIES OF SOLVING THE PROBLEMS OF PERSONNEL POLICY FORMATION IN UKRAINE IN THE POST-WAR PERIOD

The article represents the identification of problems in the field of personnel support of the economic complex of Ukraine, and the search for ways to solve them, studying the prerequisites for increasing the effectiveness of management decisions, strengthening executive discipline and responsibility using state control, etc. Based on the analysis of literary sources and existing experience, the causes of their occurrence are determined, ways and means of their prevention are proposed, and due to this, the effectiveness of economic reforms in the context of Ukraine's accession to the EU is increased. Increasing the efficiency of the specified measures is proposed at the expense of improving personnel policy, ideological-educational and innovative-management levers. Solving the problem of preventing violations is considered as one of the directions of increasing training and retraining of personnel, developing the national economy, and generally strengthening economic security in the state. The idea is that due to the mentioned factors, it is possible to ensure not only the appropriate scientific and professional, patriotic level of personnel, prevention of abuses, peace in society, as well as stable functioning of the national economy of Ukraine, which can make it competitive in EU conditions. The research was carried out in the post-war period's conditions of reformation processes in the management sphere. To prevent shortcomings in the functioning of state administration due to the factors mentioned above and due to information uncertainty, to increase the level of quality of management decisions, it is advisable to form a model of practical application of modern information technologies, which includes a developed system and methods of assessing the actual and optimal financial and economic state of the national economy using the developed integral indicators, implement in practice new means of monitoring and diagnosing the economic condition of enterprises, institutions, and organizations operating in the state, as well as at the state level. Keywords: management, personnel, reforms, control, ideology, enterprises, stability, strategy, efficiency, economic activity, transformational society, European Union.

Improvement of organizational and economic mechanisms for ensuring grain enterprises sustainable development in the post-war period (European contexts)

The article is devoted to identifying problems in the field of organization of production, processing and export of grain, finding ways to solve them in the context of Ukraine’s accession to the EU in the post-war period. The prerequisites for increasing the effectiveness of management decisions, strengthening executive discipline and responsibility by means of control according to European models are considered. Based on the analysis of literary sources and the existing experience of grain enterprises, the characteristic features of their functioning, the toolkit for identifying the causes of their occurrence, the ways and means of their prevention are proposed and, due to this, the effectiveness of economic reforms and the efficiency of management in the war and post-war periods are determined. The implementation and improvement of the effectiveness of the specified measures is proposed due to the improvement of management levers. Solving the problem of administrative prevention of miscalculations and violations is considered in particular as one of the directions of the management efficiency increasing, development of the national economy, and generally strengthening economic security in the conditions of war in the state. It is substantiated that due to innovative factors, it is possible to ensure not only the appropriate scientific and professional level of management, the stable functioning of the national economy of Ukraine, but also the prevention of misuse which can actually make it competitive in the EU. One of the means of achieving this goal is the management of factors influencing the economic stability of the enterprise’s functioning. The main factor of stabilization and the source of increasing production resources is the effective use of existing means and the rational use of resources, the role of which is increasing in conditions of state independence, economic independence of economic structures, when the possibilities of attracting new resources are largely determined by both the existing potential and the competent policy of their rational using. The research was carried out under reformation and transformation processes in the war and post-war period.

Ресурси та механізми повоєнного відновлення Західної Німеччини (1945–1962 рр.)

The article is devoted to the definition of the most effective resources and mechanisms of the post-war reconstruction of Germany (1945–1962). The study was carried out on the basis of a comparison of the effectiveness and role of the management measures of the occupation authorities, the mechanisms of the Marshall Plan and the economic reforms of the German government in the restoration and further economic rise of Germany. This question is considered in the context of the study of the mutual influence of antagonistic economic doctrines (planning-directive and neoliberal) and a comparative analysis of the doctrinal approaches of the occupation authorities and the national government, which determined the configuration of their interaction and the leading mechanisms of post-war reconstruction in Germany. The article shows that despite large-scale American financial and organizational assistance within the Marshall Plan, the framework conditions for successful transformations were laid by the effective policy of the German government, which was directed at ensuring national interests and realizing the competitive advantages of national production. It was determined that the institutional basis of the economic reforms of the German government of K. Adenauer was the liberalization of the economy and the development of the model of the social market economy, the initiator of the implementation of which was the Minister of National Economy, and later the Chancellor of the Federal Republic of Germany L. Erhard. One of the basic components of economic liberalization reforms was the large-scale deregulation of business, which provided for the removal of most blocking regulations and the creation of stimulating norms for the development of private entrepreneurship, in particular, the liberalization of tax and credit instruments. The strategic direction of the government's reform policy was determined to be the modernization of the national economy, which included support for the development of strategically important industries and renewal of industrial production. The effectiveness of economic reforms was ensured by a clearly defined vision of building a national model of the social market economy, doctrinal stability and political consistency of the government's course.

The Impact of Economic Reforms on Poverty: A Case Study of Pakistan

Poverty alleviation has been a major concern of governments and international institutions in developing countries over the past few decades. In Pakistan, government and international organizations have implemented several economic reforms in the country to mitigate poverty and improve the living standards of the masses. Present study investigates the effects of these economic reforms on poverty reduction in Pakistan. Using time series data over the period of 1975-2019, the study constructs indices of social reforms, trade reforms and financial reforms following the methodology of Morris and McAlpin (1983). An econometric model is formulated to explore the link between poverty and economic reforms. Results of the model are obtained using ARDL technique. It is found that trade reforms significantly reduce poverty in the long run while social and financial reforms remained insignificant for poverty eradication. Other important factors determining poverty in the long run are unemployment and real output. On the basis of the findings, it is suggested that trade restrictions should be minimized and there should be focus towards increasing trade at international level. Furthermore, long term financial and social sector planning is required to increase the effectiveness of economic reforms.

The impact of agricultural services on farm profits

In the article investigated the impact of agricultural services on farm profits. The effectiveness of economic reforms in Uzbekistan wide depends on the level of establishment and development of agro-service enterprises that coordinate economic and social relations between the leading links of the agro-industrial complex.

ЩОДО ЕФЕКТИВНОСТІ МОДЕРНІЗАЦІЙНИХ ПРОЦЕСІВ ПІДПРИЄМСТВ ВАЖКОГО МАШИНОБУДУВАННЯ МИКОЛАЇВСЬКОЇ ОБЛАСТІ УРСР В II ПОЛОВИНІ 1980-Х pp.

The main problems of the process of modernization of regional production, on the example of the enterprises of heavy engineering of Mykolaiv oblast (region) of the USSR in the period of 1985 – 1990, have been investigated in the article. There is an objective need to study the basic socio-economic processes of the time, not only in the national dimension (within the USSR), but particularly in the regional dimension. It has been noted that actually at the level of the oblast (region) – district, town – village, there was historically justified search for those factors that, on the one hand, led to the disintegration of the country, and, on the other, showed the possibilities of overcoming social crisis phenomena. The success of modernization processes depended on the understanding of the economic situation in the country, the effectiveness of economic reforms. Attempts to carry out economic modernization were methodologically insufficiently substantiated and haphazard. Politics and economics, for the most part, contradicted each other and this situation weakened the modernization process.

ОРГАНІЗАЦІЙНО-ЕКОНОМІЧНА МОДЕЛЬ ЕФЕКТИВНОГО ФУНКЦІОНУВАННЯ ТОВАРНОГО БІРЖОВОГО РИНКУ УКРАЇНИ

Introduction. The low level of development of commodity exchange trade in Ukraine remains a rather acute issue in the domestic economy for a long time. This indicates the need to find new ways to improve the activities of exchanges. The purpose of the scientific research is to generalize the theoretical aspects of the formation of organizational and economic model of effective functioning of the commodity exchange market in Ukraine. Results. It is established that grain is a typical commodity on the domestic stock market. The functions of the exchange are defined. The world tendencies of exchange trade development are characterized. The state of the domestic stock market is studied. The state role in regulating the activity of exchanges is highlighted. The essence, tasks and principles of the wholesale grain market are defined. The existence of favorable economic conditions for the organization of regional wholesale grain markets is substantiated. The administrative component of operational management of the wholesale market is characterized. The measures for the organization of wholesale grain markets at the regional level have been identified. The dominance of the shadow market in the sale of agricultural products is indicated. The directions of institutional transformations at the regional level to increase the effectiveness of economic reforms in the agriculture field are identified. The necessity of the new technological basis introduction of agricultural products realization – electronic auctions is substantiated. Prospects for the electronic bidding introduction are outlined. The relations model for regulation of the wholesale market of agricultural products at the regional level is characterized. Organizational and economic measures for the implementation of this model in domestic practice are proposed. The priority task of state regulation in exchange trade of agricultural products is highlighted. Conclusions. The use of the model of development and regulation of the regional wholesale market of agricultural products will contribute to the development of the commodity exchange market, reduce the share of the shadow sector of the economy, replenish budget funds to finance producers in agriculture. Key words: commodity exchange, organizational and economic model, exchange market, wholesale grain market, electronic trading, state regulation.

What has justice got to do with it? Gender and the political economy of post-war Bosnia and Herzegovina

While International Financial Institutions (IFIs) play an increasingly relevant role in post-war countries, the interplay between their interventions and other aspects of post-conflict transitions, such as those related to dealing with the consequences of wartime violence, has not received much attention in the literature. This paper tackles this gap and suggests that, in post-conflict contexts, gendered forms of socioeconomic violence and injustice can be perpetuated through economic reforms led by IFIs. Overlooking justice considerations in post-war economic reforms not only reflects and reinforces a limited understanding of wartime violence and justice issues, but also entrenches gendered forms of socioeconomic injustice that had their roots in the war. A feminist approach to the study of political economy encompassing both gender and socioeconomic justice is adopted here to show how complex and overlapping forms of injustice are supported by wartime and post-war political-economic power structures. To illustrate how and why justice considerations are important for post-war economic reforms, the paper looks at the case of Bosnia and Herzegovina, and analyses the rationale and gendered effects of economic reforms that reorganized welfare and jobs, and promoted privatisations that accelerated deindustrialisation and economic decline.

Economic Reforms, Labour Markets and Formal Sector Employment: Evidence from India

Development economists generally concur that the implications of economic reform for employment are influenced by an economy’s institutional framework. This paper examines the extent to which differences in regional labour market flexibility shaped the impact of unanticipated economic reforms on employment in formal manufacturing firms in India in the 1990s, using pooled cross-sectional firm survey data. It employs a difference-in-differences strategy for this analysis and finds that, on average and ceteris paribus in the 1990–1997 period, declines in input tariffs were associated with increased employment in formal firms across all Indian states, while FDI reform was associated with increased (reduced) formal firm employment in states with flexible (inflexible) labour markets. Supporting analysis indicates that these results were underpinned, at least in part, by product market competition within the formal sector. As policy makers in developing economies increasingly emphasise increases in formal employment as a key policy objective, these findings are of general interest. They underline the relevance of market structure and geographical variation in institutional characteristics to a study of the effects of economic reform. Furthermore, this paper highlights the continuing relevance of formal sector analysis, notwithstanding the persistent primacy of informal enterprises in developing economies.

Social accounting matrix and the effects of economic reform on health price index and household expenditures: Evidence from Iran

Background: Socioeconomic indicators are the main factors that affect health outcome. Health price index (HPI) and households living costs (HLC) are affected by economic reform. This study aimed at examining the effect of subsidy targeting plan (STP) on HPI and HLC. Methods: The social accounting matrix was used to study the direct and indirect effects of STP. We chose 11 health related goods and services including insurance, compulsory social security services, hospital services, medical and dental services, other human health services, veterinary services, social services, environmental health services, laundry& cleaning and dyeing services, cosmetic and physical health services, and pharmaceutical products in the social accounting matrix to examine the health price index. Data were analyzed by the I-O&SAM software. Results: Due to the subsidy release on energy, water, and bread prices, we found that (i) health related goods and services groups’ price index rose between 33.43% and 77.3%, (ii) the living cost index of urban households increased between 48.75% and 58.21%, and (iii) the living cost index of rural households grew between 53.51% and 68.23%. The results demonstrated that the elimination of subsidy would have negative effects on health subdivision and households’ costs such that subsidy elimination increased the health prices index and the household living costs, especially among low-income families. The STP had considerable effects on health subdivision price index. Conclusion: The elimination or reduction of energy carriers and basic commodities subsidies have changed health price and households living cost index. Therefore, the policymakers should consider controlling the price of health sectors, price fluctuations and shocks.

Globalization, Stock Market Valuation, and Unemployment: A Dependent Economy Model

The interconnection between asset prices, inflation and unemployment has been central to the recent macroeconomic modelling of economic reforms in emerging market economies. In this paper we examine how effects of economic reforms are critically sensitive to interconnection between variety of real variables and monetary variables in terms of a dependent economy model consisting of a traded sector and a non-traded sector. The model has two necessary ingredients. One is slow adjustment in nominal wage in the sense that wage is rigid in the short run but changes overtime in response to short run unemployment. The second one is adjustment in asset price namely Tobin's q. The paper shows that both trade liberalization and capital account liberalization may generate short run unemployment. Moreover, the paper discusses macroeconomic implications of both fiscal policy and monetary policy.

Regional Variations in Health Disparities : A Cross-Regional Comparison of Self-Rated Health Determinants in Reform-era China

It is well documented that higher socioeconomic status is associated with favorable health status. Given regional variations in the pace and consequence of economic reform in China, this relationship may differ cross-regionally. Building upon the theoretical notion about distinct stratification system under state-socialism versus market economy, as well as the fundamental causes of health disparities, this study compares the association of education and cadre status with self-rated health across geographical regions (e.g., provinces) in reform-era China. Analyses of data pooled from the 1991-2000 China Health and Nutrition Survey reveal that the association between education and self-rated health is stronger in a more marketized region. Health benefits associated with a cadre status tend to decline in a more marketized region, which however fails to reach a statistical significance. The findings highlight the role regional contexts play in shaping health disparities in reform-era China.

Indian Banking Sector – Challenges and Opportunities

The economic reforms initiated by the Government of India about two decades ago have changed the landscape of several sectors of the Indian economy. The Indian banking sector is no exception. This sector is going through major changes as a consequence of economic reforms. The role of banking industry is very important as one of the leading and mostly essential service sector. India is the largest economy in the world having more than 120 crore population. Today in India the service sector is contributing half of the Indian GDP and the banking is most popular service sector in India. The significant role of banking industry is essential to speed up the social economic development. Banks plays an important role in the economic development of developing countries. Economic development involves investment in various sectors of the economy. The economic reforms have also generated new and powerful customers (huge Indian middle class) and new mix of players (public sector units, private banks, and foreign banks). The emerging competition has generated new expectations from the existing and the new customers. There is an urgent need to introduce new products. Existing products need to be delivered in an innovative and cost-effective way by taking full advantage of emerging technologies. The biggest opportunity for the Indian banking system today is the Indian consumer. Demographic shifts in terms of income levels and cultural shifts in terms of lifestyle aspirations are changing the profile of the Indian consumer. The Indian consumer now seeks to fulfil his lifestyle aspirations at a younger age with an optimal combination of equity and debt to finance consumption and asset creation. This is leading to a growing demand for competitive, sophisticated retail banking services. This paper explains the changing banking scenario, the impact of economic reforms and analyses the challenges and opportunities of

The effects of economic reforms on manufacturing dualism: Evidence from India

Dualism is a pervasive feature of the manufacturing sectors of less-developed countries, with large differences in productivity between the informal and the formal sectors. Policy distortions are viewed as an important factor behind the prevalence of manufacturing dualism. We examine whether tariff reforms, industrial de-licensing and the withdrawal of reservation of products for small firms implemented since the mid-1980s have had any effects on efficiency differentials between informal and formal firms in Indian manufacturing. We find strong evidence that economic reforms have exacerbated dualism by increasing the productivity differentials between the more efficient formal firms and the less efficient informal firms.

The Impact Of Economic Reforms On Growth: A Case Study Of Bangladesh

This study makes a brief assessment of the consequences of economic reforms that included a series of liberalization measures on Bangladesh's growth process by analyzing the 1974-2007 data with the help of cointegration, error correction, and Granger causality tests. The results suggest that long-run economic growth in Bangladesh is largely explained by investments in both physical and human capital, trade openness, and financial as well as capital account liberalization. While the causality runs in both ways between capital account liberalization and economic growth, it runs only in one direction from physical capital and financial liberalization to economic growth in the short-run. Interestingly, growth is not affected by trade openness in the short-run. While trade liberalization and capital account liberalization have had significant positive impacts on economic growth in the long-run, the effects of financial liberalization were found to be significantly negative. This emphasizes the need for ensuring real sector development as a prerequisite for the success of financial liberalization.

Effects of agricultural reforms on the agricultural sector in Nigeria

The various economic reform strategies undertaken by governments over a period of about three decades on the agricultural sector in Nigeria were the exploitative strategy, agricultural project strategy, direct production strategy and integrated rural development strategy. Overall, these economic reform strategies were geared toward the achievement of food self-sufficiency and food security, generation of gainful employment, increased production of raw materials for industries, increased production and processing of export crops, rational utilization of agricultural technologies for the improvement of life of its citizens. These strategies notwithstanding, government also pursued other on-going initiatives to step-up agricultural development across the country. The effects of economic reforms on the agricultural sector was examined alongside its fundamental roles of food security, supply of raw materials to industries ,provision of market, employment and foreign exchange as well as generation of savings for investment in agriculture and other sectors. Agriculture contributed minimally during the period in terms of output, market, foreign exchange and capital formation or transfer as a result of policy instability, poor coordination of policies, poor implementation and mismanagement of policy instruments and lack of transparency. It is recommended that an enduring genuine democracy and good governance should be allowed to thrive in Nigeria in order to achieve poverty reduction, sustainable livelihood and food security which will guarantee comprehensive economic development and attainment of the Millennium Development Goals (MDGs). Key words: Agriculture reforms, effects, agriculture, Nigeria.

The Effects of Economic Reforms on Manufacturing Dualism: Evidence from India

Dualism is a pervasive feature of the manufacturing sectors of less-developed countries, with large differences in productivity between the informal and the formal sectors. Policy distortions are viewed as an important factor behind the prevalence of manufacturing dualism. We examine whether tariff reforms, industrial de-licensing and the withdrawal of reservation of products for small firms implemented since the mid-1980s have had any effects on efficiency differentials between informal and formal firms in Indian manufacturing. We find strong evidence that economic reforms have exacerbated dualism by increasing the productivity differentials between the more efficient formal firms and the less efficient informal firms. Furthermore, the reforms have widened within industry efficiency differences for both formal and informal firms, though the unequalising effect of the reforms on within industry productivity differences has been larger for formal firms.