Policy Objectives Research Articles

ФОРМУВАННЯ МЕХАНІЗМІВ ПУБЛІЧНОГО ІНВЕСТУВАННЯ ПРОЄКТІВ РЕГІОНАЛЬНОГО РОЗВИТКУ: КОНЦЕПТУАЛЬНИЙ БАЗИС

Introduction. The development of mechanisms for public investment in regional development projects is an important task of modern economic policy in the context of globalization, decentralization, and the growing role of regions as centers of economic growth. The effectiveness of these mechanisms affects not only the progress of individual territories but also the sustainable development of the national economy as a whole. The necessary to study this topic is due, first, to the complexity of the process of forming public investment mechanisms: modern economic theory offers a wide range of approaches to solving this problem, but their adaptation to the realities of Ukraine requires additional research. Secondly, the insufficient use of the conceptual framework: the formation of new investment mechanisms should be based on scientifically sound concepts and take into account the best international practices. Third, the lack of an integrated approach: existing mechanisms are fragmented and do not always take into account the specifics of the regions, which reduces their effectiveness. Fourth, the low level of involvement of innovative financial instruments, such as public-private partnerships, development bonds, or grant funding. Fifth, the need to prepare policy recommendations: the results of the study will contribute to the development of effective tools to support regional development based on scientific analysis. Objective. The purpose of the article is to comprehensively study and build mechanisms for public investment in regional development projects. Methods. The methodological basis of the study is the theoretical provisions of economic and financial sciences, works of famous scientists. To solve the research tasks, the paper uses the dialectical method of scientific knowledge, methods of empirical and theoretical research, in particular, conceptual and logical analysis and a systematic approach. Results. Practical testing of the state policy, including at the regional and local levels, involves the use of both complex and purely functional mechanisms, tools, and means. The mechanism as the most systematic means of regulation is considered as a controlled set of elements (subjects, objects, purpose, goals, objectives, functions, principles, means, measures, tools for monitoring, control and adjustment, etc.) used to implement and solve public administration tasks in the relevant functional or other sphere of development of the state, its regions, territories. At the same time, the achievement of the general goal and policy objectives in such a complex area as public investment in regional development projects requires the use of a certain holistic system of mechanisms for such purposes, the basic of which are: institutional and legal, institutional and organizational, infrastructure, economic, social and psychological, monitoring and control. Conclusions. The formation and implementation of each of these mechanisms have their own clearly defined goals and objectives, which are generally subordinated to the general goal of the State policy in the analyzed area - the public investment institution's acting as a powerful factor in the development of communities, territories, and regions of the country.

Co-occurring climate events and environmental justice in California, 2018-2019

Abstract Climate change will increase the frequency of extreme weather events. This means climate-driven events like wildfires and power outages will likely co-occur more often, potentially magnifying their health risks. We characterized three types of climate-driven events—anomalously warm temperatures, wildfire burn zone disasters, and long power outages—in 58 California counties during 2018–2019. We defined county-day anomalously warm temperatures when daily average temperatures exceeded 24°C and the 85th percentile of the long-term county average. We defined county-day wildfire burn zone disasters when an active wildfire burn zone intersected a county, burned 1+ structures, killed a civilian, or received a FEMA Fire Management Declaration, and overlapped with a community. For a subset of the 38 counties (66%), long power outage county days were identified using PowerOutage.us data when an outage affected > 0.5% of county customers for 8+ hours. Co-occurring events were when 2+ of these events occurred on the same county day. Using the CDC/ATSDR Social Vulnerability Index (SVI), we determined whether co-occurring events disproportionately affected vulnerable populations. Nearly every county (97%) experienced at least one day of anomalously warm temperatures, 57% had at least one wildfire burn zone disaster day, and 63% (24/38 counties with available data) had at least one long power outage day. The most common co-occurring events (anomalously warm temperatures and wildfire burn zone disasters) impacted 24 (41%) counties for 144 total county-days. We did not find a clear connection between co-occurring events and social vulnerability. We observed an inverse correlation between co-occurring wildfire burn zone disasters and long power outage days with SVI, and a positive correlation between co-occurring anomalously warm and long power outage days with SVI. This analysis can inform regional resource allocation and other state-wide planning and policy objectives to reduce the adverse effects of climate-driven events.

Competing frames of STI policy: uncovering ‘fragmented cohesion’ in reorganization of public research funding

Abstract Despite variation across Science, Technology, and Innovation (STI) policies, project-based public research funding allocation models, characterized by a complexity of policy objectives, are becoming increasingly prevalent. This article examines the emergence of such a development within a specific context through a case study on the policy process leading to the establishment of Finland’s Strategic Research funding instrument. Drawing on the policy proposal, organizational responses, and interviews, it explores five frames for and against the proposal and its development into a decision. Based on the empirical analysis, I propose the notion of ‘fragmented cohesion’ to characterize how several stakeholder organizations employed framing as an argumentative tool to valorize the proposal’s objectives, while selectively justifying and opposing the proposed methods of achieving them. I argue that this dynamic increased the likelihood of policymakers embracing one-size-fits-all models across diverse sectors, as originally outlined, rather than case-by-case consideration.

Central Bank Digital Currencies: Much ado About Nothing?

ABSTRACT Central bank digital currencies (CBDCs) are increasingly becoming a subject matter for a variety of stakeholders in the economy as a whole. In this paper, we will first analyse the nature of CBDCs to show that it is essentially a digital liability of central banks, like today’s settlement balances that banks use in their own transactions. Such a ‘wholesale’ CBDC may exist along a ‘retail’ CBDC, which is the digital version of banknotes that, to date, any non-bank agents can use for their small-value payments. In this perspective, CBDCs are therefore ‘much ado about nothing’, as they just represent the most recent evolution of the form of money. However, in this paper we will also show that such an evolution could have some relevant consequences for monetary policy objectives like financial stability and banks’ solvency if ‘retail’ CBDCs replace banknotes in advanced economies, thereby providing an interesting alternative to bank deposits — particularly if these CBDCs are going to be remunerated by the issuing central banks. The last section will expand on this issue, focusing on the possible reaction of the banking sector, whose aim is and will remain the maximization of banks’ profits over the short run.

Evaluating Indonesia's National Defense Policy in Shaping an Effective Area Denial Strategy

This research delves into the analysis of Indonesia's national defense policy and its influence on the development of area denial strategies, with a focus on maritime security. The background highlights the importance of understanding the evolution of Indonesia's defense policy and its implications for regional security dynamics. The aim is to examine the alignment between Indonesia's defense policy objectives and the formulation of area denial strategies, utilizing qualitative research methods with secondary data. Using Creswell's guidelines for qualitative research design, this study carefully looks at existing literature, policy documents, and historical records to look into three main areas: how Indonesia's national defense policy has changed over time, what its main area denial strategies are, and how defense policy has affected the creation of these strategies. Findings reveal a shift in Indonesia's defense posture towards a more maritime-centric approach, with investments in maritime defense systems, A2/AD measures, and asymmetric tactics. Moreover, the analysis demonstrates a significant alignment between Indonesia's defense policy objectives and the development of area denial strategies, highlighting the country's commitment to safeguarding its territorial sovereignty and maritime interests. The conclusion underscores the importance of a holistic understanding of Indonesia's defense policy for enhancing regional security and stability.

The Influence of Internal Debt on Trade Balance and International Policy Objectives: A Conceptual Perspective

The Influence of Internal Debt on Trade Balance and International Policy Objectives: A Conceptual Perspective

Inequality in low- and middle-income countries: Does fiscal policy matter?

The main purpose of this article was to examine the link between tax revenue and income distribution in low- and middle-income countries. Reducing inequality is a central policy objective under the Sustainable Development Goals (SDGs). However, these countries deeply entrench inequality, and progress towards achieving optimal equality levels remains slow. The study, utilizing the system’s generalized method of moments, investigates the correlation between tax revenue and income inequality in a panel of African countries from 2010 to 2021. The findings indicate that for the countries in this study, an increase in tax revenue is associated with a rise in income inequality. Consequently, higher tax revenues tend to widen income disparities in the countries studied. Policymakers often employ various economic instruments to achieve equitable income distribution, with tax revenue being a critical tool for this purpose. However, the study reveals that increases in tax revenue do not necessarily filter to reduce income inequalities. Other factors, such as corruption control and regulatory quality, significantly influence the redistributive effects of tax revenue. These findings provide important insights for policymakers, highlighting the need for comprehensive strategies that address these additional factors to effectively reduce income inequality.

Navigating China’s regulatory approach to generative artificial intelligence and large language models

Abstract The rapid development of generative artificial intelligence (AI) systems, particularly those fuelled by increasingly advanced large language models, has raised concerns of their potential risks among policymakers globally. In July 2023, Chinese regulators enacted the Interim Measures for the Management of Generative AI Services (“the Measures”). The Measures aim to mitigate various risks associated with public-facing generative AI services, particularly those concerning information content safety and security. China’s approach to regulating AI to date has sought to address the risks associated with rapidly advancing AI technologies while fostering innovation and development. Tensions between these policy objectives are reflected in the provisions of the Measures. As Beijing moves towards establishing a comprehensive legal framework for AI governance, there will be growing interest in how China’s approach may influence AI governance and regulation at a global level.

Exchange Rate Flexibility and Macroeconomic Stability: A Panel Data Modeling Approach

The exchange rate regime is a central element of a country’s economic policy, playing a crucial role in its macroeconomic stability and global competitiveness. Over the decades, Morocco, like many other countries, has seen its exchange rate regime evolve significantly. After more than ten years under a controlled exchange rate regime, the country adopted a semi-floating exchange rate regime in 2018, characterized by occasional central bank interventions. This transition reflects the fundamental objectives of Moroccan economic policy, aiming to ensure macroeconomic and financial stability, promote economic growth, and foster integration into the global economy. This evolution raises crucial questions about the impact of exchange rate flexibility on macroeconomic instability. This article aims to empirically analyze the impact of exchange rate flexibility on macroeconomic instability by addressing the following central question: To what extent would the Moroccan economy have been unstable if the country had adopted a floating exchange rate regime? Would a floating exchange rate have been preferable to a quasi-fixed regime? To address this issue, our work is structured into two distinct parts. The first part offers a brief literature review on exchange rate regimes and macroeconomic stability, providing a solid theoretical framework. The second part includes an empirical study using panel data from four countries (Morocco, Algeria, Egypt, and Turkey) for a comparative analysis.

Current State of Logistics Development and Its Role in the China’s Regional Economy

In modern conditions logistics plays a particularly important role in the context of the development of the country, as it allows more effective development of other areas of economic activity of the country due to the speed and quality of movement of goods or people. This study examined this area in China in comparison with data from Kyrgyzstan. The main methods used during the study were analysis, historical method, forecasting, comparison. The study investigated the role of logistics in regional development, drawing on the experience of Kyrgyzstan and China. The objectives of regional development policy were shown at the beginning, emphasizing the importance of a balanced distribution of resources and economic activities between regions. Logistics becomes a key factor in achieving these goals, ensuring connectivity, economic growth, and efficiency in resource allocation. Furthermore, the paper analyzed the unique challenges and opportunities faced by Kyrgyzstan in the logistics sector. For this, the study also considered selected statistical data that can characterize this area. The paper also presented comparative data of China’s logistics industry, demonstrating its complexity and crucial role in global trade. Assessing the country’s experience, strategic ideas for improving the logistics industry in Kyrgyzstan were also presented, which included many diverse types of recommendations. The study brings new knowledge in the field of logistics for its development in the country, as well as provides an opportunity to assess the state of these areas in China and Kyrgyzstan.

Cognitive Hegemony: The True Objective of Russia’s New Active Measures

The traditional tactics of Soviet destabilization have evolved under Putin’s leadership, taking on new and more insidious forms. Russia’s ongoing commitment to the Soviet-era strategy of "active measures"—now employed in subtler ways—remains central to its foreign policy objectives. A destabilized West is less likely to focus on Moscow’s political and geopolitical transgressions, or on its military actions that openly challenge the liberal international order. This article examines the covert aspects of Russia’s political warfare aimed at undermining Western stability. The Kremlin’s priority of fracturing solidarity within the European Union and weakening transatlantic relations—especially in light of the unified economic sanctions imposed on Russia by the U.S. and EU over its aggressive war against sovereign Ukraine—compels Russian security agencies to adapt their "active measures" to new global realities. We explore key tactics and strategies employed by Russia in its covert confrontation with major Western institutions, such as the EU and NATO. Ultimately, we aim to deconstruct how the Soviet concept of "active measures" and the notion of "political warfare" have become nearly synonymous, fitting within the broader and evolving framework of "hybrid warfare."

THE ROLE OF FINANCIAL MANAGEMENT IN THE EFFECTIVENESS OF BUSINESS PROJECTS IN THE CONTEXT OF DIGITALIZATION

Financial management plays an integral role in stimulating business growth. Effective financial management can help companies make strategic decisions regarding expansion plans, acquisitions, and investments in new projects or technologies. This allows businesses to allocate resources wisely and capitalize on opportunities that can drive their growth trajectory. Over the past 5 years, in the context of the emergence of stable competition in the market, companies have been looking for new ways and directions to increase the efficiency of their existence in the market for their own development. The business processes of companies in the context of modern development are influenced by many different factors, including digitalization. In the context of continual changes in regulatory requirements and norms inherent to the local economy, the necessity for consistent management, particularly in effectively planning the entire construction cycle, underscores the importance of organizing and overseeing execution. Consequently, there's a growing inclination within company management to adopt a process-oriented approach. Addressing this challenge necessitates a clear understanding of business processes, analysis, and optimization. In the medium term, advancing the Republic of Kazakhstan's economic development and enhancing the populace's quality of life through the integration of digital technologies stand as primary objectives of the state policy, as outlined in the "Digital Kazakhstan" state program. Practically all sectors of the economy are being actively digitized in the country, which will lead to an increase in labor productivity and an increase in capitalization. The analysis showed that theoretical and practical developments in the field of improving the modeling of business processes of a company in the context of digitalization are not enough. In this regard, there is a problem of developing and ensuring effective technology and company strategy based on business process modeling, which will be versatile and systematic for use in organizations of the construction industry.

Why didn’t the ‘critical juncture’ of the COVID-19 pandemic lead to the re-integration of public health into urban development policy in England?

ABSTRACT The links between public health and urban environments emerged as a key narrative during the pandemic. However, despite optimism at the time that this could lead to the re-integration of health in urban development policy there has not been transformative change in this area in England. To understand why not, this article explores COVID-19 as a ‘critical juncture’ for healthy urban development. Critical junctures provide opportunities for change in path-dependent policies if institutional constraints on policy actors are loosened and new ideas and narratives gain support. We interviewed senior Whitehall officials working at the heart of urban development policy in 2021. Drawing on these interviews and analysis of urban development policy documents published in 2023–24, we demonstrate that while there is evidence of increased support amongst policy officials for health which remains visible in recent policy developments, the dominance of institutional agendas and political ideologies that marginalise health policy objectives in city planning in England was not dislodged, limiting the opportunity for radical change. Greater leadership at local and national government levels for preventative health as a cross-sector priority is required to help overcome political and institutional constraints and support incremental change towards policy that will support healthier placemaking.

Comparative Study on China's Public Rental Housing System and Singapore's HDB System

Against the backdrop of rapid global urbanization, housing issues have become an important challenge facing all countries. This paper explores China's public rental housing system and Singapore's public housing system as two core strategies for addressing urban housing challenges. China's public rental housing, which seeks to give security to middle-class and low-income families, has undergone multiple developmental stages since the 1980s and eventually formed a comprehensive system covering basic housing security. In contrast, Singapore's public housing system has emphasized the goal of Home Ownership for All, promoted high homeownership rates, and covered a wider range of income groups since its implementation in the 1960s. This paper points out the key differences between the two systems regarding policy objectives, coverage, funding sources, and management efficiency.The paper concludes by examining the achievements and difficulties of Singapores public housing scheme and drawing inspiration for improving China's public rental housing system in combination with China's actual situation. It also provides recommendations for addressing Chinas housing crisis and looking forward to Chinas future.

Delivering More from Land: A Review of Integrated Land Use Modelling for Sustainable Food Provision

We conduct a literature review on integrated land use modelling to guide policy on sustainable food provisioning. Modelling approaches are discussed in the spatial, temporal, and human dimensions, as well as environmental and socio-economic considerations. Many studies have focused on model development over their application to specific policy objectives, often relying on top-down approaches. While ecosystem services are a frequent focus, indicators for their assessment are inconsistently quantified. Socio-economic considerations are coarse in scale compared to biophysical ones, limiting their use in nuanced policy development. Recommendations are made such as standardising data collection and sharing to streamline modelling processes and collaboration. Comprehensive ecosystem services frameworks would benefit from a more uniform classification of values. More bottom-up modelling, connected with top-down models, could account for the heterogeneity between smaller units of analysis such as the landscape, farms, or people. This could reveal further insights into the local contexts and decision-making responses essential for effective land use policy. These advancements would help to design policies that address the complexities of sustainable food provisioning. By connecting local and global perspectives, future models can support more resilient and adaptive food systems, ensuring sustainability in the face of environmental and socio-economic challenges.

The Impact and Mechanism of New-Type Urbanization on High-Quality Forestry Development: A Case Study of the Yellow River Basin in China

The Paris Agreement emphasizes the critical role of forests in addressing climate change and ecological protection. High-quality forestry development is an important aspect of forest conservation. As a core strategy for China’s economic transformation, new-type urbanization is increasingly interacting with high-quality forestry development. This study aims to explore this relationship and analyze its impact mechanism. Taking the representative Yellow River Basin in China as an example, this research uses a benchmark regression model, mediation effect model, and threshold effect model from 2010 to 2022 to quantitatively analyze the impact of new-type urbanization on high-quality forestry development. The results show that (1) new-type urbanization has significantly promoted high-quality forestry development, with an estimated coefficient of 0.325; (2) forestry in different regions exhibits significant differences, with the forestry return coefficients for the upper, middle, and lower reaches being 0.326, 0.213, and −0.359, respectively; (3) technological innovation plays a key role in improving forestry production efficiency, resource diversity, and ecosystem services, with an estimated coefficient of 6.543 for technological innovation; (4) the greater the government support, the larger the impact. The p-value of the double threshold is 0.037. Accordingly, to achieve high-quality forestry development, joint efforts are required at both the national and regional levels in promoting new-type urbanization. At the national level, specific ecological areas should be taken as units, and a collaborative development plan for new-type urbanization and high-quality forestry development should be formulated based on the land spatial planning system. This plan should clarify top policy objectives, set up special funds, establish long-term incentives and supervision mechanisms, and ensure that new urbanization has a positive impact on forestry development. At the regional level, appropriate technological innovations should be introduced based on local characteristics, and differentiated new-type urbanization development policies should be formulated to promote high-quality forestry development in the region.

AN INSIGHT INTO NIGERIA’S FOREIGN POLICY OBJECTIVES 2009-2021

The research examined Nigeria’s Foreign Policy from 2009 to 2021. Qualitative data were sourced from both primary and secondary, content analysis and elite theory was adopted. The paper was motivated to find out domestic challenges, foreign policy thrust and how the latter addressed the former. In order to aid understanding, the concepts of foreign policy and national interest were conceptualised and Nigeria’s foreign policy objectives under the past administrations were condensed. The data indicated three personalities championed the course of Nigeria’s foreign policy. Nigeria's internal environment was characterised by unemployment, insecurity, poverty and corruption. With the instrumentality of diplomacy, Nigeria’s foreign policy thrust were economy, insecurity threat and anti-corruption. These have not yielded expected outcomes in addressing the municipal problems. Hence, the paper recommended: inclusion of the private enterprise, trade union and general populace in outlining Nigeria’s foreign policy. Continuation of policy in order to ensure it realisation

EU-Med Capital Market Integration and the EU’s Covered Bonds Directive

Abstract I analyze the potential of the EU’s Covered Bonds Directive (EU) 2019/2162 to promote the integration of Mediterranean Partner Countries (MPCs) into the EU’s Capital Market Union. I identify legal and supervisory conditions conducive for a successful development of covered bond (CB) markets. A formal model is presented to show how covered bond finance could be introduced in a banking environment in such a way that problems of asset encumbrance and unsecured debt runs are at least mitigated. Next, I study the question to what extent the EU’s covered bond framework is compatible with Islamic concepts of banking and finance? Finally, some policy objectives of EU and MPC governments are pointed out which can be expected to benefit from secured forms of bank debt funding such as covered bonds.

The presence, maintenance, and adaptation of Indigenous and local knowledge about climate-related hazards in Nordic contexts

The ability of people to act on their knowledge of their surrounding physical environments before, in response to, and after impactful climate-related hazards is shaped by broader environmental and socio-economic conditions. We present a multiple case study that illustrates how people from both non-Indigenous and Indigenous communities living in remote areas in the Nordic countries maintain and adapt their hazard-related Indigenous and local knowledge (ILK). The four communities that we followed through qualitative, fieldwork-based research are characterized by a strong attachment to place, a developed sense of place, and high exposure to climate-related hazards. The hazard-related ILK of people in these communities is integrated into place-based everyday practices in the physical environment and includes helping others in the community. Our research highlights that people maintain their ILK in several ways: through intergenerational relations with family and friends; by adopting place-based cultural practices into everyday life; by relating to past experience and historical events; and through community inclusion. However, adapting this knowledge to their surrounding conditions is challenged by compounding pressures of environmental and socio-economic change. Given that knowledge claims may be incommensurable, we highlight different approaches to the question of which of the various values found in ILK could be deemed relevant for policy development. Whether the policy objective is to support the practical application of ILK or the cultural diversity it represents, we underline the need for greater theorization regarding the deeper structural drivers that shape local agency, if such goals are to be reached more effectively.

Policy vs. practice. An analysis of the course provision of Finnish study centres between 2016 and 2021

ABSTRACT With 500,000 participants, study centres are the second largest liberal adult education organisation in Finland. In this study, we analysed how study centres’ course provision matches the policy objectives defined in the Finnish law on liberal adult education (lifelong learning, well-being, active citizenship, democracy, and civil society). Programme analysis was used to analyse the course provision (n = 77,655 courses) between 2016 and 2021. We identified 43 course types and six course categories. Most of the courses fulfilled the policy objectives set for study centres. The largest single course category was Personal Growth (39.6%), which comprised liberal arts courses that promoted lifelong learning and well-being. Active citizenship, democracy, and civil society were supported by two course categories: Citizenship & Associations (29.9%) and Social & Community Support (11.1%), which accounted for 41.0% of the provided courses. Our results showed the central role of study centres as the main organisers of citizenship and community education in Finland. This study is the first to provide a detailed description of course provision at Finnish study centres. It also revealed that official statistics do not accurately portray the diverse course provision at study centres because they are based on course topics aligned with formal education.