Parameters Of Economic Development Research Articles

An Investigation into the Relationship Between Financial Inclusion and Economic Development of Indian States

The issue of inclusive growth is placed on the agenda of policy-makers across the globe. Though the governments of various countries have been considering financial inclusion as a weapon to combat poverty and to foster growth and development in the economy, there is an incongruency in the inclusion-growth nexus. This empirical study explores the relationship between these two variables in the Indian context. The researchers collect state-level data on parameters of economic development and financial inclusion over the period 2015 to 2020 to achieve the objective. The investigators compute a weighted composite index for economic development and financial inclusion of different states of India with the application of data reduction technique. The study finds a strong positive relationship between financial inclusion and economicdevelopment .

The Quality of life as A factor in the Development of the Russian Economy

The Russian economy has entered the stage of structural and technological restructuring. Despite the many problems facing country, improving the quality of life remains an absolute priority. This issue is complex and involves a set of targeted actions in the field of demography, health, education, labor market regulation, and social policy. The large-scale structural shift that has occurred in the Russian economy under the influence of sanctions has demonstrated possible directions for the transformation of the domestic labor market. The increase in the level of wages at existing facilities allows us to count on the use of existing low-capital-intensive solutions for the modernization of production facilities. At the same time, the requirements for technological solutions in industry are increasing, which should be based on low-labor-intensive technologies. An important tool for coordinating supply and demand in the labor market should be its forecast, which ensures that the parameters of economic development are coordinated with the requirements for training personnel in the sectoral, professional, qualification and regional context. Ensuring decision-making to improve the quality and standard of living of the population requires appropriate expert support, in which the RAS can play a significant role.

Impact of Population, Trade Openness, and Foreign Investment on India’s Environment: An Empirical Evaluation of a STIRPAT Model

India is excelling in almost all parameters of economic development. However, India is experiencing economic development with a pinch of salt; massive climate and environmental changes are seen. As per Global Climate Risk Index 2021, India was ranked as the 7th worst climate hit country in the world. The present study is an attempt to empirically evaluate the impact of India’s economic growth, population, foreign investment, and trade openness on carbon emissions. The study adopts the STochastic Impacts by Regression on Population, Affluence and Technology (STIRPAT) framework augmented with the Environment Kuznet’s Curve (EKC) model with a time series data over the period 1971–2020. Results for unit root testing indicated the presence of mix stationarity for the variables, therefore, the autoregressive distributed lag approach was apt for capturing the long- and short-run dynamics. The results validated EKC for affluence and population. The outcome for FDI inflows and trade openness suggested the presence of pollution haven hypothesis for India. Policy initiatives toward green and sustainable production processes are suggested.

On the parameters of economic development in the EAEU until 2035

The article analyzes the state of the economy of the EAEU countries and suggests measures to implement the opening opportunities in response to the "wave" of growth of a new technological way of life. The EAEU states need a powerful impetus to renew the basic potential in order to concentrate the available resources on priority areas of modernization and economic development. Its organization consists in increasing the savings rate from the current 18–20% of GDP to 35–40% of GDP, focusing investments on breakthrough areas of growth of a new technological way of life and modernization of the economy based on it. The source of financing for these investments may be a targeted credit issue organized by monetary authorities in accordance with centralized priorities.

A critical review of the Russian economy

Subject. This article explores the structural capabilities of the Russian economy. Objectives. The article aims to determine the priorities for the development of the Russian economy. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses. Results. The article justifies the need to pay primary attention to such parameters of economic development as GDP per capita, gross debt and incomes of the general government sector, and changes in the volume of imports. Conclusions. The results of the study can be used by the authorities to develop programmes for the advancement of economic sectors to overcome the structural crisis.

Economic Policy and Ideology in Modern Russia: Status and Prospects

The article substantiates the thesis that any policy is always based on a certain set of ideas and views. This set of ideas is guided by people working in government bodies, and first of all, the heads of these bodies. It is shown that the authorities take steps to develop the parameters of economic development and ensure compliance with these parameters by all elements of the system on the basis of the existing ideology. It is noted that from the point of view of the system approach, the basic elements of the system of economic relations are households. Therefore, the parameters of the “economic relations” system development should characterize the improvement of the condition of each household. It is proved that the existing de facto ideology of enrichment and the corresponding economic policy does not and will not be able to ensure sustainable economic growth, since they are not aimed at ensuring the growth of the well-being of all households. The vector of changes in economic policy is indicated in the case of legislative and institutional consolidation of a new ideology – ​“improving the welfare of all households”. It is shown that such a change in ideology will necessarily entail a demand for scientific justification of the nomenclature and assortment of household needs and the necessary ways to ensure them. On the basis of a systematic approach, a forecast is given of what may happen in the country if these ideological changes are not made.

Cluster analysis of the impact of blockchain technologies upon the development of the sectors of national economy

Prospects for the development of national economy in the context of integration of blockchain technologies into the system of economic processes testify necessitate elaboration of the methods and algorithms for formalized assessment of their impact upon the key parameters of socioeconomic dynamics. If within scientific-and-expert space, one may occasionally come across the works dedicated to separate aspects of this scientific methodological problem, the questions of the impact of blockchain technologies upon individual economic sectors are yet to be explored within the information-analytical and scientific space. The methods of empirical research of the impact of blockchain technologies upon the parameters of economic development currently did not find their consolidated solution, and are of fragmentary nature. This research is an attempt to strengthen the positions of formalized approaches towards examination of the articulated scientific and practical problem. The subject of this research is the economic relations of economic agents pertaining to implementation of blockchain technologies in the economic activity and formation of the new business models. The object is the types of economic activity of the national economy of the Russian Federation and their sensitivity to the diffusion of blockchain technologies. The article offers an algorithm for studying the dynamics of gross value added of the economic sectors of the Russian Federation through the prism of possible transformation of the key parameters of functionality of the financial and real sectors of the economy as a result of diffusion of blockchain technologies. Leaning on the advanced hypotheses, the author builds co-integration models for the indicated types of economic activity, which reveal the contribution of exogenous factors that are being adjusted under the pressure of infiltration of the distributed data storage technologies into the economic environment to the degree of incremental value added. This allows conducting cluster analysis of the economic sectors under review in accordance of their sensitivity to institutional changes caused by integration of the blockchain technologies into the economic environment.

Cluster analysis of variability of key parameters of the economic environment in the framework of diffusion of blockchain technologies

Prospects for the development of the national economy in the context of integration of blockchain technologies into the system of economic processes indicate the need to develop methods and algorithms for a formalized assessment of their impact on the key parameters of socio-economic dynamics. Meanwhile, if in the scientific and expert space, although it is extremely rare, but still one can find works devoted to certain aspects of this scientific and methodological problem, then, unfortunately, it should be stated that the study of the impact of the technologies under study on certain sectors of the economy does not occur in information-analytical and scientific spaces at all. Unfortunately, the methods of empirical study of the influence of blockchain technologies on the parameters of economic development at the current time not only have not found their consolidated solution, but are completely characterized by fragmentation and patchiness. This study is an attempt to strengthen the positions of formalized approaches to the study of the scientific and practical problem. The paper proposes an algorithm for studying the dynamics of the gross value added of the sectors of the Russian economy through the prism of a possible transformation of the key parameters of the functioning of the financial and real sectors of the economy as a result of the diffusion of blockchain technologies. Relying on the hypotheses put forward, cointegration models were built for the studied types of economic activity, which make it possible to identify the contribution of exogenous factors, corrected under the pressure of penetration of distributed data storage technologies into the economic environment, on the degree of added value growth. This, in turn, made it possible to carry out a cluster analysis of the studied sectors of the economy in terms of their level of sensitivity to institutional transformations caused by the integration of blockchain technologies into the economic environment.

Экономическое развитие в «ловушке» роста: случай Дальнего Востока

We discuss the issue arising from the stalling of the new economic policy implemented in the Russian Far East in the context of the dichotomy between economic development and economic growth. We consider the actual difference in the economic content of these two components of the objective function of regional economic dynamics. It is demonstrated that the difference in the internal content of these two components determines, in turn, the difference in economic policy itself and determines the fact that such economic policy itself is internally contradictory. We argue that the order of ‘steps’, through which the regional economic policy is implemented, plays the key role and the final result is determined directly and clearly by the way the order of objectives set in the objective function: ‘growth and development’ or ‘development and growth’. Three waves of economic dynamics of the Far East over a 150-year period are demonstrated, and a question of whether it is possible to move on to the fourth wave is raised. We also assess the most likely outcomes of the current policy which are exaggerated development of the resource sector, stalling of the growth of endogenous aggregate demand and the inability to switch to endogenous growth, the dominance of the parameters of external and national growth over the parameters of economic growth in the region, and stagnation of the parameters of economic development in the region. We determine the main reason for the discussed outcomes: the gap between the resources that should generate development and growth, and the demand that should accumulate these resources and transform them into development results that must eventually become the basis of economic growth

Stabilization policy of the state in the post-pandemic period

Research background: The coronavirus pandemic, which has affected all spheres of society and the economy, has formed new realities and conditions for modern world development. The governments of many countries have faced a choice of how to combine the security of citizens ’ lives and the need to resist the decline in production, employment, and income. Purpose of the article: The main purpose of the presented article is to study the instruments of stabilization policy during the pandemic and post-pandemic economy and to identify measures aimed at reorienting from ensuring monetary and budgetary stability to expanding effective demand and stimulating the economy. Methods: To conduct the study, we used official statistics data, the analysis of which allowed us to determine the degree of mutual influence of key parameters of economic development. Findings & Value added: The results show that in developed countries, support measures by monetary policy instruments are limited, so for the most part, fiscal mechanisms to support the population and business are implemented. In Russia, the opportunities to soften monetary policy with traditional monetary policy measures still retain some effectiveness. However, the current economic policy imposes a forced type of consumer behavior based on making financial decisions in the absence of choice, so such decisions form negative consequences — indebtedness and poverty. In this regard, recommendations are given for the implementation of stabilization policy instruments aimed at reorienting it from ensuring monetary and budgetary stability to stimulating the Russian economy and expanding the monetary base of demand.

The PRC and the USA, who is winning: a comparison of the main parameters of economic development

The PRC and the USA, who is winning: a comparison of the main parameters of economic development

TAX AND DEBT STRATEGY OF FISCAL REGULATION OF THE TRANSITIVE ECONOMY

Topic . In modern circumstances, it is especially the acute question of developing new priorities ensuring the dynamic development of the economy. Among the tools of state regulation of economic growth, it is of special importance ensuring an efficient interaction of fiscal and debt policy. The article examines the problem of establishing an optimal balance between taxation and public borrowing to solve the optimization problem of financial provision of the state’s functions and maximizing GDP growth. Purpose . Taxation is an alternative source of replenishment of the budget to government borrowings. In the article, the author proposes new approaches to the formation of tax and debt policies. Also, it is grounded the most desired quantitative relation between tax and debt burden. Methods . In the article, we used a content analysis of the optimization and descriptive analytical models of the relationship of fiscal expansion (spending) of the state and economic growth. We used economic and mathematical models of the tax and debt strategies. Based on the comparative analysis we assessed the ability of tax to ensure the functioning of the state against the potential fiscal effect of economically justifiable government borrowing and the total amount of expenses of the budget. Results . The use of these models allowed comparing the evaluation of future debt burden under different parameters of economic development and match them with possible values of the tax burden. Derived indicators can be compared with the permissible values of indicators of the safe level of debt. It has practical meaning, both for national security and for identifying opportunities for the placement of new loans. Conclusions . The strategy of tax policy should be based on scientific methodological principles of fiscal relations between taxpayers and the state. Government borrowing is advisable to use exclusively for funding capital investments. Social expenditures, which are not secured by tax revenues and/or state borrowing, definitely needs to be reviewed in accordance with criteria of fiscal adequacy, economic efficiency, and social justice.

Концептуальная модель прогнозирования развития лесного сектора России

The problem of quality prediction is important and relevant to all economic systems. The quality of methodology of prognosis and possibilities of its correction depends on the scope and adequacy of decisions based on the knowledge of predictive indicators, foresight sectoral system. The article presents the author´s conceptual model of forecasting of development of the Russian forest sector based on the dominant role of demand factors and state support of innovative development of the forest sector. The authors identified a mismatch between predicted and actual knowledge of the industry, which complicates the implementation of innovative directions of development of the forestry sector, highlights the need to adjust forecasts and decisions based on them. When creating the forecast development of the forest sector, according to the authors, it is appropriate to distinguish 3 main phases: forecasting demand for products of the forest sector; forecasting the main parameters of economic development of the forest sector; forecasting the impact of development of the forest sector on macroeconomic performance. Implementation of the proposed steps needed to substantiate the indicators, the identification of changes which will allow quick and timely manner to adjust the forecast. The proposed system of indicators reflecting the cyclical dynamics in the Russian forestry sector taking into account cyclic recurrently, taking into account components, such as forest resources, innovations, investments, production and technology, institutional infrastructure, and social factors. The authors identified the factors and parameters of industrial development, the mechanism of formation of demand for industry products in terms of parameters of intra-industry, inter-industry and external demand. Also the mechanism of formation of the forecast of production, it justifies the features of change of output indicator as an indicator of the performance of the prediction.

The Analysis on Relationship between Good Governance and Economic Development

The improvement of quality of life and welfare of humans and achievement of economic growth and development are some of the major concerns for the countries in the world we are living. The evidences signify that the countries can acquire further achievement, which they have relied on public partnership in formulation of such important strategies and decision-making in this regard and they have prepared the ground for playing role by members of the community as the responsible and aware members. Inter alia, the subject that the public mind has been mainly preoccupied by it is the way of administration of community as well as public welfare since on the one hand, economic development is accompanied further with utilization from welfare, educational, and healthcare facilities and utilities etc by members of the community and it leads to expansion of awareness among the people; and on the other hand, the good government causes benefitting equally from the facilities and opportunities for the people and it makes the leaders and authorities to become responsive versus people and finally to prevent from expansion of economic corruption in the society. The good governance was introduced by means of World Bank model that included 6 parameters of voice and accountability, political stability and lack of violence, government effectiveness, regularity quality, rule of law, and control of corruption in this investigation that consists of independent variable in the present research and economic development comprised of 4 parameters of economic growth rate, inflation rate, GINI Index, and Human Development Index (HDI) out of which 8 leading groups of economic development introduced by Central Bank of Islamic Republic of Iran (CBI) were selected with reference to experts (PhD in economics and specialist), which are assumed as the dependent variable in the current study. The interview and using documents and evidences were employed as 2 tools for collection of statistical data and information regarding governance and development and by the aid of structural equation techniques and using LISREL software and multivariate regression method and SPSS software the results of the research findings also suggest that there is significant relationship among six elements of good governance and four parameters of economic development in Iran during years (1995–2008) in relation to first major hypothesis while regarding the second major hypothesis namely comparison among two governments, it was characterized that the effects of parameter of good governance on economic development index differ from each other in seventh and ninth governments.

The Political Economy of Primary Railway Construction in the Rhodesias, 1890–1911

The main trunk lines of the Rhodesian railway system were built under the aegis of Cecil Rhodes' British South Africa Company (BSA Co.) between 1890 and 1911. This article begins with an analysis of the motivations behind railway construction during this period. It argues that interpretations which set up a dichotomy between ‘Rhodes-as-imperialist’ and ‘Rhodes-as-capitalist’ are misconceived. Nevertheless, it shows how the motivations behind railway development took on a more narrowly economic and financial character after the fiasco of the Jameson Raid in 1896 put paid to Rhodes' sub-imperial ambitions.There follows an analysis of the economic and financial foundations of the BSA Co.'s regional railway monopoly. The article charts how railway construction was sustained through the manipulation of the interlocking interests of the BSA Co. and the Witwatersrand; through the creation of a ‘group structure’ of railway companies; and through the triangular relationship which developed between the BSA Co., Paulings, the monopoly contractor, and d'Erlangers, the chief broker and underwriter of railway loan (debenture) capital.Finally, two fundamental allegations made by critics of the railway policy of the BSA Co. are assessed: firstly, that debenture finance was a means of distributing disguised dividends to itself and its friends; secondly, that these disguised dividends were paid for by the settlers through exorbitant railway rates. The nature of debt within the railway monopoly, the functions of debenture finance and the imperatives which shaped rating policy are discussed. The allegations are revealed to be ill-founded. It is argued that the tensions between the settlers and the BSA Co., their interdependence notwithstanding, were rooted in conflicting perceptions of what the priorities and parameters of economic development should be.