Tool For Economic Development Research Articles

EDUCATIONAL MOBILITY AS AN INSTRUMENT OF ECONOMIC REGULATION OF INTERNAL MIGRATION IN THE REPUBLIC OF KAZAKHSTAN

This article considers the role of educational mobility in the regulation of internal migration in Ka-zakhstan. In the face of significant socio-economic changes, understanding the link between education and migration becomes key to shaping effective public policies. The article analyses state programs and initiatives in the field of education, which can serve as mechanisms for regulating migration flows, pro-moting balanced regional development.Based on the analysis of strategies and policies in the field of education, as well as statistics on academic mobility, the study has revealed a significant impact of educational mobility on migration processes in the country. It showed that education is an economic tool to encourage people to move to other regions. In this regard, the findings of the study emphasize the importance of targeted education policies that can reduce excessive migration to large cities and contribute to population stabilization in small towns and villages. The study highlights the potential of educational mobility to create equal opportunities in different regions. It identifies the main challenges and barriers to access to quality education, especially in rural areas, and discusses how these problems exacerbate internal migration. The findings show that targeted education policies can not only empower individuals but also stabilize communities by reducing exces-sive migration to urban centres. The aim of this scientific article is to consider internal educational mobility as a tool for economic development of regions of Kazakhstan. The present study aims to: 1) analyze internal migration process-es and consider projections of demographic changes in regions; 2) find the link between youth inflow into the region and its socio-economic development; 3) evaluate the effectiveness of state programs aimed at regulating migration processes through education, in particular the «Serpin-2050» program; 4) offer recommendations for the state regulation of migration processes.Considering education mobility as an economic tool, this article contributes to a broader discourse on migration management and regional development strategies in Kazakhstan. The findings of this study provide practical guidance for policymakers seeking to use education as a means to manage internal migration effectively.

Busan's Paradiplomacy: Aspiring to be the World's Premier Film City

This study explored the image transformation of Busan, South Korea, from an industrial hub to a globally recognized City of Film. By employing a paradiplomacy framework, the research examined how Busan utilized BIFF as both a cultural event and a strategic tool for international diplomacy, economic development, and city branding. This qualitative research focused on gathering data largely through a comprehensive evaluation of scientific literature, including books and papers relevant to the case study. The analyses delved into the evolution of the BIFF event and its significant role in rebranding Busan from a declining industrial city to the first "City of Film" in Asia, a title bestowed by UNESCO. The study highlighted how the festival had successfully stimulated local economic growth, bolstered creative industries, and facilitated cultural exchange. The result demonstrated that BIFF had been pivotal in repositioning Busan as a significant player in the international film industry and a vibrant cultural destination. In conclusion, Busan's status as Asia's "City of Film" should be sustained, and the ongoing significance of integrating cultural initiatives with wider urban development strategies should also be emphasized.

Methodological Approaches Towards the Use of Inclusive Tourism as a Tool of Economic Development of Russian Federation

Introduction. The development of inclusive tourism should contribute not only to the higher accessibility of tourism services for people with specific needs, but also to development of the tourism industry in general as well as to development of national economy. However, in the existing literature the problems of development of inclusive tourism are often separated from problems of development of national economic development. The goal of the paper is to propose approaches for implementation of the potential of inclusive tourism to foster the growth of the national economy. Methods. The research is based on the general method of analysis and synthesis. From the theoretical point of view the research uses the ecosystem approach. Table methods are used to present the results of the research. Results. We demonstrate that the use of the potential of the inclusive tourism for the national economy requires inclusion of people with specific needs in the processes of value creation within the tourism industry development of new destinations, absence of opposition between different groups of customers of tourism services and ecosystem approach towards relations management between stakeholders of the tourism industry. The concept of a continuum of customers of tourism services based on the criterion of specific needs is proposed. Conclusion. Inclusive tourism should not be seen as opposed to traditional tourism. In addition, the inclusive tourism should not be viewed as exclusively socially oriented activity. The strategy of development of inclusive tourism should be built on the idea of considering it as an integral part of the tourism industry as a whole.

Trade finance evolution: a comparative study of regulatory reforms in factoring policies for SMEs in India and China

This paper evaluates the effectiveness of the Factoring Regulation (Amendment) Bill 2021 in stabilizing the economic situation of micro, small, and medium-sized enterprises (MSMEs) in India using doctrinal research methods and comparative study. It compared the factoring regulations of India and China. The authors analyse the ramifications of the recent amendments to the Factoring law via a comprehensive literature review, legal frameworks, and comparative analysis of India and China. This study seeks to cast light on the potential of the Factoring Law in addressing the financial challenges encountered by SMEs in India. The findings provide policymakers, stakeholders, and researchers with vital insights into the regulatory framework's effectiveness and potential improvement areas. The research concluded that factoring is an important worldwide trade financing tool for economic development and financial inclusion since it promotes entrepreneurship, private enterprise, and supply chain finance. In order to raise its standing, India may consider adopting features from the Chinese Civil Code, setting regulations for factoring rights transfer, and prioritising creditor interests.

The Impact of Financial Inclusion on Economic Growth: ARDL Approach

This study investigates the impact of financial inclusion on economic growth in Jordan from 2000 to 2021. Employing an Autoregressive Distributed Lag (ARDL) approach, we examined the temporal relationship between financial inclusion indicators and economic growth. Our analysis reveals a bidirectional causality, indicating that financial inclusion not only propels economic growth but is also bolstered by it. The findings challenge the initial hypothesis of a unidirectional relationship, suggesting a more intricate interaction between financial inclusion and economic prosperity in emerging economies. The Granger causality test results significantly support the notion of mutual reinforcement between these variables. This study contributes to the empirical literature by highlighting the symbiotic relationship within the Jordanian context and suggests that enhancing financial inclusion can be a strategic tool for sustainable economic development. The research also underscores the need for considering environmental implications and the burgeoning digital financial services sector in future policy-making. Suggested future research includes comparative regional studies, incorporation of qualitative methods, and exploration of the environmental impacts of financial inclusion. The study’s conclusions are instrumental for policymakers and stakeholders in crafting informed strategies to leverage financial inclusion for economic growth.

Agricultural Development in Kuzbass in 1981–1985

The article describes the agricultural sector of the Kemerovo Region (Kuzbass). The author used it as an example to identify the main stages of agricultural development of Western Siberia in 1981–1985. The study relied on the theory of modernization, which links economic and political changes with agricultural reforms. According to archival documents and regional statistics, the new tools of economic development and the favorable investment climate allowed the industry to overcome the agrarian crisis in the early 1980s, improve the state of affairs on collective and state farms, and increase the agricultural production. The new measures included producing for profit, labor contracts, and elements of land lease as the economic independence of agricultural enterprises continued to grow. The regional agricultural sector developed much faster in the 1980s than in the late 1970s. However, non-production costs, crop waste, and cattle mortality remained high while irrational utilization of state resources was quite common. In general, Kuzbass showed average agricultural indicators for the West Siberian economic region.

Economic Empowerment Of Ummah Through Sharia Fintech:Literature Review

Fintech Syariah is an innovation that has the potential to strengthen the Islamic economy by providing more inclusive and syariah-compliant access to financial services. This article provides comprehensive literature on how Islamic finance technology benefits Muslim economies. Using a variety of literary analyses, this article explains how Fintech Syariah may increase access to money, provide innovative solutions for social and economic problems, and reduce the risk associated with financial inception. We also outline the necessary regulatory measures that must be taken to ensure that Islamic economic principles are adhered to in Fintech. The current study provides insight into how Fintech Syariah may become a significant tool for Muslim economic development, with implications that are particularly significant for the growth of the Islamic economy in the current digital era.

Tools for financing local economic development of local communities

The study examined the specific features of using the instruments of financing the economic development of territorial communities on the example of Ukraine. Economic and statistical analysis methods were used to process the data, including the Wilcoxon signed-rank test for comparing growth trends. The study identified the most common sources and tools for financing the economic development of local communities, in particular tax revenues, grants, loans, public-private partnerships. The financial instruments of local economic development in the UK, Denmark, and Slovenia were analysed, focusing on their flexibility, adaptability, and efficiency. The importance of integrating the best practices of these countries into the strategic financial management of territorial communities of Ukraine is substantiated. Specific recommendations for implementing successful international experience are proposed. It is recommended that Ukraine introduce monitoring and control systems similar to the British ones to ensure strict control over local budget expenditures, which is important for the stability and transparency of financial governance; consolidate or redistribute competencies in favour of larger communities, increase the share of local taxes, and introduce financial equalisation mechanisms to reduce financial inequality and ensure equal opportunities for all communities, as the Danish experience has shown. According to the Slovenian experience, it is necessary to develop clear standards for the provision of services, create independent supervisory authorities to monitor the effectiveness of local budgets, introduce fiscal decentralisation, and increase the share of local taxes to increase the autonomy of local authorities and reduce the disparity in the level of services between regions. The results obtained emphasised the importance of using an integrated and integrative approach to the development and management of financing tools for the local economic development of territorial communities. The practical significance of the study’s findings is manifested in the provision of specific recommendations on the use of various financing instruments, such as local guarantees, municipal bonds, and loans from international financial institutions and grants from international donors. These recommendations can help determine investment priorities and improve investment planning and management processes, which is important for the development of territorial communities

Environmental Regulation based on the Best Available Technologies: Problems and Trends

The article analyzes the main problems of the transition of the Russian economy to a new environmental and technological regulation based on the best available technologies (BAT). In recent years, the principle of BAT as a promising innovative tool for environmental and economic development has been declared as a key approach that can ensure the activation of structural and technological transformations of the Russian economy. Based on the main conditions, the observance of which largely ensures the success of the practical implementation of the BAT approach in developed countries, the author singled out current trends in changes in environmental regulation instruments in Russia that are taking shape to date and will influence the formation of the environmental situation, at least in the medium term. . Among such tendencies, we analyzed, in particular, the introduction of a moratorium on environmental control (freezing planned inspections of an enterprise for several years in advance); shift or suspension of implementation of a number of federal environmental projects and a number of environmental laws adopted in recent years in the context of BAT; as well as a number of environmental requirements as part of the implementation of the BAT approach, etc. The directions for changing environmental policy instruments in the light of the proposed solutions in connection with sanctions and their possible consequences for the environment are considered. The proposed recommendations can be used in the development of key elements of the environmental management mechanism.

Local Government: Effective Tool for Socio-Political and Economic Development in the South-East

Local Government: Effective Tool for Socio-Political and Economic Development in the South-East

CONTRIBUTION OF INDONESIAN NATIONAL STANDARD (SNI) ON GROSS DOMESTIC PRODUCTS (GDP)

<p>Gross Domestic Product (GDP) is the number of goods and services produced by a country in a certain period as a measuring tool for a country's economic development. GDP comprises many factors, including national household consumption, investment, state consumption, exports, and imports. Standards are inherent in goods and services produced, consumed, and nationally and internationally traded. This study aims to determine the effect of standards on GDP. The method used is econometrics through case studies in Indonesia by considering the independent factors, namely fixed capital, number of workers, patents, and Indonesian National Standard (SNI), while the dependent factor is GDP. The results showed that a 1% percent increase in SNI, patents, fixed capital, and labor could increase Indonesia's GDP by 0.3%, 0.08%, 0.04%, and 0.4 %, with alpha 5% from 1998 to 2017, respectively. With an average SNI growth of 5.43%, the contribution of SNI is 1.63% year to the average GDP growth. In monetary terms, a 1% increase in total SNI in 2017 increased to about 5.9 trillion in GDP.</p><div> </div>

Warmer and wetter: Outlining climate services for snow-dependent tourism in Norway – The case of Lofoten

Human-induced climate change potentially impacts nature-based activities in Lofoten and may limit the attractiveness of the destination for tourists seeking recreation and adventure in the mountains. As a climate service, we calculated climate indicators relevant to the tourism sector based on the representative concentration pathways RCP4.5 and RCP8.5 until 2060. We used high-resolution gridded climate data and projections to calculate indicators such as changes in the frequency and intensity of consecutive wet days, changes in precipitation type (snow, sleet, rain), changes in the number of skiing days on ungroomed, natural snow, and changes of the monthly 0 °C-isoline. We found a minor, but non-robust increase in the number of consecutive wet days with a precipitation intensity > 8 mm/day, and a clear change in the precipitation regime depending on altitude that leads to more precipitation falling as rain instead of snow. Also, a strong decrease in the number of skiing days is projected by the climate models as the monthly near-surface 0 °C-isoline increases. These are important findings for long-term planning and investments in the tourism sector in Lofoten, especially as tourism growth is considered an important tool for regional economic development. The analytical methods used in this study are transferable to analyses on a regional to national scale. National maps and data material for 11 regions were recently published on https://klimaservicesenter.no/kss/framskr/sno-sludd-regn.

FInancial and budgetary policy as an tool of social and economic development of the country

Relevance of the research topic. Financial and budgetary policy is an important tool for the socioeconomic development of the country. The formation and implementation of an effective financial policy of thestate has an important place in ensuring effective social development. It is necessary to determine the priorities of the financial and budgetary policy and create conditions for economic growth. Further development of the state finance management system is important to increase the efficiency of institutional transformations of the economy and ensure positive macroeconomic dynamics. Formulation of the problem. Financial and budgetary policy should be an effective tool for ensuring the socio-economic development of the country. Analysis of recent research and publications. The question of the formation and implementation of finance and budget policy is quite widespread in scientific research. These are the scientific works of famous domestic and foreign scientists: V. Nordhaus, V. Teles, P. Samuelson, I. Chugunov, T. Kaneva, L. Lysiak, I. Lukyanenko, A. Mazaraki, V. Makogon, V. Oparin, M. Pasichnyi, O. Samoshkina, V. Fedosov and others. Highlighting unexplored parts of the general problem. It is important to form and implement the financial and budgetary policy of the socio-economic development of the country. Further development of the budget planning system and improvement of the efficiency of use of budget expenditures, improvement of the financial mechanism of social development is expedient.Setting the task, the goal of the research. The main tasks of the study are to reveal the essence of the formation and implementation of the financial and budgetary policy of the socio-economic development of the country, the main areas of improvement of the financial mechanism of social development, further development of the budget planning system and increasing the efficiency of the use of budget expenditures. The purpose of the research is to reveal the theoretical foundations and improve the mechanisms of formationand implementation of the financial and budgetary policy of the socio-economic development of the country. Method or methodology of research. The article uses a set of methods and approaches of scientific research: systemic, factorial, comparative, synthesis, generalization, scientific abstraction and others. Presentation of the main material (results of work). The essence of the formation and implementation of the financial and budgetary policy of the socio-economic development of the country is disclosed; received further development of provisions on the system of budget planning and increasing the efficiency of the use of budget expenditures. The theoretical foundations were developed and the financial mechanism of social development was improved, it was determined that in order to increase the effectiveness of institutional transformations of the economy, to ensure positive macroeconomic dynamics, the further development of the state finance management system is important, the financial and budgetary policy should take into account a number of tasks that stand at a certain stage of the development of social relations. Field of application of results. The results of the research can be used in the process of formation andimplementation of financial and budgetary policy. Conclusions according to the article. Financial and budgetary policy is an effective tool for influencingsocio-economic processes. Important tasks in the process of development and implementation of the state financial policy are the improvement of the public finance system, the strengthening of the effectiveness of the regulatory function of the budget and tax mechanisms, the implementation of structural changes in the economy aimed at increasing the rate of economic growth. The effectiveness of economic transformations largely depends on the quality level of the institutional component of financial architecture, the stability of thecountry's financial system, the effectiveness of the influence of financial instruments on the socio-economic development of the country.

The effects of loadshedding on small and medium enterprises in the Collins Chabane local municipality

South Africa is at present experiencing electricity shortages resulting in loadshedding. Loadshedding is the action from an electricity supplier (Eskom) of rolling power cuts that intend to lessen the load on the power supply system when Eskom is not able to supply a high electricity demand. Loadshedding remains one of the country's most critical challenges and has affected day-to-day business activities leading to some small businesses closing their operations. In developing economies, small businesses play a significant role in the wellbeing of rural dwellers and are a major tool for local economic development. At present, there is limited evidence in the literature pointing out the small and medium-sized enterprises (SMEs) in Collins Chabane Local Municipality (CCLM) in terms of the effects of loadshedding but there is literature describing similar issues in other geographical areas. The exploration of the effects of loadshedding on SMEs in the Collins Chabane Local Municipality was crucial to empower small SMEs, cover scholarly gaps, contribute to policy development, and participate in academic discourse. The study uses a mixed-methods approach, adopting a triangulation research design. The sample consisted of 125 members of the target population, which included the SME owners/managers and officials from the Collins Chabane Local Municipality such as the Local Economic Development (LED) manager, Electricity manager, and a technician. The sample was selected using purposive, snowball non-probability sampling, and cluster probability sampling. A total of 100 respondents were selected for the quantitative study, while 25 participants were selected for the qualitative study. Therefore, 100 respondents completed questionnaires and 25 respondents participated in the face-to-face semi-structured interviews. The quantitative data were analysed using the statistical package for the social sciences (SPSS), while the qualitative data were analysed using the thematic method of analysis. According to the quantitative findings, loadshedding costs small and medium-sized businesses in the Collins Chabane Local Municipality an average of 61% of their total revenue. Additionally, 59% of these companies had to lay off their employees because they were unable to pay their wages. The Chi-square results demonstrate that loadshedding has been experienced uniformly by everyone, irrespective of their demographic and business demographic status. Therefore, demographics have no significant influence on the experience of loadshedding. The qualitative results reveal that the losses associated with the effects of loadshedding on SMEs’ production are untenable. There is an urgent need to alleviate the effects of loadshedding on SMEs. An alternative source of power is a requirement for small businesses in the Collins Chabane Local Municipality. It is for this reason that the South African government should grant small businesses a subsidy for the purchase of alternative sources of energy such as strong generators and solar panels to support them during periods of loadshedding. In addition, the South African government should encourage and capacitate small businesses in the Collins Chabane Local Municipality to participate in producing and supplying renewable energy by funding them, and further, foster cooperation among small businesses and companies that are successful in the production of renewable energy. This will assist in adding electricity generation capacity to the national grid and help eliminate electricity instability.

The impact of public subsidies on investment and growth: Policy about evaluation, selection and monitoring

Public subsidy, a frequently applied tool of economic development is often provided to the business sector assuming that it promotes investments, employment, and income generation. In this paper a micro economic model based empirical analysis is presented that shows the possible impact of public subsidy on economic growth. The outcomes are derived by investigating the investment decision of the enterprise with and without public subsidy. It is demonstrated that public subsidy may increase social welfare, but under certain circumstances it also may decrease it, partly because authorities deciding about them fail to consider the information on the investment projects that determines the outcome. The empirical analysis of corporate subsidies proves that both cases occur. The number of firms that performed well and presumably had not enough own resources to fund the investment was less than 10% of all subsidized firms. The programs had an overall negative impact on economic growth. We provide recommendations on how methods of evaluations, project selection and monitoring should be modified to achieve better results of subsidy programs.

University Technological Entrepreneurship Platform as an Innovative Tool for Regional Economy Development in the Context of Russia’s Sovereignization

The formation of a regional strategy for the development of the economy is an important state task, which not only leads to an increase in the living standards of the population, but also contributes to its involvement, especially the younger generation in solving problems and removing restrictions on the progressive development of this process. The article studies a set of issues that characterize the directions of solving the problems of reducing dependence on external markets and development of the domestic economy, emerging problems that require solutions of regional authorities and the tools used to stimulate the introduction of innovative solutions. It has been established that university technological business platforms are becoming an effective innovative tool for economic development on the regional platform. Various approaches to the development of university technological business platforms, including organizational structure, funding mechanisms, technology commercialization and coordination between participants, were considered. A critical analysis of existing approaches to the formation, development of university technological business platforms was carried out and their strengths and limitations were highlighted. The experience of RZD OJSC on the implementation of the project «Platform of University Technological Entrepreneurship» with the participation of the Krasnoyarsk Institute of Railway Transport, within which start-up projects were developed, 70% of which are directly technologically related to the railway industry. The study confirmed the relevance of university technological business platforms in the development of the regional economy, indicated the need to improve the organizational aspects and mechanisms for the functioning of such platforms. The basic directions on improvement of stimulation of technological entrepreneurship and development of start-ups for breakthrough technological development of large companies that influence socio-economic development of the region are offered.

Tourism Impacts on Socio-Economic Development of Residential Community in Ella Destination, Sri Lanka

One tool for economic development is the tourist sector. Tourism destination management is required at local, regional, and national levels to profit. The local population plays a significant role in the tourism industry since they serve as the tourists' hosts. Tourism must be promoted to maximize industrial benefits. Positive outcomes must be enhanced, while negative consequences must be controlled. Therefore, this study aims to identify the economic and socio-cultural impacts of tourism on the Ella destination. This research is focused on the homestay community, because it is the main income-generating source for the resident community in Ella, Sri Lanka. The researcher selected 175 registered homestay business owners in Ella destination, Sri Lanka through a simple random sampling strategy. This study applied a Likert scale questionnaire to collect primary quantitative data for this study. Secondary data was gathered from past theses, journal articles, newspaper articles, the SLTDA website, and central bank annual reports. The SPSS software was utilized to analyze the gathered data through questionnaires. The researcher identified that there are eight main indicators that affect the socio-economic development of the homestay business community in Ella, Sri Lanka. These are local culture, local services, the community’s lifestyle, alcoholism, drugs, and prostitution, employment and income opportunities, investment & spending, infrastructure, and tourist arrivals to Ella. As per the findings, the researcher recommends that homestay tourism business owners need to invest In eco-friendly business operations, because eco-friendly hospitality services are the main trends in the current global tourism and hospitality business Sector. Also, homestay business owners should know that practical knowledge is highly significant in the tourism and hospitality sector business environment. In the future, community capacity development, Identification of a unique promotional mechanism, and eco-friendly business operations will be needed to manage negative impacts.

Private Bank Public Values and Priorities Under the Community Reinvestment Act

The Community Reinvestment Act (CRA) requires banks to grant low-income communities access to credit. Federal agencies monitor CRA activity and rate banks on compliance. As an economic development tool, the CRA supports private investment of public outcomes. This paper uses qualitative content analysis to examine bank and nonprofit comments regarding proposed CRA rule changes and bank shareholder reports through the lens of the realized publicness framework, to explore how banks express public values. This study finds that banks espouse public values, but that the context of those values is not aligned with community nonprofit values.

Tourism Village Management in Bali by Traditional Villages Based on Local Wisdom in the New Normal Era

Traditional villages in Bali have the potential to become tourist destinations that benefit the local community. Culture and customs are what set apart traditional villages. The legal politics of the Bali tourist village have deteriorated into the new normal. This research aims to develop a tourist village model, a new theory for elaborating Balinese cultural values based on local wisdom values, a creative economy, and human resource management during the COVID-19 pandemic. The research method is a qualitative descriptive empirical legal analysis based on a socio-anthropological approach and law sociology, supplemented with cultural studies. The findings revealed that the value of local wisdom in the traditional village adds value to a tourist village in Bali. The Ceking traditional village's tourist rice terraces are appealing due to the culture of farmers becoming a tourist village. The Penglipuran traditional village's artistic potential, social capital, nature, and local wisdom are the codification of culture in power politics. Tourism is a helpful tool for economic development. Bali must explore the potential for increased innovation and community participation as a tourist destination by using traditional villages as a buffer for culture, Hinduism, and local wisdom. Furthermore, Bali tourism is exceptionally vulnerable to health concerns that affect tourism and ecotourism activities.

“Location, location, location” in equitable development: Evaluating the spatial targeting of Chicago’s Opportunity Zones

ABSTRACT The Opportunity Zone (OZ) program—created in 2017—is the newest federal economic development tool to assist low-income neighborhoods. While the program aims to bring investment to disinvested neighborhoods, the broad eligibility criteria enable OZs to be designated in relatively high-value, high-opportunity areas, ultimately sparking gentrification rather than job creation for low-income residents. This major equity concern with OZs centers on the question of how local policymakers targeted their OZs. In this paper, we develop an index of development potential that accounts for hyper-localized real estate trends and spatial context to gauge the future ability of areas to attract private investment and assess the need for place-based development incentives. We apply this index to assess Chicago’s OZ selection process and find that despite Chicago’s efforts to strategically align OZs to areas of high need, it ultimately designated some OZs in areas that have among the highest development potential in the city and do not require a subsidy to receive future private market investment.