Trajectory Of Sustainable Growth Research Articles

Nonlinear effects of public debt on economic growth in Nigeria.

The COVID-19 pandemic induced governments all over the world to momentarily accumulatehigher levels of public debt in order to invest in deficit spending and social protection programs to tackle the anticipated economic slump. The Nigerian government has borrowed heavily from domestic and foreign sources in order to resolve thegrowing budget deficits and return the economy to a sustainable growth trajectory. Previous studies frequently made the incorrect assumption that the relationship between public debt and growth is linear and symmetric, leading to empirical resultsthat is frequently disputed and imprecise. This study's main objective is to examine the asymmetric impact of public debt on economic growth in Nigeria from 1980 to 2020 using the Nonlinear Autoregressive Distributed Lag method. Empirical evidence indicated that external debt have a significant positive and symmetric impact on economic growth in the long and short run, while debt service payment supporting the debt overhang hypothesis activated a symmetric effect that stifle growth. Domestic debt retarded growth asymmetrically in the short term and linearly over the long term. Foreign reserve holding, on the other hand, had an asymmetric long-run influence and a symmetric short-run impact on growth motivation. To mitigate the negative effects of unsustainable public debt, the study advocated for fiscal reforms that effectively reduce deficit financing to keep the level of government debt low and be able to respond robustly to an economic shock, improve domestic revenue generation and infrastructure spending, and strengthen governance practices and institutions.

Country strategic planning in the context of strengthe ning economic security

In a changing reality, the topical problem for research is the choice of means and tools for managing the national economy of Russia at the expense of internal development resources. Optimization of economic activity and entering the trajectory of sustainable growth can be achieved with a combination of market rules and planning principles, the use of which is very successfully achieved through strategic documents and government programs, and historical experience confirms the high eff ectiveness of this approach in several countries around the world. To solve the set research tasks, methods of analysis and synthesis, comparative and content analysis, and expert assessments are used. Based on the legislative and regulatory framework of strategic planning, scientifi c publications of scientists, the article analyzes the practice of developing and implementing state programs and national projects, the current state of program-targeted activities, and identifi es problems that hinder it in the context of strengthening the economic security of the Russian state. It is shown that as the methodological foundations of strategic planning evolve at diff erent stages of economic development, its contribution to the management of the national economy increases. The key role of the coordinating function in the work of the Government aimed at streamlining the tools of economic programming and the application of innovative methods and technologies in the development and implementation of program documents has been established. Certain shortcomings of the strategy mechanism and formulated approaches to its improvement have been identified. The expediency of developing strategic planning tools in the new geopolitical reality is justified. The demand for studying advanced domestic and foreign practices to develop the institution of orientation planning as the basis of the planned strategic management system in Russia has been proven.

Towards low carbon economy: Performance of electricity generation and emission reduction potential in Africa

More than two-thirds of electricity in Africa is generated from fossil fuels which pose a significant threat to the continent's sustainable growth trajectory. Considering technology heterogeneity, this study employs Shephard CO2 distance function to estimate dynamic carbon efficiency, carbon efficiency under Meta production frontier (MECF) and Group production frontier (GECF), and the potential contraction of CO2 emissions. We use panel data of 19 fossil electricity generation plants in Africa from 2005 to 2016. The results show that technological progress is the primary driver of dynamic CO2 emission improvement. Carbon efficiency results signal substantial improvement potentials. Sub Saharan Africa (SSA) power pools showed high dynamic carbon emission index performance but lag behind carbon efficiency compared to the North Africa power pool. Also, potential carbon emission reduction among all regional power pools varies greatly. Averagely, Africa has an annual potential to reduce carbon emissions by 51.808 Mt CO2/yr under MECF and 37.538 Mt CO2/yr relative to GECF. Targeted policy suggestions to promote sustainable power generation are provided.

Науково-технічне супроводження Концепції сталого розвитку чорної металургії України

The article examines the prospects of scientific and technical support for the development of ferrous metallurgical Ukraine, taking into account the consequences of the military aggression of the Russian Federation. On the basis of a comprehensive analysis of the current state of the industry, the possibilities of implementing modern and promising technologies of metallurgical production have been determined in accordance with the proposed project "Concept of sustainable development of ferrous metallurgy of Ukraine". Possible scenarios and stages of development of ferrous metallurgy were discussed, priority directions for the near, medium and long term were determined. It was emphasized that the development of the ferrous metallurgical and mining and metallurgical complex of Ukraine as a whole should be connected with the implementation of the best available technologies (Best Available Techniques), conducting promising scientific research and implementing systematic scientific and technical support of production. The priority areas of development of sub-sectors of the metallurgical industry are considered. Prospective ways of improving technologies for all main metallurgical processes are proposed. It was noted that along with the improvement of the process of obtaining iron in blast furnaces, it is expedient to develop off-blast production using raw materials available in Ukraine. Progress in steelmaking is, first of all, due to the improvement of modern oxygen-converter and electric steelmaking technologies. It was established that rolling production needs modernization of industrial equipment and an increase in the range of metal products. It is shown that the decarbonization of steel production should become a promising direction for the development of the metallurgical industry and one of the means of solving environmental problems. Target indicators of sustainable development and effectiveness of scientific and technical support of the metallurgical industry in the perspective of 2050 have been determined. The successful solution of the tasks and the implementation of the future development directions defined by the Concept will allow the metallurgical industry to firmly establish itself on the trajectory of sustainable growth and provide Ukraine with one of the competitive advantages in the international arena.

THE ESSENCE AND DIRECTIONS OF MANAGING INVESTMENT AND INNOVATIVE DEVELOPMENT OF TERRITORIES

It is revealed that today innovations play an exceptional role in ensuring the sustainable development of both individual business entities and regions, territories and the country as a whole. This is due, firstly, to the nature of market relations and the strengthening of competitive confrontation both at the local, regional and international levels, and secondly, to the need to implement qualitative transformations at the regional level in order to overcome crisis phenomena and the disproportionality of their development and the national economy's exit to the trajectory of sustainable growth. It is indicated that in order to implement innovative transformations at the level of individual territories, it is necessary to form an investment basis for their implementation. Since the long-term limited financial resources for the implementation of critical innovation projects at the regional level has led to a significant lag of regions in relation to global development indicators and a reduction in their economic potential to ensure sustainable growth. The expediency of forming a theoretical basis for managing investment and innovative development of territories is proved. The existing scientific approaches to the interpretation of the content of the concept of innovative and investment development and directly investment and innovation growth are studied. It is revealed that most scientists consider the processes of innovation and investment development as separate, but closely interrelated, economic categories. The author's vision of managing investment and innovation development of territories as a process of development and implementation of Strategic and program initiatives aimed at sustainable investment and innovation growth of territories by creating favorable conditions for the functioning of objects of innovation and investment infrastructure and supporting business activities on the basis of integration interaction of participants in the investment and innovation process within the framework of innovative organizational forms of their cooperation is formed. The key directions of managing investment and innovation growth of territories are revealed.

Экономическая конвергенция в методологии структурных сдвигов

Throughout the entire period of market transformations, the trend towards the distance of the Russian economy from technologically advanced countries has persisted, in terms of both the dynamics of the main macroeconomic indicators and structural proportions. This is due to the high sensitivity of the Russian economy to external shocks, including technological ones, as well as a number of successive negative structural shifts. At the same time, the commonality of endogenous processes, which affect the structure of factors of production and distribution of national income, in the economies of advanced and catching up countries is not fully associated with economic convergence. The studies are dominated by exogenous sources of convergence - sociopolitical, cultural. Therefore, the study of the role and place of structural shifts in the system of economic convergence is a methodological approach that allows one to come close to the theoretical foundations for stabilizing macroeconomic dynamics, reducing the susceptibility of the national economy to external shocks, and entering a long-term growth trajectory above world rates. In this article, the authors consider the problem of launching convergent structural shifts - the basis for the transition of the Russian economy from economic divergence to convergence with advanced countries, which was the basis for the aim of this study. Within the framework of this article, a methodology for analyzing structural shifts in their mutual influence on technological, structural and economic convergence is presented. The authors give a typology of convergent and divergent structural shifts that bring the national economy closer or further away from technologically advanced market systems. Such a typology of structural shifts implies the endogenous nature of economic convergence, due to a change in the proportions of accumulation and consumption, the involvement of production factors in the creation of national income and its distribution, contrary to the prevailing exogenous approach to the study of economic convergence. Based on the presented typology, the article highlights the factors of structural convergence -neo-industrial and fundamental investment, associated with a priority increase in funding for fundamental research, the creation of new innovation and investment partnerships between the state and business, and the modernization of basic industries based on convergent technologies. The authors show that these factors should be institutionalized in a system of convergence-oriented structural policy, which is a key condition for the transition of the Russian economy from structural divergence to convergence, with access to a sustainable growth trajectory and a reduction in exposure to external shocks.

DEVELOPMENT OF THE TELECOMMUNICATIONS SECTOR IN THE ECONOMY OF KAZAKHSTAN AS THE BASIS OF THE NATIONAL MODEL OF THE INFORMATION SOCIETY

The completion of the stabilization stage of the republic's economy and its transition to a trajectory of sustainable growth create objective prerequisites for the real use of medium-term and indicative long-term planning tools in the practice of state regulation and management. An important place in the general system of long-term planning is given to the formation on a medium-term basis of a strategy for the development of large industrial complexes, one of which is the telecommunications sector, whose increasing role at the present stage is determined by the trends of globalization and informatization of all aspects of public life on a global scale. Telecommunications are an integral part of the infrastructure, the development of which, in accordance with the provisions of the Development Strategy of Kazakhstan until 2030, is assigned to one of the seven long-term priorities and should contribute to: strengthening national security; political stability; economic growth. However, the formation of planned and forecast parameters for the development of telecommunications is impossible without defining the conceptual foundations of the long-term functioning of the industry, assessing trends in the development of the telecommunications market based on internal and external factors, conducting periodization and highlighting stages of development, choosing priorities of state sectoral policy, rational evolution of the regulatory system, optimization of the legislative and regulatory framework in the industry.

ОСОБЕННОСТИ ДИАГНОСТИРОВАНИЯ УРОВНЯ ЭКОНОМИЧЕСКОЙ БЕЗОПАСНОСТИ АГРОПРОМЫШЛЕННОГО КОМПЛЕКСА

The article considers the main problems of diagnosing the state of ensuring economic security of the territorial agro-industrial complex. The specificity of its level diagnostics in the regional context determines the need to adapt quantitative methods for assessing its individual components. Currently, several basic methods are used to transform the indicative system of indicators in accordance with the goals and objectives of the study. As a basis for a comprehensive assessment of the level of economic security of the territorial agro-industrial complex, it is advisable to divide the indicator system into appropriate blocks: economic, social, technical and technological. Since this assessment is practical, it is necessary to observe the principle of regulability and manageability, according to which the number of indicators can change in the direction of their growth or decrease. It is also necessary to take into account the dynamics of the change. In accordance with the results of diagnosing the level of economic security of the agro-industrial complex of the Krasnodar Territory, it can be concluded that despite the growth of state support for Russian agro-industrial enterprises, the agro-industrial industry has not currently entered the trajectory of sustainable growth.

The institutional environment of extractive industries as a driver of sustainable development in resource-driven economies

Many resource-driven economies (RDE) of low- and middle-income countries are in captivity of the “resource curse”, which is usually associated with the presence in the country of natural reserves of metals, minerals, oil, gas. For several decades, macroeconomic and institutional theories have differently explained why resource dependence in most countries leads to weak economic growth and poverty. Numerous hypotheses and econometric studies expand knowledge about the phenomenon of the resource curse, but the problem for many countries with RDE remains unresolved. In the last 7-8 years prevails the opinion that mining can help countries with RDE to enter the trajectory of sustainable growth. But for this it is necessary to improve the quality of national institutions. It remains unclear how to stimulate a positive transformation of the institutional environment of a resource-dependent economy. The idea of the work is to focus on changing the institutional environment of the extractive industries, and not on the country’s economy as a whole. This approach has been little studied, but its application in the context of the Sustainable Development Goals (SDGs, 2015-2030) can help increase the contribution of the extractives sector to the sustainable development of a country with RDE and low or middle income. Institutionalization of international sectoral initiatives, introduction of international standards and best practices into the institutional environment of the national extractives sector will have a stimulating effect. For responsible investors, the environmental dimension of sustainability is becoming increasingly important.

Indian electricity sector, energy security and sustainability: An empirical assessment

Despite progresses achieved in several directions, Indian electricity sector continues to suffer from multiple anomalies that might endanger the energy security of the country. It is pertinent at this juncture to ask the question whether the sector is moving on a sustainable growth trajectory. Using a sustainable development framework, the present study evaluates how sustainable the Indian electricity sector is. It employs 11 indicators representing three dimensions of sustainable development i.e. economic, environmental and social and analyses 12 Indian states over a decade period. The findings of study suggest that the sector is moving towards sustainability though deviations exist in the performance of individual states and individual dimensions. The economic dimension shows a non-linear trend with multiple ups and downs. The environmental dimension indicates first a falling trend up to 2005-06 and rising sharply thereafter. The social dimension reveals a declining trend during the initial periods of the study and picking up in the last few years. Feed-in tariff policy of the Indian government is found to be successful in improving the electricity accessibility and diversifying the electricity supply and raising share of renewable energy which are in line with higher energy security goals.

Sustainable Growth and Token Economy Design: The Case of Steemit

Cryptocurrency blockchain technology is attracting worldwide attention, and the number of initial coin offerings (ICOs) is increasing rapidly. This new economic trend, called cryptoeconomics, can program human behavior through incentive design. A cryptocurrency-based incentive system is not only transparent, but also allows businesses to substitute initial investment costs with cryptocurrency tokens until they are on a sustainable growth trajectory in terms of network effects. This study aims to propose a process for building a desirable model of a token economy, based on the case of Steemit—a blogging and social networking website that is creating high values due to its efficient token economy model. We suggest the following design process of a token economy model: (1) Determine token-business fit, (2) determine the chance of success, (3) determine the properties of token, (4) give tokens intrinsic value, (5) establish strategies to raise token value, (6) establish operational strategies of token economy system, (7) establish strategies for token liquidation, and (8) continue modifying the operational base. Considering cryptoeconomics is still at an early stage, it is expected that the guidelines on the token economy model suggested in this paper will lay a significant foundation for the development of cryptoeconomics research.

The Russian Economy: Searching for Effective Strategy

Subject. The subject of the article is an analysis of approaches to the definition of a long-term strategy for the development of the Russian economy in the context of the transition to a new model of economic growth that will ensure a stable and dynamic development of the national economy. Goals. The authors set themselves the following main tasks: the first is to define targets for improving the economic dynamics of the Russian economy based on the assessment of the current situation in the Russian economy. The second is to study the proposals and recommendations of the leading institutions and centers for bringing the economy to the trajectory of sustainable growth. The third is to supplement and clarify these proposals and recommendations with their own proposals. Methods. The analysis of the materials of the Center for Strategic Research (headed by A. Kudrin) and the “Growth Strategies” program (headed by B. Titov) made it possible to identify those proposals and recommendations that can be used to prepare the country’s long-term economic growth program. Results. The article suggests structural priorities for economic growth and specifies the features of accelerated technological modernization of industrial potential and large-scale development of the country’s infrastructure, which can significantly complement and expand the recommendations and proposals of leading economic centers and, at the end, significantly accelerate the solution of the country’s economic and social problems.

Medical Devices Access in Asian Countries: Sustainable Growth Trajectory in India

Technologically advanced solutions for treatment of diseases, scientific rigor and research has seen tremendous growth in therapeutic usage of medical devices. The role of ‘Make in India’ initiative becomes of utmost importance as a driving force for technological advancement of medical devices industry. However, challenges exists and need to be addressed in providing affordable healthcare by producing medical devices that are cost competitive and effective to increased access. Asian Countries like Japan, China and South Korea are foremost in the Medical devices sector. This paper probes the sustainability of Make in India policy with the growth trajectory of Asian countries in medical devices discusses ways of overcoming challenges through regulations, policies and other stakeholders contribution.

Medical devices access in asian countries: Sustainable growth trajectory in India

Medical devices access in asian countries: Sustainable growth trajectory in India

PECULIARITIES OF INVESTMENT STRATEGIES OF JAPAN AND THE PROSPECTS OF COOPERATION WITH RUSSIA

Topic. Japan has excess financial resources and since the late 2000s is the second largest direct foreign investor in the world after the United States (except in 2014 and 2016, when Japan was down to 4 th place). At the same time, Japan is not included in the 20 largest recipients of foreign direct investment (FDI). This imbalance is due to a combination of the expansion of Japanese multinational corporations (MNCs) in foreign markets with the traditional protection of domestic market from foreign competition, what differentiates Japan from other major players in Asia, primarily China, Hong Kong and Singapore. Such a synthesis of openness to the outside and closing from the inside largely allowed Japan to create and save your own unique self-contained culture of management and to introduce Western institutions without fear of the loss of a special national character. Purpose. Analysis of modern tendencies of economic development and investment processes of Japan with special emphasis on reviewing problems and prospects for Russian-Japanese investment cooperation. Methodology. There were used methods of scientific abstraction, statistical analysis, and logical generalization. Results. Large-scale stimulation of domestic demand through monetary, credit, and budgetary policies have not led to the expected recovery of the Japanese economy. The reason for the stagnation lies in a conservative approach to innovation while maintaining adherence to traditional production methods. The experience of Japan is of interest to Russia. Pursuing a strategy of advanced development of foreign trade sector in conditions of financial globalization, Japan attaches high priority to boosting domestic demand, to the development of the national financial market, and to the establishment of regional production networks. As the largest net investor in the world, Japan constantly diversifies sphere of foreign investments. Conclusions . The direction of Russian-Japanese cooperation in the sphere of joint implementation of significant innovative projects can have a long-term multiplier effect for the return of both economies to a trajectory of sustainable growth.

FOREIGN CAPITAL FLOWS, FINANCIAL DEVELOPMENT AND GROWTH IN SUB-SAHARAN AFRICA

1. INTRODUCTIONOrthodox development perspective quite apparently delineates an important role for capital flows from richer countries as a critical component of the much-needed development finance requirement in the developing world. This North-South capital kinesis paradigm, while encompassing diverse categories of capital - portfolio investment, remittances, foreign direct investment (FDI), and official development assistance (ODA) among others - recognises the prominence of foreign direct investment, relative to other sources, as a key predictor of economic growth. In 2004, for example, FDI accounted for one half of total resource flows to developing countries, while remittances, ODA and portfolio equity split, albeit not equiproportionally, the remaining half (World Bank, 2011). This seems particularly apposite since foreign direct investment both in its conception and composition examplifies the necessary long term ingredients required to nurture growth which in itself is a phenomenon observable chiefly over comparably long horizons.However, there are conflicting opinions not only on the importance of foreign direct investment (FDI) on economic growth but also on the channels. FDI can positively affect growth by an outward shiftin the economy's production possibilities frontier through technology transfer and the attendant spillovers (Blomstrom et al, 1994; Kokko and Blomstrom, 1995). The former underscores the importance of all categories of investment, particularly FDI, in maintaining the economy on a sustainable growth trajectory. For instance, most sub-Saharan Africa (SSA) countries witnessed systematic declines in investment rates from the early 1980s with corresponding negative growth rates in real output till around 1990 in some cases (Oshikoya, 1994). Therefore, since FDI flows to these countries ranked amongst the lowest to developing countries, it suggests close ties between low investment and the observed economic downturn in SSA during this decade that has been tagged lost.While the positive influence of FDI on growth remains in large part an empirical regularity, a crucial issue that is by far less clear regards the channels through which the positive impact of FDI on economic growth works (Lemi and Asefa, 2003). A prominent view that has emerged in this discourse is that the absorptive capacity of the FDI-receiving country matters. Interestingly though, this absorptive capacity has been looked at under different prisms. For instance, Balasubramanyam et al, (1996) and Borensztein et al, (1998) see the domestic economy's trade as well as human capital policies as the prerequisite for FDI's growth-promoting effects, while De Mello (1997) focused on the importance of physical capital accumulation. Likewise, there are equally a number of other somewhat complimentary opinions along the lines of market size, natural resource endowment amid a host of other factors.In more recent studies, however, research focus appears to have shifted to the role of the recipient economy's financial sector in the FDI-Growth nexus (see Hermes and Lensink, 2003; Alfaro et al, 2004 for elaborate narratives). There are at least three distinct merits to emphasize this shift. First, deeper and broader based financial institutions through more efficient delivery of financial services serve to promote growth directly (Levine, 1997; Errunza, 2001). Second, advanced financial systems by construction are better positioned to attract foreign direct investment which is a vital predictor of growth (Albuquerque, 2003). Third, increased financial sector efficiency should lower transaction costs which are chiefly related to perceived risks arising from information asymmetries (Reisen and Soto, 2001).While this study is similar in spirit to this latter strand of evidences, we tread a distinct path on a number of fronts. First, the link between FDI and economic growth and the influence of financial development is delved into within a SSA-specific panel context. …

Rural Educational Planning - An Analytical Hierarchy Process Approach (AHP)

Education is the backbone of development in any spectrum, be it in personal growth, in growth of the society and in a broader context of the country. Therefore, for a sustainable growth trajectory, not only the developing, but also the developed nations focus on the overall education. Under the millennium goal programme, India has also focused on providing education to all, and various schemes have been promoted towards this. The most popular one is “Sarva Shiksha Abhiyan”. Though informal learning starts at home and such learning keeps on continuing till the end of life, a formal education is the need and each child should have access to education. Hence, the importance of locating a school in rural villages becomes multi-fold and can make the difference with its impact. Towards this objective, in general, sectoral uni-parameter-based planning minimises consideration of other relevant parameters. This requires an integrated approach of maintaining cross-sectoral centralised dataset. Therefore, a multi-criteria-based approach helps in fulfilling the analysis of cross-sectoral database and also helps the decision makers to arrive at a logical decision.

Technological diversification and firm's techno-economic structure: An assessment of Canon's sustainable growth trajectory

Contrary to the decrease in operating income to sales (OIS) in Japan's electrical machinery firms, Canon has demonstrated its increasing trend with increase of its technological diversification. These contrasts and Canon's conspicuous functionality development suggest that a virtuous cycle between its technological diversification strategy and increase in OIS can be the source of its sustainable growth. Prompted by this hypothetical view, this paper attempts to assess Canon's sustainable growth trajectory by elucidating a mechanism of its technological diversification system through an effective utilization of potential resources in innovation. By means of an epidemic function, the new approach for assessing marginal productivity of technology as well as functionality development is developed. Utilizing this approach, comparative empirical analyses are conducted focusing on the consequence of technological diversification and development trajectory in Japan's leading electrical machinery firms over the last two decades.