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1
Budhathoki, Krishnahari. "Remittance: Role and Challenges in Nepalese Economy." Economic Journal of Nepal 40, no. 1-4 (December 31, 2017): 78–84. http://dx.doi.org/10.3126/ejon.v40i1-4.35950.
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Both developing and developed countries have made a significant study of remittance and labor migration. Developing countries have attained benefits from remittance to uplift economic activities like maintaining household consumption, increasing pattern of saving and investment, receiving foreign currencies for imports, making favorable balance of payments, diplomatic activities, enhancing social and infrastructural development and maintain macroeconomic stability. The study explores the role and challenges of remittance in Nepalese economy. No doubt, Nepal as least developing country attains lots of benefits from remittance and labor migration. Along with such economic and social benefits, remittance generates a lot challenges in economy such as brain drain, trade deficit, shortage of man power, higher labor cost, backwardness of productive sectors of economy and a lot of social problems. The study also points out of effective use of remittance that helps to mobilize internal resource to create employment opportunities in a country with a formulation of proper implementation of necessary policy regarding a proper utilization of remittance.
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Jean, Arché. "Is Foreign Aid Working? The Impact of Foreign Aid on Savings, Investment, and Economic Growth in Haiti." Applied Finance and Accounting 1, no. 1 (February 26, 2015): 37. http://dx.doi.org/10.11114/afa.v1i1.646.
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Despite increases in foreign aid inflow to Haiti, the country remains one of the poorest in the world. Findings regarding the benefits of foreign aid have been inconsistent. The purpose of this quantitative, archival study was to examine the extent to which total foreign aid explained gross domestic savings, gross domestic investment, and GDP growth rates in Haiti from 1975 to 2010 after 3-year, 4-year, and 5-year time lags. Foreign aid was disaggregated into grants and concessional loans. Data were drawn from the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development from 1970 to 2010. To analyze the extent to which total foreign aid predicted gross domestic savings and gross domestic investment, weighted least squares regression analyses were conducted, with per capita income, interest rates, and inflation rates as covariates. To examine the degree to which total foreign aid predicted GDP growth rates, multiple linear regression analyses were conducted, with consumption, government spending, gross domestic investment, and net trade balance as covariates. Foreign aid did not predict gross domestic savings for 3-year time lag, F (5, 30) = 1.32, p =.28; 4-year time lag, F (5, 30) = 1.24, p =.32, or 5-year time lag, F(5,30) = 1.30, p =.15. Foreign aid did not predict gross domestic investment for 3-year time lag, F(5, 30) = 1.49, p =.22; 4-year time lag, F(5,30)= 1.73, p =.16, or 5-year time lag, F(5, 30) = 2.29, p =.07. Foreign aid did not predict GDP growth rates for 3-year time lag, F(6, 29), p =.44; 4-year time lag, F(6, 29) = 1.11, p =.38, or 5-year time lag F(6, 29) = 0.83, p =.56. Findings showed that foreign aid inflows to Haiti have not predicted improved economic development. Future research should focus on determining the relationship between foreign aid and government investment in infrastructure, education, health, and social projects. The discussion should shift from whether foreign aid flows to developing countries are effective to how to make the allocation of foreign aid inflows more effective. The result would be improved use of the inflow of foreign aid and improved economic and social progress in developing nations.
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Lurnk, Joke. "A World Accounting Framework: Trade and Financial Flows between Developing Countdes and the Rest of the World." Pakistan Development Review 31, no. 4II (December 1, 1992): 655–65. http://dx.doi.org/10.30541/v31i4iipp.655-665.
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The patterns of trade and fmancial flows between different parts of the world economy have changed dramatically over the last two decades. These changes have been accompanied by large increases in discrepancies in macroeconomic statistics. Published data sources on global macroeconomic aggregates may be highly misleading because of their lack of consistency. A first necessary step towards the analysis of changes in the patterns of international trade and finance is therefore to develop a consistent global accounting framework in which international finance can be placed in relationship to international trade and domestic accumulation: this framework we call the World Accounting Matrix (WAM). The W AM is based on the concept that related variables - international trade, fmancial flows and stocks, and domestic saving and investments - should be presented in one framework that explicitly takes the relationships between the variables into account. It is an integrated data system centred around accumulation balances. It presents aggregates in matrix format, for groups of countries. The purpose of the W AM is (i) to bring data from various data sources together in one framework in order to make better use of existing statistics, (ii) to check for consistency and to disentangle discrepancies both within and between data sources and to make adjustments for the discrepancies, (iii) to provide an analytical framework for the analysis of the effects of different types of international capital flows and external shocks on economic growth and stability in developing countries and the role of international capital flows in the process of global adjustment.
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Khalid, Ijaz, Aneela Akbar, and Hina Malik. "COVID-19: Socio-Economic Implications for Pakistan." Global Economics Review V, no. III (September 30, 2020): 131–42. http://dx.doi.org/10.31703/ger.2020(v-iii).12.
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The paper analyzes the global pandemic of COVID-19, its evolution, development and its implications on the world and specifically Pakistan. Sparkly, it emerged in the Chinese city of Wuhan, was restricted to the city for less than a month, but currently, the virus has engrossed the whole world. This part of the study investigates both developed and developing countries responses to deal with the dominant global issue. The study focused on Pakistan's response to COVID-19 being damaged by War on Terror and political instability. The paper concluded that Pakistan very smartly responded to the pandemic by applying smart lockdown within its limited resources to contain the virus and maintained a balance between saving lives and saving livelihoods. This piece of paper also finds that, like in other developing countries, the pandemic also has severe Socio-economic implications as the economically of the business went down, investment came to its lowest level that heavily marked Pakistan economically unsound. Socially speaking, the virus created fear and totally break down the public gathering that made the people psychologically unhealthy.
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Shi, Ji. "MACRO-ECONOMIC FACTORS OF SINO-US TRADE IMBALANCET." International Trade and Trade Policy, no. 3 (September 30, 2020): 39–57. http://dx.doi.org/10.21686/2410-7395-2020-3-39-57.
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China is one of the developing countries with the most rapid development and the U.S. is de-veloped country with the strongest economic strength, economic development of the two coun-tries has become main impetus of the world economic growth. Sino-US bilateral trade has be-come the most important constituent part of global trade. With the rapid development of Sino-US bilateral trade, trade imbalance also lead great concern of the two governments and academic circles, especially after China entered into WTO, the problem of Sino-US trade imbalance be-come even more serious. This paper mainly analyzes the influence of macroeconomic factors on China-US trade deficit, as economists generally believe that savings and exchange rates are closely related to trade balance. Undervalued exchange rate can keep relatively low prices for products made in China, while the booming domestic demand in the United States provides China with a wide variety of external market opportunities. This paper points out that difference in saving rates between the two countries is an important macroeconomic reason for the contin-ued growth of China’s trade surplus with the United States in international trade. The RMB exchange rate is an influencing factor, but not a fundamental one.
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Rauf, Sundas, Rashid Mehmood, Aisha Rauf, and Shafaqat Mehmood. "Integrated Model to Measure the Impact of Terrorism and Political Stability on FDI Inflows: Empirical Study of Pakistan." International Journal of Economics and Finance 8, no. 4 (March 23, 2016): 1. http://dx.doi.org/10.5539/ijef.v8n4p1.
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<p>To condense saving-investment gap, transformation of technology, creation of employment opportunities and more importantly, increasing economic development of host countries, Foreign Direct Investment (FDI) is proven to be a significant source of investment predominantly for developing countries. Numerous standing studies have scrutinized the economic impact of terrorism and political stability by referring to decrease in FDI. This study empirically enlightens the determinants of FDI for Pakistan over the period 1970 to 2013, by using annual secondary time series data. Adopting the optimistic approach, in this study, variables in the combination of terrorism, political stability, trade openness and GDP have been analyzed applying Ordinary Least Square (OLS) method. As expected, the projected results confirm that GDP, trade openness and political stability have positive and significant impact whilst terrorism has negative influence on FDI inflows in Pakistan. Because of the political stability along with stable GDP growth rate, inverse impact of terrorism has been found statistically insignificant.</p>
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VEPAYEV, Arslan, and Ozan DENİZ. "PRODUCTION AND CONSUMPTION TRENDS OF NATURAL GAS OF TURKMENISTAN THE YEARS FROM 2009 TO 2019." Journal of Scientific Perspectives 4, no. 4 (November 7, 2020): 237–44. http://dx.doi.org/10.26900/jsp.4.020.
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In this study, natural gas production and consumption of Turkmenistan has been mentioned for years. Leaving the Soviet system in 1991, Turkmenistan started to take the first steps to move its economy from a closed system to a free market system. To raise its economy to the level of developed states, Turkmenistan has come by implementing new regulations in social and industrial areas within 10 years. Turkmenistan has chosen an international, open, and pluralist economic model since its independence. This model has projected the "10-Year National Development Program" to ensure the economic development of the country and to be carried out according to the targets and plans. The main goal of the development program can be shown as placing the country among the first world countries, a social market economy, managing the country within its means, and encouraging international investors to structural and economic investments. Today, World trade represents the liberalization trend. Liberalization of trade and markets provides the necessary foreign savings and foreign exchange needs to finance economic development with the help of foreign investments in developing countries such as Turkmenistan. Being a country with very rich natural resources, Turkmenistan aims to improve the country's economy by processing these resources and presenting them to the world markets. According to data in 2009, Russia is the largest importer of natural gas, the country's most important export product, while Iran is the second. During this period, exports to China are at a low level. However, while gas exports to Russia and Iran decreased to very low levels over time, China became the biggest consumer of Turkmenistan natural gas. In this, the relations of countries, energy needs, and investments made by demanding countries and the geographical distribution trends of the natural gas consumption-supply demand balance in the world. 2009-2019 is the economic advancement decade in the energy sector of Turkmenistan as a result of exploring and producing new gas reserves in the country, after which consumers gained conscious consumption as well as concluding new agreements with investors.
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Tahir, Rizwan. "Defence Spending and Economic Growth: Re-examining the Issue of Causality for Pakistan and India." Pakistan Development Review 34, no. 4III (December 1, 1995): 1109–17. http://dx.doi.org/10.30541/v34i4iiipp.1109-1117.
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What is the impact of carrying a heavy defence burden on the country’s economic development and growth? Views expressed in the literature1 argue that national defence is a consumption good which reduces economic growth by reducing saving and capital investment. A number of empirical studies have investigated the possible trade-offs between defence spending and other government expenditures like health and education. Empirical evidence concerning the relationship between defence spending and economic growth for developed countries is not inconsistent with the view that defence reduced the resources available for investment and hurts economic growth. See, for example, Benoit (1973). The evidence for developing countries, however, has not been entirely consistent or conclusive.2 Benoit (1978), using data on 44 less developed countries (LDCs) for the period 1950–65, found a strong positive association between defence spending and growth of civilian output per capita. Fredericksen and Looney (1982), using data for the period 1960–78 on a large cross-section, concluded that increased defence spending assists economic growth in resource-rich countries and not in resource-constraint ones. Using a sample of 54 LDCs pertaining to the period 1965–73, Lim (1983) found that defence spending hurts economic growth. Biswas and Ram (1986) in a sample of 58 LDCs for time-periods 1960–70 and 1970–77, using conventional and augmented growth models, concluded that military expenditures neither help nor hurt economic growth to any significant extent.
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Iriqat, Raed A. M., and Ahmad N. H. Anabtawi. "GDP and Tax Revenues-Causality Relationship in Developing Countries: Evidence from Palestine." International Journal of Economics and Finance 8, no. 4 (March 23, 2016): 54. http://dx.doi.org/10.5539/ijef.v8n4p54.
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<p>The study aims to investigate the causality relationship between Gross Domestic Product and its components with Tax revenues in developing countries as a case study in Palestine. This study based on an empirical approach using secondary data from Palestine monetary Authority during (1999-2014). The findings exposed mainly that the tax revenues does not Granger Cause each of the Palestinian Gross Domestic Product, Government spending, Consumption, Investment and Balance of trade. In addition, researcher divided period of study into three stages according to changing in income tax act. Moreover, results shows that the impact of macro-economic variables on tax revenues and correlations between dependent and independent variables was changing from one stage to other.</p>This paper concludes that the Palestinian authority should motivate investment conditions and improve the tax collection instruments and decrease the tax invasion. In addition, Palestinian government should rationalize the government consumption spending and increase the government expenditure for the development.
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Eshetu, Fassil, and Abule Mehare. "Determinants of Ethiopian Agricultural Exports: A Dynamic Panel Data Analysis." Review of Market Integration 12, no. 1-2 (August 2020): 70–94. http://dx.doi.org/10.1177/0974929220969272.
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Although the share of developing countries in international trade has been growing over the last two decades, the share of Africa and Ethiopia in international trade has remained below 3 and 0.3 per cent, respectively. More importantly, despite the colossal effort that has been made by the Ethiopian government to remedy the problem of the export sector over the last two decades, the country has faced a twin deficit: trade deficit and fiscal deficit. As a result, the trade balance of Ethiopia has been worsening through time due to the widening gap between export and import values. Therefore, this study examined the determinants of Ethiopian agricultural exports using the imperfect substitutes’ model as a theoretical framework and system generalised moment method as an analytical model for the period 1998–2018. The regression result of the two-step system generalised moment method showed that gross domestic product, exchange rate, road network, corruption index of Ethiopia, lagged export value, indirect tax revenue and domestic saving are the major determinants of agricultural exports in Ethiopia. However, foreign direct investment and labour force are negatively and significantly related to Ethiopian agricultural exports. Hence, rapid economic growth, currency devaluation, encouraging domestic saving, reducing the tariff on export and better control of corruption would boost Ethiopian agricultural exports. Besides, controlling rapid population growth and directing foreign direct investment to the agricultural sector will also surge Ethiopian agricultural exports.
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Jain, P. K., and Manmohan Yadav. "Developing Economies in A Borderless World." Foreign Trade Review 35, no. 1 (April 2000): 47–62. http://dx.doi.org/10.1177/0015732515000104.
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The “Death of Distance” will be the single most important economic force shaping the society over the next half century with geography, borders and time zones becoming irrelevant with the new communication revolution. The world trade has increased manifolds since World War II and the merchandise exports have increased to about $6,000 billion today from just $50 billion in 1950 while the trade in services is increasing faster and stands at about $1,450 billion as the economies are opening up and integrating with the world economy. As evident from the experience of the countries that followed open-market and free trade policies, achieved higher growth rates in their GDP, per capita GDP, and the exports than the closed economies. As more and more countries are opening their economies and integrating with the world economy and the revolution in IT, we are heading towards a “borderless” world with free flow of trade and resources. The autarkic strategies for economic development followed by India since its independence inevitably cut the economy off from the technological advancements in rest of the world and as a result India still remains way behind the industrialised economies. Also, despite above average growth in India's GDP and exports since 1970s than the world average, India's per capita GDP is among the lowest at $370. Even the most populous country in the world, China has per capita GDP of $860. The balance-of-payments crisis in mid-1991 forced the Indian policymakers to make a paradigm shift, though under IMF-led bail out package and prescription for structural adjustments, in its economic, industrial, and trade policies more commonly known as the “economic reforms”- liberalisation and globalisation of Indian economy. While the reforms have helped overcome the liquidity crisis and the economy broadly got back to the growth charted in 1980s, yet the structural adjustments have propelled investment in non-traded goods and in buying out of well performing Indian companies and brands by the MNCs than actually increasing the gross fixed capital formation in the manufacturing sector with the modern technologies. It is under this background and the similarities in cultural, political, ethnic and alike factors among the South Asian countries, that the present paper aims at analysing and learning lessons from the progressive aspects as well as failures of India's economic reforms, while the South Asian countries emulated the same.
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Plecitá, Klára, Ladislava Grochová, and Luboš Střelec. "Current account imbalances in the euro area." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 7 (2013): 2631–38. http://dx.doi.org/10.11118/actaun201361072631.
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While the current account balance for the euro area as a whole has been in balance, divergences in current account positions among the euro-area members have widened since the introduction of the common currency euro. During the last 13 years Portugal, Greece and Spain have run large and persistent current account deficits, whereas Luxembourg, the Netherlands, Finland or Germany have displayed during the same period large and persistent surpluses. However, there is no unambiguous agreement among economists, whether this divergence of current account positions of the euro-area countries mirrors growing intra-euro-area imbalances (Gros, 2012) or just reflects proper functioning of the European integration process (Schmitz and von Hagen, 2009). Therefore, the aim of this paper is to estimate equilibrium current account position for each of the original 12 euro area countries so that it is possible to assess whether the divergence of intra-euro current account balances could be explained on the basis of economic fundamentals or it just reflects misallocation of resources and thus macroeconomic imbalances. The equilibrium current account balance is estimated using a panel-econometric technique for a sample of 30 industrial countries, which represent euro-area member states and their main business partners, over the period 1993–2011. Economic fundamentals affecting the equilibrium current account position are selected on the basis of the saving-investment balance, the trade balance and the net income balance, to ensure that we take into an account all theoretically important explanatory variables. We find that the main determinants of current account norms in our sample are fiscal balance, a country’s net international investment position, oil balance and a country’s stage of economic development. The major part of the euro-area countries exhibits current account positions close to their equilibrium levels with the exception of the Netherlands and Finland which have persistently higher surpluses, while Portugal and Greece run larger current account deficits than is their norm.
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Ostashko, Tamara, Volodymyr Olefir, Vitalii Venger, and Olena Boiko. "A Comparative Analysis of the Trade and Industrial Policies of Ukraine and China in the Context of the Obor Initiative." Comparative Economic Research. Central and Eastern Europe 24, no. 2 (June 30, 2021): 119–36. http://dx.doi.org/10.18778/1508-2008.24.15.
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The world economy is evolving towards multipolar globalization, and China has become a new pole of economic development. Ukraine, like other countries, is looking for ways to cooperate with China in the field of trade and investment. China, for its part, offers a model of cooperation within the framework of the OBOR (One Belt, One Road) initiative. Along with Chinese investment in transport and logistics infrastructure, OBOR aims to conclude FTAs with the countries participating in the initiative; thus, the article focuses on the issues of trade, and Ukraine’s industrial and innovation policy in the context of the OBOR initiative. A comparative analysis of both countries’ trade and industrial policies was conducted to provide a basis for evaluation. The terms of trade between Ukraine and China are not symmetrical due to the difference in the scale of the economy and trade. Additionally, Ukraine’s trade regime is relatively liberal, while the Chinese market is protected by higher tariff and non‑tariff barriers. Furthermore, the current situation in mutual trade is asymmetric. Ukraine exports mainly raw materials to China, while exports from China to Ukraine are dominated by investment and consumer goods.
The import dependence of the Ukrainian economy, in general, is high without any noticeable signs of decline. In 2014–2018, the share of imports of goods and services in GDP in Ukraine averaged 54% (for comparison, in China, this parameter was 19%). In 2018, 55% of Ukraine’s negative balance in trade in goods was due to trade with China. China seeks to conclude FTAs under the OBOR initiative, but in the current context, the liberalization of trade regimes with China will result in Ukraine growing its raw material exports to China and increasing its dependence on Chinese imports. On the other hand, China’s investment, production, research, and technological opportunities can become an important resource for Ukraine to modernize its economy. Promising areas of Chinese investment include high technology, in particular, aviation, shipbuilding, bioengineering, the development of new materials, and more. Ukraine is interested in China’s experience in implementing a number of state programs in the field of innovation development of Chinese industrial enterprises. The support system for clusters, industrial parks, Free Economic Zones (FEZs), and technology parks can be recommended for introduction into Ukrainian legislation in the sphere of developing an innovation structure in Ukraine.
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Alam, Shawkat, and George F. Tomossy. "Overcoming the SPS concerns of the Bangladesh fisheries and aquaculture sector." Journal of International Trade Law and Policy 16, no. 2 (June 19, 2017): 70–91. http://dx.doi.org/10.1108/jitlp-01-2017-0002.
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Purpose The purpose of this paper is to address the challenges developing countries face in attempting to balance sanitary and phytosanitary measures (SPS) health and safety measures against concerns about protectionism, illustrated by the impact of trade barriers on the fisheries and aquaculture sector in Bangladesh. The paper then provides recommendations to overcome the effects of these trade barriers. Design/methodology/approach The author uses a close doctrinal approach for the first three parts of the paper by analysing the provisions of the World Trade Organisation (WTO) SPS Agreement and the effect of those provisions in creating domestic compliance gaps in the Bangladeshi fisheries and aquaculture sector. A qualitative approach is then adopted in suggesting potential reforms and future directions to assist the Bangladeshi fisheries and aquaculture sector overcome SPS trade barrier issues. Findings To overcome the market access issues created by SPS trade barriers, Bangladesh and other developing countries require multilateral assistance, accommodation by trading partners and internal reforms. This includes reforming internal governance structures, improving trade participation and negotiation, increasing infrastructure investment and learning from similar countries who have improved their supply chain management. Research limitations/implications This paper will have significant implications by contributing to law and policy reform debates involving international trade law and domestic compliance gaps. It will also assist other developing countries that experience SPS trade barriers to learn from the experience of the Bangladeshi fisheries and aquaculture sector. Practical implications This paper has practical implications by providing recommendations for how Bangladesh can overcome SPS trade barriers and improve its market access. This will help Bangladesh integrate into the global trading system by enhancing its participation in the SPS framework. Social implications By addressing and providing recommendations for the SPS trade barrier challenges faced by Bangladesh fishery and aquaculture sector, this paper provides a framework to improve the economic development and global competitiveness of the industry. This will contribute the gross domestic product growth and help increase the overall living standards of the people involved in the fisheries and aquaculture business in Bangladesh. Originality/value This paper is an original work that has not been published elsewhere. It is the first time a paper has dealt with the legal, policy and compliance challenges faced by the fisheries and aquaculture sector in Bangladesh.
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A. Džogović, Suada, and Anela Džogović. "RETROSPECTIVE OVERVIEW OF FOREIGN DIRECT INVESTMENTS IN B&H DURING THE PERIOD 2008-2009, WITH THE FOCUS ON KOSOVO." Knowledge International Journal 30, no. 6 (March 20, 2019): 1611–19. http://dx.doi.org/10.35120/kij30061611d.
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Foreign direct investments, as one of the most important instruments of national economy, represent an opportunity to increase production, increase employment, accelerate structural reforms, improve external financial situation of a country, increase foreign currency reserves, less restrictions in current balance, and get a more favorable credit rating. Taking into account that in less developed countries, and the countries in transition, such as Bosnia and Herzegovina or the Republic of Kosovo, the lack of capital is the crucial limiting factor, the inflow of foreign direct investments is a necessary and indispensable condition for their dynamic growth, development and resolution of many inherited problems of the past. The aim of this paper is primarily to evaluate the changes in the perception of foreign direct investments, which nowadays represent a part of a broader economic reform of the developing countries, including the opening up of the economy towards foreign trade, as well as the emphasis on becoming competitive on international scale.Following the end of aggression on Bosnia and Herzegovina, the country faced a number of complex challenges, not only political but also economic challenges, deriving from a confusing and undefined Dayton Accord, intended most likely to break up the foundations of Bosnia and Herzegovina as a state, by weighing down on the economic perspective of the country. And only when the Dayton anomalies are removed from the legal, political, economic and other segments of the Bosnian society, it could count on the prosperous development and, consequently, on significant investments of foreign capital.At the end of this paper, the importance of foreign direct investment for the Republic of Kosovo was also presented.
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Khan, Ahmad. "Presumptive Tax as an Alternate Income Tax Base: A Case Study of Pakistan." Pakistan Development Review 32, no. 4II (December 1, 1993): 991–1004. http://dx.doi.org/10.30541/v32i4iipp.991-1004.
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There is a general consensus that an efficient means of mobilising revenues is necessaIy for improved public infrastructure and for preventing disruptions in the economy [Wilfried (1991)]. Inappropriate and unsustainable expenditure and revenue policies, on the contrary, cause disappointing economic performance. Hence, the concern with mobilising adequate resources through improved taxation and better pricing of public services. A review of the existing taxation systems of several developing countries suggests that these are distortionary in nature and contribute to a number of economic problems including production inefficiency, capital flight and fiscal and balance of payments disequilibria [Asher (1990)]. They are generally complex (difficult to administer and comply with), inelastic (nonresponsive to growth and discretionary policy measures), inefficient (raise little revenues but introduce serious economic distortions), inequitable (treat businesses and individuals in similar circumstances differently) and, quite simply, unfair (tax administration and enforcement are selective and skewed in favour of those capable of defeating th~ system) [McLure and Zodarow (1991)]. Further, there is heavy reliance on taxes on international trade (approx. 80 percent for India and Thailand, 84 percent for Sri Lanka, 70 percent for the Philippines, 50 percent for Turkey). User charges and taxes on income, property and capital contribute only a small proportion of the overall revenues (pakistan 20 percent, Thailand 19 percent, India 17 percent, the Philippines 19 percent). Agricultural incomes are not taxed. personal and corporate income taxes are levied on narrow bases at high rates. These tax structures impose varying levels of taxation, depending on the form of income, type of assets, size and legal status of businesses, and the kind of Qusiness activity (i.e. are 'schedular' in nature). As a result, the average effective tax rate and the marginal effective tax rate substantially vary across assets and section-thereby distorting individual choices with respect to the form of income, the sector of investment activity, and the time profile of investment [Bulutoglu and Thirsk (1991)].
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Aydın, Aykut, and Muharrem Es. "The role of the age-friendly cities movement in the framework of active aging policies against the socioeconomic risks of demographic aging." Journal of Human Sciences 17, no. 3 (August 14, 2020): 847–63. http://dx.doi.org/10.14687/jhs.v17i3.6040.
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Aging, a common problem in almost all countries, both developed and developing, is expressed in terms of a decrease in global birth and death rates or, from a different perspective, an increase in mean life expectancy. Demographic aging, which may be regarded as both a threat and an opportunity, affects a very broad sphere, including basic health, the economy, social security, the saving-consumption balance, living arrangements, urbanization, and the family structure, and therefore brings different disciplines together. Looked at in greater detail, it is a subject that requires reflection and planning since it affects such areas as change in a country’s population structure, economic growth, labor markets, labor supply and productivity, development policies, public borrowing, health and social security policies, education policies, and urbanization policies.
The fact that demographic aging is a common problem of both developed and developing countries raises the question of active and healthy aging policies. These policies are thought to play an important role in measures created or potentially created by aging. Discovery of the importance of individual capital accumulation and wide social capital has prepared the dissemination of active-healthy aging policies out of the idea that investment in individuals’ health, education, and participation opportunities will benefit both the individual and the community. The emergence of the ‘Age-Friendly Cities’ movement initiated by the World Health Organization is one concrete outcome of these policies.
The first section of this study will discuss the concept of demographic aging and its relationship with active-healthy aging. The economic and social effects of demographic aging will then be discussed. Another section of the study will discuss the concept of age-friendly cities, their relationship with active aging, and their role against the impacts of demographic aging.
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IŞIK, Mustafa, Yakup ÖZSEZER, and Fikriye IŞIK. "THE CURRENT GROWTH EFFECT OF HEALTH TOURISM MARKET DEVELOPMENT IN TURKEY FOR THE EVALUATION ON CURRENT ACCOUNT DEFICIT." IEDSR Association 6, no. 11 (February 24, 2021): 220–40. http://dx.doi.org/10.46872/pj.238.
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Tourism sector is one of the major driving forces to develop the Turkish economy which provides the positive contributions with new employment opportunities and the national income and payments. With aid of this developments in economy by tourism, it has also increased the interaction with alternative areas. Health Tourism is also one of the special areas in which provides to the country high added value and foreign currency exchange income. Since the revenue outcome by health tourism is reaching up to 100 billion dollars, the national policy of health tourism enable countries has been undertaken as a high interested point of investment needed area. The critical threshold of the country’s Gross Domestic Product (GDP) is 4 to 5 percent as a current account balance and this deficient outcome in Turkey mostly takes on 5 to 4 percent which is a considered as a critical threshold. Health Tourism is expected to play a key role in bringing the values to the positive levels and therefore the focus is becoming on this area by health sector. Developing countries such as India, Singapore, and Thailand meet their foreign trade deficits with the income where they have obtained from this specific sector and the level of growth in this sector is at certain rate every year. The health Tourism is very crucial and significant sector for such a country Turkey, who has current budget deficit, and it is real economic sense. With Covid-19 crisis, the plans related with health tourism is re-evaluated by the coordination between Turkish Ministry of Health, Ministry of Tourism and Ministry of Economy. Especially, with the infrastructure works carried for public and city hospitals has been capable of providing health tourism services within the organization which is called “USHAŞ (International Health Services)”. The health tourism sector offers significant opportunities for Turkey during Covid-19 pandemic effects on our current account deficit and the decline in economic recovery of our tourism industry and losses. With health tourism created opportunities is already in an increasing trend, to contribute to the country’s economy much faster by increasing target markets with public-private cooperation.
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Potapov, M., and N. Kotlyarov. "China in Global Capital Markets." World Economy and International Relations 65, no. 8 (2021): 81–89. http://dx.doi.org/10.20542/0131-2227-2021-65-8-81-89.
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The article is analyzing the positions of China in global capital markets, and the factors that determine them. It shows the trends and features of attracting foreign direct investment in China, exporting Chinese capital abroad, attracting portfolio investments to China. The investment aspects of the Chinese Belt and Road Initiative and the role of Hong Kong as an international financial center are also considered. The evolution of the currency market regulation in China and the dynamics of the Yuan exchange rate, as well as the internationalizing of the Chinese currency and its use in cross-border operations are also discussed. The authors believe that the prospects for strengthening China’s position in the global capital markets will be determined by a number of circumstances, including the dynamics of the world economy, the growth rate of the Chinese economy, and the consistent liberalization of conditions for cross-border capital movement in China. The maintaining of higher growth rates of the Chinese economy in the context of the global recession and the coronavirus pandemic, as well as the ongoing liberalization of the domestic capital markets, suggest that the Chinese economy will remain attractive for foreign investors. The export of Chinese direct investment abroad will be largely determined by the dynamics of the country’s foreign trade, national restrictions on the export of capital, the implementing the Belt and Road Initiative and the position of China’s leading economic partners, primarily the United States, towards Chinese investment. At the same time, increased geopolitical and country risks will affect the geographical structure of China’s investment abroad in the direction of enhancing cooperation with Asian countries and participants of the Belt and Road Project. In the context of aggravated relations with the United States, China will make efforts to reduce dependence on the US dollar in settlements. Further steps will also be taken to internationalize the Chinese national currency and to achieve an increase in the use of RMB in payments. The lifting of restrictions on cross-border portfolio investments in the PRC is predetermined by ensuring the domestic macroeconomic stability, strengthening the financial system, low inflation, affordable credit, a stable balance of payments, and sufficient foreign exchange reserves. China’s real entry into the world’s leaders, both in the global commodity and capital markets, requires the creation of its own technological base, the transition to a new energy-saving, environmental-friendly national economic structure based on knowledge and new technologies, balancing the development levels of the country’s regions, and increasing the average per capita income of people.
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Lyabin, Mikhail, Natalia Borozdina, Margarita Postnova, Alexey Bolkunov, Sergey Butko, and Alina Postnova. "Comparative Analysis of Oil Production in Russia and Abroad." Natural Systems and Resources, no. 3 (April 2020): 43–52. http://dx.doi.org/10.15688/nsr.jvolsu.2019.3.6.
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The modern oil complex of the Russian Federation makes a significant contribution to the formation of a positive trade balance and tax revenues to budgets of all levels. This resource makes up more than 16 % of Russian GDP, a quarter of tax and customs revenues to budgets of all levels, and more than a third of the incoming foreign exchange revenue. The article presents the analysis of Russian companies which currently produce much less oil than west companies, except “Lukoil” company. The main reasons for the decline in production are considered to be the lack of financial resources for investment, the underdevelopment of the Russian export infrastructure, and low domestic demand for the products of the industry. At the same time, lower rates of developing existing reserves in Russia in comparison with the west can provide a much longer duration of their operation. One of the priorities for Russian companies is the availability of large oil reserves. At the same time, this advantage is largely lost due to high taxes and low prices for final products. The main disadvantages of Russian companies are considered to be a high degree of financial vulnerability and low efficiency of production activities in comparison with the leading companies of the west. However, the Russian Federation remains an undisputed world leader in oil production and export. The analytical review characterizes the Russian oil complex as a sector of fuel and energy potential and the contribution of oil production to the country’s economic development, the existing resource potential of both oil fields and their number, and recently discovered oil fields. The paper estimates the cost of oil from leading oil producers and the technological capabilities of extracting oil from hard-to-reach fields and describes the resource potential of OPEC countries, Russia, and the United States. The resulting analytical conclusion is the given options for improving the innovative sphere of Russia to increase the efficiency of oil production and development of hard-to-reach oil fields.
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KOLOSOVA, Viktoriia. "Trends in the transformation of Bretton-Wood organizations in global space." Fìnansi Ukraïni 2020, no. 8 (October 23, 2020): 72–85. http://dx.doi.org/10.33763/finukr2020.08.072.
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The article highlights the historical aspects and preconditions for the creation of the International Monetary Fund (the IMF) and the World Bank, which since 1944 have been the most influential international financial organizations and have played the role of the world's largest creditors. The essence of the transformations of their activity caused by the phenomena of the new economic reality is revealed. The solution to the problems of financial stability on a global scale in the postwar period by the United States and the newly created the IMF was to peg national currencies to the US dollar in the Fund's arbitration. The events related to the crisis of the Bretton Woods system of single fixed exchange rates and the irreversible disruptions in the world circulation of oil and its derivatives in the 1970s were important reasons for changing the principles of the world monetary and financial system towards the introduction of free exchange. At the same time, due to the intensification of domestic trade and investment, there were abrupt outpacing transformations of the economies of the south-eastern part of the Asian continent. Following the irreversible events involving the collapse of the socialist camp, support for reform programs in transition economies has been added to the IMF's targets. The activities of the World Bank under the impact of these total changes were also significantly renewed. Further, the IMF and the World Bank began to work more closely, integrating anti-crisis approaches and measures, while remaining a universally recognized instrument of stabilization in the global dimension. The activities of the Bretton Woods organizations are aimed at assisting the governments of developing countries in implementing market economic policies to protect the rights of all forms of ownership, modernize institutional structures, achieve financial balance, and improve the social situation of all segments of the population. It is concluded that in order to ensure sustainable development, the strategic renewal of the IMF and the World Bank provides for the expansion of quotas to support structural reform programs, improve the allocation of credit and financial resources, support opportunities to meet the needs of socio-economic systems, develop human capital and efforts for solving macroeconomic problems, etc. The directions of impact of these international financial institutions on solving actual problems concerning climate change, displays of corruption, overcoming inequality, resistance to threats of destabilization, struggle against a pandemic of a coronavirus disease of COVID-19 are defined.
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Karpavičius, Henrikas. "Assessing Lithuania’s Competitiveness in the Context of EU Enlargement." Ekonomika 77 (December 1, 2007). http://dx.doi.org/10.15388/ekon.2007.17598.
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After Lithuania’s accession to the EU, the participation of Lithuanian enterprises in a very sizeable intra-EU trade, unrestricted by protectionist measures, acquires an ever greater importance. In 2005, Lithuania’s exports to the EU amounted to 65% of total exports, whereas imports reached 60%. These figures would seem at first sight to reflect positively on Lithuania’s competitiveness in the EU and confirm the assertions of many prominent economists about the multi-faceted benefits of foreign trade to its preachers.To gain a deeper understanding of Lithuania’s comparative advantage, a detailed analysis by product groups has been conducted, using the metrics of Revealed Comparative Advantage (RCA) and Relative Trade Balance (RTB). Quantifying comparative advantage is particularly important to small and rapidly growing economies that are still looking to define their both short- and long-term economic development priorities.The developments of intra-EU trade are affected by a multitude of factors, however, we single out the effects of opening of the EU market to imports from new ‘economic centres’, especially China, because of the competitive threat it poses to countries like Lithuania. In this context, our analysis using RCA and RTB metrics highlights unfavourable, both direct and indirect, tendencies for Lithuania. Looking at Sino-Lithuanian trade in goods that account for the lion’s share of Lithuania’s total exports (textile, machines and mechanical equipment, electrical equipment, transport vehicles and equipment, and furniture), it becomes clear that the trade balance in these goods is shifting not in Lithuania’s favour. Furthermore, a breath-taking growth in the Sino-EU trade and, in particular, EU’s deteriorating trade balance with China in the aforementioned goods categories over the 2003-2005 period raises serious questions about the future of Lithuania’s export industries.The structural analysis of Lithuania’s foreign trade using the BEC (Broad Economic Categories) classification reveals a slightly positive RTB value in the ‘consumption goods’ category, but a substantially negative value in the ‘intermediate’ and ‘investment goods’ categories. This seems to confirm the conclusions reached in a study by European Commission in 2005, that the new member states (including Lithuania), owing to their exports of low to medium grade goods by technological sophistication, will be severely pressurised by competition from China and other fast-developing countries.Analysis of foreign direct investment (FDl) flows by economic sectors does not provide evidence that major changes in the export structure are underway to mitigate the effects of competition with China and other fast-growing countries.
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Shmatko, Gleb. "PROBLEMS OF SUSTAINABLE DEVELOPMENT OF ALTERNATIVE ENERGY IN UKRAINE: LEGAL ASPECTS." International scientific journal "Internauka". Series: "Juridical Sciences", no. 12(34) (2017). http://dx.doi.org/10.25313/2520-2308-2020-12-6658.
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The article analyzes the essence of the term "sustainable development" in the context of the development and further formation of the alternative energy sector, the relevance of implementation (renewable energy), aspects of the strengths and weaknesses of this energy segment in the legal dimension. Today, it cannot be said that this area of the industry does not have a foundation for further development, international cooperation with the EU, China and other states provide directions for the development of Ukraine's energy independence. The experience of EU countries in the transition from traditional energy sources to renewable ones indicates not only the use of energy-saving technologies, but also shows that the so-called "green energy" is a powerful tool in the energy supply of industrially developed countries, competing with coal, oil and gas and nuclear power plants. Ukraine has a significant potential for renewable energy, which should be used to stimulate the country's economic activity, improve its trade balance, which allows not only to update fixed production assets in the energy sector, but also to create new jobs and reduce dependence on energy imports using the diversification of energy supply sources. The strategy of further development of alternative energy in Ukraine requires the creation and legislative provision of favorable investment conditions and appropriate state support, the development of competitive technologies and equipment samples, and their introduction into production. State support for alternative energy production should also consist in providing benefits and stimulating investments directed to the development of various alternative energy sectors, including through the conclusion of relevant international agreements. The lack of its own energy resources and dependence on energy imports is the main threat to the national security of any country. In this connection, energy policy is the basic condition for the existence and development of the state.